Amendment of section 666 (deduction for increase in stock values) of Principal Act.
47.—(1) Section 666 of the Principal Act is amended by the substitution of the following for subsection (4):
“(4) (a) A deduction shall not be allowed under this section in computing a company's trading income for any accounting period which ends on or after the 31 December 2002.
(b) Any deduction allowed by virtue of this section in computing the profits or gains of the trade of farming for an accounting period of a person other than a company shall not apply for any purpose of the Income Tax Acts for any year of assessment later than the year 2002.”.
(2) This section shall come into operation on such day as the Minister for Finance may by order appoint.
