Finance Act, 1985

Amendment of section 18 (profits from the occupation of certain lands) of Finance Act, 1969.

14.—(1) Section 18 of the Finance Act, 1969 , is hereby amended—

(a) as respects income tax for the year 1985-86 and subsequent years of assessment, and

(b) as respects corporation tax for an accounting period ending on or after the 6th day of April, 1985—

by the substitution in subsection (2) of the following paragraph for paragraph (b):

“(b) (i) to the owner of a stallion which is ordinarily kept on land in the State from the sale of services of mares within the State by the stallion or to the part-owner of such a stallion from the sale of such services or of rights to such services, or

(ii) to the part-owner of a stallion which is ordinarily kept on land outside the State from the sale of services of mares by the stallion or of rights to such services where the part-owner carries on in the State a trade which consists of or includes bloodstock breeding, and it is shown to the satisfaction of the inspector or, on appeal, to the satisfaction of the Appeal Commissioners, that the part-ownership of the stallion was acquired and is held primarily for the purposes of the service by the stallion of mares owned or partly owned by the part-owner of the stallion in the course of that trade, or”.

(2) This section shall not apply to profits or gains arising before the 6th day of April, 1985.