Finance Act, 1997

Amendment of section 134 (deduction for increase in stock values) of Finance Act, 1996 .

18.— Section 134 of the Finance Act, 1996 , is hereby amended in subsection (3)—

(a) by the substitution in paragraph (a) of “1999” for “1997”,

and

(b) by the substitution in paragraph (b) of “1998-99” for “1996-97”,

and the said paragraphs (a) and (b), as so amended, are set out in the Table to this section.

TABLE

(a) A deduction shall not be allowed under the provisions of this section in computing a company's trading income for any accounting period which ends on or after the 6th day of April, 1999.

(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 have effect for any purpose of the Income Tax Acts for any year of assessment later than the year 1998-99.