Finance Act, 1999

Amendment of section 666 (deduction for increase in stock values) of Principal Act.

54.—Section 666 of the Principal Act is hereby amended in subsection (4)—

(a) by the substitution in paragraph (a) of “2001” for “1999”, and

(b) by the substitution in paragraph (b) of “2000-01” for “1998-99”,

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 this section in computing a company's trading income for any accounting period which ends on or after the 6th day of April, 2001.

(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 2000-01.