Finance Act, 1981

Amendment of section 334 (lands owned and occupied, and trades carried on, by charities) of Income Tax Act, 1967.

11.Section 334 of the Income Tax Act, 1967 , is hereby amended, as respects the year 1974-75 and subsequent years of assessment, by the insertion after subsection (2) of the following subsection:

“(2A) Subsection (1) (c) shall apply in respect of the profits of a trade of farming carried on by a charity as if the words after ‘solely to the purposes of the charity’ were deleted.”.