Finance Act, 1981
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Farming: provision relating to relief in respect of increase in stock values. |
13.—(1) Where, in computing profits from the trade of farming, a deduction allowed by virtue of section 12 of the Finance Act, 1976 , has effect for the year 1981-82— | |
(a) section 31 (4) (a) of the Finance Act, 1975 (as applied by section 12 (2) (a) of the Finance Act, 1976 ), shall apply and have effect as if “less 20 per cent. of its trading profits for that period” were deleted, and | ||
(b) the said section 12 shall have effect as if subsection (2) (c) (inserted by the Finance Act, 1979 ) had not been enacted. | ||
(2) Where a deduction falls to be made under subsection (2) of section 31A (inserted by the Finance Act, 1976 ) of the Finance Act, 1975 , in relation to the trade of farming for any accounting period which ends on or after the 6th day of April, 1980, the said section 31A shall apply and have effect as respects that accounting period as if in subsection (4) (a) “less 20 per cent. of its trading income for that period” were deleted. |