Finance Act, 1975
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Amendment of section 16 of Finance Act, 1974. |
14.—(1) Section 16 of the Finance Act, 1974 , is hereby amended— | |
(a) by the substitution in subsection (1) of “In this Chapter ‘an individual to whom section 16 applies’ means an individual (other than an individual who shows that the rateable valuation of all farm land occupied by him did not, at any time during the relevant year of assessment, exceed £50) who is carrying on farming in a year of assessment and” for the words from “Section 15 (3)” to “individual” where that word first occurs, | ||
(b) by the insertion in subsection (1) (b) after “profession,” of “other than a trade consisting solely of the provision of accommodation in buildings on the farm land occupied by him, the provision of such accommodation being ancillary to the farming of that farm land,”, and | ||
(c) by the deletion of subsection (3), | ||
and the said section 16 (1), as so amended, is set out in the Table to this section. | ||
(2) This section and sections 13 and 15 shall be deemed to have come into force and shall take effect as on and from the 6th day of April, 1974. | ||
TABLE | ||
16.—(1) In this Chapter “an individual to whom section 16 applies” means an individual (other than an individual who shows that the rateable valuation of all farm land occupied by him did not, at any time during the relevant year of assessment, exceed £50) who is carrying on farming in a year of assessment and— | ||
(a) who at any time in that year of assessment is also carrying on either solely or in partnership another trade or profession, | ||
(b) whose spouse, in a case where the individual is a married person, is, at any time in that year of assessment, also carrying on either solely or in partnership another trade or profession, other than a trade consisting solely of the provision of accommodation in buildings on the farm land occupied by him, the provision of such accommodation being ancillary to the farming of that farm land, | ||
(c) who, at any time in that year of assessment, is a director of a company carrying on a trade or profession and who is either the beneficial owner of, or able, either directly or through the medium of other companies or by any other means, to control more than 25 per cent. of the ordinary share capital of the company, or | ||
(d) whose spouse, in a case where the individual is a married person, is, at any time in that year of assessment, a director of a company carrying on a trade or profession and who is either the beneficial owner of, or able, either directly or through the medium of other companies or by any other means, to control more than 25 per cent. of the ordinary share capital of the company: | ||
Provided that paragraphs (b) and (d) shall not apply in a case where the wife of an individual is treated for tax purposes as not living with her husband. |