Finance Act, 1977
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Limit on amount of tax to be charged on certain farming profits. |
11.—The following section shall be substituted for section 19 of the Finance Act, 1974 : | |
“19.—(1) Where for any year of assessment an individual, other than an individual to whom section 16 applies, is chargeable to tax in respect of profits or gains from farming, the amount of tax so chargeable for that year of assessment shall not exceed— | ||
(a) where the rateable valuation of the farm land occupied by him for that year of assessment does not exceed £75, one-tenth of the tax appropriate to the profits or gains from farming; | ||
(b) where the rateable valuation of the farm land occupied by him for that year of assessment exceeds £75, the amount arrived at by multiplying the tax appropriate to the profits or gains from farming by a fraction the denominator of which is ten and the numerator of which is the number equivalent to the amount by which the rateable valuation of the land so occupied exceeds £74. | ||
(2) For the purposes of this section, the tax appropriate to the profits or gains from farming shall, in relation to an individual, be so much of the tax that would, but for the provisions of this section, be payable in respect of the individual's total income as bears to that tax the same proportion as the amount of the profits or gains from farming included in the said total income bears to that total income. | ||
(3) This section shall not apply in any case where the rateable valuation of the farm land occupied by the individual at any time during the year of assessment exceeds £84.”. |