Finance Act, 1978
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Restriction in respect of certain losses. |
15.—(1) No relief shall be given under section 309 of the Income Tax Act, 1967 , in respect of a loss to which this section applies, by deducting such loss from or setting it off against the amount of the profits or gains from farming assessed for the year 1978-79 or any subsequent year of assessment. | |
(2) This section applies to a loss sustained by a person in the carrying on of farming in any year of assessment, being a year for which, by virtue of section 15 (3) of the Finance Act, 1974 , he was not chargeable to tax in respect of his profits or gains from farming. | ||
(3) In this section “farming” has the same meaning as in Chapter II of Part I of the Finance Act, 1974 . |