Finance Act, 1983
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Amendment of section 22 (farm buildings: capital allowances) of Finance Act, 1974. |
15.— Section 22 (inserted by the Corporation Tax Act, 1976 ) of the Finance Act, 1974 , is hereby amended, as respects the year 1983-84 and subsequent years of assessment,— | |
(a) in subsection (1), by the substitution of “section 15” for “section 15(1)”, and | ||
(b) by the substitution of the following subsection for subsection (2B): | ||
“(2B) Where, for any year of assessment, an individual is not chargeable to tax in respect of profits or gains from farming in accordance with the provisions of section 58 of the Income Tax Act, 1967 , and that year is a year of assessment in respect of which, if he had been so chargeable, he could have claimed a farm buildings allowance under this section, that allowance shall, for the purposes of this section, be deemed to have been made for that year of assessment and shall not be carried forward and set off against profits or gains chargeable for any subsequent year of assessment.”, | ||
and the said subsection (1), as so amended, is set out in the Table to this section. | ||
TABLE | ||
(1) This section applies to any person carrying on farming, the profits or gains of which are chargeable to tax in accordance with the provisions of section 15. |