Finance Act, 1988
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Application of section 16 (credit for farm tax) of Finance Act, 1986 . |
5.—(1) Where, but for an insufficiency of profits or gains, a reduction of income tax would have been granted to an individual under the provisions of section 16 of the Finance Act, 1986 , in respect of the full amount of farm tax paid by him on or before 31st December, 1986, he may claim to have his income tax in respect of profits or gains from farming for the years 1985-86 and 1987-88 reduced by the amount by which the farm tax so paid by him exceeds the tax appropriate to the profits or gains from farming in relation to that individual for the year 1986-87: | |
Provided that— | ||
(a) the reduction to be granted under this subsection shall be set off, so far as possible, against the individual's liability for the year 1985-86, and | ||
(b) no reduction under this subsection shall be allowed more than once in respect of the same amount of farm tax paid by the individual. | ||
(2) This section shall be construed together with section 16 of the Finance Act, 1986 . |