Finance Act, 1969


Provisions Consequent Upon Or Incidental To The Abolition Of Assessments Under Schedules A And B Of Income Tax Act, 1967

Profits from the occupation of certain lands.

18.—(1) In this section—

“farming” means farming farm land, that is, land in the State wholly or mainly occupied for the purposes of husbandry, the profits or gains from the occupation of which would, but for the repeal by this Act of Schedule B of the Income Tax Act, 1967 , be chargeable under that Schedule;

“occupation”, in relation to any land, means the having the use thereof;

“woodlands” means woodlands in the State.

(2) Except as otherwise provided by section 81 of the Income Tax Act, 1967 , or by section 19 of this Act, the profits or gains arising—

(a) from farming, or

(b) to the owner of a stallion from the sale of services of mares by the stallion or to the part-owner of a stallion from the sale of such services or of rights to such services, or

(c) from the occupation of woodlands managed on a commercial basis and with a view to the realisation of profits,

shall not be taken into account for any purpose of the Income Tax Acts.