Finance (Taxation of Profits of Certain Mines) Act, 1974

Option in relation to charge to income tax for 1974-75.

16.—(1) Where a person who is carrying on the trade of working a qualifying mine is chargeable to income tax for the year 1974-75 and would, in accordance with the provisions of section 58 (1) of the Act of 1967, be charged to income tax under Case I of Schedule D on the full amount of the profits or gains of the year preceding that year, he may, by notice in writing given to the inspector before the 1st day of August, 1974, elect to be charged to income tax for the year 1974-75 by reference to the amount of the profits or gains of that year.

(2) Where a person elects, as provided for in subsection (1), he shall be charged to income tax for the year 1974-75 as if the full amount of the profits or gains of the year preceding the said year 1974-75 were an amount equivalent to the full amount of the profits or gains of the year 1974-75.