Finance Act, 1976

Relief for unincorporated bodies in respect of increase in stock values.

12.—(1) In this section—

“accounting period”, in relation to a person, means a period of one year ending on the date to which the accounts of the person are usually made up:

Provided that where accounts have not been made up or where accounts have been made up for a greater or lesser period than one year, the accounting period shall be such period not exceeding one year as the Revenue Commissioners may determine;

“person” means a person who is resident in the State and not resident elsewhere but does not include a body corporate.

(2) (a) The provisions of section 31 of and the Third Schedule to the Finance Act, 1975 , other than the excepted provisions, shall with any necessary modifications apply in the case of a person as they apply in the case of a company.

(b) In this subsection “the excepted provisions” means the following provisions of the Finance Act, 1975

(i) the definition of “accounting period” in section 31 (1),

(ii) subsections (4) (a) (iii), (5) and (6) of the said section 31, and

(iii) paragraph 3 of the Third Schedule.

(3) Any deduction allowed by virtue of this section in computing a person's trading profits for an accounting period shall not have effect for any purpose of the Income Tax Acts for any year of assessment prior to the year 1974-75 or later than the year 1976-77.

(4) A person shall not be entitled to a deduction under this section in respect of an assessment unless he makes a claim before—

(a) the date on which the assessment becomes final and conclusive, or

(b) the expiry of the period of six months beginning with the date of the passing of this Act,

whichever is the later.

(5) The provisions of subsections (1), (2), (3) and (4) shall apply to a trade carried on by a partnership as they apply to a trade carried on by a person.