Finance Act, 1976

Chapter III

Taxation of Farming Profits

Amendment of section 21 (notional basis of assessment) of Finance Act, 1974.

18.—(1) Section 21 of the Finance Act, 1974 , shall have effect in relation to the year 1976-77 as if for “1975-76”, in subsection (1), there were substituted “1976-77”.

(2) The said section 21 of the Finance Act, 1974 , is hereby amended by the substitution, for subsection (4), of the following subsections—

“(4) In computing and charging, in accordance with the provisions of this section, profits or gains from farming farm land—

(a) no deduction shall be allowed other than the deductions specified in subsections (2) and (3), and

(b) the aggregate amount of the deductions to be allowed shall not exceed 40 times the rateable valuation of that farm land.

(4A) Subsection (4) shall apply—

(a) as respects the year 1976-77, and

(b) as respects any year of assessment for which an individual elects as provided for in subsection (1) and makes, on or after the 30th day of March, 1976, a claim for relief under section 307 , 308 , 309 or 318 of the Income Tax Act, 1967 .”.