Finance Act, 1977

Chapter II

Taxation of Farming Profits

Amendment of section 15 (farming profits to be charged under Schedule D) of Finance Act, 1974.

9.Section 15 of the Finance Act, 1974 , is hereby amended by the substitution in subsection (3) of “£75” for “£100”, and the said subsection (3) (apart from the proviso), as so amended, is set out in the Table to this section.


(3) Subsection (1) shall not apply, as respects any year of assessment, in the case of an individual who shows that the rateable valuation of all farm land occupied by him did not, at any time during that year of assessment, amount to £75 or more.