Finance Act, 1978

Chapter II

Taxation of Farming Profits

Amendment of section 13 (definitions (Chapter II)) of, and addition of schedule to, Finance Act, 1974.

12.—(1) Section 13 of the Finance Act, 1974 , is hereby amended by the addition of the following definitions to subsection (1):

“‘rates’, in relation to an individual, means the amount of county rate, municipal rate or other rate payable by the individual or his wife in respect of farm land occupied by him but not including any amount of any such rate in respect of any building on the land or in respect of which he or his wife is, by virtue of section 81 (5) of the Income Tax Act, 1967 , entitled to a deduction in computing profits or gains chargeable to tax under Cast V of Schedule D;

‘tax appropriate to the profits or gains from farming’ has the meaning assigned to it by the Third Schedule.”.

(2) The schedule set out in Part IV of the First Schedule shall be added to the Finance Act, 1974 .