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Amendment to Chapter 2 of Part 23 of Principal Act (farming: relief for increase in stock values)
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29. (1) The Principal Act is amended—
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(a) in section 667B—
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(i) in subsection (5)(b), by the substitution of “30 June 2023” for “31 December 2022”, and
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(ii) in subsection (5B), by the deletion of “as provided for by Article 18 of Commission Regulation (EU) No. 702/2014 of 25 June 2014 or that Regulation as may be revised from time to time”,
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(b) in section 667C—
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(i) in subsection (2), by the substitution of the following paragraph for paragraph (b):
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“(b) the following was substituted for subsection (4)—
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‘(4) (a) A deduction shall not be allowed under this section in computing a company’s trading income for any accounting period which ends after 30 June 2023.
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(b) Any deduction allowed by virtue of this section in computing the profits or gains of a trade of farming for an accounting period of a person other than a company shall not apply for any purpose of the Income Tax Acts for any year of assessment later than the year 2023.’,”,
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and
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(ii) in subsection (4), by the substitution of “30 June 2023” for “31 December 2022”,
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and
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(c) in section 667D(8)(b), by the deletion of “as provided for by Article 18 of Commission Regulation (EU) No. 702/2014 of 25 June 2014 or that Regulation as may be revised from time to time”.
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(2) Subsection (1) shall come into operation on such day or days as the Minister for Finance may appoint by order.
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