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(5)(a) An individual who is to be charged to income tax for a year of assessment in respect of profits or gains from farming in accordance with this subsection shall be so charged under Case I of Schedule D on the full amount of those profits or gains determined on a fair and just average of the profits or gains from farming of the individual in each of the 3 years 5 years ending on the date in the year of assessment to which it has been customary to make up accounts or, where it has not been customary to make up accounts, on the 5th day of April 31 December in the year of assessment.

(a) the individual shall be charged to income tax for that year and for each subsequent year of assessment in accordance with Chapter 3 of Part 4, and

(b) This subsection shall not apply as respects any year of assessment where for either of the 2 any of the 4 immediately preceding years of assessment the individual was not charged to tax in respect of profits or gains from farming in accordance with section 65(1).

(a) the individual shall be charged to income tax for that year and for each subsequent year of assessment in accordance with Chapter 3 of Part 4, and

(9) In determining for any year of assessment what capital allowances, balancing allowances or balancing charges are to be made to or on an individual in taxing a trade of farming in accordance with subsection (5), the individual shall be deemed to be chargeable for that year of assessment in respect of the profits or gains of the trade in accordance with section 65(1).

(10) Nothing in this section shall prejudice or restrict the operation of section 67 in any case where a trade of farming is permanently discontinued.

(11A) As respects the year of assessment 2001, subsection (11) shall apply as if in that subsection “74 per cent of one-third of the amount of such excess” were substituted for “one-third of the amount of such excess” and, where this subsection applies, the individual may claim that 26 per cent of one-third of the amount of the excess referred to in subsection (11) shall, notwithstanding anything to the contrary in that subsection, be carried forward under section 382 for deduction from or set-off against the profits or gains of the individual from farming for any subsequent year of assessment.

(10A) Where the commencement of a partnership to which European Communities (Milk Quota) (Amendment) Regulations 2002 (S.I. No. 97 of 2002) apply section 667C applies , would otherwise result in the permanent discontinuation of another trade of farming then, notwithstanding subsection (10) and solely for the purposes of the application of this section, the partnership trade shall be treated as a continuation of that other trade.

“specified return date for the chargeable period” has the same meaning as in section 959A;

(c) notwithstanding section 959Z section 959AA, there shall be made such assessment or assessments, if any, as may be necessary to secure that the amount of profits or gains from farming on which the individual, in the case of an individual referred to in subsection (4A), is charged to tax for each of the 3 years immediately preceding the year preceding the year of assessment as respects which the individual elects or is deemed to have elected in accordance with subsection (7), shall be not less than the amount on which the individual is charged by virtue of subsection (6) in accordance with subsection (5) for the preceding year of assessment, and

(d) in any other case, notwithstanding section 959Z section 959AA, there shall be made such assessment or assessments, if any, as may be necessary to secure that the amount of profits or gains from farming on which the individual is charged to tax for each of the 4 years immediately preceding the year preceding the year of assessment as respects which the individual elects or is deemed to have elected in accordance with subsection (7), shall be not less than the amount on which the individual is charged by virtue of subsection (6) in accordance with subsection (5) for the preceding year of assessment. assessment, and