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Chapter 3 of Part 4, or Part 43, of the Taxes Consolidation Act, 1997

Chapter 3 of Part 4, or Part 43, of the Taxes Consolidation Act, 1997

Chapter 3 of Part 4, or Part 43, of the Taxes Consolidation Act, 1997

(b) Where the year or period (in this paragraph referred to as “the period of computation”) for which the profits or gains of, or the loss sustained in, the several trade of a partner is to be computed under this subsection is or is part of a year or period for which an account of the partnership trade has been made up, sections 65 and 107 shall apply in relation to the partner as if an account of that partner’s several trade had been made up for the period of computation.

(3) Where, by virtue of the application of subsections (2)(a) and (3B) of section 65, a specified person’s basis period for the year of assessment 2002, being a 12 month period ending in the period from 1 January 2002 to 5 April 2002, is also treated as the specified person’s basis period for the year of assessment 2001, that basis period shall be deemed for the purposes of this Chapter to be the basis period for the year of assessment 2001 only.

(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).

(4) Where for any year of assessment an individual is not chargeable to income tax in respect of profits or gains from farming in accordance with Chapter 3 of Part 4, and that year is a year of assessment in respect of which, if the individual had been so chargeable, he or she could have claimed a farm buildings allowance under this section, that allowance shall for the purposes of this section be deemed to have been made for that year of assessment and shall not be carried forward and set off against profits or gains chargeable for any subsequent year of assessment.

(a) by virtue of the operation of section 65, the profits or gains of both the year of assessment 2001 and the year of assessment 2002 are computed on the basis of an accounting period of one year ending in the period from 1 January 2002 to 5 April 2002, and

(6) (a) Where, in relation to a tax year, the profits or gains of a corresponding period relating to the preceding tax year are taken to be the profits or gains of that preceding tax year in accordance with section 65(3), then, notwithstanding that the assessment for that preceding tax year has not been amended, any income tax payable for that preceding tax year which exceeds the income tax due and payable for that year without regard to the operation of section 65(3) is due and payable on or before the specified return date for the tax year.

(6) (a) Where, in relation to a tax year, the profits or gains of a corresponding period relating to the preceding tax year are taken to be the profits or gains of that preceding tax year in accordance with section 65(3), then, notwithstanding that the assessment for that preceding tax year has not been amended, any income tax payable for that preceding tax year which exceeds the income tax due and payable for that year without regard to the operation of section 65(3) is due and payable on or before the specified return date for the tax year.

(c) Notwithstanding section 959AU, where, in relation to a tax year, any additional tax for the preceding tax year is due and payable by virtue of an amendment of the assessment for that year made in accordance with section 65(3), then, such additional tax as specified in the amendment to the assessment for that year shall be deemed to have been due and payable on or before the specified return date for the tax year.

(c) such further particulars, including particulars relating to the preceding tax year where the profits or gains of that preceding year are determined in accordance with section 65(3), as may be required by the prescribed form.