Finance Act, 1982

Finance Act, 1982 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1982 Finance Act, 1982 Finance Act, 1982 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Print Full ActPriontáil an tAcht Iomlán Number 14 of 1982 FINANCE ACT, 1982 ARRANGEMENT OF SECTIONS PART I Income Tax, Resource Tax, Corporation Tax and Capital Gains Tax Chapter I Income Tax Section 1. Amendment of provisions relating to exemption from income tax. 2. Personal reliefs. 3. Alteration of rates of income tax. 4. Benefit of use of a car. 5. Allowance for rent paid by certain tenants. 6. Special allowance in respect of P.R.S.I. for 1982-83. 7. Amendment of section 152 (life insurance relief—general provisions) of Income Tax Act, 1967. 8. Restriction of relief in respect of interest paid on certain loans at a reduced rate. 9. Veterans of War of Independence. 10. Amendment of section 485 (recovery by sheriff or county registrar) of Income Tax Act, 1967. 11. Amendment of section 486 (power of Collector and authorised officers to sue) of Income Tax Act, 1967. 12. Amendment of section 7 (relief for certain expenditure on residential premises) of Finance Act, 1979. Chapter II Taxation of Farming Profits 13. Farming: provision relating to relief in respect of increase in stock values. 14. Amendment of section 477 (time for payment of tax) of Income Tax Act, 1967. 15. Amendment of section 21A (credit for rates) of Finance Act, 1974. 16. Amendment of section 22 (farming: allowances for capital expenditure on construction of buildings and other works) of Finance Act, 1974. Chapter III Resource Tax 17. Provisions relating to cesser of resource tax. Chapter IV Income Tax and Corporation Tax 18. Exemption of employment payments and grants. 19. Relief for expenditure on significant buildings. 20. Business entertainment expenses. 21. Restriction of relief for interest. 22. Restriction of relief for interest on overdrafts. 23. Restriction of relief for interest paid by companies. 24. Amendment of provisions relating to relief in respect of increase in stock values. 25. Application of section 31 (building societies) of Corporation Tax Act, 1976 , for year 1982-83. Chapter V Corporation Tax 26. Rates of corporation tax. 27. Payment of corporation tax and interest thereon. 28. Reduction of corporation tax in relation to interest on certain loans to farmers. Chapter VI Tax on Chargeable Gains 29. Interpretation (Chapter VI). 30. Rates of charge. 31. Corporation tax on chargeable gains of companies. 32. Increase in exemption for individuals. 33. Amendment of section 5 (amount chargeable and time of payment) of Principal Act. 34. Disposal of certain assets. 35. Amendment of section 90 (distributions made out of capital profits of companies) of Corporation Tax Act, 1976. 36. Chargeable gains on disposals of development land. 37. Exclusion of certain disposals. 38. Restriction of indexation relief in relation to relevant disposals. 39. Amendment of provisions regarding replacement of assets. 40. Restriction of relief for losses etc. in relation to relevant disposals. 41. Extension of section 19 (Government and other securities) of Principal Act. Chapter VII Corporation Tax: Assurance Companies 42. Taxation of certain profits of assurance companies. Chapter VIII Corporation Tax: Relief in respect of Increase in Employment 43. Interpretation (Chapter VIII). 44. Base period. 45. Deduction in computing trading income. 46. Apportionments arising from transfer of part of trade. 47. Determination of number of employment contributions. 48. Succession to trade. 49. Claims. Chapter IX Profit Sharing Schemes 50. Interpretation (Chapter IX). 51. Approved profit sharing schemes: appropriated shares. 52. The period of retention, the release date and the appropriate percentage. 53. Disposal of scheme shares. 54. Capital receipts in respect of scheme shares. 55. Company reconstructions, amalgamations etc. 56. Excess or unauthorised shares. 57. Assessment of trustees in respect of sums received. 58. Schedule D deduction of payments to trustees. Chapter X Anti-avoidance and Anti-evasion 59. Interest on unpaid taxes in cases of fraud or neglect. 60. Amendment of certain provisions of Tax Acts relating to penalties. 61. Purchase of shares by financial concerns and persons exempted from tax. 62. Amendment of section 9 (consideration) of Capital Gains Tax Act, 1975. 63. Restriction of Schedule 2 (companies and shareholders) of Capital Gains Tax Act, 1975. PART II Customs and Excise 64. Interpretation (Part II). 65. Duty on foreign travel. 66. Hydrocarbons. 67. Reduction of duty on motor vehicle parts and accessories and tyres. 68. Reduction of duty on public dancing licences. 69. Amendment of certain enactments relating to bookmakers. 70. Amendment of section 78 (power to mitigate penalty) of Excise Management Act, 1827. 71. Increase of excise duties on licences for mechanically propelled vehicles. 72. Amendment of certain provisions relating to penalties for offences in relation to licensing and registration of motor vehicles. 73. Confirmation of Orders. PART III Value-Added Tax 74. Interpretation (Part III). 75. Amendment of section 3 (delivery of goods) of Principal Act. 76. Amendment of section 5 (rendering of services) of Principal Act. 77. Amendment of section 8 (accountable persons) of Principal Act. 78. Amendment of section 10 (amount on which tax is chargeable) of Principal Act. 79. Amendment of section 11 (rates of tax) of Principal Act. 80. Amendment of section 12 (deduction for tax borne or paid) of Principal Act. 81. Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act. 82. Amendment of section 13 (remission of tax on goods exported etc.) of Principal Act. 83. Amendment of section 14 (determination of tax due by reference to cash receipts) of Principal Act. 84. Amendment of section 15 (charge of tax on imported goods) of Principal Act. 85. Amendment of section 16 (duty to keep records) of Principal Act. 86. Amendment of section 26 (penalties generally) of Principal Act. 87. Amendment of First Schedule to Principal Act. 88. Amendment of Second Schedule to Principal Act. 89. Amendment of Third Schedule to Principal Act. 90. Relief for hotels etc. PART IV Stamp Duties 91. Levy on banks. 92. Levy on certain premiums of insurance. 93. Exemption of certain instruments from stamp duty. 94. Amendment of First Schedule to Stamp Act, 1891. 95. Amendment of section 41 (stamp duty on bills of exchange and promissory notes) of Finance Act, 1970. 96. Amendment of section 19 (conveyance or transfer on sale—limit on stamp duty in respect of certain transactions between bodies corporate) of Finance Act, 1952. PART V Capital Acquisitions Tax 97. Interpretation (Part V). 98. Exemption of certain benefits. 99. Amendment of section 5 (gift deemed to be taken) of Principal Act. 100. Amendment of section 19 (value of agricultural property) of Principal Act. 101. Amendment of section 36 (delivery of returns) of Principal Act. 102. Amendment of Second Schedule to Principal Act. PART VI Miscellaneous 103. Capital Services Redemption Account. 104. Care and management of taxes and duties. 105. Short title, construction and commencement. FIRST SCHEDULE Amendment of Enactments SECOND SCHEDULE Amendments Consequential on Changes in Rates of Corporation Tax Part I Application of sections 182 and 184 (relief in respect of certain losses and capital allowances) of Corporation Tax Act, 1976 Part II Amendment of Chapter VI (Corporation Tax: Relief in Relation to Certain Income of Manufacturing Companies) of Finance Act, 1980 THIRD SCHEDULE Profit Sharing Schemes Part I Approval of Schemes Part II Conditions as to the Shares Part III Individuals Ineligible to Participate Part IV Provisions as to the Trust Instrument Part V Interpretation FOURTH SCHEDULE Stamp Duty on Instruments Part I Part II Part III Acts Referred to Agriculture Act, 1931 1931, No. 8 Army Pensions Act, 1932 1932, No. 24 Assurance Companies Act, 1909 1909, c. 49 Betting Act, 1931 1931, No. 27 Capital Acquisitions Tax Act, 1976 1976, No. 8 Capital Gains Tax Act, 1975 1975, No. 20 Capital Gains Tax (Amendment) Act, 1978 1978, No. 33 Central Bank Act, 1971 1971, No. 24 Connaught Rangers (Pensions) Act, 1936 1936, No. 37 Corporation Tax Act, 1976 1976, No. 7 Customs Consolidation Act, 1876 1876, c. 36 Enforcement of Court Orders Act, 1926 1926, No. 18 Excise Management Act, 1827 1827, c. 53 Finance Act, 1902 1902, c. 7 Finance Act, 1920 1920, c. 18 Finance Act, 1926 1926, No. 35 Finance Act, 1950 1950, No. 18 Finance Act, 1952 1952, No. 14 Finance Act, 1961 1961, No. 23 Finance Act, 1968 1968, No. 33 Finance Act, 1969 1969, No. 21 Finance Act, 1970 1970, No. 14 Finance Act, 1971 1971, No. 23 Finance Act, 1972 1972, No. 19 Finance Act, 1973 1973, No. 19 Finance Act, 1974 1974, No. 27 Finance Act, 1975 1975, No. 6 Finance Act, 1976 1976, No. 16 Finance Act, 1977 1977, No. 18 Finance Act, 1978 1978, No. 21 Finance Act, 1979 1979, No. 11 Finance Act, 1980 1980, No. 14 Finance Act, 1981 1981, No. 16 Finance (No. 2) Act, 1981 1981, No. 28 Finance (Excise Duties) (Vehicles) Act, 1952 1952, No. 24 Finance (Miscellaneous Provisions) Act, 1968 1968, No. 7 Gas Act, 1976 1976, No. 30 Housing Act, 1966 1966, No. 21 Housing Finance Agency Act, 1981 1981, No. 37 Income Tax Act, 1967 1967, No. 6 Industrial Development (No. 2) Act, 1981 1981, No. 14 Insurance Act, 1936 1936, No. 45 Local Government (Planning and Development) Act, 1963 1963, No. 28 Military Service Pensions Act, 1924 1924, No. 48 Military Service Pensions Act, 1934 1934, No. 43 Pensions (Increase) Act, 1964 1964, No. 10 Public Dance Halls Act, 1935 1935, No. 2 Redundancy Payments Act, 1967 1967, No. 21 Roads Act, 1920 1920, c. 72 Road Traffic Act, 1961 1961, No. 24 Social Welfare (Consolidation) Act, 1981 1981, No. 1 Succession Duty Act, 1853 1853, c. 51 Stamp Act, 1891 1891, c. 39 Value-Added Tax Act, 1972 1972, No. 22 Value-Added Tax (Amendment) Act, 1978 1978, No. 34 Number 14 of 1982 FINANCE ACT, 1982 AN ACT TO CHARGE AND IMPOSE CERTAIN DUTIES OF CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE), TO AMEND THE LAW RELATING TO CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE) AND TO MAKE FURTHER PROVISIONS IN CONNECTION WITH FINANCE. [17th July, 1982] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: PART I Income Tax, Resource Tax, Corporation Tax and Capital Gains Tax Chapter I Income Tax Amendment of provisions relating to exemption from income tax. 1.—As respects the year 1982-83 and subsequent years of assessment, the Finance Act, 1980 , is hereby amended— (a) in subsection (2) of section 1, by the substitution of “£4,400” for “£4,000” and of “£2,200” for “£2,000”, and (b) in subsection (6) of section 2, by the substitution of “£5,000” for “£4,600”, of “£6,000” for “£5,600”, of “£2,500” for “£2,300” and of “£3,000” for “£2,800”, and the said subsections (2) and (6), as so amended, are set out in the Table to this section. TABLE (2) In this section “the specified amount” means— (a) in a case where the individual would, apart from this section, be entitled to a deduction specified in section 138 (a) of the Income Tax Act, 1967 , £4,400, and (b) in any other case, £2,200. (6) In this section “the specified amount” means— (a) in a case where the individual would, apart from this section, be entitled to a deduction specified in paragraph (a) of the said section 138, £5,000: Provided that, if at any time during the year of assessment either the individual or his spouse was of the age of seventy-five years or upwards, “the specified amount” means £6,000; (b) in any other case, £2,500: Provided that, if at any time during the year of assessment the individual was of the age of seventy-five years or upwards, “the specified amount” means £3,000. Personal reliefs. 2.—(1) Where a deduction falls to be made from the total income of an individual for the year 1982-83 or any subsequent year of assessment in respect of relief to which the individual is entitled under a provision mentioned in column (1) of the Table to this subsection and the amount of the deduction would, but for this section, be an amount specified in column (2) of the said Table, the amount of the deduction shall, in lieu of being the amount specified in the said column (2), be the amount specified in column (3) of the said Table opposite the mention of the amount in the said column (2). TABLE Statutory provision Amount to be deducted from total income for 1981-82 Amount to be deducted from total income for 1982-83 and subsequent years (1) (2) (3) £ £ Income Tax Act, 1967 : section 138 (married man) 2.230 } 2.900 (man married in the year of assessment) 2.345 (widowed person) 1.185 1.950 (widow bereaved in the year of assessment) 2.230 2.900 (single person) 1.115 1.450 section 138A (additional allowance for widows and others in respect of children) (widowed person) 650 950 (others) 650 1.450 section 138B (employee allowance) 600 600 section 139 (housekeeper taking care of children) 165 Nil section 140 (relative taking care of unmarried person's brother or sister) 165 Nil section 141 (child) 195 100 (incapacitated child) 500 500 section 142 (dependent relative) 95 110 Finance Act, 1969 : section 3 (housekeeper taking care of incapacitated person) 500 700 Finance Act, 1971 : section 11 (blind person) 400 500 (both spouses blind) 1,000 1,200 Finance Act, 1974 : section 8 (age allowance, single or windowed person) 80 100 (age allowance, married man) 180 200 (2) Section 6 of the Finance Act, 1974 , section 6 of the Finance Act, 1978 , section 3 of the Finance Act, 1979 , section 4 of the Finance Act, 1980 , and section 2 of the Finance Act, 1981 , shall have effect subject to the provisions of this section. (3) The First Schedule shall have effect for the purpose of supplementing subsection (1). Alteration of rates of income tax. 3.— Section 8 of the Finance Act, 1980 , is hereby amended, as respects the year 1982-83 and subsequent years of assessment, by the substitution of the following Table for the Table to the said section: “TABLE PART I Part of taxable income Rate of tax Description of rate (1) (2) (3) The first £1,000 25 per cent. the reduced rate The next £3,000 35 per cent. the standard rate The next £2,000 45 per cent. } the higher rates The next £2,000 55 per cent. The remainder 60 per cent. PART II Part of taxable income Rate of tax Description of rate (1) (2) (3) The first £2,000 25 per cent. the reduced rate The next £6,000 35 per cent. the standard rate The next £4,000 45 per cent. } the higher rates The next £4,000 55 per cent. The remainder 60 per cent. ” Benefit of use of a car. 4.—(1) This section shall have effect in relation to income tax for the year 1982-83 and subsequent years of assessment. (2) (a) In relation to a person chargeable to tax in respect of an employment, this section shall have effect for a year of assessment in relation to a car which, by reason of the employment, is made available (without a transfer of the property in it) to him and it is in that year available for his private use. (b) In relation to a car in respect of which this section has effect for a year of assessment— (i) Chapter III of Part V of the Income Tax Act, 1967 , shall not have effect for that year in relation to the expense incurred in connection with the provision of the car, and (ii) for that year, there shall be treated as emoluments of the employment by reason of which the car is made available, and accordingly chargeable to income tax, the amount, if any, by which the cash equivalent of the benefit of the car for the year exceeds the aggregate for the year of the amounts which the employee is required to make good and actually makes good to the employer in respect of any part of the costs of providing or running the car: Provided that any part of such aggregate in respect of which the said cash equivalent is reduced under subsection (3) (a) shall be disregarded for the purposes of this subparagraph. (3) (a) The cash equivalent of the benefit of a car for a year of assessment shall be 20 per cent. of the original market value of the car, but shall be reduced— (i) where no part of the cost, for that year, of the fuel used in the course of the private use of the car by the employee is borne directly or indirectly by the employer, by 3 per cent. of the original market value of the car, (ii) where no part of the cost, for that year, of the insurance of the car is borne directly or indirectly by the employer, by 2 per cent. of the original market value of the car, (iii) where no part of the cost, for that year, of repair and servicing of the car is borne directly or indirectly by the employer, by 2 per cent. of the original market value of the car, and (iv) where no part of the excise duty, for that year, on the licence under section 1 of the Finance (Excise Duties) (Vehicles) Act, 1952 , relating to the car is borne directly or indirectly by the employer, by ½ per cent. of the original market value of the car. (b) Where a car in respect of which this section has effect in relation to a person for a year of assessment is made available to him for part only of that year, the cash equivalent of the benefit of that car as respects that person for that year shall be an amount which bears to the full amount of the cash equivalent of the said car for that year (ascertained under paragraph (a)) the same proportion as that part of the year bears to the said year. (4) (a) Where, in relation to a person, the business mileage for a year of assessment exceeds 10,000, the cash equivalent of the benefit of the car for that year, instead of being the amount ascertained under subsection (3), shall be the percentage of that amount applicable to that business mileage under the Table to this subsection. (b) In the Table to this subsection any percentage shown in column (3) is that applicable to any business mileage for a year of assessment which (i) exceeds the lower limit shown in column (1), and (ii) does not exceed the upper limit (if any) shown in column (2), opposite the mention of that percentage in column (3). TABLE Business mileage Percentage lower limit upper limit (1) (2) (3) Miles Miles 10,000 11,000 95 per cent. 11,000 12,000 90 per cent. 12,000 13,000 85 per cent. 13,000 14,000 80 per cent. 14,000 15,000 75 per cent. 15,000 16,000 70 per cent. 16,000 17,000 65 per cent. 17,000 18,000 60 per cent. 18,000 19,000 55 per cent. 19,000 20,000 50 per cent. 20,000 21,000 45 per cent. 21,000 22,000 40 per cent. 22,000 23,000 30 per cent. 23,000 24,000 20 per cent. 24,000 25,000 10 per cent. 25,000 — Nil (5) (a) Where any amount is to be treated as emoluments of an employment under subsection (2) (b) (ii) for a year of assessment, it shall be the duty of the person who is chargeable to tax in respect of that amount to deliver in writing to the inspector, not later than thirty days after the end of that year, particulars of the car, of its original market value, and of the business mileage and private mileage for the year of assessment. (b) If, in relation to a year of assessment— (i) a person makes default in the delivery of particulars in relation to the original market value of a car in respect of which this section has effect in relation to him or in relation to his business mileage or his private mileage for the year, or (ii) the inspector is not satisfied with the particulars which have been delivered by the person, then the original market value or business mileage or private mileage which is to be taken into account for the purpose of computing the amount of the tax to which that person is to be charged shall be such value or mileage, as the case may be, as, according to the best of the inspector's judgment, ought to be so taken into account: Provided that, in the absence of sufficient evidence to the contrary, the business mileage for a year of assessment in relation to a person shall be determined by deducting 5,000 from the total number of miles travelled in that year by that person in a car or cars in respect of which this section has effect in relation to him. (c) The inspector, in making a computation for the purposes of an assessment or of the Income Tax (Employments) Regulations, 1960 (S.I. No. 28 of 1960), before the end of the year of assessment to which the computation relates, in relation to a person in relation to whom this section has effect for that year of assessment, shall make an estimate of that person's business mileage for the purpose of the computation, and the provisions of section 528 of the Income Tax Act, 1967 , shall, with any necessary modifications, have effect in relation to the estimate so made as it has in relation to an estimate made under that section. (d) A value or mileage taken into account under paragraph (b) may be amended by the Appeal Commissioners or the Circuit Court on the hearing or the rehearing of an appeal against an assessment in respect of the employment in the performance of the duties of which the business mileage is done. (6) (a) This subsection applies to any car in the case of which the inspector is satisfied (whether on a claim under this subsection or otherwise) that it has for any year been included in a car pool for the use of the employees of one or more employers. (b) A car is to be treated as having been so included for a year if— (i) in that year it was made available to, and actually used by, more than one of those employees and, in the case of each of them, it was made available to him by reason of his employment but it was not in that year ordinarily used by any one of them to the exclusion of the others; and (ii) in the case of each of them any private use of the car made by him in that year was merely incidental to his other use of it in the year; and (iii) it was in that year not normally kept overnight on or in the vicinity of any residential premises where any of the employees was residing, except while being kept overnight on premises occupied by the person making the car available to them. (c) Where this subsection applies to a car, then for the year in question the car is to be treated under this section as not having been available for the private use of any of the employees. (d) A claim under this subsection in respect of a car for any year may be made by any one of the employees mentioned in paragraph (b) (i) above (they being referred to in paragraph (e) as “the employees concerned”) or by the employer on behalf of all of them. (e) (i) Any person who is aggrieved by a decision of the inspector on any question arising under this subsection may, by notice in writing to that effect given to the inspector within two months from the date on which notice of the decision is given to him, make an application to have his claim for relief heard and determined by the Appeal Commissioners. (ii) Where an application is made under subparagraph (i), the Appeal Commissioners shall hear and determine the claim in like manner as an appeal made to them against an assessment and all the provisions of the Income Tax Acts relating to such an appeal (including the provisions relating to the rehearing of an appeal and to the statement of a case for the opinion of the High Court on a point of law) shall apply accordingly with any necessary modifications. (iii) On an appeal against the decision of the inspector on a claim under this section all the employees concerned may take part in the proceedings, and the determination of the Appeal Commissioners or the Circuit Court, as the case may be, shall be binding on all those employees, whether or not they have taken part in the proceedings. (iv) Where an appeal against the decision of the inspector on a claim under this subsection has been determined, no appeal against the inspector's decision on any other such claim in respect of the same car while in the same car pool and the same year shall be entertained. (7) Section 178 (1) of the Income Tax Act, 1967 , is hereby amended by the insertion after paragraph (aa) of the following paragraph: “(aaa) particulars of any car, within the meaning of section 4 of the Finance Act, 1982, made available to those persons by reason of that employment;”. (8) Schedule 15 to the Income Tax Act, 1967 , is hereby amended by the insertion in column (1) thereof of “Finance Act, 1982, section 4”. (9) (a) In this section— “business mileage for a year of assessment”, in relation to a person, means the total number of whole miles travelled in the year in the course of business use by that person of a car or cars in respect of which this section has effect in relation to that person; “business use”, in relation to a car in respect of which this section has effect in relation to a person, means travelling in the car which that person is necessarily obliged to do in the performance of the duties of his employment; “car” means any mechanically propelled road vehicle constructed or adapted for the carriage of passengers other than a vehicle of a type not commonly used as a private vehicle and unsuitable to be so used; “employment” means an office or employment of profit such that any emoluments (within the meaning of section 111 of the Income Tax Act, 1967 ) thereof would fall to be charged to tax and related expressions shall be construed accordingly; “private use”, in relation to a car, means use of the car other than business use. (b) For the purposes of this section— (i) (I) a car made available in any year to an employee by reason of his employment is deemed to be available in that year for his private use unless the terms on which the car is so made available prohibit such use and no such use is made of the car in that year; (II) a car made available to an employee by his employer or by a person connected with the employer is deemed to be made available to him by reason of his employment (unless the employer is an individual and it can be shown that the car was made so available in the normal course of his domestic, family or personal relationships); (III) a car shall be treated as available to a person and for his private use if it is available to a member or members of his family or household; (IV) references to a person's family or household are references to his spouse, his sons and daughters and their spouses, his parents and his servants, dependants and guests; (ii) in relation to a car in respect of which this section has effect expenditure in respect of any costs borne by a person connected with the employer shall be treated as borne by the employer; (iii) a person shall be regarded as connected with another person if he would be so regarded under section 16 (3) of the Finance (Miscellaneous Provisions) Act, 1968 , for the purposes of Part IV of that Act; (iv) the original market value of a car is the price (including any duty of customs, duty of excise, or value-added tax, chargeable on the car) which it might reasonably have been expected to fetch if sold in the State singly in a retail sale in the open market immediately before the date of its first registration in the State under section 6 of the Roads Act, 1920 , or under corresponding earlier legislation, or elsewhere under the corresponding legislation of any country or territory. Allowance for rent paid by certain tenants. 5.—(1) The Income Tax Act, 1967 , is hereby amended by the insertion after section 142 of the following section: “142A.—(1) In this section— ‘residential premises’ means property held under a tenancy, being— (a) a building or part of a building used or suitable for use as a dwelling, and (b) land which the occupier of a building or part of a building used as a dwelling has for his own occupation and enjoyment with the said building or part as its garden or grounds of an ornamental nature; ‘rent’ includes any periodical payment in the nature of rent made in return for a special possession of residential premises, or for the use, occupation or enjoyment of residential premises, but does not include so much of any rent or payment as— (a) is paid or made to defray the cost of maintenance of or repairs to residential premises for which in the absence of agreement to the contrary the tenant would be liable, (b) relates to the provision of goods or services, (c) relates to any right or benefit other than the bare right to use, occupy and enjoy residential premises, or (d) is the subject of a right of reimbursement or a subsidy from any source enjoyed by the person making the payment, unless such reimbursement or subsidy cannot be obtained; ‘tenancy’ includes any contract, agreement or licence, under or in respect of which rent is paid, but does not include— (a) a tenancy which, apart from any statutory extension, is a tenancy for a freehold estate or interest or for a definite period of 50 years or more, (b) a tenancy in relation to which the person beneficially entitled to the rent is a Minister of the Government, the Commissioners of Public Works in Ireland, or a housing authority for the purposes of the Housing Act, 1966 , or (c) a tenancy in relation to which an agreement or provision exists under which the rent paid or part of it is or may be treated as consideration or part consideration, in whatever form, for the creation of a further or greater estate, tenancy or interest in the residential premises concerned or in any other property. (2) (a) In relation to income tax for 1983-84 and each subsequent year of assessment, if an individual (referred to in this section as ‘a claimant’) proves that— (i) at any time during the year of assessment he was of the age of sixty-five years or upwards, and (ii) in the year ending on the 31st day of December prior to that year of assessment, he has made a payment on account of rent in respect of residential premises which, during the period in respect of which the payment was made, was his only or main residence, he shall be entitled to a deduction of an amount equal to the aggregate of all such payments proved to be so made, or to the relevant limit, whichever is the lesser: Provided that in the case of a claimant who is a husband assessed to tax for the year of assessment in accordance with the provisions of section 194, any payments made by his spouse, in respect of which she would have been entitled to relief under this section if she were assessed to tax for the year of assessment in accordance with the provisions of section 193 (apart from the proviso thereto), shall be deemed to have been made by the claimant. (b) In this subsection ‘the relevant limit’ means— (i) in the case of a claimant who is entitled to a deduction under section 138 (a), £1,000, and (ii) in any other case, £500. (3) (a) Where a payment is made partly on account of rent and partly on account of anything which is not rent, such apportionment of the payment shall be made as is necessary in order to determine for the purposes of this section the amount paid on account of rent. (b) Any apportionment required by this subsection shall be made by the inspector according to the best of his knowledge and judgment. (c) (i) Any person who is aggrieved by a decision of the inspector on any question arising under this subsection may, by notice in writing to that effect given to the inspector within thirty days from the date on which notice of the decision is given to him, make an application claiming relief against the decision and the claim shall be heard and determined by the Appeal Commissioners. (ii) Where an application is made under subparagraph (i), the Appeal Commissioners shall hear and determine the claim in like manner as an appeal made to them against an assessment and all the provisions of the Income Tax Acts relating to such an appeal (including the provisions relating to the rehearing of an appeal and to the statement of a case for the opinion of the High Court on a point of law) shall apply accordingly with any necessary modifications. (4) Where a payment on account of rent is made in respect of any period, that payment shall be deemed for the purposes of this section to be made in the year into which the period falls: Provided that if the period falls partly into one year and partly into another year, the amount of the payment made in respect of that period shall be apportioned to each year in the proportion which the part of the period falling into that year bears to the whole of the period and the amount so apportioned to a year shall be deemed, for the purposes of this section, to be paid in that year. (5) (a) Any claim for relief under this section in respect of a payment on account of rent shall be accompanied by— (i) a certificate and statement in a form (being a form prescribed by the Revenue Commissioners) signed by the claimant setting forth— (A) the name, address and income tax reference number of the claimant, (B) the name and address of the person or body of persons beneficially entitled to the rent under the tenancy under which the rent was paid, (C) the postal address of the premises in respect of which the rent was paid, and (D) full particulars of the tenancy under which the rent was paid, and (ii) in respect of each payment on account of rent in respect of which relief is claimed a receipt or acknowledgement given pursuant to the provisions of subsection (6). (b) Failure to furnish any of the particulars mentioned in paragraph (a) (i) or failure to furnish a receipt or acknowledgement mentioned in paragraph (a) (ii) shall be grounds for refusal of the claim: Provided that— (i) the inspector may waive the requirement at paragraph (a) (i) (B) on receipt of satisfactory proof that the claimant's inability to comply therewith is bona fide, and (ii) the inspector may waive the requirement at paragraph (a) (ii) on receipt of satisfactory proof of the total rent paid in the relevant period and on being furnished with the name and address of the person or body of persons to whom it was paid. (c) (i) Any person who is aggrieved by a decision of the inspector on any question arising under this subsection may, by notice in writing to that effect given to the inspector within thirty days from the date on which notice of the decision is given to him, make an application to have his claim for relief heard and determined by the Appeal Commissioners. (ii) Where an application is made under subparagraph (i), the Appeal Commissioners shall hear and determine the claim in like manner as an appeal made to them against an assessment to tax and all the provisions of the Income Tax Acts relating to such an appeal (including the provisions relating to the rehearing of an appeal and to the statement of a case for the opinion of the High Court on a point of law) shall apply accordingly with any necessary modifications. (6) (a) Where at any time after the passing of this Act a payment is made on account of rent by a person (hereafter in this subsection referred to as ‘the tenant’) who is entitled to relief under this section or who has reason to believe that he may be so entitled and at the time of such payment the tenant requests a receipt or acknowledgement of the payment, the person or body of persons beneficially entitled to the rent shall, within 7 days from the date of the payment, give to the tenant a receipt or acknowledgement of that payment and, thereafter, in respect of any subsequent payment on account of rent to which that person or body of persons is beneficially entitled and which is made by the tenant, the person or body of persons shall, within 7 days from the date of the payment, give to the tenant a receipt or acknowledgement of the payment, whether requested to do so or not. (b) Any receipt or acknowledgement given pursuant to this subsection shall be in writing and shall contain— (i) the name and address of the tenant, (ii) the name and address of the person or body of persons giving the receipt or acknowledgement, and (iii) the amount of the payment and the period in respect of which it is paid. (7) (a) The Revenue Commissioners may make regulations, for the purpose of giving effect to this section, with respect to the allowance granted by this section, or to any matter ancillary or incidental thereto, or, in particular and without prejudice to the generality of the foregoing, to provide for— (i) the proof by a claimant of payment on account of rent, (ii) the disclosure of information by a person in receipt of a payment on account of rent, (iii) the maintenance of records and the production to and inspection by persons authorised by the Revenue Commissioners of such records and the taking by such persons of copies of, or of extracts from, such records, (iv) for appeals with respect to matters arising under the regulations which would not otherwise be the subject of an appeal. (b) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next twenty-one days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder. (8) Any deduction under this section shall be in substitution for, and not in addition to, any deduction to which the individual might be entitled in respect of the same payments under any other provision of the Income Tax Acts.”. (2) The Income Tax Act, 1967 , is hereby further amended— (a) in section 198(1)(a), by the insertion in subparagraph (iv) after “sections” of “142A,”, and (b) in Schedule 15, by the insertion in column (1) of “section 142A or Regulations thereunder”. Special allowance in respect of P.R.S.I. for 1982-83. 6.—(1) In this section— “insurable employment” has the meaning assigned to it by section 2 (1) of the Social Welfare (Consolidation) Act, 1981 ; “specified emoluments” means emoluments within the meaning of section 111 (4) of the Income Tax Act, 1967 , which arise to a specified employed contributor from an insurable employment; “specified employed contributor” means a person who is an employed contributor for the purposes of the Social Welfare (Consolidation) Act, 1981 , but does not include a person— (a) who is an employed contributor for those purposes by reason only of sect ion 65 (1) of that Act, (b) in whose case section 10(7) of that Act has effect, or (c) to whom Article 7 of the Social Welfare (Modifications of Insurance) Regulations, 1979 (S.I. No. 87 of 1979), applies. (2) For the purpose of ascertaining the amount of the income on which an individual (being an individual who is a specified employed contributor) is to be charged to income tax for the year 1982-83 in a case where the total income of the individual for the said year consists of or includes specified emoluments (including in a case where the individual is a husband who is assessed to tax in accordance with the provisions of section 194 of the Income Tax Act, 1967 , any specified emoluments of his wife which are deemed to be income of his by that section for the purposes referred to in that section)— (i) a deduction of £312 shall be made from so much, if any, of the specified emoluments (but not including, in the case where the individual is a husband assessed as aforesaid, the specified emoluments, if any, of his wife) as arise to the individual, and (ii) in the case where the individual is a husband assessed as aforesaid, a deduction of £312 shall be made from so much, if any, of the specified emoluments as arise to his wife. (3) Any deduction to be made under this section from specified emoluments shall be given in priority to any deduction to be made under section 138B of the Income Tax Act, 1967 , from those emoluments. (4) All such provisions of the Income Tax Acts as apply in relation to the deductions specified in sections 138 to 143 of the Income Tax Act, 1967 , shall apply in relation to a deduction under this section. Amendment of ection 152 (life insurance relief—general provisions) of Income Tax Act, 1967. 7.—In relation to income tax for the year 1982-83 and subsequent years of assessment, section 152 of the Income Tax Act, 1967 , is hereby amended by the insertion of the following subsection after subsection (1): “(1A) (a) In this subsection— ‘policy of insurance’ includes a provision or arrangement for the purpose of securing a deferred annuity; ‘premium’ includes such a sum as is referred to in section 143(1)(b); ‘special terms’, in relation to a policy of insurance, means terms or conditions which, by reason of special circumstances concerning the health of the insured person, are less favourable as to the amounts of the premiums payable than those which would otherwise be available from the same insurer. (b) Where the aggregate amount of the premiums paid on a policy of insurance containing special terms is in excess of the aggregate amount of the premiums which would have been payable on the policy of insurance if it did not contain special terms and were in all other respects unchanged— (i) relief shall be given under sections 143 and 151 in respect of the amount of the excess without regard to the provisions of subsection (1), and (ii) in determining the amount of any other relief to be given under those sections, apart from relief in respect of the excess, subsection (1) shall have effect as if the excess had not been paid.”. Restriction of relief in respect of interest paid on certain loans at a reduced rate. 8.—(1) (a) In this section— “employee”, in relation to an employer, means an individual employed by the said employer in an employment to which Chapter III of Part V of the Income Tax Act, 1967 , applies including, in a case where the employer is a body corporate, a director, within the meaning of that Chapter, of the body corporate; “employer”, in relation to an individual, means— (i) a person of whom the individual or his spouse is an employee, (ii) a person of whom the individual becomes an employee subsequent to the making of a loan by the person to the individual, and while any part of the loan, or of another loan replacing it, is outstanding, (iii) a person connected with a person referred to in paragraph (i) or (ii); “loan” includes any form of credit, and references to a loan include references to any other loan applied directly or indirectly towards the replacement of another loan; “preferential loan” means a loan, in respect of which no interest is payable or interest is payable at a preferential rate, made directly or indirectly to an individual or his spouse by a person who in relation to the individual is an employer; “preferential rate” means a rate less than the specified rate; “the specified rate” means— (i) subject to paragraph (ii) of this definition, the rate of 12 per cent. per annum or such other rate (if any) as stands prescribed by the Minister for Finance by regulations, or (ii) in a case where— (I) a preferential loan is made to an employee by an employer, (II) the making of loans, for a stated term of years at a rate of interest which does not vary for the duration of the loan, forms part of the trade of the employer, and (III) the rate of interest at which the employer in the course of his trade at the time the preferential loan is or was made makes or made loans at arm's length to persons, other than employees, for the purposes of purchasing a dwelling-house for occupation by the borrower as a residence is less than 12 per cent. per annum, the first-mentioned rate in subparagraph (III). (b) For the purposes of this section a person shall be regarded as connected with another person if he would be so regarded for the purposes of section 8 of the Finance Act, 1978 . (c) In this section a reference to a loan being made by a person includes a reference to a person assuming the rights and liabilities of the person who originally made the loan and to a person arranging, guaranteeing or in any way facilitating a loan or the continuation of a loan already in existence. (2) Where an individual has, at any time during a year of assessment, being the year 1982-83 or any subsequent year of assessment, a preferential loan or loans made directly or indirectly to him by a person who, at the time the loan is made, is, or at a time subsequent to the making of the loan, becomes, an employer in relation to the individual, the individual shall, subject to the provisions of subsection (4), be regarded for the purposes of section 110 of the Income Tax Act, 1967 , or, in a case where profits or gains from an employment with that person would be chargeable to tax under Case III of Schedule D, for the purposes of a charge to tax under the said Case III, as having received in that year of assessment as a perquisite of an office or employment with that person a sum equal to— (a) if no interest is payable on the preferential loan or loans, the amount of interest which would have been payable in that year, if interest had been payable on the loan or loans at the specified rate, or (b) if interest is paid or payable at a preferential rate or rates, the difference between the aggregate amount of interest paid or payable in that year and the amount of interest which would have been payable in that year, if interest had been payable on the loan or loans at the specified rate, and the individual or, in the case of an individual who is a wife whose husband is chargeable to tax for the year of assessment in accordance with the provisions of section 194 of the Income Tax Act, 1967 , the husband of the individual, shall be charged to tax accordingly. (3) Where an individual has a loan made to him directly or indirectly in the year 1982-83 or any subsequent year of assessment, by a person who, at the time the loan is made or at a time subsequent to the making of the loan, is or becomes an employer in relation to the individual and the loan or any interest payable on the loan is released or written off, in whole or in part, the individual shall be deemed for the purposes of section 110 of the Income Tax Act, 1967 , or in a case where profits or gains from an employment with that person would be chargeable to tax under Case III of Schedule D for the purposes of a charge to tax under the said Case III, to have received in the year of assessment in which the release or writing off took place as a perquisite of an office or employment with that person a sum equal to that which is released or written off and the individual or, in the case of an individual who is a wife whose husband is chargeable to tax for the year of assessment in accordance with the provisions of section 194 of the Income Tax Act, 1967 , the husband of the individual shall be charged to tax accordingly. (4) Where for any year of assessment a sum is chargeable to tax under subsection (2) in respect of a preferential loan or loans or under subsection (3) in respect of an amount of interest written off or released, the individual to whom the loan or loans were made shall be deemed, for the purposes of sections 76 (1) and 496 of, and paragraph 1 (2) of Part III of Schedule 6 to, the Income Tax Act, 1967 , to have paid in the year of assessment an amount or additional amount of interest, as the case may be, on the loan or loans equal to the said sum or the individual by whom the interest written off or released was payable shall be deemed for the said purposes to have paid in the year of assessment the interest released or written off. (5) This section shall not apply to a loan made by an employer, being an individual, and shown to have been made in the normal course of his domestic, family or personal relationships. (6) Section 178 (1) of the Income Tax Act, 1967 , is hereby amended by the substitution for paragraph (aa) of the following paragraph— “(aa) particulars of any preferential loan, within the meaning of section 8 of the Finance Act, 1982, which is made, released or written off by him, in whole or in part, and particulars of any interest released, written off or refunded by him in whole or in part and which was payable or paid on a preferential loan; and”. (7) Any amount chargeable to tax by virtue of this section shall not be emoluments for the purpose of section 138B of the Income Tax Act, 1967 . (8) Section 10 of the Finance Act, 1979 , shall not apply or have effect in relation to the year 1982-83 or any subsequent year of assessment. (9) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next twenty-one days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder. Veterans of War of Independence. 9.—(1) In this section— “military service” means the performance of duty as a member of an organisation to which Part II of the Army Pensions Act, 1932 , applies, but includes military service within the meaning of that Part of that Act, military service within the meaning of the Military Service Pensions Act, 1924 , and service in the Forces within the meaning of the Military Service Pensions Act, 1934 ; “relevant legislation” means the Army Pensions Acts, 1923 to 1980, the Military Service Pensions Acts, 1924 to 1964, the Connaught Rangers (Pensions) Acts, 1936 to 1964, any Act passed before or after the passing of this Act amending any of those Acts and any regulation (in so far as it affects a pension, allowance, benefit or gratuity under any of those Acts or any Act so passed) made before or after such passing under the Pensions (Increase) Act, 1964 , or under any of those Acts or any such Act so passed; “relevant military service” means military service during any part of a period referred to in section 5 (2) of the Army Pensions Act, 1932 , or, in the case of a qualified person within the meaning of the Connaught Rangers (Pensions) Act, 1936 , the circumstances referred to in paragraphs (a), (b) and (c) of section 2 of that Act; “veteran of the War of Independence” means a person who— (a) was a member of an organisation to which Part II of the Army Pensions Act, 1932 , applies, or a qualified person within the meaning of the Connaught Rangers (Pensions) Act, 1936 , and (b) was engaged in relevant military service. (2) A pension, allowance, benefit or gratuity, in so far as it is related to the relevant military service of a veteran of the War of Independence, or to an event which happened during or in consequence of such relevant military service, which is paid under the relevant legislation— (a) to such veteran or (b) to the wife or widow or to a child or other dependant or partial dependant of such veteran, shall be exempt from tax and shall not be reckoned in computing income for the purposes of the Income Tax Acts. (3) This section shall have effect for the year 1980-81 and subsequent years of assessment. Amendment of section 485 (recovery by sheriff or country registrar) of Income Tax Act, 1967. 10.— Section 485 (5) of the Income Tax Act, 1967 , is hereby amended, with effect as on and from the date of the passing of this Act— (a) by the substitution in paragraphs (a) and (b) of “£15,000” for “£2,000” (inserted by the Finance Act, 1972 ), and (b) by the substitution in paragraphs (b) and (c) of “£2,500” for “£250” (inserted by the Finance Act, 1972 ), and the said paragraphs, as so amended, are set out in the Table to this section. TABLE (a) if the sum certified in the certificate to be in default exceeds £15,000, to charge and (where appropriate) to add to that sum and (in any case) to levy under the certificate such fees and expenses, calculated according to the scales appointed by the Minister for Justice under paragraph (a) of subsection (1) of section 14 of the Enforcement of Court Orders Act, 1926 , and for the time being in force, as he would be entitled so to charge or add and to levy if the certificate were an execution order within the meaning of the Enforcement of Court Orders Act, 1926 , (in this section referred to as an “execution order”) of the High Court, (b) if the sum certified in the certificate to be in default exceeds £2,500 but does not exceed £15,000, to charge and (where appropriate) to add to that sum and (in any case) to levy under the certificate such fees and expenses, calculated according to the said scales, as he would be entitled so to charge or add and to levy if the certificate were an execution order of the Circuit Court, and (c) if the sum certified in the certificate to be in default does not exceed £2,500, to charge and (where appropriate) to add to that sum and (in any case) to levy under the certificate such fees and expenses, calculated according to the said scales, as he would be entitled so to charge or add and to levy if the certificate were an execution order of the District Court. Amendment of section 486 (power of Collector and authorised officers to sue) of Income Tax Act, 1967. 11.— Section 486 of the Income Tax Act, 1967 , is hereby amended, with effect as on and from the date of the passing of this Act— (a) by the substitution in subsection (1) of “£15,000” for “£2,000” (inserted by the Finance Act, 1972 ), and (b) by the substitution in subsection (2) of “£2,500” for “£250” (inserted by the Finance Act, 1972 ), and the said subsections (1) and (2), as so amended, are set out in the Table to this section. TABLE (1) Where the amount due (whether before or after the passing of this Act) in respect of income tax does not exceed £15,000, the Collector or other officer of the Revenue Commissioners, duly authorised to collect the said tax may sue in his own name in the Circuit Court for the said amount so due as a debt due to the Minister for Finance. (2) Where the amount so due does not exceed £2,500, the Collector or other officer of the Revenue Commissioners duly authorised to collect the said tax may sue in his own name in the District Court for the said amount so due as a debt due to the Minister for Finance. Amendment of section 7 (relief for certain expenditure on residential premises) of Finance Act, 1979. 12.—Section 7 of, and the Second Schedule to, the Finance Act, 1979 , shall have effect, for the purpose of ascertaining the amount of income on which a person is to be charged to income tax for the year 1982-83, as if— (a) “1982-83” were substituted for “1979-80” in subsection (1), and the following proviso were added to the said subsection: “Provided also that in a case where the claimant is a husband who is assessed to tax in accordance with the provisions of section 194 of the Income Tax Act, 1967 , this subsection shall have effect as if ‘£900’ were substituted for‘£450’”, and (b) in paragraph 1 of that Schedule— (i) “the period commencing on the 6th day of April, 1982, and ending on the 5th day of April, 1983” were substituted for “the period commencing on the 6th day of April, 1979, and ending on the 5th day of April, 1980” in the definition of “qualifying period”, and (ii) “the 5th day of April, 1982” were substituted for “the 5th day of April, 1979” in the definition of “residential premises”, and (c) in paragraph 4 (1) of that Schedule, “1982-83” were substituted for “1979-80”. Chapter II Taxation of Farming Profits Farming: provision relating to relief in respect of increase in stock values. 13.—(1) Where, in computing profits from the trade of farming for an accounting period, a deduction allowed by virtue of section 12 of the Finance Act, 1976 , has effect for the year 1982-83— (a) section 31 (4) (a) of the Finance Act, 1975 (as applied by section 12 (2) (a) of the Finance Act, 1976 ), shall apply and have effect as if “less 20 per cent, of its trading profits for that period” were deleted, (b) the said section 12 shall have effect as if subsection (2) (c) (inserted by the Finance Act, 1979 ) had not been enacted, and (c) the amount of the said deduction shall, subject to the provisions of subparagraph (i) of the said section 31 (4) (a), be eleven-tenths of the amount of the deduction for that accounting period computed in accordance with paragraphs (a) and (b) of this subsection. (2) Where a deduction falls to be made under subsection (2) of section 31A (inserted by the Finance Act, 1976 ) of the Finance Act, 1975 , in relation to the trade of farming for an accounting period which ends on or after the 6th day of April, 1981, the amount of the said deduction shall, subject to the provisions of subsection (4) (a) (i) of the said section 31A, be eleven-tenths of the amount which would otherwise be the amount of the deduction. (3) Where this section has had effect in computing the profits of a trade of farming for an accounting period and a decrease in stock value is, in accordance with section 31A (7) of the Finance Act, 1975 , or section 12 (5) of the Finance Act, 1976 , to be treated as a trading receipt of that trade of farming for a subsequent accounting period, the amount of the said decrease shall, for the purpose of ascertaining the amount to be so treated, be deemed to be an amount equal to eleven-tenths of that decrease: Provided that the amount by which a decrease in stock value for an accounting period is to be increased under this subsection shall not exceed the amount determined by the formula— (A − B) − (C − D) where: A is the aggregate amount of the deductions, in respect of which either subsection (1) (c) or subsection (2), as may be appropriate, had effect and as increased under that subsection, which were made in computing the profits of the trade of farming for preceding accounting periods, B is the aggregate amount of the deductions included in A before they were increased under the provisions of either subsection (1) (c) or subsection (2), C is the aggregate amount of the decreases in trading stock, in respect of which this subsection had effect and as increased under this subsection, which were treated as trading receipts of the trade of farming for preceding accounting periods, and D is the aggregate amount of the decreases included in C before they were increased under the provisions of this subsection. Amendment of section 477 (time for payment of tax) of Income Tax Act, 1967. 14.— Section 477 of the Income Tax Act, 1967 , shall hav …