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FINANCE ACT, 1975
Provisions supplementary to sections 19 to 22
1. Subject to the following paragraphs, section 19, paragraphs (b) and (c) of section 20 and sections 21 and 22 shall have effect—
(a) as respects a lease granted after the 15th day of January, 1975, and
(b) so far as they relate to section 83 (4) of the Income Tax Act, 1967 , as respects a variation or waiver of a lease (whether granted before, on or after that date) the contract for which is entered into after that date.
2. So far as relates to relief under subsection (5) or (6) of section 81 , section 89 , 307 , 308 , 309 or 310 of the Income Tax Act, 1967 , or section 25 of the Finance Act, 1964 , or to the computation of profits or gains or losses of a trade or profession for—
(a) the year 1975-76 or any subsequent year of assessment, or
(b) for a company's accounting period ending after the 5th day of April, 1975, for the purposes of corporation profits tax,
section 19, paragraphs (b) and (c) of section 20 and sections 21 and 22 shall be deemed to have had effect as from the passing of the Finance Act, 1963 , and as respects leases granted at any time.
3. In applying paragraph 2 it shall be assumed—
(a) that all relief which could not be affected by the operation of that paragraph was given (for all years of assessment and accounting periods before or after the passing of this Act) before relief which could be affected by the operation of that paragraph, and
(b) that, in particular, any loss which would not have been sustained if section 19 and paragraphs (a) and (b) of section 20 had always had effect was postponed to any other loss in giving relief against income of a year of assessment before the year 1975-76 or a company's accounting period ending on or before the 5th day of April, 1975.
This paragraph shall have effect notwithstanding the provisions of any enactment governing the order in which reliefs are given.
4. Where an amount is payable by instalments and, by virtue of a claim made under section 83 (6) of the Income Tax Act, 1967 , as originally enacted, any of the instalments would have fallen to be treated as rent payable on or after the 6th day of April, 1975, the instalment shall be treated as due on the 6th day of April, 1975, and the person who made the claim shall be chargeable to tax under Case V of Schedule D on the amount of that instalment, less any deduction authorised by subsections (5) and (6) of section 81 in so far as it has not been set off against or deducted from any other amount, as if the claim under the said section 83 (6) had not been made.
5. A person chargeable to tax in accordance with paragraph 4 may, by notice in writing given to the inspector not later than the 5th day of April, 1976, elect that that paragraph shall not apply in his case but that his liability to tax (including his liability for past periods) shall be computed as if section 20 (a) had come into force before the claim under section 83 (6) of the Income Tax Act, 1967 , was made; and where he so elects all such assessments, alterations of assessments and repayments of tax shall be made as may be necessary.
6. Where a person liable to pay tax in accordance with paragraphs 4 and 5 satisfies the Revenue Commissioners that he would otherwise suffer undue hardship, the tax may, at his option, be paid by such instalments as the Commissioners may allow.
7. All such adjustments shall be made, whether by way of assessment or discharge or repayment of tax, as are required to give effect to sections 19 and 20 and the provisions of this Schedule.
Amendment of Enactments