Taxes Consolidation Act 1997 section 665

Interpretation (Chapter 2)

Section 665 defines the key terms used throughout the Chapter dealing with farming stock relief.

• An accounting period for a company follows the corporation tax rules; for any other person it is a one-year period ending on the normal accounts date, or a period of up to one year as determined by Revenue where no accounts exist or accounts cover more or less than one year.
• A chargeable period means a company's accounting period or an individual's year of assessment; a company has the same meaning as in section 4 (essentially any body corporate, with certain exceptions).
• Trading income means, for a company, its farm trading income computed under Case I of Schedule D, and for any other person, the farm trading profits or gains computed under Case I of Schedule D.
• Trading stock has the same meaning as in section 89 (property normally sold in the course of the trade, work in progress, and raw materials), and its value must be reduced by any payments on account already received towards the purchase of that stock.