Taxes Consolidation Act 1997 section 669J

Credit for tax paid

Section 669J (now spent from 31 July 2008) allowed income tax paid on stallion stud fee income under Chapter 2A of Part 15 to be carried forward as a credit against future years' income tax liabilities.

• Where an individual paid tax under Chapter 2A of Part 15 that included a "relevant amount" (as defined in section 669G), that relevant amount was treated as a payment on account of income tax.
• The payment on account was first credited against income tax due for the year of assessment immediately following the year in which the Chapter 2A tax payment was made.
• Any excess remaining after that credit was carried forward to subsequent years, applied against earlier years of assessment in priority to later ones; however, no actual repayment of tax could arise from this deemed payment on account.
• Where credit was given under this section, any deduction against future years' income that would otherwise have been available under section 485F was denied, but only to the extent of the relevant excess relief.