Search Legislation

Advanced Search

Income Tax (Trading and Other Income) Act 2005

Section 819: Adjustment of assessment

3034.This section provides for an election for the alternative form of relief to be made following an adjustment to an individual’s return of foster-care profit. It is based on paragraph 14 of Schedule 36 to FA 2003.

3035.Without this section an individual might be prevented from electing for the alternative form of relief if his or her return of foster-care profits were adjusted after the normal election time limit in section 818.

3036.Subsection (3) makes it clear that the election applies only to the year for which it is made.

3037.Subsections (3) and (4) follow the approach described in the commentary on section 818 in providing for the withdrawal of an election under this section.

Back to top

Options/Help

Print Options

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources