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(1)An allowance under section 122(1) shall be made by way of discharge or repayment of tax and shall be available primarily against agricultural income and forestry income.
(2)Any other allowance and any charge made to or on any person under this Part shall, except as provided by subsections (3) and (4) below, be made to or on him in taxing his trade; and subsection (3) does not apply to an allowance to which subsection (1) above applies.
(3)Any allowance which falls to be made to a person for a chargeable period in which he is not carrying on a trade shall be made by way of discharge or repayment of tax and shall be available primarily against agricultural income and forestry income and income which is the subject of a balancing charge.
(4)Effect shall be given to a balancing charge to be made on a person for a chargeable period in which he is not carrying on a trade—
(a)if it is a charge to income tax, by making the charge under Case VI of Schedule D, and
(b)if it is a charge to corporation tax, by treating the amount on which the charge is to be made as agricultural income or forestry income.
(5)In relation to chargeable periods beginning on or after 6th April 1993 subsections (1) and (3) above shall have effect with the omission of the words “and forestry income” and subsection (4) above shall have effect with the omission of the words “or forestry income”.
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