Section 3
Election as to treatment for tax purposes, of contributions
of Income Tax (Tin Buffer Stock Contributions and Repayments) Act 1974
ActIn forceProvision 3 of 6
Section 3
(1)
A contributor may by notice in writing to the Director
General elect that contributions paid by him in respect of tin concentrates sold by him in the course of the carrying on of a business of his which includes the working of a mine shall be allowed as a deduction in ascertaining his income from that business for income tax purposes.
(2)
An election under this section shall not be valid if made after 31 December 1974.
(3)
An election under this section shall not be revocable.