(1) In this section -
"accounting period" means -
(a) in relation to a company, an accounting period determined in accordance with the provisions of section 9 of the Corporation Tax Act, 1976, and
(b) in relation to a person other than a body corporate, a period determined in accordance with the provisions of section 12 of the Finance Act, 1976;
"chargeable period" has the same meaning as it has in paragraph 1 of the First Schedule to the Corporation Tax Act, 1976;
"excess" means the excess of the relevant amount over the value of the stock to which this section applies at the beginning of the accounting period in which the disposal takes place;
"farming" has the same meaning as it has in Chapter II of Part I of the Finance Act, 1974;
"person" means a person who is resident in the State and not resident elsewhere and includes a body corporate;
"relevant amount" means the amount of any income received by a person as a result, or in consequence, of a disposal of stock to which this