(1) In this section, "rents" includes any payment in the nature of a royalty and any annual or periodical payment in the nature of a rent derived from any lands, tenements or hereditaments, including lands, tenements and hereditaments to which section 56 would apply or would have applied if such lands, tenements and hereditaments were situate in the State.
(2) In respect of property situate and profits or gains arising in Great Britain or Northern Ireland -
(a) sections 70 and 71 shall apply as if section 71(2) were deleted, and
(b) subsection (3) shall apply for the purposes of Case III of Schedule D, notwithstanding anything to the contrary in section 70 or 71.
(a) Income tax in respect of income arising from possessions in Great Britain or Northern Ireland, other than stocks, shares, rents or the occupation of land, shall be computed either -
(i) on the full amount of such income arising in the year of assessment, or
(ii) on the full amount of such income on an average of such p
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