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SOLR_PROP

Finance Act, 1957

Payment of interest on Bord na Móna securities.

6.(1) Any stock or other forms of security issued after the passing of this Act by Bord na Móna shall be deemed to be securities issued under the authority of the Minister for Finance within the meaning of section 2 of the Finance Act, 1924 (No. 27 of 1924), and that section shall apply accordingly.

(2) Notwithstanding anything contained in the Income Tax Acts, Bord na Móna shall be entitled to have the amount of income tax which, but for this section, it would be liable ultimately to bear for any year of assessment reduced by a sum representing income tax on the amount of the interest on stock or other forms of security which, by direction of the Minister for Finance given under section 2 of the Finance Act, 1924 , as applied by this section, is paid by Bord na Móna without deduction of tax in that year of assessment.

(3) There shall be added to Rule 1 of Case III of Schedule D of the Income Tax Act, 1918, the following clause, that is to say:

“(k) interest on stock or other forms of security issued by Bord na Móna in cases where such interest is paid without deduction of tax.”