Finance Act, 1976
|
Priority in bankruptcy and liquidation of certain sums. |
14.—The following section is hereby substituted for section 11 of the Finance Act, 1968 : | |
“11.—For the purposes of section 132 of the Income Tax Act, 1967 , and section 285 of the Companies Act, 1963 , the sums referred to in subsection (2) of the said section 132 and subsection (2) (a) (iii) of the said section 285 shall be deemed to include— | ||
(a) amounts of tax recoverable under section 7 and amounts of tax recoverable under section 8, and | ||
(b) amounts of tax deducted under section 17 (2) of the Finance Act, 1970 , and amounts of tax recoverable under Regulation 12 of the Income Tax (Construction Contracts) Regulations, 1971 , | ||
which relate to a period or periods falling in whole or in part within the period of 12 months referred to in the said subsection (2) or the said subsection (2) (a) (iii), as may be appropriate, and in the case of any such amount for a period falling partly within and partly outside whichever of the said periods of 12 months is appropriate, it shall be lawful to apportion the total sum or amount according to the respective lengths of the periods falling within the period of 12 months and outside the period of 12 months in order to arrive at the amount of tax which relates to the said period of 12 months.”. |