Finance Act, 1987
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Amendment of section 15 (qualifying companies) of Finance Act, 1984. |
10.— Section 15 of the Finance Act, 1984 , is hereby amended— | |
(a) by the insertion after subsection (3) of the following subsection: | ||
“(3A) (a) A company, whose trade includes one or more tourist traffic undertakings within the meaning of section 16 (2A) (inserted by the Finance Act, 1987), shall not be a qualifyingcompany unless and until it has shown to the satisfaction of the Revenue Commissioners that it has submitted to, and has had approved of by, Bord Fáilte Éireann (hereafter in this Chapter referred to as ‘the Bord’) a three-year development and marketing plan in respect of that undertaking, or those undertakings, as the case may be, which plan is primarily designed and formulated to increase tourist traffic, and revenue, from outside the State. | ||
(b) In considering whether to approve of such a plan, the Bord shall have regard only to such guidelines in relation to such approval as may, from time to time, be agreed, with the consent of the Minister for Finance, between it and the Minister for Tourism and Transport, and those guidelines may, without prejudice to the generality of the foregoing, set out— | ||
(i) the extent to which the company's interests in land and buildings may form part of its total assets, | ||
(ii) specific requirements which have to be met in order to comply with the objective mentioned in paragraph (a), and | ||
(iii) the extent to which the money raised through the issue of eligible shares should be used in promoting outside the State the undertaking or undertakings, as the case may be.”, and | ||
(b) by the insertion after subsection (12) of the following new subsection: | ||
“(13) Notwithstanding any of the foregoing provisions of this section, a company shall not be a qualifying company if, during the relevant period— | ||
(a) the company would not be a qualifying company but for the provisions of subsection (1A) (inserted by the Finance Act, 1987) of section 26, and | ||
(b) the company or any of its subsidiaries— | ||
(i) subscribes for new or existing share capital in, or | ||
(ii) makes loans to, | ||
a subsidiary which is a qualifying subsidiary by virtue of the said subsection (1A).”. |