Finance Act, 1990

Exemption of certain income of Housing Finance Agency p.l.c.

56.—Chapter IV of Part I of the Finance Act, 1985 , is hereby amended by the substitution of the following section for section 24:

“24.— Notwithstanding any provision of the Corporation Tax Acts, income arising to the Housing Finance Agency p.l.c.—

(a) in any accounting period ending after the 8th day of February, 1982, from the business of making loans and advances under section 5 of the Housing Finance Agency Act, 1981 , which income would, but for this section, have been chargeable to corporation tax under Case I of Schedule D, and

(b) in any accounting period ending after the 5th day of April, 1990, which income would, but for this section, have been chargeable to corporation tax under Case III of Schedule D,

shall be exempt from corporation tax.”.