Finance Act, 1992

Amendment of section 143 (return of profits) or Corporation Tax Act, 1976.

247.Section 143 (as amended by section 54 of the Finance Act, 1990 ) of the Corporation Tax Act, 1976 , is hereby amended, as respects any accounting period ending on or after the 1st day of April, 1992—

(a) by the insertion of the following paragraph after paragraph (b) of subsection (1):

“(bb) all amounts of tax credits which are recoverable from the company under the provisions of sections 25 (5) and 26 (4),”,

(b) by the insertion after subsection (1) of the following subsection:

“(1A) An event which, apart from paragraph 2 (2) of Schedule 2 to the Capital Gains Tax Act, 1975 , as applied by paragraph 4 or 5 of that Schedule, would constitute the disposal of an asset giving rise to a chargeable gain or an allowable loss under the provisions of the Capital Gains Tax Acts and this Act shall, for the purposes of this section, constitute such a disposal.”,

and

(c) by the substitution in subsection (6) of “Subparagraphs (3) and (4), and subparagraph (4A) (b) (inserted by the Finance Act, 1992), of paragraph 3 of Schedule 4 to the Capital Gains Tax Act, 1975 ” for “Paragraphs 3 (3) and (4) of Schedule 4 to the Capital Gains Tax Act, 1975 ”,

and the said subsection (6), as so amended, is set out in the Table to this section.

TABLE

(6) Subparagraphs (3) and (4), and subparagraph (4A) (b) (inserted by the Finance Act, 1992), of paragraph 3 of Schedule 4 to the Capital Gains Tax Act, 1975 (power to demand information about the acquisition of assets), shall apply in relation to a notice under this section as they apply in relation to a notice under any of the provisions of the Income Tax Acts, as applied in relation to capital gains tax by the said paragraph 3.