Finance Act, 1997
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Amendment of Chapter III (Income Tax: Relief for Investment in Corporate Trades) of Part I of Finance Act, 1984 . |
9.—Chapter III of Part I of the Finance Act, 1984 , is hereby amended— | |
(a) in subsection (1) of section 11, by the substitution, as on and from the 6th day of April, 1997, of the following definition for the definition of “unquoted company”: | ||
“‘unquoted company’ means a company none of whose shares, stocks or debentures— | ||
(i) are listed in the official list of a stock exchange, or | ||
(ii) are quoted on an unlisted securities market of a stock exchange other than on the market known as the Developing Companies Market of the Irish Stock Exchange.”, | ||
(b) in section 14A (inserted by the Finance Act, 1995 ), by the substitution, as respects a subscription for eligible shares made on or after the 2nd day of June, 1995, of the following subsection for subsection (3): | ||
“(3) The individual shall, throughout the relevant period, possess at least 15 per cent. of the issued ordinary share capital of the company in which that individual makes a relevant investment.”, | ||
(c) in section 16, by the substitution, as respects a relevant investment made on or after the passing of this Act, of the following subparagraph for subparagraph (iic) of paragraph (a) of subsection (2): | ||
“(iic) the rendering of such services as are referred to in subparagraph (ii) in respect of which an industrial development agency or a County Enterprise Board (being a board referred to in the Schedule to the Industrial Development Act, 1995 ) has provided financial support of not less than £2,000 towards the undertaking of a feasibility study by a person approved of by the agency or the County Enterprise Board into the potential commercial viability of the services to be rendered,”, | ||
and | ||
(d) in section 16A (inserted by the Finance Act, 1995 ), as respects a relevant investment made on or after the passing of this Act, by the addition of the following after subsection (6): | ||
“(7) (a) For the purposes of this Chapter, a certificate under subsection (2) may, instead of being given by an authority, be given by a County Enterprise Board (being a board referred to in the Schedule to the Industrial Development Act, 1995 ) to a company carrying on or intending to carry on one or more such qualifying trading operations as are mentioned in— | ||
(i) subparagraph (i) (as amended by the Finance Act, 1993 ), | ||
(ii) subparagraph (ii) (inserted by the Finance Act, 1990 ), and | ||
(iii) subparagraph (iic) (inserted by the Finance Act, 1997), | ||
of paragraph (a) of subsection (2) of section 16 and the provisions of subsections (2) and (6) of this section shall, subject to the modification specified in paragraph (b) and any other necessary modification, apply accordingly. | ||
(b) The modification referred to in paragraph (a) is that, for the purposes of this subsection, the guidelines of the kind mentioned in subsection (2)(b) shall be agreed between the Minister for Finance and the Minister for Arts, Culture and the Gaeltacht or the Minister for Enterprise and Employment, as may be appropriate in the circumstances.”. |