Finance Act, 1997
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Amendment of section 28A (reduced rate of corporation tax for certain income) of Corporation Tax Act, 1976 . |
60.—(1) Section 28A (as inserted by the Finance Act, 1996 ) of the Corportion Tax Act, 1976, is hereby amended— | |
(a) as respects accounting periods ending on or after the 1st day of April, 1997, by the substitution in subsection (1) of “28 per cent.” for “30 per cent.”, and | ||
(b) in subsection (10)— | ||
(i) in paragraph (a), by the substitution for the definition of “S” of the following: | ||
“S is an amount equal to so much of the profits of the company for the accounting period as are charged to tax in accordance with subsection (1), | ||
and”, | ||
(ii) in paragraph (b), by the substitution for subparagraph (ii) of the following: | ||
“(ii) by an amount equal to so much of the profits of the company for the accounting period as are charged to tax in accordance with subsection (1).”. | ||
(2) For the purposes of paragraph (a) of subsection (1), where an accounting period of a company begins before the 1st day of April, 1997, and ends on or after that day, it shall be divided into two parts, one beginning on the day on which the accounting period begins and ending on the 31st day of March, 1997, and the other beginning on the 1st day of April, 1997, and ending on the day on which the accounting period ends, and both parts shall be treated for the purpose of this section as if they were separate accounting periods of the company. | ||
(3) Paragraph (b) of subsection (1) shall have effect as respects accounting periods ending on or after the 16th day of June, 1996. |