Finance Act, 1999

Amendment of section 130 (matters to be treated as distributions) of Principal Act.

79.—(1) Section 130 of the Principal Act is hereby amended—

(a) in subsection (3)—

(i) in paragraph (b) by the substitution for “also so resident” of “,being a company which, by virtue of the law of a Member State of the European Communities, is resident for the purposes of tax in such a Member State”, and

(ii) by the addition, after paragraph (b) of the following paragraph:

“(c) For the purposes of this subsection and subsection (4), ‘tax’, in relation to a Member State of the European Communities other than the State, means any tax imposed in the Member State which corresponds to corporation tax in the State.”,

and

(b) in subsection (4)(c) by the substitution for “not resident in the State” of “, not being a company which, by virtue of the law of a Member State of the European Communities, is resident for the purposes of tax in such a Member State”.

(2) This section shall apply as respects accounting periods ending on or after the 1st day of July, 1998.