Finance Act, 2002

Amendment of section 41 (payment of tax and interest on tax) of Principal Act.

118.—(1) Section 41 of the Principal Act is amended in subsection (2A)—

(a) by substituting in paragraph (b) “subsection (3) or (4) of section 55” for “section 55(4)”,

(b) by substituting in paragraph (d) “to apply,” for “to apply.”, and

(c) by inserting the following after paragraph (d):

“(e) to the extent to which subsection (5) or (6) of section 59C applies, for the duration of the period from the valuation date to the date the exemption ceases to apply.”.

(2)  (a) Paragraph (a) of subsection (1) applies where the event which causes the exemption to cease to be applicable occurs on or after 11 February 1999.

(b) Paragraph (c) of subsection (1) applies where the event which causes the exemption to cease to be applicable occurs on or after 1 December 1999.