Finance Act, 1981

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

16.Section 143 of the Corporation Tax Act, 1976 , is hereby amended by the substitution of the following subsections for subsections (1) and (2):

“(1) A company may be required by a notice served on it by an inspector or other officer of the Revenue Commissioners to deliver to the officer within the time limited by the notice a return of—

(a) the profits of the company computed in accordance with this Act—

(i) specifying the income taken into account in computing those profits, with the amount from each source,

(ii) giving particulars of all disposals giving rise to chargeable gains or allowable losses under the provisions of the Capital Gains Tax Acts and this Act and particulars of those chargeable gains or allowable losses, and

(iii) giving particulars of all charges on income to be deducted against those profits for the purpose of the assessment to corporation tax,

and

(b) the distributions received by the company from companies resident in the State and the tax credits to which the company is entitled in respect of those distributions.

(2) A notice under this section may require a return of profits arising in any period during which the company was within the charge to corporation tax together with particulars of distributions received in that period from companies resident in the State and of tax credits to which the company is entitled in respect of those distributions.”.