Finance Act, 1983

Chapter V

Income Tax and Corporation Tax

Amendment of section 58 (Schedule D deduction of payments to trustees) of Finance Act, 1982.

24.Section 58 (1) of the Finance Act, 1982 , is hereby amended with effect as on and from the 6th day of April, 1982—

(a) by the insertion after “the company concerned” of “or, in the case of a group scheme, by a participating company”, and

(b) by the insertion after the proviso of the following additional proviso:

“Provided also that the deduction to be allowed under this section or under any other provision of the Tax Acts in respect of any sum or the aggregate amount of any sums so expended in that accounting period shall not exceed such sum as is, in the opinion of the Revenue Commissioners, reasonable, having regard to the number of employees or directors of the company making the payment who have agreed to participate in the scheme, the services rendered by them to that company, the levels of their remuneration, the length of their service or similar factors.”,

and so much of the said section 58(1), as so amended, as precedes paragraph (a) thereof is set out in the Table to this section.


58.—(1) As respects any accounting period, any sum expended in that accounting period by the company concerned or, in the case of a group scheme, by a participating company in making a payment or payments to the trustees of an approved scheme shall be included—