Finance Act, 1924
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PART IV. CORPORATION PROFITS TAX. | ||
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Relief from double corporation profits tax. |
35.—(1) If any company, which is incorporated by or under the law in force in Saorstát Eireann and has paid or is liable to pay corporation profits tax in Saorstát Eireann, proves to the satisfaction of the Revenue Commissioners that such company is liable to pay and has paid corporation profits tax in Great Britain or Northern Ireland, the Revenue Commissioners shall allow relief in accordance with this section from corporation profits tax on so much of the profits of the company (as reduced in accordance with paragraph (a) of the proviso to sub-section (1) of section 52 of the Finance Act, 1920 ) as is liable to corporation profits tax both in Saorstát Eireann and in Great Britain or Northern Ireland. | |
(2) The relief from corporation profits tax to be allowed under this section shall be allowed at whichever of the following rates is the lower, that is to say:— | ||
(a) the rate determined by dividing the amount of corporation profits tax actually payable in Saorstát Eireann before granting any relief under this section by the full amount of the profits of the company assessed in Saorstát Eireann as reduced in accordance with paragraph (a) of the proviso to sub-section (1) of section 52 of the Finance Act, 1920 ; and | ||
(b) the rate determined by dividing the amount of corporation profits tax actually payable in Great Britain or Northern Ireland by the amount of the profits charged in Great Britain or Northern Ireland as reduced in manner aforesaid. | ||
(3) Where a company entitled to relief under this section in respect of any accounting period does not establish its claim to such relief before the date upon which the duty for that accounting period becomes payable, the relief shall be granted by way of repayment. | ||
(4) Notice of any claim for relief under this section together with particulars of the claim shall be given in writing to the inspector of taxes either— | ||
(a) within two months after the payment of the corporation profits tax in Great Britain or Northern Ireland for the accounting period to which the claim relates; or | ||
(b) where the claim relates to any accounting period ending on or before the 31st day of March, 1924, on or before the 31st day of March, 1925; or | ||
(c) where the claim relates to any accounting period ending after the 31st day of March, 1924, within twelve months after the expiration of the accounting period to which the claim relates. | ||
(5) Where a company is dissatisfied with the decision of the Revenue Commissioners on any claim for relief under this section, or where an objection to any such claim is made by the inspector of taxes, the claim shall be referred to and heard and determined by the commissioners for the special purposes of the Income Tax Acts, who shall for that purpose have power, if they think fit, to summon witnesses and examine them upon oath, and also power to determine the rate at which relief is to be given, the amount of such relief, and all other matters incidental to the claim. | ||
(6) Section 149 (which relates to the statement of a case for the High Court) and section 196 (which relates to appeals from the special commissioners) of the Income Tax Act, 1918, as amended by this Act shall apply to the determination by the special commissioners of claims referred to them under this section in like manner as those sections as so amended respectively apply to the determinations mentioned therein. | ||
(7) This section shall apply only to any accounting period ending on or after the 1st day of April, 1923, and where part of an accounting period is before and part is after the beginning of the 1st day of April, 1923, the Revenue Commissioners may for the purpose of this section apportion the total profits of the company for such accounting period between the part of such accounting period which ends on the 31st day of March, 1923, and the part thereof which begins on the 1st day of April, 1923, in proportion to the respective lengths of those parts, and each of such parts of such accounting period shall be deemed to be an accounting period for the purposes of this section. |