Finance Act, 1954
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Payment of interest on Electricity Supply Board and Córas Iompair Éireann securities. |
12.—(1) Any stock or other forms of security issued after the passing of this Act by the Electricity Supply Board or by Córas Iompair Éireann shall be deemed to be securities issued under the authority of the Minister for Finance within the meaning of section 2 of the Finance Act, 1924 (No. 27 of 1924), and that section shall apply accordingly. | |
(2) Notwithstanding anything contained in paragraph (l) of Rule 3 of the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918, or in Rules 19, 20 and 21 of the General Rules applicable to Schedules A, B, C, D and E of the said Act, in computing for the purposes of assessment under the said Schedule D the amount of the profits or gains of the Electricity Supply Board, or of Córas Iompair Éireann, as the case may be, for any period for which accounts are made up, there shall be allowed as a deduction the amount of the interest on stock or other forms of security which, by direction of the Minister for Finance given under section 2 of the Finance Act, 1924 , as applied by this section, is paid by the Electricity Supply Board or by Córas Iompair Éireann, as the case may be, without deduction of tax for such period. | ||
(3) There shall be added to Rule 1 of Case III of Schedule D of the Income Tax Act, 1918, the following clause, that is to say: | ||
“(i) interest on stock or other forms of security issued by the Electricity Supply Board or by Córas Iompair Éireann in cases where such interest is paid without deduction of tax.” |