Finance (Miscellaneous Provisions) Act, 1956

PART III.

Profits from Exports—Temporary Relief from Income Tax and Corporation Profits Tax.

Definitions (Part III).

10.—In this Part of this Act—

“accounting period” means an accounting period or part of an accounting period of a company within the period from the 1st day of October, 1956, to the 30th day of September, 1961;

“basis period” means the period on the profits or gains of which income tax in respect of a company's trade is finally computed under Case I of Schedule D for the year of claim;

“company” means (save for the purposes of the proviso to the definition in this section of “goods”) a body corporate which in the course of its trade exports goods out of the State;

“goods” means goods manufactured within the State by the person who exports them or some of them and who in relation to the relevant basis period or the relevant accounting period is the company claiming relief under this Part of this Act, subject, however, to the proviso that, where there are two companies one of which manufactures goods and the other of which exports them and where one of the companies holds more than ninety per cent. of the ordinary shares in the other company or where persons who have a controlling interest in one company hold, either directly or indirectly, more than ninety per cent. of the ordinary shares in the other company, the goods manufactured by one of the companies shall, when exported by the other company, be deemed to be manufactured by that other company;

“year of claim” means each of five consecutive years of assessment of which the first is such one of the three years of assessment commencing on the 6th day of April, 1957, the 6th day of April, 1958, and the 6th day of April, 1959, respectively, as the company in question elects or, in default of election, the year commencing on the 6th day of April, 1959, subject to the proviso that, in any case in which the standard period is the period of one year ending on the 30th day of September, 1956, the year of assessment commencing on the 6th day of April, 1957, shall not be a year of claim if the basis period in relation thereto commenced on a day prior to the 1st day of October, 1955.