Finance Act, 1964
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Payment of interest on certain securities. |
12.—(1) Any debentures, debenture stock or other forms of security issued after the passing of this Act by a company to which this section applies 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 , and that section shall apply accordingly. | |
(2) Notwithstanding anything contained in the Income Tax Acts, in computing for the purposes of assessment under Case I of Schedule D the amount of the profits or gains of a company to which this section applies, for any period for which accounts are made up, there shall be allowed as a deduction the amount of the interest on debentures, debenture 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 company without deduction of tax for such period. | ||
(3) The companies to which this section applies are Aer Lingus, Teoranta, Aer Rianta, Teoranta, and Aerlinte Eireann, Teoranta. | ||
(4) There shall be added to Rule 1 of Case III of Schedule D of the Income Tax Act, 1918, the following clause: | ||
“(m) interest on debentures, debenture stock or other forms of security issued by Aer Lingus, Teoranta, Aer Rianta, Teoranta, or Aerlinte Eireann, Teoranta, in cases where such interest is paid without deduction of tax.” |