Corporation Tax Act, 1976
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Application and adaptation of Income Tax Acts as to capital allowances. |
21.—(1) Except in so far as this Act otherwise provides— | |
(a) Parts XIII to XVIII of the Income Tax Act, 1967 . | ||
(b) section 11 of the Finance Act, 1967 , | ||
(c) section 4 of the Finance Act, 1968 , | ||
(d) section 4 of the Finance Act, 1969 , | ||
(e) section 14 of the Finance Act, 1970 , | ||
(f) sections 22 , 23 , 24 and 26 of the Finance Act, 1971 , | ||
(g) sections 9 and 25 of the Finance Act, 1973 , | ||
(h) sections 1 to 7 of the Finance (Taxation of Profits of Certain Mines) Act, 1974 , | ||
(i) sections 22 and 25 of the Finance Act, 1974 , and | ||
(j) any other provisions of the Income Tax Acts relating to the making of allowances or charges under or in accordance with those Parts and sections, | ||
shall apply equally for purposes of corporation tax and for purposes of income tax and to that intent those Parts and sections shall be amended in accordance with the First Schedule. | ||
(2) Sections 241 (3) (4) (9), 246 (3), 249 , 251 (5), 254 (6), 262 , 295 , 296 , 297 and 305 (4) of the Income Tax Act, 1967 , sections 22 (4) and 23 of the Finance Act, 1971 , and section 22 (5) (6) (7) of the Finance Act, 1974 , shall not apply for purposes of corporation tax. | ||
(3) For purposes of corporation tax the right to an allowance or liability to a charge for an accounting period, and the rate or amount of any such allowance or charge, shall be determined under the provisions referred to in subsection (1) by applying the law in force for the year of assessment in which the accounting period ends. | ||
(4) Where a company not resident in the State is within the charge to corporation tax in respect of one source of income and to income tax in respect of another source, then in applying the provisions referred to in subsection (1) allowances related to any source of income shall be given effect against income chargeable to the same tax as is chargeable on income from that source. |