Finance Act, 1987

Amendment of section 16 (qualifying trades) of Finance Act, 1984.

11.Section 16 of the Finance Act, 1984 , is hereby amended—

(a) by the substitution in subsection (2) for paragraph (a) of the following paragraph:

“(a) consist wholly or mainly of one or more of thefollowing trading operations (in this Chapter referred to as ‘qualifying trading operations’)—

(i) the manufacture of goods within the meaning of Chapter VI of Part I of the Finance Act, 1980 :

Provided that trading operations or activities included in the definition of, or regarded as the manufacture within the State of, goods for the purposes of the said Chapter VI by any enactment enacted after the passing of this Act, shall not, subject to the following provisions of this paragraph, be regarded as qualifying trading operations for the purposes of this Chapter,

(ii) the rendering of services (other than relevant trading operations within the meaning of section 39B (inserted by the Finance Act, 1987) of the Finance Act, 1980 ) in the course of a service undertaking in respect of which an employment grant was made by the Industrial Development Authority under section 2 of the Industrial Development (No. 2) Act, 1981 ,

(iii) in respect of a subscription for eligible shares made on or after the 1st day of January, 1987, the carrying on of qualifying shipping activities within the meaning of section 28 (1) of the Finance Act, 1987,

(iv) in respect of a subscription for eligible shares made on or after the 6th day of April, 1987, the operation of one or more tourist traffic undertakings within the meaning of subsection (2A) (inserted by the Finance Act, 1987), and

(v) in respect of a subscription for eligible shares made on or after the date on which section 29 of the Finance Act, 1987, comes into effect, the sale of export goods by a Special Trading House within the meaning of subsection (1CC2) (inserted by the Finance Act, 1987) of section 39 of the Finance Act, 1980 ,”,

and

(b) by the insertion after subsection (2) of the following subsection:

“(2A) For the purposes of subsection (2), tourist traffic undertakings mean—

(a) the operation of tourist accommodation facilities such as hotels, guest houses, caravan and camping sites and self-catering accommodation for which the Bord maintains a register in accordance with the Tourist Traffic Acts, 1939 to 1983,

(b) the operation of such other classes of facilities asmay be approved of for the purposes of the relief by the Minister for Finance, in consultation with the Minister for Tourism and Transport, on the recommendation of the Bord in accordance with specific codes of standards laid down by it, or

(c) the promotion outside the State of any of the facilities mentioned in paragraphs (a) and (b).”.