Finance Act, 1987
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Relief in relation to income of Special Trading Houses. |
29.—As respects any relevant accounting period (within the meaning of section 38 of the Finance Act, 1980 ) or any part of such accounting period, commencing on or after the coming into force of this section, Chapter VI of Part I of the said Finance Act, 1980 , is hereby amended by the insertion in section 39 after subsection (1CC1) (inserted by this Act) of the following subsection— | |
“(1CC2) (a) In this subsection— | ||
‘export goods’ means goods, which, in relation to the manufacturer of those goods, are goods for the purposes of this Chapter and which are exported by a Special Trading House, which is not the manufacturer of the goods, but which, in relation to the relevant accounting period, is the company claiming relief from tax by virtue of this subsection where the selling by the Special Trading House of the goods so exported is selling by wholesale; | ||
‘selling by wholesale’ means selling goods of any class to a person who carries on a business of selling goods of that class or who uses goods of that class for the purposes of a trade or undertaking carried on by him; | ||
‘Special Trading House’ means a company which exists solely for the purpose of carrying on a trade which consists solely of the selling of export goods. | ||
(b) For the purposes of this subsection goods are exported when they are transported out of the State in the course of the selling by wholesale of those goods and the goods are not subsequently transported into the State in the course of the selling by wholesale of those goods. | ||
(c) The following provisions shall apply for the purposes of relief under this Chapter in relation to a Special Trading House: | ||
(i) export goods when exported in the course of its trade by a Special Trading House shall be deemed to have been manufactured by the Special Trading House, notwithstanding that the manufacturer has claimed, or is entitled to claim, relief under this Chapter in respect of the sale by it of those goods, | ||
(ii) any amount receivable by the Special Trading House in payment for the sale of export goods shall be regarded as an amount receivable from the sale of goods, and | ||
(iii) subsection (1D) shall have effect as respects the company in relation to a claim by it for relief from tax by virtue of this subsection as it has effect as respects a company in relation to a claim by it for relief from tax by virtue of subsection (1B) or (1C). | ||
(d) This subsection shall not come into effect until such time as legislation governing the licensing of Special Trading Houses is enacted and shall come into effect subject to such legislation and on such date as the Minister for Finance shall by order appoint.”. |