Finance Act, 1990
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Amendment of section 10 (allowance of charges on income) of Corporation Tax Act, 1976 . |
43.— Section 10 of the Corporation Tax Act, 1976 , is hereby amended, as respects payments made in any accounting period ending on or after the 6th day of April, 1990, by the substitution of the following subsection for subsection (4): | |
“(4) No such payment as is mentioned in subsection (3) (a) made by a company to a person not resident in the State shall be treated as a charge on income unless it is a payment— | ||
(a) from which, in accordance with— | ||
(i) the provisions of section 434 of the Income Tax Act, 1967 (which relates to interest, etc., not payable out of taxed profits), or | ||
(ii) the said provisions as applied by section 31 of the Finance Act, 1974 , | ||
except where the company has been authorised by the Revenue Commissioners to do otherwise, the company deducts income tax which it accounts for under the said section 434 and section 151 of the Corporation Tax Act, 1976 , or under the said section 434 and section 51 of the Finance Act, 1990, as the case may be, or | ||
(b) which is payable out of income which is brought into charge to tax under Case III of Schedule D and which arises from securities and possessions outside the State.”. |