Securitisation (Proceeds of Certain Mortgages) Act, 1995
Exemption from tax of designated body. |
14.—(1) Notwithstanding any provision of the Tax Acts, income arising to a designated body shall be exempt from income tax and corporation tax. | |
(2) Any stock or other forms of security issued by a designated body shall be deemed to be securities issued under the authority of the Minister within the meaning of section 466 of the Income Tax Act, 1967 , and that section shall apply accordingly. | ||
(3) Section 474 of the Income Tax Act, 1967 , is hereby amended by the insertion in subsection (1) after “ Finance Act, 1994 ” (inserted by section 161 of the Finance Act, 1994 ) of “, or section 14 (2) of the Securitisation (Proceeds of Certain Mortgages) Act, 1995”. | ||
(4) Section 19 of the Capital Gains Tax Act, 1975 , is hereby amended in subsection (1) by the insertion after paragraph (b) of the following paragraph: | ||
“(bb) securities issued by a designated body within the meaning assigned by section 1 of the Securitisation (Proceeds of Certain Mortgages) Act, 1995;”. | ||
(5) Section 23 of the Capital Gains Tax Act, 1975 , shall apply to a gain accruing to a designated body as it does to a gain accruing to a body specified in that section. |