Finance Act, 1996
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Amendment of section 18 (taxation of collective investment undertakings) of Finance Act, 1989. |
35.—(1) Section 18 (as amended by the Finance Act, 1995 ) of the Finance Act, 1989 , is hereby amended in subsection (1)— | |
(a) by the insertion after the definition of “return” of the following definition: | ||
“‘specified company’ means a company— | ||
(a) which is— | ||
(i) a qualified company carrying on relevant trading operations (within the meaning of section 39B of the Finance Act, 1980 ), or | ||
(ii) a qualified company carrying on relevant trading operations (within the meaning of section 39A of the Finance Act, 1980 ) so long as the relevant trading operations within the meaning of the said section 39A could be certified by the Minister for Finance as relevant trading operations for the purposes of section 39B of the Finance Act, 1980 , if they were carried on in the Area (within the meaning of the said section 39B) rather than in the airport (within the meaning of section 39A), | ||
and | ||
(b) not more than 25 per cent. of the share capital of which is owned directly or indirectly by persons resident in the State;”, | ||
and | ||
(b) by the insertion in paragraph (b) of the definition of “specified collective investment undertaking” after “ Corporation Tax Act, 1976 ,” of “a specified company”. | ||
(2) This section shall apply and have effect as on and from the 28th day of March, 1996. |