Finance Act, 1998
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SCHEDULE 4 Amendments Consequential on Changes in Amounts of Tax Credits in Respect of Distributions | ||
The Taxes Consolidation Act, 1997 , is hereby amended in accordance with the following provisions of this Schedule. | ||
1. (a) In section 145(2) there shall be substituted for paragraph (b) the following paragraph: | ||
“(b) The reference to certain tax credits in the definition of ‘B’ in paragraph (a) shall, in relation to distributions received by a company which makes a distribution to which this section applies, be construed— | ||
(i) as a reference to such tax credits multiplied by .2295 in so far as they are tax credits in respect of distributions made before the 6th day of April, 1978, or made after the 5th day of April, 1983, and before the 6th day of April, 1988, | ||
(ii) as a reference to such tax credits multiplied by .2883 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1978, and before the 6th day of April, 1983, | ||
(iii) as a reference to such tax credits multiplied by .2626 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1988, and before the 6th day of April, 1989, | ||
(iv) as a reference to such tax credits multiplied by .3178 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1989, and before the 6th day of April, 1991, | ||
(v) as a reference to such tax credits multiplied by .3707 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1991, and before the 6th day of April, 1995, | ||
(vi) as a reference to such tax credits multiplied by .4137 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1995, and before the 6th day of April, 1997, and | ||
(vii) as a reference to such tax credits multiplied by .4649 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1997, and before the 3rd day of December, 1997.”. | ||
(b) This paragraph shall apply as respects a distribution made or treated as having been made by a company on or after the 3rd day of December, 1997. | ||
2. In section 729 there shall be substituted for subsection (7) the following subsection: | ||
“(7) For the purposes of subsection (5)— | ||
(a) where an accounting period begins before the 6th day of April, 1997, and ends on or after that date, it shall be divided into one part beginning on the day on which the accounting period begins and ending on the 5th day of April, 1997, and another part beginning on the 6th day of April, 1997, and ending on the day on which the accounting period ends and both parts shall be treated as separate accounting periods, and | ||
(b) where an accounting period, including a part of an accounting period treated under paragraph (a) as a separate accounting period, begins before the 3rd day of December, 1997, and ends on or after that date, it shall be divided into one part beginning on the day on which the accounting period, or the part of an accounting period, as the case may be, begins and ending on the 2nd day of December, 1997, and another part beginning on the 3rd day of December, 1997, and ending on the day on which the accounting period, or the part of an accounting period, as the case may be, ends and both parts shall be treated as separate accounting periods.”. |