Finance Act, 2002
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Amendment of section 128 (tax treatment of directors of companies and employees granted rights to acquire shares or other assets) of Principal Act. |
11.—(1) Section 128 of the Principal Act is amended— | |
(a) in subsection (1), by inserting the following in paragraph (a) before the definition of “company”: | ||
“‘branch or agency’ has the same meaning as in section 4;”, | ||
(b) in subsection (11), by substituting “31 March” for “30 June”, and | ||
(c) by substituting the following for subsection (11A) (inserted by the Finance Act, 2000 ): | ||
“(12) Where in relation to any right— | ||
(a) the person referred to in subsection (11) is not resident in the State, and | ||
(b) the person who obtains the right is a director or employee of a company which is either— | ||
(i) resident in the State, or | ||
(ii) not resident in the State but carries on a trade, profession or vocation in the State through a branch or agency in which the director or employee is employed, | ||
subsection (11) shall, as regards a company referred to in paragraph (b)(i) apply to the company, and, as regards a company referred to in paragraph (b)(ii) apply to its agent, manager, factor or other representative.”. | ||
(2) (a) Paragraphs (a) and (c) of subsection (1) shall apply with effect from the passing of this Act. | ||
(b) Paragraph (b) of subsection (1) applies as respects the year of assessment 2002 and subsequent years. |