|
|
Amendment of section 130 (matters to be treated as distributions) of Principal Act.
|
18.—(1) Section 130 of the Principal Act is amended—
|
|
| |
(a) by substituting “section 131;” for “section 131.” in subsection (2)(e),
|
|
| |
(b) by inserting the following after paragraph (e) of subsection (2):
|
|
| |
“(f) any qualifying amount (within the meaning of subsection (2C)) paid to an individual who at the time that amount is paid—
|
|
| |
(i) is a beneficiary under the terms of a trust deed of an employee share ownership trust approved of by the Revenue Commissioners under Schedule 12 and for which approval has not been withdrawn and which trust deed contains provision for the transfer of securities to the trustees of a scheme approved of by the Revenue Commissioners under Schedule 11 and for which approval has not been withdrawn, and
|
|
| |
(ii) would be eligible to have securities appropriated to him or her, had such securities been available for appropriation, under the scheme referred to in subparagraph (i).”,
|
|
| |
and
|
|
| |
(c) by inserting the following after subsection (2B):
|
|
| |
“(2C) Notwithstanding section 519(6) and paragraph 13(4) of Schedule 12, ‘qualifying amount’ means an amount paid solely out of income consisting of dividends received in a chargeable period (within the meaning of section 321) in respect of securities (within the meaning of Schedule 12) held by the trustees of the employee share ownership trust referred to in subsection (2)(f)(i), but only to the extent that such income exceeds the aggregate of—
|
|
| |
(a) any sum or sums spent to meet expenses of the trust,
|
|
| |
(b) any interest paid on sums borrowed by the trust,
|
|
| |
(c) any sum or sums paid to the personal representatives of a deceased person who was a beneficiary under the terms of the trust deed,
|
|
| |
(d) any amount spent on the repayment of sums borrowed including any amount capable of being so spent, having regard to the conditions referred to in paragraph 11(2B)(d) or 11A(5)(d) of Schedule 12, and
|
|
| |
(e) any amount spent on the acquisition of securities (within the meaning of Schedule 12) including any amount capable, at any particular time, of being so spent on such securities at their market value (within the meaning of section 548) at that time,
|
|
| |
in the chargeable period.”.
|
|
| |
(2) This section comes into operation on 3 February 2005.
|
