Finance Act 2012
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Income tax relief for investment in corporate trades — employment and investment incentive and seed capital scheme. |
26.— (1) Part 16 of the Principal Act (as amended by section 33 (1)(a) of the Finance Act 2011 (No. 6 of 2011)) is amended in section 494(3)— | |
(a) in paragraph (a)(i) by substituting “and which carries on relevant trading activities from a fixed place of business in the State, or” for “where those activities are principally carried on in the State, or”, | ||
(b) in paragraph (a)(ii) by substituting the following for clause (II): | ||
“(II) both the holding of such shares or securities or the making of such loans and the carrying on of relevant trading activities where relevant trading activities are carried on from a fixed place of business in the State.”, | ||
and | ||
(c) by deleting paragraph (c). | ||
(2) Section 33 of the Finance Act 2011 is amended by substituting the following for subsection (2): | ||
“(2) (a) Subject to paragraphs (b) and (c), this section has effect in respect of shares issued on or after 25 November 2011. | ||
(b) This section does not have effect in respect of shares issued before 25 November 2011 and, for all the purposes of Part 16 of the Principal Act in connection with those shares, the Principal Act has effect as if this section had not been enacted. | ||
(c) This section does not have effect in respect of shares issued on or after 25 November 2011 and on or before 31 December 2011 where— | ||
(i) the company issuing the shares, or | ||
(ii) where the shares are acquired by an investment fund, the fund acquiring the shares, | ||
elects by notice in writing to the Revenue Commissioners on or before 31 December 2011 that, for all the purposes of Part 16 of the Principal Act in connection with those shares, the Principal Act has effect as if this section had not been enacted.”. |