Finance Act, 1949


Corporation Profits Tax.

Agreement for reciprocal relief of double taxation in respect of corporation profits tax and United Kingdom profits tax.

21.—(1) The agreement (in this section referred to as the scheduled agreement), set forth in Part I of the Fifth Schedule to this Act and made on the 18th day of May, 1949, between the Government and the United Kingdom Government, is hereby confirmed and shall have the force of law.

(2) For the purpose of giving effect to the scheduled agreement, the provisions set forth in Part II of the Fifth Schedule to this Act shall have effect.

(3) In the case of accounting periods beginning before the 1st day of January, 1949, and ending on or after that date, the necessary apportionments shall be made for the purposes of the scheduled agreement, and any such apportionment shall be made in proportion to the number of months or fractions of months in the part of the relevant accounting period before the 1st day of January, 1949, and the part of that period subsequent to the 31st day of December, 1948, respectively.

(4) The Revenue Commisioners may make regulations in relation to the granting of the reliefs specified in the scheduled agreement.