Finance (Miscellaneous Provisions) Act, 1956

Changes of proprietorship, etc.

14.—(1) For the purposes of subsection (1) of section 12 of this Act, where, in a year of claim, there is a succession to a trade, the total amount receivable from the sale of the goods exported during the standard period shall be apportioned between the predecessor and the successor in proportion to the lengths of the respective periods in the year of claim during which they carried on the trade.

(2) Where, in the year of claim, the trade is permanently discontinued, the total amount receivable from the sale of the goods exported during the standard period shall, for the purposes of subsection (1) of section 12 of this Act, be deemed to be such part thereof as bears to the whole the same proportion as the period in the year of claim during which the trade was carried on bears to twelve months.

(3) Where, on or after the day on which the standard period commenced, any change takes place whereby a part of a trade becomes transferred to any person, the total amount receivable from the sale of the goods exported during the standard period shall, as respects any year of claim in which, or prior to which, the change occurs, be apportioned for the purposes of subsection (1) of section 12 of this Act, and every such apportionment shall be made in such manner as the Revenue Commissioners consider just, having regard to all the circumstances.