Finance (Miscellaneous Provisions) Act, 1956

Relief—new coal-mining operations.

7.—(1) Income tax payable in respect of income, computed in accordance with the Income Tax Acts, from new coal-mining operations shall, as respects the year of assessment in which the commencement day occurs and succeeding years of assessment, be reduced by fifty per cent., subject to the proviso that income tax so payable shall not be so reduced for any year of assessment beginning on or after the 6th day of April, 1967.

(2) (a) Corporation profits tax referable to profits from new coal-mining operations for accounting periods or parts of accounting periods within the period from the commencement day to the 30th day of September, 1966, shall be reduced by fifty per cent.

(b) The Revenue Commissioners may make such apportionments as they consider necessary for the purposes of this subsection.