Finance (Profits of Certain Mines) (Temporary Relief From Taxation) Act, 1956

Change of company.

12.—(1) In this section “mine” means a mine which is—

(a) a qualifying mine, or

(b) an existing mine within the meaning of section 11 of this Act.

(2) Where—

(a) a company (hereinafter in this section referred to as the original company) ceases after the 5th day of April, 1956, to carry on the trade of working a mine to profits of which this Act had applied immediately prior to the date of cessation, and

(b) another company (hereinafter in this section referred to as the later company) subsequently commences to carry on such a trade in relation to the mine,

the later company, if it is incorporated in the State and resident therein for the purposes of income tax, shall be given relief, from the payment of its net income tax and of the corporation profits tax referable to its profits from the said trade, to the same extent (but only to the same extent), and for the same years and periods (but only for the same years and periods), as would have been proper if the original company had not ceased to carry on the said trade and if the said net income tax and corporation profits tax, instead of being chargeable on the later company, were chargeable on the original company, and the provisions of this Act shall, for the purposes of this section, apply with any necessary modifications.