Finance Act, 1960

Dividend from outside the State to individual formerly resident there.

8.—(1) Where an individual beneficially entitled to income arising outside the State was chargeable to tax in respect of that income for the year 1959-60 under Case III of Schedule D; the income was a dividend paid by a company whose business was managed and controlled outside the State; the individual, or the individual and his wife, or the individual and her husband, as the case may be, was or were either the beneficial owner of, or able either directly or through the medium of other companies or by any other indirect means, to control, more than 20 per cent. of the issued share capital of the company; and the Revenue Commissioners are satisfied that the income or a part thereof, had the income or part been derived from a company whose business was managed and controlled in the State, would, in relation to income tax (including sur-tax), be treated as not being income, then, the income or part, as the case may be, shall be disregarded for all the purposes of the Income Tax Acts.

(2) This section applies to an individual who is resident in the State and not resident elsewhere but who, before he came to reside in the State, was resident outside it for a continuous period of not less than ten years or for a number of discontinuous periods amounting in the aggregate to not less than ten years.