Finance Act, 1980

Chapter VII

Income Tax and Corporation Tax

Amendment of section 40 (application of section 31 (building societies) of Corporation Tax Act, 1976, for certain years of assessment) of Finance Act, 1977.

52.Section 40 of the Finance Act, 1977 , is hereby amended by the substitution of “six” for “four” (inserted by the Finance Act, 1978 ) in each place where it occurs in subsection (1), and the said subsection (1), as so amended, is set out in the Table to this section.


(1) Notwithstanding the proviso to section 31 (1) of the Corporation Tax Act, 1976 , any arrangements entered into by the Revenue Commissioners and any building society as respects the year of assessment 1975-76, in so far as they provide for payment of an amount representing income tax calculated in part at the standard rate and in part at a reduced rate, may, with any necessary modifications, be continued for the six years of assessment immediately following for the purpose of determining, in relation to that building society, the amount representing income tax which is referred to in paragraph (a) of the said section 31 (1) and that section shall have effect in relation to any arrangements so continued for the said six years.