Finance Act, 1990
|
FIRST SCHEDULE Tax Credits | ||
Section 36 (1). | ||
Amendments Consequential on Changes in Amounts of Tax Credits in respect of Distributions | ||
1. The provisions referred to in section 36 (1) are the following: | ||
(a) sections 45 (5), 64 (2), 66 (2), 67, 82 (2), 82 (7), 83 (4), 88 (2) and 178 of the Corporation Tax Act, 1976 , | ||
(b) in subparagraph (ii) (as amended by the Finance Act, 1977 ) of section 66 (3) (b) of the Corporation Tax Act, 1976 , the expression “income tax at the standard rate”, | ||
(c) in subparagraph (iii), (inserted by the Finance Act, 1977 ) of the said section 66 (3) (b), the expression “standard rate per cent.” in each place where it occurs, and | ||
(d) in section 79 (6) of the Corporation Tax Act, 1976 , the definition of “A” in paragraph (b). | ||
2. For the purposes of section 45 (5) of the Corporation Tax Act, 1976 , where an accounting period begins before the 6th day of April, 1991, and ends on or after that date, it shall be divided into one part, beginning on the day on which the accounting period begins and ending on the 5th day of April, 1991, and another part beginning on the 6th day of April, 1991, and ending on the day on which the accounting period ends and both parts shall be treated as separate accounting periods. | ||
3. (1) This paragraph applies to a distribution which is made by a company in the year 1991-92 or subsequent year of assessment, and to which section 64 of the Corporation Tax Act, 1976 , applies. | ||
(2) Section 28 (7) of the Finance Act, 1978 , section 28 (3) of the Finance Act, 1983 , and paragraph 4 of Part I of the Second Schedule to the Finance Act, 1988 , shall each not apply to a distribution to which this paragraph applies. | ||
(3) The reference to certain tax credits in the definition of “B” in subsection (2) of section 64 of the Corporation Tax Act, 1976 , shall, in relation to distributions which were received by a company which makes a distribution to which this paragraph applies, be construed— | ||
(a) as a reference to such tax credits multiplied by .619 in so far as they are tax credits in respect of distributions which were made before the 6th day of April, 1978, or which were made after the 5th day of April, 1983, and before the 6th day of April, 1988, | ||
(b) as a reference to such tax credits multiplied by .7778 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1978, and before the 6th day of April, 1983, | ||
(c) as a reference to such tax credits multiplied by .7083 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1988, and before the 6th day of April, 1989, and | ||
(d) as a reference to such tax credits multiplied by .8572 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1989, and before the 6th day of April, 1991. |