Finance Act, 1994

Exemption of certain non-commercial state-sponsored bodies from certain tax provisions.

32.—(1) In this section “non-commercial state-sponsored body” means a body specified in the Second Schedule .

(2) For the purposes of this section the Minister for Finance may by order amend the Second Schedule by the addition thereto of any body or the deletion therefrom of any body standing specified.

(3) Where an order is proposed to be made under subsection (2), a draft thereof shall be laid before Dáil Éireann and the order shall not be made until a resolution approving of the draft has been passed by Dáil Éireann.

(4) Notwithstanding any provision of the Tax Acts other than the provisions (apart from section 35 (1) (c)) of Chapter IV of Part I of the Finance Act, 1986 , income arising to a non-commercial state-sponsored body—

(a) which income would, but for this section, have been chargeable to tax under Case III, Case IV or Case V of Schedule D,


(b) from the date that such body was incorporated under the Companies Acts, 1963 to 1990, or was established by or under any other enactment,

shall be disregarded for the purposes of the Tax Acts:

Provided that a non-commercial state-sponsored body—

(i) which has paid income tax or corporation tax shall not be entitled to repayment of that tax, and

(ii) shall not be treated as—

(I) a company which is within the charge to corporation tax in respect of interest for the purposes of paragraph (ee) of the definition of “relevant deposit” in section 31 of the Finance Act, 1986 , and

(II) a person to whom the provisions of section 39 of the said Act of 1986 apply.

(5) As respects disposals made on or after the 6th day of April, 1974, section 23 of the Capital Gains Tax Act, 1975 , shall apply to a gain accruing to—

(a) Eolas—The Irish Science and Technology Agency,

(b) Forbairt,

(c) Forfás,

(d) The Industrial Development Agency (Ireland),

(e) The Industrial Development Authority,

(f) Shannon Free Airport Development Company Limited, or

(g) Údarás na Gaeltachta,

as it does to a gain accruing to a body specified in that section:

Provided that where a body specified in this subsection has paid capital gains tax, such tax shall not be refunded.