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Amendment of section 110 (securitisation) of Principal Act.
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41.— (1) Section 110 of the Principal Act is amended in subsection (1) in the definition of “carbon offsets”—
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(a) in paragraph (b) by substituting “reporting,” for “reporting, or”,
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(b) by inserting the following after paragraph (b)—
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“(ba) a forest carbon offset issued pursuant to the United Nations Reduced Emissions from Deforestation and Forest Degradation programme, or”,
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and
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(c) by substituting the following for paragraph (c)—
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“(c) any right that is directly attributable to an offset, allowance, permit, licence or right to emit within paragraph (a), (b) or (ba);”.
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(2) Section 110 of the Principal Act is amended in subsection (1), in paragraph (f) of the definition of “qualifying company”, by inserting “on or before the specified return date (within the meaning of section 950) for the first accounting period, in relation to which it is such a company,” after “prescribed form,”.
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(3) Section 110 of the Principal Act is amended in subsection (4A) by substituting the following for paragraph (b)(i):
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“(i) a person who is resident in the State or, if not so resident, is otherwise within the charge to corporation tax in the State in respect of that interest or other distribution, or”.
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