Finance Act 2013

Amendment of section 79C (exclusion of foreign currency as asset of certain companies) of Principal Act.

27.— (1) The Principal Act is amended in section 79C—

(a) in subsection (1), in the definition of “relevant bank deposit”, by substituting “the currency of the State” for “Irish currency”, and

(b) by substituting the following for subsection (3):

“(3) An amount determined by the formula—

A x C



A is the net foreign exchange gain which is credited in the profit and loss account of a relevant holding company, as reduced by so much of any loss under section 383 as is attributable to a net foreign exchange loss and which has not been deducted from any other amount of income,

B is the rate referred to in section 21A(3)(a), and

C is the rate referred to in section 28(3),

shall be income chargeable under Case IV of Schedule D.”.

(2) This section applies in respect of accounting periods ending on or after 1 January 2013.