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IMEACHTAÍ AN BHUAN-CHOMHCHOISTEPROCEEDINGS OF THE STANDING JOINT COMMITTEEDé Céadaoin, 4 Eanáir, 1967Wednesday, 4th January, 19671. Chruinnigh an Coiste ar 10.30 a.m. 2. Comhaltaí i Láthair. Bhí na comhaltaí seo a leanas i láthair: An Teachta Suatman (i gCeannas), an tAire Airgeadais agus na Teachtaí Booth agus de Valera; na Seanadóirí Ó Cruadhlaoich, Eoin Ó Riain agus Yeats. 3. An Bille Cánach Ioncaim, 1966. Rinne an Coiste breithniú ar an mBille. (i) Cuireadh siar alt 1. (ii) Aontaíodh ailt 2 go 58 go huile. (iii) Alt 59. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (1), page 54, line 45, to substitute ‘subsection’ for ‘paragraph’.” Aontaíodh an leasú. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (2), page 54, line 52, to substitute ‘subsection’ for ‘paragraph’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (iv) Aontaíodh ailt 60 go 63 go huile. (v) Alt 64. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (1), page 57, line 52, to insert ‘ending on or after the 1st day of April, 1966’ after ‘period’.” Aontaíodh an leasú. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (1), page 57, lines 56 to 58, to delete the proviso and to substitute ‘Provided that there shall be disregarded for the purposes of this subsection so much of the corporation profits tax paid in respect of any such accounting period which began before the 1st day of April, 1966, as is referable to profits apportioned under section 21 (2) of the Finance Act, 1966, to the part of the accounting period before that day.”’ Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (vi) Aontaíodh ailt 65 go 73 go huile. (vii) Alt 74. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (1), page 68, line 46, to insert ‘a charge’ before ‘under’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (viii) Aontaíodh ailt 75 agus 76. (ix) Alt 77. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (5), page 71, line 3, to substitute ‘if’ for ‘to’ before ‘references’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (x) Aontaíodh ailt 78, 79 agus 80. (xi) Alt 81. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (4) (d), page 73, line 12, to substitute ‘or’ for ‘of’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xii) Aontaíodh ailt 82 go 92 go huile. (xiii) Alt 93. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (3), page 82, line 12, to insert ‘subject to section 104, before ‘be treated’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xiv) Aontaíodh ailt 94 go 140 go huile. (xv) Alt 141. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (1), page 115, line 44, before ‘of £120’, to insert ‘and such deduction, in the case of a child shown by the claimant to have been over the age of eleven years at the commencement of the year of assessment, shall be of the amount of £150 and, in any other case, shall be of the amount’.” Aontaíodh an leasú. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (4), page 116, lines 21 to 25, to delete the words from ‘of £200’ to ‘the amount of the excess’ and to substitute ‘exceeding £80 a year, except that if the amount of the excess is less than the deduction which apart from this subsection would be allowable, a deduction reduced by that amount shall be allowed’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xvi) Aontaíodh ailt 142 go 217 go huile. Cuireadh breithniú breise ar an mBille ar athló. 4. Ordaíodh: An Coiste a dhul ar athló ó 1.10 p.m. go dtí 3 p.m. 5. Chruinnigh an Coiste arís ar 3 p.m. 6. Comhaltaí i Láthair. Bhí na comhaltaí seo a leanas i láthair: An Teachta Suatman (i gCeannas), na Teachtaí Booth, de Valera agus Pádraig Ó Luineacháin; na Seanadóirí Ó Cruadhlaoich, Eoin Ó Riain agus Yeats. 7. An Bille Cánach Ioncaim, 1966. (i) Aontaíodh ailt 218 go 253 go huile. (ii) Alt 254. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (2), page 192, line 47, to insert ‘or in relation to capital expenditure incurred on the construction of a building or structure in respect of which an allowance under this Chapter falls to be made by virtue of section 255 (1) (c)’ after ‘hotel-keeping’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (iii) Alt 255. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (1), page 193, before paragraph (c), to insert a new paragraph as follows:— ‘( ) for the purposes of growing fruit, vegetables or other produce in the course of a trade of market gardening within the meaning of section 54, or’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (iv) Aontaíodh ailt 256 go 263 go huile. (v) Alt 264. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (1), page 197, line 5, to insert ‘and in relation to a building or structure which falls to be regarded as an industrial building or structure by reason of its use for the purposes of growing fruit, vegetables or other produce in the course of a trade of market gardening within the meaning of section 54’ before ‘this part’.” Aontaíodh an leasú. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (3), page 197, line 37, to insert ‘and in relation to a building or structure which falls to be regarded as an industrial building or structure by reason of its use for the purposes of growing fruit, vegetable or other produce in the course of a trade of market gardening within the meaning of section 54’ before ‘this Part’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (vi) Alt 265. Tairgeadh leasú (An Seanadóir Eoin Ó Riain). “In subsection (1), page 198, line 22, to insert ‘and in relation to a building or structure which falls to be regarded as an industrial building or structure by reason of its use for the purposes of growing fruit, vegetables or other produce in the course of a trade of market gardening within the meaning of section 54’ before ‘,this Part’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (vii) Alt 266. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (4), page 200, line 11, to insert ‘and in relation to a building or structure which falls to be regarded as an industrial building or structure by reason of its use for the purposes of growing fruit, vegetables or other produce in the course of a trade of market gardening within the meaning of section 54’ before ‘,this Part’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (viii) Aontaíodh alt 267 go 277 go huile. (ix) Alt 278. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In page 207, line 13, to insert ‘on’ before ‘the intestacy’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (x) Aontaíodh ailt 279 go 299 go huile. (xi) Alt 300. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (1), page 223, line 9, to substitute ‘1967’ for ‘1966’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xii) Aontaíodh ailt 301 go 343 go huile. (xiii) Alt 344. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (4), page 248, lines 49 and 50, to substitute ‘The National Bank of Ireland Limited’ for ‘the National Bank, Limited’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xiv) Aontaíodh ailt 345 go 356 go huile. (xv) Alt nua. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “Before section 357 to insert a new section as follows:— ‘(1) In this section and Schedule 7— “Company” means any body corporate; “corporation tax” means the tax in Northern Ireland and Great Britain known as corporation tax; “profits” in relation to income tax means income. (2) Subject to the provisions of Schedule 7, corporation tax payable in respect of profits arising in Northern Ireland or Great Britain shall, to the extent to which it is to be taken into account for the purposes of this section, be allowed as a credit against the income tax chargeable for any year of assessment by reference to those profits. (3) Where a dividend is paid by a company resident in Northern Ireland or Great Britain to a company which beneficially owns, directly or indirectly, not less than three-quarters of the ordinary share capital of the former company, the credit shall take into account the corporation tax payable by the former company in respect of its profits. (4) The corporation tax payable in respect of any profits shall be taken into account for the purposes of this section— (a) where the profit are subject to corporation profit tax, only to the extent that it cannot, on due claim having been made in that behalf, be allowed as a credit against corporation profits tax, or (b) where the profits are not subject to corporation profits tax, only to the extent that it could not, on due claim having been made in that behalf, have been allowed as a credit against corporation profits tax if the profits had been subject to that tax as profits of a company incorporated by or under the laws of the State. (5) In a case in which relief is allowed under this section, section 363 (3) shall have effect in relation to a dividend paid before the passing of the Finance Act, 1966, as it has effect in relation to a dividend paid before the making by the Government of an order to which section 360 (1) relates’.” Cuireadh agus aontaíodh an Cheist:— “Go gcuirfear an t-alt nua isteach ansin.” (xvi) Aontaíodh ailt 357, 358 agus 359. (xvii) Alt 360. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “To add to the section the following subsection:— ‘(8) The Revenue Commissioners may from time to time make regulations generally for carrying out the provisions of this section or any arrangements having the force of law thereunder and may, in particular, but without prejudice to the generality of the foregoing, by those regulations provide— (a) for securing that relief from taxation imposed by the laws of the territory to which any such arrangements relate does not ensure to the benefit of persons not entitled thereto, and (b) for authorising, in cases where tax deductible from any periodical payment has, in order to comply with any such arrangements, not been deducted and it is discovered that the arrangements do not apply to that payment, the recovery of the tax by assessment on the person entitled to the payment or by deduction from subsequent payments.”’ Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xviii) Scriosadh alt 361. (xix) Aontaíodh alt 362. (xx) Alt 363. Tairgeadh leasú (An Seanadóir Eoin Ó Riain:) “In subsection (1), page 254, line 41, to insert ‘of section 357 or’ after ‘by virtue’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xxi) Aontaíodh ailt 364 go 381 go huile. (xxii) Alt 382. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (1), page 267, lines 4 to 6, to delete the definition of ‘existing mining operations’.” Aontaíodh an leasú. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (1), page 267, line 12, to substitute ‘at no time in the period of one year ending on the 5th day of April, 1956, have resulted in the production of scheduled minerals’ for ‘are not existing mining operations’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xxiii) Aontaíodh alt 383. (xxiv) Alt 384. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In page 267, line 48, to insert ‘and any corporation profits tax which, by virtue of section 6 of the Finance (Profits of Certain Mines) (Temporary Relief from Taxation) Act, 1956, is not payable, shall be deemed to have been paid’ after ‘commencement day’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xxv) Aontaíodh ailt 385 go 390 go huile. (xxvi) Alt 391. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In page 272, to substitute the following subsections for subsections (1), (2) and (3):— ‘(1) In this section “company” means a company which has obtained relief under section 11 of the Finance (Profits of Certain Mines) (Temporary Relief from Taxation) Act, 1956, in respect of profits derived from the working of an existing mine (as defined in the said section 11). (2) Notwithstanding that subsection (2) of the said section 11 no longer has effect, section 387 shall apply to a dividend paid by the company after the commencement of this Act in a case in which the dividend is paid out of profits the net income tax on which has been reduced by virtue of the said section 11. (3) For the purpose of applying section 387 to any such dividend the day on which the company commenced to carry on the trade of working the existing mine or the 6th day of April, 1954 (whichever is the later) shall be taken to be the commencement day.”’ Aontaíodh an leasú. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (4), page 272, lines 31 and 42, to delete ‘established’ before ‘company’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xxvii) Alt 392. Tairgeadh leasú (An Seandóir Eoin Ó Riain): “In page 272, to delete subsection (1).” Aontaíodh an leasú. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (2), page 272, line 53, to insert ‘qualifying’ before ‘mine’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xxviii) Alt 393. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In page 273, lines 22 to 24 and lines 29 to 39, to delete the definitions of ‘commencement day’ and ‘new coal-mining operations’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xxix) Alt 394. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In page 273, lines 44 and 45, to delete ‘new coal-mining operations or’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xxx) Scriosadh ailt 395 agus 396. (xxxi) Alt 397. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In page 274, to insert the following subsection after subsection (1):— ‘( ) In computing, for the purpose of assessment to income tax, the amount of the profits from existing coal-mining operations, any corporation profits tax which, by virtue of section 8 (2) of the Finance (Miscellaneous Provisions) Act, 1956, is not payable, shall be deemed to have been paid’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xxxii) Alt 398. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (1), page 275, line 2, to insert ‘or section 7 of the Finance (Miscellaneous Provisions) Act, 1956, or section 32 of the Finance Act, 1960’ after ‘Chapter’.” Aontaíodh an leasú. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (2), page 275, line 8, to insert ‘or section 7 of the Finance (Miscellaneous Provisions) Act, 1956, or section 32 of the Finance Act, 1960’ after ‘Chapter’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xxxiii) Alt 399. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In page 275, lines 22 and 23, to delete ‘(including any opinion of the Revenue Commissioners under section 393)’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xxxiv) Scriosadh alt 400. (xxxv) Aontaíodh ailt 401 go 406 go huile. (xxxvi) Alt 407. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In page 280, to insert the following subsection after subsection (8):— ‘( ) In computing, for the purpose of assessment to income tax, the amount of the profits or gains from a company’s trade, any corporation profits tax which, by virtue of section 13 of the Finance (Miscellaneous Provisions) Act, 1956, is not payable, shall be deemed to have been paid.”’ Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xxxvii) Aontaíodh alt 408. (xxxviii) Ailt nua. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “Before section 409 to insert a new section as follows:— ‘(1) In the case of a body corporate carrying on a trade which consists of or includes the rendering to another person of services by way of subjecting commodities or materials belonging to that person to any process of manufacturing, the following provisions shall, if the body corporate so elects, apply for the purposes of relief from income tax under this Chapter: (a) the body corporate shall be regarded as being a company where it would not otherwise be so regarded; (b) the rendering in the State of such services shall be regarded as the manufacture of goods and any amount receivable in payment therefor shall be regarded as an amount receivable from the sale of goods, and (c) where— (i) such services are rendered to a person who is not resident in the State in relation to commodities or materials which have been imported into the State, and (ii) after the services have been rendered, the commodities or materials, or the products or articles into which they have been converted, are exported out of the State while continuing to belong to that person, the body corporate shall be regarded as having exported goods out of the State and any payment receivable by it for the services shall be regarded as an amount receivable from the sale of goods so exported. (2) Any election under subsection (1) shall be made by notice in writing delivered to the inspector and shall have effect as respects every year of claim for which relief under this Chapter is, or has been, claimed by the body corporate by which it is made. (3) The Revenue Commissioners may by notice in writing require a body corporate claiming relief from tax by virtue of subsection (1) to furnish them with such information or particulars as may be necessary for the purpose of giving effect to that subsection, and section 407 (1) shall have effect as if the matters of which proof is required thereby included the information or particulars specified in a notice under this subsection. (4) Subsection (1) shall have effect as from the 27th day of December, 1956, and relief from tax may be given accordingly by repayment or otherwise as the Revenue Commissioners think proper: Provided that where, before an election was made by it under this section, a body corporate has paid a dividend and the amount of income tax which it was entitled to deduct from the dividend exceeds the amount which, under section 410 (2), it would have been entitled to deduct if the election had been made before the dividend was paid, any relief from income tax which would otherwise have been allowable shall be reduced by the amount of the excess. (5) Where for any year of assessment the income of any person consists of, or includes, a dividend in relation to which the proviso to subsection (4) has had effect, the person shall be entitled to claim such repayment, if any, of income tax and sur-tax as will reduce his total liabilities to those taxes to what those liabilities would have been if income tax had been deducted from the dividend at the rate at which it would have been deductible if subsection (1) had had effect in relation to the body corporate at the time when the dividend was paid.”’ Cuireadh agus aontaíodh an Cheist:— “Go gcuirfear an t-alt nua isteach ansin.” Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “Before section 409 to insert the following section:— ‘For the purposes of section 407 (1), where, in a year of claim, there is a succession to a trade, the total amount receivable from the sale of the goods exported during the standard period shall be apportioned between the predecessor and the successor in proportion to the lengths of the respective periods in the year of claim during which they carried on the trade.”’ Cuireadh agus aontaíodh an Cheist:— “Go gcuirfear an t-alt nua isteach ansin.” Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “Before section 409 to insert the following section:— ‘Where, in the year of claim, the trade is permanently discontinued, the total amount receivable from the sale of the goods exported during the standard period shall, for the purposes of section 407 (1), be deemed to be such part thereof as bears to the whole the same proportion as the period in the year of claim during which the trade was carried on bears to twelve months’.” Cuireadh agus aontaíodh an Cheist:— “Go gcuirfear an t-alt nua isteach ansin.” Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “Before section 409 to insert the following section:— ‘Where, on or after the day on which the standard period commenced, any change takes place whereby a part of a trade becomes transferred to any person, the total amount receivable from the sale of the goods exported during the standard period shall, as respects any year of claim in which, or prior to which, the change occurs, be apportioned for the purposes of section 407 (1) and every such apportionment shall be made in such manner as the Revenue Commissioners consider just, having regard to all the circumstances.”’ Cuireadh agus aontaíodh an Cheist:— “Go gcuirfear an t-alt nua isteach ansin.” (xxxix) Scriosadh alt 409. (xl) Aontaíodh ailt 410 go 425 go huile. (xli) Alt 426. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (1), page 290, line 20, to insert ‘made on another person’ before ‘to appear’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xlii) Aontaíodh ailt 427 go 433 go huile. (xliii) Alt 434. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (5) (d), page 294, line 51, to substitute ‘rehearing’ for ‘rehearsing’ and to insert ‘the’ after ‘for’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xliv) Aontaíodh ailt 435 go 449 go huile. (xlv) Alt 450. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (2) (c) (ii), page 304, lines 25 and 26, to delete ‘£4,000 to which the widow of the intestate’ and substitute ‘£500 to which a widow is entitled under the Intestates’ Estates Act, 1890, or the sum of £4,000 to which a widow’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (xlvi) Aontaíodh ailt 451 go 464 go huile. (xlvii) Alt nua. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “Before section 465 to insert a new section as follows:— ‘The excess of the amount received on the redemption of a unit of non-interest-bearing securities issued by the Minister for Finance under section 4 of the Central Fund Act, 1965, over the amount which was paid for the unit on its issue shall, save where the excess falls to be taken into account in computing for the purposes of taxation the profits of a trade, be exempt from income tax (including sur-tax).”’ Cuireadh agus aontaíodh an Cheist:— “Go gcuirfear an t-alt nua isteach ansin.” (xlviii) Aontaíodh ailt 465 agus 466. (xlix) Alt 467. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “To add to the section the following subsection:— ‘(3) Debentures, debenture stock and certificates of charge issued by The Agricultural Credit Corporation, Limited, shall not be liable to tax so long as it is shown in manner to be prescribed by the Minister for Finance that they are in the beneficial ownership of persons who are neither domiciled nor ordinarily resident in the State.”’ Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (l) Scriosadh alt 468. (li) Aontaíodh ailt 469 go 482 go huile. (lii) Cuireadh siar alt 483. (liii) Aontaíodh ailt 484 go 522 go huile. (liv) Alt 523. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In subsection (1), page 332, line 40, to substitute ‘that’ for ‘the’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (lv) Aontaíodh ailt 524 go 530 go huile. (lvi) Alt nua. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “Before section 531, but in Chapter II of Part XXXVI, to insert a new section as follows:— ‘(1) Any company to which section 530 applies, may at any time after the general meeting at which the accounts of the company made up for any year or other period are adopted, forward to the Special Commissioners for their consideration a copy of the said accounts, together with a copy of the report, if any, of the directors for that year or period, and such further information, if any, as it may think fit, and the Special Commissioners shall, subject to the provisions of this section, on receiving the said accounts and other documents, if any, proceed to consider the position of the company in relation to the said section 530. (2) The Special Commissioners may as soon as reasonably may be, but not later than twenty-eight days after the receipt of the said accounts and other documents, if any, call upon the company to furnish to them within twenty-eight days, or such extended period as they may subsequently allow, such further particulars as they may reasonably require: Provided that, if the particulars so required are not furnished to the Commissioners within the period or extended period allowed for the purpose, they may proceed under this section upon the information before them. (3) Where a company has under subsection (1) forwarded to the Special Commissioners the accounts of the company for any year or other period, whether with or without any other documents, the following provisions shall have effect:— (a) unless within three months after the receipt of the said accounts and other documents, or, if further particulars have been required as aforesaid, within three months after the receipt of those particulars, or the expiration of the period within which those particulars are to be furnished, as the case may be, the Special Commissioners intimate to the company their intention to take further action in the case of the company under the said section 530 in respect of that year or other period, the power of the Commissioners to take any such further action in respect of that year or other period shall absolutely cease and determine; and (b) notwithstanding that the Special Commissioners have given such an intimation as aforesaid, they shall not after the expiration of six months from the date of the intimation have power in relation to that company to issue a notice under Schedule 15, paragraph 4, with respect to that year or period, or, unless such a notice has been issued before the expiration of the said period of six months, to give a direction in relation to the company under section 530 (1).”’ Cuireadh agus aontaíodh an Cheist:— “Go gcuirfear an t-alt nua isteach ansin.” (lvii) Aontaíodh ailt 531 go 541 go huile. (lviii) Alt 542. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In page 342— (i) in line 41, before ‘is’ to insert ‘annulling any such regulation’; and (ii) to delete all words from and including ‘praying’ in line 45 down to and including ‘void,’ in line 47, and to substitute ‘the regulation shall be annulled accordingly’.” Aontaíodh an leasú. Aontaíodh an t-alt, mar a leasaíodh. (lix) Aontaíodh ailt 543 go 560 go huile. (lx) Aontaíodh Sceidil 1 go 6 go huile. (lxi) Sceideal nua. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “Before Schedule 7 to insert a new Schedule as follows:— ‘SCHEDULE 7 Provisions as to Relief from Income Tax by way of Credit in respect of United Kingdom Corporation Tax 1. Subject to the provisions of this Schedule, where, under section 357, credit is to be allowed against income tax chargeable by reference to any profits, the amount of income tax so chargeable shall be reduced by the amount of the credit. 2. For any year of assessment, the amount of the credit to be allowed against income tax for corporation tax in respect of any profits shall not exceed the income tax chargeable by reference to those profits. 3. (a) Where in respect of any source of profits income tax is chargeable by assessment, the tax chargeable by the assessment for any year of assessment shall be regarded as chargeable by reference to the profits of the basis period for that year and the amount of corporation tax payable in respect of any profits by reference to which income tax is chargeable for any year of assessment shall be determined accordingly: Provided that where the assessment for any year of assessment is reduced under section 58 (4), the corporation tax payable in respect of the profits by reference to which income tax is chargeable thereby shall be taken to be the amount, if any, by which the aggregate amount of corporation tax payable in respect of the profits arising in that year of assessment and in the year preceding that year exceeds the amount of any corporation tax payable in respect of profits by reference to which income tax is chargeable for that preceding year. (b) In relation to any source of profits the basis period for a year of assessment shall, for the purposes of the foregoing sub-paragraph, be taken to be the period on the profits of which income tax falls to be finally computed in respect of that source or, where, by virtue of this Act, the profits of any other period are to be taken to be the profits of the said period, that other period. 4. (a) Subject to the provisions of this paragraph, where credit for corporation tax in respect of any profits falls to be allowed against corporation profits tax or income tax, no deduction for corporation tax (whether in respect of those or any other profits) shall be made in computing the amount of those profits for the purposes of income tax. (b) The amount of such a dividend as is mentioned in section 357 (3) shall, for the purposes of income tax, be treated as increased by the amount of corporation tax not chargeable directly in respect thereof which falls to be taken into account in computing the amount of the credit and, for the purpose of determining the said amount of corporation tax, paragraph 6 of Part II of the Fifth Schedule to the Finance Act, 1949, shall have effect as if a reference to the said section 357 were substituted for the reference to the agreement set forth in Part I of that Schedule and a reference to income tax for the reference to corporation profits tax. (c) Notwithstanding anything in the preceding subparagraphs— (i) where any part of the corporation tax in respect of any profits (including any corporation tax which, under subparagraph (b), falls to be treated as increasing the amount of a dividend) cannot be allowed as a credit against either corporation profits tax or income tax, the amount of the profits shall be treated for the purposes of income tax as reduced by that part of the corporation tax, and (ii) where any part of the corporation tax in respect of any profits arising on or after the 1st day of April, 1966 (including any corporation tax which, under sub-paragraph (b), falls to be treated as increasing the amount of a dividend) falls to be allowed as a credit against corporation profits tax, the amount of the profits shall be treated for the purposes of income tax as reduced by that part of the corporation tax. 5. (a) Where for any purpose of this Schedule it is necessary, in order to arrive at the amount of corporation tax payable in respect of the profits arising in any year of assessment or other period, to divide and apportion to specific periods the profits on which any assessment to corporation tax has been made, or to aggregate any such profits or any apportioned parts thereof, it shall be lawful to make such a division and apportionment or aggregation. (b) Any apportionment under this paragraph shall be made in proportion to the respective lengths of the periods. 6. The provisions of paragraphs 6, 12, 13 and 14 of Schedule 9 shall, with any necessary modifications, have effect in relation to the allowance of credit for corporation tax under section 357 as they have effect in relation to the allowance of credit for tax payable under the laws of a territory in regard to which arrangements are in force by virtue of section 360.”’ Cuireadh agus aontaíodh an Cheist:— “Go gcuirfear an Sceideal nua isteach ansin.” (lxii) Aontaíodh Sceidil 7 agus 8. (lxiii) Sceideal 9. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In paragraph 8 (3) (c), page 391, line 23, to insert ‘either falls to be allowed as a credit against corporation profits tax, or’ after ‘income)’.” Aontaíodh an leasú. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In paragraph 8 (3) (c), page 391, line 27, after ‘tax’ to add:— ‘Provided that in relation to foreign tax in respect of income arising before the 1st day of April, 1966, the provisions of this paragraph shall have effect as if the words “either falls to be allowed against corporation profits tax or” were omitted from this clause and, for the purposes of this proviso, in a case in which the foreign tax is chargeable in respect of income arising in a period of which a part is before the 1st day of April, 1966, and a part after the 31st day of March, 1966, the foreign tax shall be apportioned in proportion to the respective lengths of those parts.”’ Aontaíodh an leasú. Aontaíodh an Sceideal, mar a leasaíodh. (lxiv) Aontaíodh Sceidil 10 go 17 go huile. (lxv) Sceideal 18. Tairgeadh leasú (An Seanadóir Eoin Ó Riain): “In page 410, to insert in the appropriate places the following:—
’ ” Aontaíodh an leasú. Aontaíodh an Sceideal, mar a leasaíodh. Cuireadh breithniú breise ar an mBille ar athló. 8. Athlá. Chuaigh an Coiste ar athló ar 7 p.m. go dtí 2.30 p.m. amárach. |
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