Finance Act, 1959
|
Training of local staff before commencement of trading. |
74.—(1) Where, before the day (being the 6th day of April, 1959, or a later day) of the setting up or commencement of a trade consisting of the production for sale of manufactured goods, a person who is about to carry on the trade incurs or has incurred expenditure on the recruitment and training, with a view to their employment in the trade, of persons all or a majority of whom are Irish citizens— | |
(a) for the year of assessment in which that day occurs and each of the next two years of assessment, there shall be made to him an allowance equal to one-third of that expenditure, and such allowance shall be made as a deduction in charging the profits or gains of the trade, | ||
(b) in the case of a company, that expenditure shall be treated for the purposes of corporation profits tax as if one-thirty-sixth thereof had been incurred in each of the thirty-six consecutive months the first of which is that beginning with that day, | ||
(c) paragraph (3) of Rule 6 of the Rules applicable to Cases I and II of Schedule D and section 4 of Finance Act, 1937 , shall apply in relation to an allowance under paragraph (a) of this subsection as they apply in relation to a deduction allowable in respect of wear and tear of machinery or plant. | ||
(2) For the purposes of this section— | ||
(a) expenditure shall not include any expenditure incurred by a person in respect of which no deduction would have been allowable to him, in computing the profits or gains of the trade under the Rules applicable to Cases I and II of Schedule D, if it had been incurred on or after the day of the setting up or commencement of the trade, | ||
(b) expenditure shall not be regarded as having been incurred, by a person in so far as it has been or is to be met directly or indirectly by the State, by any board established by statute or by any public or local authority. | ||
(3) For the purposes of this section, the date on which any expenditure is incurred shall be taken to be the date on which the sum in question becomes payable. | ||
(4) Any claim by a person for an allowance under this section shall be included in the annual statement required to be delivered under the Income Tax Acts of the profits or gains of his trade and shall be accompanied by a certificate signed by the claimant, which shall be deemed to form part of the claim, stating that the expenditure was incurred on the recruitment and training, with a view to their employment in the trade, of persons all or a majority of whom are Irish citizens and giving such particulars as show that the allowance falls to be made. |