Finance Act, 1974
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Marginal coal mine allowance. |
74.—(1) In this section— | |
“the Acts relating to corporation profits tax” means Part V of the Finance Act, 1920 , and the enactments amending or extending that Part; | ||
“marginal coal mine” means a coal mine in the State that is being worked for the purpose of the production of coal and in respect of which the Minister for Industry and Commerce gives a certificate stating that he is satisfied that the profits derived or to be derived from the working of that mine are such that, if tax is to be charged on those profits in accordance with the provisions of the Income Tax Acts and the Acts relating to corporation profits tax, but excluding the provisions of this section, the mine is unlikely to continue to be worked. | ||
(2) The Minister for Finance, after consultation with the Minister for Industry and Commerce, may direct, in respect of a marginal coal mine, that, for any particular year of assessment or any particular accounting period, the tax chargeable on the profits of that mine is to be reduced to such amount (including nil) as may be specified by him. | ||
(3) Where a person is carrying on the trade of working a coal mine in respect of which the Minister for Finance gives a direction under subsection (2) in respect of a year of assessment or accounting period, an allowance shall be made as a deduction in charging the profits of the said trade to tax for that year of assessment and as a deduction in computing the profits of the said trade for purposes of corporation profits tax for that accounting period of such amount or amounts as will ensure that the tax charged in respect of the profits of the said trade shall equal the amount specified by that Minister. |