Finance Act, 1976
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Reduced rate of tax for certain interest. |
28.—(1) In this section— | |
“approved bank” means any bank approved of for the purposes of this section by the Minister for Finance; | ||
“housing loan” means a loan granted on or after the 1st day of July, 1975, by an approved bank, or a subsidiary thereof, to an individual resident in the State for the sole purpose of the purchase by that individual of a dwelling-house in the State for occupation by him as his only or main residence; | ||
“the approved rate” means the rate of interest approved from time to time by the Minister for Finance for the purposes of this section; | ||
“subsidiary”, in relation to an approved bank, means a company (within the meaning of the Companies Act, 1963 ) which is, or if every such bank were a company (within the meaning aforesaid) would be, a subsidiary (within the meaning of the said Companies Act, 1963 ) of any such bank. | ||
(2) This section applies to interest on housing loans received on or after the 1st day of July, 1975, by an approved bank, or a subsidiary thereof, being interest which has been charged at the approved rate. | ||
(3) Section 52 of the Finance Act, 1920 , shall not apply to interest to which this section applies. | ||
(4) Section 79 (3) of the Corporation Tax Act, 1976 , is hereby amended by the insertion, after paragraph (c), of the following paragraph: | ||
“(cc) interest to which section 28 of the Finance Act, 1976, applies, and, for this purpose, that interest shall, without any deduction therefrom, be regarded as part of the income of the company for the relevant accounting period.”. |