Finance Act, 1977
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Separate accounting periods for small companies, etc. |
29.—(1) Where for an accounting period— | |
(a) corporation tax is charged at the rate of 25 per cent. on any part of a company's income, and | ||
(b) the accounting period falls partly in the financial year 1977 and partly in the financial year 1978, | ||
the two parts of the accounting period shall be treated, for the purposes of sections 28 , 182 and 184 of the Corporation Tax Act, 1976 , as if they were separate accounting periods. | ||
(2) Where, under subsection (1), a part of an accounting period is treated as a separate accounting period, the corporation tax charged for the part which is so treated shall, for the purposes of the said section 184, be taken to be the corporation tax which would be charged if that part were a separate accounting period. | ||
(3) Where for an accounting period corporation tax is charged at the rate of 25 per cent. on all or part of a company's income— | ||
(a) the provisions of section 28 of the Corporation Tax Act, 1976 , shall not have effect for the 1977 period which coincides with, or is included in, that accounting period, and | ||
(b) sections 182 (3) and 184 (3) of the said Act shall have effect for the 1977 period which coincides with, or is included in, that accounting period as if the standard rate for the years 1976-77 and 1977-78 were 25 per cent. |