Finance Act, 1980
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Provisions relating to exempted trading operations under Part V (profits from trading within Shannon Airport) of Corporation Tax Act, 1976. |
43.—(1) Save as is provided for in subsections (2) and (3), no trading operation of any company carried on on or after the 1st day of January, 1981, shall be an exempted trading operation for the purposes of Part V of the Corporation Tax Act, 1976 . | |
(2) Subject to subsection (4), where, by virtue of a certificate given under section 70 (2) of the Corporation Tax Act, 1976 , or of a certificate having effect as if it were so given, any trading operations of a company are, on the 31st day of December, 1980, exempted trading operations within the meaning of that section, then the provisions of subsection (1) shall not prevent the application of Part V of that Act to those trading operations. | ||
(3) Where any trading operations of a company commence on or after the 1st day of January, 1981, and, but for the provisions of subsection (1), a certificate would be given under section 70 (2) of the Corporation Tax Act, 1976 , certifying that those trading operations were exempted trading operations for the purposes of Part V of that Act, then the Minister for Finance may give such a certificate as is provided for in that section in relation to those trading operations if, in respect of those trading operations, an assurance in writing has been given by a person duly authorised by the Minister for Finance to be his agent for that purpose that the provisions of the Tax Acts, including Part V of the Corporation Tax Act, 1976 , would apply to those trading operations as if subsection (1) had not been enacted; and, subject to subsection (4), where such a certificate is given the provisions of subsection (1) shall not prevent the application of the said Part V to those trading operations: | ||
Provided that— | ||
(a) no such assurance shall be given unless the Minister for Finance, or his agent duly authorised as aforesaid, is satisfied that the trading operations contribute, or would contribute, significantly to regional or national development, | ||
(b) any such assurance shall be given in such form and manner and subject to such conditions as the Minister for Finance may direct, and | ||
(c) no such assurance shall be given on a date later than the 31st day of December, 1980. | ||
(4) Where a company claims relief under this Chapter in relation to a trade as respects a relevant accounting period during which the trade consisted of exempted trading operations specified in a certificate mentioned in subsection (2) or (3), then those trading operations shall cease to be exempted trading operations for the purposes of Part V of the Corporation Tax Act, 1976 , to the extent that they are carried on on or after the first day of that relevant accounting period. |