Finance Act, 1987
|
Chapter II Income Tax: Relief for Investment in Corporate Trades | ||
|
Amendment of section 12 (the relief) of Finance Act, 1984. |
8.— Section 12 of the Finance Act, 1984 , is hereby amended— | |
(a) by the addition to paragraph (c) of subsection (1) of the following proviso: | ||
“Provided that, where the money raised was used, is being used, or is intended to be used, by the company for the purpose of purchasing a ship for use by it in the course of a qualifying shipping trade carried on by it, the aforementioned evidence shall include a certificate by the Minister for the Marine certifying that the purchase of the ship was, is or would be eligible to be grant-aided under a statutory scheme of assistance for the purchase of ships administered by the Department of the Marine.”, | ||
and | ||
(b) by the addition to subsection (3), with effect as on and from the 6th day of April, 1987, of the following proviso: | ||
“Provided that where— | ||
(a) in accordance with the provisions of section 27, relief is due in respect of an amount subscribed as nominee for a qualifying individual by the managers of a designated fund, and | ||
(b) the eligible shares in respect of which the amount is subscribed are issued in the year of assessment next following the year of assessment in which that amount was subscribed to the designated fund, | ||
the individual may elect, by notice in writing to the inspector, to have the relief due given as a deduction from his total income for the year of assessment in which the amount was subscribed to the designated fund instead of as a deduction from his total income for the year of assessment in which the shares are issued.”. |