Finance Act, 1992
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Amendment of section 9 (interpretation (Chapter II)) of Finance Act, 1988. |
244.—As respects the year 1992-93 and subsequent years of assessment, section 9 (as amended by section 45 of the Finance Act, 1991 ) of the Finance Act, 1988 , is hereby amended in subsection (1) by the insertion in the definition of “chargeable person” of the following proviso to paragraph (a): | |
“Provided that this paragraph shall not apply to a person who is a director or, in the case of a person to whom the provisions of section 194 of the Income Tax Act, 1967 , apply, whose spouse is a director, within the meaning of section 119 of that Act, of a body corporate other than a body corporate which during a period of three years ending on the 5th day of April in the chargeable period— | ||
(i) was not entitled to any assets other than cash on hands, or a sum of money on deposit within the meaning of section 230 of the Finance Act, 1992, not exceeding £100, and | ||
(ii) did not carry on a trade, business or other activity including the making of investments, and | ||
(iii) did not pay charges on income within the meaning of section 10 of the Corporation Tax Act, 1976 .”. |