Finance Act, 1993
Amendment of Second Schedule (computation of tax) to Principal Act. |
130.—As respects gifts or inheritances taken on or after the 24th day of February, 1993, paragraph 9 (inserted by the Finance Act, 1989 ) of Part I of the Second Schedule to the Principal Act is hereby amended— | |
(a) by the substitution of the following definition for the definition of “company”: | ||
“‘company’ means a private company which, for the relevant period— | ||
(a) is a private company controlled by the disponer and of which the disponer is a director, and | ||
(b) is not a private non-trading company;”, | ||
(b) by the deletion of the definition of “ompany controlled by the disponer”, | ||
(c) by the insertion of the following definition after the definition of “control”: | ||
“‘investment income’, in relation to a private company, means income which, if the company were an individual, would not be earned income within the meaning of section 2 of the Income Tax Act, 1967 ;”, | ||
and | ||
(d) by the insertion of the following definitions after the definition of “nominee”: | ||
“‘private company’ has the meaning assigned to it by section 16 (2); | ||
‘private company controlled by the disponer’ means a private company that is under the control of any one or more of the following, that is to say— | ||
(a) the disponer, | ||
(b) nominees of the disponer, | ||
(c) the trustees of a settlement made by the disponer; | ||
‘private non-trading company’ means a private company— | ||
(a) whose income (if any) in the twelve months preceding the date at which a share therein is to be valued consisted wholly or mainly of investment income; and | ||
(b) whose property, on the date referred to in paragraph (a), consisted wholly or mainly of property from which investment income is derived;”. |