Finance Act, 1995
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Amendment of section 46B (gains or losses arising by virtue of section 46A) of Corporation Tax Act, 1976. |
69.—Section 46B of the Corporation Tax Act, 1976 , is hereby amended in subsection (1) by the insertion of the following proviso: | |
“Provided that as respects chargeable gains or allowable losses accruing on disposals of rights under reinsurance contracts (within the meaning of section 20A (4) (inserted by the Finance Act, 1995) of the Capital Gains Tax Act, 1975 ) deemed by virtue of section 46A to have been made in the accounting period or part of an accounting period falling wholly within the year ending on— | ||
(i) the 31st day of December, 1995, this section shall not apply to five-sevenths, | ||
(ii) the 31st day of December, 1996, this section shall not apply to four-sevenths, | ||
(iii) the 31st day of December, 1997, this section shall not apply to three-sevenths, | ||
(iv) the 31st day of December, 1998, this section shall not apply to two-sevenths, or | ||
(v) the 31st day of December, 1999, this section shall not apply to one-seventh, | ||
of those chargeable gains and allowable losses.”. |