Finance Act, 1996
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Exemption of bodies designated under section 4 of Securitisation (Proceeds of Certain Mortgages) Act, 1995, from certain tax provisions. |
39.—(1) In this section “designated body” means a body designated under section 4 (1) of the Securitisation (Proceeds of Certain Mortgages) Act, 1995 . | |
(2) Notwithstanding any provision of the Tax Acts, income arising to a designated body shall be exempt from income tax and corporation tax. | ||
(3) Any stock or other forms of security issued by a designated body shall be deemed to be securities issued under the authority of the Minister within the meaning of section 466 of the Income Tax Act, 1967 , and that section shall apply accordingly. | ||
(4) Section 474 of the Income Tax Act, 1967 , is hereby amended by the insertion in subsection (1) after “ Finance Act, 1994 ” (inserted by section 161 of the Finance Act, 1994 ) of “, or section 39 of the Finance Act, 1996”. | ||
(5) Section 19 of the Capital Gains Tax Act, 1975 , is hereby amended in subsection (1) by the insertion after paragraph (b) of the following paragraph: | ||
“(bb) securities issued by a designated body within the meaning assigned by section 1 of the Securitisation (Proceeds of Certain Mortgages) Act, 1995 ;”. | ||
(6) Section 23 of the Capital Gains Tax Act, 1975 , shall apply to a gain accruing to a designated body as it does to a gain accruing to a body specified in that section. | ||
(7) Section 14 of the Securitisation (Proceeds of Certain Mortgages) Act, 1995 , is hereby repealed and shall be deemed never to have had effect. | ||
(8) This section shall be deemed to have come into operation on the 30th day of November, 1995. |