Taxes Consolidation Act, 1997
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Tax treatment of profits, losses and capital gains arising from activities of a European Economic Interest Grouping (EEIG). [FA90 s29(1), (2), (5) and (6)] |
1014.—(1) In this section, “grouping” means a European Economic Interest Grouping formed on the terms, in the manner and with the effects laid down in— | |
(a) Council Regulation (EEC) No 2137/85 of 25 July 19851 on the European Economic Interest Grouping (EEIG), and | ||
(b) the European Communities (European Economic Interest Groupings) Regulations, 1989 ( S.I. No. 191 of 1989 ), | ||
and references to members of a grouping shall be construed accordingly. | ||
(2) Notwithstanding anything in the Tax Acts or in the Capital Gains Tax Acts, a grouping shall be neither— | ||
(a) charged to income tax, corporation tax or capital gains tax, as the case may be, in respect of profits or gains or chargeable gains arising to it, nor | ||
(b) entitled to relief for a loss sustained by it, | ||
and any assessment required to be made on such profits or gains or chargeable gains, and any relief for a loss, shall as appropriate be made on and allowed to the members of a grouping in accordance with this section. | ||
(3) This Part (other than sections 1009 , 1010 (8) and 1013 ) and sections 30 and 913(7) shall apply with any necessary modifications to the activities of a grouping in the same manner as they apply to a trade or profession carried on by 2 or more persons in partnership. | ||
(4) In particular but without prejudice to the generality of subsection (3), the provisions mentioned in that subsection shall in their application for the purposes of this section apply as if— | ||
(a) references to a partnership agreement were references to the contract forming or providing for the formation of a grouping, | ||
(b) references to a partner were references to a member of a grouping, and | ||
(c) anything done or required to be done by the precedent acting partner was done or required to be done by the grouping. | ||