Finance Act, 1998
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Amendment of section 22 (reduced rate of corporation tax for certain income) of Principal Act. |
56.— Section 22 of the Principal Act is hereby amended in subsection (1)— | |
(a) in paragraph (a), by the substitution for subparagraphs (I) and (II) of the following subparagraphs: | ||
“(I) as respects accounting periods ending before the 1st day of April, 1997, 30 per cent, | ||
(II) as respects accounting periods ending on or after the 1st day of April, 1997, and before the 1st day of January, 1998, 28 per cent, and | ||
(III) as respects accounting periods ending on or after the 1st day of January, 1998, 25 per cent.”, | ||
and | ||
(b) by the substitution for paragraph (b) of the following paragraph: | ||
“(b) For the purposes of paragraph (a)— | ||
(i) where an accounting period of a company begins before the 1st day of April, 1997, and ends on or after that day, it shall be divided into 2 parts, one beginning on the day on which the accounting period begins and ending on the 31st day of March, 1997, and the other beginning on the 1st day of April, 1997, and ending on the day on which the accounting period ends, and both parts shall be treated for the purposes of this section as if they were separate accounting periods of the company, and | ||
(ii) where an accounting period of a company, including a period treated under subparagraph (i) as an accounting period, begins before the 1st day of January, 1998, and ends on or after that day, it shall be divided into 2 parts, one beginning on the day on which the accounting period begins and ending on the 31st day of December, 1997, and the other beginning on the 1st day of January, 1998, and ending on the day on which the accounting period ends, and both parts shall be treated for the purposes of this section as if they were separate accounting periods of the company.”. |