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Amendment of Schedule 18A (restriction on set-off of pre-entry losses) to Principal Act.
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40.—(1) Schedule 18A to the Principal Act is amended in paragraph 1—
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(a) in subparagraph (3) by the substitution of “at the time immediately before the relevant event occurred in relation to it by a company which is or was” for “by a company at the time immediately before the company became”,
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(b) by the insertion after subparagraph (3) of the following:
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“(3A) (a) In this paragraph references to the relevant event occurring in relation to a company—
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(i) in a case in which—
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(I) the company was resident in the State at the time when it became a member of the relevant group, or
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(II) the asset was a chargeable asset in relation to the company at that time,
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are references to the company becoming a member of that group;
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(ii) in any other case, are references to whichever is the first of—
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(I) the company becoming resident in the State, or
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(II) the asset becoming a chargeable asset in relation to the company.
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(b) For the purposes of paragraph (a), an asset is a ‘chargeable asset’ in relation to a company at any time if, were the asset to be disposed of by the company at that time, any gain accruing to the company would be a chargeable gain.”,
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(c) in subparagraph (4)(a) by the substitution of “the relevant event occurred in relation to it” for “the company became a member of the relevant group”, and
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(d) in subparagraph (5)—
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(i) in the opening words by the substitution of “the relevant event occurred in relation to the company by reference to which that asset is a pre-entry asset” for “the company by reference to which the asset is a pre-entry asset became a member of the relevant group”,
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(ii) in clause (a) by the substitution of “a relevant event has occurred in relation to a company” for “a company has become a member of the relevant group”, and
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(iii) in clause (b) by the substitution of “a relevant event occurred in relation to a company” for “a company became a member of the relevant group”.
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(2) (a) This section applies in relation to—
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(i) where chargeable gains are to be included in a company's total profits, the amount to be included in respect of chargeable gains in the company's total profits for any accounting period ending on or after 15 February 2001, and
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(ii) in any other case, the amount on which a company is chargeable in accordance with section 31 for the year of assessment 2000-2001 and any subsequent year of assessment.
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(b) For the purposes of this section, any question whether a company was, in relation to any time before 15 February 2001, a member of a group shall be determined by reference to the Principal Act before its amendment by this Act.
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