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Preliminary tax.
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47.— (1) The Principal Act is amended—
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(a) in section 958—
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(i) in subsection (1)(a)—
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(I) by inserting the following definitions after the definition of “pre-preceding chargeable period”:
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“ ‘ relevant accounting standards ’ has the same meaning as in Schedule 17A;
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‘ relevant company ’ means a company in respect of which profits or gains for the purposes of Case I or II of Schedule D are computed in accordance with relevant accounting standards, which are, or include, relevant accounting standards in relation to profits or gains or losses on financial assets or liabilities;”,
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and
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(II) in the definition of “ relevant limit ” by substituting “€200,000” for “€150,000”,
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(ii) in subsection (4D)(b), by substituting the following for “no amount were included in the chargeable person’s profits for the chargeable period in respect of chargeable gains on the disposal by the person of assets in the part of the chargeable period which is after the date by which the first instalment for the chargeable period is payable in accordance with subsection (2A),”:
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“no amount were included in the chargeable person’s profits for the chargeable period—
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(i) in respect of chargeable gains on the disposal by the person of assets in the part of the chargeable period which is after the date by which, or
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(ii) in the case of a relevant company, in respect of profits or gains or losses accruing, and not realised, in the chargeable period on financial assets or financial liabilities as are attributable to changes in value of those assets or liabilities in the part of the chargeable period which is after the end of the month immediately preceding the month in which,
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the first instalment for the chargeable period is payable in accordance with subsection (2A),”,
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and
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(iii) in subsection (4E), by substituting the following for paragraph (b):
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“(b) the preliminary tax so paid by the chargeable person for the chargeable period is not less than 90 per cent of the amount which would be payable by the chargeable person for the chargeable period if no amount were included in the chargeable person’s profits for the chargeable period—
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(i) in respect of chargeable gains on the disposal by the person of assets in the part of the chargeable period which is after the date by which, or
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(ii) in the case of a relevant company, in respect of profits or gains or losses accruing, and not realised, in the chargeable period on financial assets or financial liabilities as are attributable to changes in value of those assets or liabilities in the part of the chargeable period which is after the end of the month immediately preceding the month in which,
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preliminary tax for the chargeable period is payable in accordance with subsection (2B), and”,
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and
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(b) by deleting subparagraph (6) of paragraph 4 of Schedule 17A.
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(2) (a) Subject to paragraph (b) this section has effect for any period of account beginning on or after 1 January 2005.
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(b) Subsection (1)(a)(i)(II) has effect as respects accounting periods in respect of which preliminary tax is payable after 5 December 2007.
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