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Amendment of section 79C (exclusion of foreign currency as asset of certain companies) of Principal Act.
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27.— (1) The Principal Act is amended in section 79C—
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(a) in subsection (1), in the definition of “relevant bank deposit”, by substituting “the currency of the State” for “Irish currency”, and
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(b) by substituting the following for subsection (3):
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“(3) An amount determined by the formula—
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A x C
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B
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where—
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A is the net foreign exchange gain which is credited in the profit and loss account of a relevant holding company, as reduced by so much of any loss under section 383 as is attributable to a net foreign exchange loss and which has not been deducted from any other amount of income,
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B is the rate referred to in section 21A(3)(a), and
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C is the rate referred to in section 28(3),
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shall be income chargeable under Case IV of Schedule D.”.
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(2) This section applies in respect of accounting periods ending on or after 1 January 2013.
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