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Amendment of Chapter 1 of Part 7 of Principal Act
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17. Chapter 1 of Part 7 of the Principal Act is amended—
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(a) in section 207—
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(i) in subsection (1)—
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(I) in paragraph (a), by the substitution of “are applied to charitable purposes only and provided the said application occurs before the cut-off point specified in subsection (1A)(a)(i)” for “are applied to charitable purposes only”,
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(II) in paragraph (b), by the substitution of “are applied to charitable purposes only and provided the said application occurs before the cut-off point specified in subsection (1A)(a)(ii)” for “are applied to charitable purposes only”, and
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(III) in paragraph (c), by the substitution of “are applied to those purposes and provided the said application occurs before the cut-off point specified in subsection (1A)(a)(iii)” for “are applied to those purposes”,
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and
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(ii) by the insertion of the following subsection after subsection (1):
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“(1A) (a) Subject to paragraph (b), the cut-off point referred to in each of paragraphs (a), (b) and (c) of subsection (1) shall in each such case be the end of the fifth year of assessment after the year of assessment in which there were received, as the case may be—
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(i) the rents and profits referred to in paragraph (a) of subsection (1),
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(ii) the income referred to in paragraph (b) of subsection (1), or
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(iii) the interest, annuities, dividends or shares of annuities referred to in paragraph (c) of subsection (1).
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(b) The Revenue Commissioners, or such officer of the Revenue Commissioners as they may authorise in that behalf, may allow an extension of the cut-off point specified in subparagraph (i), (ii) or (iii), as the case may be, of paragraph (a) subject to the Revenue Commissioners or that officer, as the case may be, being satisfied that—
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(i) the rents and profits referred to in paragraph (a)(i),
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(ii) the income referred to in paragraph (a)(ii), or
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(iii) the interest, annuities, dividends or shares of annuities referred to in paragraph (a)(iii),
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as the case may be, are in the process of being applied to charitable purposes.”,
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(b) in section 208—
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(i) in subsection (2)—
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(I) in paragraph (a), by the insertion of “and are applied solely to charitable purposes before the cut-off point specified in subsection (4)(a)(i)” after “owned and occupied by a charity”, and
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(II) in paragraph (b), by the substitution of “are applied solely to the purposes of the charity before the cut-off point specified in subsection (4)(a)(ii)” for “are applied solely to the purposes of the charity”, and
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(ii) by the insertion of the following subsection after subsection (3):
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“(4) (a) Subject to paragraph (b), the cut-off point referred to in each of paragraphs (a) and (b) of subsection (1) shall be the end of the fifth year of assessment after the year of assessment in which there were accrued, as the case may be—
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(i) the profits or gains referred to in subsection (1)(a), or
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(ii) the profits referred to in subsection (1)(b).
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(b) The Revenue Commissioners, or such officer of the Revenue Commissioners as they may authorise in that behalf, may allow an extension of the cut-off point specified in subparagraph (i) or (ii), as the case may be, of paragraph (a) subject to the Revenue Commissioners or that officer, as the case may be, being satisfied that the charity is in the process of applying, to charitable purposes—
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(i) the profits or gains referred to in paragraph (a)(i), or
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(ii) the profits referred to in paragraph (a)(ii).”,
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and
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(c) in section 208A, by the insertion of the following subsection after subsection (4):
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“(4A) Where a person or trust has received a determination in accordance with subsection (3) and has income in the State of a kind referred to in section 207 or 208, as the case may be, the Revenue Commissioners, or such officer of the Revenue Commissioners as they may authorise in that behalf, may allow an extension of the cut-off point referred to in section 207(1A) or section 208(4), as appropriate, subject to the Revenue Commissioners or that officer, as the case may be, being satisfied that the person or trust is in the process of applying the income concerned to charitable purposes.”.
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