Finance Act, 1959
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Amendment of Part III of the Act (repairs to ships, greeting cards). |
71.—(1) In the case of a company carrying on the trade of building or repairing ships, the following provisions shall apply for the purposes of relief from income tax and corporation profits tax under Part III of the Act: | |
(a) repairs carried out within the State to a ship shall be regarded as the manufacture within the State of goods and, to the extent to which any such repairs have been carried out within the State to a ship which is wholly owned by persons who are not ordinarily resident in the State, the ship shall be regarded as goods which are manufactured within the State and exported by the person who manufactures them and any amount receivable in payment for repairs carried out within the State to a ship shall be regarded as an amount receivable from the sale of goods; | ||
(b) where, as respects any year of assessment or any accounting period, the company, by notice in writing given to the inspector of taxes within twelve months after the end of that year or period, so elects, the Act shall apply in the case of that year or period— | ||
(i) as if all ships built by the company within the State had been exported by the company, | ||
(ii) as if all ships to which repairs were carried out by the company within the State were, to the extent of such repairs, goods exported by the company, and | ||
(iii) as if amounts receivable by the company in payment for the building within the State or of the repair within the State of ships were amounts receivable from the sale of goods exported by the company out of the State. | ||
(2) In paragraphs (a) and (b) of subsection (1) of this section, any reference to repair or building, as well as including a reference to repair or building effected on or after the 6th day of April, 1959, also includes a reference to repair or building effected before that day. | ||
(3) Each of the references to books contained in paragraph (d) of subsection (2); of section 56 of Finance Act, 1958 , shall be construed as including a reference to greeting cards. | ||
(4) This section shall have effect— | ||
(a) in relation to income tax, for any year of assessment beginning on or after the 6th day of April, 1959, and | ||
(b) in relation to corporation profits tax, for any accounting period or part of an accounting period subsequent to the 5th day of April, 1959, and, in the case of corporation profits tax, the Revenue Commissioners may, for the purposes of this section in relation to any-such part of an accounting period, make such apportionments as may be appropriate. |