Corporation Tax Act, 1976

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PART XV

Interpretation and Supplemental

Interpretation.

155.—(1) In this Act and in any Act passed after this Act “the Corporation Tax Acts”, except in so far as the context otherwise requires, means this Act (including provisions relating to income tax), together with the Income Tax Acts so far as those Acts apply for purposes of corporation tax and any other enactments relating to corporation tax.

(2) In this Act and in any Act passed after this Act “the Tax Acts”, except in so far as the context otherwise requires, means the Income Tax Acts (as defined in section 3 of the Income Tax Act, 1967 ) and the Corporation Tax Acts.

(3) Except in so far as the context otherwise requires, in this Act, and in any enactment passed after this Act which by any express provision is to be construed as one with the Tax Acts, “tax”, where neither income tax nor corporation tax is specified, means either of those taxes.

(4) Subsection (3) is without prejudice to the provisions of section 11 which apply income tax law for certain purposes of corporation tax, and accordingly the employment of “income tax” rather than “tax” in any provision of the Income Tax Acts is not a conclusive indication that that provision is not applied to corporation tax by the said section 11.

(5) For the purposes of the Corporation Tax Acts, except in so far as the context otherwise requires—

“accounting date” means the date to which a company makes up its accounts and “period of account” means the period for which it does so;

“allowable loss” does not include, for the purposes of corporation tax in respect of chargeable gains, a loss accruing to a company in such circumstances that if a gain accrued the company would be exempt from corporation tax in respect of it;

“branch or agency” means any factorship, agency, receivership, branch or management;

“chargeable gains” has the meaning given by section 1 (5) (c);

“charges on income” has the meaning given by section 10 (2);

“close company” has the meaning given by sections 94 and 95;

“company” has the meaning given by section 1 (5) (a);

“distribution” has the meaning given by Part IX with sections 96 and 97;

“the financial year 1974” has the meaning given by section 1 (5) (b);

“the financial year” followed by a reference to the year 1975 or any later year means the year beginning on the 1st day of January of such year;

“franked investment income” and “franked payment” shall be construed in accordance with section 24;

“group relief” has the meaning given by section 107;

“interest” means both annual or yearly interest and interest other than annual or yearly interest;

“ordinary share capital”, in relation to a company, means all the issued share capital (by whatever name called) of the company, other than capital the holders whereof have a right to a dividend at a fixed rate, but have no other right to share in the profits of the company;

“preference dividend” means a dividend payable on a preferred share or preferred stock at a fixed rate per cent. or, where a dividend is payable on a preferred share or preferred stock partly at a fixed rate per cent. and partly at a variable rate, such part of that dividend as is payable at a fixed rate per cent.;

“standard rate per cent.” for a year of assessment means 35 where the standard rate for that year is 35 per cent. and similarly as regards any reference to the standard rate per cent. for a year of assessment for which the standard rate is other than 35 per cent.;

“tax credit” means a credit under section 88;

a source of income is “within the charge to” corporation tax or income tax if that tax is chargeable on the income arising from it, or would be so chargeable if there were any such income, and references to a person, or to income, being within the charge to tax, shall be similarly construed.

(6) Any reference in this Act to any other enactment shall, unless the context otherwise requires, be construed as a reference to that enactment as amended or extended by any other enactment, including this Act.

(7) In the Corporation Tax Acts—

(a) a reference to a Part, section or schedule is to a Part or section of, or schedule to, the Act in which the reference occurs, and

(b) a reference to a subsection, paragraph or subparagraph is to the subsection, paragraph or subparagraph of the provision (including a schedule) in which the reference occurs,

unless it is indicated that reference to some other enactment or provision is intended.

(8) In the Corporation Tax Acts, words descriptive of any enactment are intended for convenience of reference only and shall not be used as an aid to the construction of the enactment to which they refer.

(9) References in the Corporation Tax Acts to distributions or payments received by a company apply to any received by another person on behalf of or in trust for the company but not to any received by the company on behalf of or in trust for another person.

(10) References in the Corporation Tax Acts to an amount of profits on which corporation tax falls finally to be borne are references to the amount of those profits after making all deductions and giving all reliefs that for the purposes of corporation tax are made or given from or against those profits, including deductions and reliefs which under any provision are treated as reducing them for those purposes.

(11) Except as otherwise provided by the Corporation Tax Acts and except in so far as the context otherwise requires, words and expressions used in the Income Tax Acts have the same meaning in the Corporation Tax Acts as in those Acts; but no provision of the Corporation Tax Acts as to the interpretation of any word or expression, other than a provision expressed to extend to the use of that word or expression in the Income Tax Acts, shall be taken to affect its meaning in those Acts as they apply for the purposes of corporation tax.

(12) For the purposes of the Corporation Tax Acts dividends shall, except as otherwise provided, be treated as paid on the date when they become due and payable.

(13) Except as otherwise provided by the Corporation Tax Acts, any apportionment to different periods which falls to be made under the Corporation Tax Acts shall be made on a time basis according to the respective lengths of those periods.