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Corporation Tax Act, 1976

Winding up of corporation profits tax.

174.—(1) There shall be disregarded for the purposes of corporation profits tax for any accounting period profits in respect of which a company is within the charge to corporation tax, and all amounts which would be deductible in computing any such profits for corporation profits tax purposes (in so far as they are also deductible in computing other profits for those purposes) and which are deductible for corporation tax, except that if that company is within the charge to corporation tax in respect of the profits for part only of the accounting period, this subsection shall apply in relation to that part, and there shall be made the like apportionments between that part and the remainder, as if the two parts were separate accounting periods.

(2) Section 69 (6) of the Finance Act, 1959 (which provides for capital allowances and charges to be made in the case of businesses not chargeable to income tax), shall not have effect for the making of deductions or additions by reference to the period after the year 1975-76.

(3) Where, apart from this provision, corporation profits tax would be chargeable in accordance with this section on profits of any trade or business, the company chargeable may, by notice in writing given to the Revenue Commissioners before the 6th day of April, 1978, or within such longer time as the Revenue Commissioners may in any case allow, elect that this section, except subsection (2), shall not have effect in relation to that company:

Provided that where for any accounting period an election is made under this subsection, all amounts which under section 25 of the Finance Act, 1964 (relief in respect of certain losses), could be deducted from or set off against profits of the company's trade or business for that accounting period, computed without regard to this subsection, shall be deemed to have been so deducted or set off and shall not be included in the computation of any relevant deficiency for the purposes of section 184.