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Set-off of losses against franked investment income.
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179.—(1) In this section “straddling period” means an accounting period of a company for which it is within the charge to corporation tax in respect of a source of income and which begins before the 6th day of April, 1976, and ends after the 5th day of April, 1976.
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(2) Where for an accounting period which is—
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(a) an accounting period for which the company is within the charge to corporation tax in respect of a source of income and which ends before the 6th day of April, 1976, or
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(b) a straddling period,
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and in that accounting period, and before the 6th day of April, 1976, the company receives a distribution from a company which is resident in the State (other than a distribution which is deemed under Part IX to have been made on the 6th day of April, 1976), the company may make a claim for that accounting period under section 25 (set-off of losses etc. against franked investment income) or 26 (set-off of loss brought forward or terminal loss against franked investment income in the case of financial concerns) as if references in those sections to franked investment income and payment of a tax credit were, respectively, references to dividends received under deduction of income tax and repayment of income tax:
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Provided that any income tax repayable by virtue of this section shall be in substitution for, and not in addition to, any amount of income tax repayable by virtue of some other provision of the Income Tax Acts in respect of the same income.
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(3) Section 25 (5) shall, with the necessary modifications, apply to any repayment of income tax made to a company under this section as it applies to the recovery of a tax credit.
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