Finance Act, 1991
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Restriction of relief as respects eligible shares issued on or after 30th January, 1991. |
15.—(1) Subject to section 16 , Chapter III of Part I of the Finance Act, 1984 , is hereby further amended, as respects eligible shares issued on or after the 30th day of January, 1991— | ||
(a) in section 12, by the deletion of the first proviso (inserted by the Finance Act, 1989 ) to paragraph (c) of subsection (1), | |||
(b) in section 13, by the insertion after subsection (2) of the following proviso: | |||
“Provided that, notwithstanding the provisions of subsection (2A), relief shall not be given to the extent to which the relief in respect of the amount, or the total of the amounts, subscribed by an individual for eligible shares issued to him (whether or not by the same company) in all years of assessment (being the year 1984-85 and subsequent years) exceeds £75,000.”, | |||
(c) in section 13A (inserted by the Finance Act, 1989 ), by the substitution of the following subsection for subsection (1)— | |||
“(1) Subject to the following provisions of this section, where a company raises any amount through the issue of eligible shares (hereafter in this section referred to as the ‘relevant issue’) on any day falling on or after the 30th day of January, 1991, relief shall not be given in respect of the excess of the amount over the amount determined by the formula— | |||
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where A is— | |||
(a) £500,000, or | |||
(b) an amount equal to the aggregate of all amounts raised by the company through the issue of eligible shares at any time before the relevant issue, | |||
whichever is the lesser amount.”, | |||
(d) in section 15, by the deletion of subsection (13) (inserted by the Finance Act, 1987 ), | |||
(e) in section 16— | |||
(i) by the deletion, in subsection (2), of subparagraph (iii) of paragraph (a) (inserted by the Finance Act, 1987 ), | |||
(ii) by the deletion, in paragraph (I) of the second proviso (inserted by the Finance Act, 1989 ) to subsection (2), of the words “except where it forms part of the carrying on of qualifying shipping activities within the meaning of section 28 of the Finance Act, 1987 ,”, and | |||
(iii) by the substitution, in subsection (2A) (inserted by the Finance Act, 1987 )— | |||
(I) of the following paragraph for paragraph (a) (inserted by the Finance Act, 1989 ): | |||
“(a) the operation of tourist accommodation facilities, for which the Bord maintains a register in accordance with the Tourist Traffic Acts, 1939 to 1987, other than hotels, guest houses and self-catering accommodation,”, | |||
and | |||
(II) of the following paragraph for paragraph (c): | |||
“(c) the promotion outside the State of— | |||
(i) one or more tourist accommodation facilities for which the Bord maintains a register in accordance with the Tourist Traffic Acts, 1939 to 1987, or | |||
(ii) any of the facilities mentioned in paragraph (b).”, | |||
and | |||
(f) in section 26, by the deletion of subsection (1A) (inserted by the Finance Act, 1987 ). | |||
(2) The Second Schedule to the Finance Act, 1984 , is hereby amended, as respects eligible shares issued on or after the 30th day of January, 1991, by the deletion, in paragraph 1 (inserted by the Finance Act, 1987 ), of “(other than a subsidiary which is a qualifying subsidiary by virtue of section 26 (1A) (inserted by the Finance Act, 1987 ))”. |