Taxes Consolidation Act, 1997
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Dealers in securities. [ITA67 s368] |
749.—(1) Subject to this section, where the first buyer is engaged in carrying on a trade which consists of or comprises dealings in securities, then, in computing for any of the purposes of the Tax Acts the profits arising from or loss sustained in the trade, the price paid by the first buyer for the securities shall be reduced by the appropriate amount in respect of the interest determined in accordance with Schedule 21 . | |
(2) Where in the opinion of the Revenue Commissioners the first buyer is bona fide carrying on the business of a discount house in the State, or where the first buyer is a member of a stock exchange in the State who is recognised by the committee of that stock exchange as carrying on the business of a dealer, subsection (1) shall not apply in relation to securities bought in the ordinary course of such business. | ||
(3) Subsection (1) shall not apply if the interest is to any extent required to be taken into account under section 752 as if it were a trading receipt which had not borne tax or would to any extent be so required to be taken into account but for paragraph 2 of Schedule 22 . |