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Amendment of section 130 (matters to be treated as distributions) of Principal Act.
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79.—(1) Section 130 of the Principal Act is hereby amended—
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(a) in subsection (3)—
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(i) in paragraph (b) by the substitution for “also so resident” of “,being a company which, by virtue of the law of a Member State of the European Communities, is resident for the purposes of tax in such a Member State”, and
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(ii) by the addition, after paragraph (b) of the following paragraph:
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“(c) For the purposes of this subsection and subsection (4), ‘tax’, in relation to a Member State of the European Communities other than the State, means any tax imposed in the Member State which corresponds to corporation tax in the State.”,
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and
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(b) in subsection (4)(c) by the substitution for “not resident in the State” of “, not being a company which, by virtue of the law of a Member State of the European Communities, is resident for the purposes of tax in such a Member State”.
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(2) This section shall apply as respects accounting periods ending on or after the 1st day of July, 1998.
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