|
|
|
Company residence
|
| |
43. (1) The Principal Act is amended—
|
|
| |
(a) by substituting the following for section 23A:
|
|
| |
“(1) Subject to subsection (2), a company which is incorporated in the State shall be regarded for the purposes of the Tax Acts and the Capital Gains Tax Acts as resident in the State.
|
|
| |
(2) Notwithstanding subsection (1), a company which is regarded for the purposes of any arrangements, having the force of law by virtue of section 826(1), as resident in a territory other than the State and not resident in the State shall be regarded for the purposes of the Tax Acts and the Capital Gains Tax Acts as not resident in the State.
|
|
| |
(3) Nothing in subsection (1) shall prevent a company that—
|
|
| |
(a) is not incorporated in the State, and
|
|
| |
(b) is centrally managed and controlled in the State,
|
|
| |
being resident in the State for the purposes of the Tax Acts and the Capital Gains Tax Acts.”,
|
|
| |
and
|
|
| |
(b) in section 882(2) by deleting subparagraphs (II) and (III) of paragraph (ii).
|
|
| |
(2) (a) Subject to paragraph (b), this section shall have effect from 1 January 2015.
|
|
| |
(b) As respects a company incorporated before 1 January 2015, this section shall have effect—
|
|
| |
(i) after 31 December 2020, or
|
|
| |
(ii) from the date, after 31 December 2014, of a change in ownership of the company where there is a major change in the nature or conduct of the business of the company within the relevant period,
|
|
| |
whichever is the earlier.
|
|
| |
(c) In paragraph (b) “relevant period” means a period—
|
|
| |
(i) beginning on the later of—
|
|
| |
(I) 1 January 2015, or
|
|
| |
(II) the date which occurs one year before the date of the change in ownership of the company referred to in that paragraph,
|
|
| |
and
|
|
| |
(ii) ending 5 years after the date of that change of ownership.
|
|
| |
(d) For the purposes of the references in paragraphs (b) and (c) to a change in ownership of a company, Schedule 9 (other than paragraph 4 of that Schedule) to the Principal Act shall apply as if references in that Schedule to section 401 or 679(4) of the Principal Act were references to the said paragraphs (b) and (c).
|
|
| |
(e) For the purposes of paragraph (b), “a major change in the nature or conduct of the business of the company” means—
|
|
| |
(i) a major change in the nature or conduct of a trade (within the meaning of section 401(1)(a) or (b) of the Principal Act) carried on by the company,
|
|
| |
(ii) the commencement by the company of a new trade, or
|
|
| |
(iii) a major change arising from the acquisition by the company of property or of an interest in, or right over, property.
|
