Section 55.

The Taxes Consolidation Act, 1997, is hereby amended in accordance with the following provisions of this Schedule.

1. In section 26(4)(b) there shall be substituted for "31st day of December, 1998", "31st day of December, 1997".

2. In section 78(3)(c)(ii) there shall be substituted for "31st day of December, 1998", "31st day of December, 1997".

3. In subsection (2) of section 448 -

(a) in paragraph (a) there shall be substituted for "twenty-six thirty-sixths", "twenty-two thirty-seconds" as respects any accounting period beginning on or after the 1st day of January, 1998, and

(b) for paragraph (b) there shall be substituted the following paragraph:

"(b) Where a company which carries on a trade which consists of or includes the manufacture of goods claims and proves as respects a relevant accounting period (being an accounting period which falls wholly or partly into the period beginning on the 1st day of April, 1996, and ending on the 31st day of December, 1998) that during that accounting period any amount was receivable in respect of the sale in the course of the trade of goods, corporation tax payable by the company for that accounting period, in so far as it is referable to the income from the sale of those goods, shall be reduced -