The Taxes Consolidation Act, 1997, is hereby amended in accordance with the following provisions of this Schedule.
1. In section 448 -
(a) by the substitution of the following subsection for subsection (2):
"(2) 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 that during that 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 period, in so far as it is referable to the income from the sale of those goods, shall be reduced -
(a) by eleven-sixteenths, in so far as it is corporation tax charged on profits which under section 26(3) are apportioned to the financial year 1998,
(b) by nine-fourteenths, in so far as it is corporation tax charged on profits which under section 26(3) are apportioned to the financial year 1999,
(c) by seven-twelfths, in so far as it is corporation tax charge
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