Section 69.

Part 1 Amendments

The Taxes Consolidation Act, 1997, is amended -

(a) in section 2, by the insertion of the following after subsection (3):

"(3A) In the Tax Acts, a reference to a tax credit, in relation to a distribution, shall be construed as a reference to a tax credit as computed in accordance with those Acts as they applied at the time of the making of the distribution.",

(b) in section 137(5), by the substitution for "subsections (2) to (4) " of "subsections (2) and (3) ",

(c) in section 140, by the substitution of the following for subsection (8):

"(8) Where a period of account for or in respect of which a company makes a distribution is not an accounting period and part of the period of account is within an accounting period, the proportion of the distribution to be treated for the purposes of this section as being for or in respect of the accounting period shall be the same proportion as that part of the period of account bears to the whole of that period.

(9) Where a company makes a distribution which is not expressed to be for or in respect of a specified period, the distribution shall be treated for the purposes of this section as having been made for the accounting period in which it is made.",