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Version date: 25 March 2004 - onwards
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31. Amendment of Schedule 24 (relief from income tax and corporation tax by means of credit in respect of foreign tax) to Principal Act.

(1) Schedule 24 of the Principal Act is amended -

(a) in paragraph 9A -

(i) in subparagraph (4) (b) by substituting "5 per cent" for "25 per cent", and

(ii) in subparagraph (5) (a) by deleting ", in respect of taxes covered by these arrangements,",

(b) in paragraph 9B -

(i) in subparagraph (2) by substituting the following for "underlying tax to be taken into account.":

"underlying tax to be taken into account: and for this purpose there shall, subject to Part 1, be taken into account as if it were tax payable under the law of the territory in which the third company is resident -

(i) any income tax or corporation tax payable in the State by the foreign company in respect of its profits, and

(ii) any tax which, under the law of any other territory, is payable by the foreign company in respect of its profits.",

(ii) in subparagraph (5) -

(I) in clause (b) (i) by substituting "5 per cent" for "25 per cent", and

(II) in clause (b) (iii) by substituting "5 per cent" for "10 per cent",

and

Comparing proposed amendment...