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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 1999 - onwards
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80. Taxation of certain foreign currencies.

(1) In this section -

"relevant liability", in relation to an accounting period, means relevant principal - (a) denominated in a currency other than the currency of the State, and (b) the interest in respect of which - (i) is to be treated as a distribution for the purposes of the Corporation Tax Acts, and (ii) is computed on the basis of a rate which, at any time in that accounting period, exceeds 80 per cent of the specified rate at that time;

"relevant principal" means an amount of money advanced to a borrower by a company, the ordinary trading activities of which include the lending of money, where - (a) the consideration given by the borrower for that amount is a security within subparagraph (ii), (iii)(I) or (v) of section 130(2)(d), and (b) interest or any other distribution is paid out of the assets of the borrower in respect of that security;

"specified rate" means - (a) the rate known as the 3 month European Interbank Offered Rate, or (b) where such a

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