(1) Where, before the 6th day of April, 1999, a company resident in the State makes a distribution, the recipient of the distribution shall, subject to the Tax Acts, be entitled to a tax credit under this section (in the Tax Acts referred to as a "tax credit").
(2) The tax credit in respect of a distribution shall be available for the purposes specified in the Tax Acts and shall, subject to any express provision to the contrary, be an amount determined by the formula -
where -
A is the standard credit rate per cent for the year of assessment in which the distribution is made, and
D is the amount or value of the distribution.
(3) A company resident in the State which is entitled to a tax credit in respect of a distribution may claim to have the amount of the tax credit paid to it if -
(a) the company is wholly exempt from corporation tax or is only not exempt in respect of trading income, or
(b) the distribution is one in relation to which express exemption (otherwise than by sect