(1) In this section, "First Step" means the company incorporated under the Companies Acts, 1963 to 1990, on the 20th day of September, 1990, as First Step Limited.
(2) This section shall apply to a gift of money which -
(a) on or before the 31st day of December, 2002, is made to First Step,
(b) is applied by First Step solely for the objects for which it was incorporated, and
(c) is not deductible in computing for the purposes of corporation tax the profits or gains of a trade or profession or is not income to which section 792 applies.
(3) Where a company makes a gift to which this section applies and claims relief from tax by reference to the gift, the net amount of the gift shall for the purposes of corporation tax be deemed to be a loss incurred by the company in a separate trade in the accounting period of the company in which the gift is made.
(a) In determining the net amount of the gift for the purposes of this section, the amount or value of any consideration received