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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2013 - onwards
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700. Special computational provisions.

(1) Notwithstanding anything in the Tax Acts, other than Chapter 5 of Part 8, any share or loan interest paid by a society -

(a) shall be paid without deduction of income tax and shall be charged under Case III of Schedule D, and

(b) shall not be treated as a distribution;

but paragraph (a) shall not apply to any share interest or loan interest payable to a person whose usual place of abode is not in the State.

(1A) For the purposes of subsection (1), 'society' shall include a credit union which is -

(a) registered as such under the Credit Union Act, 1997, or

(b) deemed to be so registered by virtue of section 5(3) of that Act.

(2) In computing the corporation tax payable for any accounting period of a society, section 243 shall apply subject to the deletion of "yearly" in subsection (4)(a) of that section.

(3) On or before 31 January in each year, every society shall deliver to the inspector a return in such form as the Revenue Commissioners may prescribe specifying -

(a) the name and

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