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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 30 November 1997 - onwards
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845. Corporation tax: treatment of tax-free income of non-resident banks, insurance businesses, etc.

(1) In this section, "insurance business" includes assurance business within the meaning of section 3 of the Insurance Act, 1936.

(2) In this section and in section 846, "tax-free securities" means securities to which section 43, 49 or 50 applies and which were issued with a condition regulating the treatment of the interest on the securities for tax purposes such that the interest on the securities is excluded in computing income or profits.

(3)

(a) In this subsection, "securities" includes stocks and shares.

(b) Where a banking business, an insurance business or a business consisting wholly or partly in dealing in securities is carried on in the State by a person not resident in the State, then -

(i) in computing for the purposes of the Tax Acts the profits arising from, or loss sustained in, the business, and

(ii) in the case of an insurance business, also in computing the profits or loss from pension business and general annuity business under section 715,

section 76 shall not prev

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