(1) This section shall apply where a licence holder is chargeable to tax under Case IV of Schedule D in respect of the portion of the Brexit compensation sum which comprises the crew payment amount.
(2) Notwithstanding any provision of the Tax Acts, the total crew payment amount paid to the licence holder shall be exempt from income tax and corporation tax and shall not be reckoned in computing total income for the purposes of the Income Tax Acts.
(3) The crew payment amount paid to a licence holder shall not be deductible in computing the amounts of profits or gains chargeable to tax under Case IV of Schedule D.
(4) A licence holder shall not be entitled to an exemption under this section for the chargeable period concerned unless the crew payment amount is paid to the crew member concerned within 3 months of its receipt by the licence holder.