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Relief—existing coal-mining operations.
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8.—(1) For each relevant year of assessment, income tax payable in respect of income, computed in accordance with the Income Tax Acts, from existing coal-mining operations, in so far as such income is referable to the income tax excess, shall be reduced by fifty per cent.
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(2) (a) For each of the accounting periods or parts of accounting periods within the period from the 1st day of October, 1956, to the 30th day of September, 1966, corporation profits tax chargeable in respect of profits from existing coal-mining operations, in so far as such profits are referable to the corporation profits tax excess, shall be reduced by fifty per cent.
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(b) The Revenue Commissioners may make such apportionments as they consider necessary for the purposes of this subsection.
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(c) In computing, for the purpose of assessment to income tax, the amount of the profits from existing coal-mining operations, any corporation profits tax which, by virtue of this subsection is not payable, shall be deemed to have been paid.
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(3) (a) In this section—
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“basis period” means the period on the profits or gains of which income tax in respect of the existing coal-mining operations is finally computed under Case I of Schedule D for the relevant year of assessment;
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“corporation profits tax excess” means the excess of the volume of output of coal resulting from the existing coal-mining operations for an accounting period or part of an accounting period to which paragraph (a) of subsection (2) of this section refers over the standard output of coal;
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“income tax excess” means the excess of the volume of output of coal resulting from the existing coal-mining operations in the basis period for a relevant year of assessment over the standard output of coal;
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“relevant year of assessment” means each of the ten consecutive years of assessment of which the first is such one of the three years of assessment commencing on the 6th day of April, 1957, the 6th day of April, 1958, and the 6th day of April, 1959, respectively, as the company in question elects or, in default of election, the year commencing on the 6th day of April, 1959, subject to the proviso that, in any case in which the standard output of coal is the volume of output of coal in the twelve months ending on the 30th day of September, 1956, the year of assessment commencing on the 6th day of April, 1957, shall not be a relevant year of assessment if the basis period in relation thereto commences on a day prior to the 1st day of October, 1955;
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“standard output of coal” means the volume of output of coal from the existing coal-mining operations in the twelve months ending on the 30th day of September, 1956, or, if the company in question so elects, in the twelve months ending on the 30th day of September, 1955.
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(b) Where, for the purpose of ascertaining the income tax excess or the corporation profits tax excess, it is necessary to compare, with the standard output of coal, the volume of output of coal in a period of less than twelve months, the standard output of coal shall, for the purpose of the comparison, be deemed to be such part thereof as bears to the whole the same proportion as that period bears to twelve months.
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