Finance Act, 1989

Securities of Radio Telefís Éireann and Industrial Credit Corporation p.l.c.

95.—(1) Part XXXII of the Income Tax Act, 1967 , is hereby amended—

(a) by the insertion after section 467A of the following section:

“467B.—(1) Any debentures, debenture stock, bonds, notes, certificates of charge or other forms of security issued after the passing of the Finance Act, 1989, by a company to which this section applies shall be deemed to be securities issued under the authority of the Minister for Finance within the meaning of section 466 and that section shall apply accordingly.

(2) Notwithstanding anything contained in this Act, in computing for the purposes of assessment under Schedule D the amount of the profits or gains of a company to which this section applies, for any period for which accounts are made up, there shall be allowed as a deduction the amount of the interest on debentures, debenture stock, bonds, notes, certificates of charge or other forms of security which, by direction of the Minister for Finance given under section 466 as applied by this section, is paid by the company without deduction of tax for such period.

(3) The companies to which this section applies are Radio Telefís Éireann and the Industrial Credit Corporation p.l.c.”

and

(b) by the insertion in section 474 (1) after “467A,” (inserted by the Finance Act, 1988 ) of “467B,” and the said section 474 (1), as so amended, is set out in the Table to this subsection.

TABLE

(1) This section applies to any stock or other security on which interest is payable without deduction of income tax by virtue of a direction given by the Minister for Finance in pursuance of section 467 , 467A, 467B, 471 , 472 or 473 or section 59 of the Finance Act, 1970 or section 92 of the Finance Act, 1973 .

(2) Section 19 (d) of the Capital Gains Tax Act, 1975 , is hereby amended, as on and from the passing of this Act, by the insertion after “the Electricity Supply Board,” of “Radio Telefís Éireann, the Industrial Credit Corporation p.l.c.,” and the said section 19 (d), as so amended, is set out in the Table to this subsection.

TABLE

(d) debentures, debenture stock, certificates of charge or other forms of security issued by the Electricity Supply Board, Radio Telefís Éireann, the Industrial Credit Corporation p.l.c., Bord Telecom Éireann, Irish Telecommunications Investments p.l.c., Córas Iompair Éireann, The Agricultural Credit Corporation, Limited, Bord na Móna, Aerlínte Éireann, Teoranta, Aer Lingus, Teoranta or Aer Rianta, Teoranta.