Finance Act, 1991

Amendment of section 41 (relief from corporation tax in respect of certain dividends from a non-resident subsidiary) of Finance Act, 1988.

40.Section 41 of the Finance Act, 1988 , is hereby amended with effect from the 1st day of January, 1991, in paragraph (a) of subsection (1)—

(a) by the substitution for the definition of “investment plan” of the following:

“‘investment plan’ means a plan of a company resident in the State which is directed towards the creation or maintenance of employment in the State in trading operations carried on, or to be carried on, in the State and which has been submitted—

(i) prior to the commencement of its implementation, or

(ii) where the Minister is satisfied that there was reasonable cause for it to be submitted after the commencement of its implementation, within one year from that commencement,

to the Minister by the company for the purpose of enabling it to claim relief under this section;”,

and

(b) by the substitution for the definition of “relevant dividends” of the following:

“‘relevant dividends’ means dividends, received on or after the 6th day of April, 1988, by a company resident in the State (being the company claiming relief under this section) from a foreign subsidiary of the company, which are—

(i) specified in a certificate given by the Minister under subsection (2), and

(ii) applied, not earlier than the 6th day of April, 1988, and within a period—

(I) which begins one year before the first day on which the dividends so specified are received in the State, or at such earlier time as the Revenue Commissioners may by notice in writing allow, and

(II) which ends two years after the first day on which the dividends so specified are received in the State, or at such later time as the Revenue Commissioners may by notice in writing allow,

for the purposes of an approved investment plan;”.