Corporation Tax Act, 1976

Commencement of surcharge on close companies.

180.—(1) Sections 101 and 162 (surcharges on close companies) shall not have effect as regards any accounting period or part of an accounting period falling before the 6th day of April, 1976.

(2) As regards income arising to a company on or before the 5th day of April, 1976, Chapter II of Part XXXVI of the Income Tax Act, 1967 , shall continue to have effect, and the income of a company to be taken into account under that Chapter shall include income chargeable to corporation tax.

(3) Where a period of account or an accounting period of a company falls partly in the year 1975-76 and partly in the year 1976-77 the two parts shall for the purposes of the said Chapter II or, as the case may be, sections 101 and 162 be dealt with as separate accounting periods and any dividends for any such period of account or accounting period shall be apportioned according to the proportion which the income of the part falling in the year 1975-76, computed as for the said Chapter II (but less income tax at the standard rate or that rate as reduced by reference to any relief granted to the company) bears to the distributable income for the part falling in the year 1976-77.