Corporation Tax Act, 1976

PART IX

Schedule F and Company Distributions

Schedule F.

83.—(1) Income tax for any year of assessment after the year 1975-76 shall be chargeable under a new Schedule, to be called Schedule F, in respect of dividends and other distributions in that year of a company resident in the State.

(2) The Schedule referred to as Schedule F is as follows—

SCHEDULE F

1. Income tax under this Schedule shall be chargeable for any year of assessment in respect of all dividends and other distributions in that year of a company resident in the State which are not specially excluded from income tax, and for the purposes of income tax all such distributions shall be regarded as income however they fall to be dealt with in the hands of the recipient.

2. For the purposes of this Schedule and all other purposes of the Tax Acts any such distribution as aforesaid in respect of which a person is entitled to a tax credit shall be treated as representing income equal to the aggregate of the amount or value of that distribution and the amount of that credit, and income tax under this Schedule shall accordingly be charged on that aggregate.

(3) No distribution which is chargeable under Schedule F shall be chargeable under any other provision of the Income Tax Acts.

(4) Where for any year of assessment the income of a person who for that year is not resident in the State includes an amount in respect of a distribution made by a company which is resident in the State—

(a) that person's liability under any assessment to income tax made in respect of the distribution shall be reduced by a sum equal to income tax at the standard rate for that year on the said amount, and

(b) the amount or value of the distribution shall be treated for the purposes of sections 433 (yearly interest, etc., payable wholly out of taxed profits) and 434 (interest, etc., not payable out of taxed profits) of the Income Tax Act, 1967 , as not brought into charge to income tax.

(5) A company which makes a distribution (not being a distribution to which section 5 (1) refers) shall, if the recipient so requests in writing, furnish to him a statement in writing showing the amount or value of the distribution and (whether or not the recipient is a person entitled to a tax credit in respect of the distribution) the amount of the tax credit to which a recipient who is such a person is entitled in respect thereof.

The duty imposed by this subsection shall be enforceable at the suit or instance of the person requesting the statement.