Finance Act, 1989

Priority in winding up of certain amounts.

10.—For the purposes of subsection (2) (a) (iii) of section 285 of the Companies Act, 1963

(a) the amount referred to in that subsection shall be deemed to include any amount—

(i) which, apart from the provisions of Regulation 31A (inserted by the Income Tax (Employments) Regulations, 1989 (S.I. No. 58 of 1989)) of the Income Tax (Employments) Regulations, 1960 (S.I. No.28 of 1960), would otherwise have been an amount due at the relevant date in respect of sums which an employer is liable under Chapter IV of Part V of the Income Tax Act, 1967 , and any regulation thereunder (other than the said Regulation 31A) to deduct from emoluments, to which the said Chapter IV applies, paid by him during the period of 12 months next before the relevant date.

(ii) reduced by any amount which he was liable under the said Chapter IV and any regulation thereunder to repay during the said period, and

(iii) with the addition of any interest payable under section 129 of the Income Tax Act, 1967 ,


(b) the relevant date shall, notwithstanding the provisions of subsection (1) of the said section 285, be deemed to be the date which is the ninth day after the end of the income tax month in which the relevant date (within the meaning of the said subsection (1)) occurred.

Chapter II

Income Tax, Corporation Tax and Capital Gains Tax