Taxes Consolidation Act, 1997
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CHAPTER 2 Corporation tax | ||
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The charge to corporation tax and exclusion of income tax and capital gains tax. [CTA76 s1(1), (2) and (3); FA97 s59(1)] |
21.—(1) Corporation tax shall be charged on the profits of companies at the rate of— | |
(a) 38 per cent for— | ||
(i) the financial year 1996, and | ||
(ii) that part of the financial year 1997 beginning on the 1st day of January, 1997, and ending on the 31st day of March, 1997, | ||
and | ||
(b) 36 per cent for— | ||
(i) that part of the financial year 1997 beginning on the 1st day of April, 1997, and ending on the 31st day of December, 1997, and | ||
(ii) each subsequent financial year. | ||
(2) The provisions of the Income Tax Acts relating to the charge of income tax shall not apply to income of a company (not arising to it in a fiduciary or representative capacity) if— | ||
(a) the company is resident in the State, or | ||
(b) the income is, in the case of a company not so resident, within the chargeable profits of the company as defined for the purposes of corporation tax. | ||
(3) Subject to section 649 , a company shall not be chargeable to capital gains tax in respect of gains accruing to it so that it is chargeable in respect of them to corporation tax. |