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Number 7 of 1976
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CORPORATION TAX ACT, 1976
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ARRANGEMENT OF SECTIONS
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PART I
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General System of Taxation
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Section
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1.
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Introduction for companies of corporation tax in place of income tax, corporation profits tax and capital gains tax.
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2.
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Irish resident company distributions not chargeable to corporation tax.
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3.
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Income tax on payments made or received by a company resident in the State.
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4.
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Claims for repayment of income tax deducted from receipts.
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5.
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Explanation of tax credit to be annexed to interest and dividend warrants.
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PART II
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Corporation Tax.
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6.
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General scheme of corporation tax.
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7.
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Tax on company in liquidation.
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8.
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Companies not resident in the State.
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9.
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Basis of, and periods for, assessment.
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10.
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Allowance of charges on income.
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11.
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Computation of income: application of income tax principles.
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12.
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Miscellaneous special rules for computation of income.
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13.
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Computation of chargeable gains.
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14.
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Deductions and additions in computation of profits for capital allowances and related charges.
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15.
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Deduction of management expenses of investment companies (including savings banks).
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16.
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Relief for trading losses other than terminal losses.
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17.
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Restriction of relief for losses in farming or market gardening.
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18.
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Relief for terminal loss in a trade.
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19.
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Losses in transactions from which income would be chargeable under Case IV or V of Schedule D.
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20.
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Company reconstructions without change of ownership.
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21.
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Application and adaptation of Income Tax Acts as to capital allowances.
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22.
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Double taxation relief.
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23.
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Double taxation relief: supplementary.
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24.
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Franked investment income and franked payment.
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25.
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Set-off of losses etc. against franked investment income.
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26.
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Set-off of loss brought forward or terminal loss against franked investment income in the case of financial concerns.
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27.
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Change in ownership of company: disallowance of trading losses.
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PART III
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Special Classes of Companies.
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28.
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Reduction of corporation tax liability of small companies.
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29.
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Companies carrying on mutual business, or not carrying on a business.
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30.
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Industrial and provident societies.
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31.
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Building societies.
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32.
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Partnerships involving companies.
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33.
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Expense of management of assurance companies.
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34.
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Companies carrying on life business.
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35.
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Profits of life business.
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36.
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Investment income reserved for policy holders.
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37.
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Chargeable gains reserved for policy holders.
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38.
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Life business: computation of profits.
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39.
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Annuity business: separate charge on profits.
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40.
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General annuity business.
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41.
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Pension business.
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42.
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Foreign life assurance funds.
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43.
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Overseas life assurance companies: investment income.
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44.
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Overseas life assurance companies: general annuity and pension businesses.
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45.
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Overseas life assurance companies: income tax, foreign tax and tax credit.
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46.
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Overseas life assurance companies: distributions set off against income.
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47.
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Overseas life assurance companies: expenses of management.
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48.
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Life policies carrying rights not in money.
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49.
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Benefits from life policies issued before 6th April, 1974.
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50.
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Interpretation.
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51.
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Treatment of tax-free income of non-resident banks, etc.
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52.
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Tax-free securities: exclusion of interest on borrowed money.
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PART IV
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Profits from Export of Certain Goods
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53.
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Definition of “relevant accounting period”.
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54.
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Meaning of “goods”.
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55.
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Ship building and repair.
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56.
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Export of certain goods.
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57.
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Standard period.
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58.
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Basis of relief from corporation tax.
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59.
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Certain manufacturing services.
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60.
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Relief for engineering services in relation to works outside the State.
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61.
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Adjustments of certain amounts.
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62.
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Transactions between associated persons and company succeeding to trade of another company.
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63.
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Production of documents and records.
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64.
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Distributions.
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65.
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Dividends and other distributions at gross rate or of gross amount.
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66.
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Effect of reduction of tax credit.
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67.
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Distributions to non-resident individuals.
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68.
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Appeals.
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PART V
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Profits from Trading within Shannon Airport
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69.
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Definitions.
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70.
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Exempted trading operations.
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71.
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Disregard of income or losses in the case of exempted trading operations.
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72.
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Transactions between associated persons.
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73.
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Delivery of statements, etc.
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74.
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Exception from Part IV.
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75.
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Reduction of capital allowances.
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76.
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Distributions.
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77.
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Provision for charges on income.
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PART VI
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Associated Companies: Relief under Parts IV and V
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78.
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Relief in relation to transactions between associated companies.
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PART VII
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Special Exemptions
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79.
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Reduced rate of corporation tax for certain income.
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80.
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Exemption of income from carrying out of voluntary health insurance schemes.
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PART VIII
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Distributions out of Certain Profits from Mining
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81.
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Distributions: profits of certain mines.
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82.
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Distributions out of profits from coal, gypsum and anhydrite mining operations.
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PART IX
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Schedule F and Company Distributions
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83.
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Schedule F.
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84.
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Matters to be treated as distributions.
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85.
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Bonus issues following repayment of share capital.
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86.
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Matters to be treated or not treated as repayments of share capital.
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87.
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Distributions: supplemental.
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88.
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Tax credit for certain recipients of distributions.
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89.
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Disallowance of reliefs in respect of bonus issues.
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90.
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Distributions made out of capital profits of companies.
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91.
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Distributions by newly resident companies out of profits arising before residence begins.
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92.
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Distributions made before 6th April, 1976.
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93.
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Distributions out of certain exempt profits.
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PART X
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Close Companies
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94.
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Meaning of close company.
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95.
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Certain companies with quoted shares not to be close companies.
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96.
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Certain expenses for participators and associates.
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97.
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Interest paid to directors and directors' associates.
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98.
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Loans to participators, etc.
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99.
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Effect of release, etc., of debt in respect of loan under section 98.
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100.
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Distributions to be taken into account and meaning of “distributable income”, “investment income”, “estate income”, etc.
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101.
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Surcharge on close company's undistributed investment and estate income.
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102.
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Meaning of “associated company” and “control”.
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103.
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Meaning of “participator”, “associate”, “director” and “loan creditor”.
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104.
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Information.
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PART XI
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Group Relief
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105.
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Group payments.
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106.
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Election: group payments.
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107.
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Group relief.
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108.
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Group relief: qualifications for entitlement.
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109.
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Group relief: profits or assets available for distribution.
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110.
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Group relief: “the profit distribution”.
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111.
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Group relief: “the notional winding up”.
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112.
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Group relief: limited rights to profits or assets.
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113.
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Group relief: diminishing share of profits or assets.
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114.
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Group relief: beneficial percentage.
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115.
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Group relief: “the relevant accounting period”, etc,.
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116.
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Kinds of group relief.
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117.
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Relation of group relief to other relief.
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118.
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Corresponding accounting periods.
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119.
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Companies joining or leaving group or consortium.
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120.
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Group relief: effect of arrangements for transfer of company to another group, etc.
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121.
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Leasing contracts: effect on claims for losses of company reconstructions.
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122.
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Partnerships involving companies: effect of arrangements for transferring relief.
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123.
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Information as to arrangements for transferring relief, etc.
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124.
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Exclusion of double allowances, etc.
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125.
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Claims and adjustments.
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PART XII
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Companies' Capital Gains
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126.
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Corporation tax attributable to chargeable gains: recovery from shareholder.
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127.
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Company reconstruction or amalgamation: transfer of assets.
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128.
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Interest charged to capital.
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129.
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Groups of companies: definitions.
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130.
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Transfers within a group.
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131.
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Transfers within a group: trading stock.
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132.
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Disposal or acquisition outside a group.
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133.
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Replacement of business assets by members of a group.
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134.
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Tax on company recoverable from other members of a group.
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135.
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Company ceasing to be member of a group.
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136.
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Exemption from charge under section 135 in the case of certain mergers.
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137.
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Shares in subsidiary member of a group.
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138.
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Depreciatory transactions in a group.
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139.
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Dividend stripping.
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PART XIII
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Application and Adaptation of Enactments
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PART XIV
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Administration
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141.
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Particulars to be supplied by new companies, etc.
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142.
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Notice of liability to corporation tax.
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143.
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Return of profits.
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144.
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Assessment of corporation tax.
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145.
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Collection of corporation tax.
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146.
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Appeals.
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147.
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Application of income tax administrative provisions to corporation tax.
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148.
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Time for certain summary proceedings.
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149.
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Penalties for failure to furnish...
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