asked the Minister for Finance if he is aware that the effect of Section 4 of the Finance Act, 1957, may be to require that certain issues be divided into those shares that receive the benefit under that section and those that do not, and, if so, what action he proposes to take in reference thereto.
Ceisteanna—Questions. Oral Answers. - Finance Act, 1957: Division of Issues.
Section 4 of the Finance Act, 1957, was designed to amend Section 7 of the Finance Act, 1932, the fundamental purpose of which was to provide for tax relief in relation to securities issued by Irish companies after the 4th August, 1932. The force of this year's amendment was to remove, so far as such securities issued by Irish manufacturing companies were concerned, certain restrictive conditions which stood in the original enactment and which had to be complied with before the relief became allowable. I am not aware of any cases in which, as regards such securities, the amending legislation will require subdivision into different categories. The effect of the new Act, from which very substantial benefits will flow, will rather be that subdivisions of such securities will no longer be necessary.
If I give the Minister privately the names of the companies concerned — I do not want to mention them across the House — will he look into the matter?
I shall.