Special Committee Corporation Tax Bill, 1975 debate -
Tuesday, 24 Feb 1976

SECTION 66.

Mr. R. Ryan

I move amendment No. 19:

In page 64, subsection (3), lines 24, 28, 34 and 59, to substitute " in relation to " for " in respect of " in each place where it occurs.

The subsection speaks of tax credit in respect of amounts of income whereas under section 88 a tax credit is expressed as being in respect of the distribution. Since it would be inappropriate to refer to the tax credit in respect of income it is proposed to amend the subsection so that the reference will be to tax credit in relation to income.

Amendment agreed to.

Question proposed: " That section 66, as amended, stand part of the Bill."

Mr. R. Ryan

This section has the effect of giving relief to taxpayers and we simply incorporated existing provisions.

Mr. T. J. Fitzpatrick (Dublin Central)

What reliefs?

Mr. R. Ryan

It provides for the treatment of the income represented by the distribution, that is the aggregate of the distribution and the tax credit in respect of it, in the hands of an individual assessable to income tax on that income. The section will achieve the same result for the individual shareholder who receives a distribution out of export relieved profits as is achieved under existing income tax legislation.

Question put and agreed to.