This section will ensure that all the reliefs which are at present available will continue in future. In some cases there will be a little more relief for a taxpayer.
SECTION 53.
Question proposed: " That section 53 stand part of the Bill."
There is no suggestion, because of the reference to the 6th day of April, 1975, that the 15 years will run from that date? I am thinking of companies which begin the export of goods after that date.
We are not changing the position under which this relief can be given up to 1990. That is the last date on which relief can be given. This 15 years could start in 1975. If the 15 years began at an earlier date, the termination date would be on the expiry of 15 years.
Assuming that the claim for export tax relief arose in 1977 will it terminate in 1990 and not in 1992?
Yes, 1990 would be the termination date under existing legislation so we are not varying that at all.
The relief is for 15 years?
Yes.
Irrespective of what time it starts after that date?
Apart from our own domestic legislation we have our EEC obligations which require that this relief terminates as of 1990. That is the last date on which the relief will be available. Corporations who began at an earlier date would enjoy the full relief for 15 years and phased relief for the last five years. That would be assuming they began 20 years before 1990.
Is it the position that tax is paid and then claimed back?
No. You do not pay tax at all.
Question put and agreed to.