This is a provision continuing the exemption in existing law from corporation tax for bodies carrying out voluntary health schemes.
SECTION 80.
Question proposed: " That section 80 stand part of the Bill. "
The best one of all our public bodies.
The Central Bank must be badly run.
I said the most successful one of all our public bodies.
Mr. Dockrell
Which ones?
The Voluntary Health Insurance.
Question put and agreed to.
SECTION 81.
Question proposed: "That section 81 stand part of the Bill."
This relates to the distribution of accumulated profits made prior to April, 1974. It is really a transitional arrangement. The tax relief in respect of certain mining profits ended on April 5, 1974, and the section is concerned with distributions made out of tax-relieved income which arose before that date. It secures that such distributions are not to rank as income in the hands of the recipient who will not be entitled to a tax credit in respect of such distributions. Where the recipient is another company the distribution is to be treated as if it were exempted income with the same consequences as if the recipient company had itself been granted mining relief in respect of the income represented by the distribution.
It is the same principle in fact.
Yes.
Question put and agreed to.