Special Committee Corporation Tax Bill, 1975 debate -
Tuesday, 2 Mar 1976

SECTION 170.

Mr. R. Ryan

I move amendment No. 39:

In pages 151 and 152, to delete subsections (9) and (10).

These subsections follow the lines of subsections (1) (b) and (2) of section 77 as drafted and operate to restrict the allowance on charges being paid out of disregarded income. As a Committee Stage amendment has been moved already to preserve the existing position in relation to charges paid out of Shannon income the existing two subsections are not needed and accordingly require deletion.

Amendment agreed to.

Question proposed: " That section 170, as amended, stand part of the Bill."

Mr. R. Ryan

This section provides that where a distribution has been made out of income from certain patents which has been disregarded for purposes of income tax under section 34 (2) of the Finance Act, 1973, or for purposes of corporation tax under that section as applied to corporation tax, the distribution will itself be disregarded for purposes of income tax or corporation tax.

Question put and agreed to.