Special Committee on the Finance Bill, 1992 debate -
Tuesday, 12 May 1992

SECTION 42.

Amendments 60 and 61 are related and may be discussed together.

Mr. B. Ahern

I move Amendment No. 60:

In page 69, subsection (1) (a), line 5, to delete "section 180 or" and substitute "section 180, section 64 of the Finance Act, 1989, or section 108 of the Finance Act, 1990, and".

The purpose of amendment No. 60 is to ensure that the bank levy payment made by the bank is excluded in computing accounting profit. This accounting profit is used as an index to adjust base tax in order to arrive at the tax threshold. The levy payment is then set off against the excessive corporation tax over the threshold.

Amendment agreed to.

Mr. B. Ahern

I move amendment No. 61:

In page 72, subsection (1) (b) (iii), lines 7 and 8, to delete "base profit, base tax, profit and liability of that company," and substitute "advance corporation tax, base profit, base tax, profit and tax liability of that company,".

Amendment agreed to.

Section 42, as amended, agreed to.