Taxes Consolidation Act, 1997

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3. s)or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1997 Taxes Consolidation Act, 1997 Taxes Consolidation Act, 1997 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Open PDFOscail PDF Print Full ActPriontáil an tAcht Iomlán Number 39 of 1997 TAXES CONSOLIDATION ACT, 1997 ARRANGEMENT OF PARTS, CHAPTERS AND SCHEDULES INTERPRETATION AND BASIC CHARGING PROVISIONS PART 1 Interpretation PART 2 The Charge to tax CHAPTER 1 Income tax CHAPTER 2 Corporation tax CHAPTER 3 Capital gains tax INCOME TAX AND CORPORATION TAX: THE MAIN PROVISIONS PART 3 Provisions Relating to the Schedule C Charge and Government and Other Public Securities CHAPTER 1 Principal provisions relating to the Schedule C charge CHAPTER 2 Government and other public securities: interest payable without deduction of tax CHAPTER 3 Government and other public securities: exemptions from tax CHAPTER 4 Miscellaneous provisions PART 4 Principal Provisions Relating to the Schedule D Charge CHAPTER 1 Supplementary charging provisions CHAPTER 2 Foreign dividends CHAPTER 3 Income tax: basis of assessment under Cases I and II CHAPTER 4 Income tax: basis of assessment under Cases III, IV and CHAPTER 5 Computational provisions: corporation tax CHAPTER 6 Computational provisions: general CHAPTER 7 Special measures on discontinuance of, and change of sis of computation of profits or gains of, a trade or profession CHAPTER 8 Taxation of rents and certain other payments CHAPTER 9 Miscellaneous provisions PART 5 Principal Provisions Relating to the Schedule E Charge CHAPTER 1 Basis of assessment, persons chargeable and extent of charge CHAPTER 2 Computational provisions CHAPTER 3 Expenses allowances and provisions relating to the general benefits in kind charge CHAPTER 4 Other benefit in kind charges CHAPTER 5 Miscellaneous charging provisions PART 6 Company Distributions, Tax Credits, Franked Investment Income and Advance Corporation Tax CHAPTER 1 Taxation of company distributions CHAPTER 2 Meaning of distribution CHAPTER 3 Distributions and tax credits— general CHAPTER 4 Distributions out of certain exempt profits or gains or out of certain relieved income CHAPTER 5 Distributions out of certain income of manufacturing companies CHAPTER 6 Distributions— supplemental CHAPTER 7 Franked investment income CHAPTER 8 Advance corporation tax CHAPTER 9 Taxation of acquisition by a company of its own shares PART 7 Income Tax and Corporation Tax Exemptions CHAPTER 1 Income tax CHAPTER 2 Corporation tax CHAPTER 3 Income tax and corporation tax PART 8 Annual Payments, Charges and Interest CHAPTER 1 Annual payments CHAPTER 2 Charges on income for corporation tax purposes CHAPTER 3 Principal provisions relating to the payment of interest CHAPTER 4 Interest payments by certain deposit takers PART 9 Principal Provisions Relating to Relief for Capital Expenditure CHAPTER 1 Industrial buildings or structures: industrial building allowances, writing-down allowances, balancing allowances and balancing charges CHAPTER 2 Machinery or plant: initial allowances, wear and tear allowances, balancing allowances and balancing charges CHAPTER 3 Dredging: initial allowances and annual allowances CHAPTER 4 Miscellaneous and general PART 10 Income Tax and Corporation Tax: Reliefs for Renewal and Improvement of Certain Urban Areas, Certain Resort Areas and Certain Islands CHAPTER 1 Custom House Docks Area CHAPTER 2 Temple Bar Area CHAPTER 3 Designated areas, designated streets, enterprise areas and multi-storey car parks in certain urban areas CHAPTER 4 Qualifying resort areas CHAPTER 5 Designated islands CHAPTER 6 Dublin Docklands Area PART 11 Capital Allowances and Expenses for Certain Road Vehicles PART 12 Principal Provisions Relating to Loss Relief, Treatment of Certain Losses and Capital Allowances, and Group Relief CHAPTER 1 Income tax: loss relief CHAPTER 2 Income tax: loss relief— treatment of capital allowances CHAPTER 3 Corporation tax: loss relief CHAPTER 4 Income tax and corporation tax: treatment of certain losses and certain capital allowances CHAPTER 5 Group relief PART 13 Close Companies CHAPTER 1 Interpretation and general CHAPTER 2 Additional matters to be treated as distributions, charges to tax in respect of certain loans and surcharges on certain undistributed income PART 14 Taxation of Companies Engaged in Manufacturing Trades, Certain Trading Operations Carried on in Shannon Airport and Certain Trading Operations Carried on in the Custom House Docks Area CHAPTER 1 Interpretation and general CHAPTER 2 Principal provisions PART 15 Personal Allowances and Reliefs and Certain Other Income Tax and Corporation Tax Reliefs CHAPTER 1 Personal allowances and reliefs CHAPTER 2 Income tax and corporation tax: reliefs applicable to both CHAPTER 3 Corporation tax reliefs PART 16 Income Tax Relief for Investment in Corporate Trades— Business Expansion Scheme and Seed Capital Scheme PART 17 Profit Sharing Schemes and Employee Share Ownership Trusts CHAPTER 1 Profit sharing schemes CHAPTER 2 Employee share ownership trusts PART 18 Payments in Respect of Professional Services By Certain Persons and Payments to Subcontractors in Certain Industries CHAPTER 1 Payments in respect of professional services by certain persons CHAPTER 2 Payments to subcontractors in certain industries TAXATION OF CHARGEABLE GAINS PART 19 Principal Provisions Relating to Taxation of Chargeable Gains CHAPTER 1 Assets and acquisitions and disposals of assets CHAPTER 2 Computation of chargeable gains and allowable losses CHAPTER 3 Assets held in a fiduciary or representative capacity inheritances and settlements CHAPTER 4 Shares and securities CHAPTER 5 Life assurance and deferred annuities CHAPTER 6 Transfer of business assets CHAPTER 7 Other reliefs and exemptions PART 20 Companies' Chargeable Gains CHAPTER 1 General CHAPTER 2 Provisions where companies cease to be resident in the State PART 21 Mergers, Divisions, Transfers Of Assets and Exchanges Of Shares Concerning Companies Of Different Member States TRANSACTIONS IN LAND PART 22 Provisions Relating to Dealing in or Developing Land and Disposals of Development Land CHAPTER 1 Income tax and corporation tax: profits or gains from dealing in or developing land CHAPTER 2 Capital gains tax: disposals of development land OTHER SPECIAL PROVISIONS PART 23 Farming and Market Gardening CHAPTER 1 Interpretation and general CHAPTER 2 Farming: relief for increase in stock values PART 24 Taxation of Profits of Certain Mines and Petroleum Taxation CHAPTER 1 Taxation of profits of certain mines CHAPTER 2 Petroleum taxation PART 25 Industrial and Provident Societies, Building Societies, and Trustee Savings Banks CHAPTER 1 Industrial and provident societies CHAPTER 2 Building societies CHAPTER 3 Trustee savings banks PART 26 Life Assurance Companies CHAPTER 1 General provisions CHAPTER 2 Special investment policies CHAPTER 3 Provisions applying to overseas life assurance companies PART 27 Unit Trusts and Offshore Funds CHAPTER 1 Unit trusts CHAPTER 2 Offshore funds PART 28 Purchase and Sale of Securities CHAPTER 1 Purchase and sale of securities CHAPTER 2 Purchases of shares by financial concerns and persons exempted from tax, and restriction on relief for losses by repayment of tax in case of dividends paid out of accumulated profits PART 29 Patents, Scientific and Certain Other Research, Know-How and Certain Training CHAPTER 1 Patents CHAPTER 2 Scientific and certain other research CHAPTER 3 Know-how and certain training PART 30 Occupational Pension Schemes, Retirement Annuities, Purchased Life Annuities and Certain Pensions CHAPTER 1 Occupational pension schemes CHAPTER 2 Retirement annuities CHAPTER 3 Purchased life annuities CHAPTER 4 Miscellaneous PART 31 Taxation of Settlors, Etc., In Respect of Settled or Transferred Income CHAPTER 1 Revocable dispositions for short periods and certain dispositions in favour of children CHAPTER 2 Settlements on children generally PART 32 Estates of Deceased Persons in Course of Administration and Surcharge on Certain Income of Trustees CHAPTER 1 Estates of deceased persons in course of administration CHAPTER 2 Surcharge on certain income of trustees PART 33 Anti-Avoidance CHAPTER 1 Transfer of assets abroad CHAPTER 2 Miscellaneous PART 34 Provisions Relating to the Residence of Individuals PART 35 Double Taxation Relief CHAPTER 1 Principal reliefs CHAPTER 2 Miscellaneous PART 36 Miscellaneous Special Provisions MANAGEMENT PROVISIONS PART 37 Administration PART 38 Returns of Income and Gains, Other Obligations and Returns, and Revenue Powers CHAPTER 1 Income tax: returns of income CHAPTER 2 Corporation tax: returns of profits CHAPTER 3 Other obligations and returns CHAPTER 4 Revenue powers CHAPTER 5 Capital gains tax: returns, information, etc. PART 39 Assessments CHAPTER 1 Income tax and corporation tax CHAPTER 2 Provision against double assessment and relief for error or mistake CHAPTER 3 Capital gains tax PART 40 Appeals CHAPTER 1 Appeals against income tax and corporation tax assessments CHAPTER 2 Appeals against capital gains tax assessments CHAPTER 3 Miscellaneous PART 41 Self Assessment PART 42 Collection and Recovery CHAPTER 1 Income tax CHAPTER 2 Corporation tax CHAPTER 3 Capital gains tax CHAPTER 4 Collection and recovery of income tax on certain emoluments (PAYE system) CHAPTER 5 Miscellaneous provisions PART 43 Partnerships and European Economic Interest Groupings (EEIG) PART 44 Married, Separated and Divorced Persons CHAPTER 1 Income tax CHAPTER 2 Capital gains tax PART 45 Charging and Assessing of Non-Residents CHAPTER 1 Income tax and corporation tax CHAPTER 2 Capital gains tax PART 46 Persons Chargeable in a Representative Capacity CHAPTER 1 Income tax and corporation tax CHAPTER 2 Capital gains tax PART 47 Penalties, Revenue Offences, Interest on Overdue Tax and Other Sanctions CHAPTER 1 Income tax and corporation tax penalties CHAPTER 2 Other corporation tax penalties CHAPTER 3 Capital gains tax penalties CHAPTER 4 Revenue offences CHAPTER 5 Interest on overdue tax CHAPTER 6 Other sanctions PART 48 Miscellaneous and Supplemental PART 49 Commencement, Repeals, Transitional Provisions, Etc SCHEDULE 1 Supplementary Provisions Concerning the Extension of Charge to Tax to Profits and Income Derived From Activities Carried on and Employments Exercised on the Continental Shelf SCHEDULE 2 Machinery for Assessment, Charge and Payment of Tax Under Schedule C and, in Certain Cases, Schedule D SCHEDULE 3 Reliefs in Respect of Income Tax Charged on Payments on Retirement, Etc SCHEDULE 4 Exemption of Specified Non-Commercial State Sponsored Bodies From Certain Tax Provisions SCHEDULE 5 Description of Custom House Docks Area SCHEDULE 6 Description of Temple Bar Area SCHEDULE 7 Description of Certain Enterprise Areas SCHEDULE 8 Description of Qualifying Resort Areas SCHEDULE 9 Change in Ownership of Company: Disallowance of Trading Losses SCHEDULE 10 Relief for Investment in Corporate Trades: Subsidiaries SCHEDULE 11 Profit Sharing Schemes SCHEDULE 12 Employee Share Ownership Trusts SCHEDULE 13 Accountable Persons for purposes of Chapter 1 of Part 18 SCHEDULE 14 Capital Gains Tax: Leases SCHEDULE 15 List of Bodies for Purposes of Section 610 SCHEDULE 16 Building Societies: Change of Status SCHEDULE 17 Reorganisation into Companies of Trustee Savings Banks SCHEDULE 18 Accounting for and Payment of Tax Deducted from Relevant Payments and Undistributed Relevant Income SCHEDULE 19 Offshore Funds: Distributing Funds SCHEDULE 20 Offshore Funds: Computation of Offshore Income Gains SCHEDULE 21 Purchase and Sale of Securities: Appropriate Amount in Respect of the Interest SCHEDULE 22 Dividends Regarded as Paid Out of Profits Accumulated Before Given Date SCHEDULE 23 Occupational Pension Schemes SCHEDULE 24 Relief from Income Tax and Corporation Tax by Means of Credit in Respect of Foreign Tax SCHEDULE 25 Convention Between the Government of Ireland and the Government of the United States of America for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income SCHEDULE 26 Replacement of Harbour Authorities by Port Companies SCHEDULE 27 Forms of Declarations to be Made by Certain Persons SCHEDULE 28 Statements, Lists and Declarations SCHEDULE 29 Provisions Referred to in Sections 1052, 1053 and 1054 SCHEDULE 30 Repeals SCHEDULE 31 Consequential Amendments SCHEDULE 32 Transitional Provisions ARRANGEMENT OF SECTIONS INTERPRETATION AND BASIC CHARGING PROVISIONS PART 1 Interpretation Section 1. Interpretation of this Act. 2. Interpretation of Tax Acts. 3. Interpretation of Income Tax Acts. 4. Interpretation of Corporation Tax Acts. 5. Interpretation of Capital Gains Tax Acts. 6. Construction of references to child in Tax Acts and Capital Gains Tax Acts. 7. Application to certain taxing statutes of Age of Majority Act, 1985. 8. Construction of certain taxing statutes in accordance with Status of Children Act, 1987. 9. Subsidiaries. 10. Connected persons. 11. Meaning of “control” in certain contexts. PART 2 The Charge to Tax CHAPTER 1 Income tax 12. The charge to income tax. 13. Extension of charge to income tax to profits and income derived from activities carried on and employments exercised on the Continental Shelf. 14. Fractions of a pound and yearly assessments. 15. Rate of charge. 16. Income tax charged by deduction. 17. Schedule C. 18. Schedule D. 19. Schedule E. 20. Schedule F. CHAPTER 2 Corporation tax 21. The charge to corporation tax and exclusion of income tax and capital gains tax. 22. Reduced rate of corporation tax for certain income. 23. Application of section 13 for purposes of corporation tax. 24. Companies resident in the State: income tax on payments made or received. 25. Companies not resident in the State. 26. General scheme of corporation tax. 27. Basis of, and periods for, assessment. CHAPTER 3 Capital gains tax 28. Taxation of capital gains and rate of charge. 29. Persons chargeable. 30. Partnerships. 31. Amount chargeable. INCOME TAX AND CORPORATION TAX: THE MAIN PROVISIONS PART 3 Provisions Relating to the Schedule C Charge and Government and Other Public Securities CHAPTER 1 Principal provisions relating to the Schedule C charge 32. Interpretation (Chapter 1). 33. Method of charge and payment. 34. Stock, dividends or interest belonging to the State. 35. Securities of foreign territories. CHAPTER 2 Government and other public securities: interest payable without deduction of tax 36. Government securities. 37. Securities of certain State-owned companies. 38. Certain State-guaranteed securities. 39. Securities of certain European bodies. 40. Securities of International Bank for Reconstruction and Development. 41. Securities of designated bodies under the Securitisation (Proceeds of Certain Mortgages) Act, 1995. CHAPTER 3 Government and other public securities: exemptions from tax 42. Exemption of interest on savings certificates. 43. Certain securities issued by Minister for Finance. 44. Exemption from corporation tax of certain securities issued by Minister for Finance. 45. Exemption of non-interest-bearing securities. 46. Exemption of premiums on Investment Bonds. 47. Certain securities of ACC Bank plc. 48. Exemption of premiums on certain securities. 49. Exemption of certain securities. 50. Securities of Irish local authorities issued abroad. CHAPTER 4 Miscellaneous provisions 51. Funding bonds issued in respect of interest on certain debts. PART 4 Principal Provisions Relating to the Schedule D Charge CHAPTER 1 Supplementary charging provisions 52. Persons chargeable. 53. Cattle and milk dealers. 54. Interest, etc. paid without deduction of tax under Schedule C. 55. Taxation of strips of securities. 56. Tax on quarries, mines and other concerns chargeable under Case I(
4. b)of Schedule D 57. Extension of charge to tax under Case III of Schedule D in certain circumstances. 58. Charge to tax of profits or gains from unknown or unlawful source. 59. Charge to tax of income from which tax has been deducted. CHAPTER 2 Foreign dividends 60. Interpretation (Chapter 2). 61. Dividends entrusted for payment in the State. 62. Dividends paid outside the State and proceeds of sale of dividend coupons. 63. Exemption of dividends of non-residents. 64. Interest on quoted Eurobonds. CHAPTER 3 Income tax: basis of assessment under Cases I and II 65. Cases I and II: basis of assessment. 66. Special basis at commencement of trade or profession. 67. Special basis on discontinuance of trade or profession. 68. Short-lived businesses. 69. Changes of proprietorship. CHAPTER 4 Income tax: basis of assessment under Cases III, IV and V 70. Case III: basis of assessment. 71. Foreign securities and possessions. 72. Charge to tax on sums applied outside the State in repaying certain loans. 73. Income from certain possessions in Great Britain or Northern Ireland. 74. Case IV: basis of assessment. 75. Case V: basis of assessment. CHAPTER 5 Computational provisions: corporation tax 76. Computation of income: application of income tax principles. 77. Miscellaneous special rules for computation of income 78. Computation of companies' chargeable gains. 79. Foreign currency: computation of income and chargeable gains. 80. Taxation of certain foreign currencies. CHAPTER 6 Computational provisions: general 81. General rule as to deductions. 82. Pre-trading expenditure. 83. Expenses of management of investment companies. 84. Expenses in relation to establishment or alteration of superannuation schemes. 85. Deduction for certain industrial premises. 86. Cost of registration of trade marks. 87. Debts set off against profits and subsequently released. 88. Deduction for gifts to Enterprise Trust Ltd. CHAPTER 7 Special measures on discontinuance of, and change of basis of computation of profits or gains of, a trade or profession 89. Valuation of trading stock at discontinuance of trade. 90. Valuation of work in progress at discontinuance of profession. 91. Receipts accruing after discontinuance of trade or profession. 92. Receipts and losses accruing after change treated as discontinuance. 93. Cash basis, etc: relief for certain individuals. 94. Conventional basis: general charge on receipts after change of basis. 95. Supplementary provisions as to tax under section 91 or 94. CHAPTER 8 Taxation of rents and certain other payments 96. Interpretation (Chapter 8). 97. Computational rules and allowable deductions. 98. Treatment of premiums, etc. as rent. 99. Charge on assignment of lease granted at undervalue. 100. Charge on sale of land with right to reconveyance. 101. Relief for amount not received. 102. Deduction by reference to premium, etc. paid in computation of profits for purposes of Schedule D, Cases I and II. 103. Deduction by reference to premiums, etc. paid in computation of profits for purposes of this Chapter. 104. Taxation of certain rents and other payments. 105. Taxation of rents: restriction in respect of certain rent and interest. 106. Tax treatment of receipts and outgoings on sale of premises. CHAPTER 9 Miscellaneous provisions 107. Apportionment of profits. 108. Statement of profits. 109. Payments in respect of redundancy. 110. Securitisation of assets. 111. Allowance to owner of let mineral rights for expenses of management of minerals. PART 5 Principal Provisions Relating to the Schedule E Charge CHAPTER 1 Basis of assessment, persons chargeable and extent of charge 112. Basis of assessment, persons chargeable and extent of charge. CHAPTER 2 Computational provisions 113. Making of deductions. 114. General rule as to deductions. 115. Fixed deduction for certain classes of persons. CHAPTER 3 Expenses allowances and provisions relating to the general benefits in kind charge 116. Interpretation (Chapter 3). 117. Expenses allowances. 118. Benefits in kind: general charging provision. 119. Valuation of benefits in kind. 120. Unincorporated bodies, partnerships and individuals. CHAPTER 4 Other benefit in kind charges 121. Benefit of use of car. 122. Preferential loan arrangements. CHAPTER 5 Miscellaneous charging provisions 123. General tax treatment of payments on retirement or removal from office or employment. 124. Tax treatment of certain severance payments. 125. Tax treatment of benefits received under permanent health benefit schemes. 126. Tax treatment of certain benefits payable under Social Welfare Acts. 127. Tax treatment of restrictive covenants. 128. Tax treatment of directors of companies and employees granted rights to acquire shares or other assets. PART 6 Company Distributions, Tax Credits, Franked Investment Income and Advance Corporation Tax CHAPTER 1 Taxation of company distributions 129. Irish resident company distributions not generally chargeable to corporation tax. CHAPTER 2 Meaning of distribution 130. Matters to be treated as distributions. 131. Bonus issues following repayment of share capital. 132. Matters to be treated or not treated as repayments of share capital. 133. Limitation on meaning of “distribution”— general. 134. Limitation on meaning of “distribution” in relation to certain payments made in respect of “foreign source” finance. 135. Distributions: supplemental. CHAPTER 3 Distributions and tax credits— general 136. Tax credit for certain recipients of distributions. 137. Disallowance of reliefs in respect of bonus issues. 138. Treatment of dividends on certain preference shares. 139. Dividends and other distributions at gross rate or of gross amount. CHAPTER 4 Distributions out of certain exempt profits or gains or out of certain relieved income 140. Distributions out of profits or gains from stallion fees, stud greyhound services fees and occupation of certain woodlands. 141. Distributions out of income from patent royalties. 142. Distributions out of profits of certain mines. 143. Distributions out of profits from coal, gypsum and anhydrite mining operations. 144. Distributions out of profits from trading within Shannon Airport. 145. Distributions out of profits from export of certain goods. 146. Provisions supplementary to section 145. CHAPTER 5 Distributions out of certain income of manufacturing companies 147. Distributions. 148. Treatment of certain deductions in relation to relevant distributions. 149. Dividends and other distributions at gross rate or of gross amount. 150. Tax credit for recipients of certain distributions. 151. Appeals. CHAPTER 6 Distributions— supplemental 152. Explanation of tax credit to be annexed to interest and dividend warrants. 153. Distributions to non-residents. 154. Attribution of distributions to accounting periods. 155. Restriction of certain reliefs in respect of distributions out of certain exempt or relieved profits. CHAPTER 7 Franked investment income 156. Franked investment income and franked payments. 157. Set-off of losses, etc. against franked investment income. 158. Set-off of loss brought forward or terminal loss against franked investment income in the case of financial concerns. CHAPTER 8 Advance corporation tax 159. Liability for advance corporation tax. 160. Set-off of advance corporation tax. 161. Rectification of excessive set-off of advance corporation tax. 162. Calculation of advance corporation tax where company receives distributions. 163. Tax credit recovered from company. 164. Restrictions as to payment of tax credit. 165. Group dividends. 166. Surrender of advance corporation tax. 167. Change of ownership of company: calculation and treatment of advance corporation tax. 168. Distributions to certain non-resident companies. 169. Non-distributing investment companies. 170. Interest in respect of certain securities. 171. Returns, payment and collection of advance corporation tax. 172. Application of Corporation Tax Acts. CHAPTER 9 Taxation of acquisition by a company of its own shares 173. Interpretation (Chapter 9). 174. Taxation of dealer's receipts on purchase of shares by issuing company or by its subsidiary. 175. Purchase of own shares by quoted company. 176. Purchase of unquoted shares by issuing company or its subsidiary. 177. Conditions as to residence and period of ownership. 178. Conditions as to reduction of vendor's interest as shareholder. 179. Conditions applicable where purchasing company is member of a group. 180. Additional conditions. 181. Relaxation of conditions in certain cases. 182. Returns. 183. Information. 184. Treasury shares. 185. Associated persons. 186. Connected persons. PART 7 Income Tax and Corporation Tax Exemptions CHAPTER 1 Income tax 187. Exemption from income tax and associated marginal relief. 188. Age exemption and associated marginal relief. 189. Payments in respect of personal injuries. 190. Certain payments made by the Haemophilia HIV Trust. 191. Taxation treatment of Hepatitis C compensation payments. 192. Payments in respect of thalidomide children. 193. Income from scholarships. 194. Child benefit. 195. Exemption of certain earnings of writers, composers and artists. 196. Expenses of members of judiciary. 197. Bonus or interest paid under instalment savings schemes. 198. Certain interest not to be chargeable. 199. Interest on certain securities. 200. Certain foreign pensions. 201. Exemptions and reliefs in respect of tax under section 123. 202. Relief for agreed pay restructuring. 203. Payments in respect of redundancy. 204. Military and other pensions, gratuities and allowances. 205. Veterans of War of Independence. 206. Income from investments under Social Welfare (Consolidation) Act, 1993. 207. Rents of properties belonging to hospitals and other charities. 208. Lands owned and occupied, and trades carried on by, charities. 209. Bodies for the promotion of Universal Declaration of Human Rights and the implementation of European Convention for the Protection of Human Rights and Fundamental Freedoms. 210. The Great Book of Ireland Trust. 211. Friendly societies. 212. Credit unions. 213. Trade unions. 214. Local authorities, etc. 215. Certain profits of agricultural societies. 216. Profits from lotteries. CHAPTER 2 Corporation tax 217. Certain income of Nítrigin Éireann Teoranta. 218. Certain income of Housing Finance Agency plc. 219. Income of body designated under Irish Takeover Panel Act, 1997. 220. Profits of certain bodies corporate. 221. Certain payments to National Co-operative Farm Relief Services Ltd and certain payments made to its members. 222. Certain dividends from a non-resident subsidiary. CHAPTER 3 Income tax and corporation tax 223. Small enterprise grants. 224. Grants to medium and large industrial undertakings. 225. Employment grants. 226. Certain employment grants and recruitment subsidies. 227. Certain income arising to specified non-commercial state-sponsored bodies. 228. Income arising to designated bodies under the Securitisation (Proceeds of Certain Mortgages) Act, 1995. 229. Harbour authorities and port companies. 230. National Treasury Management Agency. 231. Profits or gains from stallion fees. 232. Profits from occupation of certain woodlands. 233. Stud greyhound service fees. 234. Certain income derived from patent royalties. 235. Bodies established for promotion of athletic or amateur games or sports. 236. Loan of certain art objects. PART 8 Annual Payments, Charges and Interest CHAPTER 1 Annual payments 237. Annual payments payable wholly out of taxed income. 238. Annual payments not payable out of taxed income. 239. Income tax on payments by resident companies. 240. Provisions as to tax under section 239. 241. Income tax on payments by non-resident companies. 242. Annual payments for non-taxable consideration. CHAPTER 2 Charges on income for corporation tax purposes 243. Allowance of charges on income. CHAPTER 3 Principal provisions relating to the payment of interest 244. Relief for interest paid on certain home loans. 245. Relief for certain bridging loans. 246. Interest payments by companies and to non-residents. 247. Relief to companies on loans applied in acquiring interest in other companies. 248. Relief to individuals on loans applied in acquiring interest in companies. 249. Rules relating to recovery of capital and replacement loans. 250. Extension of relief under section 248 to certain individuals in relation to loans applied in acquiring interest in certain companies. 251. Restriction of relief to individuals on loans applied in acquiring shares in companies where a claim for “BES relief” or “film relief” is made in respect of amount subscribed for shares. 252. Restriction of relief to individuals on loans applied in acquiring interest in companies which become quoted companies. 253. Relief to individuals on loans applied in acquiring interest in partnerships. 254. Interest on borrowings to replace capital withdrawn in certain circumstances from a business. 255. Arrangements for payment of interest less tax or of fixed net amount. CHAPTER 4 Interest payments by certain deposit takers 256. Interpretation (Chapter 4). 257. Deduction of tax from relevant interest. 258. Returns and collection of appropriate tax. 259. Alternative amount on account of appropriate tax. 260. Provisions supplemental to sections 258 and 259. 261. Taxation of relevant interest, etc. 262. Statement furnished by relevant deposit taker. 263. Declarations relating to deposits of non-residents. 264. Conditions and declarations relating to special savings accounts. 265. Declarations by companies and pension schemes. 266. Declarations relating to deposits of charities. 267. Repayment of appropriate tax in certain cases. PART 9 Principal Provisions Relating to Relief for Capital Expenditure CHAPTER 1 Industrial buildings or structures: industrial building allowances, writing-down allowances, balancing allowances and balancing charges 268. Meaning of “industrial building or structure”. 269. Meaning of “the relevant interest”. 270. Meaning of “expenditure on construction of building or structure”. 271. Industrial building allowances. 272. Writing-down allowances. 273. Acceleration of writing-down allowances in respect of certain expenditure on certain industrial buildings or structures. 274. Balancing allowances and balancing charges. 275. Restriction of balancing allowances on sale of industrial building or structure. 276. Application of sections 272 and 274 in relation to capital expenditure on refurbishment. 277. Writing off of expenditure and meaning of “residue of expenditure”. 278. Manner of making allowances and charges. 279. Purchases of certain buildings or structures. 280. Temporary disuse of building or structure. 281. Special provisions in regard to leases. 282. Supplementary provisions (Chapter 1). CHAPTER 2 Machinery or plant: initial allowances, wear and tear allowances, balancing allowances and balancing charges 283. Initial allowances. 284. Wear and tear allowances. 285. Acceleration of wear and tear allowances. 286. Increased wear and tear allowances for taxis and cars for short-term hire. 287. Wear and tear allowances deemed to have been made in certain cases. 288. Balancing allowances and balancing charges. 289. Calculation of balancing allowances and balancing charges in certain cases. 290. Option in case of replacement. 291. Computer software. 292. Meaning of “amount still unallowed”. 293. Application to partnerships. 294. Machinery or plant used partly for non-trading purposes. 295. Option in case of succession under will or intestacy. 296. Balancing allowances and balancing charges: wear and tear allowances deemed to have been made in certain cases. 297. Subsidies towards wear and tear. 298. Allowances to lessors. 299. Allowances to lessees. 300. Manner of making allowances and charges. 301. Application to professions, employments and offices. CHAPTER 3 Dredging: initial allowances and annual allowances 302. Interpretation (Chapter 3). 303. Allowances for expenditure on dredging. CHAPTER 4 Miscellaneous and general 304. Income tax: allowances and charges in taxing a trade, etc. 305. Income tax: manner of granting, and effect of, allowances made by means of discharge or repayment of tax. 306. Meaning of basis period. 307. Corporation tax: allowances and charges in taxing a trade. 308. Corporation tax: manner of granting, and effect of, allowances made by means of discharge or repayment of tax. 309. Companies not resident in the State. 310. Allowances in respect of certain contributions to capital expenditure of local authorities. 311. Apportionment of consideration and exchanges and surrenders of leasehold interests. 312. Special provisions as to certain sales. 313. Effect, in certain cases, of succession to trade, etc. 314. Procedure on apportionment. 315. Property used for purposes of “exempted trading operations”. 316. Interpretation of certain references to expenditure and time when expenditure is incurred. 317. Treatment of grants. 318. Meaning of “sale, insurance, salvage or compensation moneys”. 319. Adjustment of allowances by reference to value-added tax. 320. Other interpretation (Part 9). 321. Provisions of general application in relation to the making of allowances and charges. PART 10 Income Tax and Corporation Tax: Reliefs for Renewal and Improvement of Certain Urban Areas, Certain Resort Areas and Certain Islands CHAPTER 1 Custom House Docks Area 322. Interpretation (Chapter 1). 323. Capital allowances in relation to construction of certain commercial premises. 324. Double rent allowance in respect of rent paid for certain business premises. 325. Rented residential accommodation: deduction for certain expenditure on construction. 326. Rented residential accommodation: deduction for certain expenditure on conversion. 327. Rented residential accommodation: deduction for certain expenditure on refurbishment. 328. Residential accommodation: allowance to owner-occupiers in respect of certain expenditure on construction or refurbishment. 329. Provisions supplementary to sections 325 to 328. CHAPTER 2 Temple Bar Area 330. Interpretation (Chapter 2). 331. Accelerated capital allowances in relation to construction or refurbishment of certain industrial buildings or structures. 332. Capital allowances in relation to construction or refurbishment of certain commercial premises. 333. Double rent allowance in respect of rent paid for certain business premises. 334. Rented residential accommodation: deduction for certain expenditure on construction. 335. Rented residential accommodation: deduction for certain expenditure on conversion. 336. Rented residential accommodation: deduction for certain expenditure on refurbishment. 337. Residential accommodation: allowance to owner-occupiers in respect of certain expenditure on construction or refurbishment. 338. Provisions supplementary to sections 334 to 337. CHAPTER 3 Designated areas, designated streets, enterprise areas and multi-storey car parks in certain urban areas 339. Interpretation (Chapter 3). 340. Designated areas, designated streets and enterprise areas. 341. Accelerated capital allowances in relation to construction or refurbishment of certain industrial buildings or structures. 342. Capital allowances in relation to construction or refurbishment of certain commercial premises. 343. Capital allowances in relation to construction or refurbishment of certain buildings or structures in enterprise areas. 344. Capital allowances in relation to construction or refurbishment of certain multi-storey car parks. 345. Double rent allowance in respect of rent paid for certain business premises. 346. Rented residential accommodation: deduction for certain expenditure on construction. 347. Rented residential accommodation: deduction for certain expenditure on conversion. 348. Rented residential accommodation: deduction for certain expenditure on refurbishment. 349. Residential accommodation: allowance to owner-occupiers in respect of certain expenditure on construction or refurbishment. 350. Provisions supplementary to sections 346 to 349. CHAPTER 4 Qualifying resort areas 351. Interpretation (Chapter 4). 352. Accelerated capital allowances in relation to the construction or refurbishment of certain industrial buildings or structures. 353. Capital allowances in relation to the construction or refurbishment of certain commercial premises. 354. Double rent allowance in respect of rent paid for certain business premises. 355. Disclaimer of capital allowances on holiday cottages, holiday apartments, etc. 356. Rented residential accommodation: deduction for certain expenditure on construction. 357. Rented residential accommodation: deduction for certain expenditure on conversion. 358. Rented residential accommodation: deduction for certain expenditure on refurbishment. 359. Provisions supplementary to sections 356 to 358. CHAPTER 5 Designated islands 360. Interpretation (Chapter 5). 361. Rented residential accommodation: deduction for certain expenditure on construction. 362. Rented residential accommodation: deduction for certain expenditure on conversion. 363. Rented residential accommodation: deduction for certain expenditure on refurbishment. 364. Residential accommodation: allowance to owner-occupiers in respect of certain expenditure on construction or refurbishment. 365. Provisions supplementary to sections 360 to 364. CHAPTER 6 Dublin Docklands Area 366. Interpretation (Chapter 6). 367. Qualifying areas. 368. Accelerated capital allowances in relation to construction or refurbishment of certain industrial buildings or structures. 369. Capital allowances in relation to construction or refurbishment of certain commercial premises. 370. Double rent allowance in respect of rent paid for certain business premises. 371. Residential accommodation: allowance to owner-occupiers in respect of certain expenditure on construction or refurbishment. 372. Provisions supplementary to section 371. PART 11 Capital Allowances and Expenses for Certain Road Vehicles 373. Interpretation (Part 11). 374. Capital allowances for cars costing over certain amount. 375. Limit on renewals allowance for cars. 376. Restriction of deduction in respect of running expenses of cars. 377. Limit on deductions, etc. for hiring cars. 378. Cars: provisions as to hire-purchase, etc. 379. Cars: provisions where hirer becomes owner. 380. Provisions supplementary to sections 374 to 379. PART 12 Principal Provisions Relating to Loss Relief, Treatment of Certain Losses and Capital Allowances, and Group Relief CHAPTER 1 Income tax: loss relief 381. Right to repayment of tax by reference to losses. 382. Right to carry forward losses to future years. 383. Relief under Case IV for losses. 384. Relief under Case V for losses. 385. Terminal loss. 386. Determination of terminal loss. 387. Calculation of amount of profits or gains for purposes of terminal loss. 388. Meaning of “permanently discontinued” for purposes of terminal loss. 389. Determination of claim for terminal loss. 390. Amount of assessment made under section 238 to be allowed as a loss for certain purposes. CHAPTER 2 Income tax: loss relief— treatment of capital allowances 391. Interpretation (Chapter 2). 392. Option to treat capital allowances as creating or augmenting a loss. 393. Extent to which capital allowances to be taken into account for purposes of section 392. 394. Effect of giving relief under section 381 by reference to capital allowances. 395. Relief affected by subsequent changes of law, etc. CHAPTER 3 Corporation tax: loss relief 396. Relief for trading losses other than terminal losses. 397. Relief for terminal loss in a trade. 398. Computation of losses attributable to exemption of income from certain securities. 399. Losses in transactions from which income would be chargeable under Case IV or V of Schedule D. 400. Company reconstructions without change of ownership. 401. Change in ownership of company: disallowance of trading losses. CHAPTER 4 Income tax and corporation tax: treatment of certain losses and certain capital allowances 402. Foreign currency: tax treatment of capital allowances and trading losses of a company. 403. Restriction on use of capital allowances for certain leased assets. 404. Restriction on use of capital allowances for certain leased machinery or plant. 405. Restriction on use of capital allowances on holiday cottages. 406. Corporation tax: restriction on use of capital allowances on fixtures and fittings for furnished residential accommodation. 407. Restriction on use of losses and capital allowances for qualifying shipping trade. 408. Restriction on tax incentives on property investment. 409. Capital allowances: room ownership schemes. CHAPTER 5 Group relief 410. Group payments. 411. Surrender of relief between members of groups and consortia. 412. Qualification for entitlement to group relief. 413. Profits or assets available for distribution. 414. Meaning of “the profit distribution”. 415. Meaning of “the notional winding up”. 416. Limited right to profits or assets. 417. Diminished share of profits or assets. 418. Beneficial percentage. 419. The relevant accounting period, etc. 420. Losses, etc. which may be surrendered by means of group relief. 421. Relation of group relief to other relief. 422. Corresponding accounting periods. 423. Company joining or leaving group or consortium. 424. Effect of arrangements for transfer of company to another group, etc. 425. Leasing contracts: effect on claims for losses of company reconstructions. 426. Partnerships involving companies: effect of arrangements for transferring relief. 427. Information as to arrangements for transferring relief, etc. 428. Exclusion of double allowances, etc. 429. Claims and adjustments. PART 13 Close Companies CHAPTER 1 Interpretation and general 430. Meaning of “close company”. 431. Certain companies with quoted shares not to be close companies. 432. Meaning of “associated company” and “control”. 433. Meaning of “participator”, 5associate”, “director” and “loan creditor”. 434. Distributions to be taken into account and meaning of “distributable income”, “investment income”, “estate income”, etc. 435. Information. CHAPTER 2 Additional matters to be treated as distributions, charges to tax in respect of certain loans and surcharges on certain undistributed income 436. Certain expenses for participators and associates. 437. Interest paid to directors and directors' associates. 438. Loans to participators, etc. 439. Effect of release, etc. of debt in respect of loan under section 438. 440. Surcharge on undistributed investment and estate income. 441. Surcharge on undistributed income of service companies. PART 14 Taxation of Companies Engaged in Manufacturing Trades, Certain Trading Operations Carried On in Shannon Airport and Certain Trading Operations Carried on in the Custom House Docks Area CHAPTER 1 Interpretation and general 442. Interpretation (Part 14). 443. Meaning of “goods”. 444. Exclusion of mining and construction operations. 445. Certain trading operations carried on in Shannon Airport. 446. Certain trading operations carried on in Custom House Docks Area. 447. Appeals. CHAPTER 2 Principal provisions 448. Relief from corporation tax. 449. Credit for foreign tax not otherwise credited. 450. Double taxation relief. 451. Treatment of income and gains of certain trading operations carried on in Custom House Docks Area from investments held outside the State. 452. Application of section 130 to certain interest. 453. Transactions between associated persons. 454. Restriction of certain charges on income. 455. Restriction of certain losses. 456. Restriction of group relief. 457. Application of section 448 where profits are charged to corporation tax at the reduced rate. PART 15 Personal Allowances and Reliefs and Certain Other Income Tax and Corporation Tax Reliefs CHAPTER 1 Personal allowances and reliefs 458. Deductions allowed in ascertaining taxable income and provisions relating to reductions in tax. 459. General provisions relating to allowances, deductions and reliefs. 460. Rate of tax at which repayments are to be made. 461. Married and single personal allowances. 462. Additional amount for widowed parents and other single parents. 463. Special allowance for widowed parent following death of spouse. 464. Age allowance. 465. Incapacitated children. 466. Dependent relative. 467. Employed person taking care of incapacitated individual. 468. Relief for blind persons. 469. Relief for health expenses. 470. Relief for insurance against expenses of illness. 471. Relief for contributions to permanent health benefit schemes. 472. Employee allowance. 473. Allowance for rent paid by certain tenants. 474. Relief for fees paid to private colleges for full-time third level education. 475. Relief for fees paid for part-time third level education. 476. Refief for fees paid for training courses. 477. Relief for service charges. 478. Relief for payments made by certain persons in respect of alarm systems. 479. Relief for new shares purchased on issue by employees. 480. Relief for certain sums chargeable under Schedule E. CHAPTER 2 Income tax and corporation tax: reliefs applicable to both 481. Relief for investment in films. 482. Relief for expenditure on significant buildings and gardens. 483. Relief for certain gifts. 484. Relief for gifts for education in the arts. 485. Relief for gifts to third-level institutions. CHAPTER 3 Corporation tax reliefs 486. Corporation tax: relief for gifts to First Step. 487. Corporation tax: credit for bank levy. PART 16 Income Tax Relief for Investment in Corporate Trades— Business Expansion Scheme and Seed Capital Scheme 488. Interpretation (Part 16). 489. The relief. 490. Limits on the relief. 491. Restriction on relief where amounts raised exceed permitted maximum. 492. Certification in respect of an issue of eligible shares where aggregate of amounts raised by a company exceeds £250,000. 493. Individuals qualifying for relief. 494. Specified individuals. 495. Qualifying companies. 496. Qualifying trades. 497. Relevant trading operations. 498. Disposals of shares. 499. Value received from company. 500. Replacement capital. 501. Value received by persons other than claimants. 502. Prevention of misuse. 503. Claims. 504. Assessments for withdrawing relief. 505. Information. 506. Capital gains tax. 507. Application to subsidiaries. 508. Nominees and designated funds. PART 17 Profit Sharing Schemes and Employee Share Ownership Trusts CHAPTER 1 Profit sharing schemes 509. Interpretation (Chapter 1). 510. Approved profit sharing schemes: appropriated shares. 511. The period of retention, release date and appropriate percentage. 512. Disposals of scheme shares. 513. Capital receipts in respect of scheme shares. 514. Company reconstructions, amalgamations, etc. 515. Excess or unauthorised shares. 516. Assessment of trustees in respect of sums received. 517. Payments to trustees of approved profit sharing scheme. 518. Costs of establishing profit sharing schemes. CHAPTER 2 Employee share ownership trusts 519. Employee share ownership trusts. PART 18 Payments In Respect of Professional Services by Certain Persons and Payments to Subcontractors in Certain Industries CHAPTER 1 Payments in respect of professional services by certain persons 520. Interpretation (Chapter 1). 521. Accountable persons. 522. Obligation on authorised insurers. 523. Deduction of tax from relevant payments. 524. Identification of, and issue of documents to, specified persons. 525. Returns and collection of appropriate tax. 526. Credit for appropriate tax borne. 527. Interim refunds of appropriate tax. 528. Apportionment of credits or interim refunds of appropriate tax. 529. Limitation on credits or interim refunds of appropriate tax. CHAPTER 2 Payments to subcontractors in certain industries 530. Interpretation (Chapter 2). 531. Payments to subcontractors in certain industries. TAXATION OF CHARGEABLE GAINS PART 19 Principal Provisions Relating to Taxation of Chargeable Gains CHAPTER 1 Assets and acquisitions and disposals of assets 532. Assets. 533. Location of assets. 534. Disposals of assets. 535. Disposals where capital sums derived from assets. 536. Capital sums: receipt of compensation and insurance moneys not treated as a disposal in certain cases. 537. Mortgages and charges not to be treated as disposals. 538. Disposals where assets lost or destroyed or become of negligible value. 539. Disposals in cases of hire purchase and similar transactions. 540. Options and forfeited deposits. 541. Debts. 542. Time of disposal and acquisition. 543. Transfers of value derived from assets. CHAPTER 2 Computation of chargeable gains and allowable losses 544. Interpretation and general (Chapter 2). 545. Chargeable gains. 546. Allowable losses. 547. Disposals and acquisitions treated as made at market value. 548. Valuation of assets. 549. Transactions between connected persons. 550. Assets disposed of in series of transactions. 551. Exclusion from consideration for disposals of sums chargeable to income tax. 552. Acquisition, enhancement and disposal costs. 553. Interest charged to capital. 554. Exclusion of expenditure by reference to income tax. 555. Restriction of losses by reference to capital allowances and renewals allowances. 556. Adjustment of allowable expenditure by reference to consumer price index. 557. Part disposals. 558. Part disposals before 6th day of April, 1978. 559. Assets derived from other assets. 560. Wasting assets. 561. Wasting assets qualifying for capital allowances. 562. Contingent liabilities. 563. Consideration due after time of disposal. 564. Woodlands. 565. Expenditure reimbursed out of public money. 566. Leases. CHAPTER 3 Assets held in a fiduciary or representative capacity, inheritances and settlements 567. Nominees, bare trustees and agents. 568. Liability of trustees, etc. 569. Assets of insolvent person. 570. Company in liquidation. 571. Chargeable gains accruing on disposals by liquidators and certain other persons. 572. Funds in court. 573. Death. 574. Trustees of settlement. 575. Gifts in settlement. 576. Person becoming absolutely entitled to settled property. 577. Termination of life interest on death of person entitled. 578. Death of annuitant. 579. Non-resident trusts. CHAPTER 4 Shares and securities 580. Shares, securities, etc: identification. 581. Disposals of shares or securities within 4 weeks of acquisition. 582. Calls on shares. 583. Capital distributions by companies. 584. Reorganisation or reduction of share capital. 585. Conversion of securities. 586. Company amalgamations by exchange of shares. 587. Company reconstructions and amalgamations. 588. Demutualisation of assurance companies. 589. Shares in close company transferring assets at undervalue. 590. Attribution to shareholders of chargeable gains accruing to non-resident company. 591. Relief for individuals on certain reinvestment. 592. Reduced rate of capital gains tax on certain disposals of shares by individuals. CHAPTER 5 Life assurance and deferred annuities 593. Life assurance and deferred annuities. 594. Foreign life assurance and deferred annuities: taxation and returns. 595. Life assurance policy or deferred annuity contract entered into or acquired by company. CHAPTER 6 Transfer of business assets 596. Appropriations to and from stock in trade. 597. Replacement of business and other assets. 598. Disposals of business or farm on “retirement”. 599. Disposals within family of business or farm. 600. Transfer of business to company. CHAPTER 7 Other reliefs and exemptions 601. Annual exempt amount. 602. Chattel exemption. 603. Wasting chattels. 604. Disposals of principal private residence. 605. Disposals to authority possessing compulsory purchase powers. 606. Disposals of work of art, etc., loaned for public display. 607. Government and certain other securities. 608. Superannuation funds. 609. Charities. 610. Other bodies. 611. Disposals to State, public bodies and charities. 612. Scheme for retirement of farmers. 613. Miscellaneous exemptions for certain kinds of property. PART 20 Companies' Chargeable Gains CHAPTER 1 General 614. Capital distribution derived from chargeable gain of company: recovery of tax from shareholder. 615. Company reconstruction or amalgamation: transfer of assets. 616. Groups of companies: interpretation. 617. Transfers of assets, other than trading stock, within group. 618. Transfers of trading stock within group. 619. Disposals or acquisitions outside group. 620. Replacement of business assets by members of group. 621. Depreciatory transactions in group. 622. Dividend stripping. 623. Company ceasing to be member of group. 624. Exemption from charge under section 623 in case of certain mergers. 625. Shares in subsidiary member of group. 626. Tax on company recoverable from other members of group. CHAPTER 2 Provisions where companies cease to be resident in the State 627. Deemed disposal of assets. 628. Postponement of charge on deemed disposal under section 627. 629. Tax on non-resident company recoverable from another member of group or from controlling director. PART 21 Mergers, Divisions, Transfers of Assets and Exchanges of Shares Concerning Companies of Different Member States 630. Interpretation (Part 21). 631. Transfer of assets generally. 632. Transfer of assets by company to its parent company. 633. Company reconstruction or amalgamation: transfer of development land. 634. Credit for tax. 635. Avoidance of tax. 636. Returns. 637. Other transactions. 638. Apportionment of amounts. TRANSACTIONS IN LAND PART 22 Provisions Relating to Dealing In or Developing Land and Disposals of Development Land CHAPTER 1 Income tax and corporation tax: profits or gains from dealing in or developing land 639. Interpretation (Chapter 1). 640. Extension of charge under Case I of Schedule D to certain profits from dealing in or developing land. 641. Computation under Case I of Schedule D of profits or gains from dealing in or developing land. 642. Transfers of interests in land between certain associated persons. 643. Tax to be charged under Case IV on gains from certain disposals of land. 644. Provisions supplementary to section 643. 645. Power to obtain information. 646. Postponement of payment of income tax to be permitted in certain cases. 647. Postponement of payment of corporation tax to be permitted in certain cases. CHAPTER 2 Capital gains tax: disposals of development land 648. Interpretation (Chapter 2). 649. Companies chargeable to capital gains tax in respect of chargeable gains accruing on relevant disposals. 650. Exclusion of certain disposals. 651. Restriction of indexation relief in relation to relevant disposals. 652. Non-application of reliefs on replacement of assets in case of relevant disposals. 653. Restriction of relief for losses, etc. in relation to relevant disposals. OTHER SPECIAL PROVISIONS PART 23 Farming and Market Gardening CHAPTER 1 Interpretation and general 654. Interpretation (Part 23). 655. Farming and market gardening profits to be charged to tax under Schedule D. 656. Farming: trading stock of discontinued trade. 657. Averaging of farm profits. 658. Farming: allowances for capital expenditure on construction of buildings and other works. 659. Farming: allowances for capital expenditure on the construction of farm buildings, etc. for control of pollution. 660. Farming: wear and tear allowances deemed to have been made in certain cases. 661. Farming: restriction of relief in respect of certain losses. 662. Income tax: restriction of relief for losses in farming or market gardening. 663. Corporation tax: restriction of relief for losses in farming or market gardening. 664. Relief for certain income from leasing of farm land. CHAPTER 2 Farming: relief for increase in stock values 665. Interpretation (Chapter 2). 666. Deduction for increase in stock values. 667. Special provisions for qualifying farmers. 668. Compulsory disposals of livestock. 669. Supplementary provisions (Chapter 2). PART 24 Taxation of Profits of Certain Mines and Petroleum Taxation CHAPTER 1 Taxation of profits of certain mines 670. Mine development allowance. 671. Marginal coal mine allowance. 672. Interpretation (sections 672 to 683). 673. Allowance in respect of development expenditure and exploration expenditure. 674. Expenditure on abortive exploration. 675. Exploration expenditure incurred by certain bodies corporate. 676. Expenditure incurred by person not engaged in trade of mining. 677. Investment allowance in respect of exploration expenditure. 678. Allowance for machinery and plant. 679. Exploration expenditure. 680. Annual allowance for mineral depletion. 681. Allowance for mine rehabilitation expenditure. 682. Marginal mine allowance. 683. Charge to tax on sums received from sale of scheduled mineral assets. CHAPTER 2 Petroleum taxation 684. Interpretation (Chapter 2). 685. Separation of trading activities. 686. Reduction of corporation tax. 687. Treatment of losses. 688. Treatment of group relief. 689. Restriction of relief for losses on certain disposals. 690. Interest and charges on income. 691. Restriction of set-off of advance corporation tax. 692. Development expenditure: allowances and charges. 693. Exploration expenditure: allowances and charges. 694. Exploration expenditure incurred by certain companies. 695. Abandonment expenditure: allowances and loss relief. 696. Valuation of petroleum in certain circumstances. 697. Treatment of certain disposals. PART 25 Industrial and Provident Societies, Building Societies, and Trustee Savings Banks CHAPTER 1 Industrial and provident societies 698. Interpretation (Chapter 1). 699. Deduction as expenses of certain sums, etc. 700. Special computational provisions. 701. Transfer of shares held by certain societies to members of society. CHAPTER 2 Building societies 702. Union or amalgamation of, transfer of engagement between, societies. 703. Change of status of society. CHAPTER 3 Trustee savings banks 704. Amalgamation of trustee savings banks. 705. Reorganisation of trustee savings banks into companies. PART 26 Life Assurance Companies CHAPTER 1 General provisions 706. Interpretation and general (Part 26). 707. Management expenses. 708. Acquisition expenses. 709. Companies carrying on life business. 710. Profits of life business. 711. Chargeable gains of life business. 712. Distributions received from Irish resident companies. 713. Investment income reserved for policy holders. 714. Life business: computation of profits. 715. Annuity business: separate charge on profits. 716. General annuity business. 717. Pension business. 718. Foreign life assurance funds. 719. Deemed disposal and reacquisition of certain assets. 720. Gains or losses arising by virtue of section 719. 721. Life policies carrying rights not in money. 722. Benefits from life policies issued before 6th April, 1974. CHAPTER 2 Special investment policies 723. Special investment policies. 724. Transfer of assets into or out of special investment fund. 725. Special investment policies: breaches of conditions. CHAPTER 3 Provisions applying to overseas life assurance companies 726. Investment income. 727. General annuity and pension business. 728. Expenses of management. 729. Income tax, foreign tax and tax credit. 730. Tax credit in respect of distributions. PART 27 Unit Trusts and Offshore Funds CHAPTER 1 Unit trusts 731. Chargeable gains accruing to unit trusts. 732. Special arrangements for qualifying unit trusts. 733. Reorganisation of units in unit trust scheme. 734. Taxation of collective investment undertakings. 735. Certain unit trusts not to be collective investment undertakings. 736. Option for non-application of section 735. 737. Special investment schemes. 738. Undertakings for collective investment. 739. Taxation of unit holders in undertakings for collective investment. CHAPTER 2 Offshore funds 740. Interpretation (Chapter 2 and Schedules 19 and 20). 741. Disposals of material interests in non-qualifying offshore funds. 742. Offshore funds operating equalisation arrangements. 743. Material interest in offshore funds. 744. Non-qualifying offshore funds. 745. Charge to income tax or corporation tax of offshore income gain. 746. Offshore income gains accruing to persons resident or domiciled abroad. 747. Deduction of offshore income gain in determining capital gain. PART 28 Purchase and Sale of Securities CHAPTER 1 Purchase and sale of securities 748. Interpretation and application (Chapter 1). 749. Dealers in securities. 750. Persons entitled to exemption. 751. Traders other than dealers in securities. CHAPTER 2 Purchases of shares by financial concerns and persons exempted from tax, and restriction on relief for losses by repayment of tax in case of dividends paid out of accumulated profits 752. Purchases of shares by financial concerns and persons exempted from tax. 753. Restriction on relief for losses by repayment of tax in case of dividends paid out of accumulated profits. PART 29 Patents, Scientific and Certain Other Research, Know-How and Certain Training CHAPTER 1 Patents 754. Interpretation (Chapter 1). 755. Annual allowances for capital expenditure on purchase of patent rights. 756. Effect of lapse of patent rights. 757. Charges on capital sums received for sale of patent rights. 758. Relief for expenses. 759. Spreading of revenue payments over several years. 760. Capital sums: effect of death, winding up and partnership changes. 761. Manner of making allowances and charges. 762. Application of Chapter 4 of Part 9. CHAPTER 2 Scientific and certain other research 763. Interpretation (sections 764 and 765). 764. Deduction for revenue expenditure on scientific research. 765. Allowances for capital expenditure on scientific research. 766. Deduction for certain expenditure on research and development. 767. Payment to universities and other approved bodies for research in, or teaching of, approved subjects. CHAPTER 3 Know-how and certain training 768. Allowance for know-how. 769. Relief for training of local staff before commencement of trading. PART 30 Occupational Pension Schemes, Retirement Annuities, Purchased Life Annuities and Certain Pensions CHAPTER 1 Occupational pension schemes 770. Interpretation and supplemental (Chapter 1). 771. Meaning of “retirement benefits scheme”. 772. Conditions for approval of schemes and discretionary approval. 773. General Medical Services: scheme of superannuation. 774. Certain approved schemes: exemptions and reliefs. 775. Certain approved schemes: provisions supplementary to section 774