Finance Act, 1991

Finance Act, 1991 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1991 Finance Act, 1991 Finance Act, 1991 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 Print Full ActPriontáil an tAcht Iomlán Number 13 of 1991 FINANCE ACT, 1991 ARRANGEMENT OF SECTIONS PART I Income Tax, Corporation Tax and Capital Gains Tax Chapter I Income Tax Section 1. Amendment of provisions relating to exemption from income tax. 2. Charge of income tax for 1991-92 and subsequent years. 3. Personal reliefs. 4. Special allowance for widowed parent following death of spouse. 5. Amendment of provisions relating to relief in respect of premiums on certain insurances, etc. 6. Amendment of section 110 (persons chargeable and extent of charge) of Income Tax Act, 1967. 7. Amendment of section 138B (employee allowance) of Income Tax Act, 1967. 8. Amendment of section 142A (allowance for rent paid by certain tenants) of Income Tax Act, 1967. 9. Amendment of section 6 (special allowance in respect of P.R.S.I. for 1982-83) of Finance Act, 1982. 10. Application of section 10 (exemption of certain income from leasing of farm land) of Finance Act, 1985. 11. Amendment of section 31 (interpretation (Chapter IV)) of Finance Act, 1986. 12. General medical services, scheme of superannuation. 13. The Great Book of Ireland Trust. Chapter II Income Tax: Relief for Investment in Corporate Trades 14. Extension of relief. 15. Restriction of relief as respects eligible shares issued on or after 30th January, 1991. 16. Transitional arrangements in relation to section 15. 17. Amounts raised by companies acting in concert, or for trade of subsidiary. Chapter III Income Tax, Corporation Tax and Capital Gains Tax 18. Farming: amendment of provisions relating to relief in respect of increase in stock values. 19. Amendment of section 18 (taxation of collective investment undertakings) of Finance Act, 1989. 20. Exemption of National Treasury Management Agency from certain tax provisions. 21. Amendment of section 45 (double rent allowance as a deduction in computing trading income) of Finance Act, 1986. 22. Continuation of certain allowances, etc. 23. Amendment of section 19 (industrial building allowance in relation to buildings and structures bought unused) of Finance Act, 1970. 24. Restriction of tax incentives on property investment. 25. Amendment of section 22 (farming: allowances for capital expenditure on construction of buildings and other works) of Finance Act, 1974. 26. Application of sections 264 and 265 of Income Tax Act, 1967, in relation to capital expenditure on refurbishment. 27. Amendment of section 29 (taxation of income deemed to arise on certain sales of securities) of Finance Act, 1984. Chapter IV Corporation Tax 28. Amendment of section 84A (limitation on meaning of “distribution”) of Corporation Tax Act, 1976. 29. Amendment of section 87 (distributions: supplemental) of Corporation Tax Act, 1976. 30. Amendment of section 35 (profits of life business) of Corporation Tax Act, 1976. 31. Securitisation of assets. 32. Amendment of section 39 (meaning of “goods”) of Finance Act, 1980. 33. Amendment of section 39A (relief in relation to income from certain trading operations carried on in Shannon Airport) of Finance Act, 1980. 34. Amendment of section 39B (relief in relation to income from certain trading operations carried on in Custom House Docks Area) of Finance Act, 1980. 35. Amendment of section 41 (amendment of section 39 (meaning of “goods”) of Finance Act, 1980) of Finance Act, 1990. 36. Implementation of Council Directive No. 90/435/EEC. 37. Application of section 25 (attribution of distributions to accounting periods) of Finance Act, 1989, to interim dividends. 38. Amendment of section 30 (pension funds: extension of tax exemptions to dealings in financial futures and traded options) of Finance Act, 1988. 39. Amendment of section 45 (Trust for Community Initiatives) of Finance Act, 1990. 40. Amendment of section 41 (relief from corporation tax in respect of certain dividends from a non-resident subsidiary) of Finance Act, 1988. 41. Exemption from corporation tax of An Bord Pinsean — The Pensions Board. Chapter V Capital Gains Tax 42. Amendment of section 26 (disposal of business or farm on retirement) of Capital Gains Tax Act, 1975. 43. Disposal of work of art, etc., loaned for public display. 44. Amendment of section 33 (exemption for Bord Fáilte Éireann and certain other bodies) of Finance Act, 1989. Chapter VI Extension of Self Assessment to Capital Gains Tax and Certain Other Matters 45. Amendment of section 9 (interpretation (Chapter II)) of Finance Act, 1988. 46. Amendment of section 10 (obligation to make a return) of Finance Act, 1988. 47. Amendment of section 12 (notices of preliminary tax) of Finance Act, 1988. 48. Amendment of section 13 (making of assessments) of Finance Act, 1988. 49. Amendment of section 14 (amendment of and time limit for assessments) of Finance Act, 1988. 50. Amendment of section 15 (inspector's right to make enquiries and amend assessments) of Finance Act, 1988. 51. Amendment of section 17 (appeals) of Finance Act, 1988. 52. Amendment of section 18 (date for payment of tax) of Finance Act, 1988. 53. Amendment of section 21 (miscellaneous) of Finance Act, 1988. Chapter VII Urban Renewal: Temple Bar and Other Areas 54. Preliminary and general (Chapter VII). 55. Temple Bar reliefs. 56. Application of section 23 (deduction for certain expenditure on construction of rented residential accommodation) of Finance Act, 1981. 57. Application of section 21 (rented residential accommodation: deduction for expenditure on refurbishment) of Finance Act, 1985. 58. Application of section 22 (extension of application of relief for conversion of certain buildings) of Finance Act, 1985. Chapter VIII Taxation of Acquisition by a Company of its Own Shares 59. Interpretation (Chapter VIII). 60. Taxation of dealer's receipts on purchase of shares by issuing company or by its subsidiary. 61. Purchase of unquoted shares by issuing company or its subsidiary. 62. Conditions as to residence and period of ownership. 63. Reduction of vendor's interest as shareholder. 64. Conditions applicable where purchasing company is member of group. 65. Additional conditions to those otherwise provided for. 66. Relaxation of conditions in certain cases. 67. Returns. 68. Information. 69. Advance corporation tax. 70. Treasury shares. 71. Associated persons. 72. Connected persons. PART II Customs and Excise 73. Tobacco products. 74. Hydrocarbons. 75. Excise duty on mechanically propelled vehicles. PART III Value-Added Tax 76. Interpretation (Part III). 77. Amendment of section 1 (interpretation) of Principal Act. 78. Amendment of section 7 (waiver of exemption) of Principal Act. 79. Amendment of section 8 (accountable persons) of Principal Act. 80. Amendment of section 11 (rates of tax) of Principal Act. 81. Amendment of section 12 (deduction for tax borne or paid) of Principal Act. 82. Amendment of section 15 (charge of tax on imported goods) of Principal Act. 84. Amendment of section 20 (refund of tax) of Principal Act. 85. Amendment of section 25 (appeals) of Principal Act. 86. Amendment of First Schedule to Principal Act. 87. Insertion of Third Schedule in Principal Act. 88. Amendment of Sixth Schedule to Principal Act. PART IV Stamp Duties 88. Definitions (Part IV). 89. Levy on banks. 90. Amendment of First Schedule to Act of 1891. 91. Repeal of section 78 of Act of 1891. 92. Amendment of section 88 of Act of 1891. 93. Exemption from stamp duty. 94. Charge of duty upon instruments. 95. Variation of certain rates of duty by order. 96. Amendment of section 122 of Act of 1891. 97. Facts and circumstances affecting duty to be set forth in instruments, etc. 98. Amendment of section 12 of Act of 1891. 99. Amendment of section 14 of Act of 1891. 100. Penalty upon stamping instruments after execution. 101. Rolls, books, etc., to be open to inspection. 102. Alteration of stamp duties on leases. 103. Provision relating to voluntary disposition inter vivos, etc. 104. Procedure to apply where consideration etc., cannot be ascertained. 105. Valuation of property chargeable with stamp duty. 106. Amendment of certain provisions relating to fines. 107. Amendment of section 4 of Stock Transfer Act, 1963. 108. Application of section 485 of Income Tax Act, 1967. 109. Application of certain provisions relating to penalties under Income Tax Act, 1967. 110. Amendment of Chapter II (stamp duty on capital companies) of Part IV of Finance Act, 1973. 111. Amendment of section 92 (levy on certain premiums of insurance) of Finance Act, 1982. PART V Residential Property Tax 112. Amendment of section 104 (assessment and payment of tax) of Finance Act, 1983. PART VI Capital Acquisitions Tax and Death Duties 113. Interpretation (Part VI). 114. Amendment of section 19 (value of agricultural property) of Principal Act. 115. Amendment of Second Schedule to the Principal Act. 116. Inheritances taken by parents. 117. Reduction in estimated market value of certain dwellings. 118. Application of section 60 (relief in respect of certain policies of insurance) of Finance Act, 1985. 119. Relief in respect of certain policies of insurance relating to tax payable on gifts. 120. Capital acquisitions tax, waiver in respect of certain interest payable, etc. 121. Amendment of section 57 (exemption of certain securities) of Capital Acquisitions Tax Act, 1976. 122. Death duties, waiver in respect of certain interest payable, etc. PART VII Miscellaneous 123. Capital Services Redemption Account. 124. Amendment of section 92 (tax concessions for disabled drivers, etc.) of Finance Act, 1989. 125. Repeals. 126. Amendment of section 141 (incapacitated children) of Income Tax Act, 1967. 127. Amendment of section 13 (Commissioners to keep accounts) of Inland Revenue Regulation Act, 1890. 128. Amendment of section 17 (tax deductions from payments to sub-contractors in the construction industry) of Finance Act, 1970. 129. Application of certain income tax provisions in relation to the collection and recovery of capital acquisitions tax, etc. 130. Amendment of section 73 (deduction from payments due to defaulters of amounts due in relation to tax) of Finance Act, 1988. 131. Care and management of taxes and duties. 132. Short title, construction and commencement. FIRST SCHEDULE Amendment of Enactments PART I Amendments Consequential on Changes in Rates of Tax PART II Amendments Consequential on Changes in Personal Reliefs SECOND SCHEDULE Urban Renewal: Temple Bar Area PART I Interpretation PART II Description of Temple Bar Area THIRD SCHEDULE Rates of Excise Duty on Tobacco Products PART I Charged, levied and paid as on and from the 31st day of January, 1991 PART II Charged, levied and paid as on and from the 1st day of March, 1991 FOURTH SCHEDULE Enactments Repealed FIFTH SCHEDULE Stamp Duty on Instruments PART I Bonds, Covenants, etc. PART II Leases PART III Mortgages, Bonds, Debentures and certain Covenants and Warrants of Attorney Acts Referred to Capital Acquisitions Tax Act, 1976 1976, No. 8 Capital Gains Tax Act, 1975 1975, No. 20 Central Bank Act, 1971 1971, No. 24 Companies Act, 1963 1963, No. 33 Companies Act, 1990 1990, No. 33 Companies Acts, 1963 to 1990 Companies (Amendment) Act, 1983 1983, No. 13 Corporation Tax Act, 1976 1976, No. 7 Courts of Justice Act, 1936 1936, No. 48 Courts (No. 2) Act, 1986 1986, No. 26 Excise Management Act, 1827 7 & 8 Geo. 4, c. 53 Finance Act, 1894 57 & 58 Vict., c. 30 Finance (1909-10) Act, 1910 10 Edw. 7, c. 8 Finance Act, 1926 1926, No. 35 Finance Act, 1935 1935, No. 28 Finance Act, 1940 1940, No. 14 Finance Act, 1949 1949, No. 13 Finance Act, 1950 1950, No. 18 Finance Act, 1960 1960, No. 19 Finance Act, 1968 1968, No. 33 Finance Act, 1970 1970, No. 14 Finance Act, 1972 1972, No. 19 Finance Act, 1973 1973, No. 19 Finance Act, 1974 1974, No. 27 Finance Act, 1975 1975, No. 6 Finance Act, 1976 1976, No. 16 Finance Act, 1979 1979, No. 11 Finance Act, 1980 1980, No. 14 Finance Act, 1981 1981, No. 16 Finance Act, 1982 1982, No. 14 Finance Act, 1983 1983, No. 15 Finance Act, 1984 1984, No. 9 Finance Act, 1985 1985, No. 10 Finance Act, 1986 1986, No. 13 Finance Act, 1987 1987, No. 10 Finance Act, 1988 1988, No. 12 Finance Act, 1989 1989, No. 10 Finance Act, 1990 1990, No. 10 Finance (Excise Duties) (Vehicles) Act, 1952 1952, No. 24 Finance (Excise Duty on Tobacco Products) Act, 1977 1977, No. 32 Health Act, 1970 1970, No. 1 Income Tax Act, 1967 1967, No. 6 Inland Revenue Regulation Act, 1890 53 & 54 Vict., c. 21 Insurance Act, 1936 1936, No. 45 Insurance Act, 1964 1964, No. 18 Insurance Act, 1989 1989, No. 3 Insurance Act, 1990 1990, No. 26 Petroleum and Other Minerals Development Act, 1960 1960, No. 7 Petty Sessions (Ireland) Act, 1851 14 & 15 Vict., c. 93 Postal and Telecommunications Services Act, 1983 1983, No. 24 Stamp Act, 1891 54 & 55 Vict., c. 39 Stamp Duties Management Act, 1891 54 & 55 Vict., c. 38 Stock Transfer Act, 1963 1963, No. 34 Succession Duty Act, 1853 16 & 17 Vict., c. 51 Tourist Traffic Acts, 1939 to 1987 Unit Trusts Act, 1990 1990, No. 37 Value-Added Tax Act, 1972 1972, No. 22 Value-Added Tax (Amendment) Act, 1978 1978, No. 34 Value-Added Tax Acts, 1972 to 1990 Number 13 of 1991 FINANCE ACT, 1991 AN ACT TO CHARGE AND IMPOSE CERTAIN DUTIES OF CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE), TO AMEND THE LAW RELATING TO CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE) AND TO MAKE FURTHER PROVISIONS IN CONNECTION WITH FINANCE. [29th May, 1991] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: PART I Income Tax, Corporation Tax and Capital Gains Tax Chapter I Income Tax Amendment of provisions relating to exemption from income tax. 1.—As respects the year 1991-92 and subsequent years of assessment, the Finance Act, 1980 , is hereby amended— (a) in section 1— (i) by the substitution, in paragraph (b) of subsection (1), of “52 per cent.” for “53 per cent.” (inserted by the Finance Act, 1990 ), (ii) by the substitution, in subsection (2) (inserted by the Finance Act, 1989 ), of “£6,800” for “£6,500” (inserted by the Finance Act, 1990 ), and “£3,400” for “£3,250” (inserted by the Finance Act, 1990 ), and (iii) by the substitution of the following paragraph for paragraph (a) of subsection (3) (inserted by the Finance Act, 1989 ): “(a) For the purposes of this section and section 2, where a claimant proves that he has living, at any time during the year of assessment, any qualifying child, then, subject to subsection (4), the specified amount (within the meaning of this section or section 2, as the case may be) shall be increased, for that year of assessment, by £300 in respect of the first such child, £300 in respect of the second such child and £500 in respect of each such child in excess of two.”, and (b) in section 2— (i) by the substitution, in subsection (3), of “52 per cent.” for “53 per cent.” (inserted by the Finance Act, 1990 ), and (ii) by the substitution, in subsection (6) (inserted by the Finance Act, 1989 )— (I) of “£7,800” and “£9,000”, respectively, for “£7,500” and “£8,700” (inserted by the Finance Act, 1990 ), in paragraph (a), and (II) of “£3,900” and “£4,500”, respectively, for “£3,750” and “£4,350” (inserted by the Finance Act, 1990 ), in paragraph (b), and the said paragraph (b) of subsection (1), and the said subsection (2), of the said section 1 and the said subsections (3) and (6) of the said section 2, as so amended, are set out in the Table to this section. TABLE (b) an individual makes a claim for the purpose, makes a return in the prescribed form of his total income for that year and proves that it does not exceed a sum equal to twice the specified amount, he shall be entitled to have the amount of income tax payable in respect of his total income for that year, if that amount would, but for the provisions of this subsection, exceed a sum equal to 52 per cent, of the amount by which his total income exceeds the specified amount, reduced to that sum. (2) In this section “the specified amount” means, subject to subsection (3)— (a) in a case where the individual would, apart from this section, be entitled to a deduction specified in section 138 (a) of the Income Tax Act, 1967 , £6,800, and (b) in any other case, £3,400. (3) Where an individual to whom this section applies proves that his total income for a year of assessment for which this section applies does not exceed a sum equal to twice the specified amount, he shall be entitled to have the amount of income tax payable in respect of his total income for that year, if that amount would, but for the provisions of this subsection, exceed a sum equal to 52 per cent, of the amount by which his total income exceeds the specified amount, reduced to that sum. (6) In this section “the specified amount” means, subject to subsection (3) of section 1— (a) in a case where the individual would, apart from this section, be entitled to a deduction specified in section 138 (a) of the Income Tax Act, 1967 , £7,800: Provided that, if at any time during the year of assessment either the individual or his spouse was of the age of seventy-five years or upwards, “the specified amount” means £9,000, and (b) in any other case, £3,900: Provided that, if at any time during the year of assessment the individual was of the age of seventy-five years or upwards, “the specified amount” means £4,500. Charge of income tax for 1991-92 and subsequent years. 2.—(1) Income tax shall be charged for the year 1991-92 and for each subsequent year of assessment and shall, subject to subsection (2), be so charged at the rate of tax specified in the Table to this section as the standard rate. (2) Where a person who is charged to income tax for the year 1991-92 or any subsequent year of assessment is an individual (other than an individual acting in a fiduciary or representative capacity), he shall, notwithstanding anything in the Income Tax Acts but subject to section 5 (3) of the Finance Act, 1974 , be charged to tax on his taxable income— (a) in a case in which he is assessed to tax otherwise than in accordance with the provisions of section 194 (inserted by the Finance Act, 1980 ) of the Income Tax Act, 1967 , at the rates specified in Part I of the Table to this section, or (b) in a case in which he is assessed to tax in accordance with the provisions of the said section 194, at the rates specified in Part II of the said Table, and the rates in each Part of that Table shall be known, respectively, by the description specified in column (3), in each such Part opposite the mention of the rate or rates, as the case may be, in column (2) of that Part. (3) Paragraph 1 of Part I of the First Schedule shall have effect for the purpose of supplementing subsection (2) and paragraph 2 of the said Part I shall have effect for the purpose of supplementing section 3 of the Finance Act, 1974 . TABLE PART I Part of taxable income Rate of tax Description of rate (1) (2) (3) The first £6,700 29 per cent. the standard rate The next £3,100 48 per cent. the higher rates The remainder 52 per cent. PART II Part of taxable income Rate of tax Description of rate (1) (2) (3) The first £13,400 29 per cent. the standard rate The next £6,200 48 per cent. the higher rates The remainder 52 per cent. Personal reliefs. 3.—(1) Where a deduction falls to be made from the total income of an individual for the year 1991-92 or any subsequent year of assessment in respect of relief to which the individual is entitled under a provision mentioned in column (1) of the Table to this subsection and the amount of the deduction would, but for this section, be an amount specified in column (2) of the said Table, the amount of the deduction shall, in lieu of being the amount specified in the said column (2), be the amount specified in column (3) of the said Table opposite the mention of the amount in the said column (2). TABLE Statutory provision Amount to be deducted from total income for the year 1990-91 Amount to be deducted from total income for the year 1991-92 and subsequent years (1) (2) (3) Income Tax Act, 1967 : £ £ Section 138 (married man) 4,100 4,200 (widowed person bereaved in the year of assessment) 4,100 4,200 (widowed person) 2,550 2,600 (single person) 2,050 2,100 Section 138A (additional allowance for widows and others in respect of children) (widowed person) 1,550 1,600 (others) 2,050 2,100 (2) Section 3 of the Finance Act, 1988 , shall have effect subject to the provisions of this section. (3) Part II of the First Schedule shall have effect for the purpose of supplementing subsection (1). Special allowance for widowed parent following death of spouse. 4.—(1) (a) This section applies to an individual whose spouse dies in a year of assessment, being the year 1988-89 or any subsequent year of assessment (hereafter in this section referred to as “a claimant”). (b) For the purposes of this section “a qualifying child”, in relation to a claimant and a year of assessment, has the meaning assigned to it by subsection (1) (b) of section 138A (inserted by the Finance Act, 1985 ) of the Income Tax Act, 1967 , and the question of whether a child is a qualifying child shall be determined on the same basis as it would be for the purposes of the said section 138A, and the provisions of subsections (3), (4), (6) and (7) of that section shall apply accordingly. (2) Subject to the provisions of this section, where a claimant proves, in relation to any of the three years of assessment next immediately following the year of assessment in which his spouse dies, that— (a) he has not remarried before the commencement of the year, and (b) a qualifying child is resident with him for the whole or part of the year, he shall, in respect of each of the years in relation to which he so proves, be entitled, in computing the amount of his taxable income, to have a deduction made from his total income as follows— (i) for the first of the said three years, £1,500, (ii) for the second of the said three years, £1,000, and (iii) for the third of the said three years, £500: Provided that this section shall not apply for any year of assessment in the case of a man and woman who are living together as man and wife. (3) All such provisions of the Income Tax Acts as apply in relation to the deductions specified in sections 138 to 143 of the Income Tax Act, 1967 , shall apply in relation to a deduction under this section. (4) This section shall apply and have effect as respects the year 1991-92 and subsequent years of assessment. Amendment of provisions relating to relief in respect of premiums on certain insurances, etc. 5.— Section 8 of the Finance Act, 1989 , shall have effect, as respects the year 1991-92 and subsequent years of assessment, as if “25 per cent.” were substituted for “80 per cent.”. Amendment of section 110 (persons chargeable and extent of charge) of Income Tax Act, 1967. 6.— Section 110 (inserted by the Finance Act, 1990 ) of the Income Tax Act, 1967 , is hereby amended— (a) by renumbering the existing provision as subsection (1) of that section, and (b) by the addition of the following subsections: “(2) Where (apart from this subsection) emoluments from an office or employment would be for a year of assessment in which a person does not hold the office or employment, the following provisions shall apply for the purposes of subsection (1): (a) if in the year concerned the office or employment has never been held, the emoluments shall be treated as emoluments for the first year of assessment in which the office or employment is held, and (b) if in the year concerned the office or employment is no longer held, the emoluments shall be treated as emoluments for the last year of assessment in which the office or employment was held. (3) In this section ‘emoluments’ means anything assessable to income tax under Schedule E.”. Amendment of section 138B (employee allowance) of Income Tax Act, 1967. 7.—As respects the year 1991-92 and subsequent years of assessment, section 138B (inserted by the Finance Act, 1980 ) of the Income Tax Act, 1967 , is hereby amended by the addition after subsection (2) of the following subsection: “(3) Where an individual is in receipt of profits or gains from an office or employment held or exercised outside the State, such profits or gains shall be deemed to be emoluments within the meaning of subsection (2) if such profits or gains— (a) are chargeable to tax in the country in which they arise, and (b) are, on payment by the person making such payment, subject to a system of tax deduction which is similar in form to that provided for in Chapter IV of Part V, and (c) are chargeable to tax in the State on the full amount thereof under Schedule D, and (d) would, if the said office or employment was held or exercised within the State and the said person was resident in the State, be emoluments within the meaning of subsection (2).”. Amendment of section 142A (allowance for rent paid by certain tenants) of Income Tax Act, 1967. 8.—As respects the year 1991-92 and subsequent years of assessment, section 142A (inserted by the Finance Act, 1982 ) of the Income Tax Act, 1967 , is hereby amended by the substitution, in subsection (2), of the following paragraph for paragraph (b): “(b) In this subsection ‘the relevant limit’ means— (i) in the case of a claimant who is entitled to a deduction under section 138 (a), £2,000, (ii) in the case of a widowed person, £1,500, and (iii) in any other case, £1,000.”. Amendment of section 6 (special allowance in respect of P.R.S.I. for 1982-83) of Finance Act, 1982. 9.— Section 6 of the Finance Act, 1982 , shall have effect for the purpose of ascertaining the amount of income on which an individual referred to therein is to be charged to income tax for the year 1991-92, as if in subsection (2)— (a) “1991-92” were substituted for “1982-83”, and (b) “£286” were substituted for “£312” in each place where it occurs. Application of section 10 (exemption of certain income from leasing of farm land) of Finance Act, 1985. 10.—(1) In this section, “qualifying lease”, “qualifying lessor” and “the specified amount” have the meanings respectively assigned to them by section 10 (1) of the Finance Act, 1985 . (2) As respects a qualifying lease or qualifying leases made on or after the 30th day of January, 1991, the said section 10 (1) shall have effect as if references therein to £2,000 were references to— (a) where the qualifying lease or qualifying leases is or are for a definite term of seven years or more, £4,000, and (b) in every other case, £3,000: Provided that, where the income of a qualifying lessor consists of, or includes, rent or rents from a qualifying lease or qualifying leases made before the 30th day of January, 1991, and from a qualifying lease or qualifying leases made on or after that date, the specified amount shall not exceed £4,000 or, as may be appropriate, £3,000. Amendment of section 31 (interpretation (Chapter IV)) of Finance Act, 1986. 11.— Section 31 of the Finance Act, 1986 , is hereby amended, in the definition of “relevant deposit” in subsection (1)— (a) by the insertion in paragraph (a), with effect as on and from the 3rd day of December, 1990, of the following subparagraph after subparagraph (i): “(ia) the National Treasury Management Agency,”, and (b) by the substitution of the following paragraph for paragraph (e): “(e) which is a deposit denominated in a foreign currency but not including such a deposit made by an individual on or after the 1st day of June, 1991: Provided that, where on or after that date a deposit denominated in a foreign currency is made by an individual to a relevant deposit taker with whom that individual had a deposit denominated in the same foreign currency immediately prior to that date, such a deposit shall not be regarded as a relevant deposit,”. General medical services, scheme of superannuation. 12.—(1) Subject to the following provisions of this section, the Revenue Commissioners may, if they think fit, and subject to any undertakings and conditions that they think proper to attach to the approval, approve for the purposes of Chapter II of Part I of the Finance Act, 1972 , a scheme of superannuation provided for under an agreement for the provision of services under section 58 of the Health Act, 1970 (hereafter in this section referred to as “a scheme”), as if it were a retirement benefits scheme within the meaning of that Chapter and notwithstanding that it does not satisfy one or more of the conditions set out in subsections (2) and (3) of section 15 of that Act. (2) As respects a scheme approved under this section, the provisions of Chapter II of Part I of, and Parts I and VI of the First Schedule to, the Finance Act, 1972 , shall apply subject to any necessary modifications and, in particular, as if in those provisions— (a) “employee” included a registered medical practitioner providing services under an agreement for the provision of services under section 58 of the Health Act, 1970 (hereafter in this section referred to as “an agreement”), (b) “service” included services by a registered medical practitioner under an agreement and an “office or employment” included the provision of such services, and (c) a reference to “Schedule E” were a reference to Case II of Schedule D, except in section 20 of the said Act. (3) Chapter III of Part XII of the Income Tax Act, 1967 , shall apply as if a member of a scheme were the holder of a pensionable office or employment and his income assessable to tax under Case II of Schedule D arising from an agreement were remuneration from such an office or employment. The Great Book of Ireland Trust. 13.—(1) In this section “the Trust” means “The Great Book of Ireland Trust” established by trust deed dated the 12th day of December, 1990, for the purposes of— (a) making and carrying to completion and selling a unique manuscript volume (hereafter in this section referred to as “The Great Book of Ireland”), and (b) using the proceeds of the sale of The Great Book of Ireland for the benefit of— (i) a company incorporated on the 5th day of August, 1986, as Clashganna Mills Trust Limited, and (ii) a company incorporated on the 1st day of March, 1991, as Poetry Ireland Limited. (2) Notwithstanding any provision of the Income Tax Acts, (a) income arising to the trustees of the Trust in respect of the sale by it of The Great Book of Ireland, and (b) payments made to the said companies under the Trust by the trustees of the Trust, shall be disregarded for all the purposes of those Acts. Chapter II Income Tax: Relief for Investment in Corporate Trades Extension of relief. 14.—Chapter III of Part I of the Finance Act, 1984 , is hereby amended— (a) in section 12, by the substitution of the following subsection for subsection (11): “(11) This section applies only where the shares concerned are issued in the year 1984-85 or any of the 8 years of assessment immediately following.”, and (b) in section 13, by the substitution, in the provisos to subsections (2A) and (2B) (inserted by the Finance Act, 1987 ), of “the year 1992-93” for “the year 1990-91”, and the said provisos, as so amended, are set out respectively in the Table to this section. TABLE Provided that this subsection shall not apply or have effect for any year of assessment subsequent to the year 1992-93. Provided that this subsection shall not apply or have effect for any year of assessment subsequent to the year 1992-93. Restriction of relief as respects eligible shares issued on or after 30th January, 1991. 15.—(1) Subject to section 16 , Chapter III of Part I of the Finance Act, 1984 , is hereby further amended, as respects eligible shares issued on or after the 30th day of January, 1991— (a) in section 12, by the deletion of the first proviso (inserted by the Finance Act, 1989 ) to paragraph (c) of subsection (1), (b) in section 13, by the insertion after subsection (2) of the following proviso: “Provided that, notwithstanding the provisions of subsection (2A), relief shall not be given to the extent to which the relief in respect of the amount, or the total of the amounts, subscribed by an individual for eligible shares issued to him (whether or not by the same company) in all years of assessment (being the year 1984-85 and subsequent years) exceeds £75,000.”, (c) in section 13A (inserted by the Finance Act, 1989 ), by the substitution of the following subsection for subsection (1)— “(1) Subject to the following provisions of this section, where a company raises any amount through the issue of eligible shares (hereafter in this section referred to as the ‘relevant issue’) on any day falling on or after the 30th day of January, 1991, relief shall not be given in respect of the excess of the amount over the amount determined by the formula— £500,000 − A where A is— (a) £500,000, or (b) an amount equal to the aggregate of all amounts raised by the company through the issue of eligible shares at any time before the relevant issue, whichever is the lesser amount.”, (d) in section 15, by the deletion of subsection (13) (inserted by the Finance Act, 1987 ), (e) in section 16— (i) by the deletion, in subsection (2), of subparagraph (iii) of paragraph (a) (inserted by the Finance Act, 1987 ), (ii) by the deletion, in paragraph (I) of the second proviso (inserted by the Finance Act, 1989 ) to subsection (2), of the words “except where it forms part of the carrying on of qualifying shipping activities within the meaning of section 28 of the Finance Act, 1987 ,”, and (iii) by the substitution, in subsection (2A) (inserted by the Finance Act, 1987 )— (I) of the following paragraph for paragraph (a) (inserted by the Finance Act, 1989 ): “(a) the operation of tourist accommodation facilities, for which the Bord maintains a register in accordance with the Tourist Traffic Acts, 1939 to 1987, other than hotels, guest houses and self-catering accommodation,”, and (II) of the following paragraph for paragraph (c): “(c) the promotion outside the State of— (i) one or more tourist accommodation facilities for which the Bord maintains a register in accordance with the Tourist Traffic Acts, 1939 to 1987, or (ii) any of the facilities mentioned in paragraph (b).”, and (f) in section 26, by the deletion of subsection (1A) (inserted by the Finance Act, 1987 ). (2) The Second Schedule to the Finance Act, 1984 , is hereby amended, as respects eligible shares issued on or after the 30th day of January, 1991, by the deletion, in paragraph 1 (inserted by the Finance Act, 1987 ), of “(other than a subsidiary which is a qualifying subsidiary by virtue of section 26 (1A) (inserted by the Finance Act, 1987 ))”. Transitional arrangements in relation to section 15 . 16.—(1) In this section— “auditor”, in relation to a company, or its qualifying subsidiary, means the person or persons appointed as auditor of the company, or its qualifying subsidiary, as appropriate, for all the purposes of the Companies Acts, 1963 to 1990; “prospectus”, in relation to a company, means any prospectus, notice, circular, advertisement or other invitation, offering to the public for subscription or purchase any eligible shares (within the meaning of section 12 (2) of the Finance Act, 1984 ) of the company, and in this definition the term “the public” includes any section of the public, whether selected as members of the company or as clients of the person issuing the prospectus or in any other manner; “qualifying subsidiary”, in relation to a company, has the same meaning as it has for the purposes of section 15 of the Finance Act, 1984 ; “the specified period” means the period beginning on the 1st day of January, 1990, and ending on the 30th day of January, 1991. (2) As respects eligible shares issued on or after the 30th day of January, 1991, but on or before the 31st day of August, 1991, by a company to which this section applies— (a) subject to paragraph (b) of this subsection, section 15 , other than paragraphs (b) and (c) of subsection (1), shall not apply or have effect, and (b) subsection (1) (as amended by section 15 (1) (c)) of section 13A (inserted by the Finance Act, 1989 ) of the Finance Act, 1984 , shall apply and have effect as if “£1,000,000” were substituted for “£500,000” in both places where it occurs. (3) Subject to the conditions set out in subsection (4), this section applies to a company which, or whose qualifying subsidiary, either carries on or intends to carry on one or more of the qualifying trading operations mentioned in subparagraph (i) (as amended by the Finance Act, 1990 ), (ii) (inserted by the Finance Act, 1990 ), (iii) or (iv) of paragraph (a) (inserted by the Finance Act, 1987 ) of subsection (2) of section 16 of the Finance Act, 1984 . (4) The following are the conditions referred to in subsection (3), that is to say: (a) in the case of a company which, or whose qualifying subsidiary, either carries on or intends to carry on a qualifying trading operation as is mentioned in subparagraph (i) or (ii) of paragraph (a) of subsection (2) of section 16 of the Finance Act, 1984 , that— (i) in the specified period the company or its qualifying subsidiary, as the case may be, had entered into a binding contract in writing— (I) to purchase or lease land or a building, (II) to purchase or lease plant or machinery, or (III) for the construction or refurbishment of a building, to be used in the carrying on of its qualifying trading operation, and (ii) the company proves to the satisfaction of the Revenue Commissioners that— (I) on or before the 30th day of January, 1991, it had an intention to raise money under the provisions of Chapter III of Part I of the Finance Act, 1984 , and (II) the contract which it or its qualifying subsidiary, as the case may be, had entered into was integral to, or consistent with, the purpose for which it had intended to raise money as aforesaid: Provided that, in determining whether they are satisfied that the company has complied with the requirements specified in subparagraph (ii) of this paragraph, the Revenue Commissioners shall have regard to either or both of the following— (A) an application in writing made by the company to the Revenue Commissioners in the specified period for the opinion of the Revenue Commissioners as to whether the company would be a qualifying company for the purposes of Chapter III of Part I of the Finance Act, 1984 , and (B) the publication in the specified period of a prospectus by, or on behalf of, the company; (b) in the case of a company which, or whose qualifying subsidiary, either carries on or intends to carry on a qualifying trading operation as is mentioned in subparagraph (iii) of paragraph (a) of subsection (2) of section 16 of the Finance Act, 1984 , that— (i) in the specified period the company or its qualifying subsidiary, as the case may be, had entered into a binding contract in writing for the purchase of a ship to be used in the carrying on of its qualifying trading operation, and (ii) on or before the 30th day of January, 1991, the company or its qualifying subsidiary, as the case may be, had received a certificate from the Minister for the Marine certifying that the purchase of the ship was, is or would be eligible to be grant-aided under a statutory scheme of assistance for the purchase of ships administered by the Department of the Marine; and (c) in the case of a company which, or whose qualifying subsidiary, either carries on or intends to carry on a qualifying trading operation as is mentioned in subparagraph (iv) of paragraph (a) of subsection (2) of section 16 of the Finance Act, 1984 , that— (i) on or before the 30th day of January, 1991, the company or its qualifying subsidiary, as the case may be, had submitted to, and had approved of by, Bord Fáilte Éireann a three-year marketing and development plan as is mentioned in paragraph (a) of subsection (3A) (inserted by the Finance Act, 1987 ) of section 15 of the Finance Act, 1984 , in respect of its qualifying trading operation, (ii) in the specified period the company or its qualifying subsidiary, as the case may be, had entered into a binding contract in writing— (I) to purchase or lease land or a building, (II) to purchase or lease plant or machinery, or (III) for the construction or refurbishment of a building, to be used in the carrying on of its qualifying trading operation, and (iii) the company proves to the satisfaction of the Revenue Commissioners that the contract which it, or its qualifying subsidiary, as the case may be, had entered into was integral to, or consistent with, the three-year marketing and development plan approved of by Bord Fáilte Éireann. (5) For the purposes of subsection (4)— (a) the date on which a contract was entered into by a company or, as the case may be, its qualifying subsidiary, and (b) the date on which a prospectus was published by, or on behalf of, a company, shall be confirmed in a certificate by the auditor of the company, or its qualifying subsidiary, as appropriate. Amounts raised by companies acting in concert, or for trade of subsidiary. 17.—(1) Subject to subsection (3), section 13A (inserted by the Finance Act, 1989 ) of the Finance Act, 1984 , is hereby amended— (a) by the insertion, after subsection (1) (as amended by section 15 (1) (c)), of the following subsections: “(1A) Where a company raises any amount through a relevant issue on any day falling on or after the 12th day of March, 1991, and— (a) any agreement, arrangement or understanding exists whereby— (i) a qualifying trading operation or qualifying trading operations is or are carried on, or is or are to be carried on, by that company, or its qualifying subsidiary, and one or more other companies, or (ii) different parts of what was formerly a single qualifying trading operation or a single set of qualifying trading operations are, or are to be, carried on by that company, or its qualifying subsidiary, and one or more other companies, or (iii) separate qualifying trading operations— (I) which together produce a single product or provide a single service, or (II) which separately produce products or provide services that closely resemble, or are similar to, or are of the same kind or nature as, each other, are, or are to be, carried on by that company, or its qualifying subsidiary, and one or more other companies, or (iv) separate qualifying trading operations are, or are to be, carried on by that company, or its qualifying subsidiary, and one or more other companies acting together in pursuit of a common purpose or, either directly or indirectly, in accordance with the wishes or directions of, or under the control of, any person or any group of persons or groups of persons having a reasonable commonality of identity and who have or had the means or power, either directly or indirectly, to determine the trading operations to be carried on by each company, and (b) it could reasonably be considered that the purpose of, or one of the purposes of, the aforesaid agreement, arrangement or understanding is to circumvent the limitation imposed by subsection (1), then, as respects that company, relief shall not be given in respect of the excess of the amount so raised over the amount determined by the formula— £500,000 − B ___________ 1 + C where— B  is an amount equal to so much, as does not exceed £500,000, of the aggregate of all amounts raised through the issue of eligible shares at any time before the relevant issue by all of the companies (including that company) which are party to the aforesaid agreement, arrangement or understanding, and C  is the total number of companies, apart from that company or any of its qualifying subsidiaries, which are party to the aforesaid agreement, arrangement or understanding. (1B) In subsection (1A), ‘qualifying subsidiary’, in relation to a company, has the same meaning as it has for the purposes of section 15.”, (b) by the substitution of the following subsection for subsection (2): “(2) In determining, for the purposes of the formula in subsection (1) or, as the case may be, the formula in subsection (1A), the amount to which paragraph (b) in subsection (1) or, as the case may be, the amount to which B in subsection (1A), relates, account shall not be taken of any amount— (a) which is subscribed by a person other than an individual who qualifies for relief, or (b) in respect of which relief is precluded by virtue of section 13.”, and (c) by the insertion, in subsection (3), of “or subsection (1A)” after “subsection (1)”, and the said subsection (3), as so amended, is set out in the Table to this subsection. TABLE (3) Where, as a consequence of subsection (1) or subsection (1A), the giving of relief would be precluded on claims in respect of shares issued to two or more individuals, the available relief shall be divided between them respectively in proportion to the amounts which have been subscribed by them for the shares to which their claims relate and which would, apart from this section, be eligible for relief. (2) Subject to subsection (3), section 15 of the Finance Act, 1984 , is hereby amended, in subsection (2), by the insertion after paragraph (b) of the following proviso to that paragraph: “Provided that where a company raises any amount through the issue of eligible shares on any day falling on or after the 12th day of March, 1991, for the purposes of raising money for a qualifying trade which is being carried on by a qualifying subsidiary or which such a qualifying subsidiary intends to carry on the amount so raised shall be used for the purpose of acquiring eligible shares in the qualifying subsidiary and for no other purpose.”. (3) Subsections (1) and (2) shall not apply or have effect in relation to— (a) eligible shares issued on or before the 31st day of August, 1991, by a company to which section 16 applies, or (b) eligible shares issued by a company, other than a company referred to in paragraph (a), which, on or before the 11th day of March, 1991— (i) had made an application in writing to the Revenue Commissioners for the opinion of the Revenue Commissioners as to whether the company would be a qualifying company for the purposes of Chapter III of Part I of the Finance Act, 1984 , or (ii) had published, or had published on its behalf, a prospectus: Provided that the date on which the prospectus was published shall be confirmed in a certificate by the auditor of the company. (4) In subsection (3) “auditor”, in relation to a company, and “prospectus”, in relation to a company, have the same meanings, respectively, as they have in section 16 . Chapter III Income Tax, Corporation Tax and Capital Gains Tax Farming: amendment of provisions relating to relief in respect of increase in stock values. 18.—(1) Section 31A (inserted by the Finance Act, 1976 ) of the Finance Act, 1975 , is hereby amended by the substitution of “1992” for “1990” (inserted by the Finance Act, 1989 )— (a) in paragraph (iv) (inserted by the Finance Act, 1979 ) of the proviso to subsection (4) (a), and (b) in each place where it occurs in subsections (7) and (9) (inserted by the Finance Act, 1984 ), and the said paragraph (iv), the said subsection (7) (apart from the proviso) and the said subsection (9) (apart from the proviso), as so amended, are set out in the Table to this subsection. TABLE (iv) a deduction shall not be allowed under the provisions of this section in computing a company's trading income for any accounting period which ends on or after the 6th day of April, 1992. (7) Where in relation to an accounting period a company's opening stock value exceeds its closing stock value, the amount of the excess (in this section referred to as the company's “decrease in stock value”) shall, if the accounting period ends on a date before the 6th day of April, 1992, be treated in the computation of the company's trading income for the purposes of corporation tax, as a trading receipt of the company's trade for that accounting period: (9) In the computation of a company's trading income for the purposes of corporation tax for any accounting period which ends on or after the 6th day of April, 1992, in which there is a decrease in stock value, there shall be treated as a trading receipt of the company's trade for that accounting period the amount (if any) by which A exceeds the aggregate of B and C where— A  is the aggregate amount of the company's decreases in stock value in all accounting periods which ended on or after the 6th day of April, 1992, B  is the aggregate amount of the company's increases in stock value in all accounting periods which ended on or after the 6th day of April, 1992, and C  is the aggregate of the amounts which under this subsection are treated as trading receipts of the company's trade for preceding accounting periods: (2) Section 12 of the Finance Act, 1976 , is hereby amended— (a) by the substitution in subsection (3) of “1992-93” for “1990-91” (inserted by the Finance Act, 1989 ), and (b) by the substitution of “1992” for “1990” (inserted by the Finance Act, 1989 ) in each place where it occurs in subsections (5) and (6) (inserted by the Finance Act, 1984 ), and the said subsection (3), the said subsection (5) (apart from the proviso) and the said subsection (6) (apart from the proviso), as so amended, are set out in the Table to this subsection. TABLE (3) Any deduction allowed by virtue of this section in computing a person's trading profits for an accounting period shall not have effect for any purpose of the Income Tax Acts for any year of assessment prior to the year 1974-75 or later than the year 1992-93. (5) In the computation of a person's trading profits for an accounting period in which there is a decrease in stock value and which ends on a date in the period from the 6th day of April, 1976, to the 5th day of April, 1992, the amount of that decrease shall be treated as a trading receipt of the trade for that accounting period: (6) In the computation of a person's trading profits for any accounting period in which there is a decrease in stock value and which ends on or after the 6th day of April, 1992, there shall be treated as a trading receipt of the trade for that accounting period the amount (if any) by which A exceeds the aggregate of B and C where— A  is the aggregate amount of the person's decreases in stock value in all accounting periods which ended on or after the 6th day of April, 1992, B  is the aggregate amount of the person's increases in stock value in all accounting periods which ended on or after the 6th day of April, 1992, and C  is the aggregate of the amounts which are treated as trading receipts of the person's trade for preceding accounting periods which ended on or after the 6th day of April, 1992: (3) As respects disposals made on or after the 6th day of April, 1990, section 28 of the Finance Act, 1980 , is hereby amended in paragraph (b) of subsection (3) by the substitution in subparagraph (ii) of the following clause for clause (II) (inserted by the Finance Act, 1990 ): “(II) the value of the said trading stock at the beginning of the immediately succeeding accounting period or, where appropriate, at the beginning of the immediately succeeding accounting period and at the beginning of the accounting period next after that period,”. (4) This section shall have effect only as respects a trade of farming. Amendment of section 18 (taxation of collective investment undertakings) of Finance Act, 1989. 19.—(1) Section 18 of the Finance Act, 1989 , is hereby amended in subsection (1)— (a) by the substitution for the definition of “collective investment undertaking” of the following: “‘collective investment undertaking’ means— (a) a unit trust scheme which is, or is deemed to be, an authorised unit trust scheme within the meaning of the Unit Trusts Act, 1990 , and which has not had its authorisation under that Act revoked, (b) any other undertaking which is an undertaking for collective investment in transferable securities within the meaning of the relevant Regulations, being an undertaking which holds an authorisation issued pursuant to the relevant Regulations and that authorisation has not been revoked, and (c) any authorised investment company within the meaning of Part XIII of the Companies Act, 1990 , which— (i) has not had its authorisation under that Part of the said Act revoked, and (ii) has been designated in that authorisation as an investment company which may raise capital by promoting the sale of its shares to the public and has not ceased to be so designated;”, and (b) by the addition to the definition of “specified collective investment undertaking”, after paragraph (b) of that definition, of the following: “and shall include any company limited by shares or guarantee which— (c) is wholly owned by such a collective investment undertaking or its trustees, if any, for the benefit of the holders of units in that undertaking, (d) is so owned solely for the purpose of limiting the liability of that undertaking or its trustees, as the case may be, in respect of futures contracts, options contracts or other financial instruments with similar risk characteristics, by enabling it or its trustees, as the case may be, to invest or deal in such instruments through the said company, and (e) would, if references to an undertaking in paragraph (a) were to be construed as including references to a company limited by shares or guarantee, satisfy the condition set out in paragraph (a);”, and the said definition, as so amended, is set out in the Table to this section. (2) References to a collective investment undertaking in section 18 (as amended by this section) of the Finance Act, 1989 , apart from such references in the definition of a specified collective investment undertaking in subsection (1) of that section (as so amended), shall include references to a company limited by shares or guarantee which is a specified collective investment undertaking within the meaning of that section (as so amended). (3) (a) Subject to paragraph (b), subsection (1) (a) shall be deemed to have effect as on and from the 26th day of December, 1990. (b) The definition of “collective investment undertaking”, as inserted by this section, in section 18 of the Finance Act, 1989 , shall be construed as if until the 1st day of February, 1991, that definition did not include paragraph (c) thereof and, accordingly, that paragraph shall be deemed to have effect as on and from that day. (c) Subsections (1) (b) and (2) shall be deemed to have effect as on and from the 1st day of April, 1991. TABLE “specified collective investment undertaking” means a collective investment undertaking— (a) most of the business of which, to the extent that it is carried on in the State— (i) (I) is carried on in the Area by the undertaking or by a qualifying management company of the undertaking or by the undertaking and the qualifying management company of the undertaking, or (II) is not so carried on in the Area but— (A) is so carried on in the State, (B) would be so carried on in the Area but for circumstances outside the control of the person or persons carrying on the business, and (C) is so carried on in the Area when the aforementioned circumstances cease to exist, or (ii) is carried on in the airport by the undertaking or by a qualifying management company of the undertaking or by the undertaking and the qualifying management company of the undertaking, and (b) save to the extent that such units are held by the undertaking itself or by the qualifying management company of the undertaking, all the holders of units in the undertaking are persons resident outside the State; and shall include any company limited by shares or guarantee which— (c) is wholly owned by such a collective investment undertaking or its trustees, if any, for the benefit of the holders of units in that undertaking, (d) is so owned solely for the purposes of limiting the liability of that undertaking or its trustees, as the case may be, in respect of futures contracts, options contracts or other financial instruments with similar risk characteristics, by enabling it or its trustees, as the case may be, to invest or deal in such instruments through the said company, and (e) would, if references to an undertaking in paragraph (a) were to be construed as including references to a company limited by shares or guarantee, satisfy the condition set out in paragraph (a); Exemption of National Treasury Management Agency from certain tax provisions. 20.—(1) Notwithstanding any provision of the Corporation Tax Acts, profits arising to the National Treasury Management Agency (hereafter in this section referred to as “the Agency”) in any accounting period ending on or after the 3rd day of December, 1990, shall be exempt from corporation tax. (2) Section 23 of the Capital Gains Tax Act, 1975 , shall apply to a gain accruing to the Agency as it does to a gain accruing to a body specified in that section. (3) Notwithstanding any provision of the Tax Acts, any interest, annuity or other annual payment paid by the Agency shall be paid without deduction of income tax. Amendment of section 45 (double rent allowance as a deduction in computing trading income) of Finance Act, 1986. 21.—(1) Section 45 (as amended by section 32 of the Finance Act, 1990 ) of the Finance Act, 1986 , is hereby amended— (a) in subsection (1)— (i) by the substitution, in subparagraph (II) of paragraph (i) of the definition of “qualifying premises”, of “falls, or will by virtue of section 23 of the Finance Act, 1991 fall” for “falls”, (ii) by the deletion of the definition of “relevant rental period”, and (iii) by the addition of the following paragraph after paragraph (b): “(c) For the purposes of this section, so much of a period, being a period when rent is payable by a person in relation to a qualifying premises under a qualifying lease, shall be a relevant rental period as does not exceed— (i) 10 years, or (ii) the period by which 10 years exceeds— (I) any preceding period, or (II) if there is more than one preceding period, the aggregate of preceding periods, for which rent was payable by that person or any person connected with that person in relation to that premises under a q …