Oireachtas Joint and Select Committees
Wednesday, 17 November 2021
Select Committee on Finance, Public Expenditure and Reform, and Taoiseach
Finance Bill 2021: Committee Stage (Resumed)
Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source
I move amendment No. 47:
In page 61, to delete lines 26 to 36 and substitute the following:“(c) in a case in which an amount of deductible interest equivalent is deducted against chargeable gains chargeable to tax at the CGT rate, the amount of that deductible interest equivalent shall be adjusted as follows:where-IEded-adj = IEdedx (T rate/CGT rate)
IEded-adjis the adjusted amount of deductible interest equivalent in respect of the relevant entity for the accounting period, and
IEdedis the amount of deductible interest equivalent in respect of the relevant entity for the accounting period deducted against chargeable gains chargeable to tax at the CGT rate,
(d) in a case in which an amount of deductible interest equivalent in respect of the legacy debt of the relevant entity is deducted against profits chargeable to tax at the P rate, the amount of that deductible interest equivalent shall be adjusted as follows:where-IELD-ded-adj = IELD-dedx (T rate/P rate)
IELD-ded-adjis the adjusted amount of deductible interest equivalent in respect of the legacy debt of the relevant entity for the accounting period, and
IELD-dedis the amount of deductible interest equivalent in respect of the legacy debt of the relevant entity for the accounting period deducted against profits chargeable to tax at the P rate, and
(e) in a case in which an amount of deductible interest equivalent in respect of the legacy debt of the relevant entity is deducted against chargeable gains chargeable to tax at the CGT rate, the amount of that deductible interest equivalent shall be adjusted as follows:IELD-ded-adj= IELD-dedx (T rate/CGT rate)where-
IELD-ded-adjis the adjusted amount of deductible interest equivalent in respect of the legacy debt of the relevant entity for the accounting period, and
IELD-dedis the amount of deductible interest equivalent in respect of the legacy debt of the relevant entity for the accounting period deducted against chargeable gains chargeable to tax at the CGT rate.”.
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