Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I move amendment No. 18:

In page 20, between lines 27 and 28, to insert the following: “(5) Where, for a year of assessment, qualifying interest referred to in subsection (4) is for a period of less than 365 days, then—

(a) where—

(i) the number of days in the year of assessment to which ‘A’ in the formula in subsection (4) relates is less than 365 and the number of days in the year of assessment to which ‘B’ in the formula in subsection (4) relates is equal to 365, or

(ii) the number of days in the year of assessment to which ‘B’ in the formula in subsection (4) relates is less than 365 and the number of days in the year of assessment to which ‘A’ in the formula in subsection (4) relates is equal to 365, the upper limit shall be determined by the formula—

F x G/H

or

(b) where the number of days in the year of assessment to which ‘A’ in the formula in subsection (4) relates is less than 365 and the number of days in the year of assessment to which ‘B’ in the formula in subsection (4) relates is less than 365, then, the upper limit shall be determined by the formula—

F x I/J

where—

F is €6,250,

G is the number of days in the year of assessment with the lesser number of days,

H is the number of days in the year of assessment with the greater number of days,

I is the number of days in the year of assessment with the lesser number of days, and

J is 365 days.”.

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