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

I move amendment No. 41:

In page 36, between lines 13 and 14, to insert the following:

“(iv) by the insertion of the following subsections after subsection (5):

“(6) (a) Where a qualifying company has issued shares in respect of which—

(i) relief under this Part applies, and

(ii) an entitlement to claim relief under section 600M may apply on the disposal of those shares—

then, this section shall apply subject to the following modifications:

(I) subsection (1) shall apply with the modifications set out in subsection (7),

(II) subsection (2) shall apply with the modification set out in subsection (8),

(III) subsection (4) shall apply with the modifications set out in subsection (9), and

(IV) subsection (5) shall apply with the modifications set out in subsection (10).

(b) For the purposes of subsections (7), (8) and (9), ‘relief group’ shall have the meaning assigned to it by section 600B.

(7) The modifications to subsection (1) referred to in subsection (6)(a)(I) are—

(a) the reference to ‘an individual who qualifies for relief’ shall be read as a reference to an individual who qualifies for relief under this Part in respect of those shares and an individual who may be entitled to claim relief under section 600M on the disposal of those shares,

(b) the reference to shares ‘in respect of which relief was available under this Part’ shall be read as a reference to shares in respect of which relief was available under this Part and shares in respect of which an entitlement to claim relief under section 600M may apply on the disposal of those shares, and

(c) references to ‘RICT group’ shall be read as references to either or both RICT group and relief group, as the case may be.

(8) The modification to subsection (2) referred to in subsection (6)(a)(II) is that the reference to a ‘RICT group’ as it pertains to subsection (2)(b) shall be read as a reference to the relief group and RICT group of which a qualifying company within the meaning of this Part and within the meaning of Chapter 6A of Part 19 is a member.

(9) The modifications to subsection (4) referred to in subsection (6)(a)(III) are—

(a) references to the ‘RICT group’ shall be read as references to the relief group and the RICT group of which a qualifying company within the meaning of this Part and within the meaning of Chapter 6A of Part 19 is a member, and

(b) the reference to a ‘qualifying investment’ shall be read as a reference to qualifying investment within the meaning of this Part and within the meaning of Chapter 6A of Part 19.

(10) The modifications to subsection (5) referred to in subsection (6)(a)(IV) are—

(a) the reference to ‘the giving of relief’ shall be read as a reference to the giving of relief under this Part or the entitlement to claim relief under section 600M,

(b) the reference to ‘the available relief’ shall be read as a reference to the available relief under this Part and the entitlement to claim relief under section 600M,

(c) the reference to ‘to which their claims relate’ shall be read as a reference to claims under this Part and claims in respect of which an entitlement may arise under section 600M, and

(d) the reference to ‘would be eligible for relief’ shall be read as a reference to being eligible for relief under this Part or being entitled to claim relief under section 600M.”.”.

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