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

I move amendment No. 49:

In page 59, to delete lines 30 to 38 and substitute the following: “(4) (a) Subject to paragraph (b), where, during the lease term, there is a change to the lease term or the amount of the lease payments, then in the accounting period in which the change occurs -

(i) the amount of income under subsection (2), or

(ii) the amount to be deducted under subsection (3), shall be recalculated.

(b) Where the amount of the lease payments is dependent upon any change in facts or matters arising, after the commencement of the lease, the recalculation referred to in paragraph (a) shall⁠—

(i) where the change in facts or matters arising relates to the accounting period in which the change occurs, cause the lease payments in respect of that accounting period to be increased or decreased, as the case may be, and

(ii) where the change in facts or matters arising relates to more than one accounting period, cause the lease payments in respect of the accounting periods to which that fact or matter arising relates to be recalculated such that the increase or decrease, as the case may be, is spread evenly over those accounting periods.”.

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