Dáil debates

Wednesday, 7 December 2005

Financial Resolution No. 3: Income Tax.

 

9:00 pm

Photo of Bertie AhernBertie Ahern (Taoiseach; Dublin Central, Fianna Fail)
Link to this: Individually | In context

I move:

(1) THAT section 248 of the Taxes Consolidation Act 1997 (No. 39 of 1997) be amended—

(a) in subsection (1)(a), by substituting, as respects a loan which is made after 7 December 2005, the following for subparagraph (i):

"(i) a company which exists wholly or mainly for the purpose of carrying on a trade or trades, or",

and

(b) by inserting the following after subsection (1):

"(1A) Subsection (1)(c) shall not apply to a loan made after 7 December 2005 which is applied in paying off another loan applied in acquiring ordinary share capital in, or making a loan to, a company whose income consists wholly or mainly of profits or gains chargeable under Case V of Schedule D unless—

(a) the loan does not exceed the balance outstanding on, and

(b) the term of the loan does not exceed the balance of the term of,

the loan being paid off.".

(2) IT is hereby declared that it is expedient in the public interest that this Resolution shall have effect under the provisions of the Provisional Collection of Taxes Act 1927 (No. 7 of 1927).

Financial Resolution No. 3 agreed to.