Seanad debates

Tuesday, 25 March 2003

Finance Bill 2003 [ Certified Money Bill ] : Second Stage.

 

Section 36 closes a loophole, under which the sale by an individual to a company of a rent roll from a building can facilitate tax avoidance. This loophole has been used to seek a situation where, through the sale of the rent-roll to a financial institution, the rental income that should be charged at the 42% rate of income tax is charged instead to corporation tax at the 12.5% rate.

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