Seanad debates

Tuesday, 25 March 2003

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

 

Sections 44, 46 and 47 are further anti-avoidance provisions. Section 47 is designed to counter tax avoidance schemes involving a balancing charge, that is, a clawback of capital allowances, arising following the disposal of machinery or plant. These schemes seek to avoid the charge or to pass the balancing charge arising from an individual to a company, which would be taxable at a lower rate.

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