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(f) (i) any payments made by the company in the specified period to which section 237 or 238 applies, other than payments which are deductible in computing the profits or gains or losses of a trade carried on by the company,

section 238(3)

(ii) be treated for the purposes of sections 81(2)(m), 237 and 238 as if it were a royalty paid in respect of the user of a patent.

where payment is made (whether in the State or elsewhere) directly to a person whose usual place of abode is outside the State; but section 238 shall apply in relation to the payment as it applies to other payments, being annual payments charged with tax under Schedule D and not payable out of profits or gains brought into charge to tax.

(4) Subsections (3) to (6) of section 238 shall apply, with necessary modifications, in relation to a payment referred to in subsection (3) as they apply in relation to a payment to which that section applies.

(b) the amount or value of the distribution shall be treated for the purposes of sections 237 and 238 as not brought into charge to income tax.

(b) the amount or value of the distribution shall be treated for the purposes of sections 237 and 238 as not brought into charge to income tax.

(b) the amount or value of the distribution shall be treated for the purposes of sections 237 and 238 as not brought into charge to income tax.

(a) any payment from which income tax is deductible and to which subsections (3) to (5) of section 238 apply, and

(a) required by virtue of section 238(3) to deliver an account to the Revenue Commissioners, and

(i) payments made by the company in the accounting period and in respect of which income tax is required to be deducted by virtue of section 238(2) section 238(2) or 246(2), and

(ii) the tax deducted out of those payments by virtue of section 238(2) section 238(2) or 246(2),

(3) Where, apart from this section, section 238 would apply to a payment of royalties to which this section applies, that section shall not apply to that payment.

(i) section 238, or

the company deducts income tax which it accounts for under sections 238 and 239, or under sections 238 and 241, as the case may be, or as the case may be,

the company deducts income tax which it accounts for under sections 238 and 239, or under sections 238 and 241, as the case may be, or as the case may be,

(c) to which section 238 or 246(2) do not apply by virtue of section 267I section 242A or 267I.

the person by or through whom the payment is made shall on making the payment deduct out of the payment a sum representing the amount of the tax on the payment at the standard rate in force at the time of the payment, and subsections (1) and (3) to (5) of section 238 shall apply to such payments as they apply to payments specified in subsection (2) of that section.

(1) Where, apart from this section, section 238, 246(2) or 257 would apply to a payment of interest or royalties to which this Chapter applies, those sections shall not apply to that payment.

and do not include, in relation to any person referred to in paragraphs (a) and (b), any expenditure or sum in the case of which a deduction of tax is to be or may be made under section 237 or 238.

390 Amount of assessment made under section 238 to be allowed as a loss for certain purposes.

(1) Subject to this section, where a person has been assessed to income tax for a year of assessment under section 238 in respect of a payment made wholly and exclusively for the purposes of a trade or profession, the amount on which income tax has been paid under that assessment shall for the purposes of sections 382 and 385 to 389 be treated as if it were a loss sustained in that trade or profession and relief in respect of such loss shall be allowed accordingly; but no relief shall be allowed under this section in respect of any such payment or any part of such payment which is not ultimately borne by the person assessed or which is charged to capital.

(b) Where an individual who has set up and commenced a trade or profession has been assessed to tax for any year of assessment under section 238 in respect of a payment made—

(3) This section shall not apply to any sum assessed under section 238 by virtue of section 246(2), 757 or 1041(1).

then, subject to subsections (5) to (7), the payment shall be made without deduction of income tax and neither section 238 nor section 246 shall apply to the payment.

(a) for the purpose of computing the total income of the person to whom the loan or advance was made, a sum equal to the amount so released or written off shall be treated as income received by such person after deduction of income tax by virtue of section 238 (at the standard rate for the year of assessment in which the whole or part of the debt was released or written off) from a corresponding gross amount,

(c) notwithstanding paragraph (a), the income included by virtue of that paragraph in the total income of that person shall be treated for the purposes of sections 237 and 238 as not brought into charge to income tax, and

(b) the amount on which the participant is to be charged to income tax as a result of the transfer shall be deemed to be an amount from which income tax has been deducted at the standard rate pursuant to section 238.

(b) from which tax is deductible by virtue of section 237 or 238,

“dividends to which this Chapter applies” means any interest, dividends or other annual payments payable out of or in respect of the stocks, funds, shares or securities of any body of persons not resident in the State, but does not include any payment to which section 237 or 238 applies, and references to dividends shall be construed accordingly;

(2) Where it appears to the Revenue Commissioners that any person entitled to any consideration or other amount chargeable to tax under section 643 is not resident in the State, they may direct that section 238 shall apply to any payment forming part of that amount as if the payment were an annual payment charged with tax under Schedule D, but without prejudice to the final determination of the liability of that person, including any liability under subsection (1)(a)(ii).

(c)If the farm assets are not transferred in accordance with the agreement under subsection (2)(d) then, subject to paragraphs (d) and (e), the farmer shall be deemed to have paid an annual payment, to which section 238 applies, of €125,000, or such lower amount as would result in the tax due under section 238 equalling the succession tax credit claimed by all partners, in the latest year of assessment in which the transfer could have taken place.

(c)If the farm assets are not transferred in accordance with the agreement under subsection (2)(d) then, subject to paragraphs (d) and (e), the farmer shall be deemed to have paid an annual payment, to which section 238 applies, of €125,000, or such lower amount as would result in the tax due under section 238 equalling the succession tax credit claimed by all partners, in the latest year of assessment in which the transfer could have taken place.

(e)If it is shown to the satisfaction of a Revenue officer that the farm assets were not transferred because of mutual agreement between the farmer and the successor, then each partner shall be deemed to have paid an annual payment in an amount that would result in the tax due pursuant to section 238 equalling the succession tax credit claimed by that partner, in the year of assessment in which the mutual agreement not to transfer the farm assets takes place.

(ii) section 238 shall apply to that sum as if it were an annual payment payable otherwise than out of profits or gains brought into charge to tax.

(i) the election shall not affect the amount of tax to be deducted and accounted for under section 238,

(ii) where any sum is deducted under section 238, any adjustments necessary to give effect to the election shall be made by means of repayment of tax, and

(4) Where the scheduled mineral asset sold by a person was acquired by the person by purchase and the price paid consisted wholly or partly of a capital sum, subsections (2) and (3) shall apply as if any capital sum received by the person when the person sells the asset were reduced by the amount of that sum; but nothing in this subsection shall affect the amount of tax to be deducted and accounted for under section 238 by virtue of subsection (3), and where any sum is deducted under section 238 any adjustment necessary to give effect to this subsection shall be made by means of repayment of tax.

(4) Where the scheduled mineral asset sold by a person was acquired by the person by purchase and the price paid consisted wholly or partly of a capital sum, subsections (2) and (3) shall apply as if any capital sum received by the person when the person sells the asset were reduced by the amount of that sum; but nothing in this subsection shall affect the amount of tax to be deducted and accounted for under section 238 by virtue of subsection (3), and where any sum is deducted under section 238 any adjustment necessary to give effect to this subsection shall be made by means of repayment of tax.

(a) to be paid out of profits or gains not brought into charge to tax, and section 238 shall apply accordingly, and

(a) for the purposes of income tax, not to be payable out of profits or gains brought into charge to tax, and section 238 shall apply accordingly, and

(i) to be paid out of profits or gains not brought into charge to tax and section 238 shall apply accordingly, and

(ii) section 238 shall apply to that sum as if it were an annual payment payable otherwise than out of profits or gains brought into charge to tax.

(i) the election shall not affect the amount of tax to be deducted and accounted for under section 238,

(ii) where any sum is deducted under section 238, any adjustments necessary to give effect to the election shall be made by means of repayment of tax, and

(b) nothing in this subsection shall affect the amount of tax to be deducted and accounted for under section 238 by virtue of subsection (2) and, where any sum is deducted under section 238, any adjustment necessary to give effect to this subsection shall be made by means of repayment of tax.

(b) nothing in this subsection shall affect the amount of tax to be deducted and accounted for under section 238 by virtue of subsection (2) and, where any sum is deducted under section 238, any adjustment necessary to give effect to this subsection shall be made by means of repayment of tax.

(2) Where a royalty or other sum to which section 237 or 238 applies is paid in respect of the user of a patent and that user extended over a period of 6 complete years or more, the person receiving the payment may require that the tax payable by that person by reason of the receipt of that sum shall be reduced so as not to exceed the total amount of tax which would have been payable by that person if that royalty or sum had been paid in 6 equal instalments at yearly intervals, the last of which was paid on the date on which the payment was in fact made.

(4) Nothing in this section shall apply to any sum to which section 238 applies by virtue of section 757.

(b) the reference in section 316(1) to any expenditure or sum in the case of which a deduction of tax is to be or may be made under section 237 or 238 shall not include a sum in the case of which such a deduction is to be or may be so made by virtue of section 757.

(2) In respect of any scheme which is approved or is being considered for approval under this Chapter, the Revenue Commissioners may direct that until such date as they may specify pensions under the scheme shall be charged to tax as annual payments under Case III of Schedule D, and tax shall be deductible under section 237 or 238 accordingly.

(d) payments made from which income tax is deductible and to which subsections (3) to (5) of section 238 apply, and

(c) who is chargeable to tax for the tax year by reason only of section 237, 238 or 239,