195B Exemption in respect of certain expense payments for relevant directors

(1) In this section—

“company” has the same meaning as it has in section 4;

“director” has the same meaning as it has in section 770;

“expenses” means vouched expenses;

“relevant director”, in relation to a company, means a director who is not resident in the State and is a non-executive director of that company;

“relevant meeting” means a meeting attended by a relevant director in his or her capacity as a director for the purposes of the conduct of the affairs of the company;

“travel” means travel by car, motorcycle, taxi, bus, rail, boat or aircraft.

(2) This section applies to payments made by a company to or on behalf of a relevant director of that company in respect of expenses of travel and subsistence incurred by the relevant director, on and from 1 January 2016, solely for the purpose of the attendance by him or her at a relevant meeting.

(3) So much of a payment to which this section applies shall be exempt from income tax and shall not be reckoned in computing income for the purposes of the Income Tax Acts.