Taxes Consolidation Act, 1997 (Number 39 of 1997)
[32]>
[30]>
496 Qualifying trades.
[FA84 s16(1) to (3); FA87 s11; FA88 s7; FA89 s9(c)(i); FA90 s10(c); FA91 s15(1)(c)(ii) and (iii); FA93 s25(g)(i); FA94 s16(1)(c); FA95 s17(1)(f); FA96 s23; FA97 s9(c)]
(1) A trade shall be a qualifying trade if it complies with the requirements of his section.
(2) The trade shall throughout the relevant period—
(a) consist wholly or mainly of one or more of the following trading operations (in this Part referred to as “qualifying trading operations”)—
(i) the manufacture of goods within the meaning of Part 14; but—
(I) those trading operations or activities included in the definition, or regarded as the manufacture in the State, of “goods” for the purpose of Part 14 by virtue of subsections (3), (11), (12), (16), (17) and (19) of section 443 and of section 446 shall not, subject to the following provisions of this paragraph, be regarded as qualifying trading operations for the purposes of [5]>this Part, and<[5][5]>this Part,<[5]
(II) the production of a film (within the meaning of section 481) shall not be regarded as qualifying trading operations for the purposes of [7]>this Part,<[7][7]>this Part, and<[7]
[6]>
(III) as respects a subscription for eligible shares issued on or after 5 February 2004, trading operations consisting of software development services referred to in subparagraph (ii) of paragraph (a) of section 443(10) and which would be qualifying trading operations if the employment grants referred to in subparagraph (I) of that paragraph were made, shall, notwithstanding anything in subparagraph (ii), be regarded as qualifying trading operations if approval for the making of such grant is obtained,
<[6]
(ii) the rendering of services (other than relevant trading operations within the meaning of section 446) in the course of a service industry (within the meaning of the Industrial Development Act, 1986) in respect of which—
(I) [22]>(A) a grant towards the employment of persons was made by Forbairt or the Industrial Development Agency (Ireland) under section 12(2) of the Industrial Development Act, 1993, or<[22][22]>(A) the making of a grant towards the employment of persons under section 25 of the Industrial Development Act 1986 (as amended by section 29 of the Industrial Development (Science Foundation Ireland) Act 2003), was approved by Forbairt or the Industrial Development Agency (Ireland), or<[22]
(B) shares in the qualifying company concerned were purchased or taken by Forbairt or the Industrial Development Agency (Ireland) in accordance with section 31 of the Industrial Development Act, 1986,
(II) a grant under section 3, or financial assistance under section 4 of the Shannon Free Airport Development Company Limited (Amendment) Act, 1970, was made available by the [1]>Shannon Free Airport Development Company Limited, or<[1][1]>Shannon Free Airport Development Company Limited,<[1]
(III) financial assistance was made available by Údarás na Gaeltachta under section 10 of the [2]>Údarás na Gaeltachta Act, 1979,<[2][2]>Údarás na Gaeltachta Act, [11]>1979, or<[11][11]>1979,<[11]<[2]
[3]>
(IV) as respects a subscription for eligible shares issued on or after 6 April 2001 [12]>and before the passing of the Finance Act 2003<[12], a County Enterprise Board (being a board referred to in the Schedule to the Industrial Development Act, 1995) has, in accordance with the provisions of that Act, made a loan or grant to, or made an equity investment in, the qualifying company [13]>concerned,<[13][13]>concerned, or<[13]
<[3]
[14]>
(V) as respects a subscription for eligible shares issued on or after the passing of the Finance Act 2003, a County Enterprise Board (being a board referred to in the Schedule to the Industrial Development Act 1995) has, in accordance with guidelines agreed between the board and the Minister for Enterprise, Trade and Employment, with the consent of the Minister for Finance, given a certificate certifying that the service industry is a qualifying service industry for the purposes of this section,
<[14]
(iii) in respect of a relevant investment, the rendering of services referred to in subparagraph (ii) in respect of which an employment grant would have been made or a grant or financial assistance would have been made available, as the case may be, by an industrial development agency under one of the provisions referred to in that subparagraph only for the fact that the industrial development agency concerned was or is precluded from making such an employment grant or making available such a grant or financial assistance, as the case may be, by reason of the fact that a grant or financial assistance had already been made by some other person,
(iv) in respect of—
(I) a relevant investment, or
(II) a subscription for eligible shares, other than such a subscription consisting of a relevant investment, made on or before the 5th day of April, 1998, and in respect of which a certificate for the purposes of this Part has been issued in accordance with subsection (5),
and notwithstanding subparagraph (ii), the rendering of relevant trading operations (within the meaning of section 446) carried on for the purposes of or in connection with trading operations on an exchange facility established in the Custom House Docks Area (within the meaning of section 322) [15]>and in the case of a relevant investment made on or before 31 December 2002, trading operations undertaken [8]>on or after 1 January 2003<[8][8]>on or after 1 January 2003 and on or before 31 December 2004<[8] on an exchange facility established in the Customs House Docks Area will be deemed to be relevant trading operations for the purposes of this section notwithstanding the expiry, in accordance with the provisions of section 446(2)(b), of the certificate given by the Minister for Finance under that subsection<[15],
[23]>
(v) in respect of a relevant investment, the rendering of services referred to in subparagraph (ii) in respect of which an industrial development agency or, as respects a relevant investment made on or after the 10th day of May, 1997, a County Enterprise Board (being a board referred to in the Schedule to the Industrial Development Act, 1995) has provided financial support of not less than [18]>£2,000<[18][18]>€2,540<[18] towards the undertaking of a feasibility study by a person approved of by the agency or the County Enterprise Board into the potential commercial viability of the services to be rendered,
<[23]
[23]>
(v) in respect of a relevant investment, the rendering of services referred to in subparagraph (ii) in respect of which an industrial development agency or a County Enterprise Board (being a board referred to in the Schedule to the Industrial Development Act 1995) has provided a certificate confirming eligibility for the grant of financial support of not less than €2,540 towards the undertaking of a feasibility study by a person approved of by the agency or the County Enterprise Board into the potential commercial viability of the services to be rendered,
<[23]
(vi) research and development activities within the meaning of subsection (6),
(vii) the cultivation of horticultural produce within the meaning of subsection (7),
(viii) the cultivation of plants referred to in section 443(3),
(ix) the construction and the leasing of an advance factory building,
(x) the research and development or other similar activity undertaken with a view to the carrying on of trading operations referred to in subparagraphs (i), (ii) and (viii),
(xi) the cultivation of mushrooms in the State,
(xii) the production, publication, marketing and promotion of a qualifying recording, or qualifying recordings, within the meaning of subsection (8),
(xiii) the operation of one or more tourist traffic undertakings within the meaning of subsection (9), [24]>and<[24]
(xiv) the sales of export goods by a Special Trading House within the meaning of section 443(12),
[16]>
(xv) in respect of a relevant investment made [8]>on or after 1 January 2003<[8][8]>on or after 1 January 2003 and on or before 31 December 2004<[8], the rendering of trading operations carried on for the purposes of or in connection with trading operations on an exchange facility established in the Custom House Docks Area (within the meaning of section 322), [25]>and<[25]
<[16]
[26]>
(xvi) recycling activities in relation to waste material, within the meaning of subsection (9A).
<[26]
[27]>
and
<[27]
[17]>
(b) where the trade consists wholly or partly of the manufacture of goods referred to in paragraph (a)(i), be a trade in respect of which the company which carries it on has claimed and is entitled, or but for an insufficiency of profits would have claimed and been entitled, to relief from corporation tax under Part 14.
<[17]
(3) Notwithstanding subsection (2), a trade which during the relevant period consists partly of qualifying trading operations and partly of other trading operations shall be regarded for the purposes of that subsection as a trade which consists wholly or mainly of qualifying trading operations only if the total amount receivable in the relevant period from sales made and services rendered in the course of qualifying trading operations is not less than 75 per cent of the total amount receivable by the company from all sales made and services rendered in the course of the trade in the relevant period.
(4) (a) In this subsection—
“financial activities” means the provision of, and all matters relating to the provision of, financing or refinancing facilities by any means which involves, or has an effect equivalent to, the extension of credit;
“financing or refinancing facilities” includes—
(i) loans, mortgages, leasing, lease rental and hire-purchase, and all similar arrangements,
(ii) equity investment,
(iii) the factoring of debts and the discounting of bills, invoices and promissory notes, and all similar instruments,
(iv) the underwriting of debt instruments and all other kinds of financial securities, and
(v) the purchase or sale of financial assets;
“financial assets” includes shares, gilts, bonds, foreign currencies and all kinds of futures, options and currency and interest rate swaps, and similar instruments, including commodity futures and commodity options, invoices and all types of receivables, obligations evidencing debt (including loans and deposits), leases and loan and lease portfolios, bills of exchange, acceptance credits and all other documents of title relating to the movement of goods, commercial paper, promissory notes and all other kinds of negotiable or transferable instruments.
(b) For the purposes of this section—
(I) the leasing of machinery or plant,
(II) the leasing of land or buildings (other than the leasing of an advance factory building), or
(III) the carrying on of financial activities (other than such financial activities as are included in the activities referred to in [10]>subsection (2)(a)(iv)<[10][10]>subsection (2)(a)(iv) and (2)(a)(xv)<[10]),
shall not be regarded as qualifying trading operations.
[9]>
(4A) Notwithstanding the provisions of this section, trading operations carried on in the coal industry or in the steel and shipbuilding sectors shall not be regarded as qualifying trading operations for the purposes of this Part.
<[9]
(5) (a) In this subsection, “certification committee” means the committee consisting of a chairperson and 4 other members who from time to time may be appointed by the Minister for Finance for the purposes of this section.
(b) Subject to paragraph (c), the certification committee may, subject to such conditions as the committee considers proper and specifies in a certificate under this subsection, including a condition as to the maximum amount of money which may be raised by the company under this Part, issue a certificate for the purposes of this Part to a company which carries on or intends to carry on qualifying trading operations referred to in subsection (2)(a)(iv) and in respect of which money is raised or intended to be raised by the company under this Part by virtue of subsection (2)(a)(iv)(II), where—
(i) on the basis of such information as is supplied to the committee by the company or which the committee may reasonably request the company to furnish to it, and
(ii) such guidelines for the purpose as may be agreed from time to time between the committee and the Minister for Finance,
the committee is satisfied that—
(I) the qualifying trading operations carried on or to be carried on by the company will contribute to the development of the exchange facility on which those operations will be carried on, and
(II) the money raised or to be raised by the company under this Part has the potential to maintain or create a reasonable level of sustainable employment.
(c) The certification committee shall not give a certificate under this subsection to a company—
(i) after the 5th day of April, 1998, and
(ii) to the extent that the aggregate of all subscriptions made or to be made for eligible shares arising out of the issue of such certificates exceeds [4]>£2,000,000<[4][4]>€2,539,476.16<[4].
(6) (a) For the purposes of subsection (2)(a)(vi), “research and development activities” means systematic, investigative or experimental activities which—
(i) are carried on wholly or mainly in the State,
(ii) involve innovation or technical risk, and
(iii) are carried on for the purpose of—
(I) acquiring new knowledge with a view to that knowledge having a specific commercial application, or
(II) creating new or improved materials, products, devices, processes or services,
and other activities that are carried on wholly or mainly in the State for a purpose directly related to the carrying on of activities of the kind referred to in subparagraph (iii).
(b) Notwithstanding paragraph (a), activities that are carried on by means of—
(i) market research, market testing, market development, sales promotion or consumer surveys,
(ii) quality control,
(iii) prospecting, exploring or drilling for minerals, petroleum or natural gas for the purpose of determining the size or quality of any deposits,
(iv) the making of cosmetic modifications or stylistic changes to products, processes or production methods,
(v) management studies or efficiency surveys, or
(vi) research in social sciences, arts or humanities,
shall not be “research and development activities” for the purposes of subsection (2)(a)(vi).
(c) For the purposes of paragraph (a), systematic, investigative or experimental activities or other activities shall be regarded as carried on wholly or mainly in the State only if not less than 75 per cent of the total amount expended in the course of such activities in the relevant period is expended in the State.
(7) For the purposes of subsection (2)(a)(vii), “the cultivation of horticultural produce” means the cultivation in a greenhouse or greenhouses in the State of plants used for food or for the production of food or ornament or of herbaceous plants, and includes the technical procedures in relation to such cultivation necessary for the production and preparation for market of flowers, decorative foliage, fruit, nursery stock, herbs and vegetable crops (including potatoes and seed potatoes), being a greenhouse or greenhouses in respect of which a certificate has been issued by the Minister for Agriculture and Food certifying that—
(a) the construction, improvement or repair of the greenhouse or greenhouses concerned, or
(b) the installation or improvement of irrigation or heating facilities in the greenhouse or greenhouses concerned,
may be eligible to be grant-aided under a scheme of assistance administered by that Minister.
(8) (a) For the purposes of subsection (2)(a)(xii), “qualifying recording” means a recording in any recording format in any musical style, including any associated video directly related to such recording, by a new artist, produced in a studio in the State, in respect of which the Minister for Arts, Heritage, Gaeltacht and the Islands (in this subsection referred to as “the Minister”) has, subject to such conditions as the Minister may consider proper and specifies in a certificate under this subsection, including a condition as to the maximum amount of money which may be raised under this Part in relation to a qualifying recording, given a certificate to the company which intends to produce the qualifying recording, stating that the recording and any such associated video may be treated as a qualifying recording for the purposes of this Part.
(b) In considering whether to give a certificate under this subsection, the Minister shall have regard only to such guidelines as the Minister may from time to time lay down with the consent of the Minister for Finance, and those guidelines may, without prejudice to the generality of the foregoing, include provision for—
(i) the circumstances in which an artist is to be, and continues to be, regarded as a new artist, and
(ii) the manner, extent and timing in which the money to be raised under this Part by a company for the production, publication, marketing and promotion of a qualifying recording is to be used.
(c) A certificate under this subsection or any condition of such certificate may be amended, revoked or added to by the Minister by giving notice in writing to the qualifying company concerned of such amendment, revocation or addition, and this section shall apply as if—
(i) a condition so amended or added to by the notice was specified in the certificate, and
(ii) a condition so revoked was not specified in the certificate.
(9) For the purposes of subsection (2)(a)(xiii), “tourist traffic undertakings” means—
(a) the operation of tourist accommodation facilities for which [19]>Bord Fáilte Éireann<[19][19]>the National Tourism Development Authority<[19] maintains a register in accordance with the Tourist Traffic Acts, 1939 to 1995, other than hotels, guest houses and self-catering accommodation,
(b) the operation of such other classes of facilities as may be approved of for the purposes of the relief by the Minister for Finance, in consultation with the Minister for Tourism, Sport and Recreation, on the recommendation of [20]>Bord Fáilte Éireann<[20][20]>the National Tourism Development Authority<[20] in accordance with specific codes of standards laid down by it, or
(c) the promotion outside the State of—
(i) one or more tourist accommodation facilities for which [21]>Bord Fáilte Éireann<[21][21]>the National Tourism Development Authority<[21] maintains a register in accordance with the Tourist Traffic Acts, 1939 to 1995, or
(ii) any of the facilities mentioned in paragraph (b).
[28]>
(9A) [29]>(a) For the purposes of subsection (2)(a)(xvi) “recycling activities in relation to waste material” means the subjection of the waste material to any process or treatment which results in value-added material that is reusable and, in respect of which activities, a grant or financial assistance has been made available by an industrial development agency.<[29]
[29]>(a) For the purposes of subsection (2)(a)(xvi) “recycling activities in relation to waste material” means—<[29]
[29]>
(i) the subjection of the waste material to any process or treatment which results in value-added material that is reusable, and
(ii) in respect of which activities, the qualifying company—
(I) has obtained approval of a grant or financial assistance from an industrial development agency or a County Enterprise Board (being a board referred to in the Schedule to the Industrial Development Act 1995), or
(II) has been provided with written confirmation from an industrial development agency or a County Enterprise Board (being a board referred to in the Schedule to the Industrial Development Act 1995) that the qualifying company has submitted a business proposal to the agency or board, as the case may be, and that, in the opinion of that agency or board, as the case may be, the activities described in the business proposal, come within the scope of a service industry specified in the Schedule to the Industrial Development (Services Industries) Order 2003 (S.I. No. 458 of 2003).
<[29]
(b) For the purposes of paragraph (a) “waste material” means any of the following:
(i) packaging;
(ii) construction and demolition waste;
(iii) metals, wood, glass and plastics;
(iv) electrical and electronic equipment;
(v) batteries;
(vi) end of life mechanically propelled vehicles.
<[28]
(10) The trade shall during the relevant period be conducted on a commercial basis and with a view to the realisation of profits.
<[30]
[30]>
496 Disposals of shares.
(1) Where an individual disposes of any eligible shares before the end of the specified period, then—
(a) in a case where the disposal is otherwise than by means of a bargain made at arm’s length, the individual shall not be entitled to any relief in respect of those shares, and
(b) in any other case, the amount of relief to which the individual is entitled in respect of those shares shall be reduced by the amount or value of the consideration which the individual receives for those shares.
[31]>
(2) Subsection (1) shall not apply to a disposal made by a married person to his or her spouse at a time when he or she is treated as living with his or her spouse for income tax purposes in accordance with section 1015; but where shares issued to one of them have been transferred to the other by a transaction inter vivos—
(a) that subsection shall apply on the disposal of the shares by the transferee to a third person, and
(b) if at any time the married person ceases to be treated as living with his or her spouse for income tax purposes in accordance with section 1015 and any of those shares have not been disposed of by the transferee before that time, any assessment for withdrawing relief in respect of those shares shall be made on the transferee.
<[31]
[31]>
(2) Subsection (1) shall not apply—
(a) to a disposal made by a married person to his or her spouse at a time when he or she is treated as living with his or her spouse for income tax purposes in accordance with section 1015, or
(b) to a disposal by a civil partner to the other civil partner at a time when he or she is treated as living with his or her civil partner for income tax purposes in accordance with section 1031A,
but where shares issued to one of them have been transferred to the other by a transaction inter vivos—
(i) that subsection shall apply on the disposal of the shares by the transferee to a third person, and
(ii) if at any time the married person ceases to be treated as living with his or her spouse for income tax purposes in accordance with section 1015, or the civil partner ceases to be treated as living with his or her civil partner for income tax purposes in accordance with section 1031A, and any of those shares have not been disposed of by the transferee before that time, any assessment for withdrawing relief in respect of those shares shall be made on the transferee.
<[31]
(3) (a) For the purposes of this subsection, references to an option or an agreement includes references to a right or obligation to acquire or grant an option or enter into an agreement, and references to the exercise of an option includes references to the exercise of an option which may be acquired or granted by the exercise of such a right or under such an obligation.
(b) Where in the specified period an individual, either directly or indirectly—
(i) (I) acquires an option where the exercise of the option, either under the terms of the option or under the terms of any arrangement or undertaking subject to which or otherwise in connection with which the option is acquired, would—
(A) bind the person from whom the option was acquired or any other person, or
(B) cause that person or such other person,
to purchase or otherwise acquire any eligible shares for a price which, having regard to the terms of the option or the terms of such arrangement or undertaking and the net effect of those terms considered as a whole, is other than the market value of the eligible shares at the time the purchase or acquisition is made, or
(II) enters into an agreement where, either under the terms of the agreement or under the terms of any arrangement or understanding subject to which or otherwise in connection with which the agreement is made, it would—
(A) bind the person with whom the agreement is made or any other person, or
(B) cause that person or such other person,
to purchase or otherwise acquire any eligible shares in the manner described in clause (I),
or
(ii) (I) grants to any person an option where the exercise of the option, either under the terms of the option or under the terms of any arrangement or understanding subject to which or otherwise in connection with which the option is granted, would bind the individual to dispose, or cause the individual to dispose, of any eligible shares to the person to whom the individual granted the option or any other person for a price which, having regard to the terms of the option or the terms of such arrangement or understanding and the net effect of those terms considered as a whole, is other than the market value of the eligible shares at the time the disposal is made, or
(II) enters into an agreement where, either under the terms of the agreement or under the terms of any arrangement or understanding subject to which or otherwise in connection with which the agreement is made, it would bind the individual to dispose, or cause the individual to dispose, of any eligible shares to the person with whom the agreement is made or any other person in the manner described in clause (I), then the individual is not entitled to any relief in respect of the shares to which the option or the agreement relates.
(4) Where an individual holds ordinary shares of any class in a company and the relief has been given in respect of some shares of that class but not others, then any disposal by the individual of ordinary shares of that class in the company, not being a disposal to which section 512(2) applies, shall be treated for the purposes of this section as relating to those in respect of which relief has been given under this Part rather than to others.
(5) Where the relief has been given to an individual in respect of shares of any class in a company which have been issued to the individual at different times, then any disposal by the individual of shares of that class shall be treated for the purposes of this section as relating to those issued earlier rather than to those issued later.
(6) Where shares in respect of which the relief was given have by virtue of any such allotment mentioned in subsection (1) of section 584 (not being an allotment for payment) been treated under subsection (3) of that section as the same asset as a new holding, then—
(a) the new holding shall be treated for the purposes of subsection (4) as shares in respect of which the relief has been given, and
(b) a disposal of the whole or part of the new holding shall be treated for the purposes of this section as a disposal of the whole or a corresponding part of those shares.
(7) Shares in a company shall not be treated for the purposes of this section as being of the same class unless they would be so treated if dealt in on a stock exchange in the State.
<[30]
<[32]
[32]>
496. Qualifying investment (company perspective)
(1) In this Part, an investment shall be a qualifying investment where——
(a) an individual subscribes for eligible shares in a qualifying company, and
(b) the company employs the amount subscribed wholly or mainly for a qualifying purpose within the relevant period, and
(c) the investment complies with this section.
(2) In this Part, a qualifying purpose——
(a) includes employing the amounts in the qualifying company, or a qualifying subsidiary following an investment under section 490(4)(b)——
(i) for the purposes of carrying on relevant trading activities, or
(ii) in the case of a company which has not commenced to trade, for the purpose of carrying on R&D+I which is connected with and undertaken with a view to the carrying on of relevant trading activities,
where the use of the money will contribute directly to the creation or maintenance of employment in the company, and
(b) does not include employing the amounts on the acquisition (other than by way of subscription pursuant to section 490(4)(b)), directly or indirectly, of——
(i) an interest in another company such that that company becomes a qualifying subsidiary,
(ii) a further interest in a qualifying subsidiary, or
(iii) a trade.
(3) If only a portion of the amount subscribed is employed wholly or mainly for a qualifying purpose then references to a qualifying investment shall be read as referring to the corresponding proportion of that investment.
(4) An investment shall not be a qualifying investment unless it is based on a business plan.
(5) An initial risk finance investment shall only be a qualifying investment where the RICT group which issues the eligible shares made its first commercial sale less than 7 years prior to the initial risk finance investment.
(6) An expansion risk finance investment shall only be a qualifying investment where, based on a business plan prepared in view of entering a new product or geographical market, the amount to be raised through the issue of those shares is greater than 50 per cent of the RICT group’s average annual turnover in the preceding 5 years.
(7) A follow-on risk finance investment shall only be a qualifying investment where——
(a) the initial risk finance investment, or expansion risk finance investment, as the case may be, involved the issue of eligible shares on or after 6 April 1984 in respect of which relief was available under this Part, and
(b) the possibility of the first-mentioned investment was foreseen in the business plan upon which the initial risk finance investment, or expansion risk finance investment, as the case may be, was based.
<[32]
[5]
Substituted by FA04 s18(2)(d)(i)(I)(A). Applies as respects subscriptions for eligible shares made on or after 5 February 2004.
[7]
Inserted by FA04 s18(2)(d)(i)(I)(B). Applies as respects subscriptions for eligible shares made on or after 5 February 2004.
[6]
Substituted by FA04 s18(2)(d)(i)(II)(C). Applies as respects subscriptions for eligible shares made on or after 5 February 2004.
[8]
Substituted by FA04 s18(2)(d)(i)(II). Applies as respects subscriptions for eligible shares made on or after 5 February 2004.
[9]
Inserted by FA04 s18(2)(d)(ii). Applies as respects subscriptions for eligible shares made on or after 5 February 2004.
[18]
Substituted by FA03 sched6(1)(e). This section shall be deemed to have come into force and take effect as on and from 1 January 2002.
[19]
Substituted by FA06 sched2(1)(p)(i). This section is deemed to have come into force and have taken effect as on and from 28 May 2003.
[20]
Substituted by FA06 sched2(1)(p)(ii). This section is deemed to have come into force and have taken effect as on and from 28 May 2003.
[21]
Substituted by FA06 sched2(1)(p)(iii). This section is deemed to have come into force and have taken effect as on and from 28 May 2003.
[22]
Substituted by FA07 s19(1)(f)(i)(I). With effect from 1 January 2007 per SI 614 of 2007.
[23]
Substituted by FA07 s19(1)(f)(i)(II). With effect from 1 January 2007 per SI 614 of 2007.
[30]
Substituted by FA11 s33(1)(a). Has effect in respect of shares issued on or after 25 November 2011. Note: FA 12 s26 (2) amends FA 11 s33 and provides: (b) This section does not have effect in respect of shares issued before 25 November 2011 and, for all the purposes of Part 16 in connection with those shares, the Principal Act has effect as if this section had not been enacted. (c) This section does not have effect in respect of shares issued on or after 25 November 2011 and on or before 31 December 2011 where— (i) the company issuing the shares, or (ii) where the shares are acquired by an investment fund, the fund acquiring the shares, elects by notice in writing to the Revenue Commissioners on or before 31 December 2011 that, for all the purposes of Part 16 in connection with those shares, the Principal Act has effect as if this section had not been enacted.