Taxes Consolidation Act, 1997 (Number 39 of 1997)
[1]>
697L Tonnage tax trade.
(1) Subject to section 697M, where in an accounting period a tonnage tax company carries on as part of a trade tonnage tax activities, those activities shall be treated for the purposes of the Corporation Tax Acts (other than any provision of those Acts relating to the commencement or cessation of a trade) as a separate trade distinct from all other activities carried on by the company as part of the trade.
(2) An accounting period of a company shall end (if it would not otherwise do so) when the company enters or leaves tonnage tax.
[2]>
(3) A company to which subsection (1) applies shall, as respects any activities which are treated by virtue of that subsection as a separate trade distinct from all other activities carried on by that company as part of its trade, comply with all the requirements of the Tax Acts and the Capital Gains Tax Acts as respects those activities regarding the computation of tax and the keeping of records separate from any other activity carried on by that company.
<[2]
<[1]
[1]
Inserted by FA02 s53(1). FA03 s62 amends FA03 s53 to provide that Part 24A will take effect from the date of passing of FA03, 28 March 2003.
[2]
Inserted by FA03 s62(1)(c). Applies as on and from the date of the passing of this Act. FA03 28 March 2003
[3]
Inserted by FA03 s62(1)(d). Applies as on and from the date of the passing of this Act. FA03 28 March 2003