Taxes Consolidation Act, 1997 (Number 39 of 1997)
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769K Adaptation of provisions relating to relief for relevant trading losses and relevant charges on income.
(1) For the purposes of this section relevant trading losses and relevant trading charges relating to a specified trade relevant to a qualifying asset which was the subject of a claim under section 769I(2) shall be the amount of such losses or charges as reduced by—
QE + UE |
OE |
where—
QE is the qualifying expenditure on the qualifying asset,
UE is the uplift expenditure, and
OE is the overall expenditure on the qualifying asset.
(2) Notwithstanding any other provision of the Tax Acts, where [2]>a relevant company<[2][2]>a company<[2] makes a claim for relief under—
(a)section 243A, that section shall apply, with any necessary modifications, as if the amount of relevant trading charges on income relating to a specified trade were reduced by 50 per cent,
(b)section 396A or 420A, the section shall apply, with any necessary modifications, as if the amount of a relevant trading loss arising in the course of a specified trade were reduced by 50 per cent, or
(c)section 243B, 396B or 420B, the section shall apply, with any necessary modification, as if the reference in the formula to ‘R’ were a reference to ‘R as reduced by 50 per cent’.
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(3) For the purposes of determining the amount of relief available for relevant trading charges or relevant trading losses, as the case may be, after the making of a claim for relief under any of the provisions referred to in subsection (2) as applied by that subsection (in this subsection referred to as ‘the first-mentioned claim’), the amount of relevant trading charges or relevant trading losses, as the case may be, available for any subsequent claims shall be reduced by 200 per cent of the amount claimed under the first-mentioned claim.
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