120 Exemption for certain companies

This section exempts transactions effected by capital companies whose—

(a) exclusive business it is to supply public services (such as transport or port facilities or to supply water, gas or electricity) and at least 50% of the issued capital of which is owned by the State or a local authority, or

(b) objects are exclusively cultural, charitable or educational.

Adjudication is required - see section 117.

To enable the Revenue Commissioners to decide whether relief should be granted companies at (a) above must submit details of the type of service provided by them and of the shareholding held by the State or local authority and companies at (b) above must submit details of their status (e.g. from the Revenue Commissioners, Charities Section, Government Buildings, Nenagh, if the company is a charity).

Relevant Date: Finance Act 2014