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 [4]>50 per cent<[4][4]>20 per cent<[4],
(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 [4]>50 per cent<[4][4]>20 per cent<[4], 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 [4]>50 per cent<[4][4]>20 per cent<[4]’.
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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 [5]>200 per cent<[5][5]>125 per cent<[5] of the amount claimed under the first-mentioned claim.
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[4]
Substituted by FA22 s40(1)(b)(i). (a) Comes into operation on such day (in this subsection referred to as the “appointed day”) as the Minister for Finance may by order appoint and shall apply as respects accounting periods commencing on or after the appointed day. (b) Where an accounting period of a company commences before the appointed day and ends on or after the appointed day, it shall be divided into two parts, one commencing on the date on which the accounting period commences and ending on the day before the appointed day, the other commencing on the appointed day and ending on the date on which the accounting period ends, and both parts shall be treated, for the purposes of paragraph (a) as if they were separate accounting periods of the company.
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Substituted by FA22 s40(1)(b)(ii). (a) Comes into operation on such day (in this subsection referred to as the “appointed day”) as the Minister for Finance may by order appoint and shall apply as respects accounting periods commencing on or after the appointed day. (b) Where an accounting period of a company commences before the appointed day and ends on or after the appointed day, it shall be divided into two parts, one commencing on the date on which the accounting period commences and ending on the day before the appointed day, the other commencing on the appointed day and ending on the date on which the accounting period ends, and both parts shall be treated, for the purposes of paragraph (a) as if they were separate accounting periods of the company.