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(c) Schedule 17A shall apply with any necessary modifications to a company which makes an election under paragraph (b).

(6) (a) Subject to paragraph (b), section 76A shall have effect in relation to a qualifying company as it would if, in section 4, the following were substituted for the definition of generally accepted accounting practice:

(2) For the purposes of the Tax Acts, profits arising to a qualifying company, in relation to activities carried out by it in the course of its business, shall, notwithstanding any other provisions of the Tax Acts, be treated as annual profits or gains within Schedule D and shall be chargeable to corporation tax under Case III of that Schedule, and for that purpose—

“quoted Eurobond” has the same meaning as in section 64;

(c)(i) Notwithstanding the generality of section 70(1), the profits arising to a qualifying company from its specified property business shall be treated for the purposes of the Tax Acts, other than any provision relating to the commencement or cessation of a trade, as a separate business which is distinct from any other business or part of a business carried on by the qualifying company.

(6) (a) Subject to paragraph (b), section 76A shall have effect in relation to a qualifying company as it would if, in section 4, the following were substituted for the definition of generally accepted accounting practice:

(4) Subject to subsections (4A) and (5) (4A), (5) and (5A), any interest or other distribution which is paid out of the assets of a qualifying company to another person and is so paid in respect of a security referred to in section 130(2)(d)(iii), shall not be a distribution by virtue only of the provisions of that section.

(4A) (a) For the purposes of this subsection “relevant territory” and “tax” have the same meanings as in section 246.

(II) as is a payment from which tax has been deducted at the standard rate in force at the time of the payment in accordance with section 246(2).

(4B) Where any amount, paid out of the assets of a qualifying company under a return agreement, that is dependent on the results of that company’s business or any part of that business, would not be deducted in computing profits or gains of that company if that amount were to be treated, for all the purposes of the Tax Acts, other than subsection (2) of section 246, as a payment of interest, in respect of securities of the company other than specified instruments, that was dependent on the results of the company’s business, then that amount shall not be so deducted.

(iii)from which tax has been properly deducted at the standard rate in force at the time of the payment in accordance with section 246(2) and such tax which has been properly deducted is not refundable.

“wholesale debt instrument” has the same meaning as in section 246A.

(3) (a) Notwithstanding Chapter 5 of Part 12, a qualifying company shall not be eligible to surrender in accordance with that Chapter any amount eligible for relief from corporation tax.

(3) (a) Notwithstanding Chapter 5 of Part 12, a qualifying company shall not be eligible to surrender in accordance with that Chapter any amount eligible for relief from corporation tax.

(V)an investment undertaking, other than an investment undertaking which would be a personal portfolio IREF (within the meaning of section 739M) if all references in that section to IREFs were references to investment undertakings, and references to IREF assets and IREF business were references to the assets and activities of that investment undertaking,

(II) a fund approved under section 774, 784(4) or 785(5), a PRSA within the meaning of section 787A, a PRSA within the meaning of section 787A, a PEPP within the meaning of Chapter 2D of Part 30, a person exempt from income tax under section 790B or a fund authorised by a Member State or an EEA state and subject to supervisory and regulatory arrangements at least equivalent to the supervisory and regulatory arrangements applied to those funds in the State,

(II) a fund approved under section 774, 784(4) or 785(5), a PRSA within the meaning of section 787A, a PRSA within the meaning of section 787A, a PEPP within the meaning of Chapter 2D of Part 30, a person exempt from income tax under section 790B or a fund authorised by a Member State or an EEA state and subject to supervisory and regulatory arrangements at least equivalent to the supervisory and regulatory arrangements applied to those funds in the State,

(II) a fund approved under section 774, 784(4) or 785(5), a PRSA within the meaning of section 787A, a PRSA within the meaning of section 787A, a PEPP within the meaning of Chapter 2D of Part 30, a person exempt from income tax under section 790B or a fund authorised by a Member State or an EEA state and subject to supervisory and regulatory arrangements at least equivalent to the supervisory and regulatory arrangements applied to those funds in the State,

(II) a fund approved under section 774, 784(4) or 785(5), a PRSA within the meaning of section 787A, a PRSA within the meaning of section 787A, a PEPP within the meaning of Chapter 2D of Part 30, a person exempt from income tax under section 790B or a fund authorised by a Member State or an EEA state and subject to supervisory and regulatory arrangements at least equivalent to the supervisory and regulatory arrangements applied to those funds in the State,

(II) a fund approved under section 774, 784(4) or 785(5), a PRSA within the meaning of section 787A, a PRSA within the meaning of section 787A, a PEPP within the meaning of Chapter 2D of Part 30, a person exempt from income tax under section 790B or a fund authorised by a Member State or an EEA state and subject to supervisory and regulatory arrangements at least equivalent to the supervisory and regulatory arrangements applied to those funds in the State,

(II) a fund approved under section 774, 784(4) or 785(5), a PRSA within the meaning of section 787A, a PRSA within the meaning of section 787A, a PEPP within the meaning of Chapter 2D of Part 30, a person exempt from income tax under section 790B or a fund authorised by a Member State or an EEA state and subject to supervisory and regulatory arrangements at least equivalent to the supervisory and regulatory arrangements applied to those funds in the State,

(d) in computing the profits or gains of a qualifying company, section 835C shall not apply to any amount deducted by a qualifying company for any interest or other distribution paid in respect of a security referred to in subsection (4).

(I)1 January 2017 where the day referred to in paragraph (e) predates 1 January 2017 and the company has not yet made the notification in writing to the authorised officer in the form prescribed by the Revenue Commissioners as required to be made by the specified return date (within the meaning of section 959A) for the first accounting period in relation to which it is such a company, or

(b) A qualifying company may, as respect any accounting period, by notice in writing given to the inspector by the specified return date (within the meaning of section 950 section 959A) for the accounting period, elect that this subsection shall not apply as respects that or any subsequent accounting period; and any election under this paragraph shall be irrevocable.