Taxes Consolidation Act, 1997 (Number 39 of 1997)
[1]>
669N Balancing charges on relevant vessel
(1) In this section, “balancing charge” has the same meaning as in section 288.
(2) This section shall apply to the amount of the Brexit compensation sum which relates to compensation for the destruction of a relevant vessel.
(3) (a) Where, on account of the receipt by a licence holder of a payment or payments to which subsection (2) applies, a balancing charge is to be made on that licence holder for any chargeable period other than by virtue of paragraph (b), then, the amount on which the balancing charge is to be made for that chargeable period shall be an amount equal to one-fifth of the amount (in this subsection referred to as “the original amount”) on which the balancing charge would, but for this subsection, have been made.
(b) Notwithstanding paragraph (a), there shall be made on the licence holder for each of the 4 immediately succeeding chargeable periods a balancing charge, and the amount on which that charge is made for each of those periods shall be an amount equal to one-fifth of the original amount.
<[1]
[1]
Inserted by FPCovid22 s15(1)(a). Comes into operation on such day or days as the Minister may appoint by order or orders either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions.