Select view:

Taxes Consolidation Act, 1997 (Number 39 of 1997)

[1]>

669O Exemption in respect of the catch sum

(1) Subject to subsection (2), where a licence holder is chargeable to tax under Schedule D in respect of the portion of the Brexit compensation sum which relates to the catch sum, the profits or gains chargeable in the period concerned shall be reduced by an amount equal to 50 per cent of the catch sum and shall be treated as so reduced for the purpose of computing total income for the purposes of the Tax Acts.

(2) Where a temporary tie up payment is included in the portion of the Brexit compensation sum which relates to the catch sum a licence holder may elect by notice in writing to a Revenue officer to have a deduction equal to 50 per cent of that amount of the temporary tie up payment or a portion of that payment taken into account in determining the profits or gains charged to tax under Schedule D in the preceding chargeable period, and such deduction shall be taken into account for the purpose of computing total income for the Tax Acts.

(3) The total amount of the reduction claimed under subsection (1) and the deduction claimed under subsection (2) shall not in aggregate exceed an amount equal to 50 per cent of the catch sum.

<[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.