Finance Act 2000

(ii) by the substitution in subsection (9) for “Subsections (6) and (7) of section 145” of “Subsections (8) and (9) of section 140”,

(h) in section 152(1)(a), by the insertion of “and” after “interest paid,”,

(i) in section 154—

(i) in subsection (1)—

(I) by the substitution in paragraph (a) of “144 and 145” for “144, 145 and 147(2)” and of “144 and 145” for “144, 145 and 147”, and

(II) by the deletion in paragraph (b) of “, and subsections (1), (2) and (4) of subsection 147,”,

and

(ii) by the substitution of the following for subsection (6):

“(6) For the purposes of this section, the amount of the undistributed income of a company for an accounting period shall be the amount determined by the formula—

(R — S) + T — W,

reduced by the amount of each distribution, or part of each distribution, made before that day and on or after 6 April 1989, which is to be treated under this section, or which was treated under section 147, as made for that accounting period,

where—

R, S and T have the same meanings respectively as in section 144(8), and W is the amount of the distributions made by the company before 6 April 1989, which—

(a) were made for the accounting period,

(b) are, by virtue of subsection (7), deemed to have been made for the accounting period, or

(c) would be deemed to have been made for the accounting period by virtue of subsection (9) of section 140 if that subsection were treated as applying for the purposes of this section as it applies for the purpose of that section.

(7) For the purposes of this section—

(a) where the total amount of the distributions made by a company for an accounting period exceeds the amount determined by the formula—

(R — S) + T

for that accounting period (where R, S and T have the same meanings respectively as in section 144(8)), the excess shall be deemed for the purposes of this section to be a distribution for the immediately preceding accounting period, and

(b) where the total amount of the distributions made or deemed under paragraph (a) to have been made by a company for the immediately preceding accounting period referred to in paragraph (a) exceeds the amount determined for that accounting period in accordance with the formula mentioned in paragraph (a), the excess shall be deemed to be a distribution for the immediately preceding accounting period and so on.”.

(k) in section 155(3)(a), by the insertion of “and” after “distribution,”,

(l) in section 167(3), by the substitution for “Sections 160, 162 and 171” of “Sections 160 and 162”,

(m) in section 174(2)(i), by the insertion of “and” after “the price,”,

(n) in section 714(1), by the substitution for “sections 707 and 713” of “section 713”,

(o) in section 838(4), by the substitution of the following for paragraph (f):

“(f) Subject to subsection (5), where in a year of assessment the relevant income or gains of a special portfolio investment account includes a distribution from a company resident in the State, the amount or value of that distribution shall be taken into account in computing the relevant income or gains for that year of assessment.”,

and

(p) in section 1084(2)(b)(i), by the insertion of “and” after “contained in the assessment to tax.”.

PART 2 Repeals

Taxes Consolidation Act, 1997

SCHEDULE 3 Rates of Excise Duty on Tobacco Products