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7 1968

FINANCE (MISCELLANEOUS PROVISIONS) ACT, 1968

PART III

Corporation Profits Tax

Limits of time for making of assessments.

13. —(1) Notwithstanding anything contained in section 24 (1) of the Finance Act, 1946 , and subject to any provision allowing a longer period in any class of case, no assessment to corporation profits tax shall be made more than ten years after the end of the accounting period to which it relates, or for any accounting period ending before the 1st day of April, 1961:

Provided that where any form of fraud or neglect has been committed by or on behalf of any company in connection with or in relation to corporation profits tax, an assessment may be made on that company at any time for any accounting period ending on or after the 1st day of January, 1941, for which, by reason of the fraud or neglect, corporation profits tax would otherwise be lost to the Exchequer.

(2) An objection to the making of any assessment on the ground that the time limited for the making thereof has expired shall only be made on appeal from the assessment.

(3) In this section “neglect” means negligence or a failure to give any notice, to make any return, statement or declaration, or to produce or furnish any list, document or other information required by or under the enactments relating to corporation profits tax:

Provided that a person shall be deemed not to have failed to do anything required to be done within a limited time if he did it within such further time, if any, as the Revenue Commissioners or officer concerned may have allowed; and where a person had a reasonable excuse for not doing anything required to be done, he shall be deemed not to have failed to do it if he did it without unreasonable delay after the excuse had ceased.

Amendment of certain references to Special Commissioners.

14. —(1) References in the provisions of the enactments specified in Part V of the Schedule to this Act to the commissioners for the special purposes of the Income Tax Acts and to the Special Commissioners shall be construed as references to Appeal Commissioners appointed under section 156 (1) of the Income Tax Act, 1967 , and the reference in section 65 (6) of the Finance Act, 1965 , to a Special Commissioner shall be construed as a reference to an Appeal Commissioner so appointed.

(2) The reference in Regulation 7 of the Corporation Profits Tax Regulations, 1967, to a commissioner for the special purposes of the Income Tax Acts shall be construed as a reference to an Appeal Commissioner appointed under section 156 (1) of the Income Tax Act, 1967 .

Postponement of payment of tax to be permitted in certain cases.

15. —Where for any accounting period the profits of a company consist of or include the profits of a trade of dealing in or developing land in the course of which the company disposes of the full interest acquired by it in any land and, in relation to that disposal, the conditions specified in paragraphs (b) to (e) of section 23 (1) of this Act are satisfied, subsections (2) and (3) of the said section 23 shall, with any necessary modifications, apply to so much of the corporation profits tax charged by any assessment for the accounting period as would not have been chargeable if no sum had fallen to be taken into account as mentioned in subsection (1) (d) of the said section 23 as they apply to so much of the income tax charged by an assessment in respect of the profits or gains of the said trade as would not have been chargeable in that circumstance.