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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 180

Prohibition of tax-free payments to directors.

180.(1) It shall not be lawful for a company to pay a director remuneration
(whether as director or otherwise) free of income tax or of income tax other
than surtax, or otherwise calculated by reference to or varying with the
amount of his income tax or his income tax other than surtax, or to or with
the rate or standard rate of income tax, except under a contract which was in
force on the twenty-seventh day of October, nineteen hundred and fifty-nine,
and provides expressly, and not by reference to the articles, for payment of
remuneration as aforesaid.

(2) Any provision contained in the company's articles, or in any contract
other than such a contract as aforesaid, or in any resolution of a company or
a company's directors, for payment to a director of remuneration as aforesaid
shall have effect as if it provided for payment, as a gross sum subject to
income tax and surtax, of the net sum for which it actually provides.

(3) This section shall not apply to remuneration due before the commencement
of this Act or in respect of a period before the commencement of this Act.

© 1960 Crown Copyright

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