S.I. No. 329/1974:

INCOME TAX (UNDISTRIBUTED INCOME OF CERTAIN COMPANIES) REGULATIONS, 1974.

INCOME TAX (UNDISTRIBUTED INCOME OF CERTAIN COMPANIES) REGULATIONS, 1974.

The Revenue Commissioners, in exercise of the powers conferred upon them by section 530 of the Income Tax Act, 1967 (No. 6 of 1967), as amended by section 11 of, and Part II of the First Schedule to, the Finance Act, 1974 (No. 27 of 1974), hereby make the following Regulations :

1. These Regulations may be cited as the Income Tax (Undistributed Income of Certain Companies) Regulations, 1974.

2. These Regulations apply to any notice, including a notice of charge or notice of apportionment, which the Revenue Commissioners are, by virtue of section 530 of the Income Tax Act, 1967 (No. 6 of 1967), Schedule 16 thereto, or Regulation 4 of these Regulations, required to serve upon or authorised to give to any person.

3. Any notice to which these Regulations apply may be sent by post by letter--

( a ) in a case in which the person concerned is a company, addressed to the secretary of such company at its registered office;

( b ) in any other case, addressed to the person concerned at his usual or last known place of abode.

4. Where, under paragraph 8 of Schedule 16 to the Income Tax Act, 1967 , the Revenue Commissioners require any member of a company to make an amended statement of his total income, they shall notify the member of such requirement by notice in writing.

5. Service on an individual of a notice to which these Regulations apply may, in lieu of being effected in accordance with the provisions of Regulation 3 of these Regulations, be effected by delivering the notice to him or by leaving it at his usual or last known place of abode.

6. The Regulations made by the Revenue Commissioners on the 13th day of September, 1929 (S.R. & O., No. 48 of 1929), are hereby revoked.

GIVEN this 7th day of November, 1974.

J. F. RICHARDSON,

Revenue Commissioner.

EXPLANATORY NOTE.

Under the Finance Act, 1974 , sur-tax was abolished with effect from 1974--75 (section 10) and replaced by higher rates of income tax (section 3 (2)).

Consequently, regulations referring to sur-tax are no longer appropriate. Such Regulations existed in relation to section 530 of, and Schedule 16 to, the Income Tax Act, 1967 , which were designed to prevent the avoidance of sur-tax by the withholding from distribution of income of certain companies. The present Regulations, which deal with the serving of notices for the purpose of these provisions, take account of the replacement of sur-tax by the higher rates of income tax.