Taxes Consolidation Act 1997 section 143

Distributions out of profits from coal, gypsum and anhydrite mining operations

Section 143 sets out how distributions paid by companies out of profits from coal, gypsum and anhydrite mining that previously benefited from tax relief are taxed in the hands of recipients.

• Relieved income is income that bore income tax at a reduced rate under specified pre-1969 statutes covering coal, gypsum and anhydrite mining.
• Distributions out of relieved income carry a reduced tax credit calculated using the formula A divided by (100 minus A), where A is half the standard credit rate.
• Mixed distributions are split into two notional distributions; an Irish resident company receiving such a distribution is itself treated as having relieved income.
• Individual recipients are taxed at broadly half the rate that would normally apply, and dividend warrants must disclose the relieved-income element.