Taxes Consolidation Act 1997 section 159

Liability for advance corporation tax

Section 159 imposed advance corporation tax on an Irish-resident company whenever it made a distribution, with the charge measured by reference to the tax credit attaching to that distribution; the section has since been repealed.

• Applied to Irish-resident companies making distributions (typically dividends).
• The company had to pay advance corporation tax (ACT) equal to the tax credit attached to the distribution.
• ACT was payable regardless of whether the recipient was actually entitled to claim the tax credit.
• Repealed by section 41 of the Finance Act 2003 for accounting periods ending on or after 6 February 2003.