Taxes Consolidation Act 1997 section 163

Tax credit recovered from company

Section 163 dealt with the treatment of tax credits that had been paid out to a company and subsequently recovered from it through a Case IV Schedule D assessment, but the section has been deleted and no longer has effect.

• Section 163 was deleted by section 41 of the Finance Act 2003.
• The deletion has effect for accounting periods ending on or after 6 February 2003.
• Before deletion, the section addressed tax credits that a company had received on a distribution and which Revenue later clawed back by assessing the company to income tax under Case IV of Schedule D.
• The recovered amount was treated, for the purposes of section 162, as if it were a tax credit on a distribution received by the company in the accounting period of recovery.