Taxes Consolidation Act 1997 section 168

Distributions to certain non-resident companies

Section 168 (now repealed) allowed an Irish company to elect that a distribution to certain non-resident parent or consortium-member companies be treated as not being a distribution for tax credit purposes.

• Applied to distributions caught only by section 130(2)(d)(iv), or to dividends paid to a 75 per cent parent or consortium-member resident in the United States or another treaty country.
• A consortium meant five or fewer companies beneficially owning at least 75 per cent of the ordinary share capital between them, with none holding less than 5 per cent.
• On a successful election, the payment was not treated as a distribution for section 159 purposes and the recipient was denied a tax credit.
• Repealed by Finance Act 2000 section 69(2) with effect from 6 April 1999 for income tax and for accounting periods commencing on or after that date for corporation tax.