Taxes Consolidation Act 1997 section 220

Profits of certain bodies corporate

Section 220 exempts the profits of certain specified bodies corporate from corporation tax, notwithstanding any other provision of the Corporation Tax Acts.

• The profits (both income and chargeable gains) of certain listed bodies are completely exempt from corporation tax.
• The exempt bodies include the National Lottery operator, Dublin Docklands Development Authority (and its wholly-owned subsidiaries), the Pensions Board, Horse Racing Ireland, Irish Thoroughbred Marketing Limited, Tote Ireland Limited, the Commission for Electricity Regulation, Limerick Twenty Thirty Strategic Development DAC, Ennis 2040 (Strategic Development) DAC, and Nature Partners Company Limited by Guarantee.
• The listed bodies remain liable to DIRT on deposit interest, and the National Lottery operator and the Pensions Board remain liable to capital gains tax.
• The exemption overrides any other provision of the Corporation Tax Acts that might otherwise bring the profits of these bodies into charge.