Taxes Consolidation Act 1997 section 230AC

Strategic Banking Corporation of Ireland

Section 230AC exempts from corporation tax all profits arising to the Strategic Banking Corporation of Ireland and its wholly-owned subsidiaries.

  • The Strategic Banking Corporation of Ireland (SBCI) is fully exempt from corporation tax on all its profits.
  • The exemption extends to any subsidiary that is wholly owned by the SBCI.
  • It also covers any subsidiary that is wholly owned by such a wholly-owned subsidiary (i.e. second-tier subsidiaries).
  • The exemption applies notwithstanding any other provision of the Corporation Tax Acts.

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