Taxes Consolidation Act 1997 section 671

Marginal coal mine allowance

Section 671 provides tax relief for marginal coal mines in the State, allowing the Minister for Finance to reduce or eliminate the tax charged on their profits.

• A marginal coal mine is one certified by the Minister for Communications, Energy and Natural Resources as unlikely to continue operating if its profits were taxed in the normal way.
• The Minister for Finance, after consulting with the Minister for Communications, Energy and Natural Resources, may direct that the tax on the mine's profits for a particular year be reduced to a specified amount, which can be nil.
• Where such a direction is made, an allowance is given as a deduction in charging the profits to tax, calculated at whatever amount is needed to bring the tax down to the figure specified by the Minister for Finance.
• The relief applies for both income tax and corporation tax purposes, with references to years of assessment read as including references to accounting periods.