Taxes Consolidation Act 1997 section 697R

Interpretation

Section 697R defines the key terms used throughout the Part dealing with the temporary solidarity contribution charged on certain energy companies.

• The temporary solidarity contribution (TSC) is a levy on energy companies whose taxable profits in 2022 or 2023 exceed 120% of their average taxable profits in the reference years, charged at 75% of the excess.
• An energy company is a body corporate that generates at least 75% of its turnover in a chargeable period from relevant activities, being extraction, mining or refining of natural gas, coal, petroleum or manufacture of coke oven products carried on in the State or a designated area.
• A chargeable period is the 12-month period commencing on 1 January in each of the years 2022 and 2023.
• Words and expressions used in this Part that also appear in Council Regulation (EU) 2022/1854 carry the same meaning unless the context otherwise requires.