I move amendment No. 21 :

In page 73, in subsection (6), lines 21 and 22, to delete " applies in respect of the distribution or ".

This is a section which contains the status quo under which a reduced rate of corporation tax arises from certain income and it also maintains the status quo for building societies and other organisations like the Agricultural Credit Corporation and so on. It incorporates the exemptions which at present exist for these organisations under the corporation profits tax code. The amendments which I am proposing and which I should like to take together—amendments Nos. 21, 22 and 23—are minor drafting amendments. In the first amendment the words to be deleted are unnecessary. The purpose of the second amendment is to place beyond doubt the form which an assessment under Case IV of Schedule D must take when it is required under this section. The third amendment is designed to ensure that an amount included in such an assessment of Case IV of Schedule D shall not be treated as income for any other purpose.

It is in ease of the tax-payer?

Yes.

Deputy Collins will not necessarily accept it for that reason alone.

I am all for tax-payers but I am not for speculators.

I move amendment No. 22 :

In page 73, in subsection (6), line 28, after " income tax " to insert " for the year of assessment in which the winding up or dissolution occurs ".

I move amendment No. 23 :

In page 74, after line 38, to insert a new subsection as follows :

" (8) Any amount on which by virtue of this section income tax is charged on a company by an assessment under Case IV of Schedule D shall not be regarded as income of the company for any purpose of the Tax Acts.".

The Minister assures us that it is just preserving existing tax exemptions?

Yes.

Subsection (e) refers to the income of a company which carries on a railway undertaking. Would that apply only to CIE?

I do not know whether it would apply to Guinness.

What about the Lough Swilly railway?

I do not know if they operate a railway. They operate buses.

There was a railway line from Letterkenny to Glenties.

There are other companies.

I doubt if there are. We are simply applying existing law. I think CIE are the only railway operating within the State except, of course, that there are operations involved for tax purposes by Northern transport authorities operating on the system here. I am not sure how their profits are affected or if there are any. They probably have none so there is no liability to tax.