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G A Z E T TE
A
PRIL
1 9 9 0
"at the aim or objective sought
to be achieved by the provisions
of the Directive and then as it
were invent a solution or
mechanism which would enable
Section 17 to be implemented so
as to fulfil that objective".
Senior Counsel, therefore, does
not believe that it is necessary that
the form of guarantee be addressed
to any particular person.
In regard to 3, Senior Counsel
has suggested the following
wording for the guarantee: —
"by this guarantee X Limited
(registered office etc.) as the
holding company of Y Limited
and for the purposes of the ex-
emption referred to in Section 17
(1) of the Companies (Amend-
ment) Act, 1986 and not other-
wise,
hereby
irrevocably
guarantees in respect of the
whole of the financial year of Y
Limited
ending
on
31st
December, 19 , all of the
liabilities of Y Limited referred to
in Section 5(c) of the said Act
provided that this guarantee
shall not extend to any liability or
commitment of Y Limited which
shall arise or may have arisen
otherwise than in respect of that
financial year or which shall not
constitute a liability or loss
within the meaning of Section
5(c) aforesaid".
The Company Law Committee
have, in conjunction with the
Institute of Chartered Accountants
in Ireland, been in discussion with
the Registrar of Companies who
has accepted the form of guarantee
set out herein.
Company Law
Committee.
CAPITAL AQUISITIONS TAX
(Gift and Inheritance Tax)
Postponement of Payment of Tax
in cases of hardship
The Revenue Commi s s i one rs have issued a
Statement of Practice outlining the circumstances
where they are prepared to postpone the payment of
gift or inheritance tax where the payment would
cause excessive hardship for the beneficiary and
where the tax can be secured by the registration of a
charge.
The Statement of Practice will be of interest to both
tax practitioners and members of the public.
Copies of the Statement of Practice are available
from the Capital Taxes Branch, Dublin Castle.
Telephone: (01) 6792777 ext. 2231 or 2283
^ R
E V E N U
C
O M M I S S I O N E R
DUBLIN CASTLE
J
CLEAR OUT THE OLD
BRING IN THE NEW
Clear Out Your Old Files and
Incinerate
Them
ASHES Ltd
10/12 Hanover Quay,
Phone: 719466.
Dublin 2.
Fax: 719009.
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