Chapter V

Taxation of Building Societies

57. —(1) The provisions of the Third Schedule shall apply and have effect where a society converts in accordance with the provisions of Part XI of the Building Societies Act, 1989 , into a successor company within the meaning of that Part.

(2) In this section and in the Third Schedule —

“building society” means a building society incorporated or deemed by section 124 (2) of the Building Societies Act, 1989 , to be incorporated under that Act, and references to “society” shall be construed accordingly;

“successor company” has the same meaning as it has in subsection (1).

58. — Section 129 of the Corporation Tax Act, 1976 , is hereby amended in subsection (2) by the substitution of the following paragraphs for paragraph (c):

“(c) a registered industrial and provident society within the meaning of section 218 of the Income Tax Act, 1967 , and

(d) a building society incorporated or deemed by virtue of section 124 (2) of the Building Societies Act, 1989 , to be incorporated under that Act.”,

and the said subsection (2), as so amended, is set out in the Table to this section.

TABLE

(2) For the purposes referred to in subsection (1) references to a company apply only to—

(a) a company within the meaning of the Companies Act, 1963 , and

(b) a company which is constituted under any other Act or a charter or letters patent or (although resident in the State) is formed under the law of a country or territory outside the State, and

(c) a registered industrial and provident society within the meaning of section 218 of the Income Tax Act, 1967 , and

(d) a building society incorporated or deemed by virtue of section 124 (2) of the Building Societies Act, 1989 , to be incorporated under that Act.