Chapter II

Income Tax: Relief for Investment in Corporate Trades

16. — Section 11 of the Finance Act, 1984 , is hereby amended, in subsection (1), by the substitution of the following definition for the definition of “certifying Minister”:

“‘certifying Minister’ means the Minister for Agriculture, Food and Forestry, the Minister for Arts, Culture and the Gaeltacht or the Minister for the Marine (as may be appropriate);”.

17. — Section 12 of the Finance Act, 1984 , is hereby amended—

(a) as respects a subscription for eligible shares issued on or after the 2nd day of June, 1995, by the substitution in paragraph (iii) (inserted by the Finance Act, 1995) of the proviso to paragraph (c) of subsection (1), of “subsection (2C)” for “subsection (3C)”,

(b) by the insertion of the following paragraphs after paragraph (iv) of the proviso to paragraph (c) of subsection (1)—

“(v) for the purposes of qualifying trading operations such as are referred to in subparagraph (iiie) (inserted by the Finance Act, 1996) of paragraph (a) of subsection (2) of section 16, the aforementioned evidence shall include the certificate referred to in subsection (2D) (as so inserted) of the said section, and

(vi) for the purposes of qualifying trading operations such as are referred to in subparagraph (iib) (inserted by the Finance Act, 1996) of paragraph (a) of subsection (2) of section 16 and in respect of which money is raised or intended to be raised under the provisions of this Chapter by virtue of clause (II) of the aforesaid subparagraph (iib), the aforementioned evidence shall include the certificate referred to in subsection (2E) (as so inserted) of the said section.”,

(c) in subsection (11) (inserted by the Finance Act, 1993 )—

(i) by the substitution of “the 5th day of April, 1999” for “the 5th day of April, 1996”, and

(ii) by the deletion of the proviso thereto.

18. — Section 13 of the Finance Act, 1984 , is hereby amended by the substitution, in subsections (2A) and (2B), of the following proviso for the provisos (inserted by the Finance Act, 1995) to those subsections:

“Provided that this subsection shall not apply or have effect for any year of assessment subsequent to the year 1998-99.”.

19. —(1) Section 13A (inserted by the Finance Act, 1989 ) of the Finance Act, 1984 , is hereby amended—

(a) in subsection (1)—

(i) as respects eligible shares issued on or after the 23rd day of January, 1996, by the substitution of “the issue of eligible shares on or after the 23rd day of January, 1996 (hereafter in this section referred to as the ‘relevant issue’)” for “the issue of eligible shares (hereafter in this section referred to as the ‘relevant issue’) on any day falling on or after the 6th day of May, 1993,”, and

(ii) as on and from the passing of the Finance Act, 1996, by the addition of the following proviso:

“Provided that, in the case of a company which, or whose qualifying subsidiary, either carries on or intends to carry on a qualifying trading operation as is mentioned in subparagraph (iib) (inserted by the Finance Act, 1996) of paragraph (a) of subsection (2) of section 16, this section shall apply and have effect, in relation to that company and money raised or intended to be raised by it under the provisions of this Chapter by virtue of clause (II) of the aforesaid subparagraph (iib), as if in the foregoing formula and in the formula in subsection (1A) (as amended by the Finance Act, 1996) ‘£100,000’ were substituted for ‘£1,000,000’ in each place where it occurs.”,

and

(b) by the substitution of the following subsections for subsections (1A) and (1B) (inserted by the Finance Act, 1991 ):

“(1A) Where a company raises any amount through a relevant issue and that company is associated (within the meaning of this section) with one or more other companies then, as respects that company, relief shall not be given in respect of the amount so raised over the amount determined by the formula—

£1,000,000—B

where—

B is an amount equal to so much, as does not exceed £1,000,000, of the aggregate of all amounts raised through the issue of eligible shares at any time before or on the date of the relevant issue by all of the companies (including that company) which are associated within the meaning of this section.

(1B) In this section, a company is associated with another company where it could reasonably be considered that—

(a) (i) both companies act in pursuit of a common purpose, or

(ii) any person or any group of persons or groups of persons having a reasonable commonality of identity have or had the means or power, either directly or indirectly, to determine the trading operations carried on or to be carried on by both companies, or

(b) both companies are under the control of any person or group of persons or groups of persons having a reasonable commonality of identity:

Provided that, for the purposes of this section, a company shall not be considered as associated with another company only by reason of the fact that a subscription for eligible shares in both companies is made by a person or persons having the management of an investment fund designated under section 27 as nominee for any person, group of persons or groups of persons.”.

(2) As respects eligible shares issued on or after the 28th day of March, 1996, section 13A (as amended by subsection (1)) of the Finance Act, 1984 , is hereby further amended by the substitution of the following subsections for subsection (1B) (inserted by the said subsection (1)):

“(1B) In this section, a company is associated with another company where—

(a) in the case of that company, or a company which is, or was at any time, its qualifying subsidiary, and

(b) that other company, or a company which is, or was at any time, its qualifying subsidiary,

it could reasonably be considered that—

(i) both companies act in pursuit of a common purpose, or

(ii) any person or any group of persons or groups of persons having a reasonable commonality of identity have or had the means or power, either directly or indirectly, to determine the trading operations carried on or to be carried on by both companies, or

(iii) both companies are under the control of any person or group of persons or groups of persons having a reasonable commonality of identity:

Provided that, for the purposes of this section, a company shall not be considered as associated with another company only by reason of the fact that a subscription for eligible shares in both companies is made by a person or persons having the management of an investment fund designated under section 27 as nominee for any person, group of persons or groups of persons.

(1C) In this section, ‘qualifying subsidiary’, in relation to a company, has the same meaning as it has for the purpose of section 15.”.

20. —Chapter III of Part I of the Finance Act, 1984 , is hereby amended by the insertion of the following section after section 13A:

“13B.—(1) Subject to the following provisions of this section, where on or after the 23rd day of January, 1996, a company raises any amount through the issue of eligible shares (hereafter in this section referred to as the ‘relevant issue’) for the purpose of qualifying trading operations other than such operations as are referred to in subparagraph (iiib) (inserted by the Finance Act, 1990 ) of paragraph (a) of subsection (2) of section 16, relief shall not be given in respect of the excess of the amount over the amount determined by the formula set out in the Table to this subsection unless the company produces to the Revenue Commissioners a relevant certificate or a combined certificate within the meaning of this section:

Provided that where the said company is associated with one or more other companies within the meaning of section 13 A (as amended by the Finance Act, 1996), then A in the formula set out in the Table to this subsection shall include the aggregate of the amounts raised through the issue of eligible shares at any time before or on the date of the relevant issue by all the companies so associated (including the said company).

TABLE

£250,000 — A

where A is—

(a) £250,000, or

(b) an amount equal to the aggregate of all amounts raised by the company through the issue of eligible shares before or on the date of the relevant issue,

whichever is the lesser amount.

(2) The provisions of subsections (2) and (3) of section 13A shall, with any necessary modifications, apply for the purposes of this section as they apply for the purposes of that section.

(3) (a) In this section ‘relevant certificate’ means a certificate from an authority (within the meaning of this section) given to a company in relation to a relevant issue, certifying, on the basis of a business plan of the company and any other information which the company supplies to the authority or which the authority may reasonably request the company to furnish to it, that, having regard to the amount of money raised or to be raised by the relevant issue, the authority is satisfied that—

(i) the purpose or purposes specified in section 12 (1) (c) (i) for which the money raised, or to be raised, is intended to be used has or have the potential to create a reasonable level of additional sustainable employment in the company, or

(ii) the money raised or to be raised is necessary to secure the survival of the company and maintain a reasonable level of sustainable employment.

(b) In considering whether to give a relevant certificate to a company, an authority shall have regard only to such guidelines for that purpose as may, from time to time, be agreed—

(i) with the consent of the Minister for Finance, between the certifying agency and the Minister for Arts, Culture and the Gaeltacht or the Minister for Enterprise and Employment or the Minister for the Marine or the Minister for Tourism and Trade (as may be appropriate in the circumstances), or

(ii) between the certifying Minister and the Minister for Finance,

and those guidelines may, without prejudice to the generality of the foregoing, include provision—

(I) for the submission to the authority by the company concerned, in relation to its business plan, of an annual progress report, in a form to be specified by the authority,

(II) to ensure that money raised through a relevant issue is used by a company or its qualifying subsidiary only for one or more of the purposes specified in section 12 (1) (c) (i) and for no other purposes,

(III) that the issue of the certificate does not represent any form of approval by the authority of the commercial viability of the qualifying trading operations carried on or to be carried on by the company concerned, and

(IV) for the regarding as null and void, from its date of issue, of a relevant certificate where the company concerned fails to comply with its business plan or any modification thereof which may be agreed between it and the authority.

(4) In this section ‘combined certificate’ means a certificate given by an authority to a company which comprises—

(a) (i) a certificate referred to in paragraph (ii) (inserted by the Finance Act, 1993 ) of the proviso to paragraph (c) of subsection (1) of section 12, or

(ii) (I) a certificate referred to in paragraph (iii) (as amended by the Finance Act, 1996) of the proviso to paragraph (c) of subsection (1) of section 12, and

(II) an approval of a development and marketing plan as is mentioned in paragraph (a) of subsection (3B) of section 15,

or

(iii) a certificate referred to in paragraph (v) (inserted by the Finance Act, 1996) of the proviso to paragraph (c) of subsection (1) of section 12, or

(iv) an approval of a development and marketing plan as is mentioned in paragraph (a) of subsection (3A) of section 15,

and

(b) a relevant certificate.

(5) An authority shall not issue a combined certificate unless and until all necessary conditions for the issue of—

(a) in the first instance, as may be appropriate—

(i) the certificate mentioned in subparagraph (i) or (iii), as the case may be, of paragraph (a) of subsection (4), or

(ii) the certificate and approval mentioned in subparagraph (ii) of paragraph (a) of subsection (4), or

(iii) the approval mentioned in subparagraph (iv) of paragraph (a) of subsection (4),

and

(b) thereafter, and only thereafter, the relevant certificate,

have been satisfied.

(6) In this section, ‘an authority’ means—

(a) in respect of such qualifying trading operations mentioned in subparagraph (i) (as amended by the Finance Act, 1990 ), (ii) (inserted by the Finance Act, 1990 ), (iid) (inserted by the Finance Act, 1995), or (iiic) (inserted by the Finance Act, 1990 ) of paragraph (a) (inserted by the Finance Act, 1987 ) of subsection (2) of section 16, Forbairt, the Industrial Development Agency (Ireland), the Shannon Free Airport Development Company Limited or Údarás na Gaeltachta, as may be appropriate:

Provided that for the purposes of such qualifying trading operations as are referred to in the aforesaid subparagraph (i), an authority shall mean Bord Ias-caigh Mhara in the case of those qualifying trading operations in respect of which the said Bord administers a scheme of assistance to grant aid,

(b) in respect of such qualifying trading operations mentioned in subparagraph (iie) (inserted by the Finance Act, 1995), (iiia) (inserted by the Finance Act, 1988 ), or (iiid) (inserted by the Finance Act, 1994 ) of paragraph (a) (inserted by the Finance Act, 1987 ) of subsection (2) of section 16, the Minister for Agriculture, Food and Forestry,

(c) in respect of such qualifying trading operations mentioned in subparagraph (iiie) (inserted by the Finance Act, 1996) of paragraph (a) (inserted by the Finance Act, 1987 ) of subsection (2) of section 16, the Minister for Arts, Culture and the Gaeltacht,

(d) in respect of such qualifying trading operations mentioned in subparagraph (iv) of paragraph (a) (inserted by the Finance Act, 1987 ) of subsection (2) of section 16, Bord Fáilte Éireann, and

(e) in respect of such qualifying trading operations mentioned in subparagraph (v) of paragraph (a) (inserted by the Finance Act, 1987 ) of subsection (2) of section 16, An Bord Tráchtála.”.

21. —(1) In this section—

“auditor” means—

(a) in relation to a company or its qualifying subsidiary, the person or persons appointed as auditor of the company or its qualifying subsidiary, as appropriate, for all the purposes of the Companies Acts, 1963 to 1990, and

(b) in relation to a specified designated fund, the person or persons appointed as auditor of that fund;

“eligible shares” has the meaning assigned to it by section 12 of the Finance Act, 1984 ;

“specified designated fund” means an investment fund designated under section 27 of the Finance Act, 1984 , which closed on or before the 5th day of April, 1995, and where at least two-thirds of the money raised by the fund was invested in eligible shares before the 23rd day of January, 1996;

“prospectus”, in relation to a company, means any prospectus, notice, circular or advertisement, offering to the public for subscription or purchase any eligible shares (within the meaning of section 12 (2) of the Finance Act, 1984 ) of the company, and in this definition “the public” includes any section of the public, whether selected as members of the company or as clients of the person issuing the prospectus or in any other manner;

“qualifying subsidiary”, in relation to a company, has the same meaning as it has for the purposes of section 15 of the Finance Act, 1984 ;

“qualifying trading operations” has the meaning assigned to it by section 16 of the Finance Act, 1984 (as amended by this Act);

“the specified period” means the period beginning on the 1st day of January, 1995, and ending on the 23rd day of January, 1996.

(2) Section 20 shall not apply as respects eligible shares issued on or after the 23rd day of January, 1996, by a company to which this section applies and in respect of which the conditions in either subsection (5) or (6) are met.

(3) The provisions of Chapter III of Part I of the Finance Act, 1984 , which were in force immediately before the 23rd day of January, 1996, shall apply as respects shares issued on or after the 23rd day of January, 1996, by a company to which this section applies and in respect of which the conditions in subsection (6) are met:

Provided that this subsection shall not apply as respects eligible shares, issued by a company on or after the 23rd day of April, 1996, to which the provisions of section 13A (as amended by this Act) of the Finance Act, 1984 , apply.

(4) This section applies to a company which, or whose qualifying subsidiary, either carries on or intends to carry on one or more of the qualifying trading operations mentioned in subparagraph (i) (as amended by the Finance Act, 1990 ), (ii) (inserted by the Finance Act, 1990 ), (iid) (inserted by the Finance Act, 1995), (iie) (inserted by the Finance Act, 1995), (iiia) (inserted by the Finance Act, 1988 ), (iiic) (inserted by the Finance Act, 1990 ), (iiid) (inserted by the Finance Act, 1994 ), (iv) or (v) of paragraph (a) (inserted by the Finance Act, 1987 ) of subsection (2) of section 16 of the Finance Act, 1984 .

(5) The conditions of this subsection, referred to in subsection (2), are—

(a) the eligible shares are issued on or before the 5th day of April, 1996, and

(b) the eligible shares are issued following a subscription on behalf of an individual by a person or persons having the management of a specified designated fund, and

(c) the company concerned proves to the satisfaction of the Revenue Commissioners that on or before the 23rd day of January, 1996, it had the intention of raising money, on or before the 5th day of April, 1996, under the provisions of Chapter III of Part I of the Finance Act, 1984 , through the specified designated fund referred to in paragraph (b):

Provided that, in determining whether they are satisfied that the company has complied with the requirements specified in paragraph (c), the Revenue Commissioners shall have regard to the following—

(i) (I) signed heads of agreement between the company and the fund, or

(II) exchange of correspondence between the company and the fund showing a clear intention that the fund intended, on or before the 5th day of April, 1996, to subscribe for eligible shares in the company,

and

(ii) a certificate by the auditor of the fund confirming that it is a specified designated fund, and

(iii) any other information the Revenue Commissioners deem necessary for the purpose.

(6) The conditions of this subsection, referred to in subsection (2), are—

(a) the shares are issued on or before the 30th day of August, 1996, and

(b) (i) in the case of a company which, or whose qualifying subsidiary, either carries on or intends to carry on a qualifying trading operation as is mentioned in subparagraph (i), (ii), (iiia) or (iiid) of paragraph (a) of subsection (2) of section 16 of the Finance Act, 1984 , that—

(I) in the specified period the company or its qualifying subsidiary, as the case may be, had entered into a binding contract in writing—

(A) to purchase or lease land or a building,

(B) to purchase or lease plant or machinery, or

(C) for the construction or refurbishment of a building,

to be used in the carrying on of its qualifying trading operation, and

(II) the company proves to the satisfaction of the Revenue Commissioners that—

(A) on or before the 23rd day of January, 1996, it had an intention to raise money under the provisions of Chapter III of Part I of the Finance Act, 1984 , and

(B) the contract which it or its qualifying subsidiary, as the case may be, had entered into was integral to, or consistent with, the purpose for which it had intended to raise money as aforesaid and that the consideration of the said contract is equal to 25 per cent. or more of the money which it is intended to raise under the provisions of the said Chapter III:

Provided that, in determining whether they are satisfied that the company has complied with the requirements specified in clause (II), the Revenue Commissioners shall have regard to either or both of the following—

(AA) an application in writing made by the company to the Revenue Commissioners in the specified period for the opinion of the Revenue Commissioners as to whether the company would be a qualifying company for the purposes of Chapter III of Part I of the Finance Act, 1984 , and

(BB) the publication in the specified period of a prospectus by, or on behalf of, the company;

(ii) in the case of a company which, or whose qualifying subsidiary, either carries on or intends to carry on a qualifying trading operation as is mentioned in subparagraph (iid), (iiic) or (v) of paragraph (a) of subsection (2) of section 16 of the Finance Act, 1984 , that on or before the 23rd day of January, 1996, it had an intention to raise money under the provisions of Chapter III of Part I of the Finance Act, 1984 :

Provided that, in determining whether they are so satisfied, the Revenue Commissioners shall have regard to either or both of the following—

(I) an application in writing made by the company to the Revenue Commissioners in the specified period for the opinion of the Revenue Commissioners as to whether the company would be a qualifying company for the purposes of Chapter III of Part I of the Finance Act, 1984 , and

(II) the publication in the specified period of a prospectus by, or on behalf of, the company;

(iii) in the case of a company which, or whose qualifying subsidiary, either carries on or intends to carry on a qualifying trading operation as is mentioned in subparagraph (iie) of paragraph (a) of subsection (2) of section 16 of the Finance Act, 1984 , that—

(I) on or before the 23rd day of January, 1996, the company or its qualifying subsidiary, as the case may be, had submitted to, and had approved of by, the Minister for Agriculture, Food and Forestry a three-year development and marketing plan as is mentioned in paragraph (a) of subsection (3B) (inserted by the Finance Act, 1995) of section 15 of the Finance Act, 1984 , in respect of its qualifying trading operation,

(II) in the specified period the company or its qualifying subsidiary, as the case may be, had entered into a binding contract in writing—

(A) to purchase or lease greenhouses,

(B) to purchase or lease plant or machinery, or

(C) for the construction or refurbishment of greenhouses,

to be used in the carrying on of its qualifying trading operation, and

(III) the company proves to the satisfaction of the Revenue Commissioners that the contract which it, or its qualifying subsidiary, as the case may be, had entered into was integral to, or consistent with, the three-year development and marketing plan approved of by the Minister for Agriculture, Food and Forestry and that the consideration of the said contract is equal to 25 per cent. or more of the money which it is intended to raise under the provisions of Chapter III of Part I of the Finance Act, 1984 , and

(iv) in the case of a company which, or whose qualifying subsidiary, either carries on or intends to carry on a qualifying trading operation as is mentioned in subparagraph (iv) of paragraph (a) of subsection (2) of section 16 of the Finance Act, 1984 , that—

(I) on or before the 23rd day of January, 1996, the company or its qualifying subsidiary, as the case may be, had submitted to, and had approved of by, Bord Fáilte Éireann a three-year development and marketing plan as is mentioned in paragraph (a) of subsection (3A) (inserted by the Finance Act, 1987 ) of section 15 of the Finance Act, 1984 , in respect of its qualifying trading operation,

(II) in the specified period the company or its qualifying subsidiary, as the case may be, had entered into a binding contract in writing—

(A) to purchase or lease land or a building,

(B) to purchase or lease plant or machinery, or

(C) for the construction or refurbishment of a building,

to be used in the carrying on of its qualifying trading operation, and

(III) the company proves to the satisfaction of the Revenue Commissioners that the contract which it, or its qualifying subsidiary, as the case may be, had entered into was integral to, or consistent with, the three-year development and marketing plan approved of by Bord Fáilte Éireann and that the consideration of the said contract is equal to 25 per cent. or more of the money which it is intended to raise under the provisions of Chapter III of Part I of the Finance Act, 1984 .

(7) For the purposes of subsection (6)—

(a) the date on which a contract was entered into by a company or, as the case may be, its qualifying subsidiary, and

(b) the date on which a prospectus was published by, or on behalf of, a company,

shall be confirmed in a certificate by the auditor of the company, or its qualifying subsidiary, as appropriate.

22. — Section 15 of the Finance Act, 1984 , is hereby amended by the insertion of the following subsection after subsection (3B):

“(3C) A company, whose trade consists of the production, publication, marketing and promotion of a qualifying recording within the meaning of subsection (2D) (inserted by the Finance Act, 1996) of section 16, shall not be a qualifying company—

(a) unless it exists solely for the purposes of the production, publication, marketing and promotion of a qualifying recording or qualifying recordings by one, and only one, new artist, and

(b) unless and until and so long as it shows to the satisfaction of the Revenue Commissioners that a certificate referred to in the said subsection (2D) has been given, and not revoked, by the Minister for Arts, Culture and the Gaeltacht to the company in relation to such qualifying recording or qualifying recordings.”.

23. — Section 16 of the Finance Act, 1984 , is hereby amended—

(a) in paragraph (a) of subsection (2)—

(i) by the substitution of the following subparagraph for subparagraph (iib) (inserted by the Finance Act, 1995):

“(iib) in respect of—

(I) a relevant investment made on or after the passing of the Finance Act, 1995, or

(II) a subscription for eligible shares, other than such a subscription consisting of a relevant investment, made on or after the passing of the Finance Act, 1996, and on or before the 5th day of April, 1998, and in respect of which a certificate for the purposes of this Chapter has been issued in accordance with the provisions of subsection (2E) (inserted by the Finance Act, 1996),

and notwithstanding the provisions of subparagraph (ii), the rendering of relevant trading operations within the meaning of section 39B of the Finance Act, 1980 (inserted by the Finance Act, 1987 ), which are carried on for the purposes of, or in connection with, trading operations on an exchange facility established in the Custom House Docks Area as defined in section 41 of the Finance Act, 1986 ,”,

and

(ii) by the insertion of the following subparagraph after subparagraph (iiid) (inserted by the Finance Act, 1994 ):

“(iiie) in respect of a subscription for eligible shares made on or after the passing of the Finance Act, 1996, the production, publication, marketing and promotion of a qualifying recording, or qualifying recordings, within the meaning of subsection (2D) (inserted by the Finance Act, 1996),”,

(b) by the insertion of the following subsections after subsection (2C) (inserted by the Finance Act, 1995):

“(2D) (a) For the purposes of subparagraph (iiie) of paragraph (a) of subsection (2), a qualifying recording means a recording, in any recording format in any musical style including any associated video directly related to such recording, by a new artist, produced in a studio in the State, in respect of which the Minister for Arts, Culture and the Gaeltacht (hereinafter in this subsection referred to as ‘the Minister‘) has, subject to such conditions as the Minister may consider proper and specifies therein including a condition as to the maximum amount of money which may be raised under the provisions of this Chapter in relation to a qualifying recording, given a certificate to the company which intends to produce the qualifying recording, stating that the recording and any associated video, as aforesaid, may be treated as a qualifying recording for the purposes of this Chapter.

(b) In considering whether to give such a certificate as is referred to in paragraph (a), the Minister shall have regard only to such guidelines as the Minister may, from time to time, lay down with the consent of the Minister for Finance, and those guidelines may, without prejudice to the generality of the foregoing, include provision for—

(i) the circumstances in which an artist is to be, and continues to be, regarded as a new artist, and

(ii) the manner, extent and timing in which the money to be raised under the provisions of this Chapter by a company for the production, publication, marketing and promotion of a qualifying recording is to be used.

(c) A certificate to which paragraph (a) refers or any condition thereof may be amended, revoked or added to by the Minister, by giving notice in writing to the qualifying company concerned of such amendment, revocation or addition, and the provisions of this section shall apply as if—

(i) a condition as so amended or added by the notice was specified in the certificate, and

(ii) a condition as so revoked was not specified in the certificate.

(2E) (a) In this subsection, ‘certification committee’ means the committee consisting of a chairman and four other members who, from time to time, may be appointed by the Minister for Finance for the purposes of this section.

(b) The certification committee may, subject to such conditions as the committee consider proper and specifies therein including a condition as to the maximum amount of money which may be raised by the company under the provisions of this Chapter, issue a certificate for the purposes of this Chapter to a company, which carries on or intends to carry on qualifying trading operations such as are referred to in subparagraph (iib) (inserted by the Finance Act, 1996) of paragraph (a) of subsection (2) and in respect of which money is raised or intended to be raised by it under the provisions of this Chapter by virtue of clause (II) of the aforesaid subparagraph (iib), where—

(i) on the basis of such information as is supplied to it by the company or which the committee may reasonably request the company to furnish to it, and

(ii) such guidelines for the purpose as may be agreed, from time to time, between it and the Minister for Finance,

it is satisfied that—

(I) the qualifying trading operations carried on or to be carried on by the company will contribute to the development of the exchange facility on which those operations will be carried on, and

(II) the money raised or to be raised by the company under the provisions of this Chapter has the potential to maintain or create a reasonable level of sustainable employment:

Provided that the committee shall not give a certificate to a company under this subsection—

(A) after the 5th day of April, 1998, and

(B) to the extent that the aggregate of all subscriptions made or to be made for eligible shares arising out of the issue of such certificates exceeds £2,000,000.”,

and

(c) in subsection (4), by the substitution in paragraph (b) of the following subparagraphs for subparagraph (ii):

“(ii) the research and development or other similar activity as is referred to in subparagraph (iiic) (inserted by the Finance Act, 1993 ) of paragraph (a) of subsection (2), and

(iii) the production, publication, marketing and promotion of a qualifying recording, or qualifying recordings, as is referred to in subparagraph (iiie) (inserted by the Finance Act, 1996) of paragraph (a) of subsection (2):”.

24. — Section 16A (inserted by the Finance Act, 1995) of the Finance Act, 1984 , is hereby amended—

(a) in subsection (2), by the substitution in clause (I) of subparagraph (ii) of paragraph (b) of “the Minister for Enterprise and Employment or the Minister for the Marine or the Minister for Tourism and Trade” for “the Minister for Enterprise and Employment or the Minister for Tourism and Trade”,

and

(b) in subsection (4)—

(i) by the insertion of the following paragraphs for paragraph (b):

“(b) the Minister for Agriculture, Food and Forestry in respect of such qualifying trading operations as are referred to in section 16 (2) (a) (iiia) (inserted by the Finance Act, 1988 ), or

(c) the Minister for Arts, Culture and the Gaeltacht in respect of such qualifying trading operations as are referred to in subparagraph (iiie) (inserted by the Finance Act, 1996) of paragraph (a) (inserted by the Finance Act, 1987 ) of subsection 2 of section 16,”,

and

(ii) by the substitution of the following paragraph for paragraph (ii):

“(ii) between the Minister for Agriculture, Food and Forestry or the Minister for Arts, Culture and the Gaeltacht, as may be appropriate, and the Minister for Finance.”.