The Gazette 1990

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

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