3°: Financing small-scale fishing

For the purposes of income tax or corporation tax, cash subscriptions made between 1 January 1998 and 31 December 2010 to the capital of companies subject to corporation tax under the conditions of ordinary law whose business is the financing of small-scale fishing and which are approved by the minister responsible for the budget after obtaining the opinion of the minister responsible for fisheries are allowed as deductions under the…

I.-(Repealed) II.-The approval provided for in Article 238 bis HO is granted to limited companies whose sole purpose is the co-ownership purchase of new fishing vessels: a) Operated directly and continuously in the overseas departments by artisanal fishermen or fishermen associated with artisanal fishing companies or fishing outfitting companies as defined in II of Article 240 of Law no. 2005-157 of 23 February 2005 on the development of rural areas…

The companies defined in Article 238 bis HO are not eligible for the scheme provided for venture capital companies by article 1-1 of law no. 85-695 of 11 July 1985 containing various economic and financial provisions, nor the scheme provided for in favour of the venture capital companies mentioned in l’article 208 D.

I. – In the event of non-compliance with the condition of exclusivity of their activity or in the event of transfer of their co-ownership shares referred to in Article 238 bis HP within a period of less than five years, the companies defined in Article 238 bis HO must pay the Treasury compensation equal to 25% of the fraction of the capital that has not been used in a manner…

Capital gains realised on the disposal of shares in a company defined in article 238 bis HP as well as those withdrawn from the redemption by the said company of its own shares are subject to the rules set out in article 150-0 A without prejudice to the application of the provisions of the second paragraph of article 163 duovicies.

In the event of the approved company being wound up or its capital being reduced, the Minister responsible for the budget may order the reinstatement of sums deducted pursuant to articles 163 duovicies et 217 decies to the overall net income or taxable income for the year or financial year during which they were deducted.

A decree sets out the terms of application of articles 238 bis HO à 238 bis HT, including reporting obligations.