The 1992 Act excludes certain types of directors from the new provisions, for example, directors of shelf companies, directors of genuinely dormant companies and others who take up temporary directorships in the period prior to a company commencing activity.
3.2 These examples are covered by the exceptions listed in the Act. The exceptions are directors of a body corporate which during the three years ending on 5 April in the year of assessment –
was not entitled to any assets other than cash on hands, or a sum of money on deposit within the meaning of Section 230 Finance Act, 1992, not exceeding £100/€127, and
did not carry on a trade, business or other activity including the making of
investments and
did not pay charges on income within the meaning of Section 10 of the
Corporation Tax Act, 1976.