Finance Act, 1958
Acts of the Oireachtas
Source: Acts of the Oireachtas

num: 1
paragraphs: —(1) Income tax shall be charged for the year beginning on the 6th day of April, 1958, at the rate of seven shillings and sixpence in the pound.
(2) Sur-tax for the year beginning on the 6th day of April, 1958, shall be charged in respect of the income of any individual the total of which from all sources exceeds one thousand five hundred pounds and shall be so charged at the same rates as those at which it is charged for the year beginning on the 6th day of April, 1957.
(3) The several statutory and other provisions which were in force on the 5th day of April, 1958, in relation to income tax and sur-tax shall, subject to the provisions of this Act, have effect in relation to the income tax and sur-tax to be charged as aforesaid for the year beginning on the 6th day of April, 1958.
num: 2
paragraphs: —(1) In this section “market garden land” means land in the State occupied as a nursery or garden for the sale of the produce (other than land used for the growth of hops) and “market gardening” .shall be construed accordingly.
num: 3
paragraphs: —The following subsections shall, with effect as from the commencement of section 5 of the Finance Act, 1929 (No. 32 of 1929), be substituted for subsections (2) and (3) of that section:—
“(2) (a) The Special Commissioners shall from time to time appoint times and places for the hearing of appeals against assessments and the Clerk to the Special Commissioners shall give notice of such times and places to the inspector of taxes or such other officer as aforesaid.
(b) The inspector of taxes or such other officer as aforesaid shall give notice in writing to each person who has given notice of appeal of the time and place appointed for the hearing of his appeal, but—
(i) notice under this paragraph shall not be given in a case in which paragraph (b) of subsection (3) of this section has effect either consequent upon an agreement referred to in that paragraph or consequent upon a notice referred to in paragraph (d) of that subsection, and
(ii) in a case in which it appears to the inspector or other officer that an appeal may be settled by agreement under subsection (3) of this section, he may refrain from giving notice under this paragraph or may by notice in writing withdraw a notice already given.
(3) (a) This subsection applies to any assessment in respect of which notice of appeal has been given, not being an assessment the appeal against which has been determined by the Special Commissioners or which has become final and conclusive under subsection (6) of this section.
(b) Where, in relation to an assessment to which this subsection applies, the inspector of taxes or such other officer as aforesaid and the appellant come to an agreement, whether in writing or otherwise, that the assessment is to stand good, is to be amended in a particular manner or is to be discharged or cancelled, the inspector or other officer shall give effect to the agreement and thereupon, if the agreement is that the assessment is to stand good or is to be amended, the assessment or the amended assessment, as the case may be, shall have the same force and effect as if it were an assessment in respect of which no notice of appeal had been given.
(c) An agreement which is not in writing shall be deemed not to be an agreement for the purposes of paragraph (b) of this subsection unless—
(i) the fact that an agreement was come to, and the terms agreed upon, are confirmed by notice in writing given by the inspector of taxes or such other officer as aforesaid to the appellant or by the appellant to the inspector or other officer, and
(ii) twenty-one days have elapsed since the giving of that notice without the person to whom it was given giving notice in writing to the person by whom it was given that he desires to repudiate or withdraw from the agreement.
(d) Where an appellant gives notice in writing to the inspector of taxes or such other officer as aforesaid that he desires not to proceed with his appeal against an assessment to which this subsection applies, paragraph (b) of this subsection shall have effect as if the appellant and the inspector or other officer had, on the appellant's notice being received, come to an agreement in writing that the assessment should stand good.
(e) The references in this subsection to an agreement being come to with an appellant and the giving of notice to or by an appellant include references to an agreement being come to with, and the giving of notice to or by, a person acting on behalf of the appellant in relation to the appeal.”
num: 4
paragraphs: —(1) Statements made or documents produced by or on behalf of a person shall not be inadmissible in any such proceedings as are mentioned in subsection (2) of this section by reason only that it has been drawn to his attention that—
(a) in relation to income tax or sur-tax, the Revenue Commissioners may accept pecuniary settlements instead of instituting proceedings, and
(b) though no undertaking can be given as to whether or not the Revenue Commissioners will accept such a settlement in the case of any particular person, it is the practice of the Revenue Commissioners to be influenced by the fact that a person has made a full confession of any fraud or default to which he has been a party, and has given full facilities for investigation,
and that he was or may have been induced thereby to make the statements or produce the documents.
(2) The proceedings referred to in subsection (1) of this section are:
(a) any criminal proceedings against the person in question for any form of fraud or wilful default in connection with or in relation to income tax or sur-tax; and
(b) any proceedings against him for the recovery of any sum due from him, whether by way of tax, fine, forfeiture or penalty, in connection with or in relation to income tax or sur-tax.
num: 5
paragraphs: —(1) Any notice which under the Income Tax Acts is authorised or required to be given by the Revenue Commissioners or an inspector of taxes or other officer of the Revenue Commissioners may be served by post.
(2) Any notice which under the Income Tax Acts is authorised or required to be given by the Revenue Commissioners may be signed and given by an officer of the Revenue Commissioners authorised by them for the purpose of giving notices of the class to which the notice belongs and, if so signed and given, shall be as valid and effectual as if signed under the hands of the Revenue Commissioners and given by them.
(3) Prima facie evidence of any notice given under the Income Tax Acts by the Revenue Commissioners or an inspector of taxes or other officer of the Revenue Commissioners may be given in any proceedings by production of a document purporting to be a copy of the notice, and it shall not be necessary to prove the official positions or position of the persons or person by whom the notice purports to be given or, if it is signed, the signatures or signature or that the persons or person signing and giving it were or was authorised so to do.
(4) This section shall have effect notwithstanding any other provision of the Income Tax Acts.
(5) This section shall come into operation on the passing of this Act, but as well as applying to notices given after such passing, it shall also apply, and be deemed always to have applied, to notices given before such passing.
num: 6
paragraphs: —(1) In section 105 of the Income Tax Act, 1918, the references to payments made to persons in respect of their employment and to the remuneration of persons in their employment shall be deemed to include references—
(a) to any payments made after the 5th day of April, 1958, to employed persons in respect of expenses,
(b) to any payments made after that day on behalf of employed persons and not repaid, and
(c) to any payments made after that day to the employees in a trade or business for services rendered in connection with the trade or business, whether the services were rendered in the course of their employment or not.
(2) The reference in paragraph (a) of subsection (1) of this section to payments made to employed persons in respect of expenses includes a reference to sums put at the disposal of an employed person and paid away by him.
num: 7
paragraphs: — Section 3 of the Finance Act, 1925 (No. 28 of 1925), is hereby amended by the substitution in subsection (2) (inserted by section 7 of the Finance Act, 1954 (No. 22 of 1954)) of “Army Pensions Acts, 1923 to 1957, or those Acts and any subsequent Act together with which those Acts may be cited” for “Army Pensions Acts, 1923 to 1953”.
num: 8
paragraphs: —(1) Subject to sections 9 , 10 , 11 , and 12 of this Act, a woman's income chargeable to tax shall, so far as it is income for a year of assessment or part of a year of assessment during which she is a married woman living with her husband, be deemed for income tax (including sur-tax) purposes to be his income and not to be her income, but the question whether there is any income of hers chargeable to tax for any year of assessment and, if so, what is to be taken to be the amount thereof for tax purposes shall not be affected by the provisions of this subsection.
num: 9
paragraphs: —(1) This section shall have effect as respects personal reliefs where, by virtue of an application under Rule 17 of the General Rules, income tax for any year is to be assessable and chargeable on the incomes of a husband and a wife as if they were not married.
(2) The total relief from tax given to the husband and the wife by way of personal reliefs shall be the same as if the application had not had effect with respect to the year and, subject to subsection (3) of this section, the benefit flowing from the personal reliefs may be given either by way of reduction of the amount of the tax to be paid, or by repayment of any excess of tax which has been paid, or by both of these means, as the case requires, and shall be allocated to the husband and the wife—
(a) so far as it flows from relief under section 32 of the Income Tax Act, 1918, to the husband or the wife according as he or she made the payment giving rise to the relief.
(b) so far as it flows from relief under section 16 of the Finance Act, 1920 , in proportion to the amounts of their respective earned incomes,
(c) so far as it flows from relief in respect of a dependent relative under section 22 of the Finance Act, 1920 , or relief in respect of a child under subsection (2) of section 21 of that Act, to the husband or the wife according as he or she maintains the relative or child,
(d) so far as it flows from relief under section 4 of the Finance Act, 1951 (No. 15 of 1951), in proportion to the amounts of their respective total incomes, and
(e) as to the balance, in proportion to the amounts of their respective assessable incomes,
(3) Where the amount of relief allocated to the husband under subsection (2) of this section exceeds the income tax chargeable on the income of the husband for the year of assessment, the balance shall be applied to reduce the income tax chargeable on the income of the wife for that year, and where the amount of relief allocated to the wife under that subsection exceeds the income tax chargeable on her income for the year of assessment, the balance shall be applied to reduce the income tax chargeable on the income of the husband for that year.
(4) Returns of the total incomes of the husband and the wife may be made for the purposes of this section either by the husband or by the wife but, if the Revenue Commissioners are not satisfied with any such return, they may obtain a return from the wife or the husband, as the case may be.
(5) The Revenue Commissioners may by notice require returns for the purposes of this section to be made at any time, and the provisions of the Income Tax Acts relating to penalties for neglect or refusal to deliver, or for delay in delivering, true and correct statements of profits or gains shall, with the necessary modifications, apply in the case of the neglect or refusal to make, or wilful delay in making, any such return.
(6) In this section “personal reliefs” means any relief under section 32 of the Income Tax Act, 1918, under sections 16 , 18 , 19 , 20 , 21 , 22 , and 23 of the Finance Act, 1920 , under section 4 of the Finance Act, 1951 (No. 15 of 1951), or under section 3 of the Finance Act, 1954 (No. 22 of 1954).
num: 10
paragraphs: —(1) Where—
(a) an assessment to income tax or sur-tax (hereafter in this section referred to as the original assessment) has been made for the year beginning on the 6th day of April, 1958, or any subsequent year of assessment on a man, or on a man's trustee, guardian, curator or committee, or on a man's executors or administrators,
(b) the Revenue Commissioners, in the case of an assessment to income tax, or the Special Commissioners, in the case of an assessment to sur-tax, are of opinion that, if an application for separate assessment under Rule 17 of the General Rules or under section 8 of the Income Tax Act, 1918, had been in force with respect to that year of assessment, an assessment in respect of, or of part of, the same income would have fallen to be made on, or on the trustee, guardian, curator or committee of, or on the executors or administrators of, a woman who is the said man's wife or was his wife in that year of assessment, and
(c) the whole or part of the amount payable under the original assessment has remained unpaid at the expiration of twenty-eight days from the time when it became due,
the Revenue Commissioners, or, as the case may be, the Special Commissioners, may give to her, or, if she is dead, to her executors or administrators, or, if such an assessment as is referred to in paragraph (b) of this subsection could, in the event therein referred to, have been made on her trustee, guardian, curator, or committee, to her or to her trustee, guardian, curator, or committee, a notice—
(i) stating particulars of the original assessment and of the amount remaining unpaid thereunder, and
(ii) stating particulars, to the best of their judgment, of the assessment which would have fallen to be made as aforesaid,
and requiring the person to whom the notice is given to pay the amount which would have been payable under the last-mentioned assessment if it conformed with those particulars, or the amount remaining unpaid under the original assessment, whichever is the less.
(2) The same consequences as respects—
(a) the imposition of a liability to pay, and the recovery of, the tax,
(b) priority for the tax in bankruptcy or in the administration of the estate of a deceased person,
(c) appeals to the Special Commissioners, the re-hearing of such appeals and the stating of cases for the opinion of the High Court, and
(d) the ultimate incidence of the liability imposed,
shall follow on the giving of a notice under subsection (1) of this section to a woman, or to her trustee, guardian, curator or committee, or to her executors or administrators, as would have followed on the making on her, or on her trustee, guardian, curator or committee, or on her executors or administrators, as the case may be, of such an assessment as is referred to in paragraph (b) of subsection (1) of this section, being an assessment which—
(i) was made on the day of the giving of the notice,
(ii) charged the same amount of tax as is required to be paid by the notice,
(iii) fell to be made and was made by the authority who made the original assessment, and
(iv) was made by that authority to the best of his or their judgment,
and the provisions of the Income Tax Acts relating to the matters specified in paragraphs (a) to (d) of this subsection shall, with the necessary adaptations, have effect accordingly.
(3) Where a notice is given under subsection (1) of this section, tax up to the amount required to be paid by the notice shall cease to be recoverable under the original assessment.
(4) Where the amount payable under a notice given under subsection (1) of this section is reduced as the result of an appeal or of the stating of a case for the opinion of the High Court—
(a) the Revenue Commissioners shall, if, in the light of that result, they are satisfied that the original assessment was excessive, cause such relief to be given by way of repayment or otherwise as appears to them to be just; but
(b) subject to any relief so given, a sum equal to the reduction in the amount payable under the notice shall again become recoverable under the original assessment.
(5) The Revenue Commissioners, the Special Commissioners and the inspector of taxes or other proper officer shall have the like powers of obtaining information with a view to the giving of, and otherwise in connection with, a notice under subsection (1) of this section as they would have had with a view to the making of, and otherwise in connection with, such an assessment as is referred to in paragraph (b) of subsection (1) of this section if the necessary conditions had been fulfilled for the making of such an assessment.
num: 11
paragraphs: —(1) Where a woman dies who, at any time before her death, was a married woman living with her husband, he or, if he is dead, his executors or administrators may, not later than two months from the date of the grant of probate or letters of administration in respect of her estate or, with the consent of her executors or administrators, at any later date, give to her executors or administrators and to the inspector of taxes a notice in writing declaring that, to the extent permitted by this section, he or they disclaims or disclaim responsibility for unpaid income tax or unpaid sur-tax in respect of all income of hers for any year of assessment or part of a year of assessment, being a year of assessment or part of a year of assessment which began on or after the 6th day of April, 1958, and during which he was her husband and she was living with him.
(2) A notice given pursuant to this section to the inspector of taxes shall be deemed not to be a valid notice unless it specifies the names and addresses of the woman's executors or administrators.
(3) Where a notice under this section has been given to a woman's executors or administrators and to the inspector of taxes—
(a) it shall be the duty of the Revenue Commissioners and the Special Commissioners to exercise such powers as they may then or thereafter be entitled to exercise under section 10 of this Act in connection with any assessment made on or before the date when the giving of the said notice is completed, being an assessment in respect of any of the income to which the said notice relates, and
(b) the assessments (if any), whether to income tax or to surtax, which, may be made, after that date shall, in all respects and in particular as respects the persons assessable and the tax payable, be the assessments which would have fallen to be made if—
(i) an application for separate assessment under Rule 17 of the General Rules or under section 8 of the Income Tax Act, 1918, as the case may be, had been in force in respect of the year of assessment in question, and
(ii) all assessments previously made had been made accordingly.
(4) In this section “the inspector of taxes” means, in relation to a notice, any inspector of taxes who might reasonably be considered by the person giving the notice to be likely to be concerned with the subject-matter thereof or who declares himself ready to accept the notice.
(5) Any notice under this section may be served by post.
num: 12
paragraphs: —(1) A married woman shall be treated for income tax purposes as living with her husband unless either—
(a) they are separated under an order of a court of competent jurisdiction or by deed of separation, or
(b) they are in fact separated in such circumstances that the separation is likely to be permanent.
(2) Where a married woman is living with her husband and either—
(a) one of them is, and one of them is not, resident in the State for a year of assessment, or
(b) both of them are resident in the State for a year of assessment but one of them is, and one of them is not, absent from the State throughout that year,
the same consequences shall follow for income tax (including surtax) purposes as would have followed if, throughout that year of assessment, they had been in fact separated in such circumstances that the separation was likely to be permanent.
(3) Where subsection (2) of this section applies and the net aggregate amount of income tax (including sur-tax) falling to be borne by the husband and the wife for the year is greater than it would have been but for the provisions of that subsection, the Revenue Commissioners shall cause such relief to be given (by the reduction of such assessments on the husband or the wife or the repayment of such tax paid (by deduction or otherwise) by the husband or the wife as the Revenue Commissioners may direct) as will reduce the said net aggregate amount by the amount of the excess.
num: 13
paragraphs: —The duty of customs on cinematograph films imposed by section 17 of the Finance Act, 1932 (No. 20 of 1932), shall not be charged or levied on any article imported on or after the 24th day of April, 1958.
num: 14
paragraphs: —Subsection (8) of section 10 of the Finance Act, 1957 (No. 20 of 1957), is hereby amended—
(a) by the substitution of “a person, who carries on a passenger road service within the meaning of section 2 of the Road Transport Act, 1932 (No. 2 of 1932), and who either is the licensee under a passenger licence granted under section 11 of that Act in respect of the passenger road service or is exempted from the application of section 7 of that Act” for “the licensee under a passenger licence granted under section 11 of the Road Transport Act, 1932 (No. 2 of 1932)”,
(b) by the substitution of “the passenger road service” for “a passenger road service in respect of which the licence was granted”, and
(c) by the substitution of “him” for “the licensee”.
num: 15
paragraphs: —Subsection (2) of section 12 of the Finance (Agreement with United Kingdom) Act, 1938 (No. 12 of 1938), is hereby amended by the deletion of paragraph (f).
num: 16
paragraphs: —Paragraph (c) of subsection (4) of section 10 of the Finance Act, 1948 (No. 12 of 1948), is hereby amended, as respects entertainments held on or after the 1st day of August, 1958, by the substitution of “fifty per cent” for “thirty per cent.”
num: 17
paragraphs: —(1) The Revenue Commissioners shall not make a repayment under subsection (1) of section 6 of the Finance Act, 1953 (No. 21 of 1953), to the proprietor of an entertainment held on or after the 19th day of June, 1958, if the duration of the entertainment exceeds two and one-half hours.
(2) Where an entertainment consists of two or more displays of the same programme in its entirety, each such display shall for the purposes of this section but for no other purpose be deemed to be a separate entertainment.
num: 18
paragraphs: —The additional duty of excise on a tobacco dealer's licence imposed by section 26 of the Finance Act, 1932 (No. 20 of 1932), shall not be charged or levied on any licence the period of validity of which commences on or after the 1st day of July, 1958.
num: 19
paragraphs: —In addition to the persons specified in subsection (3) of section 12 of the Finance Act, 1930 (No. 20 of 1930), and section 24 of the Finance Act, 1931 (No. 31 of 1931), it shall not be necessary for a licence to be taken out under the Hawkers Act, 1888, by any person selling hydrocarbon oil or lubricating grease and no other goods.
num: 20
paragraphs: — (1) In this section “the Act” means the Finance (Excise Duties) (Vehicles) Act, 1952 (No. 24 of 1952).
(2) The following subsection shall be inserted immediately after subsection (11) of section 1 of the Act:—
“(11A) In such cases and subject to such conditions as the Minister for Local Government may prescribe by regulations—
(a) a licence under this section or a general licence under section 9 of the Roads Act, 1920 , may be surrendered prior to its expiry, and
(b) a repayment in respect of the duty paid on a licence surrendered under this subsection may be made at such rate as the Minister for Local Government may prescribe by regulations.”
(3) The following paragraph shall be substituted for paragraph (b) of subsection (1) of section 2 of the Act:—
“(b) (i) the vehicle is used in a condition or manner or for a purpose which would, if it was used solely in that condition or manner or for that purpose, render it chargeable with duty at a rate higher than that at which duty has been paid, or
num: 21
paragraphs: —The Imposition of Duties (No. 5) (Special Import Levies and Miscellaneous Customs Duties) (Amendment) Order, 1957 ( S.I. No. 163 of 1957 ), the Imposition of Duties (No. 11) (Roofing Slates) Order, 1957 ( S.I. No. 275 of 1957 ), and the Imposition of Duties (No. 28) (Special Import Levies and Miscellaneous Customs Duties) Order, 1958 ( S.I. No. 92 of 1958 ), are hereby confirmed.
num: 22
paragraphs: —(1) In relation to a death which occurs after the passing of this Act, any duty which, because it has become payable or has been paid under the laws of any territory outside the State, becomes allowable or is allowed against the estate duty, payable under the laws of the State, by way of relief from double taxation, shall not be allowable under subsection (4) of section 7 of the Finance Act, 1894 .
(2) In relation to a death which occurred before the passing of this Act—
(a) any duty which before such passing, because it had become payable or had been paid under the laws of any territory outside the State, became allowable or was allowed against the estate duty, payable under the laws of the State, by way of relief from double taxation, shall not be and shall be deemed never to have been allowable under subsection (4) of section 7 of the Finance Act, 1894 , and
(b) any duty which after such passing, because it has become payable or has been paid under the laws of any territory outside the State, becomes allowable or is allowed against the estate duty, payable under the laws of the State, by way of relief from double taxation, shall not be allowable under subsection (4) of section 7 of the Finance Act, 1894 .
num: 23
paragraphs: —(1) Subject to the provisions of this Part of this Act, any sum paid in respect of expenses, by a body corporate to any of its directors or to any person employed by it in an employment to which this Part of this Act applies, shall, if not otherwise chargeable to income tax as income of that director or employee, be treated for the purposes of Rule 1 of the Rules applicable to Schedule E as a perquisite of the office or employment of that director or employee and included in the emoluments thereof assessable to income tax (including sur-tax) accordingly, but nothing in this subsection shall prevent a claim for a deduction being made under Rule 9 of those Rules in respect of any money expended wholly, exclusively and necessarily in performing the duties of the office or employment.
(2) The reference in subsection (1) of this section to any sum paid in respect of expenses includes a reference to any sum put by a body corporate at the disposal of a director or employee and paid away by him.
num: 24
paragraphs: —(1) Subject to the following provisions of this Part of this Act, where—
(a) a body corporate incurs expense in or in connection with the provision, for any of its directors or for any person employed by it in an employment to which this Part of this Act applies, of living or other accommodation,
of entertainment, of domestic or other services or of other benefits or facilities of whatsoever nature, and
(b) apart from this section, the expense would not be chargeable to income tax as income of the director or employee,
num: 25
paragraphs: —(1) Any expense incurred by a body corporate in the acquisition or production of an asset which remains its own property shall be left out of account for the purposes of section 24 of this Act.
(2) Where the making of any such provision as is mentioned in subsection (1) of section 24 of this Act takes the form of a transfer of the property in any asset of the body corporate, and, since the acquisition or production thereof by the body corporate, the asset has been used or has depreciated, the body corporate shall be deemed to have incurred in the making of that provision expense equal to the value of the asset at the time of the transfer.
num: 26
paragraphs: —(1) In this Part of this Act, “director” means—
(a) in relation to a body corporate the affairs whereof are managed by a board of directors or similar body, a member of that board or similar body,
(b) in relation to a body corporate the affairs whereof are managed by a single director or similar person, that director or person,
(c) in relation to a body corporate the affairs whereof are managed by the members themselves, a member of the body corporate,
and includes any person in accordance with whose directions or instructions the directors of a body corporate, defined in accordance with the preceding provisions of this subsection, are accustomed to act, but a person shall not, within the meaning of this subsection, be deemed to be Ã¡ person in accordance with whose directions or instructions the directors of a body corporate are accustomed to act by reason only that those directors act on advice given by him in a professional capacity.
num: 27
paragraphs: —(1) In subsection (2) of section 105 of the Income Tax Act, 1918, the references to a company shall be deemed to include references to any body corporate and “director” shall have the same meaning as in this Part of this Act.
(2) Where, for the purposes of a return under the said section 105, a body corporate apportions expenses incurred partly in or in connection with a particular matter and partly in or in connection with other matters—
(a) the return shall contain a statement that the sum included in the return is the result of such an apportionment,
(b) the body corporate, if required so to do by notice from the inspector of taxes, shall prepare and deliver to the inspector, within the time limited by the notice, a return containing full particulars as to the amount apportioned and the manner in which and the grounds on which the apportionment has been made, and
(c) where the inspector is dissatisfied with any such apportionment of expenses, he may, for the purposes of assessment, apportion the expenses, but the body corporate may, on giving notice in writing to the inspector within twenty-one days after being notified of any such apportionment made by the inspector, appeal against that apportionment to the Special Commissioners.
(3) The Special Commissioners shall hear and determine an appeal to them under subsection (2) of this section as if it were an appeal to them against an assessment to income tax and the provisions of the Income Tax Acts relating to the re-hearing of an appeal or the statement of a case for the opinion of the High Court on a point of law, shall, with the necessary modifications, apply accordingly.
(4) The provisions of the Income Tax Acts relating to returns under the said section 105 shall apply in relation to any return required under subsection (2) of this section.
num: 28
paragraphs: —This Part of this Act shall not apply in relation to any body corporate unless it carries on a trade or its functions consist wholly or mainly in the holding of investments or other property.
num: 29
paragraphs: —(1) In the preceding provisions of this Part of this Act “business premises”, in relation to a body corporate, includes all premises occupied by that body for the purpose of any trade carried on by it:
Provided that, except where the reference is expressly to premises which include living accommodation, “business premises” does not include so much of any such premises as aforesaid as is used wholly or mainly as living accommodation for any of the directors of the body corporate or for any persons employed by the body corporate in any employment to which this Part of this Act applies.
(2) Any reference in the preceding provisions of this Part of this Act to anything provided for a director or employee shall, unless the reference is expressly to something provided for the director or employee himself, be construed as including a reference to anything provided for the spouse, family, servants, dependants or guests of that director or employee, and the reference in the proviso to subsection (1) of this section to living accommodation for directors or employees shall be construed accordingly.
(3) In the preceding provisions of this Part of this Act, “control”, in relation to a body corporate, means the power of a person to secure, by means of the holding of shares or the possession of voting power in or in relation to that or any other body corporate, or by virtue of any powers conferred by the articles of association or other document regulating that or any other body corporate, that the affairs of the first-mentioned body corporate are conducted in accordance with the wishes of that person.
num: 30
paragraphs: —(1) The preceding provisions of this Part of this Act shall apply in relation to unincorporated societies and other bodies as they apply in relation to bodies corporate, and, in connection with the said preceding provisions, the definition of “control” in subsection (3) of section 29 of this Act shall, with the necessary adaptations, also so apply.
(2) The preceding provisions of this Part of this Act shall apply in relation to any partnership carrying on any trade, profession or vocation as they would apply in relation to a body corporate carrying on a trade, if so much thereof as relates to directors of the body corporate or persons taking part in the management of the affairs of the body corporate were omitted, but—
(a). “control”, in relation to a partnership, means the right to a share of more than one half of the assets, or of more than one half of the income, of the partnership, and
(b) where such a partnership as aforesaid has control over a body corporate to which this Part of this Act applies (“control” being construed for this purpose in accordance with the definition thereof in subsection (3) of section 29 of this Act)—
(i) any employment of any director of that body corporate by the partnership shall be an employment to which this Part of this Act applies, and
(ii) all the employments of any person who is employed both by the partnership and by the body corporate (being employments by the partnership or the body corporate) shall, for the purpose of seeing whether those employments or any of them are employments to which this Part of this Act applies, be treated as if they were employments by the body corporate.
(3) The provisions of subsection (2) of this section shall apply in relation to individuals as they apply in relation to partnerships but nothing in this subsection shall be construed as requiring an individual to be treated in any circumstances as under the control of another person.
num: 31
paragraphs: —(1) In this Part of this Act, except where the context otherwise requires—
“director” means—
(a) in relation to a body corporate the affairs whereof are managed by a board of directors or similar body, a member of that board or similar body,
(b) in relation to a body corporate the affairs whereof are managed by a single director or similar person, that director or person,
(c) in relation to a body corporate the affairs whereof are managed by the members themselves, a member of the body corporate,
and includes any person who is to be or has been a director;
“employee”, in relation to a body corporate, includes any person taking part in the management of the affairs, of the body corporate who is not a director, and includes a person who is to be or has been an employee;
“final remuneration” means, in relation to a director or employee of a body corporate, the average annual amount of (his remuneration from the body corporate over the last three years of his service with the body corporate, and the amount of a person's remuneration for any year shall be taken to be the amount thereof on which he would be assessable under the provisions of the Income Tax Acts, if those provisions required the assessment to be based on the profits or gains of that year and not on those of any other year or period, reduced by any deduction (other than deductions under section 32 of the Finance Act, 1921 , or under section 38 of this Act) which would be allowable in computing profits or gains under the said Acts, and by any deductions which would be allowable in respect of wear and tear of any machinery or plant: Provided that, in the case of a director of a company, remuneration shall not include any director's fee or similar remuneration received by him in his capacity as such director;
“part-time director” means, in relation to a body corporate, a director who is not required to devote substantially the whole of his time to the service of the body corporate;
“part-time employee” means, in relation to a body corporate, an employee who is not required to devote substantially the whole of his time to the service of the body corporate;
“proprietary director” means a director of a company who is either the beneficial owner of, or able, either directly or through the medium of other companies or by any other indirect means, to control, more than fifteen per cent. of the ordinary share capital of the company;
“proprietary employee” means, in relation to a company, an employee who is the beneficial owner of, or able, either directly or through the medium of other companies or by any other indirect means, to control, more than fifteen per cent. of the ordinary share capital of the company;
“retirement or other benefit” means any pension, annuity, lump sum, gratuity or other like benefit to be given on retirement, or in anticipation of retirement, or, in connection with past service, after retirement, or on or in connection with death during service or after retirement, or to be given on or in anticipation of or in connection with any change in the nature of the service of the person in question, except that it does not include any pension, annuity, lump sum, gratuity, or other like benefit which is to be afforded solely by reason of the death or disability of a person resulting from an accident arising out of or in the course of his office or employment and for no other reason;
“service” means service as an employee or director of the body corporate in question and “retirement” shall be construed accordingly;
“statutory superannuation scheme” means a scheme set up by or under any enactment relating to superannuation.
(2) For the purposes of the definitions in subsection (1) of this section of “proprietary director” and “proprietary employee”—
(a) ordinary share capital which is owned or controlled as referred to in the definitions by a person being a spouse or an infant child of a director or employee, or by the trustee of a trust for the benefit of a person or persons being or including any such person or such director or employee, shall be deemed to be owned or controlled by such director or employee and not by any other person, and
(b) “ordinary share capital” means all the issued capital (by whatever name called) of the company, other than capital the holders whereof have a right to a dividend at a fixed rate or a rate fluctuating in accordance with the rate of income tax, but have no other right to share in the profits of the company.
(3) Where an alteration has been made in a retirement benefits scheme at any time after the 23rd day of April, 1958, the scheme shall, for the purposes of this Part of this Act, be deemed to have become a new scheme coming into being on the date of the alteration, but this subsection shall not apply to an alteration approved by the Revenue Commissioners.
(4) Any reference in this Part of this Act to the provision for a person of retirement or other benefits includes a reference to the provision of benefits payable to that person's spouse, children, dependants or legal personal representatives.
(5) Any reference in this Part of this Act to the provision of retirement or other benefits, or of a pension or annuity, by a body corporate includes a reference to the provision thereof by means of a contract with a third person.
(6) This Part of this Act shall apply in relation to unincorporated societies or other bodies as it applies in relation to bodies corporate, but the reference in this subsection to unincorporated societies or other bodies shall be deemed not to include a reference to individuals in partnership.
num: 32
paragraphs: —(1) Subject to section 33 of this Act, where, pursuant to a scheme for the provision of future retirement or other benefits for persons consisting of or including directors or employees of a body corporate (in this Part of this Act referred to as a retirement benefits scheme), the body corporate in any year of assessment pays a sum with a view to the provision of any such benefits for any director or employee thereof, then (whether or not the accrual of the benefits is dependent on any contingency)—
num: 33
paragraphs: —(1) The following payments shall be exempted from the operation of subsection (1) of section 32 of this Act:
(a) payments to a superannuation fund approved (whether in whole or in part) by the Revenue Commissioners for the purposes of section 32 of the Finance Act, 1921 ;
(b) payments made by way of premium pursuant to a retirement benefits scheme, the benefits whereunder are secured by premiums payable by the body corporate, with or without contributions by the directors or employees affected, under life or endowment assurance or life annuity contracts, being a scheme which was in operation before the 24th day of April, 1958,
subject to the proviso that paragraph (b) of this subsection shall not apply in relation to a payment made in respect of a director or employee admitted to membership of the scheme after the commencement of this Part of this Act or in respect of a person who at any time during the year of assessment is—
(i) a proprietary director,
(ii) a part-time director,
(iii) a proprietary employee, or
(iv) a part-time employee.
(2) (a) Neither subsection (1) nor subsection (2) of section 32 of this Act shall apply so as to cause any sum to be treated as income as therein mentioned where the retirement benefits scheme in question is—
(i) a statutory superannuation scheme,
(ii) an excepted scheme, or
(iii) a scheme which is for the time being approved by the Revenue Commissioners under section 34 of this Act.
(b) In this subsection “excepted scheme” means a retirement benefits scheme relating to persons, none of whom is a proprietary director, part-time director, proprietary employee or part-time employee, under the terms of which the aggregate value of all benefits which may be provided for any person cannot exceed £3,000 (where there are more retirement benefits schemes than one subsisting for the time being in connection with the body corporate and relating to persons of the same class, all such schemes taken together being deemed to constitute a single scheme for the purposes of this definition).
(3) Where—
(a) in respect of the provision for a director or employee of any future retirement or other benefits, a sum (in this subsection referred to as the charged sum) has been deemed to be income of his by virtue either of subsection (1) or of subsection (2) of section 32 of this Act,
(b) subsequently the director or employee proves to the satisfaction of the Revenue Commissioners, or on appeal to the satisfaction of the Special Commissioners, that no payment in respect of, or in substitution for, the benefits has been made and that some event has occurred by reason whereof no such payment will be made, and
(c) within three years from the time when that event occurred, the director or employee claims relief under this subsection,
the Revenue Commissioners shall give relief in respect of tax on the charged sum by repayment or otherwise as may be appropriate; and, if the director or employee satisfies the Revenue Commissioners, or on appeal the Special Commissioners, as aforesaid in relation to some particular part of the benefits but not the whole thereof, the Revenue Commissioners may give such relief as may seem to them just and reasonable.
(4) Where, apart from this subsection, any sum would be deemed, by virtue of subsection (1) or of subsection (2) of section 32 of this Act, to be income of an employee for any year of assessment, but, for that year, the employee is, under the provisions of the Income Tax Acts, either not assessable to income tax in respect of the emoluments of his employment or is so assessable in respect thereof on the basis of the amount received in the State, that subsection shall not apply so as to cause that sum to be deemed to be income of his for that year.
num: 34
paragraphs: —(1) Subject to section 35 of this Act, the Revenue Commissioners shall approve a retirement benefits scheme for the purposes of this Part of this Act if it is shown to their satisfaction that the scheme satisfies all the following conditions:
(a) that the scheme is established in connection with a trade or undertaking carried on wholly or partly in the State by a body corporate resident for income tax purposes therein;
(b) that the benefits afforded by the scheme may accrue only to—
(i) directors or employees of the body corporate on retirement, either on reaching a specified age (not exceeding seventy years) or on becoming permanently incapacitated at an earlier age, or
(ii) the widows, children or other dependants or the legal personal representatives of persons who are or have been directors or employees of the body corporate, on the death of such persons;
(c) that each person to whom the scheme relates has, under it, a specified right to defined benefits and has been made aware of the terms of the scheme;
(d) that the nature of the benefits afforded by the scheme is the same in relation to all the persons to whom the scheme relates;
(e) that not less than one-third of the cost of providing the benefits payable under the scheme, to or in respect of each of the persons to whom the scheme relates, is borne by the body corporate;
(f) that no sum paid by the body corporate for the purposes of providing benefits under the scheme may be applied to any other purpose or may be repaid to the body corporate;
(g) that, where any director or employee contributes to the cost of providing the benefits under the scheme, no sum so contributed by any person may be applied to any purpose other than the provision of those benefits or may be refunded to him;
(h) that—
(i) the aggregate value of all benefits which may accrue to any person on his retirement may not exceed the value, at the date of such retirement, of a pension for his life equal to one-sixtieth of his final remuneration multiplied by the number of his years of service, or the value, at such date, of a pension for his life equal to two-thirds of his final remuneration whichever is the lesser, and
(ii) the fraction of such aggregate value which may be represented by the value of the benefits, if any, given otherwise than by way of non-commutable pension or annuity does not exceed one-fourth;
(i) that the aggregate value of all benefits (in this subparagraph referred to as death benefits), which may accrue on the death during his service of any person, may not exceed the value of the benefits which might, consonant with the condition set forth in subparagraph (i) of paragraph (h) of this subsection, have been provided for him on retirement on attaining the specified age, if he had continued to serve until he attained that age at an annual rate of remuneration equal to his final remuneration, and that the value of all such death benefits which may be given otherwise than by way of non-commutable pension or annuity may not exceed whichever of the following amounts is the greatest:
(i) the sum of one thousand pounds,
(ii) an amount equal to the person's final remuneration,
(iii) an amount equal to one-thirtieth of the person's final remuneration multiplied by the number of his years of service or by forty-five, whichever is the lesser,
(iv) an amount equal to the aggregate of the sums contributed by the person under the scheme, together with reasonable interest on those sums;
(j) that—
(i) the aggregate value of all benefits which may accrue, on the death after his retirement of any person, may not exceed an amount equal to the aggregate value of the benefits to which that person became entitled on his retirement reduced by the total amount of all payments made or due up to such death in respect of such benefits, or
(ii) the only benefit which may accrue on the death after his retirement of any person is a non-commutable pension to his widow or other dependant of an amount not exceeding one-half of the pension or annuity to which that person had been entitled at the time of his death;
(k) that the pensions or annuities provided under the scheme are not assignable in whole or in part;
(l) that the scheme includes provision securing that no rights to any benefit provided or to be provided under the scheme (whether or not the accrual of the benefit is dependent on a contingency) shall be surrendered in whole or in part; and
(m) that no service of a person in whatever capacity while he is—
(i) a proprietary director,
(ii) a part-time director,
(iii) a proprietary employee, or
(iv) a part-time employee,
may be taken into account for any of the purposes of the scheme.
(2) The Revenue Commissioners may, if they think fit, having regard to the circumstances of the particular case, and subject to such conditions as they think proper to impose, approve a retirement benefits scheme for the purposes of this Part of this Act notwithstanding that one or more of the following paragraphs applies:
(i) the condition set out in paragraph (a) of subsection (1) of this section is not satisfied,
(ii) while the provision of benefits which may accrue only in the circumstances mentioned in paragraph (b) of that subsection is the principal purpose of the scheme, such provision is not its sole purpose,
(iii) the condition set out in paragraph (f) of that subsection is not satisfied because, if the amount of the sums paid by the body corporate for the purpose of providing benefits under the scheme in respect of any person or persons is in excess of the amount required to provide benefits in accordance with the scheme for such person or persons, a sum in relation to the excess may be repaid to the body corporate,
(iv) the condition set out in paragraph (g) of that subsection is not satisfied because sums contributed by a director or employee may be refunded to him (with or without reasonable interest thereon) on the cessation of his service in circumstances such that he does not become entitled to a pension payable either immediately or at some future date,
(v) in exceptional circumstances the aggregate value of the benefits which may accrue on the retirement of a director or employee may exceed the limit set out in subparagraph (i) of paragraph (h) of that subsection, or the value of such benefits which may be given otherwise than by way of non-commutable pension or annuity may exceed the limit set out in subparagraph (ii) of paragraph (h) of that subsection,
(vi) the aggregate value of the benefits which may be given, otherwise than by way of non-commutable pension or annuity, on the death during his service of any person may exceed the limit set out in paragraph (i) of that subsection,
(vii) the condition set out in paragraph (m) of that subsection is not satisfied in relation to a part-time director or part-time employee,
provided that the scheme otherwise satisfies the conditions set out in that subsection and that all payments under the scheme to persons to whom the scheme relates are payable by or through a person resident, for income tax purposes, in the State.
(3) Where the Revenue Commissioners have given their approval to a scheme, they may at any time, by notice in writing to the body corporate in question, withdraw their approval on such grounds, and as from such date (including a date before the date of the notice) as may be specified in the notice and where any approval is withdrawn under this subsection, such assessments as, having regard to section 32 of this Act, may be appropriate consequent upon the withdrawal shall thereupon be made.
(4) In the case of a scheme in existence on the commencement of this Part of this Act which does not then satisfy the conditions set out in subsection (1) of this section or which is not then a scheme which the Revenue Commissioners see fit to approve under subsection (2) of this section but which is so altered before the 6th day of April, 1960, or within such further time as the Revenue Commissioners may allow, as to be approvable under subsection (1) or subsection (2) of this section, approval thereof after the 6th day of April, 1959, shall, if the Revenue Commissioners so direct, be deemed to have had effect as from that day.
num: 35
paragraphs: —(1) References in this Part of this Act to a retirement benefits scheme shall be construed in accordance with the following provisions:
(a) references to such a scheme shall, in relation to a deed, agreement, series of agreements, or other arrangements providing for retirement or other benefits for persons of two or more classes, be construed as references to so much thereof as relates to persons of a single class, and accordingly a deed, agreement, series of agreements or other arrangements so providing shall be treated for the purposes of this Part of this Act as constituting two or more retirement benefits schemes relating respectively to the different classes;
(b) references to such a scheme include references to a deed, agreement, series of agreements, or other arrangements providing for retirement or other benefits for persons consisting of or including a director or employee, or directors or employees, of a body corporate (or, in a case falling within paragraph (a) of this subsection, to so much thereof as relates to a person or persons of any one class), notwithstanding that it or they relates or relate only to a small number of directors or employees, or to a single director or employee.
(2) For the purpose of determining, in the case of a retirement benefits scheme submitted for the approval of the Revenue Commissioners, whether the conditions specified in subsection (1) of section 34 of this Act are satisfied, the scheme shall be considered in conjunction with any other scheme or schemes subsisting in connection with the body corporate and relating to persons of the class to which the scheme in question relates and if the said conditions are satisfied in the case of all the schemes taken together, those conditions shall be taken to be satisfied in the case of each of them, and, if not, those conditions shall be taken to be satisfied in the case of none of them.
(3) The Revenue Commissioners may, if they think fit—
(a) approve a part of a retirement benefits scheme, or
(b) approve such a scheme notwithstanding that, having regard to another such scheme subsisting in connection with the body corporate, the scheme in question is to be treated by virtue of the last preceding subsection as not satisfying the conditions aforesaid,
and references in this Part of this Act to a retirement benefits scheme approved under section 34 of this Act shall be deemed to include references to a part of a scheme approved under this subsection.
num: 36
paragraphs: —(1) This section applies in relation to a retirement benefits scheme which is approved by the Revenue Commissioners by exercise of the powers conferred on them by subsection (2) of section 34 of this Act, in a case to which paragraph (v) of that subsection applies.
num: 37
paragraphs: —(1) This section applies in relation to a retirement benefits scheme approved by the Revenue Commissioners by exercise of the powers conferred on them by subsection (2) of section 34 of this Act, in a case to which paragraph (vi) of that subsection applies.
num: 38
paragraphs: —(1) Where, under the terms of a retirement benefits scheme approved by the Revenue Commissioners under section 34 of this Act, a director or employee contributes towards the cost of providing the benefits afforded by the scheme, any amount so contributed by the director or employee shall, for the purpose of assessment under Schedule E, be allowed as a deduction from the remuneration from his office or employment and such deduction shall be made in accordance with subsection (3) of section 17 of the Finance Act, 1929 (No. 32 of 1929), but
(a) the amount (hereafter in this paragraph referred to as the said amount), otherwise allowable under this subsection for any year of assessment, of any deduction or deductions shall, where necessary, be reduced (including reduced to nil) so that the total amount of the said amount and of the deduction, if any, allowable for the same year of assessment under subsection (1) of section 32 of the Finance Act, 1921 , in respect of contributions made to a superannuation fund relating to the same office or employment, shall not exceed 15 per cent. of the remuneration from the office or employment concerned for the year, or the portion of a year, for which the relevant contributions were made, and
(b) no deduction shall be allowable in respect of a contribution which is repaid before the end of the year of assessment in which it is made.
(2) Where any contributions made by a director or employee under an approved scheme within the meaning of subsection (1) of this section are repaid to him during his lifetime—
num: 39
paragraphs: —(1) It shall be the duty of a body corporate—
(a) to deliver to the inspector of taxes within the time specified in this subsection, particulars of any retirement benefits scheme subsisting in connection with the body corporate on the commencement of this Part of this Act, or coming into being after such commencement, other than a scheme operated through a fund approved by the Revenue Commissioners under section 32 of the Finance Act, 1921 , or a statutory superannuation scheme, and
(b) when required so to do by notice given by the inspector of taxes, to furnish within the time limited by the notice such further particulars as he may reasonably require with regard to any retirement benefits scheme subsisting in connection with the body corporate or to the persons to whom it relates.
The time for delivery of particulars under paragraph (a) of this subsection shall be—
(i) in the case of a scheme that came into being before the commencement of this Act, six months beginning with such commencement, and
(ii) in the case of a scheme coming into being after such commencement, three months beginning with the date of its coming into being.
(2) Where a retirement benefits scheme is for the time being approved for the purposes of this Part of this Act, it shall be the duty of the person having the management of the scheme, when required so to do by notice given by the inspector of taxes, to furnish within the time limited by the notice such particulars relating to the carrying out of the scheme as the inspector may reasonably require, including (in particular and without prejudice to the generality of the foregoing)—
(a) particulars of payments made to provide benefits under the scheme,
(b) particulars of payments made in respect of or on account of benefits under the scheme and of persons to whom such payments were made, and
(c) particulars of contributions refunded under the scheme and of any interest paid on such contributions.
(3) (a) Subsections (1) and (3) of section 107 of the Income Tax Act, 1918, shall apply in relation to particulars required by or under this section as they apply in relation to a list, declaration or statement required by notice referred to in the said subsection (1).
(b) In a case in which the said subsection (1) applies by virtue of the foregoing paragraph, the reference therein to the time limited in a notice shall be construed, where particulars are required to be delivered by paragraph (a) of subsection (1) of this section, as a reference to the time specified in that subsection.
(4) Where a body corporate deducts from the emoluments which it pays to any of its directors or employees, or pays on his behalf, any contributions of that director or employee under an approved retirement benefits scheme, particulars of the deduction or payment shall be included in the appropriate return of wages and salaries required to be furnished under section 105 of the Income Tax Act, 1918.
num: 40
paragraphs: —(1) Where, in the year beginning on the 6th day of April, 1958, or in any subsequent year of assessment, an individual—
(a) is (or would but for an insufficiency of profits or gains be) chargeable to tax in respect of relevant earnings from any trade, profession, vocation, office or employment carried on or held by him, and
(b) pays a premium or other consideration under an annuity contract for the time being approved by the Revenue Commissioners as being a contract the main benefit secured by which is a life annuity for the individual in his old age (hereafter in this Part of this Act referred to as a qualifying premium),
relief from tax may be given in respect of the qualifying premium under section 41 of this Act, and any annuity payable to the same or another individual shall be treated as earned income of the annuitant to the extent to which it is payable in return for any amount on which relief is so given.
(2) Subject to subsection (3) of this section, the Revenue Commissioners shall not approve a contract unless it appears to them to satisfy the conditions that it is made by the individual with a person lawfully carrying on in the State the business of granting annuities on human life, and that it does not—
(a) provide for the payment by that person during the life of the individual of any sum except sums payable by way of annuity to the individual,
(b) provide for the annuity payable to the individual to commence before he attains the age of sixty or after he attains the age of seventy,
(c) provide for the payment by that person of any other sums except sums payable by way of annuity to the individual's widow or widower and any sums which, in the event of no annuity becoming payable either to the individual or to a widow or widower, are payable to the individual's personal representatives by way of return of premiums, by way of reasonable interest on premiums or by way of bonuses out of profits,
(d) provide for the annuity, if any, payable to a widow or widower of the individual to be of a greater annual amount than that paid or payable to the individual, or
(e) provide for the payment of any annuity otherwise than for the life of the annuitant,
and that it does include provision securing that no annuity payable under it shall be capable in whole or in part of surrender, commutation or assignment.
(3) The Revenue Commissioners may, if they think fit, and subject to any conditions they think proper to impose, approve a contract otherwise satisfying the foregoing conditions, notwithstanding that the contract provides for one or more of the following matters:
(a) for the payment after the individual's death of an annuity to a dependant not the widow or widower of the individual;
(b) for the payment to the individual of an annuity commencing before he attains the age of sixty, if the annuity is payable on his becoming permanently incapable through infirmity of mind or body of carrying on his own occupation or any occupation of a similar nature for which he is trained or fitted;
(c) if the individual's occupation is one in which persons customarily retire before attaining the age of sixty, for the annuity to commence before he attains that age (but not before he attains the age of fifty);
(d) for the annuity payable to any person to continue for a term certain (not exceeding ten years), notwithstanding his death within that term, or for the annuity payable to any person to terminate, or be suspended, on marriage (or remarriage) or in other circumstances;
(e) in the case of an annuity which is to continue for a term certain, for the annuity to be assignable by will, and in the event of any person dying entitled to it, for it to be assignable by his personal representatives in the distribution of the estate so as to give effect to a testamentary disposition, or to the rights of those entitled on intestacy or to an appropriation of it to a legacy or to a share or interest in the estate.
(4) So much of subsection (1) of this section as provides that an annuity shall be treated, in whole or in part, as earned income of the annuitant shall apply only in relation to the annuitant to whom the annuity is made payable by the terms of the contract.
(5) The foregoing provisions of this section shall apply in relation to a contribution under a trust scheme approved by the Revenue Commissioners as they apply in relation to a premium under an annuity contract so approved, with the modification that, for the condition as to the person with whom the contract is made, there shall be substituted a condition that the scheme—
(a) is established under the law of, and administered in, the State,
(b) is established for the benefit of individuals engaged in or connected with a particular occupation (or one or other of a group of occupations), and for the purpose of providing retirement annuities for them, with or without subsidiary benefits for their families or dependants, and
(c) is so established under irrevocable trusts by a body of persons comprising or representing the majority of the individuals so engaged in the State,
and with the necessary adaptations of other references to the contract or the person with whom it is made; and exemption from income tax shall be allowed in respect of income derived from investments or deposits of any fund maintained for the purpose aforesaid under a scheme for the time being approved under this subsection.
(6) The Revenue Commissioners may at any time, by notice in writing given to the persons by and to whom premiums are payable under any contract for the time being approved under this section or to the trustees or other persons having the management of any scheme so approved, withdraw that approval on such grounds and from such date (including a date before the date of the notice) as may be specified in the notice and where any approval is withdrawn under this section, such assessments as may be appropriate for the purpose of withdrawing any reliefs given under this Part of this Act consequent upon the approval shall thereupon be made.
(7) For the purposes of this Part of this Act, a married woman's relevant earnings shall not be treated as her husband's relevant earnings, notwithstanding that her income chargeable to tax is treated as his income.
(8) Subject to subsection (7) of this section, “relevant earnings” in relation to any individual means, for the purposes of this Part of this Act, any income of his chargeable to tax for the year of assessment in question, being either—
(a) income arising in respect of remuneration from an office or employment of profit held by him other than a pensionable office or employment,
(b) income from any property which is attached to or forms part of the emoluments of any such office or employment of profit held by him, or
num: 41
paragraphs: —(1) Where relief is to be given under this section in respect of any qualifying premium paid by an individual, the amount of that premium shall be deducted from or set off against his relevant earnings for the year of assessment in which the premium is paid:
num: 42
paragraphs: — (1) Where an assurance company carries on pension annuity business—
(a) exemption from income tax shall be allowed in respect of income from investments and deposits of so much of the company's annuity fund as is referable to that business, and
(b) the company shall not be entitled to treat as paid out of profits or gains brought into charge to tax any part so referable of the annuities paid by the company.
num: 43
paragraphs: —(1) Relief shall not be given under section 41 of this Act in respect of a qualifying premium except on a claim made to and allowed by the inspector of taxes, but any person aggrieved by any decision of the inspector of taxes on any such claim may, on giving notice in writing to the said inspector within twenty-one days after the notification to him of the decision, appeal to the Special Commissioners.
(2) The Special Commissioners shall hear and determine an appeal to them under subsection (1) of this section as if it were an appeal to them against an assessment to income tax and the provisions of the Income Tax Acts relating to the re-hearing of an appeal or the statement of a case for the opinion of the High Court on a point of law, shall, with the necessary modifications, apply accordingly.
(3) The Revenue Commissioners may make regulations prescribing the procedure to be adopted in giving effect to this Part of this Act in so far as such procedure is not otherwise provided for and, without prejudice to the generality of the foregoing provision, may by such regulations—
(a) prescribe the manner and form in which claims for relief from or repayment of tax are to be made,
(b) prescribe the time limit for the making of any such claim as aforesaid,
(c) require the trustees or other persons having the management of an approved trust scheme to deliver from time to time such information and particulars as the Revenue Commissioners may reasonably require for the purposes of this Part of this Act, and
(d) apply for purposes of this Part of this Act or of the regulations any provision of the Income Tax Acts (with or without modifications).
(4) If any person, for the purpose of obtaining for himself or any other person any relief from or repayment of tax under this Part of this Act, knowingly makes any false statement or false representation, he shall be liable to a penalty of five hundred pounds.
num: 44
paragraphs: —(1) If the Government by order declare that arrangements specified in the order have been made with the government of any territory outside the State in relation to affording relief from double taxation in respect of income tax, sur-tax or corporation profits tax and any taxes of a similar character, imposed by the laws of the State or by the laws of that territory, and that it is expedient that those arrangements should have the force of law, then, subject to the provisions of this Part of this Act, the arrangements shall, notwithstanding anything in any enactment, have the force of law.
num: 45
paragraphs: —The necessary apportionments as respects corporation profits tax shall be made where arrangements having the force of law by virtue of section 44 of this Act apply to the unexpired portion of an accounting period current at a date specified by the arrangements, and any such apportionment shall be made in proportion to the number of months or fractions of months in the part of the relevant accounting period before the said date and in the remaining part thereof respectively.
num: 46
paragraphs: —(1) If the Government by order declare that arrangements specified in the order have been made with the government of any territory outside the State in relation to affording relief from double taxation in respect of estate duty payable under the laws of the State and any duty of a similar character imposed under the laws of the State or under the laws of that territory, and that it is expedient that those arrangements should have the force of law, the arrangements shall, notwithstanding anything in any enactment, have the force of law.
(2) Where arrangements have the force of law by virtue of this section—
(a) subsection (4) of section 7 of the Finance Act, 1894 , shall not have effect in relation to duty to which the arrangements apply chargeable under the laws of the territory concerned, and
(b) if the territory concerned is one to which section 20 of the Finance Act, 1894 , applies, no allowance shall be made under that section in respect of duty to which the arrangements apply chargeable under the laws of that territory.
(3) Any arrangements to which the force of law is given under this section may include provision for relief from duty in the case of deaths occurring before the passing of this Act or before the making of the arrangements and provisions as to property which is not itself subject to double duty, and the provisions of this section shall have effect accordingly.
(4) For the purposes of subsection (1) of this section, arrangements made with the head of a foreign state shall be regarded as made with the government thereof.
num: 47
paragraphs: —The Revenue Commissioners may from time to time make regulations generally for carrying out the provisions of this Part of this Act or any arrangements having the force of law thereunder and may, in particular, but without prejudice to the generality of the foregoing, by those regulations provide—
(a) for securing that relief from taxation imposed by the laws of the territory to which any such arrangements relate does not enure to the benefit of persons not entitled thereto, and
(b) for authorising, in cases where tax deductible from any periodical payment has, in order to comply with any such arrangements, not been deducted and it is discovered that the arrangements do not apply to that payment, the recovery of the tax by assessment on the person entitled to the payment or by deduction from subsequent payments.
num: 48
paragraphs: —Where any arrangements have the force of law by virtue of this Part of this Act, the obligation as to secrecy imposed by any enactment shall not prevent the Revenue Commissioners or any authorised officer of the Revenue Commissioners from disclosing to any authorised officer of the government with which the arrangements are made such information as is required to be disclosed under the arrangements.
num: 49
paragraphs: — (1) Any order made under this Part of this Act may be revoked by a subsequent order and any such revoking order may contain such transitional provisions as appear to the Government to be necessary or expedient.
(2) Where an order is proposed to be made under this Part of this Act, a draft thereof shall be laid before DÃ¡il Ãireann and the order shall not be made until a resolution approving of the draft has been passed by DÃ¡il Ãireann.
num: 50
paragraphs: —For the purposes of section 15 of the Finance Act, 1951 (No. 15 of 1951), an arrangement made with the head of a foreign state shall be regarded as made with the government thereof.
num: 51
paragraphs: —(1) Where, on or after the 19th day of June, 1958, a person engaged in carrying on a trade which consists of or comprises dealings in shares or other investments becomes entitled to receive a dividend on a holding of shares of a class to which this section applies, being shares sold or issued to him or otherwise acquired by him on or after the operative date and not more than six years before the date on which the dividend becomes payable, and the dividend is to any extent paid out of profits accumulated before the date on which the shares were so acquired, then, if those shares, or those shares together with—
(a) any other shares the dividend on which is payable to that person and which were sold or issued to him or otherwise acquired by him on or after the operative date and not more than six years before the date on which the dividend becomes payable, and
(b) in a case where the trade is under the same control as another trade which consists of or comprises dealings in shares or other investments, any shares the dividend on which is payable to the person engaged in carrying on that other trade and which were sold or issued to him or otherwise acquired by him on or after the operative date and not more than six years before the date on which the dividend becomes payable, and
(c) any such shares as are to be brought into account under subsection (3) of this section,
amount to ten per cent. or more of the issued shares of that class, the net amount of the dividend received on the shares in the holding shall, to the said extent to which it was paid out of profits accumulated before the shares were acquired, be brought into account in computing for the purposes of the Income Tax Acts the profits or gains or losses of the trade as if it were a trading receipt which had not borne tax.
(2) Where, on or after the 19th day of June, 1958, a person entitled under any enactment (including this Act) to an exemption from income tax which extends to dividends on shares becomes entitled to receive a dividend on a holding of shares of a class to which this section applies, being shares sold or issued to him or otherwise acquired by him on or after the operative date and not more than six years before the date on which the dividend becomes payable, and the dividend is to any extent paid out of profits accumulated before the date on which the shares were so acquired, then, if those shares, or those shares together with—
(a) any other shares the dividend on which is payable to that person and which were sold or issued to him or otherwise acquired by him on or after the operative date and not more than six years before the date on which the dividend becomes payable, and
(b) any such shares as are to be brought into account under subsection (3) of this section,
amount to ten per cent. or more of the issued shares of that class, the exemption shall, to an extent proportionate to the said extent to which the dividend is paid out of profits accumulated before the date on which the shares were acquired, not apply to the dividend:
Provided that if any annual payment is payable by that person out of the dividend, that annual payment shall be deemed as to the whole thereof to be paid out of profits or gains not brought into charge to tax and Rule 21 of the General Rules shall apply accordingly.
(3) If two or more persons, being persons engaged in carrying on trades of the kind mentioned in subsection (1) of this section or entitled to an exemption of the kind mentioned in subsection (2) of this section, have each acquired shares in a company and the transactions in pursuance of which the acquisition was made were either transactions entered into by those persons acting in concert or transactions together comprised in any arrangements made by any person, then, in the application of either of those subsections in relation to a dividend payable to one of those persons on shares which include shares so acquired (or shares acquired in right of those shares), there shall be taken into account under paragraph (c) of subsection (1), or, as the case may be, paragraph (b) of subsection (2), any shares the dividend on which is payable to any other of those persons, being shares so acquired by that other person (or shares acquired in right of those shares).
(4) Where any shares have been sold or otherwise disposed of by a person who held shares of that kind acquired at different times (whether or not including a time before the operative date), it shall be assumed for the purposes of this section that shares which have been held for a longer time have been disposed of before shares which have been held for a shorter time.
(5) Where, at the time when a trade is, or is deemed to be, set up and commenced, any shares form part of the trading stock belonging to the trade, those shares shall be regarded for the purposes of this section as having been acquired at that time by the person then engaged in carrying on the trade; and, subject to the foregoing provisions of this subsection, where there is a change in the persons engaged in carrying on a trade which is not a change on which the trade is deemed to be discontinued, the provisions of this section shall apply in relation to the person so engaged after the change as if anything done to or by his predecessor had been done to or by him.
num: 52
paragraphs: —(1) Where a person carries on a trade other than such a trade as is mentioned in subsection (1) of section 51 of this Act, and his income for any year of assessment includes a dividend (being a dividend which, on or after the 19th day of June, 1958, he becomes entitled to receive) the net amount of which would, if the trade were such a trade as is mentioned in that subsection, be required to any extent to be brought into account as a trading receipt which has not borne tax, then, in ascertaining whether any or what repayment of tax is to be made to that person under section 34 of the Income Tax Act, 1918, by reference to any loss sustained in the trade and the aggregate amount of his income for the said year of assessment, there shall be left out of account—
(a) the gross amount corresponding to so much of the said net amount as would have been required to be brought into account as aforesaid, and
(b) any tax paid on the amount required to be left out of account under paragraph (a) of this subsection.
(2) For the purposes of this section “person” includes any body of persons.
num: 53
paragraphs: —(1) In this Part of this Act and the Third Schedule thereto “the operative date” means the 6th day of April, 1957.
num: 54
paragraphs: —(1) Without prejudice to any other means by which payment of sums due in respect of income tax, sur-tax or corporation profits tax may be enforced, an officer of the Revenue Commissioners, authorised by them for the purposes of this subsection, may sue in his own name in the High Court for the recovery of any sum due in respect of any of those taxes, as a debt due to the Minister for Finance for the benefit of the Central Fund, from the person charged therewith or from his executors or administrators or from any person from whom the sum in question is collectable, whether the person so charged was so charged before or after the passing of this Act, and the proceedings may be commenced by summary summons.
(2) If an officer who has commenced proceedings pursuant to this section, or who has continued the proceedings by virtue of this subsection, dies or otherwise ceases for any reason to be an officer authorised for the purposes of subsection (1) of this section—
(a) the right of such officer to continue the proceedings shall cease and the right to continue them shall vest in such other officer so authorised as may be nominated by the Revenue Commissioners,
(b) where such other officer is nominated under paragraph (a) of this subsection, he shall be entitled accordingly to be substituted as a party to the proceedings in the place of the first-mentioned officer, and
(c) where an officer is so substituted, he shall give notice in writing of the substitution to the defendant.
(3) In proceedings pursuant to this section, a certificate signed by a Revenue Commissioner certifying the following facts, namely, that a person is an officer of the Revenue Commissioners and that he has been authorised by them for the purpose of subsection (1) of this section, shall be evidence until the contrary is proved of those facts.
(4) In proceedings pursuant to this section, a certificate signed by a Revenue Commissioner certifying the following facts, namely, that the plaintiff has ceased to be an officer of the Revenue Commissioners authorised by them for the purposes of subsection (1) of this section, that another person is an officer of the Revenue Commissioners, that such other person has been authorised by them for the purposes of subsection (1) of this section and that he has been nominated by them, in relation to the proceedings, for the purposes of subsection (2) of this section, shall be evidence until the contrary is proved of those facts.
(5) In proceedings pursuant to this section—
(a) a certificate signed by an inspector of taxes certifying the fact that before the institution of the proceedings a stated sum for income tax became due and payable by the defendant under an assessment which had become final and conclusive, and
(b) a certificate signed by a collector of income tax certifying the following facts, namely, that he is the collector duly authorised to collect the said stated sum, that before the institution of the proceedings payment of the said stated sum was duly demanded from the defendant and that the said stated sum or a stated part thereof remains due and payable by the defendant,
shall be evidence until the contrary is proved of those facts.
(6) In proceedings pursuant to this section—
(a) a certificate signed by the Clerk to the Special Commissioners certifying the following facts, namely, that before the institution of the proceedings a stated sum for sur-tax became due and payable by the defendant under an assessment which had become final and conclusive and that before the institution of the proceedings payment thereof was duly demanded from the defendant, and
(b) a certificate signed by the Accountant-General of Revenue certifying the fact that the said stated sum or a stated part thereof remains due and payable by the defendant,
shall be evidence until the contrary is proved of those facts.
(7) In proceedings pursuant to this section—
(a) a certificate signed by an officer of the Revenue Commissioners certifying the following facts, namely, that before the institution of the proceedings a stated sum for corporation profits tax became due and payable by the defendant under an assessment which had become final and conclusive and that before the institution of the proceedings payment thereof was duly demanded from the defendant, and
(b) a certificate signed by the Accountant-General of Revenue certifying the fact that the said stated sum or a stated part thereof remains due and payable by the defendant,
shall be evidence until the contrary is proved of those facts.
(8) (a) Each of the following provisions of this section shall be a relevant provision of this section for the purposes of this subsection:
(i) subsection (3),
(ii) subsection (4),
(iii) paragraph (a) of subsection (5),
(iv) paragraph (b) of subsection (5),
(v) paragraph (a) of subsection (6),
(vi) paragraph (b) of subsection (6),
(vii) paragraph (a) of subsection (7),
(viii) paragraph (b) of subsection (7).
(b) In proceedings pursuant to this section, a certificate certifying the fact or facts referred to in a relevant provision and purporting to be signed as specified in that provision may be tendered in evidence without proof and shall be deemed until the contrary is proved to have been signed by a person holding, at the time of the signature, the office or position indicated in the certificate as the office or position of the person signing.
(9) All or any of the sums due from any one person in respect of any one or more of the taxes mentioned in subsection (1) of this section may be included in the same summons.
(10) The provisions of subsection (2) of section 27 of the Finance Act, 1946 (No. 15 of 1946), shall apply to proceedings pursuant to this section as if those provisions were in terms made applicable thereto.
(11) Subject to this section, the rules of the High Court for the time being applicable to civil proceedings commenced by summary summons shall apply to proceedings pursuant to this section.
num: 55
paragraphs: —(1) In this section “the principal section.” means section 7 of the Finance Act, 1923 (No. 21 of 1923).
(2) Subject to subsection (3) of this section, subsections (1) and (2) of the principal section shall apply in relation to the recovery of sur-tax and corporation profits tax, whether assessed before or after the passing of this Act, as they apply in relation to the recovery of income tax.
(3) In any application of subsection (1) of the principal section in relation to the recovery of sur-tax or corporation profits tax, that subsection shall have effect with the substitution of “an officer of the Revenue Commissioners, authorised by them for the purposes of this subsection ” for “the Collector by whom the sum so in default is collectable.”
(4) Where an order which was made before the passing of this Act under section 12 of the Court Officers Act, 1945 (No. 25 of 1945), contains a reference to levy under a certificate issued under the principal section, that reference shall be construed as including a reference to levy under a certificate issued under the principal section as extended by this section.
num: 56
paragraphs: —(1) In this section “the Act” means the Finance (Miscellaneous Provisions) Act, 1956 (No. 47 of 1956).
(2) Subject to subsection (3) of this section, section 10 of the Act is hereby amended as follows:
(a) in the definition of “year of claim”, “ten” shall, except in relation to subsection (6) of section 12 of the Act, be substituted for “five”,
(b) a year of assessment (in this paragraph referred to as the said year) commencing on or after the 6th day of April, 1960, and not later than the 6th day of April, 1969, may, except in relation to subsection (6) of section 12 of the Act, be a first year of claim in a case in which none of the three consecutive years of assessment of which the first is the year commencing on the 6th day of April, 1957, is or can be the first year of claim for the purpose of making and proving a claim for the said year under section 12 of the Act,
(c) in the definition of “accounting period”, “1966” shall, except in relation to subsection (10) of section 13 of the Act, be substituted for “1961”,
(d) the definition of “goods” shall include—
(i) fish produced within the State on a fish farm, and
(ii) cultivated mushrooms, cultivated within the State,
and, in a case in which books are printed within the State otherwise than by their publisher and they or some of them are exported by their publisher (not being a case to which the proviso to the said definition applies), the books shall be regarded for the purposes of the said definition as having been manufactured within the State by their publisher.
(3) Relief from income tax shall not be given by virtue of subsection (2) of this section in respect of any year of assessment after the year of assessment commencing on the 6th day of April, 1969.
(4) The amendment specified in paragraph (d) of subsection (2) of this section shall have effect as from the passing of the Act, and relief from tax in relation to the period between such passing and the passing of this Act may be given accordingly either by repayment or otherwise as the Revenue Commissioners consider proper.
(5) Subsection (2) of section 15 of the Act is hereby amended, with effect as from the passing of the Act, by the substitution of “body corporate” for “company”.
(6) Section 16 of the Act is hereby amended, with effect as from the 6th day of April, 1958, by the insertion after subsection (5) of the following subsection:
“(5a) Section 4 of the Finance Act, 1937 (No. 18 of 1937), shall apply in relation to an industrial building allowance as it applies in relation to deductions allowable in respect of wear and tear of machinery or plant.”
num: 57
paragraphs: —(1) The Revenue Commissioners may enter into an agreement with any banker for the composition, in accordance with the following provisions of this section, of the stamp duty chargeable under the heading “Bill of Exchange payable on demand” in the First Schedule to the Stamp Act, 1891, on such instruments—
(a) drawn on the banker by his customers on forms supplied by him, or
(b) drawn by the banker on himself or another banker,
as may be specified in the agreement.
(2) Any such agreement shall be in such form and terms and shall contain such conditions as the Revenue Commissioners think proper and, in particular, the agreement shall require the banker to deliver to the Revenue Commissioners periodical accounts in respect of the instruments to which it relates giving particulars—
(a) of forms supplied by him to his customers with a view to their being completed and issued as such instruments by the customers, and of forms so supplied but returned unused or spoilt, and
(b) of such instruments issued by him.
(3) While any such agreement remains in force, any instrument to which it relates and which bears such indication of the payment of stamp duty as the Revenue Commissioners may require shall not be chargeable with stamp duty, but, in lieu thereof and by way of composition, the banker who has entered into the agreement shall pay to the Revenue Commissioners, on the delivery of any account under the agreement, such sums as would, but for the provisions of this section, have been chargeable by way of stamp duty on instruments to which the agreement relates issued during the period to which the account relates, it being assumed for this purpose that the number of those instruments issued by his customers was equal to the number of forms supplied less the number of forms returned as mentioned in paragraph (a) of subsection (2) of this section.
(4) Where a banker makes default in delivering any account required by any such agreement or in paying the duty payable on the delivery of any such account, he shall be liable to a fine not exceeding fifty pounds for any day during which the default continues and shall also be liable to pay, in addition to the duty, interest thereon, which shall be recoverable in the same manner as if it were part thereof, at the rate of five per cent. per annum from the date when the default begins.
num: 58
paragraphs: —Stamp duty shall not be chargeable on any receipt given in respect of any sum paid to the Irish Land Commission under or consequent upon section 2 of the Irish Church Act Amendment Act, 1881.
num: 59
paragraphs: —Stamp duty shall not be chargeable on any instrument (including an instrument executed but not stamped before the passing of this Act) where the amount of such duty chargeable thereon, but for this section, would be payable solely out of moneys provided by the Oireachtas.
num: 60
paragraphs: —Stamp duty shall not be charged on any bond referred to in the First Schedule to the Stamp Act, 1891, under the heading which begins “Bond given pursuant to the directions of any Act”.
num: 61
paragraphs: —(1) In this section—
“the principal section” means section 22 of the Finance Act, 1950 (No. 18 of 1950);
“the 1957 amending section” means section 25 of the Finance Act, 1957 (No. 20 of 1957);
“the eighth additional annuity” means the sum charged on the Central Fund under subsection (4) of this section;
“the Minister”, “the Account” and “capital services” have the same meanings respectively as they have in the principal section.
(2) Subsection (4) of the 1957 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1959, have effect with the substitution of “£601,122” for “£598,588”.
(3) Subsection (6) of the 1957 amending section shall have effect with the substitution of “£409,390” for “£416,149”.
(4) A sum of £717,012 to redeem borrowings, and interest thereon, in respect of capital services shall be charged annually on the Central Fund or the growing produce thereof in the thirty successive financial years commencing with the financial year ending on the 31st day of March, 1959.
(5) The eighth additional annuity shall be paid into the Account in such manner and at such times in the relevant financial year as the Minister may determine.
(6) Any amount of the eighth additional annuity, not exceeding £528,332 in any financial year, may be applied towards defraying the interest on the public debt.
(7) The balance of the eighth additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section.
num: 62
paragraphs: —Subsection (3) of section 4 of the Central Fund Act, 1956 (No. 12 of 1956), shall not apply in relation to Exchequer receipts in respect of Special Import Levy which are received into the Exchequer after the 31st day of March, 1958.
num: 63
paragraphs: —(1) The following provisions shall have effect in relation to moneys of the Post Office Savings Bank:
(a) such moneys, as well as being capable of being held in currency of the State, may also be held in currency of the United States of America or currency of the Dominion of Canada,
(b) such moneys may be invested in any of the following securities:
(i) securities of the Government,
(ii) securities guaranteed as to capital and interest by the Minister for Finance,
(iii) stock of the Bank of Ireland,
(iv) securities or mortgages of the council of a county, the corporation of a county borough, the corporation of DÃºn Laoghaire or a harbour authority within the meaning of the Harbours Act, 1946 (No. 9 of 1946),
(v) securities of the government of Great Britain,
(vi) securities of the government of the United States of America,
(vii) securities of the government of the Dominion of Canada,
(c) such moneys may also be invested in an interest bearing deposit account with a bank, being a bank in the State, Great Britain, the United States of America or the Dominion of Canada.
(2) In subsection (1) of this section “securities” includes stocks and funds.
(3) Subsections (1) and (2) of this section shall be deemed to have come into operation on the 1st day of April, 1958.
num: 64
paragraphs: —Subsection (2) of section 34 of the Finance Act, 1929 (No. 32 of 1929), is hereby amended by the substitution of “investments for the time being authorised for the investment of moneys of the Post Office Savings Bank” for “stocks, funds and securities mentioned in paragraphs (a), (b) and (c) of subsection (1) of section 18 of the Adaptation of Enactments Act, 1922 (No. 2 of 1922), and securities guaranteed as to principal and interest by the Government of SaorstÃ¡t Ãireann”.
num: 65
paragraphs: —(1) The reference in subsection (4) of section 22 of the Finance (Miscellaneous Provisions) Act, 1956 (No. 47 of 1956), to expenses incurred in connection with the management of prize bonds shall be construed as a reference to those expenses as calculated in such manner as may be determined by the Minister for Finance.
(2) Sections 2 and 4 of the Bank Act, 1892 , as applied by section 19 of the Finance Act, 1937 (No. 18 of 1937), shall not apply in relation to prize bonds.
(3) Subsections (1) and (2) of this section, shall be deemed to have come into operation on the passing of the Finance (Miscellaneous Provisions) Act, 1956 (No. 47 of 1956).
num: 66
paragraphs: —Each enactment specified in column (2) of the Fourth Schedule to this Act is hereby repealed to the extent specified in column (3) of that Schedule as on and from the date specified in column (4) of that Schedule.
num: 67
paragraphs: —All taxes and duties imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.
num: 68
paragraphs: —(1) This Act may be cited as the Finance Act, 1958.