Finance Act, 1962
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, 1962, at the rate of six shillings and four pence in the pound.
(2) Sur-tax for the year beginning on the 6th day of April, 1962, shall be charged in respect of the income of any individual the total of which from all sources exceeds two 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, 1961.
(3) The several statutory and other provisions which were in force on the 5th day of April, 1962, 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, 1962.
num: 2
paragraphs: —(1) Subsections (1) and (2) of section 2 of the Finance Act, 1929 , shall apply to securities issued by The Agricultural Credit Corporation, Limited, other than the debentures, debenture stock and certificates of charge referred to in those subsections in like manner as they apply to those debentures, debenture stock and certificates of charge.
num: 3
paragraphs: —(1) In lieu of the duty of excise imposed by subsection (2) of section 9 of the Finance Act, 1957 , there shall be charged, levied and paid on all beer brewed within the State on or after the 11th day of April, 1962, a duty of excise at the rate of eleven pounds, sixteen shillings and sixpence for every thirty-six gallons of worts of a specific gravity of one thousand and fifty-five degrees.
(2) In lieu of the duty of customs imposed by subsection (3) of section 9 of the Finance Act, 1957 , there shall, as on and from the 11th day of April, 1962, be charged, levied and paid, on mum, spruce or black beer, Berlin white beer, and other preparations (whether fermented or not fermented) of a similar character imported into the State, a duty of customs at the following rates:
(a) for every thirty-six gallons of beer of which the worts are, or were before fermentation, of a specific gravity not exceeding one thousand, two hundred and fifteen degrees—forty-seven pounds, eight shillings;
(b) for every thirty-six gallons of beer of which the worts are, or were before fermentation, of a specific gravity exceeding one thousand, two hundred and fifteen degrees—fifty-five pounds, eleven shillings.
(3) In lieu of the duty of customs imposed by subsection (4) of section 9 of the Finance Act, 1957 , there shall, as on and from the 11th day of April, 1962, be charged, levied and paid on all beer of any description (other than beer chargeable with the duty imposed by subsection (2) of this section) imported into the State, a duty of customs at the rate of eleven pounds, seventeen shillings for every thirty-six gallons of beer of which the worts were before fermentation of a specific gravity of one thousand and fifty-five degrees.
(4) There shall be allowed and paid on the exportation as merchandise or the shipment for use as stores of beer on which it is shown to the satisfaction of the Revenue Commissioners, that the duty imposed by subsection (1), subsection (2) or subsection (3) of this section has been paid, a drawback calculated according to the original specific gravity of such beer, at the rate of eleven pounds, sixteen shillings and ninepence on every thirty-six gallons of beer of which the original specific gravity was one thousand and fifty-five degrees.
(5) Where, in the case of beer which is chargeable with the duty imposed by subsection (1) or subsection (3) of this section or in the case of beer on which drawback under subsection (4) of this section is payable, the specific gravity of such beer is not one thousand and fifty-five degrees, the said duty or the said drawback (as the case may be) shall be varied proportionately.
(6) Section 24 of the Finance Act, 1933 , shall not apply or have effect in relation to either of the duties of customs to which this section refers.
num: 4
paragraphs: —(1) The Finance Act, 1920 , as amended by section 8 of the Finance Act, 1952 , shall, as on and from the 11th day of April, 1962, be amended by the substitution in Part I of the First Schedule to the said Finance Act, 1920 , of the matter set out in the First Schedule to this Act for the matter inserted therein by the said section 8, and subsection (1) of section 3 of the said Finance Act, 1920 , shall have effect accordingly.
(2) The duty of excise imposed by subsection (2) of section 3 of the Finance Act, 1920 , shall, as on and from the 11th day of April, 1962, be charged, levied and paid at the rate of nine pounds, eleven shillings and twopence the gallon (computed at proof) in lieu of the rate chargeable by virtue of subsection (2) of section 8 of the Finance Act, 1952 .
(3) Section 4 of the Finance Act, 1920 , shall, as on and from the 11th day of April, 1962, be amended by the deletion of:
“the amount of duty which was payable immediately before the increase of duties on spirits provided for by the Finance Act, 1918 .”
and the substitution therefor of:
“whichever of the following amounts may be applicable in each case:
(a) as regards excise duty—
for every gallon of spirits computed at proof
14s. 9d.
(b) as regards customs duty—
in the case of any mixture, compound or preparation in bottle which is entered in such manner as to indicate that the strength is not to be tested, for every gallon of such mixture
£1 0s. 5d.
in any other case, for every gallon of spirits computed at proof
15s. 2d.”
(4) Nothing in this section shall operate to relieve from or to prejudice or affect the additional customs duties or the additional excise duty in respect of immature spirits imposed by section 9 of the Finance Act, 1926.
num: 5
paragraphs: —(1) The duty of customs on tobacco imposed by section 20 of the Finance Act, 1932 , shall, during the period beginning on the 11th day of April, 1962, and ending on the 9th day of August, 1962, be charged, levied and paid at the several rates specified in Part I of the second Schedule to this Act in lieu of any other rates.
num: 6
paragraphs: —Entertainments duty within the meaning of and chargeable under section 1 of the Finance (New Duties) Act, 1916 , shall not be charged or levied on payments for admission to any entertainment held on or after the 1st day of October, 1962.
num: 7
paragraphs: —(1) Subject to subsection (2) of this section, where the customs duty on the goods contained in one consignment or parcel imported on or after the 1st day of August, 1962, or the date of the passing of this Act (whichever is the later) would, when computed according to the laws for the time being in force in relation to customs duties, amount to a sum not exceeding two shillings and sixpence, the duty shall be waived.
(2) The duties chargeable on tobacco, spirits and wine shall not be waived under this section.
num: 8
paragraphs: —(1) The enactments mentioned in subsection (2) of this section shall not apply to any goods imported on or after the 1st day of August, 1962, or the date of the passing of this Act (whichever is the later).
(2) The enactments referred to in subsection (1) of this section are:
(a) section 25 of the Finance Act, 1924 ,
(b) section 8 of the Finance Act, 1937 ,
(c) section 9 of the Finance (Agreement with United Kingdom) Act, 1938 .
num: 9
paragraphs: —(1) Subparagraph (c) of paragraph 4 of Part I of the Schedule to the Finance (Excise Duties) (Vehicles) Act, 1952 , is hereby amended by the substitution of “£2 10s.” for “£8”.
(2) If this Act is passed before or on the 1st day of July, 1962, subsection (1) of this section shall come into operation on that day and, if it is passed after that day, the said subsection shall be deemed to have come into operation on that day.
(3) The appropriate repayments shall be made having regard to the foregoing provisions of this section and the repayments shall be made in accordance with such directions as may be given by the Minister for Local Government.
num: 10
paragraphs: — The Imposition of Duties (No. 108) (Used Omnibuses) Order, 1961 , and the Imposition of Duties (No. 123) (Tobacco) Order, 1962 , are hereby confirmed.
num: 11
paragraphs: —(1) In relation to capital expenditure incurred within the period beginning on the 14th day of December, 1961, and ending on the 31st day of March, 1965, Part V of the Finance Act, 1956 , shall have effect as if “two-fifths” were substituted for “one-fifth” in subsection (1) of section 23 of that Act.
(2) In relation to capital expenditure incurred within the period beginning on the 14th day of December, 1961, and ending on the 31st day of March, 1965 (other than capital expenditure to which section 41 of the Finance Act, 1960 , applies), Part IV of the Finance (Miscellaneous Provisions) Act, 1956 , shall have effect as if “one-fifth” were substituted for “one-tenth” in subsection (1) of section 16 of that Act.
num: 12
paragraphs: —(1) Income tax, sur-tax or corporation profits tax shall not be chargeable in respect of the interest on securities which are issued by the Minister for Finance for the purpose of being used in payment of income tax, sur-tax or corporation profits tax, and such interest shall not be reckoned in computing income for the purposes of the Income Tax Acts.
(2) Section 159 of the Income Tax Act, 1918, shall not have effect as respects tax for the year 1963-64 or any subsequent year of assessment.
num: 13
paragraphs: —(1) In this section—
“accounting period” means, in relation to a company, a period for which the accounts of the company have been made up;
“auxiliary company” means a company incorporated not earlier than the 14th day of December, 1961, and not later than the 31st day of March, 1965, being a company—
(a) of whose ordinary share capital—
(i) a part is held beneficially by each of two or more companies, and
(ii) not less than ninety-five per cent. is held beneficially by companies, and
(b) which does not hold any stock, share or security issued by a company holding beneficially a part of such ordinary share capital;
num: 14
paragraphs: —(1) Subject to the provisions of this section, any tax charged by any assessment to income tax, to sur-tax or to corporation profits tax shall carry interest at the rate of one-half per cent. for each month or part of a month from the date when the tax becomes due and payable until payment.
(2) Interest shall not begin to run under this section from any date before the 1st day of January, 1963.
(3) Where any tax is paid not later than three months from the date on which it becomes due and payable, the interest thereon under this section shall be remitted.
(4) Interest shall not be payable under this section on the tax charged by any assessment unless the total amount of the interest is not less than one pound.
(5) The interest payable under this section—
(a) shall be payable without any deduction of income tax and shall not be allowed as a deduction in computing any income, profits or losses for any of the purposes of the Income Tax Acts or of the enactments relating to corporation profits tax, and
(b) shall be deemed to be a debt due to the Minister for Finance for the benefit of the Central Fund and shall be payable to the Revenue Commissioners,
and, subject to subsection (6) of this section, the provisions of every enactment relating to the recovery of any tax charged by an assessment shall apply to the recovery of any amount of interest payable on that tax as if the said amount of interest were a part of that tax.
(6) In proceedings instituted by virtue of subsection (5) of this section—
(a) a certificate by a collector certifying that a stated amount of interest is due and payable by the person against whom the proceedings were instituted shall be evidence until the contrary is proved that that amount is so due and payable, and
(b) a certificate certifying as aforesaid and purporting to be signed by a collector may be tendered in evidence without proof and shall be deemed until the contrary is proved to have been signed by a collector.
In this subsection “collector” means, where the tax concerned is income tax, the person duly authorised to collect the tax or, where the tax concerned is sur-tax or corporation profits tax, the Accountant General of Revenue.
(7) (a) Subject to paragraph (b) of this subsection—
(i) where relief from tax charged by any such assessment as is referred to in subsection (1) of this section is given to any person by a discharge of any of that tax, such adjustment shall be made of the amount payable under this section in relation to the assessment, and such repayment shall be made of any amounts previously paid under this section in relation thereto, as are necessary to secure that the total sum, if any, paid or payable under this section in relation to the assessment is the same as it would have been if the tax discharged had never been charged, and
(ii) where relief from tax paid for any year of assessment or accounting period is given to any person by repayment, he shall be entitled to require that the amount repaid shall be treated for the purposes of this subsection, so far as it will go, as if it were a discharge of the tax charged on him (whether alone or together with other persons) by any assessment for the same year or period, so, however, that it shall not be applied to any assessment made after the relief was given and it shall not be applied to more than one assessment so as to reduce, without extinguishing, the amount of tax charged thereby.
(b) Notwithstanding anything in paragraph (a) of this subsection, no relief, whether by way of discharge or repayment, shall be treated as—
(i) affecting tax charged by any assessment to income tax unless it is a relief from income tax,
(ii) affecting tax charged by any assessment to sur-tax unless it is a relief from sur-tax, or
(iii) affecting tax charged by any assessment to corporation profits tax unless it is a relief from corporation profits tax.
(8) Section 10 of the Finance Act, 1958 , is hereby amended—
(a) by the addition of “with or without interest” at the end of paragraph (a) of subsection (2),
(b) by the addition of “and, where the tax charged by the original assessment carried interest under section 14 of the Finance Act, 1962, such adjustment shall be made of the amount payable under that section in relation to that assessment, and such repayment shall be made of any amounts previously paid under that section in relation thereto, as are necessary to secure that the total sum, if any, paid or payable under that section in relation to that assessment is the same as it would have been if the amount which ceases to be recoverable had never been charged” at the end of subsection (3).
(9) This section extends to assessments notwithstanding that they were made before the passing of this Act or were made for years of assessment or accounting periods which have ended before the passing thereof.
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paragraphs: —Subsection (4) of section 13 of the Finance (No. 2) Act, 1947 , is hereby amended—
(i) by the insertion at the end of paragraph (a) after “or” of “in the case of property which is being acquired for private residential purposes and which does not include land exceeding five acres in extent, there is a recommendation (which shall be an excepted matter for the purposes of section 12 of the Land Act, 1950) of any two Lay Commissioners of the Land Commission to the Revenue Commissioners for their application in relation to the conveyance or transfer, or”; and
(ii) by the deletion of subparagraph (ii) of paragraph (b).
num: 16
paragraphs: —Subsection (4) of section 24 of the Finance Act, 1949 , is hereby amended—
(i) by the insertion at the end of paragraph (a) after “or” of “in a case in which the lessee's interest under the lease is being acquired for private residential purposes and does not include an interest in land exceeding five acres in extent, there is a recommendation (which shall be an excepted matter for the purposes of section 12 of the Land Act, 1950) of any two Lay Commissioners of the Land Commission to the Revenue Commissioners for their application in relation to the lease, or”; and
(ii) by the deletion of subparagraph (ii) of paragraph (b).
num: 17
paragraphs: —(1) Stamp duties shall not be charged on—
(a) admission of any person to the degree of barrister-at-law,
(b) admission of any person as a student of the Society of King's Inns in Dublin, or
(c) articles of clerkship whereby any person becomes bound to serve as a clerk in order to his admission as a solicitor.
(2) This section shall come into operation on such day as the Minister for Finance may by order appoint.
num: 18
paragraphs: —Subsection (2) of section 32 of the Finance Act, 1961 , is hereby amended by the substitution of “eight months” for “four months”.
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paragraphs: —(1) In this section—
“the principal section” means section 22 of the Finance Act, 1950 ;
“the 1961 amending section” means section 36 of the Finance Act, 1961 ;
“the twelfth 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 1961 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1963, have effect with the substitution of “£1,299,628” for “£1,134,682”.
(3) Subsection (6) of the 1961 amending section shall have effect with the substitution of “£824,486” for “£733,991”.
(4) A sum of £1,334,935 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, 1963.
(5) The twelfth 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 twelfth additional annuity, not exceeding £863,530 in any financial year, may be applied towards defraying the interest on the public debt.
(7) The balance of the twelfth additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section.
num: 20
paragraphs: —(1) The Local Taxation Account is hereby terminated and no further payments shall be made into or out of that Account.
(2) Moneys which, but for subsection (1) of this section, would be paid into the Account terminated by that subsection from the Guarantee Fund shall be dealt with as follows:
(a) moneys in respect of the agricultural grant (including the supplementary grants) payable under the Rates on Agricultural Land (Relief) Acts, 1939 to 1959, and under section 48 of the Local Government (Ireland) Act, 1898 , shall be paid directly from the Guarantee Fund,
(b) other moneys shall be applied to meet charges on the Guarantee Fund.
(3) In subsection (2) of this section “the Guarantee Fund” means the Fund established by section 5 of the Purchase of Land (Ireland) Act, 1891 .
(4) Article 2 of the Estate Duty Grant Order, 1927 , is hereby revoked.
(5) Any allowance which, in accordance with the Local Officers' Compensation (War Period) Act, 1924 , was, immediately before the 1st day of April, 1962, payable out of the Account terminated by subsection (1) of this section shall, on and after that day, be payable out of the Central Fund.
(6) This section shall be deemed to have come into operation on the 1st day of April, 1962.
num: 21
paragraphs: —The exemptions from corporation profits tax specified in subsection (1) of section 33 of the Finance Act, 1929 , shall be given in respect of the period beginning on the 1st day of January, 1962, and ending on the 31st day of December, 1964.
num: 22
paragraphs: —(1) The power of the Government to make orders under section 1 of the Imposition of Duties Act, 1957 , shall include power—
(a) to make orders prescribing a form of customs tariff in accordance with which goods may be classified for the purpose of customs duties and for any other purpose, and to provide accordingly for goods to be classified in any way appearing to the Government to be convenient, having regard to the customs duties imposed or to be imposed under that Act, to other customs duties, to any exemption from, or qualification or limitation of, customs duty provided for by or under any Act, and to any international agreement relating to customs matters, and
(b) to place any form of customs tariff prescribed by virtue of this subsection under the care and management of the Revenue Commissioners,
and the power of the Government to revoke or amend orders under the said section 1 shall include power to revoke or amend orders made by virtue of this subsection.
(2) The power of the Minister for Finance to make orders under section 3 of the said Imposition of Duties Act, 1957 , shall include power to make orders (without the consent provided for in that section)—
(a) amending or revoking orders made by virtue of subsection (1) of this section where the amendments or revocations are for the purpose of amending any classification of goods (whether subject or not subject to a duty to which the said section 3 applies) in a form of customs tariff prescribed by virtue of the said subsection (1) and do not impose a customs duty on an article not otherwise subject to duty or vary in any manner or respect whatsoever the rate at which customs duty is chargeable on an article or provide, as respects an article not otherwise subject thereto, for any qualification, limitation, drawback, allowance, exemption or preferential rate in relation to customs duty or terminate or vary in any manner or respect whatsoever, as respects an article, any such qualification, limitation, drawback, allowance, exemption or preferential rate, and
(b) providing for any consequential amendments of an order made by virtue of the said subsection (1) necessitated by the making of orders under the said section 3,
and the power of the Minister for Finance to revoke or amend orders under the said section 3 shall include power to revoke or amend (without the consent provided for in that section) orders made by virtue of this subsection.
(3) (a) The power of the Government to make orders under paragraphs (b), (e) and (g) of section 1 of the said Imposition of Duties Act, 1957 , shall include power to make orders applying qualifications, limitations, allowances, exemptions or preferential rates in relation to any customs duty, excise duty or stamp duty, in force at the passing of this Act or imposed by any Act passed or order made after the passing of this Act, and the power of the Government to make orders under the said paragraphs (b) and (e) shall include power to make orders applying drawbacks in relation to any such customs duty or excise duty, and the power of the Government to revoke or amend orders under the said section 1 shall include power to revoke or amend orders made by virtue of this subsection.
(b) Section 1 of the said Imposition of Duties Act, 1957 , is hereby amended by—
(i) the insertion in paragraph (d) after “limitations,” of “drawbacks,”, and
(ii) the insertion in paragraph (e) after “limitation,” of “drawback,”.
num: 23
paragraphs: —(1) (a) The enactment specified in column (2) of Part I of the Third Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part.
(b) Paragraph (a) of this subsection shall be deemed to have come into operation on the 1st day of April, 1962.
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paragraphs: —All taxes and duties imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.
num: 25
paragraphs: —(1) This Act may be cited as the Finance Act, 1962.
(2) Part I of this Act shall be construed together with the Income Tax Acts.
(3) Part II of this Act, so far as it relates to duties of customs, shall be construed together with the Customs Acts and, so far as it relates to duties of excise, shall be construed together with the Statutes which relate to the duties of excise and the management of those duties.
(4) Part III of this Act shall, so far as it relates to income tax (including sur-tax), be construed together with the Income Tax Acts and shall, so far as it relates to corporation profits tax, be construed together with Part V of the Finance Act, 1920 , and the enactments amending or extending that Part.
(5) Part I of this Act shall be deemed to come into force and shall take effect as on and from the 6th day of April, 1962.
(6) Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended by or under any other enactment, including this Act.