Finance Act, 1982
Acts of the Oireachtas
Source: Acts of the Oireachtas

num: 1
paragraphs: —As respects the year 1982-83 and subsequent years of assessment, the Finance Act, 1980 , is hereby amended—
(a) in subsection (2) of section 1, by the substitution of “£4,400” for “£4,000” and of “£2,200” for “£2,000”, and
(b) in subsection (6) of section 2, by the substitution of “£5,000” for “£4,600”, of “£6,000” for “£5,600”, of “£2,500” for “£2,300” and of “£3,000” for “£2,800”,
and the said subsections (2) and (6), as so amended, are set out in the Table to this section.
TABLE
(2) In this section “the specified amount” means—
(a) in a case where the individual would, apart from this section, be entitled to a deduction specified in section 138 (a) of the Income Tax Act, 1967 , £4,400, and
(b) in any other case, £2,200.
(6) In this section “the specified amount” means—
(a) in a case where the individual would, apart from this section, be entitled to a deduction specified in paragraph (a) of the said section 138, £5,000:
Provided that, if at any time during the year of assessment either the individual or his spouse was of the age of seventy-five years or upwards, “the specified amount” means £6,000;
(b) in any other case, £2,500:
Provided that, if at any time during the year of assessment the individual was of the age of seventy-five years or upwards, “the specified amount” means £3,000.
num: 2
paragraphs: —(1) Where a deduction falls to be made from the total income of an individual for the year 1982-83 or any subsequent year of assessment in respect of relief to which the individual is entitled under a provision mentioned in column (1) of the Table to this subsection and the amount of the deduction would, but for this section, be an amount specified in column (2) of the said Table, the amount of the deduction shall, in lieu of being the amount specified in the said column (2), be the amount specified in column (3) of the said Table opposite the mention of the amount in the said column (2).
TABLE
Statutory provision
Amount to be deducted from total income for 1981-82
Amount to be deducted from total income for 1982-83 and subsequent years
(1)
(2)
(3)
£
£
Income Tax Act, 1967 :
section 138
(married man)
num: 2
paragraphs: 230
}
num: 2
paragraphs: 900
(man married in the year of assessment)
num: 2
paragraphs: 345
(widowed person)
num: 1
paragraphs: 185
num: 1
paragraphs: 950
(widow bereaved in the year of assessment)
num: 2
paragraphs: 230
num: 2
paragraphs: 900
(single person)
num: 1
paragraphs: 115
num: 1
paragraphs: 450
section 138A
(additional allowance for widows and others in respect of children)
(widowed person)
650
950
(others)
650
num: 1
paragraphs: 450
section 138B
(employee allowance)
600
600
section 139
(housekeeper taking care of children)
165
Nil
section 140
(relative taking care of unmarried person's brother or sister)
165
Nil
section 141
(child)
195
100
(incapacitated child)
500
500
section 142
(dependent relative)
95
110
Finance Act, 1969 :
section 3
(housekeeper taking care of incapacitated person)
500
700
Finance Act, 1971 :
section 11
(blind person)
400
500
(both spouses blind)
1,000
1,200
Finance Act, 1974 :
section 8
(age allowance, single or windowed person)
80
100
(age allowance, married man)
180
200
(2) Section 6 of the Finance Act, 1974 , section 6 of the Finance Act, 1978 , section 3 of the Finance Act, 1979 , section 4 of the Finance Act, 1980 , and section 2 of the Finance Act, 1981 , shall have effect subject to the provisions of this section.
num: 3
paragraphs: — Section 8 of the Finance Act, 1980 , is hereby amended, as respects the year 1982-83 and subsequent years of assessment, by the substitution of the following Table for the Table to the said section:
“TABLE
PART I
Part of taxable income
Rate of tax
Description of rate
(1)
(2)
(3)
The first £1,000
25 per cent.
the reduced rate
The next £3,000
35 per cent.
the standard rate
The next £2,000
45 per cent.
}
the higher rates
The next £2,000
55 per cent.
The remainder
60 per cent.
PART II
Part of taxable income
Rate of tax
Description of rate
(1)
(2)
(3)
The first £2,000
25 per cent.
the reduced rate
The next £6,000
35 per cent.
the standard rate
The next £4,000
45 per cent.
}
the higher rates
The next £4,000
55 per cent.
The remainder
60 per cent.
”
num: 4
paragraphs: —(1) This section shall have effect in relation to income tax for the year 1982-83 and subsequent years of assessment.
(2) (a) In relation to a person chargeable to tax in respect of an employment, this section shall have effect for a year of assessment in relation to a car which, by reason of the employment, is made available (without a transfer of the property in it) to him and it is in that year available for his private use.
(b) In relation to a car in respect of which this section has effect for a year of assessment—
(i) Chapter III of Part V of the Income Tax Act, 1967 , shall not have effect for that year in relation to the expense incurred in connection with the provision of the car, and
(ii) for that year, there shall be treated as emoluments of the employment by reason of which the car is made available, and accordingly chargeable to income tax, the amount, if any, by which the cash equivalent of the benefit of the car for the year exceeds the aggregate for the year of the amounts which the employee is required to make good and actually makes good to the employer in respect of any part of the costs of providing or running the car:
Provided that any part of such aggregate in respect of which the said cash equivalent is reduced under subsection (3) (a) shall be disregarded for the purposes of this subparagraph.
(3) (a) The cash equivalent of the benefit of a car for a year of assessment shall be 20 per cent. of the original market value of the car, but shall be reduced—
(i) where no part of the cost, for that year, of the fuel used in the course of the private use of the car by the employee is borne directly or indirectly by the employer, by 3 per cent. of the original market value of the car,
(ii) where no part of the cost, for that year, of the insurance of the car is borne directly or indirectly by the employer, by 2 per cent. of the original market value of the car,
(iii) where no part of the cost, for that year, of repair and servicing of the car is borne directly or indirectly by the employer, by 2 per cent. of the original market value of the car, and
(iv) where no part of the excise duty, for that year, on the licence under section 1 of the Finance (Excise Duties) (Vehicles) Act, 1952 , relating to the car is borne directly or indirectly by the employer, by ½ per cent. of the original market value of the car.
(b) Where a car in respect of which this section has effect in relation to a person for a year of assessment is made available to him for part only of that year, the cash equivalent of the benefit of that car as respects that person for that year shall be an amount which bears to the full amount of the cash equivalent of the said car for that year (ascertained under paragraph (a)) the same proportion as that part of the year bears to the said year.
(4) (a) Where, in relation to a person, the business mileage for a year of assessment exceeds 10,000, the cash equivalent of the benefit of the car for that year, instead of being the amount ascertained under subsection (3), shall be the percentage of that amount applicable to that business mileage under the Table to this subsection.
(b) In the Table to this subsection any percentage shown in column (3) is that applicable to any business mileage for a year of assessment which
(i) exceeds the lower limit shown in column (1), and
(ii) does not exceed the upper limit (if any) shown in column (2),
opposite the mention of that percentage in column (3).
TABLE
Business mileage
Percentage
lower limit
upper limit
(1)
(2)
(3)
Miles
Miles
10,000
11,000
95 per cent.
11,000
12,000
90 per cent.
12,000
13,000
85 per cent.
13,000
14,000
80 per cent.
14,000
15,000
75 per cent.
15,000
16,000
70 per cent.
16,000
17,000
65 per cent.
17,000
18,000
60 per cent.
18,000
19,000
55 per cent.
19,000
20,000
50 per cent.
20,000
21,000
45 per cent.
21,000
22,000
40 per cent.
22,000
23,000
30 per cent.
23,000
24,000
20 per cent.
24,000
25,000
10 per cent.
25,000
—
Nil
(5) (a) Where any amount is to be treated as emoluments of an employment under subsection (2) (b) (ii) for a year of assessment, it shall be the duty of the person who is chargeable to tax in respect of that amount to deliver in writing to the inspector, not later than thirty days after the end of that year, particulars of the car, of its original market value, and of the business mileage and private mileage for the year of assessment.
(b) If, in relation to a year of assessment—
(i) a person makes default in the delivery of particulars in relation to the original market value of a car in respect of which this section has effect in relation to him or in relation to his business mileage or his private mileage for the year, or
(ii) the inspector is not satisfied with the particulars which have been delivered by the person,
then the original market value or business mileage or private mileage which is to be taken into account for the purpose of computing the amount of the tax to which that person is to be charged shall be such value or mileage, as the case may be, as, according to the best of the inspector's judgment, ought to be so taken into account:
Provided that, in the absence of sufficient evidence to the contrary, the business mileage for a year of assessment in relation to a person shall be determined by deducting 5,000 from the total number of miles travelled in that year by that person in a car or cars in respect of which this section has effect in relation to him.
(c) The inspector, in making a computation for the purposes of an assessment or of the Income Tax (Employments) Regulations, 1960 (S.I. No. 28 of 1960), before the end of the year of assessment to which the computation relates, in relation to a person in relation to whom this section has effect for that year of assessment, shall make an estimate of that person's business mileage for the purpose of the computation, and the provisions of section 528 of the Income Tax Act, 1967 , shall, with any necessary modifications, have effect in relation to the estimate so made as it has in relation to an estimate made under that section.
(d) A value or mileage taken into account under paragraph (b) may be amended by the Appeal Commissioners or the Circuit Court on the hearing or the rehearing of an appeal against an assessment in respect of the employment in the performance of the duties of which the business mileage is done.
(6) (a) This subsection applies to any car in the case of which the inspector is satisfied (whether on a claim under this subsection or otherwise) that it has for any year been included in a car pool for the use of the employees of one or more employers.
(b) A car is to be treated as having been so included for a year if—
(i) in that year it was made available to, and actually used by, more than one of those employees and, in the case of each of them, it was made available to him by reason of his employment but it was not in that year ordinarily used by any one of them to the exclusion of the others; and
(ii) in the case of each of them any private use of the car made by him in that year was merely incidental to his other use of it in the year; and
(iii) it was in that year not normally kept overnight on or in the vicinity of any residential premises where any of the employees was residing, except while being kept overnight on premises occupied by the person making the car available to them.
(c) Where this subsection applies to a car, then for the year in question the car is to be treated under this section as not having been available for the private use of any of the employees.
(d) A claim under this subsection in respect of a car for any year may be made by any one of the employees mentioned in paragraph (b) (i) above (they being referred to in paragraph (e) as “the employees concerned”) or by the employer on behalf of all of them.
(e) (i) Any person who is aggrieved by a decision of the inspector on any question arising under this subsection may, by notice in writing to that effect given to the inspector within two months from the date on which notice of the decision is given to him, make an application to have his claim for relief heard and determined by the Appeal Commissioners.
(ii) Where an application is made under subparagraph (i), the Appeal Commissioners shall hear and determine the claim in like manner as an appeal made to them against an assessment and all the provisions of the Income Tax Acts relating to such an appeal (including the provisions relating to the rehearing of an appeal and to the statement of a case for the opinion of the High Court on a point of law) shall apply accordingly with any necessary modifications.
(iii) On an appeal against the decision of the inspector on a claim under this section all the employees concerned may take part in the proceedings, and the determination of the Appeal Commissioners or the Circuit Court, as the case may be, shall be binding on all those employees, whether or not they have taken part in the proceedings.
(iv) Where an appeal against the decision of the inspector on a claim under this subsection has been determined, no appeal against the inspector's decision on any other such claim in respect of the same car while in the same car pool and the same year shall be entertained.
(7) Section 178 (1) of the Income Tax Act, 1967 , is hereby amended by the insertion after paragraph (aa) of the following paragraph:
“(aaa) particulars of any car, within the meaning of section 4 of the Finance Act, 1982, made available to those persons by reason of that employment;”.
num: 5
paragraphs: —(1) The Income Tax Act, 1967 , is hereby amended by the insertion after section 142 of the following section:
“142A.—(1) In this section—
‘residential premises’ means property held under a tenancy, being—
(a) a building or part of a building used or suitable for use as a dwelling, and
(b) land which the occupier of a building or part of a building used as a dwelling has for his own occupation and enjoyment with the said building or part as its garden or grounds of an ornamental nature;
‘rent’ includes any periodical payment in the nature of rent made in return for a special possession of residential premises, or for the use, occupation or enjoyment of residential premises, but does not include so much of any rent or payment as—
(a) is paid or made to defray the cost of maintenance of or repairs to residential premises for which in the absence of agreement to the contrary the tenant would be liable,
(b) relates to the provision of goods or services,
(c) relates to any right or benefit other than the bare right to use, occupy and enjoy residential premises, or
(d) is the subject of a right of reimbursement or a subsidy from any source enjoyed by the person making the payment, unless such reimbursement or subsidy cannot be obtained;
‘tenancy’ includes any contract, agreement or licence, under or in respect of which rent is paid, but does not include—
(a) a tenancy which, apart from any statutory extension, is a tenancy for a freehold estate or interest or for a definite period of 50 years or more,
(b) a tenancy in relation to which the person beneficially entitled to the rent is a Minister of the Government, the Commissioners of Public Works in Ireland, or a housing authority for the purposes of the Housing Act, 1966 , or
(c) a tenancy in relation to which an agreement or provision exists under which the rent paid or part of it is or may be treated as consideration or part consideration, in whatever form, for the creation of a further or greater estate, tenancy or interest in the residential premises concerned or in any other property.
(2) (a) In relation to income tax for 1983-84 and each subsequent year of assessment, if an individual (referred to in this section as ‘a claimant’) proves that—
(i) at any time during the year of assessment he was of the age of sixty-five years or upwards, and
(ii) in the year ending on the 31st day of December prior to that year of assessment, he has made a payment on account of rent in respect of residential premises which, during the period in respect of which the payment was made, was his only or main residence,
he shall be entitled to a deduction of an amount equal to the aggregate of all such payments proved to be so made, or to the relevant limit, whichever is the lesser:
Provided that in the case of a claimant who is a husband assessed to tax for the year of assessment in accordance with the provisions of section 194, any payments made by his spouse, in respect of which she would have been entitled to relief under this section if she were assessed to tax for the year of assessment in accordance with the provisions of section 193 (apart from the proviso thereto), shall be deemed to have been made by the claimant.
(b) In this subsection ‘the relevant limit’ means—
(i) in the case of a claimant who is entitled to a deduction under section 138 (a), £1,000, and
(ii) in any other case, £500.
(3) (a) Where a payment is made partly on account of rent and partly on account of anything which is not rent, such apportionment of the payment shall be made as is necessary in order to determine for the purposes of this section the amount paid on account of rent.
(b) Any apportionment required by this subsection shall be made by the inspector according to the best of his knowledge and judgment.
(c) (i) Any person who is aggrieved by a decision of the inspector on any question arising under this subsection may, by notice in writing to that effect given to the inspector within thirty days from the date on which notice of the decision is given to him, make an application claiming relief against the decision and the claim shall be heard and determined by the Appeal Commissioners.
(ii) Where an application is made under subparagraph (i), the Appeal Commissioners shall hear and determine the claim in like manner as an appeal made to them against an assessment and all the provisions of the Income Tax Acts relating to such an appeal (including the provisions relating to the rehearing of an appeal and to the statement of a case for the opinion of the High Court on a point of law) shall apply accordingly with any necessary modifications.
(4) Where a payment on account of rent is made in respect of any period, that payment shall be deemed for the purposes of this section to be made in the year into which the period falls:
Provided that if the period falls partly into one year and partly into another year, the amount of the payment made in respect of that period shall be apportioned to each year in the proportion which the part of the period falling into that year bears to the whole of the period and the amount so apportioned to a year shall be deemed, for the purposes of this section, to be paid in that year.
(5) (a) Any claim for relief under this section in respect of a payment on account of rent shall be accompanied by—
(i) a certificate and statement in a form (being a form prescribed by the Revenue Commissioners) signed by the claimant setting forth—
(A) the name, address and income tax reference number of the claimant,
(B) the name and address of the person or body of persons beneficially entitled to the rent under the tenancy under which the rent was paid,
(C) the postal address of the premises in respect of which the rent was paid, and
(D) full particulars of the tenancy under which the rent was paid,
and
(ii) in respect of each payment on account of rent in respect of which relief is claimed a receipt or acknowledgement given pursuant to the provisions of subsection (6).
(b) Failure to furnish any of the particulars mentioned in paragraph (a) (i) or failure to furnish a receipt or acknowledgement mentioned in paragraph (a) (ii) shall be grounds for refusal of the claim:
Provided that—
(i) the inspector may waive the requirement at paragraph (a) (i) (B) on receipt of satisfactory proof that the claimant's inability to comply therewith is bona fide, and
(ii) the inspector may waive the requirement at paragraph (a) (ii) on receipt of satisfactory proof of the total rent paid in the relevant period and on being furnished with the name and address of the person or body of persons to whom it was paid.
(c) (i) Any person who is aggrieved by a decision of the inspector on any question arising under this subsection may, by notice in writing to that effect given to the inspector within thirty days from the date on which notice of the decision is given to him, make an application to have his claim for relief heard and determined by the Appeal Commissioners.
(ii) Where an application is made under subparagraph (i), the Appeal Commissioners shall hear and determine the claim in like manner as an appeal made to them against an assessment to tax and all the provisions of the Income Tax Acts relating to such an appeal (including the provisions relating to the rehearing of an appeal and to the statement of a case for the opinion of the High Court on a point of law) shall apply accordingly with any necessary modifications.
(6) (a) Where at any time after the passing of this Act a payment is made on account of rent by a person (hereafter in this subsection referred to as ‘the tenant’) who is entitled to relief under this section or who has reason to believe that he may be so entitled and at the time of such payment the tenant requests a receipt or acknowledgement of the payment, the person or body of persons beneficially entitled to the rent shall, within 7 days from the date of the payment, give to the tenant a receipt or acknowledgement of that payment and, thereafter, in respect of any subsequent payment on account of rent to which that person or body of persons is beneficially entitled and which is made by the tenant, the person or body of persons shall, within 7 days from the date of the payment, give to the tenant a receipt or acknowledgement of the payment, whether requested to do so or not.
(b) Any receipt or acknowledgement given pursuant to this subsection shall be in writing and shall contain—
(i) the name and address of the tenant,
(ii) the name and address of the person or body of persons giving the receipt or acknowledgement, and
(iii) the amount of the payment and the period in respect of which it is paid.
(7) (a) The Revenue Commissioners may make regulations, for the purpose of giving effect to this section, with respect to the allowance granted by this section, or to any matter ancillary or incidental thereto, or, in particular and without prejudice to the generality of the foregoing, to provide for—
(i) the proof by a claimant of payment on account of rent,
(ii) the disclosure of information by a person in receipt of a payment on account of rent,
(iii) the maintenance of records and the production to and inspection by persons authorised by the Revenue Commissioners of such records and the taking by such persons of copies of, or of extracts from, such records,
(iv) for appeals with respect to matters arising under the regulations which would not otherwise be the subject of an appeal.
(b) Every regulation made under this section shall be laid before DÃ¡il Ãireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by DÃ¡il Ãireann within the next twenty-one days on which DÃ¡il Ãireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.
(8) Any deduction under this section shall be in substitution for, and not in addition to, any deduction to which the individual might be entitled in respect of the same payments under any other provision of the Income Tax Acts.”.
(2) The Income Tax Act, 1967 , is hereby further amended—
(a) in section 198(1)(a), by the insertion in subparagraph (iv) after “sections” of “142A,”, and
num: 6
paragraphs: —(1) In this section—
“insurable employment” has the meaning assigned to it by section 2 (1) of the Social Welfare (Consolidation) Act, 1981 ;
“specified emoluments” means emoluments within the meaning of section 111 (4) of the Income Tax Act, 1967 , which arise to a specified employed contributor from an insurable employment;
“specified employed contributor” means a person who is an employed contributor for the purposes of the Social Welfare (Consolidation) Act, 1981 , but does not include a person—
(a) who is an employed contributor for those purposes by reason only of sect ion 65 (1) of that Act,
(b) in whose case section 10(7) of that Act has effect, or
(c) to whom Article 7 of the Social Welfare (Modifications of Insurance) Regulations, 1979 (S.I. No. 87 of 1979), applies.
(2) For the purpose of ascertaining the amount of the income on which an individual (being an individual who is a specified employed contributor) is to be charged to income tax for the year 1982-83 in a case where the total income of the individual for the said year consists of or includes specified emoluments (including in a case where the individual is a husband who is assessed to tax in accordance with the provisions of section 194 of the Income Tax Act, 1967 , any specified emoluments of his wife which are deemed to be income of his by that section for the purposes referred to in that section)—
(i) a deduction of £312 shall be made from so much, if any, of the specified emoluments (but not including, in the case where the individual is a husband assessed as aforesaid, the specified emoluments, if any, of his wife) as arise to the individual, and
(ii) in the case where the individual is a husband assessed as aforesaid, a deduction of £312 shall be made from so much, if any, of the specified emoluments as arise to his wife.
(3) Any deduction to be made under this section from specified emoluments shall be given in priority to any deduction to be made under section 138B of the Income Tax Act, 1967 , from those emoluments.
(4) All such provisions of the Income Tax Acts as apply in relation to the deductions specified in sections 138 to 143 of the Income Tax Act, 1967 , shall apply in relation to a deduction under this section.
num: 7
paragraphs: —In relation to income tax for the year 1982-83 and subsequent years of assessment, section 152 of the Income Tax Act, 1967 , is hereby amended by the insertion of the following subsection after subsection (1):
“(1A) (a) In this subsection—
‘policy of insurance’ includes a provision or arrangement for the purpose of securing a deferred annuity;
‘premium’ includes such a sum as is referred to in section 143(1)(b);
‘special terms’, in relation to a policy of insurance, means terms or conditions which, by reason of special circumstances concerning the health of the insured person, are less favourable as to the amounts of the premiums payable than those which would otherwise be available from the same insurer.
(b) Where the aggregate amount of the premiums paid on a policy of insurance containing special terms is in excess of the aggregate amount of the premiums which would have been payable on the policy of insurance if it did not contain special terms and were in all other respects unchanged—
(i) relief shall be given under sections 143 and 151 in respect of the amount of the excess without regard to the provisions of subsection (1), and
(ii) in determining the amount of any other relief to be given under those sections, apart from relief in respect of the excess, subsection (1) shall have effect as if the excess had not been paid.”.
num: 8
paragraphs: —(1) (a) In this section—
“employee”, in relation to an employer, means an individual employed by the said employer in an employment to which Chapter III of Part V of the Income Tax Act, 1967 , applies including, in a case where the employer is a body corporate, a director, within the meaning of that Chapter, of the body corporate;
“employer”, in relation to an individual, means—
(i) a person of whom the individual or his spouse is an employee,
(ii) a person of whom the individual becomes an employee subsequent to the making of a loan by the person to the individual, and while any part of the loan, or of another loan replacing it, is outstanding,
(iii) a person connected with a person referred to in paragraph (i) or (ii);
“loan” includes any form of credit, and references to a loan include references to any other loan applied directly or indirectly towards the replacement of another loan;
“preferential loan” means a loan, in respect of which no interest is payable or interest is payable at a preferential rate, made directly or indirectly to an individual or his spouse by a person who in relation to the individual is an employer;
“preferential rate” means a rate less than the specified rate;
“the specified rate” means—
(i) subject to paragraph (ii) of this definition, the rate of 12 per cent. per annum or such other rate (if any) as stands prescribed by the Minister for Finance by regulations, or
(ii) in a case where—
(I) a preferential loan is made to an employee by an employer,
(II) the making of loans, for a stated term of years at a rate of interest which does not vary for the duration of the loan, forms part of the trade of the employer, and
(III) the rate of interest at which the employer in the course of his trade at the time the preferential loan is or was made makes or made loans at arm's length to persons, other than employees, for the purposes of purchasing a dwelling-house for occupation by the borrower as a residence is less than 12 per cent. per annum,
the first-mentioned rate in subparagraph (III).
(b) For the purposes of this section a person shall be regarded as connected with another person if he would be so regarded for the purposes of section 8 of the Finance Act, 1978 .
(c) In this section a reference to a loan being made by a person includes a reference to a person assuming the rights and liabilities of the person who originally made the loan and to a person arranging, guaranteeing or in any way facilitating a loan or the continuation of a loan already in existence.
num: 9
paragraphs: —(1) In this section—
“military service” means the performance of duty as a member of an organisation to which Part II of the Army Pensions Act, 1932 , applies, but includes military service within the meaning of that Part of that Act, military service within the meaning of the Military Service Pensions Act, 1924 , and service in the Forces within the meaning of the Military Service Pensions Act, 1934 ;
“relevant legislation” means the Army Pensions Acts, 1923 to 1980, the Military Service Pensions Acts, 1924 to 1964, the Connaught Rangers (Pensions) Acts, 1936 to 1964, any Act passed before or after the passing of this Act amending any of those Acts and any regulation (in so far as it affects a pension, allowance, benefit or gratuity under any of those Acts or any Act so passed) made before or after such passing under the Pensions (Increase) Act, 1964 , or under any of those Acts or any such Act so passed;
“relevant military service” means military service during any part of a period referred to in section 5 (2) of the Army Pensions Act, 1932 , or, in the case of a qualified person within the meaning of the Connaught Rangers (Pensions) Act, 1936 , the circumstances referred to in paragraphs (a), (b) and (c) of section 2 of that Act;
“veteran of the War of Independence” means a person who—
(a) was a member of an organisation to which Part II of the Army Pensions Act, 1932 , applies, or a qualified person within the meaning of the Connaught Rangers (Pensions) Act, 1936 , and
(b) was engaged in relevant military service.
(2) A pension, allowance, benefit or gratuity, in so far as it is related to the relevant military service of a veteran of the War of Independence, or to an event which happened during or in consequence of such relevant military service, which is paid under the relevant legislation—
(a) to such veteran or
(b) to the wife or widow or to a child or other dependant or partial dependant of such veteran,
shall be exempt from tax and shall not be reckoned in computing income for the purposes of the Income Tax Acts.
(3) This section shall have effect for the year 1980-81 and subsequent years of assessment.
num: 10
paragraphs: — Section 485 (5) of the Income Tax Act, 1967 , is hereby amended, with effect as on and from the date of the passing of this Act—
(a) by the substitution in paragraphs (a) and (b) of “£15,000” for “£2,000” (inserted by the Finance Act, 1972 ), and
(b) by the substitution in paragraphs (b) and (c) of “£2,500” for “£250” (inserted by the Finance Act, 1972 ),
and the said paragraphs, as so amended, are set out in the Table to this section.
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(a) if the sum certified in the certificate to be in default exceeds £15,000, to charge and (where appropriate) to add to that sum and (in any case) to levy under the certificate such fees and expenses, calculated according to the scales appointed by the Minister for Justice under paragraph (a) of subsection (1) of section 14 of the Enforcement of Court Orders Act, 1926 , and for the time being in force, as he would be entitled so to charge or add and to levy if the certificate were an execution order within the meaning of the Enforcement of Court Orders Act, 1926 , (in this section referred to as an “execution order”) of the High Court,
(b) if the sum certified in the certificate to be in default exceeds £2,500 but does not exceed £15,000, to charge and (where appropriate) to add to that sum and (in any case) to levy under the certificate such fees and expenses, calculated according to the said scales, as he would be entitled so to charge or add and to levy if the certificate were an execution order of the Circuit Court, and
(c) if the sum certified in the certificate to be in default does not exceed £2,500, to charge and (where appropriate) to add to that sum and (in any case) to levy under the certificate such fees and expenses, calculated according to the said scales, as he would be entitled so to charge or add and to levy if the certificate were an execution order of the District Court.
num: 11
paragraphs: — Section 486 of the Income Tax Act, 1967 , is hereby amended, with effect as on and from the date of the passing of this Act—
(a) by the substitution in subsection (1) of “£15,000” for “£2,000” (inserted by the Finance Act, 1972 ), and
(b) by the substitution in subsection (2) of “£2,500” for “£250” (inserted by the Finance Act, 1972 ),
and the said subsections (1) and (2), as so amended, are set out in the Table to this section.
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(1) Where the amount due (whether before or after the passing of this Act) in respect of income tax does not exceed £15,000, the Collector or other officer of the Revenue Commissioners, duly authorised to collect the said tax may sue in his own name in the Circuit Court for the said amount so due as a debt due to the Minister for Finance.
(2) Where the amount so due does not exceed £2,500, the Collector or other officer of the Revenue Commissioners duly authorised to collect the said tax may sue in his own name in the District Court for the said amount so due as a debt due to the Minister for Finance.
num: 12
paragraphs: —Section 7 of, and the Second Schedule to, the Finance Act, 1979 , shall have effect, for the purpose of ascertaining the amount of income on which a person is to be charged to income tax for the year 1982-83, as if—
(a) “1982-83” were substituted for “1979-80” in subsection (1), and the following proviso were added to the said subsection:
“Provided also that in a case where the claimant is a husband who is assessed to tax in accordance with the provisions of section 194 of the Income Tax Act, 1967 , this subsection shall have effect as if ‘£900’ were substituted for‘£450’”,
and
num: 13
paragraphs: —(1) Where, in computing profits from the trade of farming for an accounting period, a deduction allowed by virtue of section 12 of the Finance Act, 1976 , has effect for the year 1982-83—
(a) section 31 (4) (a) of the Finance Act, 1975 (as applied by section 12 (2) (a) of the Finance Act, 1976 ), shall apply and have effect as if “less 20 per cent, of its trading profits for that period” were deleted,
(b) the said section 12 shall have effect as if subsection (2) (c) (inserted by the Finance Act, 1979 ) had not been enacted, and
(c) the amount of the said deduction shall, subject to the provisions of subparagraph (i) of the said section 31 (4) (a), be eleven-tenths of the amount of the deduction for that accounting period computed in accordance with paragraphs (a) and (b) of this subsection.
(2) Where a deduction falls to be made under subsection (2) of section 31A (inserted by the Finance Act, 1976 ) of the Finance Act, 1975 , in relation to the trade of farming for an accounting period which ends on or after the 6th day of April, 1981, the amount of the said deduction shall, subject to the provisions of subsection (4) (a) (i) of the said section 31A, be eleven-tenths of the amount which would otherwise be the amount of the deduction.
(3) Where this section has had effect in computing the profits of a trade of farming for an accounting period and a decrease in stock value is, in accordance with section 31A (7) of the Finance Act, 1975 , or section 12 (5) of the Finance Act, 1976 , to be treated as a trading receipt of that trade of farming for a subsequent accounting period, the amount of the said decrease shall, for the purpose of ascertaining the amount to be so treated, be deemed to be an amount equal to eleven-tenths of that decrease:
Provided that the amount by which a decrease in stock value for an accounting period is to be increased under this subsection shall not exceed the amount determined by the formula—
(A − B) − (C − D)
where:
A is the aggregate amount of the deductions, in respect of which either subsection (1) (c) or subsection (2), as may be appropriate, had effect and as increased under that subsection, which were made in computing the profits of the trade of farming for preceding accounting periods,
B is the aggregate amount of the deductions included in A before they were increased under the provisions of either subsection (1) (c) or subsection (2),
C is the aggregate amount of the decreases in trading stock, in respect of which this subsection had effect and as increased under this subsection, which were treated as trading receipts of the trade of farming for preceding accounting periods, and
D is the aggregate amount of the decreases included in C before they were increased under the provisions of this subsection.
num: 14
paragraphs: — Section 477 of the Income Tax Act, 1967 , shall have effect as if in subsection (2) (inserted by the Finance Act, 1980 )—
(a) “1982-83” were substituted for “1980-81” in paragraph (a), and
(b) “1982” were substituted for “1980”, and “1983” were substituted for “1981”, in each place where they occur, in paragraph (b).
num: 15
paragraphs: —As respects assessments for the year 1982-83, section 21A (inserted by the Finance Act, 1978 ) of the Finance Act, 1974 , shall apply as if the following paragraphs were substituted for paragraphs (a) and (b) of subsection (1):
“(a) the amount of tax so chargeable for the year 1982-83 shall be reduced by one-half of the rates payable for the local financial year preceding that year of assessment;
(b) in computing the said profits or gains for the year 1982-83, the sum to be deducted in respect of the rates payable for the local financial year preceding that year of assessment shall not exceed one-half of the sum which, but for this paragraph, would be so deducted and, apart from the first-mentioned sum, no other sum shall be deducted in respect of rates:”.
num: 16
paragraphs: — Section 22 (inserted by the Corporation Tax Act, 1976 ) of the Finance Act, 1974 , is hereby amended, as respects any capital expenditure incurred on or after the 6th day of April, 1982—
(a) by the substitution, for subsection (2), of the following subsection:
“(2) Where a person to whom this section applies incurs, for the purpose of a trade of farming land occupied by him, any capital expenditure on the construction of farm buildings (excluding a building or part of a building used as a dwelling), fences or other works, there shall be made to him during a writing-down period of ten years beginning with the chargeable period related to that expenditure, writing-down allowances (in this section referred to as ‘farm buildings allowances’) in respect of that expenditure and such allowances shall be made in taxing the trade:
Provided that—
(a) the farm buildings allowance to be granted for any chargeable period shall, subject to paragraph (b), be increased by such amount as is specified by the person to whom the allowance is to be made in making his claim for the allowance and, in relation to a case in which this proviso has had effect, any reference in the Tax Acts to a farm buildings allowance made under this section shall be construed as a reference to that allowance as increased under this proviso, and
(b) the maximum farm buildings allowance to be made under this section for any chargeable period shall not exceed three-tenths of the capital expenditure to which the said farm buildings allowance relates.”,
and
(b) by the deletion of subsection (4).
num: 17
paragraphs: —(1) Notwithstanding anything in Chapter IV of Part I of the Finance Act, 1980 —
(a) no assessment to resource tax shall be made, on or after the passing of this Act, in respect of the year 1980-81,
(b) where an appeal has been made against an assessment to resource tax for that year but the appeal has not been determined, the assessment shall be discharged,
(c) where an assessment to resource tax for that year has become final and conclusive, the tax payable in respect of the assessment shall be remitted, and
(d) any resource tax paid in respect of an assessment for that year shall be repaid.
(2) For the purposes of the repayment of resource tax pursuant to subsection (1) (d), resource tax shall be deemed to be income tax.
num: 18
paragraphs: —(1) A payment or grant to which this section applies shall be disregarded for all the purposes of the Tax Acts.
(2) This section applies to any payment or grant made, whether before or after the passing of this Act, being—
(a) a payment to an employer under the Employers' Employment Contribution Scheme in respect of a person employed by him, or
(b) an employment grant under section 2 of the Industrial Development (No. 2) Act, 1981 .
num: 19
paragraphs: —(1) (a) In this section—
“approved building” means a building to which subsection (4) applies;
“authorised person” means:—
(a) an inspector or other officer of the Revenue Commissioners authorised by them in writing for the purposes of this section, or
(b) a person nominated by the Commissioners of Public Works in Ireland, authorised by them in writing for the purposes of this section;
num: 20
paragraphs: —(1) In respect of any expenses incurred on or after the 26th day of March, 1982, in providing business entertainment, no sum shall be—
num: 21
paragraphs: —(1) In this section and in sections 22 and 23 —
“dependent relative” means, in relation to an individual, any of the persons mentioned in paragraphs (a) or (b) of section 142 (1) of the Income Tax Act, 1967 , in respect of whom the individual is entitled to a deduction under that section;
“loan” means any loan or advance or any other arrangement whatsoever by virtue of which interest is paid or payable;
“the operative date” means the 25th day of March, 1982;
num: 22
paragraphs: —(1) Notwithstanding anything in section 21 (2) (b), no relief shall be given under the principal sections in respect of interest—
(a) paid or payable after the operative date on an overdraft which was not in existence on that date, or
(b) paid or payable on or after the 6th day of April, 1983, on an overdraft which was in existence on the operative date.
(2) A loan made on or before the 5th day of April, 1983, replacing an overdraft referred to in subsection (1) (b) shall, for the purposes of sections 21 and 23 , be deemed—
(a) to the extent to which it does not exceed the amount of the overdraft on the operative date, to be a separate loan made on the operative date, and
(b) to the extent of the excess, to be a separate loan made after the operative date.
(3) For the year 1982-83 the amount of interest on an overdraft eligible for relief under the principal sections shall not exceed the amount of interest which would have been payable for that year on the amount of the overdraft on the operative date at the rate at which interest on that amount was chargeable on that date.
(4) For the purposes of sections 21 and 23 , any amount paid in repayment of a loan made on or before the 5th day of April, 1983, shall be deemed to be made in repayment of any amount of the separate loan to which subsection (2) (b) refers in priority to any amount of the separate loan to which subsection (2) (a) refers.
(5) (a) For the purposes of this section and section 23 a loan shall be regarded as replacing an overdraft if it is used solely for the purpose of discharging that overdraft or an overdraft or loan replacing or discharging that overdraft.
(b) In this section and in section 23 “overdraft” means a debt incurred by overdrawing an account or by debiting the account of any person as the holder of a credit card or under similar arrangements.
num: 23
paragraphs: —(1) In this section “relevant interest” means the excess of the amount of interest paid by a company on a loan over so much of that interest as bears to the full amount thereof the same proportion as £2,500 (or, if it is smaller, the amount of the loan) bears to the amount of the loan:
Provided that in the case of a company that has one or more associated companies within the meaning of section 102 of the Corporation Tax Act, 1976 , the reference to £2,500 shall be deemed to be a reference to £2,500 divided by one plus the number of those associated companies.
(2) References in subsection (1) to the amount of a loan, shall, if there are more loans than one, be deemed to be references to the aggregate amount of the loans.
(3) In relation to—
(a) relevant interest paid on all loans made after the operative date,
(b) all relevant interest paid on or after the 6th day of April, 1985,
(c) interest—
(i) paid after the operative date on an overdraft which was not in existence on that date,
(ii) paid on or after the 6th day of April, 1983, on an overdraft which was in existence on the operative date, and
(d) interest on an overdraft referred to in paragraph (c) (ii) where that interest is paid in the year ending on the 5th day of April, 1983, in so far as the amount of the interest exceeds the amount of the interest which would have been payable for that year on the amount of the overdraft on the operative date at the rate at which interest on that amount was chargeable on the operative date,
section 10 of the Corporation Tax Act, 1976 , shall have effect as if the following subsection were substituted for subsection (6)—
“(6) Subject to subsection (7), interest shall not be treated as a charge on income.”.
num: 24
paragraphs: —(1) Section 31A (inserted by the Finance Act, 1976 ) of the Finance Act, 1975 , is hereby amended by the substitution of “1982” for “1981”—
(a) in paragraph (iv) (inserted by the Finance Act, 1979 ) of the proviso (inserted by the Finance Act, 1977 ) to subsection (4) (a),
(b) in subsection (7) (inserted by the Finance Act, 1977 ), and
(c) in subsection (9) (inserted by the Finance Act, 1977 ) in each place where it occurs,
and the said paragraph, the said subsection (7) (other than the proviso) and the said subsection (9) (other than the proviso), as so amended, are set out in the Table to this subsection.
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(iv) a deduction shall not be allowed under the provisions of this section in computing a company's trading income for any accounting period which ends on or after the 6th day of April, 1982.
(7) Where in relation to an accounting period a company's opening stock value exceeds its closing stock value, the amount of the excess (in this section referred to as the company's “decrease in stock value”) shall, if the accounting period ends on a date before the 6th day of April, 1982, be treated in the computation of the company's trading income for the purposes of corporation tax, as a trading receipt of the company's trade for that accounting period:
(9) In the computation of a company's trading income for the purposes of corporation tax for any accounting period which ends on or after the 6th day of April, 1982, in which there is a decrease in stock value, there shall be treated as a trading receipt of the company's trade for that accounting period the amount (if any) by which A exceeds the aggregate of B and C where—
A is the aggregate amount of the company's decreases in stock value in all accounting periods which ended on or after the 6th day of April, 1982,
B is the aggregate amount of the company's increases in stock value in all accounting periods which ended on or after the 6th day of April, 1982, and
C is the aggregate of the amounts which under this subsection are treated as trading receipts of the company's trade for preceding accounting periods:
(2) Section 12 of the Finance Act, 1976 , is hereby amended—
(a) by the substitution of “or any subsequent year of assessment” for “, 1980-81 or 1981-82” (inserted by the Finance Act, 1981 ) in paragraph (c) (inserted by the Finance Act, 1979 ) of subsection (2),
(b) by the substitution in subsection (3) of “1982-83” for “1981-82” (inserted by the Finance Act, 1981 ), and
(c) by the substitution of “1982” for “1981” (inserted by the Finance Act, 1981 ) in each place where it occurs in subsection (5) (inserted by the Finance Act, 1978 ) and subsection (6) (inserted by the Finance Act, 1977 ),
and the said paragraph, the said subsection (3), the said subsection (5) (other than the proviso) and the said subsection (6) (other than the proviso), as so amended, are set out in the Table to this subsection.
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(c) Where a deduction allowed by virtue of this section in computing a person's trading profits of a trade for an accounting period has effect for the year 1979-80 or any subsequent year of assessment, the amount of the deduction shall, notwithstanding any provision to the contrary, be three-fourths of the amount which, apart from this paragraph, would be the amount of the deduction for that accounting period.
(3) Any deduction allowed by virtue of this section in computing a person's trading profits for an accounting period shall not have effect for any purpose of the Income Tax Acts for any year of assessment prior to the year 1974-75 or later than the year 1982-83.
(5) In the computation of a person's trading income for an accounting period in which there is a decrease in stock value and which ends on a date in the period from the 6th day of April, 1976, to the 5th day of April, 1982, the amount of that decrease shall be treated as a trading receipt of the trade for that accounting period:
(6) In the computation of a person's trading income for any accounting period in which there is a decrease in stock value and which ends on or after the 6th day of April, 1982, there shall be treated as a trading receipt of the trade for that accounting period the amount (if any) by which A exceeds the aggregate of B and C
where—
A is the aggregate amount of the person's decreases in stock value in all accounting periods which ended on or after the 6th day of April, 1982,
B is the aggregate amount of the person's increases in stock value in all accounting periods which ended on or after the 6th day of April, 1982, and
C is the aggregate of the amounts which are treated as trading receipts of the person's trade for preceding accounting periods which ended on or after the 6th day of April, 1982:
num: 25
paragraphs: —(1) Save as is otherwise provided for in subsection (2), section 40 (1) of the Finance Act, 1977 (as extended by section 52 of the Finance Act, 1980 ), shall have effect in relation to the year 1982-83 as it has effect in relation to the years 1980-81 and 1981-82.
(2) The Revenue Commissioners and any building society approved of for the purposes of this section by the Minister for Finance may, as respects the year 1982-83, enter into arrangements of the kind referred to in section 31 of the Corporation Tax Act, 1976 , but modified, to such extent as shall be directed by the Minister for Finance, in so far as they relate to the sums on which tax is to be calculated in part at the standard rate and in part at a reduced rate.
(3) The Minister for Finance shall approve, for the purposes of this section, of any building society (within the meaning of section 31 of the Corporation Tax Act, 1976 ) if, in relation to that society, the Minister for the Environment gives a certificate stating that the society has, during the financial year 1982, maintained at levels and for periods agreed with him the rate or rates of interest charged by it on loans granted by it to individuals for the purposes of the purchase, construction or improvement of dwelling-houses to be used for the sole purpose of owner-occupation by those individuals.
num: 26
paragraphs: —(1) For the financial year 1982 and each subsequent financial year—
(a) sections 15 , 17 (1) (a) and 18 of the Finance Act, 1977 , shall not have effect, and
(b) corporation tax shall, accordingly, be charged under section 1 (1) of the Corporation Tax Act, 1976 , at the rate of 50 per cent., under section 28 (1) of that Act at the rate of 40 per cent. and under section 79 (1) of that Act at the rate of 35 per cent.
num: 27
paragraphs: —(1) Section 6 (4) of the Corporation Tax Act, 1976 , is hereby amended as respects accounting periods ending on or after the 6th day of April, 1981—
(a) in subparagraph (i) of paragraph (a), by the substitution of “six” for “nine”,
(b) in subparagraph (ii) of paragraph (a), by the substitution of “nine” for “twelve” (inserted by the Finance Act, 1981 ),
(c) in subparagraph (ii) of paragraph (b), by the substitution of “six” for “three” (inserted by the Finance Act, 1981 ), and
(d) in the proviso to paragraph (b), by the substitution of “six” for “nine”,
and the said subparagraphs and the said proviso, as so amended, are set out in the Table to this subsection.
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(i) the first instalment within six months from the end of the accounting period or, if it is later, within two months from the making of the assessment; and
(ii) the second instalment within nine months from the end of the accounting period or, if it is later, within two months from the making of the assessment.
(ii) in respect of any subsequent accounting period, within such an interval from the end of that accounting period as is six months less than the interval between the end of the first accounting period for which the company was within the charge to corporation tax and the date on or before which the second instalment of corporation tax for that first accounting period would have become payable if the assessment for that accounting period had been made on the day immediately following the end of that accounting period:
Provided that in no case shall the second instalment of corporation tax assessed for an accounting period become payable before the expiration of six months from the end of the accounting period for which it is assessed or before the expiration of two months from the making of the assessment.
(2) If subsection (1) would, but for this subsection, have effect so as to require that the first or second instalment of corporation tax assessed for an accounting period which, apart from subsection (1), would fall to be paid within a period ending on or after the date of the passing of this Act, should fall to be paid within a period ending on a date earlier than the date of such passing, that instalment shall, notwithstanding subsection (1), fall to be paid within a period ending on the date of such passing.
(3) Subsection (1) shall not have effect in relation to the first or second instalment of corporation tax assessed for an accounting period which, apart from that subsection, would fall to be paid within a period ending before the date of the passing of this Act.
(4) (a) Section 550 of the Income Tax Act, 1967 , shall, in so far as it applies for the purposes of corporation tax, by virtue of section 145 (3) of the Corporation Tax Act, 1976 , have effect as if in subsection (2) “one month” were substituted for “two months” (inserted by the Finance Act, 1971 ).
(b) Paragraph (a) shall not apply as respects interest on corporation tax charged by an assessment made before the date of the passing of this Act.
num: 28
paragraphs: —(1) In this section—
“participating bank” means the Bank of Ireland or Allied Irish Banks Limited;
“qualifying farmer” means a farmer who has been accepted as eligible for inclusion in the specified scheme;
“relevant accounting period” means an accounting period or part of an accounting period falling within the period from the 1st day of April, 1982, to the 31st day of March, 1986;
“relief from interest”, in relation to a relevant accounting period of a participating bank, means the amount by which B exceeds A where—
A is the amount of interest paid by qualifying farmers to that bank during that period in respect of loans the rate of interest on which falls to be reduced under the specified scheme, and
B is the amount of interest which would have fallen to be paid by those farmers to that bank during the said period in respect of the said loans if that interest had not been reduced under the specified scheme;
“the specified scheme” means the scheme known as the Reduced Interest Scheme for Farmers in Severe Financial Difficulty introduced by the Minister for Agriculture on the 1st day of April, 1982, in association with certain banks and The Agricultural Credit Corporation Limited.
(2) Subject to subsection (3), where a participating bank claims and proves that relief from interest was allowed by it during a relevant accounting period, the corporation tax payable by that bank for the accounting period which coincides with or includes the relevant accounting period shall be reduced by an amount determined by the formula
C − D
____
2
where—
C is the amount of the relief from interest allowed by the participating bank during the relevant accounting period, and
D is the amount of corporation tax which, under sections 1 (1) and 6 (3) of the Corporation Tax Act, 1976 , would be chargeable for the accounting period which coincides with or includes the relevant accounting period on an amount of profits equal to C.
(3) (a) A reduction, under subsection (2), of corporation tax pay able by a participating bank shall be made in respect only of relief from interest which has been certified by the Minister for Agriculture to be relief from interest allowed in accordance with the conditions and regulations of the specified scheme.
(b) If any relief from interest (hereafter in this paragraph referred to as “disallowed relief”) allowed by a participating bank has been certified by the Minister for Agriculture to be relief from interest allowed in accordance with the conditions and regulations of the specified scheme and is subsequently certified by the Minister for Agriculture to be relief from interest which did not fall to be allowed in accordance with those conditions and regulations, the participating bank shall not be entitled in respect of the disallowed relief to any reduction under subsection (2) of corporation tax payable by it and, if any such reduction has been made in respect of any such disallowed relief, there shall be made such additional assessments or adjustments of assessments as may be required to recover that reduction.
num: 29
paragraphs: —In this Chapter—
“the Principal Act” means the Capital Gains Tax Act, 1975 ;
“the Act of 1978” means the Capital Gains Tax (Amendment) Act, 1978 .
num: 30
paragraphs: —(1) Section 3 of the Principal Act is hereby amended, as respects chargeable gains accruing on disposals made on or after the 26th day of March, 1982, by the substitution for subsection (3) (inserted by the Act of 1978) of the following subsections:
“(3) Except as otherwise provided for by the Capital Gains Tax Acts, the rate of capital gains tax in respect of chargeable gains accruing to a person on the disposal of an asset shall be—
(a) 60 per cent. where his period of ownership of the asset is not more than one year,
(b) 50 per cent. where his period of ownership of the asset is more than one year but not more than three years,
(c) in any other case, 40 per cent.,
and any reference in those Acts to the rate specified in this section shall be construed accordingly.
(4) In subsection (3) ‘period of ownership’, in relation to a person making a disposal of an asset, means his period of continuous ownership of the asset, in the same capacity, ending with the date of such disposal, and, for the purposes of this definition, a period of ownership shall be determined without regard to the provisions of section 3 (2) of the Capital Gains Tax (Amendment) Act, 1978 , and, where the asset was acquired by the person on the death of his spouse so that his period of ownership would, apart from this subsection, be treated as having commenced on the date of that death, his period of ownership shall be deemed to be extended to include his spouse's period of continuous ownership ending on that date.”.
(2) Section 4 of the Act of 1978 shall not apply as respects chargeable gains accruing on disposals made on or after the 26th day of March, 1982.
num: 31
paragraphs: —(1) Section 13 of the Corporation Tax Act, 1976 , is hereby amended, as respects accounting periods ending after the 31st day of December, 1981, by the substitution for subsection (1) of the following subsections:
“(1) Subject to the provisions of this section, the amount to be included in respect of chargeable gains in a company's total profits for any accounting period shall be determined in accordance with subsection (1B) after taking into account the provisions of subsection (1A).
(1A) Where, for an accounting period, chargeable gains accrue to a company, an amount of capital gains tax shall be calculated as if, notwithstanding any provision to the contrary in the Corporation Tax Acts, capital gains tax fell to be charged on the company in respect of those gains in accordance with the provisions of the Capital Gains Tax Acts, and as if accounting periods were years of assessment:
Provided that, in calculating the said amount of capital gains tax, section 5 (1) of the Capital Gains Tax Act, 1975 , shall have effect as if the reference therein to deducting allowable losses were a reference to deducting relevant allowable losses and section 132 (2) shall have effect for the purpose of determining the period of ownership of an asset in relation to a disposal by the company for the purposes of section 3 (3) of the Capital Gains Tax Act, 1975 , if it would have effect in relation to that disposal for the purposes of section 3 of the Capital Gains Tax (Amendment) Act, 1978 .
(1B) The amount referred to in subsection (1) shall be an amount which, if it (before making any deduction therefrom) were charged to corporation tax as profits of the company arising in the accounting period at the rate specified in section 1 (1), would produce an amount of corporation tax equal to the amount of capital gains tax calculated for that accounting period in accordance with subsection (1A):
Provided that, where part of the accounting period falls in one financial year and the other part in the succeeding financial year and different rates of corporation tax are in force under section 1 (1) for each of those years, the amount of capital gains tax calculated for that accounting period in accordance with subsection (1A) shall be apportioned between those parts and this subsection shall have effect accordingly in relation to the portion referable to each part.
(1C) In subsection (1A)—
‘chargeable gains’ does not include chargeable gains accruing on relevant disposals within the meaning of section 36 of the Finance Act, 1982;
‘relevant allowable losses’ means any allowable losses accruing to the company in the accounting period and any allowable losses previously accruing to the company while it has been within the charge to corporation tax so far as they have not been allowed as a deduction from chargeable gains accruing in any previous accounting period.”.
(2) Section 16 (3) of the Finance Act, 1977 , shall not have effect as respects accounting periods to which subsection (1) applies.
num: 32
paragraphs: —Subsection (4) (inserted by the Finance Act, 1980 ) of section 13 and subsections (1) and (2) of section 16 of the Principal Act and paragraph 8 of Schedule 1 to the Act of 1978 are hereby amended, as respects the year 1982-83 and subsequent years of assessment, by the substitution of “£2,000” for “£500”, in each place where it occurs, and the said provisions, as so amended, are set out in the Table to this section.
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(4) Where, apart from subsection (1), the amount on which an individual is chargeable to capital gains tax under section 5 (1) for a year of assessment (hereafter in this subsection referred to as “the first-mentioned amount”) is less than £2,000 and the spouse of the individual (being, at any time during that year of assessment, a married woman living with her husband, or that husband) is, apart from subsection (1), chargeable to capital gains tax on any amount for that year, section 16 (1) shall have effect in relation to the spouse as if the sum of £2,000 mentioned therein were increased by an amount equal to the difference between the first-mentioned amount and £2,000.
num: 16
paragraphs: —(1) An individual shall not be chargeable to capital gains tax for a year of assessment if the amount on which he is chargeable to capital gains tax under section 5 (1) for that year does not exceed £2,000.
(2) If the amount on which an individual is chargeable to capital gains tax under section 5 (1) for a year of assessment exceeds £2,000 only the excess of that amount over £2,000 shall be charged to capital gains tax for that year.
num: 8
paragraphs: For the purposes of subsection (2) of section 16 (gains of £2,000 and under) of the Principal Act, where, on the assumption that that subsection did not apply, an individual would be chargeable under the Capital Gains Tax Acts at more than one rate of tax for a year of assessment, the relief to be given under that subsection in respect of the first £2,000 of chargeable gains shall be given—
(a) if he would be so chargeable at two different rates, in respect of the chargeable gains which would be so chargeable at the higher of those rates and, so far as relief cannot be so given, in respect of the chargeable gains which would be so chargeable at the lower of those rates, and
(b) if he would be so chargeable at three or more rates, in respect of the chargeable gains which would be so chargeable at the highest of those rates and, so far as relief cannot be so given, in respect of the chargeable gains which would be so chargeable at the next highest of those rates, and so on.
num: 33
paragraphs: —Section 5 of the Principal Act is hereby amended, as respects chargeable gains accruing on disposals made after the passing of this Act, by the insertion after subsection (2) of the following subsection:
“(3) (a) Notwithstanding subsections (1) and (2) and section 3 (2), any capital gains tax payable in respect of a chargeable gain which, on a disposal, accrues to a person who is not resident or ordinarily resident in the State at the time at which the disposal is made may be assessed and charged before the end of the year of assessment in which the chargeable gain accrues and the tax so assessed and charged shall be payable at or before the expiration of a period of three months beginning with the time at which the disposal is made, or at the expiration of a period of two months beginning with the date of making the assessment, whichever is the later.
(b) In computing the amount of capital gains tax payable under paragraph (a), the provisions of subsection (1) shall apply, with any necessary modifications, as regards the deduction of any allowable losses which accrued to the person mentioned in paragraph (a) prior to the date of making of the assessment mentioned in that paragraph.”.
num: 34
paragraphs: —(1) As respects any payment, after the passing of this Act, of consideration for acquiring an asset to which paragraph 11 of Schedule 4 to the Principal Act applies, that Schedule is hereby amended by the substitution for that paragraph of the following paragraph:
“Disposal of certain assets
num: 11
paragraphs: —(1) This paragraph shall apply to assets that are—
(a) land in the State;
(b) minerals in the State or any rights, interests or other assets in relation to mining or minerals or the searching for minerals;
(c) exploration or exploitation rights in a designated area;
(d) shares in a company deriving their value or the greater part of their value directly or indirectly from assets specified in clause (a), (b) or (c) other than shares quoted on a stock exchange; and
(e) goodwill of a trade carried on in the State.
(2) Upon payment of the consideration for acquiring an asset to which this paragraph applies, the person by or through whom any such payment is made shall deduct there out a sum representing an amount of capital gains tax equal to 15 per cent. of the said payment and the person to whom the payment is made shall allow such deduction upon receipt of the residue of the payment and the person making the deduction shall, on proof of payment to the Revenue Commissioners of the amount so deducted, be acquitted and discharged of so much money as is represented by the deduction as if that sum had been actually paid to the person making the disposal:
Provided that where the person disposing of the asset produces to the person acquiring the asset a certificate issued under subparagraph (6) in relation to the disposal, no such deduction shall be made.
(3) Where any such payment as aforesaid is made by or on behalf of any person, that person shall forthwith deliver to the Revenue Commissioners an account of the payment, and of the amount deducted therefrom, and the inspector shall, notwithstanding any other provision of the Capital Gains Tax Acts, assess and charge that person to capital gains tax for the year of assessment in which the payment was made on the amount of the payment at the rate of 15 per cent.
(4) The inspector may, where, in relation to any such payment as aforesaid, any person has made default in delivering an account required by this paragraph, or where he is not satisfied with the account, estimate the amount of the payment to the best of his judgment and, notwithstanding section 5 (1), assess and charge that person to capital gains tax for the year of assessment in which the payment was made on the amount so estimated at the rate of 15 per cent.
(5) Where the amount of capital gains tax assessed and charged under subparagraph (3) or (4) is paid, appropriate relief shall, on a claim being made in that behalf, be given to the person chargeable in respect of the gain on the disposal, whether by discharge or repayment or otherwise.
(6) A person chargeable to capital gains tax on the disposal of an asset to which this paragraph applies may apply to the inspector for a certificate that tax should not be deducted from the consideration for the disposal of the asset and that the person acquiring the asset should not be required to give notice to the Revenue Commissioners in accordance with subparagraph (7) (a), and, if the inspector is satisfied that the person making the application is the person making the disposal and that—
(a) he is ordinarily resident in the State, or
(b) no amount of capital gains tax is payable in respect of the disposal, or
(c) the capital gains tax chargeable for the year of assessment for which he is chargeable in respect of the disposal of the asset and the tax chargeable on any gain accruing in any earlier year of assessment (not being a year ending earlier than the 6th day of April, 1974) on a previous disposal of the asset has been paid,
the inspector shall issue the certificate to the person making the application and shall issue a copy of the certificate to the person acquiring the asset.
(7) (a) Where—
(i) after the passing of the Finance Act, 1982, a person acquires an asset to which this paragraph applies, and
(ii) the consideration for acquiring the asset is of such a kind that the deduction mentioned in subparagraph (2) cannot be made thereout, and
(iii) the person disposing of the asset does not, within two months after the time at which the acquisition is made, produce to him a certificate under subpararaph (6) in relation to the disposal,
the person acquiring the asset shall give notice to the Revenue Commissioners of the acquisition not later than three months after the time at which the acquisition is made (or within such longer period as the Revenue Commissioners may, by notice in writing, allow) and the notice to be so given by that person to the Revenue Commissioners shall contain particulars of—
(I) the asset acquired,
(II) the consideration for acquiring the asset,
(III) the market value of the asset, estimated to the best of that person's knowledge and belief, and
(IV) the name and address of the person making the disposal,
and the Revenue Commissioners shall acknowledge receipt of that notice.
(b) Where—
(i) a person acquiring an asset, who is required to give notice under clause (a) and to whom the person disposing of the asset does not produce a certificate under subparagraph (6), does not comply with the requirement to give that notice, and
(ii) a chargeable gain accrues on the disposal of the asset, and
(iii) an amount of capital gains tax assessed in respect of that disposal is not paid within twelve months from the date when the tax becomes payable, and
(iv) the asset is not an asset to which paragraph 18 applies,
the person so acquiring the asset may, by an assessment made not later than two years from the date when the tax became payable, be assessed and charged (in the name of the person disposing of the asset to him) to capital gains tax on an amount not exceeding the amount of the chargeable gain so accruing, and not exceeding such an amount of chargeable gains as would, if charged at the rate provided in section 3 (3), result in liability to an amount of capital gains tax equal to the said amount of capital gains tax which was not paid.
(c) A person paying any amount of tax in pursuance of clause (b) shall be entitled to recover a sum of that amount from the person disposing of that asset to him as a simple contract debt in any court of competent jurisdiction.
(d) This subparagraph shall apply in relation to the acquisition of an asset by two or more persons with any necessary modifications and subject to the proviso that each such person shall be liable to be assessed and charged in respect only of such part of the amount of capital gains tax payable by those persons by virtue of clause (b) as bears to the whole of such tax the same proportion as the part of the asset acquired by that person bears to the whole of the asset.
(8) This paragraph shall not apply where the consideration on a disposal does not exceed the sum of fifty thousand pounds:
Provided that if an asset owned at one time by one person, being an asset to which this paragraph would, but for this subparagraph, apply, is disposed of by that person in parts—
(a) to the same person, or
(b) to persons who are acting in concert or who are, in the terms of section 33, connected persons,
whether on the same or different occasions, the several disposals shall for the purposes of this subparagraph, but not for any other purpose, be treated as a single disposal.
(9) Notwithstanding subsections (2) and (3) of section 5, where an amount of capital gains tax is assessed and charged pursuant to this paragraph, such amount shall be due and payable on the day next after the day on which the assessment is made.
(10) In this paragraph ‘exploration or exploitation rights’, ‘designated area’ and ‘shares’ have the same meanings as in section 4 (8).
(11) This paragraph shall apply only in relation to disposals and acquisitions occurring on or after the 5th day of August, 1975.”.
(2) The said paragraph 11 (other than subparagraph (7)), as inserted by subsection (1), shall apply, with the modifications specified in subsection (3), to any consideration paid on or after the 26th day of March, 1982, but before the passing of this Act, being consideration for a disposal to which the provisions of the Financial Resolution in relation to capital gains tax passed by DÃ¡il Ãireann on the 25th day of March, 1982, apply.
(3) The modifications mentioned in subsection (2) are as follows:
(a) Where, by virtue of any obligation imposed by the Financial Resolution mentioned in that subsection, a sum representing an amount of capital gains tax fell to be deducted under subparagraph (2) of the said paragraph 11 by the person by or through whom a payment of consideration was made, the inspector may, notwithstanding any other provision of the Capital Gains Tax Acts, assess and charge that person, for the year of assessment in which the amount of consideration was paid, to capital gains tax—
(i) of an amount equal to the amount deducted, in a case where a sum representing an amount of capital gains tax was so deducted, and
(ii) in any other case, of an amount equal to 15 per cent. of the consideration.
(b) Where relief falls to be given under subparagraph (5) of the said paragraph 11 in respect of an amount of capital gains tax which was assessed and charged under subparagraph (3) or (4) of that paragraph, or under the preceding provisions of this subsection, and which was paid, that relief shall be given—
(i) by repayment, where no amount of capital gains tax is payable in respect of the gain on the disposal, or
(ii) where an amount of capital gains tax is payable in respect of the gain on the disposal—
(I) by repayment of any amount by which the amount so assessed, charged and paid exceeds the amount of capital gains tax payable in respect of that gain, or
(II) in any other case, by set-off against the amount of capital gains tax payable in respect of that gain.
(c) Where, by virtue of such an obligation as is mentioned in paragraph (a) of this subsection, an amount of capital gains tax was paid as a condition for the issue of a certificate under subparagraph (6) of the said paragraph 11, paragraph (b) of this subsection shall, with any necessary modifications, have effect to give relief for that payment as it has effect to give relief for the amount of capital gains tax first mentioned therein.
num: 35
paragraphs: — Section 90 of the Corporation Tax Act, 1976 , is hereby amended by the addition to subsection (4) (as amended by the Act of 1978) of the following proviso:
“Provided that where those chargeable gains accrued—
(a) on or after the 28th day of January, 1982, in the case of chargeable gains accruing on a relevant disposal within the meaning of section 36 of the Finance Act, 1982 or
(b) on or after the 26th day of March, 1982, in any other case,
the tax charged under subsection (2) shall, instead of being reduced as aforesaid, be reduced by an amount equal to the tax credit which would so apply in respect of that distribution.”.
num: 36
paragraphs: —(1) In this section and in sections 37 to 40 —
“compulsory disposal” means a disposal to an authority possessing compulsory purchase powers, which is made pursuant to the exercise of those powers or the giving of formal notice of intention to exercise those powers, other than a disposal to which the provisions of section 29 of the Local Government (Planning and Development) Act, 1963 , apply;
“current use value”—
(a) in relation to land at any particular time, means the amount which would be the market value of the land at that time if the market value were calculated on the assumption that it was at that time, and would remain, unlawful to carry out any development (within the meaning of section 3 of the Act of 1963) in relation to the land other than development of a minor nature, and
(b) in relation to shares in a company (being shares deriving their value or the greater part of their value directly or indirectly from land, other than shares quoted on a stock exchange) at any particular time, means the amount which would be the market value of the shares at that time if the market value were calculated on the same assumption, in relation to the land from which the shares derive value as aforesaid, as is mentioned in paragraph (a),
and, in this definition—
(i) “the Act of 1963” means the Local Government (Planning and Development) Act, 1963 ,
(ii) “development of a minor nature” means development (not being development by a local authority or a statutory undertaker) which, under or by virtue of section 4 of the Act of 1963, is exempted development for the purposes of the Local Government (Planning and Development) Acts, 1963 and 1976, and
(iii) “statutory undertaker” has the meaning assigned to it by section 2 of the Act of 1963;
“development land” means land in the State the consideration for the disposal of which, or the market value of which at the time at which the disposal is made, exceeds the current use value of that land at the time at which the disposal is made, and includes shares deriving their value or the greater part of their value directly or indirectly from such land, other than shares quoted on a Stock Exchange;
“relevant disposal” means a disposal of development land made on or after the 28th day of January, 1982.
(2) As respects chargeable gains accruing on relevant disposals made before the 26th day of March, 1982, section 3(3) of the Principal Act shall have effect as if the rate of capital gains tax specified therein were 45 per cent. or, in the case of such a relevant disposal which is a compulsory disposal, as if that rate were 40 per cent.
(3) As respects chargeable gains accruing on relevant disposals made on or after the 26th day of March, 1982, section 3(3) of the Principal Act (as amended by this Act) shall have effect as if, in lieu of the rates of capital gains tax specified in paragraphs (a), (b) and (c) of that subsection, the following rates of capital gains tax applied:
(a) 60 per cent. where the period of ownership of the asset by the person making the disposal is not more than one year,
(b) (i) 50 per cent. where his period of ownership of the asset is more than one year, or
(ii) in the case of such a relevant disposal which is a compulsory disposal by a person whose period of ownership of the asset is more than three years, 40 per cent.
(4) Notwithstanding any provision to the contrary in the Corporation Tax Acts, a company shall not be chargeable to corporation tax in respect of chargeable gains accruing to it on relevant disposals and, accordingly—
(a) such gains shall not be regarded as profits of the company for the purposes of corporation tax, and
(b) in respect of those gains, the company shall be chargeable to capital gains tax under the provisions of the Capital Gains Tax Acts.
(5) Sections 134 , 137 , 138 and 139 of the Corporation Tax Act, 1976 , shall apply, with any necessary modifications, in relation to capital gains tax to which a company is chargeable on chargeable gains accruing to it on a relevant disposal as they apply in relation to corporation tax on chargeable gains and references in those sections to corporation tax shall be construed as including references to capital gains tax.
(6) Where a company which is or has been a member of a group of companies within the meaning of section 129 of the Corporation Tax Act, 1976 , makes a relevant disposal of an asset which, as a result of a disposal which was not a relevant disposal, it had acquired from another member of that group at a time when both were members of the group, the amount of the chargeable gain accruing on the relevant disposal, and the capital gains tax thereon, shall be computed as if all members of the group for the time being were the same person, and as if the acquisition or provision of the asset by the group, so taken as a single person, had been the acquisition or provision of it by the member disposing of it:
Provided that, where, under section 131 (2) or 135 of the Corporation Tax Act, 1976 , a member of the group (hereafter in this proviso referred to as “the first-mentioned member”) had been treated as having acquired or reacquired the asset at a time later than the original acquisition or provision of the asset by the first-mentioned member or by another member of the group, as the case may be, this subsection shall have effect as if the reference therein to the acquisition or provision of the asset by the group were a reference to its acquisition or reacquisition so treated as having been made by the first-mentioned member.
(7) Section 132 of the Corporation Tax Act, 1976 , shall not apply in relation to a relevant disposal by a company which is a member of a group of companies where the company acquired the asset so disposed of from another member of the group as a result of a relevant disposal.
num: 37
paragraphs: — Section 36 (other than subsection (1)) and sections 38 to 40 shall not apply to a relevant disposal made by an individual in any year of assessment if the total consideration in respect of all relevant disposals made by that individual in that year does not exceed £15,000.
num: 38
paragraphs: —For the purposes of computing the chargeable gain accruing to a person on a relevant disposal, the adjustment of sums allowable as deductions from the consideration for the disposal, which under section 3 (1) of the Act of 1978 would otherwise be made, shall be made only to—
(a) such part of the amount or value of the consideration, in money or money's worth, given by him or on his behalf wholly and exclusively for the acquisition of the asset, together with the incidental costs to him of the acquisition, or
(b) in the case of an asset to which section 3 (2) of the Act of 1978 applies, such part of the market value of the asset on the 6th day of April, 1974,
as, where paragraph (a) applies, is equal to the current use value of the asset at the date of the acquisition together with such proportion of the incidental costs to him of the acquisition as would be referable to such value, or as, where paragraph (b) applies, is equal to the current use value of the asset on the 6th day of April, 1974.
num: 39
paragraphs: —(1) Consideration obtained for a relevant disposal shall not be regarded for the purposes of relief under section 28 of the Principal Act as having been obtained for the disposal of old assets within the meaning of that section.
(2) Section 5 of the Act of 1978 shall not apply to a relevant disposal.
(3) Subsections (1) and (2) shall not apply to a relevant disposal made by a body of persons established for the sole purpose of promoting athletic or amateur games or sports, being a disposal which is made in relation to such of the activities of that body as are directed to that purpose.
num: 40
paragraphs: —(1) Notwithstanding any provision to the contrary in the Capital Gains Tax Acts, any losses accruing on disposals which are not relevant disposals shall not, in the computation of a person's liability to capital gains tax in respect of chargeable gains accruing on relevant disposals, be deducted from the amount of those chargeable gains.
(2) In the computation of the amount on which, under section 5 of the Principal Act, capital gains tax falls to be charged on chargeable gains accruing on relevant disposals, any allowable losses accruing on relevant disposals may be deducted in accordance with the said section 5 but, in so far as they are so deducted, they shall not be treated as relevant allowable losses within the meaning of subsection (1C) of section 13 of the Corporation Tax Act, 1976 , for the purposes of the calculation required to be made under subsection (1A) of that section, and, for the purposes of this subsection, any necessary assessments or additional assessments, as may be appropriate, may be made.
(3) Section 25 of the Corporation Tax Act, 1976 , is hereby amended by the insertion after subsection (7) of the following subsection:
“(8) (a) In this subsection ‘relevant profits’ means gains accruing on relevant disposals within the meaning of section 36 of the Finance Act, 1982.
(b) Where a company which is resident in the State makes a distribution in part out of relevant profits and in part out of other profits, the distribution shall be treated for the purposes of this subsection as if it consisted of two distributions respectively made out of relevant profits and other profits.
(c) Where, on or after the 28th day of January, 1982, a company (hereafter in this paragraph referred to as ‘the recipient company’) receives a distribution from another company (hereafter in this paragraph referred to as ‘the distributing company’) and—
(i) the distribution is made by the distributing company out of relevant profits (or out of a distribution received by the distributing company which, under this subsection, is deemed to be relevant profits of that company), and
(ii) the two companies are members of a group of companies within the meaning of section 107 (5),
then—
(I) the distribution shall be deemed for the purposes of this subsection to be relevant profits of the recipient company, and
(II) the aggregate of the amount or value of the distribution and the tax credit in respect of it shall, notwithstanding the provisions of section 24, be regarded as not being franked investment income of the recipient company for the purposes of subsection (1).”.
num: 41
paragraphs: —Section 19 of the Principal Act shall apply in relation to—
(a) securities issued by the Housing Finance Agency under section 10 of the Housing Finance Agency Act, 1981 , and
(b) securities issued by Bord GÃ¡is Ãireann under section 23 of the Gas Act, 1976 ,
as it applies to the forms of security specified in paragraph (d) of the said section 19.
num: 42
paragraphs: —The Corporation Tax Act, 1976 , is hereby amended, as respects accounting periods ending after the 31st day of December, 1981—
(a) in section 36 (3), by the substitution for paragraph (a) of the following paragraph:
“(a) ‘unrelieved income’ means income which has not been excluded from charge to tax by virtue of any provision and against which no relief has been allowed by deduction or set-off, and for this purpose any deduction from, or set-off against, profits shall be treated as having been made from or against income which has not been so excluded from charge to tax to the extent of that income and, in so far as such deduction or set-off cannot be so treated by reason of a want or deficiency of such income, it shall be treated as having been made from or against chargeable gains;”,
and
(b) by the deletion of section 37.
num: 43
paragraphs: —In this Chapter—
“base period” has the meaning assigned to it by section 44 ;
“contribution week”, “employed contributor” and “employment contributions” have the same meanings as in the Social Welfare (Consolidation) Act, 1981 ;
“relevant period” means an accounting period or part of an accounting period of a company falling within the year ending on the 30th day of June, 1983;
“trade” means trade or profession.
num: 44
paragraphs: —For the purposes of this Chapter the base period in relation to a trade means the year ending on the 30th day of June, 1982, or, if it is shorter, the period from the date on which the trade was first carried on to the 30th day of June, 1982, and the base period shall be applicable in relation to the trade whether or not during the whole or part of the base period the trade was carried on by a person other than the company by which it is carried on in the relevant period or separate parts of the trade were carried on by different persons.
num: 45
paragraphs: —(1) Where a company which carried on a trade in the State on the 1st day of January, 1982, claims and proves that the number (hereafter in this section referred to as “the first number”) of employment contributions payable by the company in a relevant period in respect of all employed contributors who are employed in that period for substantially the whole of their time in the course of the trade exceeds the number (hereafter in this section referred to as “the second number”) determined in accordance with the provisions of subsection (2) then, in computing the income from the trade for an accounting period which coincides with or includes the relevant period, the company shall be entitled to deduct an amount calculated by multiplying £10 by the excess of the first number over the second number.
(2) For the purposes of subsection (1) the second number shall be determined by the formula
A ×
B
__
C
where—
A is the number of employment contributions payable in the base period in respect of all employed contributors who were employed in that period for substantially the whole of their time in the course of the trade,
B is the number of contribution weeks in the relevant period, and
C is the number of contribution weeks in the base period.
num: 46
paragraphs: —Where, on or after the 1st day of July, 1981, any change takes, or has taken, place whereby part of a trade is, or was, transferred to any person, the number of employment contributions payable in respect of employed contributors shall be apportioned for the purposes of sections 45 and 47 and every such apportionment shall be made in such manner as the Revenue Commissioners consider just having regard to all the circumstances.
num: 47
paragraphs: —For the purposes of this Chapter the number of employment contributions payable in respect of an employed contributor in any period shall be equal to the number of contribution weeks in that period for which the appropriate contribution or contributions in respect of that employed contributor was or were paid or would have been paid but for section 10 (1) (c) of the Social Welfare (Consolidation) Act, 1981 .
num: 48
paragraphs: —Where a company succeeds to a trade or part of a trade carried on by another company, the first-mentioned company shall, for the purposes of this Chapter, be deemed to have carried on the trade or part of the trade from the date on which the other company commenced to carry on the trade.
num: 49
paragraphs: —A company shall not be entitled to a deduction by virtue of this Chapter in computing its trading income for an accounting period unless it makes a claim for the deduction before the date on which the assessment for the accounting period becomes final and conclusive.
num: 50
paragraphs: —(1) In this Chapter and in the Third Schedule —
“the appropriate percentage”, in relation to any shares, shall be construed in accordance with section 52 (8);
“approved scheme” shall be construed in accordance with section 51 (2);
num: 51
paragraphs: —(1) The provisions of this section apply where, after the 5th day of April, 1982, the trustees of a profit sharing scheme which has been approved of in accordance with Part I of the Third Schedule appropriate shares—
(a) which have previously been acquired by the trustees, and
num: 52
paragraphs: —(1) No scheme shall be approved of as mentioned in section 51 (1) unless the Revenue Commissioners are satisfied that, whether under the terms of the scheme or otherwise, every participant in the scheme is bound in contract with the company concerned—
(a) to permit his shares to remain in the hands of the trustees throughout the period of retention;
(b) not to assign, charge or otherwise dispose of his beneficial interest in his shares during that period;
(c) if he directs the trustees to transfer the ownership of his shares to him at any time before the release date, to pay to the trustees before the transfer takes place a sum equal to income tax at the standard rate on the appropriate percentage of the locked-in value of the shares at the time of the direction; and
(d) not to direct the trustees to dispose of his shares at any time before the release date in any other way except by sale for the best consideration in money that can reasonably be obtained at the time of the sale.
(2) No obligation placed on the participant by virtue of subsection (1) (c) shall be construed as binding his personal representatives to pay any sum to the trustees.
(3) Any obligation imposed on a participant by virtue of subsection (1) shall not prevent the participant from—
num: 53
paragraphs: —(1) If the trustees dispose of any of a participant's shares at any time before the release date or, if it is earlier, the date of the participant's death, then, subject to subsections (3) and (4), the participant shall be chargeable to income tax under Schedule E for the year of assessment in which the disposal takes place on the appropriate percentage of the locked-in value of the shares at the time of the disposal.
(2) Subject to sections 55 and 56 (6), any reference in this Chapter to the locked-in value of any of a participant's shares at any time shall be construed as follows:
(a) if prior to that time the participant has become chargeable to income tax by virtue of section 54 on a percentage of the amount or value of any capital receipt (within the meaning of that section) which is referable to those shares, the locked-in value of the shares is the amount by which their initial market value exceeds the amount or value of that capital receipt or, if there has been more than one such receipt, the aggregate of them; and
(b) in any other case, the locked-in value of the shares is their initial market value.
(3) Subject to subsection (4), if, on a disposal of shares falling within subsection (1), the proceeds of the disposal are less than the locked- in value of the shares at the time of the disposal, subsection (1) shall have effect as if that locked-in value were reduced to an amount equal to the proceeds of the disposal.
(4) If, at any time prior to the disposal of any of a participant's shares, a payment was made to the trustees to enable them to exercise rights arising under a rights issue, then, subject to subsection (5), subsections (1) and (3) shall have effect as if the proceeds of the disposal were reduced by an amount equal to that proportion of that payment or, if there was more than one, of the aggregate of those payments which, immediately before the disposal, the market value of the shares disposed of bore to the market value of all the participant's shares held by the trustees at that time.
(5) For the purposes of subsection (4)—
(a) no account shall be taken of any payment to the trustees if or to the extent that it consists of the proceeds of a disposal of rights arising under a rights issue; and
(b) in relation to a particular disposal, the amount of the payment or, as the case may be, of the aggregate of the payments referred to in that subsection shall be taken to be reduced by an amount equal to the total of the reduction (if any) previously made under that subsection in relation to earlier disposals;
and any reference in subsection (4) or paragraph (a) to the rights arising under a rights issue is a reference to rights conferred in respect of a participant's shares, being rights to be allotted, on payment, other shares in the same company.
(6) Where the disposal referred to in subsection (1) is made from a holding of shares which were appropriated to the participant at different times, then, in determining for the purposes of this Chapter—
(a) the initial market value and the locked-in value of each of those shares, and
(b) the percentage which is the appropriate percentage in relation to each of those shares,
the disposal shall be treated as being of shares which were appropriated earlier before those which were appropriated later.
(7) If at any time the participant's beneficial interest in any of his shares is disposed of, the shares in question shall be treated for the purposes of this Chapter as having been disposed of at that time by the trustees for (subject to subsection (8)) the like consideration as was obtained for the disposal of the beneficial interest, and for the purpose of this subsection there is no disposal of the participant's beneficial interest if and at the time when that interest becomes vested in any person on the insolvency of the participant or otherwise by operation of the law of the State.
(8) If—
(a) a disposal of shares falling within subsection (1) is a transfer to which section 52 (1) (c) applies, or
(b) the Revenue Commissioners are of opinion that any other disposal falling within that subsection is not at arm's length and accordingly direct that this subsection shall apply, or
(c) a disposal of shares falling within that subsection is one which is treated as taking place by virtue of subsection (7) and takes place within the period of retention,
then for the purposes of this Chapter the proceeds of the disposal shall be taken to be equal to the market value of the shares at the time of the disposal.
(9) In subsection (5) “shares”, in the context of shares allotted or to be allotted on a rights issue, includes securities and rights of any description.
num: 54
paragraphs: —(1) Subject to the provisions of this section if, in respect of or by reference to any of a participant's shares, the trustees become or the participant becomes entitled, before the release date, to receive any money or money's worth (in this section referred to as a “capital receipt”), the participant shall be chargeable to income tax under Schedule E for the year of assessment in which the entitlement arises on the appropriate percentage (determined as at the time when the trustees become or the participant becomes so entitled) of the amount or value of the receipt.
(2) Money or money's worth is not a capital receipt for the purposes of this section if or, as the case may be, to the extent that—
(a) it constitutes income in the hands of the recipient for the purposes of income tax;
(b) it consists of the proceeds of a disposal falling within section 53 ; or
(c) it consists of new shares within the meaning of section 55 .
(3) If, pursuant to a direction given by or on behalf of the participant or any person in whom the beneficial interest in the participant's shares is for the time being vested, the trustees—
(a) dispose of some of the rights arising under a rights issue, as defined in section 53 (5), and
(b) use the proceeds of that disposal to exercise other such rights,
the money or money's worth which constitutes the proceeds of that disposal is not a capital receipt for the purposes of this section.
(4) If, apart from this subsection, the amount or value of a capital receipt would exceed the sum which, immediately before the entitlement to the receipt arose, was the locked-in value of the shares to which the receipt is referable, subsection (1) shall have effect as if the amount or value of the receipt were equal to that locked-in value.
(5) Subsection (1) does not apply in relation to a receipt if the entitlement to it arises after the death of the participant to whose shares it is referable.
(6) Subsection (1) does not apply in relation to any receipt the amount or value of which (after any reduction under subsection (4)) does not exceed £10.
num: 55
paragraphs: —(1) This section applies where there occurs in relation to any of a participant's shares (in this section referred to as “the original holding”) a transaction (in this section referred to as a “company reconstruction”) which results in a new holding, as defined in paragraph 2 (1) (b) of Schedule 2 to the Capital Gains Tax Act, 1975 , being equated with the original holding for the purposes of capital gains tax.
(2) (a) Where shares are issued, as part of a company reconstruction, in circumstances such that section 85 (1) of the Corporation Tax Act, 1976 , applies, those shares shall be treated for the purposes of this section as not forming part of the new holding.
(b) Nothing in this Chapter shall affect the application of section 84 (2) (c) or 86 (1) of the Corporation Tax Act, 1976 .
(3) In this section—
“new shares” means shares comprised in the new holding which were issued in respect of, or otherwise represent, shares comprised in the original holding;
“the corresponding shares”, in relation to any new shares, means those shares in respect of which the new shares were issued or which the new shares otherwise represent.
(4) Subject to the following provisions of this section, references in this Chapter to a participant's shares shall be construed, after the time of the company reconstruction, as being or, as the case may be, as including, references to any new shares, and for the purposes of this Chapter—
(a) a company reconstruction shall be treated as not involving a disposal of shares comprised in the original holding;
(b) the date on which any new shares are to be treated as having been appropriated to the participant shall be that on which the corresponding shares were appropriated; and
num: 56
paragraphs: —(1) If the total of the initial market values of all the shares which are appropriated to an individual in any one year of assessment (whether under a single approved scheme or under two or more such schemes) exceeds £1,000, subsections (4) to (7) shall apply to the excess shares, that is to say, any share which caused that limit to be exceeded and any share appropriated after that limit was exceeded.
(2) For the purposes of subsection (1), if a number of shares is appropriated to an individual at the same time under two or more approved schemes, the same proportion of the shares appropriated at that time under each scheme shall be regarded as being appropriated before the limit of £1,000 is exceeded.
num: 57
paragraphs: —Where in connection with a direction to transfer the ownership of a participant's shares to which paragraph (c) of section 52 (1) applies, the trustees receive such a sum as is referred to in that paragraph—
num: 58
paragraphs: —(1) As respects any accounting period, any sum expended in that accounting period by the company concerned in making a payment or payments to the trustees of an approved scheme shall be included—
num: 59
paragraphs: —(1) This section applies to interest chargeable under—
(a) sections 20 (2) and 50 (2) of the Finance Act, 1971 , and
(b) section 145 (4) of the Corporation Tax Act, 1976 .
(2) Where any interest to which this section applies is chargeable for any month commencing on or after the 1st day of November, 1982, or any part of such a month, in respect of tax due to be paid or remitted whether before, on or after such date, such interest shall be chargeable at the rate of 2 per cent. for each month or part of a month instead of at the rate of 1.25 per cent. mentioned in section 46 (2) of the Finance Act, 1978 .
(3) In this section “tax” means income tax, sur-tax, capital gains tax, corporation profits tax or corporation tax, as may be appropriate.
num: 60
paragraphs: —(1) Where, after the passing of this Act (but with respect to any year of assessment, or, as the case may be, accounting period, whether ending before or ending after such passing), an act or omission occurs in respect of which a person would, but for this subsection, have incurred the penalty or penalties provided for in any provision of the Tax Acts specified in column (2) of the Table to this subsection at any reference number, the person shall, in lieu of the penalty or penalties so provided for, be liable to the penalty specified in column (3) of the said Table at that reference number and that provision shall be construed and have effect accordingly.
TABLE
Reference Number
Provision of the Tax Acts
Penalty
(1)
(2)
(3)
num: 1
paragraphs: Section 128 (1) of the Income Tax Act, 1967
£800
num: 2
paragraphs: Section 128 (1A) of the Income Tax Act, 1967
£500
num: 3
paragraphs: Section 173 (6) of the Income Tax Act, 1967
£800
num: 4
paragraphs: Section 426 (3) of the Income Tax Act, 1967
£500
num: 5
paragraphs: Section 500 (1) of the Income Tax Act, 1967
£500
num: 6
paragraphs: Section 500 (2) of the Income Tax Act, 1967
£800
num: 7
paragraphs: Section 6 (5) of the Finance Act, 1968
£800
num: 8
paragraphs: Section 64 (9) of the Corporation Tax Act, 1976
£800
num: 9
paragraphs: Section 34 (4) of the Finance Act, 1976
£800
num: 10
paragraphs: Section 31 (5) of the Finance Act, 1979
£800
num: 11
paragraphs: Section 45 (8) of the Finance Act, 1980
£800
(2) In relation to acts or omissions to which subsection (1) applies, the Income Tax Act, 1967 , is hereby amended—
(a) in section 128—
(i) in subsection (1), by the deletion of “, to gether with, in the case of a continuing non-compliance, a penalty of the like amount for every day on which the noncompliance is continued”, and
(ii) by the deletion of subsection (3),
(b) in section 173—
(i) in subsection (6), by the deletion of “, together with, in the case of a continuing non-compliance, a penalty of the like amount for every day on which the noncompliance is continued”, and
(ii) by the deletion of subsection (8),
(c) in section 426 (3), by the substitution for “forfeit a sum not exceeding” of “be liable to a penalty of”, and
(d) in section 500—
(i) in subsection (1), by the deletion of “and, if the failure continues after judgment has been given by the court before which proceedings for the penalty have been commenced, to a further penalty of £10 for each day on which the failure so continues”, and
(ii) in subsection (2), by the substitution for “first of the penalties” of “penalty”.
num: 61
paragraphs: — Section 371 of the Income Tax Act, 1967 , shall, as respects dividends paid on or after the 26th day of March, 1982, have effect as if, in subsections (1) and (2), “ten” were substituted for “six”, in each place where it occurs.
num: 62
paragraphs: — Section 9 of the Capital Gains Tax Act, 1975 , is hereby amended by the insertion after subsection (2) of the following subsections:
num: 63
paragraphs: —(1) Neither paragraph 4 nor paragraph 5 of Schedule 2 to the Capital Gains Tax Act, 1975 , shall apply to the issue, on or after the 24th day of June, 1982, by a company of shares in the company—
(a) by way of such an exchange as is referred to in the said paragraph 4, or
(b) under such a scheme of reconstruction or amalgamation as is referred to in the said paragraph 5,
unless it is shown that the exchange, reconstruction or amalgamation is effected for bona fide commercial reasons and does not form part of any arrangement or scheme of which the main purpose, or one of the main purposes, is avoidance of liability to tax.
(2) In subsection (1) “shares” has the same meaning as in section 62 .
num: 64
paragraphs: —In this Part “the Order of 1975” means the Imposition of Duties (No. 221) (Excise Duties) Order, 1975 (S.I. No. 307 of 1975).
num: 65
paragraphs: —(1) In this section—
“aircraft” means an aircraft suitable for the carriage of more than fifteen passengers;
“carrier” means a person (being a person who performs the carriage of persons by ship or by aircraft) who as a principal makes an agreement for the carriage of a person by ship or by aircraft either with the person to be so carried or with a person (not being a person who performs the carriage of persons by ship or by aircraft) acting on the latter's behalf;
“passenger ticket” means a document, relating to the carriage of one or more persons, issued on foot of a Contract wholly or partly in respect of carriage;
“ship” means any sea-going vessel suitable for the carriage of more than fifty passengers and includes hovercraft;
“the United Kingdom” means Northern Ireland, Great Britain and the Isle of Man.
(2) (a) There shall be charged, levied and paid a duty of excise on the issue in the State on or after the 1st day of September, 1982, of each and every passenger ticket relating wholly or partly to carriage by a ship or an aircraft on a voyage or a flight, as the case may be, commencing in the State to a destination, other than Northern Ireland, outside the State.
(b) The duty of excise imposed by paragraph (a) of this subsection shall be paid at such time or times and in such manner as may be specified by regulations made by the Revenue Commissioners.
(3) (a) In this subsection “person” shall not include a person in respect of whose carriage no charge is levied.
(b) The rates at which the duty of excise imposed by subsection (2) of this section shall be paid shall be—
(i) £3 for each person whose carriage is authorised by a passenger ticket relating to carriage by an aircraft on a flight to a destination (other than a destination in Northern Ireland) outside the State,
(ii) £3 for each person whose carriage is authorised by a passenger ticket relating to carriage by a ship on a voyage to a destination (other than a destination in the United Kingdom) outside the State,
(iii) £2 for each person whose carriage is authorised by a passenger ticket relating to carriage by a ship on a voyage to a destination in Great Britain or the Isle of Man.
(4) (a) A carrier shall be liable for payment of the duty of excise imposed by subsection (2) of this section in respect of passenger tickets issued by him or issued by another person (not being a carrier) on his behalf.
(b) Where a passenger ticket is issued by a person other than a person specified in paragraph (a) of this subsection, the person who, in relation to the voyage or the flight on which the person holding the said ticket is carried, is the carrier shall be liable for payment of the duty of excise imposed by subsection (2) of this section.
(5) Notwithstanding the provisions of subsection (2) of this section and subject to any regulations for the time being in force under this section, the duty of excise imposed thereby shall not be charged in respect of a passenger ticket—
(a) relating to a person in respect of whose carriage no charge is levied, or
(b) for the carriage of a person by an aircraft or a ship on a flight or a voyage, as the case may be, on which the aircraft or ship is exclusively employed for State or military purposes, or
(c) relating to a person under the age of two years, or
(d) relating to a person who, because of physical disablement or infirmity, is transported in a wheelchair or on a stretcher, or
num: 66
paragraphs: —(1) The duty of excise on mineral hydrocarbon light oil imposed by paragraph 11 (1) of the Order of 1975 shall be charged, levied and paid, as on and from the 26th day of March, 1982, at the rate of £18.85 per hectolitre in lieu of the rate specified in section 6 (1) of the Finance (No. 2) Act, 1981 .
(2) The duty of excise on hydrocarbon oil imposed by paragraph 12 (1) of the Order of 1975 shall be charged, levied and paid, as on and from the 26th day of March, 1982, at the rate of £13.20 per hectolitre in lieu of the rate specified in section 6 .(2) of the Finance (No. 2) Act, 1981 .
(3) As on and from the 26th day of March, 1982, the rate of any repayment allowed under paragraph 12 (11) of the Order of 1975 in respect of hydrocarbon oil on which such repayment is allowable and on which the excise duty mentioned in subsection (2) of this section was paid at the rate of £13.20 per hectolitre shall be £11.41 per hectolitre in lieu of the rate allowable immediately before the 26th day of March, 1982.
(4) Notwithstanding the provisions of section 70 (11) of the Finance Act, 1980 , the amount of any repayment under paragraph 4 of the Imposition of Duties (No. 232) (Hydrocarbon Oils) Order, 1977 (S.I. No. 279 of 1977), on hydrocarbon oil used as specified in the said paragraph 4 during the period from the 1st day of December, 1981, to the 31st day of December, 1982, shall be the amount of excise duty paid on the quantity of oil so used.
(5) With effect as on and from the 26th day of March, 1982, the following paragraph shall be substituted for paragraph 11 (4) of the Order of 1975:
“(4) A drawback equal to the amount of the duty shown, to the satisfaction of the Revenue Commissioners, to have been paid by reason of the operation of this paragraph in respect of the mineral hydrocarbon light oil in question shall be allowed on the exportation from the State or the shipment or deposit in a bonded warehouse for use as ship's stores of any mineral hydrocarbon light oil (including such oil which is shown, to the satisfaction of the Revenue Commissioners, to be contained in any goods) chargeable with the said duty.”.
(6) With effect as on and from the 26th day of March, 1982, the following paragraph shall be substituted for paragraph 12 (2) of the Order of 1975:
“(2) A drawback equal to the amount of the duty shown, to the satisfaction of the Revenue Commissioners, to have been paid by reason of the operation of this paragraph in respect of the hydrocarbon oil in question shall be allowed on the exportation from the State or the shipment or deposit in a bonded warehouse for use as ship's stores of any hydrocarbon oil (including such oil which is shown, to the satisfaction of the Revenue Commissioners, to be contained in any goods) chargeable with the said duty.”.
(7) The duty of excise on gaseous hydrocarbons in liquid form imposed by section 41 (1) of the Finance Act, 1976 , shall be charged, levied and paid, as on and from the 26th day of March, 1982, at the rate of £0.56 per gallon in lieu of the rate specified in section 6 (4) of the Finance (No. 2) Act, 1981 .
num: 67
paragraphs: —(1) The Order of 1975 is hereby amended—
num: 68
paragraphs: —(1) Section 78 of the Finance Act, 1980 , is hereby amended by the substitution of the following subsection for subsection (2):
“(2) There shall be charged, levied and paid on every public dancing licence granted under section 2 of the Public Dance Halls Act, 1935 , a duty of excise of—
in case the licence is for a defined period not exceeding one month
£10
in any other case
£75.”.
(2) This section shall have effect in relation to public dancing licences granted under the Public Dance Halls Act, 1935 , on or after the date of the passing of this Act in respect of dates subsequent to the 30th day of September, 1982.
num: 69
paragraphs: —(1) The Finance Act, 1926 , is hereby amended—
(a) in section 24, by the substitution of the following subsection for subsection (4):
“(4) Every person who fails or neglects to pay, within such period as may be prescribed by the Revenue Commissioners, any sum payable by him in respect of the duty imposed by this section shall be guilty of an offence and shall be liable on summary conviction to an excise penalty of £800.”,
(b) in section 25, by the substitution of the following subsection for subsection (2):
“(2) Every person who contravenes or fails to comply with a regulation made under this section shall be guilty of an offence and shall be liable on summary conviction to an excise penalty of £800.”,
and
(c) in section 26, by the substitution of the following subsection for subsection (2):
“(2) Every person who resists, obstructs, or impedes an officer of Customs and Excise in the exercise of any right or power conferred on such officer by this section or refuses without lawful and sufficient excuse to produce any document which he is required by such officer under this section to produce shall be guilty of an offence and shall be liable on summary conviction to an excise penalty of £500.”.
(2) Section 2 of the Betting Act, 1931 , is hereby amended by the substitution of the following subsection for subsection (2):
“(2) Every person who carries on business or acts as a bookmaker in contravention of this section and every person who holds himself out or represents himself to be a bookmaker or a licensed bookmaker in contravention of this section shall be guilty of an offence and shall be liable on summary conviction to an excise penalty of £800.”.
num: 70
paragraphs: — Section 78 of the Excise Management Act, 1827 , is hereby amended by the substitution of “one half” for “one fourth part”.
num: 71
paragraphs: —(1) In this section “the Act” means the Finance (Excise Duties) (Vehicles) Act, 1952 .
(2) Section 1 (2) (b) of the Act shall, as respects licences under section 1 of the Act for periods beginning on or after the 1st day of May, 1982, be amended by the substitution of “£30 or less” for “twenty pounds or less” (inserted by the Finance Act, 1981 ).
num: 72
paragraphs: —(1) Where, after the passing of this Act, an act or omission occurs in respect of which a person would, but for this subsection, have incurred the penalty provided for or in any provision specified in column (2) of the Table to this subsection at any reference number of an Act specified in that column at that reference number, the person shall, in lieu of the penalty so provided for, be liable to the penalty specified in column (3) of the said Table at that reference number and that provision shall be construed and have effect accordingly.
TABLE
Reference Number
Provision of Act
Penalty
(1)
(2)
(3)
1
Section 12 (4) of the Roads Act, 1920
A penalty not exceeding £200
2
Section 13 (1) of the Roads Act, 1920
An excise penalty of £200 or an excise penalty equal to three times the amount of the duty payable in respect of the vehicle or vehicles, whichever is the greater
3
Section 13 (2) of the Roads Act, 1920
A fine not exceeding £200 or to imprisonment for a term not exceeding 6 months
4
Section 13 (4) of the Roads Act, 1920
A fine not exceeding £200 or to imprisonment for a term not exceeding 6 months
5
Section 2 (2) of the Finance (Excise Duties) (Vehicles) Act, 1952
An excise penalty of (whichever is the greater) £200 or three times the difference between the duty paid and duty at the higher rate
6
Section 76 of the Finance Act, 1976
A fine not exceeding £200
(2) Section 6 of the Roads Act, 1920 is hereby amended by the deletion of subsection (2).
num: 73
paragraphs: —The Orders mentioned in the Table to this section are hereby confirmed.
TABLE
S.I. No. 10 of 1981
Imposition of Duties (No. 250) (Beer) Order, 1981
S.I. No. 219 of 1981
Imposition of Duties (No. 251) (Excise Duty on Wine) Order, 1981
S.I. No. 367 of 1981
Imposition of Duties (No. 255) (Hydrocarbon Oils) Order, 1981
S.I. No. 404 of 1981
Imposition of Duties (No. 256) (Excise Duty on Hydrocarbon Oils) Order, 1981
S.I No. 48 of 1982
Imposition of Duties (No. 259) (Excise Duties) Order, 1982
S.I. No. 49 of 1982
Imposition of Duties (No. 260) (Excise Duty on Video Players) Order, 1982
num: 74
paragraphs: —In this Part—
“the Principal Act” means the Value-Added Tax Act, 1972 ;
“the Act of 1976” means the Finance Act, 1976 ;
“the Act of 1978” means the Value-Added Tax (Amendment) Act, 1978 ;
“the Act of 1981” means the Finance (No. 2) Act, 1981 .
num: 75
paragraphs: —Section 3 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (3):
“(3) (a) The supply by auction of livestock, live horses, live greyhounds, vegetables, fruit, flowers, poultry, eggs or fish shall be deemed, for the purposes of this Act, to constitute a supply of the goods to and simultaneously by the auctioneer.
(b) The supply through an agent of livestock, live horses or live greyhounds shall be deemed, for the purposes of this Act, to constitute a supply of the goods to and simultaneously by the agent.”.
num: 76
paragraphs: —Section 5 of the Principal Act is hereby amended by the insertion after subsection (4) of the following subsection—
“(4A) Where services are supplied by a person and the person is not legally entitled to recover consideration in respect of or in relation to such supply but moneys are received in respect of or in relation to such supply, the services in question shall be deemed, for the purposes of this Act, to have been supplied for consideration and the moneys received shall be deemed to be consideration that the person who supplied the services in question became entitled to receive in respect of or in relation to the supply of those services.”.
num: 77
paragraphs: —Section 8 of the Principal Act is hereby amended—
(a) by the substitution in subsection (3) (inserted by the Act of 1978) of the following paragraph for paragraph (b):
“(b) a person whose supplies of taxable goods or services consist exclusively of—
(i) supplies to taxable persons and persons to whom section 13 (3) applies of fish (not further processed than gutted, salted and frozen) which he has caught in the course of a sea-fishing business, or
(ii) supplies of the kind specified in subparagraph (i) and of either or both of the following, that is to say:
(I) supplies of machinery, plant or equipment which have been used by him in the course of a sea-fishing business, and
(II) supplies of other goods and services the total consideration for which has not exceeded and is not likely to exceed £15,000 in any continuous period of 12 months.”,
(b) by the insertion after subsection (3) of the following subsection:
“(3A) Where a person who supplies services consisting of the training of horses for racing, the consideration for which has exceeded £15,000 in any continuous period of 12 months, would, but for the supply of such services, be a farmer, he shall be deemed to be a taxable person only in respect of the supply of those services and, in the absence of an election, shall, in relation to the supply of any of the goods and services specified in paragraph (a) and subparagraphs (i) and (iii) of paragraph (b) of the definition of ‘farmer’ in subsection (9) (inserted by the Act of 1978), be deemed not to be a taxable person.”,
and
(c) by the substitution in subsection (9) for the definition of “farmer” of the following definition:
“‘farmer’ means a person who engages in at least one Annex A activity and—
(a) whose supplies consist exclusively of either or both of the following, that is to say:
(i) supplies of agricultural produce, or
(ii) supplies of agricultural services, or
(b) whose supplies consist exclusively of either or both of the supplies specified in paragraph (a) and of one or more of the following, that is to say:
(i) supplies of machinery, plant or equipment which has been used by him for the purposes of an Annex A activity,
(ii) supplies of services consisting of the training of horses for racing the total consideration for which has not exceeded and is not likely to exceed £15,000 in any continuous period of 12 months, or
(iii) supplies of goods and services, other than those referred to in subparagraphs (i) and (ii) or paragraph (a), the total consideration for which has not exceeded and is not likely to exceed £15,000 in any continuous period of 12 months.”.
num: 78
paragraphs: —Section 10 (inserted by the Act of 1978) of the Principal Act is hereby amended by the insertion of the following subsection after subsection (4):
“(4A) Where goods chargeable with a duty of excise are supplied while warehoused, and before payment of the duty, to an unregistered person, the amount on which tax is chargeable in respect of the supply shall be increased by an amount equal to the amount of duty that would be payable in relation to the goods if the duty had become due at the time of the supply.”.
num: 79
paragraphs: —(1) Section 11 of the Principal Act is hereby amended—
(a) in subsection (1) (inserted by the Act of 1978)—
(i) in paragraph (a), by the substitution of “18 per cent.” for “15 per cent.” (inserted by the Act of 1981),
(ii) in paragraph (b), by the substitution of “(xva)” for “(xv)”, and
(iii) in paragraph (c) (inserted by the Finance Act, 1980 ), by the substitution of “30 per cent.” for “25 per cent.” (inserted by the Act of 1981),
(b) in subsection (2)—
(i) in paragraph (b) (inserted by the Act of 1978), by the substitution of “16.67 per cent.” for “20 per cent.” (inserted by the Act of 1981), and
(ii) in paragraph (c) (inserted by the Act of 1981), by the substitution of “16.67 per cent.” for “20 per cent.”, and
(iii) by the insertion after the said paragraph (c) of the following paragraphs:
“(d) On the supply by an auctioneer, solicitor, estate agent or other agent of services directly related to the supply of immovable goods used for the purposes of an Annex A activity tax shall be chargeable at the rate specified in subsection (1) (a) on 16.67 per cent. of the total amount on which tax is chargeable and at the rate of zero per cent. on the balance of the said total amount.
(e) On the supply of farm accountancy services or farm management services tax shall be chargeable at the rate specified in subsection (1) (a) on 16.67 per cent. of the total amount on which tax is chargeable and at the rate of zero per cent. on the balance of the said total amount.”.
(2) This section other than subsection (1) (b) (iii) shall have, and be deemed to have had, effect as on and from the 1st day of May, 1982.
num: 80
paragraphs: —Section 12 of the Principal Act is hereby amended—
(a) in subsection (1) (inserted by the Act of 1978), by the substitution of the following paragraph for paragraph (b):
“(b) in respect of goods imported by him in the period, the tax paid by him or deferred as established from the relevant customs documents kept by him in accordance with section 16 (3),”,
and
(b) in subsection (3) (inserted by the Act of 1978), in subparagraph (v) of paragraph (a), by the insertion after “his business” of “or for activities in relation to which he is, in accordance with section 8 (3A), deemed not to be a taxable person”.
num: 81
paragraphs: —(1) Section 12A of the Principal Act (inserted by the Act of 1978) is hereby amended—
(a) in subsection (1), by the substitution of “1.8 per cent.” for “1.5 per cent.” (inserted by the Act of 1981), and
(b) by the substitution of the following subsection for subsection (2)—
“(2) In this Act ‘flat-rate farmer’ means a farmer who is not a taxable person and, in relation to the supplies specified in the definition of ‘farmer’ in section 8(9), includes a person who in accordance with section 8 (3A), is deemed not to be a taxable person.”.
(2) Subsection (1)(a) of this section shall have, and be deemed to have had, effect as on and from the 1st day of May, 1982.
num: 82
paragraphs: —Section 13 of the Principal Act (inserted by the Act of 1978) is hereby amended by the deletion of subsections (4) and (5).
num: 83
paragraphs: —Section 14 of the Principal Act (inserted by the Act of 1978) is hereby amended by the insertion in subsection (1) (b) after “of taxable services” of “(including services which, if they were supplied in such taxable period, would be taxable services)”.
num: 84
paragraphs: —(1) Section 15 (inserted by the Act of 1978) of the Principal Act is hereby amended by—
(a) the substitution in subsection (2) of “(xva)” for “(xv)”, and
(b) the insertion after subsection (6) of the following subsection:
“(6A) Regulation 26 of the Value-Added Tax Regulations, 1979 ( S.I. No. 63 of 1979 ), is hereby revoked and tax charged under section 2 (1) (b) shall, in accordance with the provisions of the Customs Consolidation Act, 1876 , and of other law in force in the State relating to customs, as applied to tax by subsection (6) and regulations thereunder, be paid in the manner and at the time that it would have been payable if that regulation had not been made.”.
(2) Subsection (1)(a) shall have, and be deemed to have had, effect as on and from the 1st day of May, 1982.
num: 85
paragraphs: —Section 16 of the Principal Act is hereby amended:
(a) in subsection (2), by the insertion after “such business” of “and, in respect of goods imported by him, copies, stamped on behalf of the Revenue Commissioners, of the relevant customs entries”, and
(b) in subsection (3)—
(i) by the deletion of “and invoices”,
(ii) by the insertion after “any books” of “invoices, copies, stamped on behalf of the Revenue Commissioners, of customs entries”, and
(iii) by the insertion after “the supply of goods or services” of “, or the importation of goods,”,
and the said subsections (other than the proviso to subsection (3)), as so amended, are set out in the Table to this section.
TABLE
(2) Every person, other than a taxable person, who supplied goods or services in the course or furtherance of any business shall keep all invoices issued to him in connection with the supply of goods or services to him for the purpose of such business and, in respect of goods imported by him, copies, stamped on behalf of the Revenue Commissioners, of the relevant customs entries.
(3) Records kept by a person pursuant to this section and any books, invoices, copies, stamped on behalf of the Revenue Commissioners, of customs entries, credit notes, debit notes, receipts, accounts, vouchers, bank statements or other documents whatsoever which relate to the supply of goods or services, or the importation of goods, by the person and are in the power, possession or procurement of the person, and in the case of any such book, invoice, credit note, debit note, receipt, account, voucher or other document which has been issued by the person to another person, any copy thereof which is in the power, possession or procurement of the person shall be retained in his power, possession or procurement for a period of six years from the date of the latest transaction to which the records or invoices or any of the other documents relate:
num: 86
paragraphs: —Section 26 of the Principal Act is hereby amended—
(a) by the substitution of the following subsection for subsection (1):
“(1) A person who does not comply with section 9 (2), 11 (7), 12A, 16, 17, 18 (2) or 19 or any provision of regulations in regard to any matter to which the foregoing sections relate shall be liable to a penalty of £800.”,
(b) in subsection (2), by the substitution of “£500” for “£20”,
(c) in subsection (2A) (inserted by the Act of 1978), by the substitution of “£500” for “£20”,
(d) in subsection (3), by the substitution of “£500” for “£20”,
(e) in subsection (3A) (inserted by the Finance Act, 1973 ), by the substitution of “£800” for “£100”, and
(f) by the deletion of subsection (5).
num: 87
paragraphs: —The First Schedule to the Principal Act (inserted by the Act of 1978) is hereby amended—
(a) by the deletion of paragraph (viii),
(b) by the substitution of the following subparagraph for subparagraph (b) of paragraph (ix):
“(b) the collection of insurance premiums,”,
and
(c) by the substitution of the following paragraph for paragraph (x):
“(x) services supplied in the course of their profession by veterinary surgeons;”.
num: 88
paragraphs: —(1) The Second Schedule (inserted by the Act of 1976) to the Principal Act is hereby amended—
(a) by the substitution of the following subparagraph for subparagraph (b) of paragraph (i) (inserted by the Act of 1978):
“(b) by a registered person within the customs-free airport to another registered person within the customs-free airport;”,
and
(b) by the insertion after paragraph (xv) (inserted by the Finance Act, 1973 ) of the following paragraph:
“(xva) printed books and booklets including atlases but not including newspapers, periodicals, brochures, catalogues, programmes, books of stationery, cheque books, diaries, albums, books of stamps, of tickets or of coupons;”.
(2) This section, other than subsection (1)(a), shall have, and be deemed to have had, effect as on and from the 1st day of May, 1982.
num: 89
paragraphs: —(1) Part I of the Third Schedule (inserted by the Act of 1976) to the Principal Act is hereby amended—
(a) by the substitution of the following paragraph for paragraph (vii):
“(vii) printed books and booklets other than—
num: 90
paragraphs: —(1) In this section “qualifying service” means a service consisting of the supply, for the benefit of persons not resident in the State, under an agreement made before the 1st day of January, 1982, of sleeping accommodation, with or without board, or of motor cars upon hire, boats upon hire or entertainment, at charges fixed at the time of the making of the agreement, to persons carrying on the business of travel agent, tour operator or the hiring out of motor cars or boats.
(2) In respect of the taxable periods commencing on the 1st day of May, 1982, the 1st day of July, 1982, the 1st day of September, 1982, and the 1st day of November, 1982, notwithstanding the provisions of section 11 of the Principal Act (as amended by this Act), tax shall, in relation to the supply of a qualifying service, be, and be deemed to have been, chargeable, at the rate of 15 per cent.
num: 91
paragraphs: —(1) In this section,
“assessable amount” means the amount arrived at by dividing the specified amount by three and deducting £5,000,000 from the quotient;
“bank” means a person who, on the 1st day of April, 1982, was the holder of a licence granted under section 9 of the Central Bank Act, 1971 ;
“returns”, in relation to a bank, means the monthly bank returns furnished to the Central Bank of Ireland by the bank in respect of the assets and liabilities of the bank as on the 30th day of September, 1981, the 21st day of October, 1981, and the 18th day of November, 1981;
“specified amount” means—
(a) in the case of an associated bank, the amount obtained by deducting the aggregate of the sums shown in the returns of that bank in respect of Item 7 in Appendix II of the returns as an adjustment of current accounts for cheques in transit from the aggregate of the sums shown in the returns in respect of current accounts and deposit accounts by whomsoever held at offices in the State of the bank and shown as liabilities of the bank in such returns;
(b) in the case of any other bank, the amount obtained by deducting the aggregate of the sums shown in the analysis of selected liabilities in the returns of that bank as due to banks (including banks that are not banks within the meaning of subsection (1) of this section) in respect of current accounts, deposit accounts, other accounts and secured loans from the aggregate of the sums shown in the returns in respect of current accounts, deposit accounts, other accounts and secured loans by whomsoever held at offices in the State of the bank and shown as liabilities of the bank in such returns.
(2) A bank shall, not later than the 15th day of September, 1982, deliver to the Revenue Commissioners a statement in writing showing the assessable amount for that bank, the specified amount for that bank and the sums referred to in the definition of “specified amount” in subsection (1) of this section by reference to which that specified amount was calculated.
(3) There shall be charged on every statement delivered in pursuance of subsection (2) of this section a stamp duty of an amount equal to the sum of the following:
(a) 0.2 per cent. of that part of the assessable amount shown therein that does not exceed £100,000,000, and
(b) 0.35 per cent. of that part of the assessable amount shown therein that exceeds £100,000,000:
Provided that in any case where the assessable amount shown in the statement does not exceed £100,000,000 stamp duty of an amount equal to 0.2 per cent. of the assessable amount shown therein shall be charged.
(4) The duty charged by subsection (3) of this section upon a statement delivered by a bank pursuant to subsection (2) of this section shall be paid by the bank upon delivery of the statement.
(5) There shall be furnished to the Revenue Commissioners by a bank such particulars as the Revenue Commissioners may deem necessary in relation to any statement required by this section to be delivered by the bank.
(6) In the case of failure by a bank to deliver any statement required by subsection (2) of this section within the time provided for in that subsection or of failure to pay the duty chargeable on any such statement on the delivery thereof, the bank shall, from the date of the passing of this Act until the day on which the duty is paid, be liable to pay, by way of penalty, in addition to the duty, interest thereon at the rate of 15 per cent. per annum and also from the 15th day of September, 1982, by way of further penalty, a sum equal to 1 per cent. of the duty for each day the duty remains unpaid and each penalty shall be recoverable in the same manner as if the penalty were part of the duty.
(7) The delivery of any statement required by subsection (2) of this section may be enforced by the Revenue Commissioners under section 47 of the Succession Duty Act, 1853 , in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.
(8) The stamp duty charged by this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty payable by the bank.
num: 92
paragraphs: —(1) In this section—
“assessable amount”, in relation to a quarter, means the gross amount received by an insurer by way of premiums in that quarter in respect of business carried on by the insurer in the State on or after the 1st day of August, 1982, but without having regard to an excluded amount;
“excluded amount” means—
(a) an amount received in the course or by way of re-insurance;
(b) a premium received in respect of business in the following classes of the Annex to First Council Directive 73/239/EEC of 24 July 1973 (OJ No. L228, 16/8/1973), namely, 5, 6, 7, 11 and 12, in classes 1 and 10 insofar as they relate to the insurance of passengers in marine and aviation vehicles and carriers liability insurance, respectively, and in class 14 insofar as it relates to export credit;
(c) a premium received in respect of business in class VII of the Annex to First Council Directive 79/267/EEC of 5 March 1979 (OJ No. L 63,13/3/1979);
“insurer” means a person who is the holder of an assurance licence under the Insurance Act, 1936 , or is the holder of an authorisation within the meaning of the European Communities (Non-Life Insurance) Regulations, 1976 (S.I. No. 115 of 1976), or who carries on the business of insurance in compliance with the provisions of the Assurance Companies Act, 1909 ;
“premium” has the same meaning as in the Insurance Act, 1936 ;
“quarter” means a period of three months ending on the 31st day of March, the 30th day of June, the 30th day of September or the 31st day of December.
(2) An insurer shall, within 30 days from the end of the quarter ending on the 30th day of September, 1982, and within 30 days from the end of each quarter thereafter, deliver to the Revenue Commissioners a statement in writing showing the assessable amount for that insurer in respect of that quarter.
(3) There shall be charged on every statement delivered in pursuance of subsection (2) of this section a stamp duty of an amount equal to one per cent. of the assessable amount shown therein.
(4) The duty charged by subsection (3) of this section upon a statement delivered by an insurer pursuant to subsection (2) of this section shall be paid by the insurer upon delivery of the statement.
(5) There shall be furnished to the Revenue Commissioners by an insurer such particulars as the Revenue Commissioners may deem necessary in relation to any statement required by this section to be delivered by the insurer.
(6) In the case of failure by an insurer to deliver any statement required by subsection (2) of this section within the time specified in that subsection or of failure by an insurer to pay any duty chargeable on any such statement on the delivery thereof, the insurer shall be liable to pay, in addition to the duty, interest thereon at the rate of 15 per cent. per annum from the expiration of the quarter to which the statement relates until the day on which the duty is paid.
(7) The delivery of any statement required by subsection (2) of this section may be enforced by the Revenue Commissioners under section 47 of the Succession Duty Act, 1853 , in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.
num: 93
paragraphs: —(1) In this section “property” means agricultural land and includes such farm buildings and farm houses as are of a character appropriate to the property.
(2) Stamp duty shall not, subject to section 4 of the Stamp Act, 1891, be charged on any instrument to which this section applies.
(3) This section applies to an instrument, being a conveyance or transfer operating as a voluntary disposition inter vivos, where the instrument contains a certificate by the party to whom the property is being conveyed or transferred to the effect that the person becoming entitled to the entire beneficial interest in the property (or, where more than one person becomes entitled to a beneficial interest therein, each of them) is a qualified person.
(4) In this section “qualified person” means a person in respect of whom it is shown to the satisfaction of the Revenue Commissioners—
(a) that he was under the age of 35 years on the date on which the relevant instrument was executed, and
(b) either—
(i) that he is the holder of a certificate issued by—
(I) An Chomhairle OiliÃºna TalmhaÃ­ochta certifying that he has satisfactorily completed an agricultural training course of a duration of not less than 100 hours, or
(II) the Farm Apprenticeship Board certifying that he has satisfactorily completed the course under the Farmer Apprenticeship Scheme of the Board or the course under the Trainee Farmer Scheme of the Board, or
(III) the Minister for Agriculture or a committee of agriculture established under the Agriculture Act, 1931 , being a certificate issued before the 1st day of December, 1980, and certifying that he has satisfactorily completed a course equivalent to that referred to in paragraph (b) (i) (I) of this subsection,
or
(ii) that he is the holder of a university degree, or equivalent university qualification, in agriculture,
and
(c) that the property will be used for the purposes of agriculture.
(5) This section shall have effect with respect to any instrument executed after the date of the passing of this Act and before the expiration of two years after that date.
num: 94
paragraphs: —(1) In this section “the First Schedule” means the First Schedule, as amended by the Finance Act, 1970 , and subsequent enactments, to the Stamp Act, 1891.
num: 95
paragraphs: —(1) Section 41 of the Finance Act, 1970 , is hereby amended by the substitution of “5p” for “3p” (inserted by the Finance Act, 1981 ) in both places where it occurs.
(2) The Imposition of Duties (No. 252) (Stamp Duty on Bills of Exchange and Promissory Notes) Order, 1981 (S.I. No. 271 of 1981), is hereby revoked.
(3) This section shall have effect with respect to bills of exchange and promissory notes drawn on or after the date of the passing of this Act.
num: 96
paragraphs: —(1) Section 19 (inserted by the Finance Act, 1980 ) of the Finance Act, 1952 , is hereby amended by the substitution of the following subsection for subsection (1):
num: 97
paragraphs: —In this Part “the Principal Act” means the Capital Acquisitions Tax Act, 1976 .
num: 98
paragraphs: —Where a gift or an inheritance is taken, by direction of the disponer, free of tax on or after the date of the passing of this Act, the benefit taken shall be deemed to include the amount of tax chargeable on such gift or inheritance but not the amount of tax chargeable on such tax.
num: 99
paragraphs: —Section 5 (6) of the Principal Act shall, as respects a gift or inheritance deemed to be taken on or after the 2nd day of June, 1982, have effect as if—
(a) in paragraph (a), “, before the 28th day of February, 1974,” were deleted, and
(b) in paragraph (b), “prior to the 28th day of February, 1974” were deleted.
num: 100
paragraphs: —Section 19 of the Principal Act shall, as respects a gift or inheritance taken on after the 1st day of April, 1982, have effect as if “£200,000” were substituted for “£150,000” (inserted by the Finance Act, 1980 ) in each place where it occurs.
num: 101
paragraphs: —(1) Section 36 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (3) (inserted by the Finance Act, 1978 )—
“(3) Subsection (2) applies to a gift where—
(a) the taxable value of such gift, so far as it is a taxable gift, exceeds an amount which is 80 per cent. of the lowest value upon which, at the date of such gift, tax becomes chargeable in respect of a gift taken by the donee of such gift from the disponer thereof,
(b) the taxable value of such gift, so far as it is a taxable gift, falls to be aggregated with gifts taken by the donee of such gift, either on or before the date of such gift, from any disponer and thereby increases the total taxable value of all taxable gifts so aggregated taken by such donee from any disponer from an amount which is less than or equal to the amount specified in paragraph (a) to an amount which exceeds the amount so specified,
(c) the taxable value of such gift, so far as it is a taxable gift, falls to be aggregated with gifts taken by the donee of such gift, either on or before the date of such gift, from any disponer and thereby increases the total taxable value of all taxable gifts so aggregated taken by such donee from any disponer from an amount which is greater than the amount specified in paragraph (a), or
(d) the donee is required by notice in writing by the Commissioners to deliver a return,
and for the purposes of this subsection, a reference to a gift or to a taxable gift includes a reference to a part of a gift or to a part of a taxable gift, as the case may be.”.
(2) This section shall have effect in relation to gifts taken on or after the 2nd day of June, 1982.
num: 102
paragraphs: —(1) The Second Schedule to the Principal Act is hereby amended—
(a) in Part I—
(i) by the substitution of the following paragraphs for paragraphs 3, 4 and 7:
“3. Subject to the provisions of paragraph 6, the tax chargeable on the taxable value of a taxable gift or a taxable inheritance, in the case where the donee or successor has taken no other taxable gift or taxable inheritance on or after the 2nd day of June, 1982, to which the same appropriate Table applied, shall be computed at the rate or rates of tax applicable to that taxable value under that appropriate Table.
num: 4
paragraphs: Subject to the provisions of paragraph 6, the tax chargeable on the taxable value of a taxable gift or a taxable inheritance, in the case where the donee or successor has previously taken one or more taxable gifts or taxable inheritances on or after the 2nd day of June, 1982, to which the same appropriate Table applied, shall be computed at the rate or rates of tax applicable under that appropriate Table to such part of the aggregate of—
(a) that taxable value; and
(b) the taxable values of all such previous taxable gifts and taxable inheritances,
as is the highest part of that aggregate and is equal to that taxable value.
num: 7
paragraphs: For the purposes of this Schedule, all gifts and inheritances taken by a donee or successor from one disponer, or several disponers, on the same day shall count as one where the same appropriate Table applies to all such gifts and inheritances, and to ascertain the amount of tax payable on one gift or inheritance of several so taken on the same day, the amount of tax computed under this Schedule as being payable on all such gifts or inheritances taken on that day, and counted as one, shall be apportioned rateably, according to the taxable values of the several taxable gifts and taxable inheritances so taken on the same day.”, and
(ii) by the insertion after paragraph 10 (inserted by the Finance Act, 1981 ) of the following paragraph:
num: 103
paragraphs: —(1) In this section—
“the principal section” means section 22 of the Finance Act, 1950 ;
“the 1981 amending section” means section 51 of the Finance Act, 1981 ;
“the thirty-second 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) In relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of December, 1982, subsection (4) of the 1981 amending section shall have effect with the substitution of “£29,731,201” for “£29,870,308”.
(3) Subsection (6) of the 1981 amending section shall have effect with the substitution of “£18,767,875” for “£19,228,162”.
(4) A sum of £35,938,852 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 December, 1982.
(5) The thirty-second 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 thirty-second additional annuity, not exceeding £23,134,615 in any financial year, may be applied towards defraying the interest on the public debt.
(7) The balance of the thirty-second additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section.
num: 104
paragraphs: —All taxes and duties imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.
num: 105
paragraphs: —(1) This Act may be cited as the Finance Act, 1982.
(2) Part I of this Act (so far as relating to income tax) shall be construed together with the Income Tax Acts and (so far as relating to corporation tax) shall be construed together with the Corporation Tax Acts and (so far as relating to capital gains tax) shall be construed together with the Capital Gains Tax Acts.
(3) Part II of this Act (so far as relating to customs) shall be construed together with the Customs Acts and (so far as relating to duties of excise) shall be construed together with the statutes which relate to the duties of excise and to the management of those duties.
(4) Part III of this Act shall be construed together with the Value-Added Tax Acts, 1972 to 1981, and may be cited together therewith as the Value-Added Tax Acts, 1972 to 1982.
(5) Part IV of this Act shall be construed together with the Stamp Act, 1891, and the enactments amending or extending that Act.
(6) Part V of this Act shall be construed together with the Capital Acquisitions Tax Act, 1976 , and the enactments amending or extending that Act.
(7) Part I of this Act shall, save as is otherwise expressly provided therein, be deemed to have come into force and shall take effect as on and from the 6th day of April, 1982.
(8) Part III of this Act shall, save as is otherwise expressly provided therein, come into force as on and from the 1st day of September, 1982.
(9) 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.