Finance Act, 1955
Acts of the Oireachtas
Source: Acts of the Oireachtas

num: 1
paragraphs: —(1) Income tax shall be charged for the year beginning on the 6th day of April, 1955, at the rate of seven shillings and sixpence in the pound.
(2) Sur-tax for the year beginning on the 6th day of April, 1955, shall be charged in respect of the income of any individual the total of which from all sources exceeds one thousand five hundred pounds and shall be so charged at the same rates as those at which it is charged for the year beginning on the 6th day of April, 1954.
(3) The several statutory and other provisions which were in force on the 5th day of April, 1955, in relation to income tax and sur-tax shall, subject to the provisions of this Act, have effect in relation to the income tax and sur-tax to be charged as aforesaid for the year beginning on the 6th day of April, 1955.
num: 2
paragraphs: —(1) Subsection (1) of section 21 of the Finance Act, 1920 , as amended by subsequent enactments, is hereby further amended by the substitution of “a deduction of one hundred pounds” for “a deduction of eighty-five pounds” (inserted by section 4 of the Finance Act, 1954 (No. 22 of 1954)).
(2) Subsection (3) of section 21 of the Finance Act, 1920 , is hereby amended by the substitution of “sixty pounds a year” for “forty pounds a year”.
num: 3
paragraphs: —Subsection (1) of section 30 of the Finance Act, 1921 , is hereby amended by the substitution of the following paragraph for paragraph (c):
num: 4
paragraphs: —(1) If an individual makes a claim in that behalf in the manner prescribed by the Income Tax Acts, makes a return in the prescribed form of the total income of the individual and proves that, in the year preceding the year of assessment, the individual, or, if the individual is a married man, his wife, has made a payment to an authorised insurer under a contract of insurance which provides specifically, whether in conjunction with other benefits or not, for the reimbursement or discharge, in whole or in part, of actual medical, surgical or nursing expenses (including the cost of maintenance at a hospital, nursing home or sanatorium) resulting from sickness of or accident to the individual or the spouse of the individual or children or other dependants of the individual or of the spouse of the individual, then—
(a) where the payment covers no benefits other than such reimbursement or discharge, the full amount of the payment shall be deducted from or set off against any income for the year of assessment of the individual, if the individual made the payment, or of the wife of the individual, if she made the payment, and
(b) where the payment covers benefits other than such reimbursement or discharge, a like relief shall be granted in respect of so much of the payment as is referable to such reimbursement or discharge,
and tax shall, where necessary, be discharged or repaid accordingly and the total income of the individual for the year of assessment shall be calculated accordingly for all the purposes of the Income Tax Acts.
(2) Where an amount for deduction from or set off against income of one of the spouses is ascertained in accordance with subsection (1) of this section, then—
(a) if there is no income of the spouse for the year of assessment in relation to which relief under the said subsection can be given, the relief may be given in relation to income of the other spouse for that year, and
(b) if the amount ascertained as aforesaid exceeds the income of the spouse for the year of assessment, the excess may be deducted from or set off against any income of the other spouse for that year.
(3) Where relief is given under this section, no relief or deduction under any other provision of the Income Tax Acts shall be given or allowed in respect of the payment or part of a payment (as the case may be).
num: 5
paragraphs: —(1) Any stock under section 87 of the Local Government Act, 1946 (No. 24 of 1946), issued after the passing of this Act shall be deemed to be securities issued under the authority of the Minister for Finance within the meaning of section 2 of the Finance Act, 1924 (No. 27 of 1924), and that section shall apply accordingly.
num: 6
paragraphs: — Section 41 of the Finance Act, 1932 (No. 20 of 1932), as amended by section 15 of the Finance Act, 1940 (No. 14 of 1940), and by section 11 of the Finance Act, 1952 (No. 14 of 1952), shall have effect in relation to beer brewed in the year beginning on the 1st day of July, 1954, and in relation to beer brewed in any year beginning on any subsequent 1st day of July as if the reference now contained in that section, as so amended, to a rate of one pound ten shillings per standard barrel were a reference to a rate of two pounds per standard barrel.
num: 7
paragraphs: —Paragraph (c) of subsection (4) of section 10 of the Finance Act, 1948 (No. 12 of 1948), is hereby amended, as respects entertainments held on or after the 1st day of August, 1955, by the substitution of “not less than twenty-five per cent.” for “not less than thirty-five per cent.”.
num: 8
paragraphs: —The duty of customs on galvanized corrugated iron or steel imposed by section 11 of the Finance Act, 1932 (No. 20 of 1932), and reference number 30 in the First Schedule to that Act, as amended by the Emergency Imposition of Duties (No. 223) Order, 1941 ( S. R. & O., No. 464 of 1941 ), shall not be charged or levied on any articles imported on or after the 1st day of September, 1955.
num: 9
paragraphs: —(1) In this section “the Act” means the Finance (Excise Duties) (Vehicles) Act, 1952 (No. 24 of 1952).
num: 10
paragraphs: —(1) The agreement set forth in the First Schedule to this Act and concluded on the 28th day of October, 1954, between the Government and the Government of Canada (in this section referred to as the Agreement) is hereby confirmed and shall have the force of law.
(2) Subsection (4) of section 7 of the Finance Act, 1894 (which provides for relief in respect of duty payable in a foreign country) shall not have effect in relation to succession duty chargeable under the laws of Canada to which the provisions of the Agreement apply.
num: 11
paragraphs: —Where—
(a) the trustees of a settlement may become accountable for estate duty payable by virtue of section 30 of the Finance Act, 1941 (No. 14 of 1941), in respect of any property, and
(b) it is intended that the property or any part thereof shall cease to be comprised in the settlement,
then, if the trustees obtain from the Revenue Commissioners a certificate of the amount which in the opinion of the Revenue Commissioners may properly be treated as the prospective amount of the duty, and give the Revenue Commissioners all the information and evidence required by the Revenue Commissioners in connection with the application for the certificate, no person shall be accountable as trustee of the settlement, for the duty to which the certificate relates, to an amount in excess of the amount certified.
num: 12
paragraphs: —(1) Notwithstanding anything contained in section 4 of the Finance Act, 1894 , where the property which passes on a death, but in which the deceased never had an interest, includes any policies of assurance on his life, or moneys received under such a policy, or interests in such a policy or moneys, all the policies, moneys and interests so included (except any in respect of which estate duty neither is payable on the death nor would be if the duty were payable on estates of however small a principal value) shall, for determining the rate of estate duty to be paid thereon, be aggregated so as to form one estate, and the duty shall be levied at the proper graduated rate on the principal value thereof.
(2) Subsection (1) of this section shall have effect in relation to any death occurring on or after the date of the passing of this Act.
num: 13
paragraphs: —(1) In this section—
“the property of the deceased” means property in respect of which estate duty is payable in connection with the death of the deceased and which is—
(a) property to which the deceased was absolutely entitled, or of which he was competent to dispose, at the time of his death, or
(b) property which passes on his death within the meaning of the enactments relating to estate duty under a disposition made by him, or made, directly or indirectly, on his behalf or at his expense or out of funds provided by him, or made by him in the exercise of a general power of appointment, or
(c) property which by virtue of section 23 of the Finance Act, 1940 (No. 14 of 1940), or section 20 of the Finance Act, 1949 (No. 13 of 1949), is deemed to be included in the property passing on the death of the deceased;
“the other property” means the property in respect of which estate duty is payable in connection with the death of the deceased, but which is not the property of the deceased.
(2) (a) Where the net value of the property of the deceased does not exceed ten thousand pounds; that property shall not be aggregated with the other property, but shall form an estate by itself.
(b) Where the net value of the property of the deceased exceeds ten thousand pounds, the amount of estate duty payable in respect of it shall not exceed the amount of estate duty that would be payable if the net value of it were ten thousand pounds, together with the amount by which the net value of the said property exceeds ten thousand pounds.
(3) Where the net value of the property of the deceased exceeds ten thousand pounds, any reduction under subsection (1) of section 13 of the Finance Act, 1914 , of the estate duty payable in respect of the other property shall, in a case in which the estate duty payable in respect of the property of the deceased is reduced in accordance with paragraph (b) of subsection (2) of this section, be calculated as if the estate duty payable in respect of the property of the deceased were not reduced in accordance with that paragraph.
(4) This section shall have effect in relation to any death occurring on or after the date of the passing of this Act.
num: 14
paragraphs: —(1) The agreement set forth in Part I of the Second Schedule to this Act and concluded on the 28th day of October, 1954, between the Government and the Government of Canada (in this section referred to as the Agreement) is hereby confirmed and shall have the force of law.
num: 15
paragraphs: —This Part of this Act and the Second Schedule to this Act shall, so far as they relate to income tax (including sur-tax), be read and construed together with the Income Tax Acts and shall, so far as they relate to corporation profits tax, be read and construed together with Part V of the Finance Act, 1920 , as amended or extended by subsequent enactments.
num: 16
paragraphs: —(1) The stamp duty chargeable, by virtue of section 1 of the Stamp Act, 1891, on the certificate to be taken out yearly by a notary public (being an instrument specified in the First Schedule to that Act) shall cease to be payable.
(2) Where, on or after the 26th day of March, 1955, any notary public has taken out a duly stamped certificate, he shall, on making a claim in that behalf, be entitled to a refund of duty equal in amount to the amount arrived at by applying, to the amount of duty paid in respect of the certificate, the fraction specified in subsection (3) of this section.
(3) The fraction referred to in subsection (2) of this section is the fraction the numerator of which is the number of the days in the period beginning on the day of the passing of this Act and ending on the 25th day of March, 1956, and the denominator of which is 366.
num: 17
paragraphs: —As respects any credit-sale agreement within the meaning of the Hire-Purchase Act, 1946 (No. 16 of 1946), or any instrument (other than such a credit-sale agreement) which is an agreement, or a memorandum of an agreement, made for or relating to the sale of any goods, wares or merchandise—
num: 18
paragraphs: —(1) In this section—
“the principal section” means section 22 of the Finance Act, 1950 (No. 18 of 1950);
“the 1954 amending section” means section 28 of the Finance Act, 1954 (No. 22 of 1954);
“the fifth additional annuity” means the sum charged on the Central Fund under subsection (4) of this section;
“the Minister”, “the Account” and “capital services” have the same meanings respectively as they have in the principal section.
(2) Subsection (4) of the 1954 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1956, have effect with the substitution of “£802,363” for “£777,094”.
(3) Subsection (6) of the 1954 amending section shall have effect with the substitution of “£509,021” for “£500,278”.
(4) A sum of £688,618, to redeem borrowings, and interest thereon, in respect of capital services shall be charged annually on the Central Fund or the growing produce thereof in the thirty successive financial years commencing with the financial year ending on the 31st day of March, 1956.
(5) The fifth 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 fifth additional annuity, not exceeding £445,446 in any financial year, may be applied towards defraying the interest on the public debt.
(7) The balance of the fifth additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section.
num: 19
paragraphs: —The enactments specified in the Third Schedule to this Act are hereby repealed to the extent mentioned in the third column of that Schedule.
num: 20
paragraphs: —All taxes and duties imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.
num: 21
paragraphs: —(1) This Act may be cited as the Finance Act, 1955.
(2) Part I of this Act shall be construed together with the Income Tax Acts.
(3) Part II of this Act, so far as it relates to duties of customs, shall be construed together with the Customs Acts and, so far as it relates to duties of excise, shall be construed together with the Statutes which relate to the duties of excise and the management of those duties.
(4) Part V of this Act shall be construed together with the Stamp Act, 1891, and the enactments amending or extending that Act.
(5) Part I of this Act shall be deemed to come into force on and shall take effect as on and from the 6th day of April, 1955.