Finance Act, 1947
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, 1947, at the rate of six shillings and sixpence in the pound.
(2) Sur-tax for the year beginning on the 6th day of April, 1947, 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, 1946.
(3) The several statutory and other provisions which were in force on the 5th day of April, 1947, 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, 1947.
num: 2
paragraphs: —Subsection (1) of section 18 of the Finance Act, 1920 , as amended by section 3 of the Finance Act, 1939 (No. 18 of 1939), shall be construed and have effect as if the words “two hundred and sixty pounds” were substituted therein for the words “two hundred and twenty pounds” and the words “one hundred and forty pounds” substituted therein for the words “one hundred and twenty pounds”.
num: 3
paragraphs: —(1) Where the profits of an assurance company in respect of its life assurance business are, for the purposes of the Income Tax Acts, computed in accordance with the rules applicable to Case I of Schedule D of the Income Tax Act, 1918, then, subject to subsection (3) of this section, the following provisions shall have effect:—
(a) such part of those profits as belongs or is allocated to, or is expended on behalf of, policy-holders or annuitants shall be excluded in making the computation;
(b) such part of those profits as is reserved for policy-holders or annuitants shall also be excluded in making the computation, but if any profits so excluded as being so reserved cease at any time to be so reserved and are not allocated to, or expended on behalf of, policy-holders or annuitants, then those profits shall be treated as profits of the company for the year in which they ceased to be so reserved.
(2) Where an assurance company carries on both ordinary life assurance business and industrial life assurance business, then, subject to subsection (3) of this section, the business of each such class shall, for the purposes of the Income Tax Acts, be treated as though it were a separate business and section 33 of the Income Tax Act, 1918, shall apply separately to each such class of business.
(3) Neither subsection (1) nor subsection (2) of this section shall apply to an assurance company in respect of any year of assessment unless the company elects, by giving notice in writing to the inspector of taxes within twelve months after the end of that year, that the said subsections (1) and (2) shall both apply to it in respect of that year.
num: 4
paragraphs: —Where—
num: 5
paragraphs: —(1) There shall be charged, levied and paid on every of the articles mentioned in the second column of the First Schedule to this Act imported on or after the 8th day of May, 1947, a duty of customs at the rate stated in the third column of the said First Schedule opposite the mention of the article in the said second column.
num: 6
paragraphs: —(1) The duty of customs on tobacco imposed by section 20 of the Finance Act, 1932 (No. 20 of 1932), shall, as on and from the 8th day of May, 1947, be charged, levied, and paid at the several rates specified in Part I of the Second Schedule to this Act in lieu of the rates at which the said duty is now chargeable by virtue of section 12 of the Finance Act, 1941 (No. 14 of 1941).
num: 7
paragraphs: —(1) Every Act mentioned at the head of a Part of the Third Schedule to this Act shall be amended as follows, that is to say, every section, schedule, or reference number of, or in, such Act which is mentioned in the second column of the said Part of the said Third Schedule shall be amended in the manner stated in the third column of the said Part of the said Third Schedule opposite the mention of such section, schedule or reference number (as the case may be) in the said second column.
num: 8
paragraphs: —(1) The duty mentioned in the third column of the Fourth Schedule to this Act at any reference number in the said Fourth Schedule and imposed by the enactments mentioned in the second column of the said Fourth Schedule at that reference number shall not be charged or levied on any articles imported on or after the date specified in the fifth column of the said Fourth Schedule at that reference number.
num: 9
paragraphs: —Where, by virtue of a provision contained in any statute or statutory order (passed or made before the passing of this Act), the Revenue Commissioners may by licence authorise a person to import articles chargeable with the duty to which such provision relates without payment of such duty or on payment of such duty at less than the rate ordinarily chargeable, the reference in such provision to importation of such articles shall, in any case where the articles have already been imported, be construed as a reference to taking delivery of such articles.
num: 10
paragraphs: —(1) On and after the 15th day of August, 1947, subsection (5) of section 25 of the Finance Act, 1932 (No. 20 of 1932), shall have effect as if, for the rates specified in the said subsection (5), there were substituted the following rates, that is to say:—
Rate of Duty
Where the payment for admission, excluding duty.
s.
d.
s.
d.
s.
d.
exceeds
0
4
and does not exceed
0
4½
0
1½
”
0
4½
” ”
0
6
0
2
”
0
6
” ”
0
8
0
3
”
0
8
” ”
0
11½
0
4½
”
0
11½
” ”
1
3½
0
6½
”
1
3½
” ”
1
9
0
9
”
1
9
” ”
2
4½
1
1½
”
2
4½
” ”
3
0
1
6
”
3
0
” ”
4
0
2
0
”
4
0
2
0 for
the first 4s. and 2s. for every additional 4s. or part of 4s.
(2) On and after the 15th day of August, 1947, subsection (2) of section 11 of the Finance Act, 1936 (No. 31 of 1936), shall have effect as if, for the rates specified in the said subsection (2), there were substituted the following rates, that is to say:—
Rate of Duty
Where the payment for admission, excluding duty.
s.
d.
s.
d.
s.
d.
exceeds
0
4
and does not exceed
0
4½
0
1½
”
0
4½
” ”
0
6
0
2
”
0
6
” ”
0
7
0
3
”
0
7
” ”
0
8
0
4
”
0
8
” ”
0
10
0
5
”
0
10
” ”
1
0½
0
7½
”
1
0½
” ”
1
4
0
10
”
1
4
” ”
1
6
1
0
”
1
6
” ”
1
9
1
3
”
1
9
” ”
2
0
1
6
”
2
0
” ”
2
10½
2
1½
”
2
10½
” ”
4
0
3
0
”
4
0
3
0 for
the first 4s. and 3s. for every additional 4s. or part of 4s.
(3) Paragraph (c) of subsection (3) of section 11 of the Finance Act, 1936 (No. 31 of 1936), shall, as respects entertainments duty (within the meaning of the said section 11) paid on payments, made on or after the 15th day of August, 1947, for admission to an entertainment in any such theatre as is mentioned in the said sub-section (3), have effect as if, for the words “one-half of the said duty”, there were substituted the words “thirty per cent. of the said duty”.
num: 11
paragraphs: —There shall be charged, levied, and paid for and upon every auctioneer's licence granted under section 8 of the Auctioneers and House Agents Act, 1947 (No. 10 of 1947), an excise duty of ten pounds.
num: 12
paragraphs: —There shall be charged, levied, and paid for and upon every auction permit granted under section 9 of the Auctioneers and House Agents Act, 1947 (No. 10 of 1947), an excise duty of ten pounds.
num: 13
paragraphs: —There shall be charged, levied, and paid for and upon every house agent's licence granted under section 10 of the Auctioneers and House Agents Act, 1947 (No. 10 of 1947), an excise duty of two pounds.
num: 14
paragraphs: —(1) The exemptions from corporation profits tax given by section 33 of the Finance Act, 1929 (No. 32 of 1929), as amended by section 30 of the Finance Act, 1931 (No. 31 of 1931), and paragraph (b) of subsection (1) of section 47 of the Finance Act, 1932 (No. 20 of 1932), and continued until the 31st day of December, 1946, by section 17 of the Finance Act, 1944 (No. 18 of 1944), shall be and are hereby continued until the 31st day of December, 1949.
(2) In respect of every accounting period beginning on or after the 1st day of January, 1947, and ending on or before the 31st day of December, 1949, paragraph (b) of subsection (1) of section 47 of the Finance Act, 1932 (No. 20 of 1932), shall be construed and have effect as if the word “tramway” were deleted therefrom and subsection (1) of this section shall be construed and have effect accordingly.
num: 15
paragraphs: —In respect of every accounting period ending after the 31st day of December, 1946, proviso (c) to subsection (2) of section 53 of the Finance Act, 1920 , and subsection (4) of section 36 of the Finance Act, 1941 (No. 14 of 1941), shall be construed and have effect as if the words “one thousand five hundred pounds” were substituted therein for the words “one thousand pounds”.
num: 16
paragraphs: —(1) For the purposes of this section and the Fifth Schedule to this Act—
(a) the expression “the sales period” shall be construed in accordance with the following provisions:—
(i) the said expression shall mean, subject to subparagraph (ii) of this paragraph, the years 1947 and 1948,
(ii) if a company ceases to carry on the whole of its trade or business during the said years, the said expression shall, as regards the company, mean the period commencing on the 1st day of January, 1947, and ending on the date of such cesser;
(b) the value of a particular class of trading stock held for the purposes of a trade or business on the 31st day of December, 1946, shall be taken to be the aggregate of the values of the several items comprising that class of trading stock, each item thereof being valued at its cost or the cost of its replacement on that day, whichever is the lower;
(c) the value of all the trading stock held for the purposes of a trade or business on the 31st day of December, 1946, shall be taken to be the aggregate of the values of the several classes of the trading stock held for the purposes of that trade or business on the 31st day of December, 1946;
num: 17
paragraphs: —This Part of this Act shall be read and construed together with Part V of the Finance Act, 1920 , as amended or extended by subsequent enactments, and, in particular, shall be read and construed together with Part V of the Finance Act, 1941 (No. 14 of 1941), Part IV of the Finance Act, 1942 (No. 14 of 1942), Part III of the Finance Act, 1943 (No. 16 of 1943), Part II of the Finance Act, 1944 (No. 18 of 1944), and Part III of the Finance Act, 1946 (No. 15 of 1946).
num: 18
paragraphs: —The stamp duties chargeable on conveyances or transfers of stocks or marketable securities under the heading “Conveyance or Transfer on Sale of any property” in the First Schedule to the Stamp Act, 1891, as amended by sections 73 and 74 of the Finance (1909-10) Act, 1910 , and section 36 of the Finance Act, 1920 , shall, on and after the 1st day of August, 1947, be double the duties immediately theretofore chargeable on those conveyances or transfers.
num: 19
paragraphs: —Stamp duty shall not be chargeable on any agreement, conveyance, transfer or other instrument made or entered into for the purpose of carrying into effect the transfer of the business of the Industrial and Life Assurance Amalgamation Company, Limited, to the Irish Assurance Company, Limited, as provided in Clause 10 of the Agreement made on the 13th day of September, 1938, between the City of Dublin Assurance Company, Limited, of the first part, Irish Life and General Assurance Company, Limited, of the second part, Irish National Assurance Company, Limited, of the third part, and Comhlucht Urrudhais Mumhan agus Laigheann, Teoranta (Munster and Leinster Assurance Company, Limited) of the fourth part, a copy whereof is set out in the Schedule to the Insurance (Amendment) Act, 1938 (No. 31 of 1938).
num: 20
paragraphs: —The Revenue (No. 1) Act, 1861, is hereby repealed as on and from the 6th day of July, 1947.
num: 21
paragraphs: —All taxes and duties imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.
num: 22
paragraphs: —(1) This Act may be cited as the Finance Act, 1947.
(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 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, 1947.