Finance (No. 2) Act, 1970
Acts of the Oireachtas
Source: Acts of the Oireachtas

num: 1
paragraphs: —With respect to the computation of income for the purposes of income tax for the year 1970-71 or for any subsequent year of assessment—
(a) section 64 (1) of the Income Tax Act, 1967 , so far as it provides that corporation profits tax paid by a company in respect of any accounting period is to be allowed to be deducted as an expense incurred in that accounting period in computing the profits or gains of the company for purposes of income tax, shall not apply;
num: 2
paragraphs: —(1) The Finance (Excise Duties) (Vehicles) Act, 1952 , shall, as on and from the 1st day of November, 1970, be amended by the substitution in paragraph 1 of Part I of the Schedule thereto of “£1 10s.”, “£3”, “£4 10s.”, “£7”, “£9 10s.”, “£2 10s.”, “£12 10s.”, “£9 10s.” and “£3” as the rates of duty in lieu of “£1 5s.”, “£2 10s.”, “£3 15s.”, “£5 12s. 6d.”, “£7 10s.”, “£1 17s. 6d.”, “£10”, “£7 10s.” and “£2 10s.” respectively.
num: 3
paragraphs: —With effect on and from the 1st day of November, 1970, wholesale tax imposed by section 2 of the Finance (No. 2) Act, 1966 , shall, in the case of the goods specified in the Table to section 7 (1) of that Act, be charged, levied and paid at the rate of twenty per cent, and, accordingly, “twenty per cent.” is hereby substituted for “fifteen per cent.” in the said section 7 (1) with effect on and from that date, and “twenty per cent.” is hereby substituted for “fifteen per cent.” in section 11 (1) of that Act in respect of articles imported on or after that date.
num: 4
paragraphs: —Where the whole or part of the taxable turnover of an accountable person consists of moneys paid under a contract entered into on or after the 1st day of October, 1966, and before the 1st day of November, 1970, the accountable person may, in the absence of agreement to the contrary, recover as an addition to the payment specified in the contract a sum equal to any additional amount payable by him in respect of the moneys on account of the increase in the rate of wholesale tax effected by section 3 of this Act.
num: 5
paragraphs: —(1) The Minister for Finance may, with respect to the redemption moneys to which this section applies, pay interest thereon for the period beginning on the 1st day of July, 1970, and ending on the 30th day of November, 1970, at the rate of eight per cent. per annum and the payments shall be made to the persons who were the registered holders of the relevant bonds on the 1st day of May, 1970.
(2) The redemption moneys to which this section applies are the moneys payable on redemption of the land bonds which were drawn for redemption at the draw for redemption of land bonds which began on the 27th day of October, 1970.
(3) The moneys required for the payment of interest under this section shall be paid out of the Central Fund or the growing produce thereof.
num: 6
paragraphs: — Section 54 of the Finance Act, 1970 , is hereby amended by the addition of the following subsection:
“(4) Expenses incurred by the Minister in arranging that money shall be available for borrowing by him at such time as he may think fit shall be charged on the Central Fund or the growing produce thereof.”
num: 7
paragraphs: —All taxes and duties (except the excise duties on mechanically propelled vehicles) imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.
num: 8
paragraphs: —(1) This Act may be cited as the Finance (No. 2) Act, 1970.
(2) Section 1 of this Act shall be construed together with the Income Tax Acts.
(3) Section 2 of this Act shall be construed together with the Statutes which relate to the duties of excise and the management of those duties.
(4) Sections 3 and 4 of this Act shall be construed together with Part VI of the Finance Act, 1963 , the Finance (No. 2) Act, 1966 , and the enactments amending or extending that Part and the last mentioned Act.
(5) Section 1 of this Act shall be deemed to have come into force and shall take effect as on and from the 6th day of April, 1970.
(6) Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended by or under any other enactment, including this Act.