Finance Act, 1991
Acts of the Oireachtas
Source: Acts of the Oireachtas

num: 1
paragraphs: —As respects the year 1991-92 and subsequent years of assessment, the Finance Act, 1980 , is hereby amended—
(a) in section 1—
(i) by the substitution, in paragraph (b) of subsection (1), of “52 per cent.” for “53 per cent.” (inserted by the Finance Act, 1990 ),
(ii) by the substitution, in subsection (2) (inserted by the Finance Act, 1989 ), of “£6,800” for “£6,500” (inserted by the Finance Act, 1990 ), and “£3,400” for “£3,250” (inserted by the Finance Act, 1990 ), and
(iii) by the substitution of the following paragraph for paragraph (a) of subsection (3) (inserted by the Finance Act, 1989 ):
“(a) For the purposes of this section and section 2, where a claimant proves that he has living, at any time during the year of assessment, any qualifying child, then, subject to subsection (4), the specified amount (within the meaning of this section or section 2, as the case may be) shall be increased, for that year of assessment, by £300 in respect of the first such child, £300 in respect of the second such child and £500 in respect of each such child in excess of two.”,
and
(b) in section 2—
(i) by the substitution, in subsection (3), of “52 per cent.” for “53 per cent.” (inserted by the Finance Act, 1990 ), and
(ii) by the substitution, in subsection (6) (inserted by the Finance Act, 1989 )—
(I) of “£7,800” and “£9,000”, respectively, for “£7,500” and “£8,700” (inserted by the Finance Act, 1990 ), in paragraph (a), and
(II) of “£3,900” and “£4,500”, respectively, for “£3,750” and “£4,350” (inserted by the Finance Act, 1990 ), in paragraph (b),
and the said paragraph (b) of subsection (1), and the said subsection (2), of the said section 1 and the said subsections (3) and (6) of the said section 2, as so amended, are set out in the Table to this section.
TABLE
(b) an individual makes a claim for the purpose, makes a return in the prescribed form of his total income for that year and proves that it does not exceed a sum equal to twice the specified amount, he shall be entitled to have the amount of income tax payable in respect of his total income for that year, if that amount would, but for the provisions of this subsection, exceed a sum equal to 52 per cent, of the amount by which his total income exceeds the specified amount, reduced to that sum.
(2) In this section “the specified amount” means, subject to subsection (3)—
(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 , £6,800, and
(b) in any other case, £3,400.
(3) Where an individual to whom this section applies proves that his total income for a year of assessment for which this section applies does not exceed a sum equal to twice the specified amount, he shall be entitled to have the amount of income tax payable in respect of his total income for that year, if that amount would, but for the provisions of this subsection, exceed a sum equal to 52 per cent, of the amount by which his total income exceeds the specified amount, reduced to that sum.
(6) In this section “the specified amount” means, subject to subsection (3) of section 1—
(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 , £7,800:
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 £9,000, and
(b) in any other case, £3,900:
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 £4,500.
num: 2
paragraphs: —(1) Income tax shall be charged for the year 1991-92 and for each subsequent year of assessment and shall, subject to subsection (2), be so charged at the rate of tax specified in the Table to this section as the standard rate.
(2) Where a person who is charged to income tax for the year 1991-92 or any subsequent year of assessment is an individual (other than an individual acting in a fiduciary or representative capacity), he shall, notwithstanding anything in the Income Tax Acts but subject to section 5 (3) of the Finance Act, 1974 , be charged to tax on his taxable income—
(a) in a case in which he is assessed to tax otherwise than in accordance with the provisions of section 194 (inserted by the Finance Act, 1980 ) of the Income Tax Act, 1967 , at the rates specified in Part I of the Table to this section, or
(b) in a case in which he is assessed to tax in accordance with the provisions of the said section 194, at the rates specified in Part II of the said Table,
and the rates in each Part of that Table shall be known, respectively, by the description specified in column (3), in each such Part opposite the mention of the rate or rates, as the case may be, in column (2) of that Part.
num: 3
paragraphs: —(1) Where a deduction falls to be made from the total income of an individual for the year 1991-92 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).
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Statutory provision
Amount to be deducted from total income for the year 1990-91
Amount to be deducted from total income for the year 1991-92 and subsequent years
(1)
(2)
(3)
Income Tax Act, 1967 :
£
£
Section 138
(married man)
4,100
4,200
(widowed person bereaved in the year of assessment)
4,100
4,200
(widowed person)
2,550
2,600
(single person)
2,050
2,100
Section 138A
(additional allowance for widows and others in respect of children)
(widowed person)
1,550
1,600
(others)
2,050
2,100
(2) Section 3 of the Finance Act, 1988 , shall have effect subject to the provisions of this section.
num: 4
paragraphs: —(1) (a) This section applies to an individual whose spouse dies in a year of assessment, being the year 1988-89 or any subsequent year of assessment (hereafter in this section referred to as “a claimant”).
(b) For the purposes of this section “a qualifying child”, in relation to a claimant and a year of assessment, has the meaning assigned to it by subsection (1) (b) of section 138A (inserted by the Finance Act, 1985 ) of the Income Tax Act, 1967 , and the question of whether a child is a qualifying child shall be determined on the same basis as it would be for the purposes of the said section 138A, and the provisions of subsections (3), (4), (6) and (7) of that section shall apply accordingly.
(2) Subject to the provisions of this section, where a claimant proves, in relation to any of the three years of assessment next immediately following the year of assessment in which his spouse dies, that—
(a) he has not remarried before the commencement of the year, and
(b) a qualifying child is resident with him for the whole or part of the year,
he shall, in respect of each of the years in relation to which he so proves, be entitled, in computing the amount of his taxable income, to have a deduction made from his total income as follows—
(i) for the first of the said three years, £1,500,
(ii) for the second of the said three years, £1,000, and
(iii) for the third of the said three years, £500:
Provided that this section shall not apply for any year of assessment in the case of a man and woman who are living together as man and wife.
(3) 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.
(4) This section shall apply and have effect as respects the year 1991-92 and subsequent years of assessment.
num: 5
paragraphs: — Section 8 of the Finance Act, 1989 , shall have effect, as respects the year 1991-92 and subsequent years of assessment, as if “25 per cent.” were substituted for “80 per cent.”.
num: 6
paragraphs: — Section 110 (inserted by the Finance Act, 1990 ) of the Income Tax Act, 1967 , is hereby amended—
(a) by renumbering the existing provision as subsection (1) of that section, and
(b) by the addition of the following subsections:
“(2) Where (apart from this subsection) emoluments from an office or employment would be for a year of assessment in which a person does not hold the office or employment, the following provisions shall apply for the purposes of subsection (1):
(a) if in the year concerned the office or employment has never been held, the emoluments shall be treated as emoluments for the first year of assessment in which the office or employment is held, and
(b) if in the year concerned the office or employment is no longer held, the emoluments shall be treated as emoluments for the last year of assessment in which the office or employment was held.
num: 7
paragraphs: —As respects the year 1991-92 and subsequent years of assessment, section 138B (inserted by the Finance Act, 1980 ) of the Income Tax Act, 1967 , is hereby amended by the addition after subsection (2) of the following subsection:
“(3) Where an individual is in receipt of profits or gains from an office or employment held or exercised outside the State, such profits or gains shall be deemed to be emoluments within the meaning of subsection (2) if such profits or gains—
(a) are chargeable to tax in the country in which they arise, and
(b) are, on payment by the person making such payment, subject to a system of tax deduction which is similar in form to that provided for in Chapter IV of Part V, and
num: 8
paragraphs: —As respects the year 1991-92 and subsequent years of assessment, section 142A (inserted by the Finance Act, 1982 ) of the Income Tax Act, 1967 , is hereby amended by the substitution, in subsection (2), of the following paragraph for paragraph (b):
“(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), £2,000,
(ii) in the case of a widowed person, £1,500, and
(iii) in any other case, £1,000.”.
num: 9
paragraphs: — Section 6 of the Finance Act, 1982 , shall have effect for the purpose of ascertaining the amount of income on which an individual referred to therein is to be charged to income tax for the year 1991-92, as if in subsection (2)—
(a) “1991-92” were substituted for “1982-83”, and
(b) “£286” were substituted for “£312” in each place where it occurs.
num: 10
paragraphs: —(1) In this section, “qualifying lease”, “qualifying lessor” and “the specified amount” have the meanings respectively assigned to them by section 10 (1) of the Finance Act, 1985 .
(2) As respects a qualifying lease or qualifying leases made on or after the 30th day of January, 1991, the said section 10 (1) shall have effect as if references therein to £2,000 were references to—
(a) where the qualifying lease or qualifying leases is or are for a definite term of seven years or more, £4,000, and
(b) in every other case, £3,000:
Provided that, where the income of a qualifying lessor consists of, or includes, rent or rents from a qualifying lease or qualifying leases made before the 30th day of January, 1991, and from a qualifying lease or qualifying leases made on or after that date, the specified amount shall not exceed £4,000 or, as may be appropriate, £3,000.
num: 11
paragraphs: — Section 31 of the Finance Act, 1986 , is hereby amended, in the definition of “relevant deposit” in subsection (1)—
(a) by the insertion in paragraph (a), with effect as on and from the 3rd day of December, 1990, of the following subparagraph after subparagraph (i):
“(ia) the National Treasury Management Agency,”,
and
(b) by the substitution of the following paragraph for paragraph (e):
“(e) which is a deposit denominated in a foreign currency but not including such a deposit made by an individual on or after the 1st day of June, 1991:
Provided that, where on or after that date a deposit denominated in a foreign currency is made by an individual to a relevant deposit taker with whom that individual had a deposit denominated in the same foreign currency immediately prior to that date, such a deposit shall not be regarded as a relevant deposit,”.
num: 12
paragraphs: —(1) Subject to the following provisions of this section, the Revenue Commissioners may, if they think fit, and subject to any undertakings and conditions that they think proper to attach to the approval, approve for the purposes of Chapter II of Part I of the Finance Act, 1972 , a scheme of superannuation provided for under an agreement for the provision of services under section 58 of the Health Act, 1970 (hereafter in this section referred to as “a scheme”), as if it were a retirement benefits scheme within the meaning of that Chapter and notwithstanding that it does not satisfy one or more of the conditions set out in subsections (2) and (3) of section 15 of that Act.
num: 13
paragraphs: —(1) In this section “the Trust” means “The Great Book of Ireland Trust” established by trust deed dated the 12th day of December, 1990, for the purposes of—
(a) making and carrying to completion and selling a unique manuscript volume (hereafter in this section referred to as “The Great Book of Ireland”), and
(b) using the proceeds of the sale of The Great Book of Ireland for the benefit of—
(i) a company incorporated on the 5th day of August, 1986, as Clashganna Mills Trust Limited, and
(ii) a company incorporated on the 1st day of March, 1991, as Poetry Ireland Limited.
(2) Notwithstanding any provision of the Income Tax Acts,
(a) income arising to the trustees of the Trust in respect of the sale by it of The Great Book of Ireland, and
(b) payments made to the said companies under the Trust by the trustees of the Trust,
shall be disregarded for all the purposes of those Acts.
num: 14
paragraphs: —Chapter III of Part I of the Finance Act, 1984 , is hereby amended—
(a) in section 12, by the substitution of the following subsection for subsection (11):
“(11) This section applies only where the shares concerned are issued in the year 1984-85 or any of the 8 years of assessment immediately following.”,
and
(b) in section 13, by the substitution, in the provisos to subsections (2A) and (2B) (inserted by the Finance Act, 1987 ), of “the year 1992-93” for “the year 1990-91”,
and the said provisos, as so amended, are set out respectively in the Table to this section.
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Provided that this subsection shall not apply or have effect for any year of assessment subsequent to the year 1992-93.
Provided that this subsection shall not apply or have effect for any year of assessment subsequent to the year 1992-93.
num: 15
paragraphs: —(1) Subject to section 16 , Chapter III of Part I of the Finance Act, 1984 , is hereby further amended, as respects eligible shares issued on or after the 30th day of January, 1991—
(a) in section 12, by the deletion of the first proviso (inserted by the Finance Act, 1989 ) to paragraph (c) of subsection (1),
(b) in section 13, by the insertion after subsection (2) of the following proviso:
“Provided that, notwithstanding the provisions of subsection (2A), relief shall not be given to the extent to which the relief in respect of the amount, or the total of the amounts, subscribed by an individual for eligible shares issued to him (whether or not by the same company) in all years of assessment (being the year 1984-85 and subsequent years) exceeds £75,000.”,
(c) in section 13A (inserted by the Finance Act, 1989 ), by the substitution of the following subsection for subsection (1)—
“(1) Subject to the following provisions of this section, where a company raises any amount through the issue of eligible shares (hereafter in this section referred to as the ‘relevant issue’) on any day falling on or after the 30th day of January, 1991, relief shall not be given in respect of the excess of the amount over the amount determined by the formula—
£500,000 − A
where A is—
(a) £500,000, or
(b) an amount equal to the aggregate of all amounts raised by the company through the issue of eligible shares at any time before the relevant issue,
whichever is the lesser amount.”,
(d) in section 15, by the deletion of subsection (13) (inserted by the Finance Act, 1987 ),
(e) in section 16—
(i) by the deletion, in subsection (2), of subparagraph (iii) of paragraph (a) (inserted by the Finance Act, 1987 ),
(ii) by the deletion, in paragraph (I) of the second proviso (inserted by the Finance Act, 1989 ) to subsection (2), of the words “except where it forms part of the carrying on of qualifying shipping activities within the meaning of section 28 of the Finance Act, 1987 ,”, and
(iii) by the substitution, in subsection (2A) (inserted by the Finance Act, 1987 )—
(I) of the following paragraph for paragraph (a) (inserted by the Finance Act, 1989 ):
“(a) the operation of tourist accommodation facilities, for which the Bord maintains a register in accordance with the Tourist Traffic Acts, 1939 to 1987, other than hotels, guest houses and self-catering accommodation,”,
and
(II) of the following paragraph for paragraph (c):
“(c) the promotion outside the State of—
(i) one or more tourist accommodation facilities for which the Bord maintains a register in accordance with the Tourist Traffic Acts, 1939 to 1987, or
(ii) any of the facilities mentioned in paragraph (b).”,
and
(f) in section 26, by the deletion of subsection (1A) (inserted by the Finance Act, 1987 ).
num: 16
paragraphs: —(1) In this section—
“auditor”, in relation to a company, or its qualifying subsidiary, means the person or persons appointed as auditor of the company, or its qualifying subsidiary, as appropriate, for all the purposes of the Companies Acts, 1963 to 1990;
“prospectus”, in relation to a company, means any prospectus, notice, circular, advertisement or other invitation, offering to the public for subscription or purchase any eligible shares (within the meaning of section 12 (2) of the Finance Act, 1984 ) of the company, and in this definition the term “the public” includes any section of the public, whether selected as members of the company or as clients of the person issuing the prospectus or in any other manner;
“qualifying subsidiary”, in relation to a company, has the same meaning as it has for the purposes of section 15 of the Finance Act, 1984 ;
“the specified period” means the period beginning on the 1st day of January, 1990, and ending on the 30th day of January, 1991.
(2) As respects eligible shares issued on or after the 30th day of January, 1991, but on or before the 31st day of August, 1991, by a company to which this section applies—
(a) subject to paragraph (b) of this subsection, section 15 , other than paragraphs (b) and (c) of subsection (1), shall not apply or have effect, and
(b) subsection (1) (as amended by section 15 (1) (c)) of section 13A (inserted by the Finance Act, 1989 ) of the Finance Act, 1984 , shall apply and have effect as if “£1,000,000” were substituted for “£500,000” in both places where it occurs.
(3) Subject to the conditions set out in subsection (4), this section applies to a company which, or whose qualifying subsidiary, either carries on or intends to carry on one or more of the qualifying trading operations mentioned in subparagraph (i) (as amended by the Finance Act, 1990 ), (ii) (inserted by the Finance Act, 1990 ), (iii) or (iv) of paragraph (a) (inserted by the Finance Act, 1987 ) of subsection (2) of section 16 of the Finance Act, 1984 .
(4) The following are the conditions referred to in subsection (3), that is to say:
(a) in the case of a company which, or whose qualifying subsidiary, either carries on or intends to carry on a qualifying trading operation as is mentioned in subparagraph (i) or (ii) of paragraph (a) of subsection (2) of section 16 of the Finance Act, 1984 , that—
(i) in the specified period the company or its qualifying subsidiary, as the case may be, had entered into a binding contract in writing—
(I) to purchase or lease land or a building,
(II) to purchase or lease plant or machinery, or
(III) for the construction or refurbishment of a building,
to be used in the carrying on of its qualifying trading operation, and
(ii) the company proves to the satisfaction of the Revenue Commissioners that—
(I) on or before the 30th day of January, 1991, it had an intention to raise money under the provisions of Chapter III of Part I of the Finance Act, 1984 , and
(II) the contract which it or its qualifying subsidiary, as the case may be, had entered into was integral to, or consistent with, the purpose for which it had intended to raise money as aforesaid:
Provided that, in determining whether they are satisfied that the company has complied with the requirements specified in subparagraph (ii) of this paragraph, the Revenue Commissioners shall have regard to either or both of the following—
(A) an application in writing made by the company to the Revenue Commissioners in the specified period for the opinion of the Revenue Commissioners as to whether the company would be a qualifying company for the purposes of Chapter III of Part I of the Finance Act, 1984 , and
(B) the publication in the specified period of a prospectus by, or on behalf of, the company;
(b) in the case of a company which, or whose qualifying subsidiary, either carries on or intends to carry on a qualifying trading operation as is mentioned in subparagraph (iii) of paragraph (a) of subsection (2) of section 16 of the Finance Act, 1984 , that—
(i) in the specified period the company or its qualifying subsidiary, as the case may be, had entered into a binding contract in writing for the purchase of a ship to be used in the carrying on of its qualifying trading operation, and
(ii) on or before the 30th day of January, 1991, the company or its qualifying subsidiary, as the case may be, had received a certificate from the Minister for the Marine certifying that the purchase of the ship was, is or would be eligible to be grant-aided under a statutory scheme of assistance for the purchase of ships administered by the Department of the Marine;
and
(c) in the case of a company which, or whose qualifying subsidiary, either carries on or intends to carry on a qualifying trading operation as is mentioned in subparagraph (iv) of paragraph (a) of subsection (2) of section 16 of the Finance Act, 1984 , that—
(i) on or before the 30th day of January, 1991, the company or its qualifying subsidiary, as the case may be, had submitted to, and had approved of by, Bord FÃ¡ilte Ãireann a three-year marketing and development plan as is mentioned in paragraph (a) of subsection (3A) (inserted by the Finance Act, 1987 ) of section 15 of the Finance Act, 1984 , in respect of its qualifying trading operation,
(ii) in the specified period the company or its qualifying subsidiary, as the case may be, had entered into a binding contract in writing—
(I) to purchase or lease land or a building,
(II) to purchase or lease plant or machinery, or
(III) for the construction or refurbishment of a building,
to be used in the carrying on of its qualifying trading operation, and
(iii) the company proves to the satisfaction of the Revenue Commissioners that the contract which it, or its qualifying subsidiary, as the case may be, had entered into was integral to, or consistent with, the three-year marketing and development plan approved of by Bord FÃ¡ilte Ãireann.
(5) For the purposes of subsection (4)—
(a) the date on which a contract was entered into by a company or, as the case may be, its qualifying subsidiary, and
(b) the date on which a prospectus was published by, or on behalf of, a company,
shall be confirmed in a certificate by the auditor of the company, or its qualifying subsidiary, as appropriate.
num: 17
paragraphs: —(1) Subject to subsection (3), section 13A (inserted by the Finance Act, 1989 ) of the Finance Act, 1984 , is hereby amended—
(a) by the insertion, after subsection (1) (as amended by section 15 (1) (c)), of the following subsections:
“(1A) Where a company raises any amount through a relevant issue on any day falling on or after the 12th day of March, 1991, and—
(a) any agreement, arrangement or understanding exists whereby—
(i) a qualifying trading operation or qualifying trading operations is or are carried on, or is or are to be carried on, by that company, or its qualifying subsidiary, and one or more other companies, or
(ii) different parts of what was formerly a single qualifying trading operation or a single set of qualifying trading operations are, or are to be, carried on by that company, or its qualifying subsidiary, and one or more other companies, or
(iii) separate qualifying trading operations—
(I) which together produce a single product or provide a single service, or
(II) which separately produce products or provide services that closely resemble, or are similar to, or are of the same kind or nature as, each other,
are, or are to be, carried on by that company, or its qualifying subsidiary, and one or more other companies, or
(iv) separate qualifying trading operations are, or are to be, carried on by that company, or its qualifying subsidiary, and one or more other companies acting together in pursuit of a common purpose or, either directly or indirectly, in accordance with the wishes or directions of, or under the control of, any person or any group of persons or groups of persons having a reasonable commonality of identity and who have or had the means or power, either directly or indirectly, to determine the trading operations to be carried on by each company,
and
(b) it could reasonably be considered that the purpose of, or one of the purposes of, the aforesaid agreement, arrangement or understanding is to circumvent the limitation imposed by subsection (1),
then, as respects that company, relief shall not be given in respect of the excess of the amount so raised over the amount determined by the formula—
£500,000 − B
___________
1 + C
where—
B is an amount equal to so much, as does not exceed £500,000, of the aggregate of all amounts raised through the issue of eligible shares at any time before the relevant issue by all of the companies (including that company) which are party to the aforesaid agreement, arrangement or understanding, and
C is the total number of companies, apart from that company or any of its qualifying subsidiaries, which are party to the aforesaid agreement, arrangement or understanding.
(1B) In subsection (1A), ‘qualifying subsidiary’, in relation to a company, has the same meaning as it has for the purposes of section 15.”,
(b) by the substitution of the following subsection for subsection (2):
“(2) In determining, for the purposes of the formula in subsection (1) or, as the case may be, the formula in subsection (1A), the amount to which paragraph (b) in subsection (1) or, as the case may be, the amount to which B in subsection (1A), relates, account shall not be taken of any amount—
(a) which is subscribed by a person other than an individual who qualifies for relief, or
(b) in respect of which relief is precluded by virtue of section 13.”,
and
(c) by the insertion, in subsection (3), of “or subsection (1A)” after “subsection (1)”,
and the said subsection (3), as so amended, is set out in the Table to this subsection.
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(3) Where, as a consequence of subsection (1) or subsection (1A), the giving of relief would be precluded on claims in respect of shares issued to two or more individuals, the available relief shall be divided between them respectively in proportion to the amounts which have been subscribed by them for the shares to which their claims relate and which would, apart from this section, be eligible for relief.
(2) Subject to subsection (3), section 15 of the Finance Act, 1984 , is hereby amended, in subsection (2), by the insertion after paragraph (b) of the following proviso to that paragraph:
“Provided that where a company raises any amount through the issue of eligible shares on any day falling on or after the 12th day of March, 1991, for the purposes of raising money for a qualifying trade which is being carried on by a qualifying subsidiary or which such a qualifying subsidiary intends to carry on the amount so raised shall be used for the purpose of acquiring eligible shares in the qualifying subsidiary and for no other purpose.”.
(3) Subsections (1) and (2) shall not apply or have effect in relation to—
(a) eligible shares issued on or before the 31st day of August, 1991, by a company to which section 16 applies, or
(b) eligible shares issued by a company, other than a company referred to in paragraph (a), which, on or before the 11th day of March, 1991—
(i) had made an application in writing to the Revenue Commissioners for the opinion of the Revenue Commissioners as to whether the company would be a qualifying company for the purposes of Chapter III of Part I of the Finance Act, 1984 , or
(ii) had published, or had published on its behalf, a prospectus:
Provided that the date on which the prospectus was published shall be confirmed in a certificate by the auditor of the company.
(4) In subsection (3) “auditor”, in relation to a company, and “prospectus”, in relation to a company, have the same meanings, respectively, as they have in section 16 .
num: 18
paragraphs: —(1) Section 31A (inserted by the Finance Act, 1976 ) of the Finance Act, 1975 , is hereby amended by the substitution of “1992” for “1990” (inserted by the Finance Act, 1989 )—
(a) in paragraph (iv) (inserted by the Finance Act, 1979 ) of the proviso to subsection (4) (a), and
(b) in each place where it occurs in subsections (7) and (9) (inserted by the Finance Act, 1984 ),
and the said paragraph (iv), the said subsection (7) (apart from the proviso) and the said subsection (9) (apart from 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, 1992.
(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, 1992, 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, 1992, 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, 1992,
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, 1992, 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 in subsection (3) of “1992-93” for “1990-91” (inserted by the Finance Act, 1989 ), and
(b) by the substitution of “1992” for “1990” (inserted by the Finance Act, 1989 ) in each place where it occurs in subsections (5) and (6) (inserted by the Finance Act, 1984 ),
and the said subsection (3), the said subsection (5) (apart from the proviso) and the said subsection (6) (apart from the proviso), as so amended, are set out in the Table to this subsection.
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(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 1992-93.
(5) In the computation of a person's trading profits 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, 1992, 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 profits for any accounting period in which there is a decrease in stock value and which ends on or after the 6th day of April, 1992, 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, 1992,
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, 1992, 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, 1992:
(3) As respects disposals made on or after the 6th day of April, 1990, section 28 of the Finance Act, 1980 , is hereby amended in paragraph (b) of subsection (3) by the substitution in subparagraph (ii) of the following clause for clause (II) (inserted by the Finance Act, 1990 ):
“(II) the value of the said trading stock at the beginning of the immediately succeeding accounting period or, where appropriate, at the beginning of the immediately succeeding accounting period and at the beginning of the accounting period next after that period,”.
(4) This section shall have effect only as respects a trade of farming.
num: 19
paragraphs: —(1) Section 18 of the Finance Act, 1989 , is hereby amended in subsection (1)—
(a) by the substitution for the definition of “collective investment undertaking” of the following:
“‘collective investment undertaking’ means—
(a) a unit trust scheme which is, or is deemed to be, an authorised unit trust scheme within the meaning of the Unit Trusts Act, 1990 , and which has not had its authorisation under that Act revoked,
(b) any other undertaking which is an undertaking for collective investment in transferable securities within the meaning of the relevant Regulations, being an undertaking which holds an authorisation issued pursuant to the relevant Regulations and that authorisation has not been revoked, and
(c) any authorised investment company within the meaning of Part XIII of the Companies Act, 1990 , which—
(i) has not had its authorisation under that Part of the said Act revoked, and
(ii) has been designated in that authorisation as an investment company which may raise capital by promoting the sale of its shares to the public and has not ceased to be so designated;”,
and
(b) by the addition to the definition of “specified collective investment undertaking”, after paragraph (b) of that definition, of the following:
“and shall include any company limited by shares or guarantee which—
(c) is wholly owned by such a collective investment undertaking or its trustees, if any, for the benefit of the holders of units in that undertaking,
(d) is so owned solely for the purpose of limiting the liability of that undertaking or its trustees, as the case may be, in respect of futures contracts, options contracts or other financial instruments with similar risk characteristics, by enabling it or its trustees, as the case may be, to invest or deal in such instruments through the said company, and
(e) would, if references to an undertaking in paragraph (a) were to be construed as including references to a company limited by shares or guarantee, satisfy the condition set out in paragraph (a);”,
and the said definition, as so amended, is set out in the Table to this section.
(2) References to a collective investment undertaking in section 18 (as amended by this section) of the Finance Act, 1989 , apart from such references in the definition of a specified collective investment undertaking in subsection (1) of that section (as so amended), shall include references to a company limited by shares or guarantee which is a specified collective investment undertaking within the meaning of that section (as so amended).
(3) (a) Subject to paragraph (b), subsection (1) (a) shall be deemed to have effect as on and from the 26th day of December, 1990.
(b) The definition of “collective investment undertaking”, as inserted by this section, in section 18 of the Finance Act, 1989 , shall be construed as if until the 1st day of February, 1991, that definition did not include paragraph (c) thereof and, accordingly, that paragraph shall be deemed to have effect as on and from that day.
(c) Subsections (1) (b) and (2) shall be deemed to have effect as on and from the 1st day of April, 1991.
TABLE
“specified collective investment undertaking” means a collective investment undertaking—
(a) most of the business of which, to the extent that it is carried on in the State—
(i) (I) is carried on in the Area by the undertaking or by a qualifying management company of the undertaking or by the undertaking and the qualifying management company of the undertaking, or
(II) is not so carried on in the Area but—
(A) is so carried on in the State,
(B) would be so carried on in the Area but for circumstances outside the control of the person or persons carrying on the business, and
(C) is so carried on in the Area when the aforementioned circumstances cease to exist,
or
(ii) is carried on in the airport by the undertaking or by a qualifying management company of the undertaking or by the undertaking and the qualifying management company of the undertaking,
and
(b) save to the extent that such units are held by the undertaking itself or by the qualifying management company of the undertaking, all the holders of units in the undertaking are persons resident outside the State;
and shall include any company limited by shares or guarantee which—
(c) is wholly owned by such a collective investment undertaking or its trustees, if any, for the benefit of the holders of units in that undertaking,
(d) is so owned solely for the purposes of limiting the liability of that undertaking or its trustees, as the case may be, in respect of futures contracts, options contracts or other financial instruments with similar risk characteristics, by enabling it or its trustees, as the case may be, to invest or deal in such instruments through the said company, and
(e) would, if references to an undertaking in paragraph (a) were to be construed as including references to a company limited by shares or guarantee, satisfy the condition set out in paragraph (a);
num: 20
paragraphs: —(1) Notwithstanding any provision of the Corporation Tax Acts, profits arising to the National Treasury Management Agency (hereafter in this section referred to as “the Agency”) in any accounting period ending on or after the 3rd day of December, 1990, shall be exempt from corporation tax.
(2) Section 23 of the Capital Gains Tax Act, 1975 , shall apply to a gain accruing to the Agency as it does to a gain accruing to a body specified in that section.
(3) Notwithstanding any provision of the Tax Acts, any interest, annuity or other annual payment paid by the Agency shall be paid without deduction of income tax.
num: 21
paragraphs: —(1) Section 45 (as amended by section 32 of the Finance Act, 1990 ) of the Finance Act, 1986 , is hereby amended—
(a) in subsection (1)—
(i) by the substitution, in subparagraph (II) of paragraph (i) of the definition of “qualifying premises”, of “falls, or will by virtue of section 23 of the Finance Act, 1991 fall” for “falls”,
(ii) by the deletion of the definition of “relevant rental period”, and
(iii) by the addition of the following paragraph after paragraph (b):
“(c) For the purposes of this section, so much of a period, being a period when rent is payable by a person in relation to a qualifying premises under a qualifying lease, shall be a relevant rental period as does not exceed—
(i) 10 years, or
(ii) the period by which 10 years exceeds—
(I) any preceding period, or
(II) if there is more than one preceding period, the aggregate of preceding periods,
for which rent was payable by that person or any person connected with that person in relation to that premises under a qualifying lease.”,
and
(b) in subsection (2), by the substitution of “for a relevant rental period” for “in the relevant rental period” and the said subsection (2), other than the proviso, as so amended, is set out in the Table to this section.
(2) This section shall take effect as respects rent payable in relation to any qualifying premises under a qualifying lease entered into on or after the 18th day of April, 1991.
TABLE
(2) Where, in the computation of the amount of the profits or gains of a trade or profession, a person is, apart from this section, entitled to any deduction (hereafter in this subsection referred to as “the first-mentioned deduction”) on account of rent in respect of a qualifying premises occupied by him for the purposes of that trade or profession which is payable by him for a relevant rental period in relation to that qualifying premises under a qualifying lease, he shall be entitled in that computation to a further deduction equal to the amount of the first-mentioned deduction.
num: 22
paragraphs: —(1) The provisions (inserted by the Corporation Tax Act, 1976 , and amended by section 50 of the Finance Act, 1988 ) of the Income Tax Act, 1967 , specified in the Table to this section shall have effect as if the references to the 1st day of April, 1991 (as provided for in section 50 of the Finance Act, 1988 ) were references to the 1st day of April, 1996:
Provided that subsection (2A) (a) of section 254 of the Income Tax Act, 1967 , shall have such effect for the purposes only of section 51 (as amended by section 80 of the Finance Act, 1990 ) of the Finance Act, 1988 , section 81 of the Finance Act, 1990 , and Chapter VII of the Finance Act, 1991.
(2) (a) Subsection (3) of section 42 of the Finance Act, 1986 , is hereby repealed.
(b) This subsection shall be deemed to have come into effect on the 1st day of June, 1989.
TABLE
Subsection (2A) (a) of section 254 (industrial building allowance),
Paragraph (ii) of the proviso to subsection (1) and paragraph (ii) of the proviso to subsection (3) of section 264 (annual allowances),
Paragraph (iii) of the proviso to subsection (1) of section 265 (balancing allowances and balancing charges).
num: 23
paragraphs: — Section 19 (as amended by section 75 of the Finance Act, 1990 ) of the Finance Act, 1970 , is hereby amended—
(a) in subsection (1), by the substitution for “the relevant interest therein is sold” of “or within a period of one year after it commences to be used, the relevant interest therein is sold, then, provided that an allowance has not been claimed by any other person in respect of the said building or structure under Chapter II of Part XV or Chapter I of Part XVI of the Income Tax Act, 1967 ,”,
(b) in the proviso to subsection (1), by the substitution for “is used” of “is used or within the said period”, and
(c) in subsection (2)—
(i) by the substitution for “used, he” of “used, or within a period of one year after it commences to be used, he”,
(ii) by the deletion of “paragraph (b) of”,
(iii) by the substitution for paragraph (a) of the following:
“(a) if that sale is the only sale of the relevant interest before the building or structure is used or within the said period, the said subsection (1) shall have effect as if, in paragraph (b), ‘the said expenditure or to’ and ‘whichever is the less’ were omitted, and”,
and
(iv) in paragraph (b), by the substitution for “used” of “used or within the said period” and the substitution for “paragraph (b)” of “subsection (1)”,
and the said subsection (1) (including the proviso) and subsection (2), as so amended, are set out in the Table to this section.
TABLE
(1) Where expenditure is incurred on the construction of a building or structure and, before that building or structure is used, or within a period of one year after it commences to be used, the relevant interest therein is sold, then, provided an allowance has not been claimed by any other person in respect of the said building or structure under either Chapter II of Part XV or Chapter I of Part XVI of the Income Tax Act, 1967 —
(a) the expenditure actually incurred on the construction thereof shall be left out of account for the purposes of sections 254 , 264 , 265 and 266 of the Income Tax Act, 1967 ; but
(b) the person who buys that interest shall be deemed for those purposes to have incurred, on the date when the purchase price becomes payable, expenditure on the construction thereof equal to the said expenditure or to the net price paid by him for the said interest, whichever is the less:
Provided that, where the relevant interest in the building or structure is sold more than once before the building or structure is used or within the said period, the provisions of paragraph (b) shall have effect only in relation to the last of those sales.
(2) Where the expenditure incurred on the construction of a building or structure was incurred by a person carrying on a trade which consists, as to the whole or any part thereof, in the construction of buildings or structures with a view to their sale, and, before the building or structure is used, or within a period of one year after it commences to be used, he sells the relevant interest therein in the course of that trade, or, as the case may be, of that part of that trade, subsection (1) shall have effect subject to the following modifications—
(a) if that sale is the only sale of the relevant interest before the building or structure is used or within the said period, the said subsection (1) shall have effect as if, in paragraph (b), “the said expenditure or to” and “whichever is the less” were omitted, and
(b) if there is more than one sale of the relevant interest before the building or structure is used or within the said period, the said subsection (1) shall have effect as if the reference to the expenditure actually incurred on the construction of the building or structure were a reference to the price paid on the said sale.
num: 24
paragraphs: —(1) In this section—
“property investment scheme” means any scheme or arrangement made for the purpose, or having the effect, of providing facilities, whether promoted by way of public advertisement or otherwise, for the public or a section of the public to share, either directly or indirectly and whether as beneficiaries under a trust or by any other means, in income or gains arising or deriving from the acquisition, holding or disposal of, or of an interest in, a building or structure or a part thereof, but does not include a scheme or arrangement as respects which the Revenue Commissioners or, on appeal, the Appeal Commissioners, having regard to such information as may be produced to them, are of the opinion that—
(a) the manner in which persons share in the said income or gains, and
(b) the number of persons who so share,
are in accordance with a practice which commonly prevailed in the State during the period of 5 years ending immediately before the 30th day of January, 1991, for the sharing of such income or gains by persons resident in the State and such that the persons so sharing qualified for relief under—
(i) the proviso to subsection (1) of section 296 of the Income Tax Act, 1967 , or
(ii) subsection (6) of section 14 of the Corporation Tax Act, 1976 ;
“specified interest” means an interest in or deriving from a building or structure held by a person pursuant to a property investment scheme.
(2) Where a person holds a specified interest then, as respects expenditure incurred or deemed to be incurred on or after the 30th day of January, 1991, the proviso to subsection (1) of section 296 of the Income Tax Act, 1967 , and subsection (6) of section 14 of the Corporation Tax Act, 1976 , shall not have effect as respects an allowance under section 254 (as amended by section 74 of the Finance Act, 1990 ) or section 264 (as amended by section 50 of the Finance Act, 1988 ) of the said Act of 1967, which falls to be made to the person by reason of the holding by him of the specified interest.
(3) The Appeal Commissioners shall hear and determine an appeal made to them under this section as if it were an appeal against an assessment to income tax and all the provisions of the Income Tax Act, 1967 , relating to the rehearing of an appeal and the statement of a case for the opinion of the High Court on a point of law shall apply accordingly with any necessary modifications.
num: 25
paragraphs: — Section 22 of the Finance Act, 1974 , is hereby amended—
(a) by the insertion, in the proviso to subsection (2) (inserted by section 16 of the Finance Act, 1982 ), of the following paragraph after paragraph (b) (as amended by section 77 of the Finance Act, 1990 ):
“(c) notwithstanding subparagraph (iii) of paragraph (b), the maximum farm buildings allowances to be made under this section by means of an allowance increased under paragraph (a) in relation to capital expenditure incurred—
(i) on or after the 1st day of April, 1991, and before the 1st day of April, 1993,
(ii) for the purposes of the control of farmyard pollution, and
(iii) on works in respect of which grant-aid has been paid under—
(I) the programme, as amended, known as “the Farm Improvement Programme” which was implemented by the Minister for Agriculture and Food pursuant to Council Regulation (EEC) No. 797/85 of 12 March 1985 (1) , or
(II) the scheme known as “the Scheme of Investment Aid for the Control of Farmyard Pollution” which was implemented by the Minister for Agriculture and Food pursuant to an operational programme under Council Regulation (EEC) No. 2052/88 of 24 June 1988 (2) ,
whether claimed in one chargeable period or more than one such period, shall not, in the aggregate, exceed one-half of that capital expenditure.”,
and
(b) by the substitution, for subsection (2C) (inserted by section 77 of the Finance Act, 1990 ) of the following subsection:
“(2C) Notwithstanding any other provision of this section other than paragraph (c) of the proviso to subsection (2), no farm buildings allowance made in relation to capital expenditure incurred on or after the 1st day of April, 1992, shall be increased under this section.”.
(1)O.J. No. L 93 of 30.3.1985, p.1.
(2)O.J. No. L 185 of 15.7.1988, p.9.
num: 26
paragraphs: —(1) Notwithstanding any other provision of the Tax Acts, where, on or after the 6th day of April, 1991, any capital expenditure has been incurred on the refurbishment of a building or structure in respect of which an allowance falls to be made for the purposes of income tax or corporation tax, as the case may be, under Chapter II of Part XV or under Chapter I of Part XVI of the Income Tax Act, 1967 , sections 264 and 265 of the Income Tax Act, 1967 , shall have effect as if—
(a) in subsection (3) of the said section 264, and
(b) in paragraph (i) of the proviso to subsection (1) of the said section 265,
there were substituted “the capital expenditure on refurbishment of the building or structure was incurred” for “the building or structure was first used”.
(2) (a) In this section “refurbishment” means any work of construction, reconstruction, repair or renewal, including the provision or improvement of water, sewerage or heating facilities, carried out in the course of repair or restoration, or maintenance in the nature of repair or restoration, of a building or structure.
(b) For the purposes of giving effect to the provisions of this section insofar as the computation of a balancing allowance or balancing charge (within the meaning of Chapter I of Part XVI of the Income Tax Act, 1967 ), as the case may be, is concerned, there shall be made all such apportionments as are, in the circumstances, just and reasonable.
num: 27
paragraphs: — Section 29 of the Finance Act, 1984 , is hereby amended as respects any sale or transfer of securities (within the meaning of that section) made on or after the 18th day of May, 1991, by the substitution of the following subsections for subsections (2) and (3):
num: 28
paragraphs: —Section 84A (as amended by the Finance Act, 1990 ) of the Corporation Tax Act, 1976 , is hereby amended—
(a) by the insertion, after subsection (3A), of the following subsection:
“(3B) (a) Notwithstanding subsections (2), (3) and (3A), where at any time on or after the 31st day of December, 1991, the current amounts of relevant principal advanced by a company in respect of relevant securities held, directly or indirectly, by the company at that time is in excess of a limit, being a limit equal to 40 per cent of the total of the amounts of relevant principal advanced by the company in respect of relevant securities held, directly or indirectly, by the company on the 12th day of April, 1989, then any interest paid to the company in respect of relevant principal advanced by the company on or after the 31st day of December, 1991, which relevant principal is included in the current amounts of relevant principal, shall not be treated as a distribution for the purposes of this Act in the hands of the company:
Provided that—
(i) where the total of the amounts of relevant principal advanced by a company in respect of relevant securities held, directly or indirectly, by the company at any time on or after the 31st day of December, 1991, is less than the said limit, this paragraph shall have effect as if the said limit were the total of the amounts of relevant principal so advanced as at that time unless the company proves that it has, as far as possible, at all times on or after the 31st day of December, 1991, advanced to borrowers relevant principal in respect of the interest on which the provisions of paragraph (a) do not, or would not, apply by virtue of the provisions of paragraph (b), and
(ii) where at any time during the period commencing on the 18th day of April, 1991, and ending immediately before the 31st day of December, 1991, an amount of relevant principal which was advanced to a borrower, being a company which carries on one or more trading operations (within the meaning of subsection (1) of section 39A, as amended by the Finance Act, 1991, of the Finance Act, 1980 ) is repaid, this section shall have effect as if—
(I) references in paragraph (a) of this subsection, other than this paragraph of the proviso, to the 31st day of December, 1991, were references to the day on which the amount is repaid, and
(II) during that period—
(A) the reference in paragraph (i) of this proviso to relevant principal in respect of the interest on which the provisions of paragraph (a) do not, or would not, apply by virtue of the provisions of paragraph (b) were a reference to such principal in respect of the interest on which the provisions of paragraph (a) of subsection (3A) do not, or would not, apply by virtue of the provisions of paragraph (b) of that subsection, and
(B) the reference in paragraph (b) of subsection (3A) to paragraph (a) of that subsection were a reference to paragraph (a) of this subsection.
(b) Where, apart from this paragraph, any part of any interest paid to a company in respect of relevant principal advanced by the company on or after the 31st day of December, 1991, would not be treated as a distribution for the purposes of this Act in the hands of the company by virtue only of the provisions of paragraph (a), then the provisions of that paragraph shall not apply in relation to so much of that interest as is paid if—
(i) the specified trade is a trade which the borrower commenced to carry on after the 31st day of January, 1990, or is a specified trade of the borrower in respect of which he is committed, under a business plan approved by the Industrial Development Authority, the Shannon Free Airport Development Company Limited or ÃdarÃ¡s na Gaeltachta, to the creation of additional employment,
(ii) the specified trade of the borrower is selected by the Industrial Development Authority for inclusion in a list, approved by the Minister for Industry and Commerce and the Minister for Finance, which list specifies a particular amount of relevant principal in respect of each trade which amount is considered to be essential for the success of that trade, and
(iii) the borrower, or a company connected (within the meaning of section 157 (5)) with the borrower, is not a company which commenced to carry on relevant trading operations (within the meaning of section 39B of the Finance Act, 1980 ) after the 20th day of April, 1990, or intends to commence to carry on such trading operations:
Provided that this paragraph shall not apply to any interest in respect of any relevant principal advanced after the time the total of the amounts of relevant principal to which this paragraph applies, advanced by all lenders who have made such advances, exceeds the aggregate of—
(a) £250,000,000, and
(b) the excess, if any, of the amount specified in the proviso to paragraph (b) of subsection (3A) over the total of the amounts of relevant principal to which that paragraph applies advanced by all lenders who have made such advances.”,
(b) by the insertion, after subsection (4), of the following subsection:
“(4A) (a) Interest paid to a company in respect of—
(i) relevant principal, denominated in a currency other than Irish currency, and
(ii) a relevant period which begins on or after the 30th day of January, 1991,
shall not be a distribution for the purposes of this Act in the hands of the company if at any time during the said period the rate on the basis of which that interest is computed exceeds 80 per cent, of the rate known as the three month Dublin Interbank Offered Rate on Irish pounds (hereafter in this subsection referred to as the ‘three month Dublin Interbank Offered Rate’) a record of which is maintained by the Central Bank of Ireland.
(b) Paragraph (a) shall not apply to any interest which is paid to a company in respect of relevant principal advanced by the company—
(i) before the 30th day of January, 1991, under an agreement entered into before that day if, on that day, the rate on the basis of which interest in respect of the relevant security falls to be computed exceeds 80 per cent of the three month Dublin Interbank Offered Rate,
(ii) on or after the 30th day of January, 1991, for the purposes of a specified trade—
(I) which is included in a list referred to in subparagraph (iv) of paragraph (b) of subsection (3A) or subparagraph (ii) of paragraph (b) of subsection (3B), and
(II) of a borrower who is certified by the Minister for Industry and Commerce as having received an undertaking that the said interest would be treated as a distribution,
(iii) on or after the 18th day of April, 1991, where the rate on the basis of which that interest is computed exceeds 80 per cent of the three month Dublin Interbank Offered Rate by reason only that the relevant principal advanced is denominated in sterling, or
(iv) to a borrower which is a company carrying on one or more trading operations (within the meaning of subsection (1) of section 39A, as amended by the Finance Act, 1991, of the Finance Act, 1980 ).
(c) In paragraph (a) ‘relevant period’ means a period which commences at a time at which, in accordance with the terms of the agreement under which the relevant principal secured by the said relevant security is advanced, an amount representing the interest for the use of the said relevant principal falls to be paid, and ending at a time immediately before the next time at which such an amount falls to be paid.”,
(c) in subsection (3A)—
(i) by the substitution, in paragraph (a), of “in this subsection and in subsection (3B)” for “in this subsection”,
(ii) by the substitution, in paragraph (c), of “this subsection and subsection (3B)” for “this subsection” and of “a day” for “the 31st day of January, 1990,”, and
(iii) by the substitution, in paragraph (d), of “this subsection and subsection (3B)” for “this subsection”,
(d) in subsection (5), by the substitution of “In subsections (2), (3), (3A), (3B), (4) and (4A)” for “In subsections (2), (3), (3A), and (4)”, and
(e) in subsection (6), by the substitution of “in subsections (2), (3A), (3B), (4) and (4A)” for “in subsections (2) and (3A)”.
num: 29
paragraphs: — Section 87 of the Corporation Tax Act, 1976 , is hereby amended, as respects any acquisition of shares on or after the 25th day of July, 1990, in subsection (4) by the addition of the following paragraph after paragraph (d):
“(e) Nothing in this subsection shall require a company, which is a subsidiary (being a subsidiary within the meaning of section 155 of the Companies Act, 1963 ) of another company to be treated as making a distribution where it acquires shares in the other company pursuant to section 9 (1) of the Insurance Act, 1990 .”.
num: 30
paragraphs: —(1) Section 35 of the Corporation Tax Act, 1976 , is hereby amended as respects any accounting period ending on or after the 31st day of December, 1990:
(a) by the addition after subsection (1) of the following subsection:
“(1A) Where a company's trading operations consist solely of a foreign life assurance business as defined in paragraph (a) of subsection (4) of section 36 of the Finance Act, 1988 , then—
num: 31
paragraphs: —(1) In this section—
“qualifying asset” means a loan made by a company (hereafter in this section referred to as “the original lender”) on the security of a mortgage of a freehold or leasehold estate or interest in the ordinary course of a trade carried on by it which consists of or includes the lending of money on such security;
“qualifying company” means a company resident in the State which carries on a business of the management of qualifying assets which it acquired from the original lender or original lenders, as the case may be, and does not carry on any other business:
Provided that a company shall not be a qualifying company if any transaction is carried out by it otherwise than by way of a bargain made at arm's length.
(2) For the purposes of the Tax Acts—
num: 32
paragraphs: —(1) Section 39 (as amended by section 41 of the Finance Act, 1990 ) of the Finance Act, 1980 , is hereby amended by the substitution in paragraph (a) of subsection (3) of “Notwithstanding any other provision of the Tax Acts, the definition” for “The definition”, and the said paragraph (a), as so amended, is set out in the Table to this section.
(2) This section shall be deemed to have come into effect as respects any relevant accounting period (within the meaning of section 38 of the Finance Act, 1980 ) beginning on or after the 1st day of April, 1990.
TABLE
(a) Notwithstanding any other provision of the Tax Acts, the definition of “goods” in subsection (1) shall not include goods sold to the intervention agency and, for the purposes of this exclusion, the sale of goods to a person other than the intervention agency shall be deemed to be a sale to the intervention agency if and to the extent that those goods are ultimately sold to the intervention agency.
num: 33
paragraphs: —Section 39A (as amended by section 23 of the Finance Act, 1989 ) of the Finance Act, 1980 , is hereby amended—
(a) in subsection (1), by the substitution of the following definition for the definition of “trading operation”:
“‘trading operation’ means any trading operation which, apart from this section and subsection (1CC4) (inserted by section 41 of the Finance Act, 1990 ) of section 39 of this Act is not the manufacture of goods for the purpose of this Chapter but is carried on by a qualified company.”,
and
(b) in subsection (2), by the substitution of “31st day of December, 2005” for “31st day of December, 2000”.
num: 34
paragraphs: —Section 39B (as amended by section 36 of the Finance Act, 1988 ) of the Finance Act, 1980 , is hereby amended by the substitution in subsection (2) of “31st day of December, 2005” for “31st day of December, 2000”.
num: 35
paragraphs: — Section 41 of the Finance Act, 1990 , is hereby amended by the substitution of the following proviso for the proviso to subsection (6):
“Provided that corporation tax payable by a company shall not be reduced by virtue of this section if that corporation tax would not have been so reduced if the provisions of subsection (1CC2) (inserted by the Finance Act, 1987 ) of section 39 of the Finance Act, 1980 , had not been enacted.”.
num: 36
paragraphs: —(1) (a) In this section—
“arrangements” means arrangements having the force of law by virtue of section 361 of the Income Tax Act, 1967 ;
“bilateral agreement” means any arrangements, protocol or other agreement between the Government and the government of another Member State;
“company” means a company of a Member State;
“company of a Member State” has the meaning assigned to it by Article 2 of the Directive;
“the Directive” means Council Directive No. 90/435/EEC of 23 July 1990 * , on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States;
“distribution” means income from shares or from other rights, not being debt claims, to participate in a company's profits, and includes any amount assimilated to income from shares under the taxation laws of the State of which the company, making the distribution, is resident;
“foreign tax” means any tax which—
(i) is payable under the laws of a Member State other than the State, and
(ii) (I) is specified in paragraph (c) of Article 2 of the Directive, or
(II) is substituted for, and is substantially similar to, a tax so specified;
“Member State” means a Member State of the European Economic Community;
“parent company” means a company resident in the State which owns at least 25 per cent. of the share capital of a company not so resident:
Provided that where a bilateral agreement contains a provision to the effect—
(i) that a company shall only be a parent company during any uninterrupted period of at least two years throughout which at least 25 per cent. of the share capital of the company which is not resident in the State is owned by the first-mentioned company, or
(ii) that—
(I) the requirement (being the requirement for the purposes of this definition) that a company resident in the State own at least 25 per cent. of the share capital of the company which is not so resident shall be treated as a requirement that the company so resident holds at least 25 per cent. of the voting rights in the company which is not so resident, or
(II) the said requirement shall be so treated and a company shall only be a parent company during any uninterrupted period of at least two years throughout which at least 25 per cent. of the voting rights in the company which is not resident in the State is held by the first-mentioned company,
then, in its application to a company to which the provision in the bilateral agreement applies, this definition shall have effect subject to that provision and be construed accordingly.
(b) For the purposes of this section a company shall be a subsidiary of another company which owns shares or holds voting rights in it where the other company's ownership of those shares or holding of those rights is sufficient for that other company to be a parent company.
(c) A word or expression that is used in this section and is also used in the Directive has, unless the contrary intention appears, the same meaning in this section that it has in that Directive.
(2) Subject to subsections (3) and (4), where, on or after the 1st day of January, 1992, a parent company receives a distribution chargeable in the State to corporation tax, other than a distribution in a winding up, from its subsidiary:
(a) credit shall be allowed for—
(i) any withholding tax charged on the distribution by the Federal Republic of Germany, the Hellenic Republic or the Portuguese Republic, pursuant to the derogations provided for in Article 5 of the Directive, and
(ii) any foreign tax, not chargeable directly or by deduction in respect of the distribution, which is borne by the company making the distribution, and is properly attributable to the proportion of its profits which is represented by the distribution, in so far as that foreign tax exceeds so much of any tax credit in respect of the distribution as is payable to the parent company by the Member State in which the company making the distribution is resident,
against corporation tax in respect of the distribution to the extent that credit for such withholding tax and foreign tax would not otherwise be so allowed, and
(b) notwithstanding any provision of Part XXXI of the Income Tax Act, 1967, the distribution shall not be a dividend to which that Part applies.
num: 37
paragraphs: — Section 25 (as amended by section 38 of the Finance Act, 1990 ) of the Finance Act, 1989 , shall have effect as respects dividends paid on or after the 6th day of April, 1991, as if in subsection (3) (a) for “6th day of April, 1991” there was substituted “6th day of April, 1992”:
Provided that a company shall not be entitled, by virtue of this section, to specify, in accordance with subsection (1) of the said section 25, that a distribution, being an interim dividend, or part of it is to be treated as made for the accounting period in which it is made where—
(a) the circumstances of the company are such that, if the distribution or the part of it, as the case may be, were treated as made for the accounting period in which it is made, the company would be unable, at the time when the interim dividend is paid, to determine without recourse to estimation, how much of the distribution or the part of it, as the case may be, would, in accordance with subsection (1) of section 45 (as amended by section 24 of the Finance Act, 1989 ) of the Finance Act, 1980 , be treated as a specified distribution for the purposes of subsection (2) of the said section 45, or
(b) that treatment of the distribution or the part of it, as the case may be, as made for the accounting period in which it is made, would facilitate any arrangement whereby the tax credit in respect of a dividend received by a shareholder could exceed the tax credit, if any, in respect of a dividend received by another shareholder, notwithstanding that the shareholdings of those shareholders carry the same or substantially similar rights in respect of dividends and capital.
num: 38
paragraphs: —As respects contracts entered into on or after the 1st day of April, 1991, section 30 of the Finance Act, 1988 , is hereby amended by the substitution of the following subsection for subsection (1):
“(1) In this section ‘financial futures’ and ‘traded options’ mean, respectively, financial futures and traded options which are for the time being dealt in or quoted on any futures exchange or any stock exchange, whether or not that exchange is situated in the State”.
num: 39
paragraphs: — Section 45 of the Finance Act, 1990 , is hereby amended by the substitution, in paragraph (a) of subsection (2), of “31st day of March, 1992” for “31st day of March, 1991”.
num: 40
paragraphs: — Section 41 of the Finance Act, 1988 , is hereby amended with effect from the 1st day of January, 1991, in paragraph (a) of subsection (1)—
(a) by the substitution for the definition of “investment plan” of the following:
“‘investment plan’ means a plan of a company resident in the State which is directed towards the creation or maintenance of employment in the State in trading operations carried on, or to be carried on, in the State and which has been submitted—
(i) prior to the commencement of its implementation, or
(ii) where the Minister is satisfied that there was reasonable cause for it to be submitted after the commencement of its implementation, within one year from that commencement,
to the Minister by the company for the purpose of enabling it to claim relief under this section;”,
and
(b) by the substitution for the definition of “relevant dividends” of the following:
“‘relevant dividends’ means dividends, received on or after the 6th day of April, 1988, by a company resident in the State (being the company claiming relief under this section) from a foreign subsidiary of the company, which are—
(i) specified in a certificate given by the Minister under subsection (2), and
(ii) applied, not earlier than the 6th day of April, 1988, and within a period—
(I) which begins one year before the first day on which the dividends so specified are received in the State, or at such earlier time as the Revenue Commissioners may by notice in writing allow, and
(II) which ends two years after the first day on which the dividends so specified are received in the State, or at such later time as the Revenue Commissioners may by notice in writing allow,
for the purposes of an approved investment plan;”.
num: 41
paragraphs: —Notwithstanding any provision of the Corporation Tax Acts, profits arising in any accounting period ending after the 1st day of January, 1991, to An Bord Pinsean — The Pensions Board shall be exempt from corporation tax.
num: 42
paragraphs: — Section 26 of the Capital Gains Tax Act, 1975 , is hereby amended—
(a) by the substitution in subsection (1) of “£200,000” for “£50,000” in each place where it occurs, and
(b) by the substitution in subsection (6) (a) (as amended by the Finance Act, 1990 ) of the following definition for the definition, other than the proviso thereto, of “qualifying assets”:
“‘qualifying assets’, in relation to a disposal, includes the chargeable business assets of the individual which, apart from tangible movable property, he has owned for a period of not less than ten years ending with the disposal and the shares or securities which he has owned for a period of not less than ten years ending with the disposal, being shares or securities of a company which has been a trading or a farming company and his family company or a member of a trading group of which the holding company is that individual's family company during a period of not less than ten years ending with the disposal and of which he has been a working director for a period of not less than ten years during which period he has been a full time working director of the said company for a period of not less than five years:”.
num: 43
paragraphs: —(1) This section applies to an object in the following category, that is to say, any picture, print, book, manuscript, sculpture, piece of jewellery or work of art—
(a) which, in the opinion of the Revenue Commissioners, after such consultation (if any) as may seem to them to be necessary with such person or body of persons as in their opinion may be of assistance to them, has a market value of not less than £25,000 at the date when it is loaned to a gallery or museum in the State, being a gallery or museum approved of by the Revenue Commissioners for the purposes of this section, and
(b) which is the subject of or included in a display to which the public is afforded reasonable access in the gallery or museum to which it has been loaned for a period (hereafter in this section referred to as the “qualifying period”) of not less than 6 years from the date it is so loaned.
(2) Where, after the end of the qualifying period, a disposal of an object to which this section applies is made by the person who had loaned it in the circumstances described in subsection (1) the disposal shall be treated for the purposes of the Capital Gains Tax Acts as being made for such consideration as to secure that neither a gain nor a loss accrues on the disposal.
(3) This section shall have effect from the 18th day of April, 1991.
num: 44
paragraphs: — Section 33 of the Finance Act, 1989 , is hereby amended in subsection (2):
(a) by the substitution of the following paragraph for paragraph (c):
“(c) Dublin City and County Regional Tourism Organisation Limited,”,
(b) by the substitution of the following paragraph for paragraph (e):
“(e) South-West Regional Tourism Organisation Limited,”,
and
(c) by the substitution of the following paragraphs for paragraphs (g) and (h) respectively:
“(g) The North-West Regional Tourism Organisation Limited,
(h) Midlands-East Regional Tourism Organisation Limited, and”.
num: 45
paragraphs: — Section 9 (as amended by section 23 of the Finance Act, 1990 ) of the Finance Act, 1988 , is hereby amended—
(a) in subsection (1)—
num: 46
paragraphs: — Section 10 (as amended by section 23 of the Finance Act, 1990 ) of the Finance Act, 1988 is hereby amended—
(a) by the insertion in paragraph (a) of subsection (1) of “or capital gains tax” after “chargeable to income tax” in both places where it occurs, and the said paragraph (a), as so amended, is set out in the Table to this section,
(b) by the substitution for the proviso to subsection (6) of the following proviso:
“Provided that—
(i) where, before the passing of this Act, a person has been given notice by the inspector that he need not prepare and deliver a return for or until a specified chargeable period or until the happening of any event, he shall be deemed to have been given notice to that effect under this subsection;
(ii) where a person who has been given a notice under this subsection is chargeable to capital gains tax for any chargeable period, this subsection shall not operate to remove his obligation under subsection (1) to make a return of his chargeable gains for that chargeable period.”,
(c) by the substitution of the following subsection for subsection (10):
“(10) A certificate signed by an inspector which certifies that he has examined the relevant records and that it appears from them—
(a) that, as respects a chargeable period, a named person is a chargeable person, and
(b) that, on or before the specified return date for the chargeable period, a return in the prescribed form was not received from that chargeable person,
shall be evidence until the contrary is proved that the person so named is a chargeable person as respects that chargeable period and that that person did not, on or before the specified return date, deliver that return and a certificate certifying as provided by this subsection and purporting to be signed by an inspector may be tendered in evidence without proof and shall be deemed until the contrary is proved to have been signed by such inspector.”.
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(a) in the case of a chargeable person, who is chargeable to income tax or capital gains tax for a chargeable period which is a year of assessment, all such matters and particulars as would be required to be contained in a statement delivered pursuant to a notice given to the chargeable person by the appropriate inspector under section 169 of the Income Tax Act, 1967 , if the period specified in such notice were the year of assessment which is the relevant chargeable period, and where the chargeable person is an individual who is chargeable to income tax or capital gains tax for a relevant chargeable period, in addition to such matters and particulars as aforesaid, all such matters and particulars as would be required to be contained in a return for the period delivered to the appropriate inspector pursuant to a notice given to the chargeable person by the appropriate inspector under section 172 of the said Act, or
num: 47
paragraphs: — Section 12 of the Finance Act, 1988 , is hereby amended—
(a) by the substitution for paragraph (a) of the proviso to subsection (7) of the following paragraph:
“(a) interest shall not be payable under this subsection—
(i) if it amounts to less than £10, or
(ii) to the extent that the said excess arises from relief provided for by subsection (4) of section 98 of the Corporation Tax Act, 1976 ,
and”,
and
(b) by the insertion after subsection (10) of the following subsection:
“(11) This section shall not, except for the provisions of subsection (7), apply as respects capital gains tax.”.
num: 48
paragraphs: — Section 13 of the Finance Act, 1988 , is hereby amended by the addition of the following subsection after subsection (6):
“(7) Nothing in this section shall prevent an inspector from making an assessment in accordance with the provisions of—
(a) section 5 (3) of the Capital Gains Tax Act, 1975 , and, notwithstanding the provisions of section 11 and section 18, tax specified in such an assessment shall be due and payable in accordance with the provisions of the said section 5 (3), or
num: 49
paragraphs: — Section 14 of the Finance Act, 1988 , is hereby amended by the insertion in subsection (5) of “or, as respects capital gains tax, chargeable gains,” after “income, profits or gains”, and the said subsection (5), as so amended, is set out in the Table to this section.
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(5) Section 186 of the Income Tax Act, 1967 , and section 144 (5) (a) of the Corporation Tax Act, 1976 , shall not apply in the case of a chargeable person for any relevant chargeable period and all matters which would have been included in an additional first assessment under those sections shall be included in an amendment of the first assessment or first assessments made in accordance with this section and, for this purpose, where any amount of income, profits or gains or, as respects capital gains tax, chargeable gains, was omitted from the first assessment or first assessments or the tax stated in the first assessment or first assessments was less than the tax payable by the chargeable person for that chargeable period, there shall be made such adjustments or additions (including the addition of a further first assessment) to the first assessment or first assessments as are necessary to rectify the omission or to ensure that the tax so stated is equal to the tax so payable by the chargeable person.
num: 50
paragraphs: — Section 15 of the Finance Act, 1988 , is hereby amended by the insertion in subsection (1) of “or, as respects capital gains tax, chargeable gains,” after “income, profits or gains”, and the said subsection (1), as so amended, is set out in the Table to this section.
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(1) For the purpose of making an assessment on a chargeable person for a relevant chargeable period or for the purpose of amending such an assessment, the inspector may accept either in whole or in part any statement or other particular contained in a return delivered by the chargeable person for that chargeable period and he may assess any amount of income, profits or gains or, as respects capital gains tax, chargeable gains, or allow any deduction, allowance or relief by reference to such statement or particular; but the making of an assessment or the amendment of an assessment by reference to any such statement or particular contained in the chargeable person's return shall not preclude the inspector from making suchenquiries or taking such actions, within his powers, as he considers necessary to satisfy himself as to the accuracy or otherwise of that statement or particular and, subject to section 14 (2), shall not preclude the inspector from amending or further amending an assessment in such manner as he considers appropriate:
Provided that any such enquiries and any such actions shall not be made in the case of any chargeable person for any relevant chargeable period at any time after the expiry of the period of 6 years commencing at the end of the chargeable period in which the chargeable person has delivered a return for the relevant chargeable period unless at that time the inspector has reasonable grounds for believing that the return is insufficient due to its having been completed in a fraudulent or negligent manner.
num: 51
paragraphs: — Section 17 of the Finance Act, 1988 , is hereby amended by the insertion in paragraphs (b) and (c) of subsection (1) of “or, as respects capital gains tax, chargeable gains,” after “income, profits or gains” in each place where it occurs, and the said paragraphs (b) and (c), as so amended, are set out in the Table to this section.
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(b) the amount of any income, profits or gains or, as respects capital gains tax, chargeable gains, or the amount of any allowance, deduction or relief specified in an assessment or an amended assessment made on a chargeable person for a relevant chargeable period where the inspector has determined that amount by accepting without the alteration of and without departing from the statement or statements or the particular or particulars with regard to income, profits or gains or, as respects capital gains tax, chargeable gains, or allowances, deductions or reliefs specified in the return delivered by the chargeable person for that chargeable period, or
(c) the amount of any income, profits or gains or, as respects capital gains tax, chargeable gains, or the amount of any allowance, deduction or relief specified in an assessment or an amended assessment made on a chargeable person for a relevant chargeable period where that amount had been agreed between the inspector and the chargeable person, or any person authorised by the chargeable person in that behalf, prior to the making of the assessment or the amendment of the assessment, as the case may be.
num: 52
paragraphs: — Section 18 (as amended by section 24 of the Finance Act, 1990 ) of the Finance Act, 1988 , is hereby amended—
(a) by the substitution of the following subsection for subsection (1)—
“(1) Preliminary tax appropriate to a relevant chargeable period shall be due and payable—
(a) where the chargeable period is a year of assessment for income tax, on or before the 1st day of November in that year of assessment,
(b) where the chargeable period is a year of assessment for capital gains tax, on or before the 1st day of November next following that year of assessment, or
(c) where the chargeable period is an accounting period of a company, within the period of 7 months from the end of the accounting period,
and references in this Chapter to the due date for the payment of an amount of preliminary tax shall, accordingly, be construed as references to the 1st day of November in the relevant year of assessment, the 1st day of November next following that year ofassessment or the last day of that period of 7 months, as the case may be.”,
and
(b) in subsection (3), by the insertion of the following additional proviso after paragraph (II) of the proviso to subparagraph (ii) of paragraph (b):
“Provided also that, for the purpose of this subparagraph, where the chargeable person is chargeable to income tax for a chargeable period being the year of assessment 1991-92 or any subsequent year of assessment, the tax payable for the immediately preceding chargeable period shall be determined without regard to any relief to which the chargeable person is, or may become, entitled for that immediately preceding chargeable period under Chapter III of Part I of the Finance Act, 1984 .”.
num: 53
paragraphs: — Section 21 of the Finance Act, 1988 , is hereby amended—
(a) by the insertion in subsection (3), after “the inspector causes to issue”, of “manually or”, and the said subsection (3), as so amended, is set out in the Table to this section, and
(b) by the addition of the following subsections after subsection (6):
“(7) The provisions of this Chapter as respects due dates for payment of tax shall apply subject to the provisions of sections 37 (4) (b) (which provides for the postponement, in certain circumstances, of the payment of capital gains tax in the case of certain beneficiaries of a non-resident trust) and 44 (which provides for the payment of tax on certain chargeable gains by instalment, in certain circumstances) of the Capital Gains Tax Act, 1975 .
num: 54
paragraphs: —(1) In this Chapter—
num: 55
paragraphs: —(1) (a) In this subsection—
“multi-storey car-park” means a building or structure consisting of three or more storeys wholly or mainly in use for the purpose of providing, for members of the public generally without preference for any particular class of person, upon payment of an appropriate charge, parking for mechanically propelled vehicles;
“qualifying building” means a dwelling-house or other building or structure—
(i) which is constructed in the Temple Bar Area in the period from the 6th day of April, 1991, to the 5th day of April, 1996, and
(ii) which would be qualifying premises for the purposes of section 42 , 44 or 45 of the Finance Act, 1986 , as the case may be, in the circumstancesdescribed in section 54 (3), if paragraph (a) of the definition of “qualifying premises” in subsection (1) of the said section 42 had not been enacted.
(b) As respects any qualifying building, the following provisions shall have effect, as appropriate, in the following manner, that is to say—
(i) section 42 of the Finance Act, 1986 , other than paragraph (a) of the definition of “qualifying premises” in subsection (1) of that section, shall have effect in its entirety as respects capital expenditure incurred on the construction of any such building and on the basis that subsection (4) of that section has effect as respects any qualifying building to which that section applies other than a multi-storey car-park;
(ii) section 44 of the Finance Act, 1986 , shall have effect as respects any qualifying expenditure (being qualifying expenditure for the purposes of that section) incurred on the construction but not on the refurbishment of any such building;
(iii) section 45 of the Finance Act, 1986 , shall have effect as respects rent payable for any such building.
(2) (a) In this subsection—
“qualifying building” means an existing dwelling-house or other building or structure in the Temple Bar Area as on the 1st day of January, 1991, which would be qualifying premises for the purposes of section 42 , 44 or 45 of the Finance Act, 1986 , as the case may be, in the circumstances described in section 54 (3), if paragraph (a) of the definition of “qualifying premises” in subsection (1) of the said section 42 had not been enacted;
“refurbishment” means any work of construction, reconstruction, repair or renewal, including the provision or improvement of water, sewerage or heating facilities, carried out in the course of repair or restoration, or maintenance in the nature of repair or restoration, of a building, which is consistent with the original character or fabric of the building.
(b) As respects any qualifying building, the following provisions shall have effect, as appropriate, in the following manner, that is to say—
(i) section 42 of the Finance Act, 1986 , other than paragraph (a) of the definition of “qualifying premises” in subsection (1) and subsection (4), shall have effect as respects capital expenditure incurred on the refurbishment of any such building;
(ii) section 44 of the Finance Act, 1986 , shall have effect as respects qualifying expenditure (being qualifying expenditure for the purposes of that section) incurred on the refurbishment of any such building—
(I) as if the definition of “refurbishment” in this subsection were substituted for the definition of“refurbishment” provided for in the said section 44, and
(II) as if the reference in subsection (2) of the said section 44 to “5 per cent.” were a reference to “10 per cent.”,
and
(iii) section 45 of the Finance Act, 1986 , shall have effect as respects rent payable in respect of any such building:
Provided that capital expenditure for the purposes of subparagraph (i) and expenditure for the purposes of subparagraph (ii) of this paragraph shall be deemed to include—
(I) any expenditure incurred on the purchase of the qualifying building which is the subject of the capital expenditure referred to in the said subparagraph (i) or the expenditure on refurbishment referred to in the said subparagraph (ii), as the case may be, other than expenditure incurred on the acquisition of, or of rights in or over, any land, or
(II) an amount which is equal to the amount of the value of the said building as on the 1st day of January, 1991, other than any amount of such value as is attributable to, or to rights in or over, any land,
whichever is the lesser, if the expenditure specified at clause (I) of this proviso or the amount specified at clause (II) of this proviso, as the case may be, is not greater than the amount of the capital expenditure referred to in the said subparagraph (i) or the amount of expenditure on refurbishment referred to in the said subparagraph (ii), as the case may be.
(3) Notwithstanding any other provision of the Tax Acts, where part of a qualifying building, within the meaning of subsection (1) (a) or (2) (a), is used for commercial purposes and part is used for residential purposes, the total amount of the expenditure incurred on the construction or refurbishment of the building shall be apportioned as between the respective parts of the building in such manner as is just and reasonable for the purpose of giving effect to the provisions of this section.
num: 56
paragraphs: —(1) As respects relevant expenditure to which this section applies, section 23 of the Finance Act, 1981 , shall have effect—
(a) as if for the definition of “qualifying period” (as provided for by section 27 of the Finance Act, 1988 ) in subsection (1) (a), there were substituted—
(i) where relevant expenditure is incurred in the designated area known as the Custom House Docks Area (as provided for by section 41 of the Finance Act, 1986 ), the following definition:
“‘qualifying period’ means the period commencing on the 30th day of January, 1991, and ending on the last day of the specified period (being the specified period within the meaning of section 41 of the Finance Act, 1986 );”,
(ii) where relevant expenditure is incurred in any other designated area (as so provided for and subject to section 27 of the Finance Act, 1987 ), the following definition:
“‘qualifying period’ means the period commencing on the 30th day of January, 1991, and ending on the 31st day of May, 1993;”,
(iii) where relevant expenditure is incurred in the area known as the Temple Bar Area, the following definition:
“‘qualifying period’ means the period commencing on the 30th day of January, 1991, and ending on the 5th day of April, 1996;”, or
(iv) where relevant expenditure is incurred in any other area, the following definition:
“‘qualifying period’ means the period commencing on the 1st day of April, 1991, and ending on the 31st day of March, 1992;”,
(b) as if in the definition of “qualifying premises” in the said subsection (1) (a) “90 square metres” were substituted for “75 square metres”, and
(c) where relevant expenditure is incurred in any area to which subparagraph (i), (ii) or (iii) of paragraph (a) of subsection (1) relates, as if section 30 of the Finance Act, 1983 , were deleted.
(2) In this section “relevant expenditure” means expenditure on the construction of a qualifying premises (being a qualifying premises within the meaning of subsection (1) (a) of section 23 of the Finance Act, 1981 ) incurred in the qualifying period (being the qualifying period within the meaning of subsection (1) (a) of the said section 23, subject to the provisions of subsection (1) (a) of this section):
Provided that expenditure to which section 24 of the Finance Act, 1981 , applies which is incurred in the Temple Bar Area shall be construed as expenditure on refurbishment (being refurbishment within the meaning of paragraph (a) of section 55 (2)) in the course of the conversion into two or more houses of a building which, prior to the conversion, had not been in use as a dwelling or had been in use as a single dwelling.
num: 57
paragraphs: —(1) This section applies to—
(a) expenditure incurred on refurbishment (being refurbishment within the meaning of paragraph (a) of section 55 (2)) of a specified building (being a specified building within the meaning of subsection (1) (a) of section 21 of the Finance Act, 1985 ) in the Temple Bar Area;
(b) relevant expenditure within the meaning of subsection (1) (a) of section 21 of the Finance Act, 1985 , incurred—
(i) in the designated area known as the Custom House Docks Area (as provided for by section 41 of the Finance Act, 1986 ) in the period commencing on the 30th day of January, 1991, and ending on the last day of the specified period (being the specified period within the meaning of the said section 41),
(ii) in any other designated area (as so provided for and subject to section 27 of the Finance Act, 1987 ) in the period commencing on the 30th day of January, 1991, and ending on the 31st day of May, 1993, and
(iii) in any other area, in the period commencing on the 1st day of April, 1991, and ending on the 31st day of March, 1992.
(2) As respects expenditure to which subsection (1) (a) applies, section 21 of the Finance Act, 1985 , shall be deemed to have effect—
(a) as if for the definition of “refurbishment” in paragraph (1) (a) of the said section 21, there were substituted the definition of “refurbishment” in paragraph (a) of section 55 (2),
(b) as if for the definition of “qualifying period” (as provided for by section 28 of the Finance Act, 1988 ) in subsection (2) (a) (iii) there were substituted the following definition:
“‘qualifying period’ means the period commencing on the 6th day of April, 1991, and ending on the 5th day of April, 1996;”,
and
(c) as if the proviso to subsection (2) of section 29, and subsections (3) and (4) of that section, of the Finance Act, 1983 , were deleted.
(3) As respects relevant expenditure to which subsection (1) (b) applies, section 21 of the Finance Act, 1985 , shall have effect—
(a) as if for the definition of “qualifying period” (as provided for by section 28 of the Finance Act, 1988 ) in subsection (2) (a) (iii) there were substituted—
(i) in the case of relevant expenditure within the meaning of subparagraph (i) of the said subsection (1) (b), the following definition:
“‘qualifying period’ means the period commencing on the 30th day of January, 1991, and ending on the last day of the specified period (being the specified period within the meaning of section 41 of the Finance Act, 1986 );”,
(ii) in the case of relevant expenditure within the meaning of subparagraph (ii) of the said subsection (1) (b), the following definition:
“‘qualifying period’ means the period commencing on the 30th day of January, 1991, and ending on the 31st day of May, 1993;”,
and
(iii) in the case of relevant expenditure within the meaning of subparagraph (iii) of the said subsection (1) (b), the following definition:
“‘qualifying period’ means the period commencing on the 1st day of April, 1991, and ending on the 31st day of March, 1992;”,
(b) as if the proviso to section 29 (2) of the Finance Act, 1983 , were deleted, and
(c) in the case of relevant expenditure within the meaning of subparagraphs (i) and (ii) of the said subsection (1) (b), as if subsections (3) and (4) of section 29 of the Finance Act, 1983 , were deleted.
num: 58
paragraphs: —(1) This section applies to—
(a) expenditure incurred on refurbishment (being refurbishment within the meaning of paragraph (a) of section 55 (2)) in the course of conversion into a house of a building in the Temple Bar Area not previously in use as a dwelling;
(b) expenditure within the meaning of section 22 of the Finance Act, 1985 , incurred—
(i) in the designated area known as the Custom House Docks Area (as provided for by section 41 of the Finance Act, 1986 ) in the period commencing on the 30th day of January, 1991, and ending on the last day of the specified period (being the specified period within the meaning of the said section 41),
(ii) in any other designated area (as so provided and subject to section 27 of the Finance Act, 1987 ) in the period commencing on the 30th day of January, 1991, and ending on the 31st day of May, 1993, and
(iii) in any other area in the period commencing on the 1st day of April, 1991, and ending on the 31st day of March, 1992.
(2) As respects expenditure to which subsection (1) (a) applies, section 22 of the Finance Act, 1985 , shall be deemed to have effect, subject to any necessary modifications—
(a) in subsections (1) and (2) of the said section 22, as if for “commencing on the 27th day of January, 1988, and ending on the 31st day of March, 1991,” (as provided for by section 29 of the Finance Act, 1988 ) there were substituted “commencing on the 6th day of April, 1991, and ending on the 5th day of April, 1996,”,
(b) as if subsection (2) of the said section 22 were deleted,
(c) in subsection (4) of the said section 22, as if for the definition of “qualifying period” (as so provided for) there were substituted the following definition:
“‘qualifying period’ means the period commencing on the 6th day of April, 1991, and ending on the 5th day of April, 1996;”,
(d) as if the proviso to section 29 (2) and section 30 of the Finance Act, 1983 , were deleted, and
(e) as if the said expenditure were expenditure within the meaning of subsection (1) of section 24 of the Finance Act, 1981 .
(3) (a) As respects expenditure to which subsection (1) (b) (i) applies, section 22 of the Finance Act, 1985 , shall have effect—
(i) in subsections (1) and (2) of the said section 22, as if for “commencing on the 27th day of January, 1988, and ending on the 31st day of March, 1991,” (as provided for by section 29 of the Finance Act, 1988 ) there were substituted “commencing on the 30th day of January, 1991, and ending on the last day of the specified period (being the specified period within the meaning of section 41 of the Finance Act, 1986 ),”,
(ii) in subsection (4) of the said section 22, as if for the definition of “qualifying period” (as so provided for) there were substituted the following definition:
“‘qualifying period’ means the period commencing on the 30th day of January, 1991, and ending on the last day of the specified period (being the specified period within the meaning of section 41 of the Finance Act, 1986 );”,
and
(iii) as if the proviso to section 29 (2) and section 30 of the Finance Act, 1983 , were deleted;
(b) as respects expenditure to which subsection (1) (b) (ii) applies, section 22 of the Finance Act, 1985 , shall have effect—
(i) in subsections (1) and (2) of the said section 22, as if for “commencing on the 27th day of January, 1988, and ending on the 31st day of March, 1991,” (as provided for by section 29 of the Finance Act, 1988 ) there were substituted “commencing on the 30th day of January, 1991, and ending on the 31st day of May, 1993,”,
(ii) in subsection (4) of the said section 22, as if for the definition of “qualifying period” (as so provided for) there were substituted the following definition:
“‘qualifying period’ means the period commencing on the 30th day of January, 1991, and ending on the 31st day of May, 1993;”,
and
(iii) as if the proviso to section 29 (2) and section 30 of the Finance Act, 1983 , were deleted;
(c) as respects expenditure to which subsection (1) (b) (iii) applies, section 22 of the Finance Act, 1985 , shall have effect—
(i) in subsections (1) and (2) of the said section 22 , and section 30 (2) of the Finance Act, 1983 , as if for “commencing on the 27th day of January, 1988, and ending on the 31st day of March, 1991,” (as provided for by section 29 of the Finance Act, 1988 ) there were substituted “commencing on the 1st day of April, 1991, and ending on the 31st day of March, 1992,”,
(ii) in subsection (4) of the said section 22, as if for the definition of “qualifying period” (as so provided for) there were substituted the following definition:
“‘qualifying period’ means the period commencing on the 1st day of April, 1991, and ending on the 31st day of March, 1992;”,
and
(iii) as if the proviso to section 29 (2) of the Finance Act, 1983 , were deleted.
num: 59
paragraphs: —(1) In this Chapter—
“the Act of 1975” means the Capital Gains Tax Act, 1975 ;
“the Act of 1976” means the Corporation Tax Act, 1976 ;
“chargeable period” means an accounting period of a company or a year of assessment;
“control” has the meaning given by section 158 of the Act of 1976;
“holding company” means a company whose business, disregarding any trade carried on by it, consists wholly or mainly of the holding of shares or securities of one or more companies which are its 51 per cent. subsidiaries;
“inspector”, in relation to any matter, means an inspector of taxes appointed under section 161 of the Income Tax Act, 1967 , and includes such other officer as the Revenue Commissioners shall appoint in that behalf;
“personal representatives” has the meaning assigned to it by section 450 (2) (a) of the Income Tax Act, 1967 ;
“quoted company” means a company whose shares, or any class of whose shares, are listed in the official list of a stock exchange or dealt in on an unlisted securities market;
“relevant day” means the day on which Part XI of the Companies Act, 1990 , comes into operation by order of the Minister for Industry and Commerce under section 2 of that Act;
“shares” includes stock;
“trade” does not include dealing in shares, securities, land, futures or traded options and “trading activities” shall be construed accordingly;
“trading company” means a company whose business consists wholly or mainly of the carrying on of a trade or trades;
“trading group” means a group the business of whose members, taken together, consists wholly or mainly of the carrying on of a trade or trades, and for this purpose “group” means a company which has one or more 51 per cent. subsidiaries together with those subsidiaries.
(2) References in this Chapter to the owner of shares are references to the beneficial owner except where the shares are held on trusts, other than bare trusts, or are comprised in the estate of a deceased person, and in such a case are references to the trustees or, as the case may be, to the deceased's personal representatives.
(3) References in this Chapter to a payment made by a company include references to anything else that is, or would but for section 61 be, a distribution.
(4) References in this Chapter to a company being unquoted shall be treated as references to a company which is neither a quoted company nor a 51 per cent. subsidiary of a quoted company.
num: 60
paragraphs: —(1) Where on or after the relevant day—
(a) a company purchases its own shares from a dealer, or
(b) a company, which is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of another company, purchases the other company's shares from a dealer,
num: 61
paragraphs: —(1) Notwithstanding any provision of Part IX of the Act of 1976, references in the Tax Acts to distributions of a company, other than any such references in sections 101 and 162 of the Act of 1976, shall be construed so as not to include references to a payment made on or after the relevant day by a company on the redemption, repayment or purchase of its own shares if the company is an unquoted trading company or the unquoted holding company of a trading group and either—
(a) (i) the redemption, repayment or purchase—
(I) is made wholly or mainly for the purpose of benefiting a trade carried on by the company or by any of its 51 per cent. subsidiaries, and
(II) does not form part of a scheme or arrangement the main purpose or one of the main purposes of which is to enable the owner of the shares to participate in the profits of the company or of any of its 51 per cent. subsidiaries without receiving a dividend,
and
(ii) the conditions specified in sections 62 to 66 , so far as applicable, are satisfied in relation to the owner of the shares, or
(b) the person to whom the payment is made—
(i) applies the whole, or substantially the whole, of the payment (apart from any sum applied in discharging his liability to capital gains tax, if any, in respect of the redemption, repayment or purchase) to discharging,
(I) within 4 months of the valuation date of a taxable inheritance of the company's shares taken by him, a liability to inheritance tax in respect of that inheritance, or
(II) within one week of the day on which the payment is made, a debt incurred by him for the purpose of discharging the said liability to inheritance tax,
and
(ii) could not, without undue hardship, have otherwise discharged that liability to inheritance tax and, where appropriate, the debt so incurred.
(2) Where subsection (1) would apply to a payment, made on or after the relevant day by a company which is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of another company on the acquisition of shares of the other company, if, for all the purposes of the Tax Acts other than this subsection—
(a) the payment were to be treated as a payment by the other company on the purchase of its own shares, and
(b) the acquisition by the subsidiary of the shares were to be treated as a purchase by the other company of its own shares,
then, notwithstanding any provision of Part IX of the Act of 1976, references in the Tax Acts to distributions of a company, other than references in sections 101 and 162 of the Act of 1976, shall be construed so as not to include references to the payment made by the subsidiary.
(3) In subsection (1) (b) (i) “valuation date” has the meaning assigned to it by section 21 of the Capital Acquisitions Tax Act, 1976 .
num: 62
paragraphs: —(1) In this section and sections 63 to 66 —
“the purchase” means the redemption, repayment or purchase referred to in section 61 (1) (a);
“the vendor” means the owner of the shares immediately before the purchase, so defined, is made.
(2) The vendor shall be resident and ordinarily resident in the State for the chargeable period in which the purchase is made and, if the shares are held through a nominee, the nominee shall also be so resident and ordinarily resident.
(3) The residence and ordinary residence of trustees shall be determined for the purposes of this section as they are determined under section 15 of the Act of 1975 for the purposes of that Act.
(4) The residence and ordinary residence of personal representatives shall be taken for the purposes of this section to be the same as the residence and ordinary residence of the deceased immediately before his death.
(5) The references in this section to a person's ordinary residence shall be disregarded in the case of a company.
(6) The shares shall have been owned by the vendor throughout the period of 5 years ending with the date of the purchase.
(7) If at any time during that period the shares were transferred to the vendor by a person who was then his spouse living with him then, unless that person is alive at the date of the purchase but is no longer the vendor's spouse living with him, any period during which the shares were owned by that person shall be treated for the purposes of subsection (6) as a period of ownership by the vendor.
(8) Where the vendor became entitled to the shares under the will or on the intestacy of a previous owner or is the personal representative of a previous owner—
(a) any period during which the shares were owned by the previous owner or his personal representatives shall be treated for the purposes of subsection (6) as a period of ownership by the vendor, and
(b) that subsection shall have effect as if it referred to 3 years instead of 5 years.
(9) In determining whether the condition in subsection (6) is satisfied in a case where the vendor acquired shares of the same class at different times—
(a) shares acquired earlier shall be taken into account before shares acquired later, and
(b) any previous disposal by him of shares of that class shall be assumed to be a disposal of shares acquired later rather than of shares acquired earlier.
num: 63
paragraphs: —(1) If immediately after the purchase the vendor owns shares in the company, then, subject to section 66 , the vendor's interest as a shareholder must be substantially reduced.
(2) If immediately after the purchase any associate of the vendor owns shares in the company then, subject to section 66 , the combined interests as shareholders of the vendor and his associates must be substantially reduced.
(3) The question whether the combined interests as shareholders of the vendor and his associates are substantially reduced shall be determined in the same way as is (under the following subsections of this section) the question whether a vendor's interest as a shareholder is substantially reduced, except that the vendor shall be assumed to have the interests of his associates as well as his own.
(4) Subject to subsection (5), the vendor's interest as a shareholder shall be taken to be substantially reduced if and only if the total nominal value of the shares owned by him immediately after the purchase, expressed as a fraction of the issued share capital of the company at that time, does not exceed 75 per cent. of the corresponding fraction immediately before the purchase.
(5) The vendor's interest as a shareholder shall not be taken to be substantially reduced where—
(a) he would, if the company distributed all its profits available for the distribution immediately after the purchase, be entitled to a share of those profits, and
(b) that share, expressed as a fraction of the total of those profits, exceeds 75 per cent. of the corresponding fraction immediately before the purchase.
(6) In determining for the purposes of subsection (5) the division of profits among the persons entitled to them, a person entitled to periodic distributions calculated by reference to fixed rates or amounts shall be regarded as entitled to a distribution of the amount or maximum amount to which he would be entitled for a year.
(7) In subsection (5) “profits available for distribution” has the same meaning as it has for the purposes of Part IV of the Companies (Amendment) Act, 1983 , except that for the purposes of that subsection the amount of the profits available for distribution (whether immediately before or immediately after the purchase) shall be treated as increased—
(a) in the case of every company, by £100, and
(b) in the case of a company from which any person is entitled to periodic distributions of the kind mentioned in subsection (6), by a further amount equal to that required to make the distribution to which he is entitled in accordance with that subsection,
and where the aggregate of the sums payable by the company on the purchase and on any contemporaneous redemption, repayment or purchase of other shares of the company exceeds the amount of the profits available for distribution immediately before the purchase, that amount shall be treated as further increased by an amount equal to the excess.
(8) References in this section to entitlement are, except in the case of trustees and personal representatives, references to beneficial entitlement.
num: 64
paragraphs: —(1) Subject to section 66 , where the company making the purchase is immediately before the purchase a member of a group and immediately after the purchase—
(a) the vendor owns shares in one or more other members of the group, whether or not he then owns shares in the company making the purchase, or
(b) the vendor owns shares in the company making the purchase and immediately before the purchase he owned shares in one or more other members of the group,
the vendor's interest as a shareholder in the group shall be substantially reduced.
(2) Subject to subsection (4), in subsections (5) to (7) “relevant company” means the company making the purchase and any other company—
(a) in which the vendor owns shares, and
(b) which is a member of the same group as the company making the purchase,
immediately before or immediately after the purchase.
(3) Subject to section 66 , where the company making the purchase is immediately before the purchase a member of a group, and at that time an associate of the vendor owns shares in any member of the group, the combined interests as shareholders in the group of the vendor and his associates shall be substantially reduced.
(4) The question whether the combined interests as shareholders in the group of the vendor and his associates are substantially reduced shall be determined in the same way as is (under the following subsections of this section) the question whether a vendor's interest as a shareholder in a group is substantially reduced, except that the vendor shall be assumed to have the interests of his associates as well as his own, and references in subsections (5) to (7) to a relevant company shall be construed accordingly.
(5) The vendor's interest as a shareholder in the group shall be ascertained by—
(a) expressing the total nominal value of the shares owned by him in each relevant company as a fraction of the issued share capital of the company,
(b) adding together the fractions so obtained, and
(c) dividing the result by the number of relevant companies (including any in which he owns no shares).
(6) Subject to subsection (7), the vendor's interest as a shareholder in the group shall be taken to be substantially reduced if and only if it does not exceed 75 per cent. of the corresponding interest immediately before the purchase.
(7) The vendor's interest as a shareholder in the group shall not be taken to be substantially reduced if—
(a) he would, if every member of the group distributed all its profits available for distribution immediately after the purchase (including any profits received by it on a distribution by another member), be entitled to a share of the profits of one or more of them, and
(b) that share, or the aggregate of those shares, expressed as a fraction of the aggregate of the profits available for distribution of every member of the group which is—
(i) a relevant company, or
(ii) a 51 per cent. subsidiary of a relevant company,
exceeds 75 per cent. of the corresponding fraction immediately before the purchase.
(8) Subsections (6) and (7) of section 63 shall apply for the purposes of subsection (7) as they apply for the purposes of subsection (5) of that section.
(9) Subject to subsections (10) to (12), in this section “group” means a company which has one or more 51 per cent. subsidiaries, but is not itself a 51 per cent. subsidiary of any other company, together with those subsidiaries.
(10) Where the whole or a significant part of the business carried on by an unquoted company (hereafter in this section referred to as “the successor company”) was previously carried on by—
(a) the company making the purchase, or
(b) a company which is, apart from this subsection, a member of a group to which the company making the purchase belongs,
the successor company and any company of which it is a 51 per cent. subsidiary shall be treated as being a member of the same group as the company making the purchase, whether or not, apart from this subsection, the company making the purchase is a member of a group.
(11) Subsection (10) shall not apply if the successor company first carried on the business there referred to more than three years before the time of the purchase.
(12) For the purposes of this section a company which has ceased to be a 51 per cent. subsidiary of another company before the time of the purchase shall be treated as continuing to be such a subsidiary if at that time there exist arrangements under which it could again become such a subsidiary.
num: 65
paragraphs: —(1) Subject to section 66 the vendor shall not immediately after the purchase be connected with the company making the purchase or with any company which is a member of the same group as that company.
(2) In subsection (1) “group” has the same meaning as it has for the purposes of section 64 .
(3) Subject to section 66 , the purchase shall not be part of a scheme or arrangement which is designed or likely to result in the vendor or any associate of his having interests in any company such that, if he had those interests immediately after the purchase, any of the conditions in sections 63 and 64 and subsection (1) could not be satisfied.
(4) A transaction occurring within one year after the purchase shall be deemed for the purposes of subsection (3) to be part of a scheme or arrangement of which the purchase is also part.
num: 66
paragraphs: —Where—
(a) any of the conditions in sections 63 to 65 which are applicable are not satisfied in relation to the vendor, but
(b) the vendor proposed or agreed to the purchase in order to produce the result that the condition in section 63 (2) or 64 (3), which could not otherwise be satisfied in respect of the redemption, repayment or purchase of shares owned by a person of whom he is an associate, could be satisfied in that respect,
then, if that result is produced by virtue of the purchase, section 61 (1) (a) shall have effect, as respects so much of the purchase as was necessary to produce the said result, as if the conditions in sections 63 to 65 were satisfied in relation to the vendor.
num: 67
paragraphs: —(1) (a) Where a company makes a payment which it treats as one to which subsection (1) or (2) of section 61 applies, it shall make a return in a prescribed form to the appropriate inspector of the payment, the circumstances by reason of which that subsection is regarded as applying to it and such further particulars as may be required by the prescribed form.
(b) In this subsection “appropriate inspector” and “prescribed form” shall have the meanings which are assigned to them, respectively, in Chapter II of the Finance Act, 1988 .
(2) A company shall make a return under this section—
(a) within 9 months from the end of the accounting period in which it makes the payment, or
(b) if at any time after the payment is made the inspector by notice in writing requests such a form, within the time, which shall not be less than 30 days, limited by such notice.
(3) The provisions of subsection (8) of section 143 of the Act of 1976 shall, with any necessary modifications, apply in relation to a return under the provisions of this section, as they apply in relation to a return under the provisions of the said section 143.
num: 68
paragraphs: —(1) Where a company treats a payment made by it as one to which subsection (1) (a) or (2) of section 61 applies, any person connected with the company who knows of any such scheme or arrangement affecting the payment as is mentioned in section 65 (3) shall, within 60 days after he first knows of both the payment and the scheme or arrangement, give a notice to the inspector containing particulars of the scheme or arrangement.
(2) Where the inspector has reason to believe that a payment treated by the company making it as one to which subsection (1) (a) or (2) of section 61 applies may form part of a scheme or arrangement of the kind referred to therein or in section 65 (3), he may by notice require the company or any person who is connected with the company to furnish him within such time, not being less than 60 days, as may be specified in the notice with—
(a) a declaration in writing stating whether or not, according to information which the company or that person has or can reasonably obtain, any such scheme or arrangement exists or has existed, and
(b) such other information as the inspector may reasonably require for the purposes of the provision in question and the company or that person has or can reasonably obtain.
(3) The recipient of a payment treated by the company making it as one to which subsection (1) (a) or (2) of section 61 applies, and any person on whose behalf such a payment is received, shall if so required by the inspector state whether the payment received by him or on his behalf is received on behalf of any person other than himself and, if so, the name and address of that person.
num: 69
paragraphs: —Chapter VII of Part I of the Finance Act, 1983 , is hereby amended, as respects distributions made on or after the relevant day,
(a) by the insertion after subsection (8) of section 45 of the following subsection:
“(9) References in this section to dividends shall be construed as including references to distributions on the redemption, repayment or purchase by a company of its own shares or on the acquisition of those shares by another company which is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of the company, and references to the payment of dividends shall be construed accordingly.”,
and
(b) by the addition to subsection (1) of section 47 of the following paragraph after paragraph (b):
“(c) For the purposes of paragraph (a) the reference to a dividend paid by a company shall be construed as including a reference to a distribution made by the company on the redemption, repayment or purchase of its own shares or by another company which is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of the company on the acquisition of those shares.”.
num: 70
paragraphs: —(1) For all the purposes of the Tax Acts and the Capital Gains Tax Acts—
(a) any shares which are—
(i) held by the company as treasury shares, and
(ii) not cancelled by the company,
shall be deemed to be cancelled immediately upon their acquisition by the company,
(b) a deemed or actual cancellation of shares shall be treated as giving rise to neither a chargeable gain nor an allowable loss, and
(c) a re-issue by the company of treasury shares shall be treated as an issue of new shares by it.
(2) For the purposes of this section a reference to treasury shares shall be a reference to treasury shares within the meaning of section 209 of the Companies Act, 1990 .
num: 71
paragraphs: —(1) Any question whether a person is an associate of another in relation to a company shall be determined for the purposes of sections 61 to 68 and section 72 in accordance with the following provisions, that is to say:
(a) a husband and wife living together shall be associates of one another, a person under the age of 18 shall be an associate of his parents, and his parents are his associates;
(b) a person who has control of a company shall be an associate of the company and the company shall be his associate;
(c) where a person who has control of one company has control of another company, the second company shall be an associate of the first;
(d) where shares in a company are held by trustees (other than bare trustees) then in relation to that company, but subject to subsection (2), the trustees shall be associates of—
(i) any person who directly or indirectly provided property to the trustees or has made a reciprocal arrangement for another to do so,
(ii) any person who is, by virtue of paragraph (a), an associate of a person within subparagraph (i), and
(iii) any person who is or may become beneficially entitled to a material interest in the shares,
and any such person shall be an associate of the trustees;
(e) where shares in a company are comprised in the estate of a deceased person, then in relation to that company the deceased's personal representatives shall be associates of any person who is or may become beneficially entitled to a material interest in the shares, and any such person shall be an associate of the personal representatives;
(f) where one person is accustomed to act on the directions of another in relation to the affairs of a company, then in relation to that company, the two persons shall be associates of one another.
(2) Subsection (1) (d) shall not apply to shares held on trusts which—
(a) relate exclusively to an exempt approved scheme as defined in Chapter II of Part I of the Finance Act, 1972 , or
(b) are exclusively for the benefit of the employees, or the employees and directors, of the company referred to in the said subsection (1) (d) or of companies in a group to which that company belongs, or their dependants, and are not wholly or mainly for the benefit of directors or their relatives,
and for the purposes of this subsection “group” means a company which has one or more 51 per cent. subsidiaries, together with those subsidiaries.
(3) For the purposes of paragraphs (d) and (e) of subsection (1), a person's interest is a material interest if its value exceeds 5 per cent. of the value of all the property held on the trusts or, as the case may be, comprised in the estate concerned, excluding any property in which he is not and cannot become beneficially entitled to an interest.
num: 72
paragraphs: —(1) Any question whether a person is connected with a company shall, notwithstanding section 33 of the Act of 1975 and section 157 of the Act of 1976, be determined for the purposes of sections 61 to 68 in accordance with the following provisions, that is to say:
(a) a person shall, subject to subsection (2), be connected with a company if he directly or indirectly possesses or is entitled to acquire more than 30 per cent. of—
(i) the issued ordinary share capital of the company, or
(ii) the loan capital and issued share capital of the company, or
(iii) the voting power in the company;
(b) a person shall be connected with a company if he directly or indirectly possesses or is entitled to acquire such rights as would, in the event of the winding up of the company or in any other circumstances, entitle him to receive more than 30 per cent. of the assets of the company which would then be available for distribution to equity holders of the company, and for the purposes of this paragraph—
(i) the persons who are equity holders of the company, and
(ii) the percentage of the assets of the company to which a person would be entitled,
shall be determined in accordance with sections 109 and 111 of the Act of 1976, but construing references in the said section 111 to the first company as references to an equity holder and references to a winding up as including references to other circumstances in which assets of the company are available for distribution to its equity holders;
(c) a person shall be connected with a company if he has control of it.
(2) Where a person—
(a) acquired or became entitled to acquire loan capital of a company in the ordinary course of a business carried on by him, being a business which includes the lending of money, and
(b) takes no part in the management or conduct of the company, his interest in that loan capital shall be disregarded for the purposes of subsection (1) (a).
(3) References in this section to the loan capital of a company are references to any debt incurred by the company—
(a) for any money borrowed or capital assets acquired by the company, or
(b) for any right to receive income created in favour of the company, or
(c) for consideration the value of which to the company was, at the time when the debt was incurred, substantially less than the amount of the debt, including any premium thereon.
(4) For the purposes of this section a person shall be treated as entitled to acquire anything which he is entitled to acquire at a future date or will at a future date be entitled to acquire.
(5) For the purposes of this section a person shall be assumed to have the rights or powers of his associates as well as his own.
num: 73
paragraphs: —(1) In this section and in the Third Schedule “cigarettes”, “cigars”, “sweetened pipe tobacco”, “hard pressed tobacco”, “other pipe tobacco”, “smoking tobacco”, “chewing tobacco” and “tobacco products” have the same meanings as they have in the Finance (Excise Duty on Tobacco Products) Act, 1977 , as amended by the Imposition of Duties (No. 243) (Excise Duty on Tobacco Products) Order, 1979 ( S.I. No. 296 of 1979 ), and the Finance Act, 1988 .
num: 74
paragraphs: —(1) 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 1st day of March, 1991, at the rate of £0.313 per gallon in lieu of the rate specified in section 89 (2) of the Finance Act, 1990 .
(2) (a) In this subsection—
“duty” means the duty of excise imposed on gaseous hydrocarbons in liquid form by section 41 (1) of the Finance Act, 1976 ;
“glasshouse” means any building or structure made of glass or other transparent or translucent material, which is used for growing horticultural produce and is artificially heated from a heating unit permanently installed solely for the purpose of heating the building or structure for such use;
“horticultural produce” means fruit, vegetables (including fungi) of a kind grown for human consumption, flowers, pot plants, herbs, seeds, bulbs, trees and shrubs, and “horticultural producer” shall be construed accordingly.
(b) This subsection shall apply to gaseous hydrocarbons in liquid form delivered to a horticultural producer on or after the 1st day of July, 1991.
(c) Where a horticultural producer shows, to the satisfaction of the Revenue Commissioners, that gaseous hydrocarbons in liquid form to which this subsection applies and on which duty has been paid were used by him either—
(i) in the production of horticultural produce in one or more than one glasshouse of a total area of not less than a quarter of an acre, or
(ii) in the cultivation of mushrooms in one or more than one building or structure of a total area of not less than 3,000 square feet,
the Revenue Commissioners shall repay the duty so paid on the quantity of gaseous hydrocarbons in liquid form so used, less the sum of any rebate of duty allowed and an amount calculated at the rate of £0.02 per gallon.
(d) Except where the Revenue Commissioners otherwise allow, an application by a horticultural producer for repayment of duty under this subsection shall be in respect of deliveries of gaseous hydrocarbons in liquid form received by that producer within a period of 6 months and shall be made not later than 3 months following the end of each such period.
(3) (a) Section 21 of the Finance Act, 1935 , is hereby amended in subsection (11) (inserted by section 18 of the Finance Act, 1940 ) by the addition thereto of the following paragraph after paragraph (l) (inserted by section 20 of the Finance Act, 1960 ):
“(m) prohibiting the addition to or mixing with any hydrocarbon oil of any substance and prohibiting the importation, keeping for sale, sale, transportation or delivery of any hydrocarbon oil in which such substance is present.”.
(b) Regulations made under the said section 21 shall apply and have effect as if they had been made under that section as amended by this section.
num: 75
paragraphs: —(1) In this section “the Act of 1952” means the Finance (Excise Duties) (Vehicles) Act, 1952 .
(2) Subject to subsection (4), the Act of 1952, shall, as respects licences under section 1 thereof taken out for periods beginning on or after the 1st day of April, 1991, be amended—
(a) by the substitution of “£70 or less” for “forty pounds or less” (inserted by the Finance Act, 1983 ) in subparagraph (b) of subsection (2) of section 1,
(b) by the addition of the following paragraph after paragraph (e) of subsection (4) of section 1:
“(f) vehicles (including any cycle with an attachment for propelling it by mechanical power) not exceeding 400 kilograms in weight unladen adapted and used for invalids.”,
num: 76
paragraphs: —In this Part—
“the Principal Act” means the Value-Added Tax Act, 1972 ;
“the Act of 1978” means the Value-Added Tax (Amendment) Act, 1978 ;
“the Act of 1985” means the Finance Act, 1985 ;
“the Act of 1986” means the Finance Act, 1986 ;
“the Act of 1987” means the Finance Act, 1987 .
num: 77
paragraphs: —Section 1 of the Principal Act is hereby amended in subsection (1) by the deletion of the definition of “hotel”.
num: 78
paragraphs: —Section 7 of the Principal Act is hereby amended in subsection (1) by the substitution of “to which paragraph (iv) of the First Schedule relates” for “specified in paragraphs (iv) and (x) of the First Schedule” and of “services to which the said paragraph (iv) relates” for “services specified in the paragraph or paragraphs”.
num: 79
paragraphs: —Section 8 of the Principal Act is hereby amended—
(a) in subsection (1) (inserted by the Act of 1978) by the substitution of “subsections (2), (2A) and (8)” for “subsections (2) and (2A)”, and
(b) by the substitution of the following subsection for subsection (8) (inserted by the Act of 1978):
“(8) (a) Where the Revenue Commissioners are satisfied that two or more persons established in the State are closely bound by financial, economic and organisational links and that it would be expedient in the interest of efficient administration of the tax to do so then, subject to such conditions as they may impose by regulations, the said Commissioners, for the purpose of this Act, may—
(i) by notice in writing to each of the persons concerned, deem the activities relating to those links to be carried on by any one of the persons, and all transactions by or between such persons shall be deemed, for that purpose, to be transactions by that one person and all rights and obligations under this Act shall be determined accordingly, and
(ii) make each such person jointly and severally liable to comply with all the provisions of this Act and regulations (including the provisions requiring the payment of tax) that apply to each of those persons and subject to the penalties under this Act to which they would be subject if each such person was liable to pay to the Revenue Commissioners the whole of the tax chargeable, apart from regulations under this subsection, in respect of each such person:
Provided that this subsection shall not apply in the case of:
(I) the supply of immovable goods by any such person to any other such person, or
(II) the transfer of ownership of goods specified in section 3 (5) (b) (iii) from any such person to any other such person, except where, apart from the provisions of this subsection, each of the persons whose activities are deemed to be carried on by that one person is a taxable person.
(b) The Revenue Commissioners may by notice in writing to each of the persons whose activities are, by virtue of a notification issued in accordance with paragraph (a) (i), deemed to be carried on by one of those persons, and as on and from the date specified in the notice (which date shall not be earlier than the date of issue of the notice) cancel the notification under the said paragraph; and as on and from the date specified in the said notice the provisions of the Act and regulations shall apply to all the persons as aforesaid as if a notification under the said paragraph had not been issued, but without prejudice to the liability of any of the persons for tax or penalties in respect of anything done or not done during the period for which the said notification was in force.
(c) The Revenue Commissioners may, for the purpose of this subsection, deem a person engaged in the supply of non-taxable goods or services in the course or furtherance of business to be a taxable person.”.
num: 80
paragraphs: —Section 11 of the Principal Act is hereby amended—
(a) in subsection (1) (inserted by the Act of 1985):
(i) in paragraph (a)—
(I) by the substitution of “21 per cent.” for “23 per cent.” (inserted by the Finance Act, 1990 ), and
(II) by the insertion after “in paragraphs (b)” of “, (bi)”,
(ii) by the insertion of the following paragraph after paragraph (b):
num: 81
paragraphs: —Section 12 of the Principal Act is hereby amended in paragraph (a) of subsection (1) (inserted by the Act of 1987) by the insertion of the following subparagraph after subparagraph (iii):
“(iiia) the tax charged to him during the period by other taxable persons in respect of services directly related to the transfer of ownership of goods specified in section 3 (5) (b) (iii),”.
num: 82
paragraphs: —Section 15 (inserted by the Act of 1978) of the Principal Act is hereby amended in subsection (1) (inserted by the Act of 1985) by the insertion of the following paragraph after paragraph (a):
num: 84
paragraphs: —Section 25 of the Principal Act is hereby amended in subsection (1) by the insertion of the following paragraph after paragraph (a):
“(aa) the treatment of one or more persons as a single taxable person in accordance with section 8 (8),”.
num: 85
paragraphs: —The First Schedule (inserted by the Act of 1978) to the Principal Act is hereby amended—
(a) in paragraph (i) (inserted by the Act of 1987)—
(i) by the insertion in subparagraph (c) after “account” of “and the negotiation of, or any dealings in, payments, transfers, debts, cheques and other negotiable instruments excluding debt collection and factoring”,
(ii) by the substitution of the following subparagraph for subparagraph (g) (inserted by the Act of 1987):
“(g) the management of an undertaking which is—
(I) a collective investment undertaking within the meaning of section 18 of the Finance Act, 1989 , or
(II) administered by the holder of an authorisation granted pursuant to the European Communities (Life Assurance) Regulations, 1984 ( S.I. No. 57 of 1984 ), or by a person who is deemed, pursuant to Article 6 of those Regulations, to be such a holder, the criteria in relation to which are the criteria specified in relation to an arrangement administered by the holder of a licence under the Insurance Act, 1936 , in section 9 (2) of the Unit Trusts Act, 1990 , or
(III) a unit trust scheme established solely for the purpose of superannuation fund schemes or charities, or
(IV) determined by the Minister for Finance to be a collective investment undertaking to which the provisions of this subparagraph apply;”,
(iii) by the deletion of subparagraph (gg) (inserted by the Finance Act, 1989 ), and
(iv) by the substitution in paragraph (ix) (inserted by the Act of 1978) of “(g)” for “(g) or (gg)”,
(b) by the substitution in paragraph (iv) of the following subparagraph for subparagraph (b):
num: 86
paragraphs: —(1) The Principal Act is hereby amended by the insertion after the Second Schedule (inserted by the Finance Act, 1976 ) of the following Schedule:
num: 87
paragraphs: —(1) The Sixth Schedule (inserted by the Act of 1985) to the Principal Act is hereby amended—
(a) by the deletion of paragraphs (ii), (iii), (iv), (v), (x) (inserted by the Act of 1986), (xi), (xig) (inserted by the Act of 1987) and (xii),
num: 88
paragraphs: —In this Part—
“the Act of 1891” means the Stamp Act, 1891;
“the Commissioners” means the Revenue Commissioners.
num: 88
paragraphs: —In this Part—
“the Act of 1891” means the Stamp Act, 1891;
“the Commissioners” means the Revenue Commissioners.
num: 89
paragraphs: —(1) In this section—
“assessable amount” means the amount arrived at by dividing the specified amount by twelve and deducting £15,000,000 from the quotient;
“bank” means a person who, on the 1st day of September, 1990, was the holder of a licence granted under section 9 of the Central Bank Act, 1971 ;
“relevant sum”, in relation to a return, means a sum shown in the return other than a sum shown in respect of foreign currency;
“returns”, in relation to a bank, means the returns (being returns relating to resident offices) furnished to the Central Bank of Ireland by the bank in respect of the assets and liabilities of the bank as on the 31st day of January, 1990, the 28th day of February, 1990, the 30th day of March, 1990, the 30th day of April, 1990, the 31st day of May, 1990, the 29th day of June, 1990, the 31st day of July, 1990, the 31st day of August, 1990, the 28th day of September, 1990, the 31st day of October, 1990, the 30th day of November, 1990, and the 31st day of December, 1990;
“specified amount”, in relation to a bank, means the amount obtained by deducting the aggregate amount of the relevant sums shown in respect of Item 302.4 in supplement 1 of the returns of the bank from the aggregate amount of the relevant sums shown in the returns in respect of Items 104, 105.1, 107 and 108 and shown as liabilities of the bank in such returns.
(2) A bank shall, not later than the 12th day of September, 1991, deliver to the 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) by reference to which that specified amount was calculated.
(3) There shall be charged on every statement delivered pursuant to subsection (2) a stamp duty of an amount equal to the sum of the following:
(a) 0.26 per cent. of that part of the assessable amount shown therein that does not exceed £135,000,000 and
(b) 0.3865 per cent. of that part of the assessable amount shown therein that exceeds £135,000,000:
Provided that in the case where the assessable amount shown in the statement does not exceed £135,000,000 stamp duty of an amount equal to 0.26 per cent. of the assessable amount shown therein shall be charged.
(4) The duty charged by subsection (3) upon a statement delivered by a bank pursuant to subsection (2) shall be paid by the bank upon delivery of the statement.
(5) There shall be furnished to the Commissioners by a bank such particulars as the 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) 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 12th day of September, 1991, 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) may be enforced by the 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 under the care and management of the Commissioners payable by the bank.
num: 90
paragraphs: —(1) In this section “the First Schedule” means the First Schedule (as amended by the Finance Act, 1970 , and subsequent enactments) to the Act of 1891.
num: 91
paragraphs: —Section 78 of the Act of 1891 is hereby repealed.
num: 92
paragraphs: —Section 88 of the Act of 1891 is hereby amended by the substitution in subsection (2) (inserted by section 63 of the Finance Act, 1973 ), of “£20,000” for “£10,000” wherever it occurs.
num: 93
paragraphs: —Stamp duty shall not be chargeable on—
(a) a licence granted under section 8 , 9 or 19 of the Petroleum and Other Minerals Development Act, 1960 , or
(b) a lease granted under section 13 of that Act, or
(c) an instrument for the sale, assignment or transfer of any such licence or lease or any right or interest therein.
num: 94
paragraphs: —The Act of 1891 is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the substitution of the following section for section 1:
“1. (1) Any instrument which—
num: 95
paragraphs: —(1) Subject to the other provisions of this section, the Minister for Finance may—
num: 96
paragraphs: —Section 122 of the Act of 1891 is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the insertion of the following definition before the definition of “Commissioners”:
“the expression ‘accountable person’ means—
num: 97
paragraphs: —The Act of 1891 is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the substitution of the following section for section 5:
“5. (1) Except as hereinafter provided, all the facts and circumstances affecting the liability of any instrument to duty, or the amount of the duty with which any instrument is chargeable, are to be fully and truly set forth in the instrument.
(2) Where it is not practicable to set out all the facts and circumstances, to which subsection (1) refers, in an instrument, additional facts and circumstances which—
(a) affect the liability of such instrument to duty, or
(b) affect the amount of the duty with which such instrument is chargeable, or
(c) may from time to time be required by the Commissioners,
are to be fully and truly set forth in a statement which shall be delivered to the Commissioners together with such instrument and the form of any such statement may from time to time be prescribed by the Commissioners.
(3) Any person who—
(a) fraudulently or negligently executes any instrument, or
(b) being employed or concerned in or about the preparation of any instrument, fraudulently or negligently prepares any such instrument,
in which all the facts and circumstances affecting the liability of such instrument to duty, or the amount of the duty with which such instrument is chargeable, are not fully and truly set forth in the instrument or in any statement to which subsection (2) relates, shall incur a fine of—
(i) £1,000, and
(ii) the amount, or in the case of fraud, twice the amount, of the difference between—
(A) the amount of duty payable in respect of the instrument based on the facts and circumstances set forth and delivered, and
(B) the amount of duty which would have been the amount so payable if the instrument and any accompanying statement had fully and truly set forth all the facts and circumstances referred to in subsections (1) and (2).
(4) Where any instrument was executed neither fraudulently nor negligently by a person and it comes to his notice, or it would have come to his notice, if he had taken reasonable care, that such instrument or any statement to which subsection (2) relates does not fully and truly set forth all the said facts and circumstances then, unless the Commissioners are informed of the error without unreasonable delay, such matter shall be treated, for the purposes of subsection (3), as having been negligently done by him.
(5) Where an instrument operates, or is deemed to operate, as a voluntary disposition inter vivos under the provisions of section 74 of the Finance (1909-10) Act, 1910 , or section 24 of the Finance Act, 1949 , such fact shall be brought to the attention of the Commissioners in the statement delivered under the provisions of subsection (2) and such statement shall contain a statement of the value of the property, or in the case of a lease the minimum amount or value referred to in the said section 24, and where the requirements of this subsection are not complied with any person who executes such instrument shall for the purposes of subsection (3) be presumed, until the contrary is proven, to have acted negligently.
(6) Where such person as may be liable to a fine under subsection (3) is in doubt as to the application of law to, or the treatment for tax purposes of, any matter to be contained in an instrument, or in a statement to which subsection (2) relates, to be delivered by him to the Commissioners, he may deliver the instrument and, where applicable, the statement to the best of his belief as to the application of law to, or the treatment for the purposes of stamp duty of, that matter but he shall draw the attention in writing of the Commissioners to the matter in question in the instrument or statement, as appropriate, by specifying the doubt and, if he so does, he shall be treated as making a full and true disclosure with regard to that matter:
Provided that this subsection shall not apply where the Commissioners are not satisfied that the doubt was genuine and are of the opinion that such person was acting with a view to the evasion or avoidance of tax and in such a case the person shall be deemed not to have made a full and true disclosure with respect to the matter in question.”.
num: 98
paragraphs: —Section 12 of the Act of 1891 is hereby amended as respects instruments executed on or after the 1st day of November, 1991—
(a) in subsection (1), by the insertion of “, or may express their opinion,” after “may be required by any person to express their opinion”,
(b) by the insertion of the following subsection after subsection (1):
“(1A) Where an instrument which is chargeable with stamp duty has not been delivered to the Commissioners for assessment of duty or impressing of stamps, the Commissioners shall make an assessment of such amount of stamp duty as, to the best of their knowledge, information and belief, ought to be charged, levied and paid thereon; and the accountable person shall be liable for the payment of the stamp duty so assessed unless, upon delivery of the instrument to them, the Commissioners make another assessment to be substituted for such assessment.”,
(c) in subsection (6), by the deletion in paragraph (c) of all the words from “; and every person” to the words “stated therein”, and
(d) by the addition of the following subsections after subsection (6):
“(7) If at any time it appears that for any reason an assessment is incorrect the Commissioners shall make such other assessment as they consider appropriate, which assessment shall be substituted for the first-mentioned assessment.
(8) If at any time it appears, in respect of an instrument which has been stamped in accordance with an assessment, that for any reason the assessment was an underassessment the Commissioners shall make such additional assessment as they consider appropriate.”.
num: 99
paragraphs: —Section 14 of the Act of 1891 is hereby amended, as respects instruments executed after the 1st day of November, 1991, by the insertion in subsection (4) after “proceedings” of “or in civil proceedings by the Commissioners to recover stamp duty”.
num: 100
paragraphs: —The Act of 1891 is hereby amended by the substitution of the following section for section 15:
“15. (1) Save where other express provision is in this Act made, any instrument which is unstamped or insufficiently stamped may be stamped after the expiration of the time for stamping provided for in subsection (3) of section 1, on payment of the unpaid duty and on payment of a penalty of £20 and also by way of further penalty, where the unpaid duty exceeds £20, of interest on such duty, at the rate of 1.25 per cent. per month or part of a month from the day upon which the said instrument was first executed to the day of payment of the unpaid duty.
(2) Where—
(a) any instrument referred to in column (1) of the Table to the definition of ‘accountable person’ in section 122, or
(b) any instrument which operates, or is deemed to operate, as a voluntary disposition inter vivos,
has not been or is not duly stamped in conformity with the provisions of subsection (3) of section 1, the accountable person shall, in addition to the penalties provided for in subsection (1), be liable to pay an amount by way of further penalty as follows:
(i) an amount equivalent to 10 per cent. of the unpaid duty thereon, where such instrument is stamped not later than 6 months after the day upon which such instrument was first executed;
(ii) an amount equivalent to 20 per cent. of the unpaid duty thereon, where such instrument is stamped more than 6 months but not later than 12 months after the day upon which such instrument was first executed;
(iii) an amount equivalent to 30 per cent. of the unpaid duty thereon, where such instrument is stamped more than 12 months after the day upon which such instrument was first executed.
(3) Subject to any other express provision in this Act in relation to any particular instrument, the Commissioners may, if they think fit, remit any penalty payable on stamping.
(4) The payment of any penalty payable on stamping shall be denoted on the instrument by a particular stamp.
(5) Any penalty payable by operation of this section shall be chargeable and recoverable in the same manner as if it were part of the duty on the instrument to which it relates.
(6) The provisions of this section shall apply with effect as on and from the 1st day of November, 1991, to any instrument, whenever executed, which is unstamped or insufficiently stamped.”.
num: 101
paragraphs: —(1) The Act of 1891 is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the substitution of the following section for section 16:
“16. (1) Subject to subsection (2), any person who is a party to any instrument, or who has in his custody or under his control any document, the inspection whereof may tend to secure any duty, or to prove or lead to the discovery of any fraud, negligence, or omission in relation to any duty shall, within 14 days of a request by way of a notice in writing from the Commissioners—
(a) provide such information as the Commissioners deem necessary, and
(b) permit any person authorised by the Commissioners, to inspect any such document and to take such notes, extracts, prints, printouts and copies as he may deem necessary,
and in case of refusal to so provide or permit by the first-mentioned person, he shall be guilty of an offence and shall be liable to a fine not exceeding £1,000, and if the refusal continues after conviction he shall be guilty of a further offence on every day on which the refusal continues and for each such offence he shall be liable to a fine not exceeding £100.
(2) It shall be a good defence in a prosecution for an offence under subsection (1) for the accused to show that he is required or entitled by law to refuse the request of the Commissioners.
(3) In this section ‘document’ includes—
(a) any instrument, roll, book or record,
(b) any record of an entry in a document, and
(c) any information stored, maintained or preserved by means of any mechanical or electronic device, whether or not stored, maintained or preserved in a legible form.”.
(2) Notwithstanding anything to the contrary contained in subsection (1) the provisions of that subsection shall apply to any instrument, the date of first execution of which appears from that instrument or otherwise to be prior to the 1st day of November, 1991, and where the Commissioners wish to verify that date to their satisfaction.
num: 102
paragraphs: —The Finance Act, 1949 , is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the substitution of the following section for section 24:
“24. (1) Any lease (not being executed in good faith and for valuable consideration) shall, for the purposes of this section, be deemed to be a lease operating as a voluntary disposition inter vivos, and the consideration for any lease shall not, for this purpose, be deemed to be valuable consideration where the Commissioners are of opinion that, by reason of the inadequacy of consideration or other circumstances, the lease confers a substantial benefit on the lessee.
num: 103
paragraphs: —(1) Where an instrument operates or is deemed to operate as a voluntary disposition inter vivos by operation of the provisions of section 74 of the Finance (1909-10) Act, 1910 , or section 24 of the Finance Act, 1949 , and the statement of value of such property, or in the case of a lease the minimum amount or value referred to in the said section 24, provided to the Commissioners under subsection (5) of section 5 of the Act of 1891 (hereafter in this section referred to as the “submitted value”) is less than the value of the property as agreed with, or ascertained by, the Commissioners (hereafter in this section referred to as the “ascertained value”) then, as a penalty, the duty chargeable upon the conveyance or transfer, or lease, shall be increased by an amount (hereafter in this section referred to as the “surcharge”) calculated according to the following provisions:
(a) where the submitted value is less than the ascertained value by an amount which is greater than 10 per cent. of the ascertained value but not greater than 30 per cent. of the ascertained value, a surcharge equal to 50 per cent. of the total duty chargeable on the instrument:
Provided that no surcharge shall be chargeable where the difference between the submitted value and the ascertained value is less than £5,000;
(b) where the submitted value is less than the ascertained value by an amount which is greater than 30 per cent. of the ascertained value but not greater than 50 per cent. of the ascertained value, a surcharge equal to the total duty chargeable on the instrument;
(c) where the submitted value is less than the ascertained value by an amount which is greater than 50 per cent. of the ascertained value, a surcharge equal to double the total duty chargeable on the instrument.
(2) Where a statement of value, or in the case of a lease the minimum amount or value referred to in section 24 of the Finance Act, 1949 , is not provided in accordance with the provisions of subsection (5) of section 5 of the Act of 1891, then the liability of an instrument to a surcharge under this section may be ascertained by the Commissioners by the substitution of the consideration, other than rent in the case of lease, stated in the instrument for the submitted value.
(3) Any surcharge payable by operation of this section shall be chargeable and recoverable in the same manner as if it were part of the duty on the instrument to which it relates.
(4) Notwithstanding the provisions of subsection (4) of section 15 of the Act of 1891, any surcharge imposed by operation of this section shall not be denoted on an instrument to which it relates by impressed stamps or otherwise.
(5) Subsection (3) of section 74 of the Finance (1909-10) Act, 1910 , is hereby repealed.
(6) This section shall have effect as respects instruments executed on or after the 1st day of November, 1991.
num: 104
paragraphs: —(1) Where in the case of any instrument which, except for the fact that the amount or value of the consideration or the average annual rent cannot be ascertained at the date of execution thereof, would otherwise be chargeable with ad valorem duty on such consideration or rent as a conveyance or transfer on sale or as a lease, the Commissioners may charge ad valorem duty on such instrument as if—
num: 105
paragraphs: —(1) The Commissioners shall ascertain the value of property the subject of an instrument chargeable with stamp duty in the same manner, subject to any necessary modification, as is provided for in sections 15 , 16 and 17 of the Capital Acquisitions Tax Act, 1976 .
(2) This section shall have effect as respects instruments executed on or after the 1st day of November, 1991.
num: 106
paragraphs: —(1) Where an act or omission occurs in respect of which a person would, but for this section, have incurred the fine provided for in any provision of the Acts specified in column (2) of the Table to this section at any reference number, the person shall, in lieu of the fine so provided for, be liable to the fine 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 Acts
Fine
(1)
(2)
(3)
£
1
Section 8 (3) of the Act of 1891.
500
2
Section 9 of the Act of 1891.
1,000
3
Section 17 of the Act of 1891.
500
4
Section 83 of the Act of 1891.
500
5
Section 100 of the Act of 1891.
500
6
Section 107 of the Act of 1891.
500
7
Section 109 (2) of the Act of 1891.
500
8
Section 20 of the Stamp Duties Management Act, 1891.
500
9
Section 21 of the Stamp Duties Management Act, 1891.
1,000
10
Section 4 (2) of the Finance (1909-10) Act, 1910 .
500
11
Section 41 (3) of the Finance Act, 1970 .
500
(2) This section shall have effect as respects an act or omission which occurs on or after the 1st day of November, 1991.
num: 107
paragraphs: — Section 4 of the Stock Transfer Act, 1963 , is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the substitution in subsection (1) of “a penalty of £500” for “a penalty of one hundred pounds”.
num: 108
paragraphs: —(1) The provisions of section 485 of the Income Tax Act, 1967 , shall, subject to any necessary modifications, apply to stamp duty in the same manner as they apply to income tax and where the provisions therein provided are exercised with regard to stamp duty they shall be exercised as if stamp duty was a tax to be collected and levied by the Collector-General.
(2) This section shall have effect as respects instruments executed on or after the 1st day of November, 1991.
num: 109
paragraphs: —(1) Sections 128 (4) , 507 , 508 , 510 , 511 , 512 , 517 and 518 of the Income Tax Act, 1967 , shall, with any necessary modifications, apply to a fine under—
(a) the Act of 1891, or
(b) any other enactment providing for fines in relation to stamp duty,
as if the fine were a penalty under the Income Tax Acts, and the provisions of section 22 of the Inland Revenue Regulation Act, 1890 , shall not apply in a case to which any of the said sections of the Income Tax Act, 1967 , apply by virtue of this section.
(2) This section shall have effect as respects instruments executed on or after the 1st day of November, 1991.
num: 110
paragraphs: —Chapter II of Part IV of the Finance Act, 1973 , is hereby amended by the insertion of the following section after section 67A:
“Restriction of application (Chapter II).
67B. This Chapter shall not apply to any investment company to which the provisions of Part XIII of the Companies Act, 1990 , relate.”.
num: 111
paragraphs: — Section 92 of the Finance Act, 1982 , is hereby amended in subsection (8) (inserted by the Finance Act, 1984 ) by the addition of the following proviso to the definition of “relevant premium”:
“Provided that an amount received from an insurer who is acting in the course of his business as an insurer shall not, for the purposes of this subsection, be a relevant premium.”.
num: 112
paragraphs: — Section 104 of the Finance Act, 1983 , is hereby amended by the addition of the following subsection after subsection (9):
“(10) Notwithstanding the provisions of this section, an assessment or an amended assessment of tax may be made by the Commissioners under this section at any time and such assessment or amended assessment shall be made on—
(a) the assessable person,
(b) the person whom the Commissioners have reason to believe is an assessable person, or
(c) the personal representative of the assessable person or of the person whom the Commissioners have reason to believe would, if alive, be an assessable person,
and where the assessment or amended assessment is so made on the personal representative, he shall have the same right of appeal under section 109 as if he were an assessable person.”.
num: 113
paragraphs: —In this Part “the Principal Act” means the Capital Acquisitions Tax Act, 1976 .
num: 114
paragraphs: —Subsection (1) of section 19 of the Principal Act shall—
(a) as respects a gift or inheritance taken on or after the 30th day of January, 1991, have effect as if “55 per cent.” were substituted for “50 per cent.” in the definition of “agricultural value”, and
(b) as respects a gift or inheritance taken on or after the passing of this Act, have effect as if “80 per cent.” were substituted for “75 per cent.” in the definition of “farmer”.
num: 115
paragraphs: —(1) The Second Schedule to the Principal Act (as amended by section 111 of the Finance Act, 1984 ) is hereby amended by the substitution of the following Part for Part II:
“PART II
TABLE
Portion of Value
Rate of tax
Per cent.
The threshold amount
Nil
The next £10,000
20
The next £40,000
30
The next £50,000
35
The balance
40
”.
(2) This section shall have effect in relation to gifts and inheritances taken on or after the 30th day of January, 1991.
num: 116
paragraphs: —(1) In this section “class threshold of £150,000” means the class threshold of £150,000 in the definition of “class threshold” contained in paragraph 1 (inserted by section 111 of the Finance Act, 1984 ) of the Second Schedule to the Principal Act.
(2) Subject to subsection (3), the class threshold of £150,000 shall apply, and be deemed always to have applied, in relation to a taxable inheritance taken on or after the 2nd day of June, 1982, by a parent of the disponer where—
(a) the interest taken by the successor is not a limited interest, and
(b) the inheritance is taken on the date of death of the disponer.
(3) Notwithstanding the provisions of section 46 of the Principal Act, interest shall not be payable on any repayment of tax which arises by virtue of this section where such tax was paid prior to the date of the passing of this Act.
num: 117
paragraphs: —(1) In so far as an inheritance consists of a house or the appropriate part of a house—
(a) at the date of the inheritance, and
(b) at the valuation date,
and is taken by a successor who, at the date of the inheritance—
(i) is a brother or sister of the disponer,
(ii) has attained the age of 55 years,
(iii) has resided in the house with the disponer continuously for a period of not less than 5 years ending on the date of the inheritance, and
(iv) is not beneficially entitled in possession to any other house or the appropriate part of any other house,
the estimated market value of the house or the appropriate part of the house shall, notwithstanding anything to the contrary in section 15 of the Principal Act, be reduced by 50 per cent. or £50,000, whichever is the lesser:
Provided that where the house or the appropriate part of the house comprised in the inheritance referred to in subsection (1) is agricultural property within the meaning of subsection (1) of section 19 of the Principal Act and the successor is a farmer within the meaning of that subsection, the provisions of this section shall not apply.
(2) Where a house, or the appropriate part of a house to which subsection (1) relates was not in the beneficial ownership of the disponer for the period of 5 years ending on the date of the inheritance, that period of 5 years shall be deemed to include any period, immediately prior to the date on which the disponer acquired such beneficial ownership, during which the successor was residing continuously with the disponer in any other house, or the appropriate part of any other house, of the disponer.
(3) In this section—
“appropriate part”, in relation to a house, has the meaning assigned to it in relation to property by subsection (5) of section 5 of the Principal Act;
“house” means a building, or a part of a building, used by the disponer as his main or only dwelling together with its garden or grounds of an ornamental nature.
(4) This section shall have effect in relation to inheritances taken on or after the 30th day of January, 1991.
num: 118
paragraphs: —For the purposes of section 60 of the Finance Act, 1985 , “relevant tax” shall be deemed to include inheritance tax payable in respect of an inheritance taken under a disposition made by the spouse of the insured where the inheritance is taken on the date of death of the insured.
num: 119
paragraphs: —(1) In this section—
“appointed date” means—
(a) a date occurring not earlier than 8 years after the date on which a relevant insurance policy is effected, or
(b) a date on which the proceeds of a relevant insurance policy become payable either on the critical illness or the death of the insured, or one of the insured in a case to which paragraph (b) of the definition of “insured” relates, being a date prior to the date to which paragraph (a) of this definition relates;
“insured” means—
(a) where the insured is an individual, that individual, or
(b) where the insured is an individual and the spouse of that individual at the date the policy is effected, that individual and the spouse of that individual, jointly or separately, or the survivor of them, as the case may be;
“relevant insurance policy” means a policy of insurance—
(a) which is in a form approved by the Commissioners for the purposes of this section,
(b) in respect of which annual premiums are paid by the insured,
(c) the proceeds of which are payable on the appointed date, and
(d) which is expressly effected under this section for the purpose of paying relevant tax;
“relevant tax” means gift tax or inheritance tax, payable in connection with an inter vivos disposition made by the insured within one year after the appointed date, excluding gift tax or inheritance tax payable on an appointment out of an inter vivos discretionary trust set up by the insured.
(2) The proceeds of a relevant insurance policy shall, to the extent that such proceeds are used to pay relevant tax, be exempt from tax and shall not be taken into account in computing such tax.
(3) Subject to the provisions of section 54 of the Principal Act and section 127 of the Finance Act, 1990 , where the insured makes an inter vivos disposition of the proceeds, or any part of the proceeds, of a relevant insurance policy other than in paying relevant tax, such proceeds shall not be exempt from tax.
(4) A relevant insurance policy shall be a qualifying insurance policy for the purposes of section 60 of the Finance Act, 1985 , where the proceeds of such relevant insurance policy become payable on the death of the insured or one of the insured in a case to which paragraph (b) of the definition of “insured” relates:
Provided that such relevant insurance policy would have been a qualifying insurance policy if it had been expressly effected under that section.
(5) A qualifying insurance policy for the purposes of section 60 of the Finance Act, 1985 , shall be a relevant insurance policy where the proceeds of such qualifying insurance policy are used to pay relevant tax arising under an inter vivos disposition made by the insured within one year after the appointed date.
(6) Section 143 of the Income Tax Act, 1967 (as amended by section 60 of the Finance Act, 1985 ) is hereby amended by the addition to subsection (5) of the following paragraph after paragraph (c):
“(d) be given for the year 1991-92 and subsequent years of assessment in respect of premiums payable in respect of a relevant insurance policy within the meaning of section 119 of the Finance Act, 1991.”.
num: 120
paragraphs: —(1) In this section “donee” includes a successor and a reference to a gift or a taxable gift includes a reference to an inheritance or a taxable inheritance, as the case may be, and a reference to gift tax includes a reference to inheritance tax.
(2) Where in respect of a gift taken on or before the 30th day of January, 1991—
(a) gift tax is due and payable by a donee on any date on or before the 30th day of September, 1991, and
(b) in the period beginning on the 30th day of January, 1991, and ending on the 30th day of September, 1991, a return is delivered and gift tax is assessed in respect of the gift in accordance with the provisions of section 36 (inserted by section 74 of the Finance Act, 1989 ) of the Principal Act or section 104 of the Finance Act, 1986 , and
(c) such gift tax is paid on or before the 30th day of September, 1991,
interest payable on such gift tax up to the 30th day of April, 1991, shall be waived and penalties, if incurred, shall not be collected.
(3) For the purposes of subsection (2) where—
(a) gift tax assessed on a taxable gift is being paid by instalments, or
(b) a payment on account of gift tax has been made,
sums paid in discharge of earlier instalments or as a payment on account of tax shall, notwithstanding the provisions of subsection (4) of section 41 of the Principal Act, be applied or reapplied towards the discharge of tax in the first instance:
Provided that where the sum so paid is in excess of the sum to be so applied or reapplied, the excess shall not be repaid.
(4) This section shall not apply in relation to a gift—
(a) where gift tax is due and payable by the donee concerned in respect of any other gift taken by him, unless such gift tax is paid on or before the 30th day of September, 1991,
(b) where any capital gains tax is due and payable in respect of a disposal of the property comprised in the gift concerned, unless such capital gains tax and penalties (together with all interest due in respect of that tax) is paid at the same time or prior to the date of payment of the gift tax on that gift.
(5) Where additional gift tax becomes due and payable as a result of a revaluation of property included in a self assessed return, which was delivered on or after the 30th day of January, 1991, interest payable on such additional gift tax shall not be waived.
(6) (a) A fine or other penalty imposed by a court in connection with a gift shall not be waived.
(b) Interest on gift tax, which has been ordered to be paid by a court, shall not be waived.
num: 121
paragraphs: —(1) Section 57 of the Principal Act is hereby amended—
(a) in subsection (1) by the substitution of the following definition for the definition of unit trust scheme:
“‘unit trust scheme’ means an authorised unit trust scheme within the meaning of the Unit Trusts Act, 1990 , whose deed expressing the trusts of the scheme restricts the property subject to those trusts to securities.”,
and
(b) in subsection (2) (as amended by section 40 of the Finance Act, 1978 ) by the substitution for “Unit Trusts Act, 1972” of “ Unit Trusts Act, 1990 ”.
(2) This section shall have effect in relation to gifts and inheritances taken on or after the 26th day of December, 1990.
num: 122
paragraphs: —(1) Where outstanding death duties are paid on or before the 30th day of September, 1991, interest payable on such duties up to the 30th day of April, 1991, shall be waived and penalties, if incurred, shall not be collected.
(2) This section shall not apply to any penalty imposed by a court or to interest on death duties, the payment of which has been ordered by a court.
(3) In this section “death duties” has the meaning assigned to it by section 13 (3) of the Finance Act, 1894 .
num: 123
paragraphs: —(1) In this section—
“the principal section” means section 22 of the Finance Act, 1950 ;
“the 1990 amending section” means section 132 of the Finance Act, 1990 ;
“the forty-first additional annuity” means the sum charged on the Central Fund under subsection (4);
“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, 1991, subsection (4) of the 1990 amending section shall have effect with the substitution of “£47,057,633” for “£44,965,113”.
(3) Subsection (6) of the 1990 amending section shall have effect with the substitution of “£35,625,154” for “£34,561,200”.
(4) A sum of £49,030,307 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, 1991.
(5) The forty-first 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 forty-first additional annuity, not exceeding £37,685,800 in any financial year, may be applied towards defraying the interest on the public debt.
(7) The balance of the forty-first additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section.
num: 124
paragraphs: — Section 92 of the Finance Act, 1989 , is hereby amended in subsection (1) by the substitution in paragraph (ii) of “20 per cent.” for “30 per cent.”.
num: 125
paragraphs: —Each enactment specified in column (2) of the Fourth Schedule is hereby repealed to the extent specified in column (3) of that Schedule.
num: 126
paragraphs: —As respects the year 1991-92 and subsequent years of assessment, section 141 (inserted by the Finance Act, 1986 ) of the Income Tax Act, 1967 , is hereby amended by the substitution, in subsection (4), of “£2,100” for “£720” and the said subsection (4), as so amended, is set out in the Table to this section.
TABLE
(4) No deduction shall be allowed under this section in respect of any child who is entitled in his own right to an income exceeding £2,100 a year, except that, if the amount of the excess is less than the deduction which apart from this subsection would be allowable, a deduction reduced by that amount shall be allowed:
Provided that in calculating the income of the child for the purposes of the foregoing provision no account shall be taken of any income to which the child is entitled as the holder of a scholarship, bursary, or other similar educational endowment.
num: 127
paragraphs: — Section 13 of the Inland Revenue Regulation Act, 1890 , is hereby amended, in subsection (1), by the deletion of “at their chief office”.
num: 128
paragraphs: — Section 17 (as amended by the Finance Act, 1976 ) of the Finance Act, 1970 , is hereby amended by the insertion, in paragraph (a) of subsection (5), of “refusal to issue, appeal against refusal to issue,” after “the issue,” and the said paragraph, as so amended, is set out in the Table to this section.
TABLE
(a) the issue, refusal to issue, appeal against refusal to issue, recall or cancellation of certificates of authorisation and the surrender of the certificates;
num: 129
paragraphs: —(1) In this section—
“the Collector” means the Collector-General appointed under section 162 of the Income Tax Act, 1967 ;
“the Commissioners” means the Revenue Commissioners;
“functions” includes powers and duties;
“the Principal Act” means the Capital Acquisitions Tax Act, 1976 ;
“tax” means any tax chargeable under the provisions of the Principal Act.
(2) Notwithstanding anything in the Principal Act, all sums due under the provisions of that Act shall be paid to the Collector or to such person as may be nominated under the provisions of this section.
(3) Section 187 of the Income Tax Act, 1967 , shall, with any necessary modifications, apply in relation to an assessment of tax, a correcting assessment of tax, or an additional assessment of tax as it applies in relation to assessments to income tax.
(4) The Collector shall collect and levy the tax from time to time charged in all assessments, correcting assessments and additional assessments of which particulars have been transmitted to him under subsection (3).
num: 130
paragraphs: —(1) Section 73 of the Finance Act, 1988 , is hereby amended in subsection (1) by the substitution of the following definition for the definition of “the Acts”:
“‘the Acts’ means—
(i) the Tax Acts,
(ii) the Capital Gains Tax Acts,
(iii) the Value-Added Tax Act, 1972 , and the enactments amending or extending that Act,
(iv) the Capital Acquisitions Tax Act, 1976 , and the enactments amending or extending that Act, and
(v) the Stamp Act, 1891, and the enactments amending or extending that Act,
and any instruments made thereunder;”.
(2) This section shall apply and have effect as on and from the 1st day of October, 1991.
num: 131
paragraphs: —All taxes and duties (except the excise duties on mechanically propelled vehicles imposed by section 75 ) imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.
num: 132
paragraphs: —(1) This Act may be cited as the Finance Act, 1991.
(2) Parts I and VII (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 (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 shall be construed together with the Value-Added Tax Acts, 1972 to 1990, and may be cited together therewith as the Value-Added Tax Acts, 1972 to 1991.
(5) Part IV and section 130 (so far as relating to stamp duties) shall be construed together with the Stamp Act, 1891, and the enactments amending or extending that Act.
(6) Part V shall be construed together with Part VI of the Finance Act, 1983 , and the enactments amending or extending that Part.
(7) Part VI (other than section 122 ) and sections 129 and 130 (so far as relating to gift tax or inheritance tax) shall be construed together with the Capital Acquisitions Tax Act, 1976 , and the enactments amending or extending that Act.
(8) Part I 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, 1991.
(9) Part III (other than sections 77 to 79 , section 81 , sections 83 to 85 , section 86 (2), paragraphs (c) to (e) of section 87 (1) and section 87 (2)) shall be deemed to have come into force and shall take effect as on and from the 1st day of March, 1991, paragraph (c) of section 87 (1) shall take effect as on and from the 1st day of July, 1991, sections 77 and 78 , paragraphs (b) to (d) of section 85 , paragraph (b) of section 86 (2) and paragraph (d) of section 87 (1) shall take effect as on and from the 1st day of January, 1992.
(10) 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.