Finance Act, 1990
Acts of the Oireachtas
Source: Acts of the Oireachtas

num: 1
paragraphs: —As respects the year 1990-91 and subsequent years of assessment, the Finance Act, 1980 , is hereby amended—
(a) in section 1, by the substitution—
(i) in paragraph (b) of subsection (1), of “53 per cent.” for “60 per cent.”,
(ii) in subsection (2) (inserted by the Finance Act, 1989 ), of “£6,500” for “£6,000”, and “£3,250” for “£3,000”, and
(iii) in paragraph (a) of subsection (3) (inserted by the Finance Act, 1989 ), of “£300” for “£200”,
and
(b) in section 2, by the substitution—
(i) in subsection (3), of “53 per cent.” for “60 per cent.”, and
(ii) in subsection (6) (inserted by the Finance Act, 1989 ), of “£7,500” for “£6,800”, “£8,700” for “£8,000”, “£3,750” for “£3,400”, and “£4,350” for “£4,000”,
and the said paragraph (b), the said subsection (2), the said paragraph (a) and the said subsections (3) and (6), as so amended, are set out in the Table to this section.
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(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 53 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 , £6,500, and
(b) in any other case, £3,250.
(a) For the purposes of this section and section 2, where a claimant proves that he has living, at any time during a 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 each such child.
(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 53 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 , £7,500:
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 £8,700, and
(b) in any other case, £3,750:
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 £4,350.
num: 2
paragraphs: — Section 2 of the Finance Act, 1984 , is hereby amended, as respects the year 1990-91 and subsequent years of assessment, by the substitution of the following Table for the Table to the said section:
“TABLE
PART I
Part of taxable income
Rate of tax
Description of rate
(1)
(2)
(3)
The first £6,500
30 per cent.
the standard rate
The next £3,100
48 per cent.
the higher rates
The remainder
53 per cent.
PART II
Part of taxable income
Rate of tax
Description of rate
(1)
(2)
(3)
The first £13,000
30 per cent.
the standard rate
The next £6,200
48 per cent.
the higher rates
The remainder
53 per cent.”.
num: 3
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 1990-91, as if in subsection (2)—
(a) “1990-91” were substituted for “1982-83”, and
(b) “£286” were substituted for “£312” in each place where it occurs.
num: 4
paragraphs: —As respects the year 1990-91 and subsequent years of assessment, section 3 of the Finance Act, 1969 , is hereby amended, in subsection (1), by the substitution of “£5,000” for “£2,500” (inserted by the Finance Act, 1985 ) in each place where it occurs, and the said subsection (1), as so amended, is set out in the Table to this section.
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(1) Subject to the provisions of this section, an individual who, in the manner prescribed by the Income Tax Acts makes a claim in that behalf, makes a return in the prescribed form of his total income and proves—
(a) (i) that, throughout the year of assessment, he was totally incapacitated by physical or mental infirmity, or
(ii) that, being a husband, who, for the relevant year of assessment, is assessed to tax in accordance with the provisions of section 194 of the Income Tax Act, 1967 , his wife was, throughout that year, totally incapacitated by physical or mental infirmity, and
(b) that for the year of assessment he has employed a person for the purpose of having the care of the person (being the individual or his wife) who is so incapacitated,
shall, in computing the amount of his taxable income, be entitled to have a deduction made from his total income of £5,000, if the amount ultimately borne by him in the year of assessment in employing the employed person is not less than £5,000, or the amount so borne, if it is less than £5,000.
num: 5
paragraphs: —(1) This section applies to any payment which is made—
(a) to, or in respect of, an individual who is permanently and totally incapacitated by reason of mental or physical infirmity from maintaining himself, and
(b) following the institution by, or on behalf of, the individual of a civil action for damages in respect of personal injury giving rise to that mental or physical infirmity.
num: 6
paragraphs: — Section 8 of the Finance Act, 1989 , shall have effect, as respects the year 1990-91 and subsequent years of assessment, as if “50 per cent.” were substituted for “80 per cent.”.
num: 7
paragraphs: —(1) In this section “the Trust” means the trust established by deed dated the 22nd day of November, 1989, between the Minister for Health and certain other persons and referred to in the deed as “the Haemophilia H.I.V. Trust” or “the HHT”.
(2) This section applies to income consisting of payments made by the trustees of the Trust to, or in respect of, a beneficiary under the Trust, whether that income has arisen before or arises after the passing of this Act.
(3) Notwithstanding any provision of the Income Tax Acts, income to which this section applies shall be disregarded for all the purposes of those Acts.
num: 8
paragraphs: —As respects the year 1990-91 and subsequent years of assessment, section 13 of the Finance Act, 1976 , is hereby amended by the substitution, in subsection (2), of the following paragraphs for paragraph (a):
“(a) Income to which this section applies shall, in addition to being chargeable to income tax at the standard rate for the year of assessment for which it is so chargeable, be charged to an additional duty of income tax (hereinafter referred to as ‘a surcharge’) at the rate of 20 per cent.
(aa) A surcharge to be made on trustees under this section in respect of income arising in a year of assessment (hereinafter referred to as ‘the first year of assessment’) shall—
(i) be charged on the trustees for the year of assessment in which a period of eighteen months beginning immediately after the end of that first year of assessment ends, and
(ii) be treated as income tax chargeable for the year of assessment for which it is so charged.”.
num: 9
paragraphs: —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)—
(a) by the substitution in subparagraph (ii) of “two years” for “one year”,
(b) by the substitution in subparagraph (ii) of the following clause for clause (II):
“(II) the value of the said trading stock at the beginning of the immediately succeeding accounting period or at the beginning of the accounting period next after that period, where appropriate,”,
and
(c) by the substitution of the following paragraph for paragraph (A) of the proviso:
“(A) this subsection shall not be construed as enabling the value of trading stock at the end of an accounting period or, as the case may be, at the beginning of an immediately succeeding accounting period or of the accounting period next after that period, to exceed the value of the trading stock at the beginning of the first-mentioned accounting period,”,
and the said paragraph (b) (other than subparagraph (i) and the proviso), as so amended, is set out in the Table to this section.
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(b) Where—
num: 10
paragraphs: —Chapter III of Part I of the Finance Act, 1984 , is hereby amended—
(a) in subsection (1) of section 11—
(i) by the insertion of the following definition before the definition of “associate”:
“‘advance factory building’ means a factory building the construction of which is—
(a) promoted by a local community group the objective of which, or one of the main objectives of which, is to promote the development of, and the creation of opportunities for employment in, its locality, and
(b) undertaken without any prior commitment, either direct or indirect, in writing or otherwise, by a person that either he or any other person will enter into a lease for its use;”,
and
(ii) by the insertion of the following definitions after the definition of “director”:
“‘factory building’ has the meaning assigned to it by section 2 (1) of the Industrial Development Act, 1986 ;
‘industrial development agency’ means the Industrial Development Authority, the Shannon Free Airport Development Company Limited or ÃdarÃ¡s na Gaeltachta, as may be appropriate;”,
(b) in section 12—
(i) by the substitution of the following subparagraph for subparagraph (ii) of paragraph (c) of subsection (1):
“(ii) with a view to the creation or maintenance of employment in the company or, in the case of qualifying trading operations to which section 16 (2) (a) (iiib) (inserted by the Finance Act, 1990) relates, in either or both a company contracted to construct the advance factory building concerned and a company which enters into a lease for its use:”,
(ii) by the insertion of the following additional proviso to paragraph (c) of subsection (1):
“Provided also that where the money raised was used, is being used, or is intended to be used, for the purpose of the construction and the leasing of an advance factory building, the aforementioned evidence shall include a certificate by an industrial development agency certifying that it has satisfied itself—
(i) that the building is or will be an advance factory building, and
(ii) that—
(I) the advance factory building is or will be situated in an area which, on the basis of guidelines agreed between it and the Minister for Industry and Commerce or the Minister for the Gaeltacht (as may be appropriate in the circumstances) and with the consent of the Minister for Finance, was or is in particular need of development and of the creation of opportunities for employment, and
(II) its construction contributes or will contribute significantly to meeting those needs.”,
and
(iii) by the insertion of the following proviso to subsection (4):
“Provided that, in the case of qualifying trading operations to which section 16 (2) (a) (iiib) (inserted by the Finance Act, 1990) relates, the trade shall be deemed to have commenced on the date on which the construction of the advance factory building commenced.”,
and
(c) in section 16—
(i) by the substitution, in paragraph (a) of subsection (2)—
(I) of the following proviso for the proviso to subparagraph (i):
“Provided that trading operations or activities included in the definition, or regarded as the manufacture within the State, of goods for the purposes of the said Chapter VI by any enactment enacted after the passing of this Act (other than section 41 of the Finance Act, 1990), shall not, subject to the following provisions of this paragraph, be regarded as qualifying trading operations for the purposes of this Chapter,”,
and
(II) of the following subparagraph for subparagraph (ii):
“(ii) in respect of a subscription for eligible shares issued on or after the passing of the Finance Act, 1990, the rendering of services (other than relevant trading operations within the meaning of section 39B, inserted by the Finance Act, 1987 , of the Finance Act, 1980 ) in the course of a service industry (within the meaning of the Industrial Development Act, 1986 ) in respect of which—
(I) an employment grant was made by the Industrial Development Authority under section 25 of the Industrial Development Act, 1986 , or
(II) a grant under section 3, or financial assistance under section 4 , of the Shannon Free Airport Development Company Limited (Amendment) Act, 1970 , was made available by the Shannon Free Airport Development Company Limited, or
(III) financial assistance was made available by ÃdarÃ¡s na Gaeltachta under section 10 of the ÃdarÃ¡s na Gaeltachta Act, 1979 ,”,
(ii) by the insertion, in paragraph (a) of subsection (2), of the following subparagraph:
“(iiib) in respect of a subscription for eligible shares made on or after the passing of the Finance Act, 1990, the construction and the leasing of an advance factory building,”,
(iii) by the substitution, in subsection (2), of the following paragraph for paragraph (II) of the second proviso (inserted by the Finance Act, 1989 ):
“(II) the leasing of land or buildings (other than the leasing of an advance factory building), or”,
and
(iv) by the substitution of the following subsection for subsection (4):
“(4) References in this Chapter to a trade shall be construed—
(a) without regard to so much of the definition of ‘trade’ in section 1 (1) of the Income Tax Act, 1967 , as relates to adventures or concerns in the nature of trade, and
(b) as including the construction and the leasing of an advance factory building:
Provided that, for all other purposes of the Tax Acts, the question of whether a trade is being carried on shall be determined without regard to this subsection.”.
num: 11
paragraphs: —Notwithstanding the provisions of section 34 of the Finance Act, 1974 , and section 8 of the Finance Act, 1978 , relief shall not be given under the said section 34 or the said section 8 in respect of any payment of interest on any loan applied in acquiring shares issued on or after the 20th day of April, 1990 (being shares forming part of the ordinary share capital of a company) if a claim for relief under Chapter III of Part I of the Finance Act, 1984 , is made in respect of the amount subscribed for those shares.
num: 12
paragraphs: —Schedule 3 to the Income Tax Act, 1967 , is hereby amended, as on and from the 20th day of April, 1990—
(a) by the substitution of the following subparagraph for subparagraph (c) of paragraph 4:
“(c) there shall be deducted from the product at (b) an amount equal to the relevant capital sum in relation to the office or employment.”,
and
(b) by the substitution of the following paragraph for paragraph 6:
num: 13
paragraphs: —(1) Notwithstanding any provision of the Income Tax Acts, other than the provisions of Chapter IV of Part I of the Finance Act, 1986 , income arising to a body to which this section applies shall be exempt from income tax.
(2) This section shall have effect as respects the year 1973-74 and subsequent years of assessment.
(3) This section shall apply to each of the following bodies, that is to say:
(a) a local authority;
(b) a health board;
(c) a vocational education committee established under the Vocational Education Acts, 1930 to 1970;
(d) a committee of agriculture established under the Agriculture Acts, 1931 to 1980.
(4) In this section “local authority” has the meaning assigned to it by section 2 (2) of the Local Government Act, 1941 , and includes a body established under the Local Government Services (Corporate Bodies) Act, 1971 .
num: 14
paragraphs: —(1) As respects the year 1990-91 and subsequent years of assessment, section 58 of the Income Tax Act, 1967 , is hereby amended—
(a) by the deletion, in subsection (1), of “the year preceding”, and
(b) by the substitution of the following subsections for subsections (3) and (4):
“(3) Any person chargeable with income tax in respect of the profits or gains of any trade or profession which has been set up and commenced within the year preceding the year of assessment shall be charged on the full amount of the profits or gains for one year from the time of such setting up and commencement.
(4) Any person chargeable with income tax in respect of the profits or gains of any trade or profession which has been set up and commenced within the year next before the year preceding the year of assessment shall be entitled, on giving notice in writing to the inspector with the return required under section 10 of the Finance Act, 1988 , for the year of assessment, to have the assessment reduced by the amount (if any) by which the amount of the assessment for the year preceding the year of assessment exceeds the full amount of the profits or gains of that preceding year:
Provided that, where the said excess is greater than the amount of the assessment, the difference between the excess and the amount of the assessment shall be treated, for the purposes of section 309 of the Income Tax Act, 1967 , as if it were a loss sustained in a trade in that year of assessment.”,
and the said subsection (1), as so amended, is set out in the Table to this subsection.
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num: 15
paragraphs: —As respects the year 1990-91 and subsequent years of assessment, the Income Tax Act, 1967 , is hereby amended by the substitution of the following section for section 60:
“60.— (1) Where, in the case of any trade or profession, it has been customary to make up accounts—
(a) if only one account was made up to a date within the year of assessment, and that account was for a period of one year, the profits or gains of the year ending on that date shall be taken to be the profits or gains of the year of assessment;
(b) if an account, other than an account to which paragraph (a) applies, was made up to a date in the year of assessment, or if more accounts than one were made up to dates in the year of assessment, the profits or gains of the year ending on that date, or on the last of those dates, as the case may be, shall be taken to be the profits or gains of the year of assessment;
(c) in any other case, the profits or gains of the year of assessment shall be determined in accordance with the provisions of subsection (1) of section 58.
(2) Where the profits or gains of a year of assessment have been computed on the basis of a period in accordance with the provisions of paragraph (b) or (c) of subsection (1) and the profits of the corresponding period relating to the immediately preceding year of assessment exceed the profits or gains charged to income tax for that year, then the profits of that corresponding period shall be taken to be the profits or gains of that preceding year of assessment and the assessment shall be amended accordingly.
(3) In the case of the death of a person who, if he had not died, would, under the provisions of this section, have become chargeable to income tax for any year of assessment, the tax which would have been so chargeable shall be assessed and charged upon his executors or administrators and shall be a debt due from and payable out of his estate.”.
num: 16
paragraphs: —(1) In this section—
num: 17
paragraphs: —(1) As respects the year 1990-91 and subsequent years of assessment—
(a) Chapter IV of Part IV of the Income Tax Act, 1967 , is hereby amended—
(i) by the substitution of the following section for section 75:
num: 18
paragraphs: —(1) As respects the year 1990-91 and subsequent years of assessment, Chapter VI of Part IV of the Income Tax Act, 1967 , is hereby amended—
(a) in subsection (3) of section 81 (inserted by the Finance Act, 1969 ), by the substitution of the following paragraph for paragraph (a):
num: 19
paragraphs: —As respects the year 1990-91 and subsequent years of assessment, Chapter I of Part V of the Income Tax Act, 1967 , is hereby amended—
(a) by the substitution of the following section for section 110:
num: 20
paragraphs: —(1) As respects the year 1990—91 and subsequent years of assessment, Schedule 18 to the Income Tax Act, 1967 , is hereby amended—
(a) by the substitution, in paragraphs II, III and IV of “the year of assessment” for “the preceding year” in each place where it occurs, and
(b) by the deletion, in paragraph VI, of “or of the preceding year, as the case shall require”,
and the said paragraphs II, III, IV and VI, as so amended, are set out in the Table to this subsection.
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num: 21
paragraphs: —(1) In this section—
“basis period for the year 1990-91” has the meaning assigned to it by section 16 ;
num: 22
paragraphs: —(1) The Income Tax Act, 1967 , is hereby amended—
(a) in section 262—
(i) by the deletion, in paragraph (b) of subsection (2), of “or of the cessation of the single source of profits or gains mentioned in section 81 (2)”, and
(ii) by the deletion, in paragraph (c) of subsection (2), of “or the said single source ceases” and of “or the cessation”, and
(b) in section 297—
(i) by the deletion, in paragraph (b) of subsection (2), of “or of the cessation of the single source of profits or gains mentioned in section 81 (2)”, and
(ii) by the deletion, in paragraph (c) of subsection (2), of “or the said single source ceases” and of “or the cessation”,
and the said paragraphs (b) and (c) of the said subsection (2) of the said section 262 and the said paragraphs (b) and (c) of the said subsection (2) of the said section 297, as so amended, are set out, respectively, in the Table to this subsection.
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(b) where there is an interval between the end of the basis period for one year of assessment and the basis period for the next year of assessment, then, unless the second-mentioned year of assessment is the year of the permanent discontinuance of the trade or profession, the interval shall be deemed to be part of the second basis period; and
(c) where there is an interval between the end of the basis period for the year of assessment preceding that in which the trade or profession is permanently discontinued and the basis period for the year in which the permanent discontinuance occurs, the interval shall be deemed to form part of the first basis period.
(b) where there is an interval between the end of the basis period for one year of assessment and the basis period for the next year of assessment, then, unless the second-mentioned year of assessment is the year of the permanent discontinuance of the trade, the interval shall be deemed to be part of the second basis period, and
(c) where there is an interval between the end of the basis period for the year of assessment preceding that in which the trade is permanently discontinued and the basis period for the year in which the permanent discontinuance occurs, the interval shall be deemed to form part of the first basis period.
(2) Section 22 of the Finance Act, 1974 , is hereby amended by the substitution in subsection (2A) (c) of “For the purposes of this section” for “For the purpose of this subsection” and the said subsection (2A) (c), as so amended, is set out in the Table to this subsection.
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(c) For the purposes of this section “basis period” has the meaning assigned to it by section 297 of the Income Tax Act, 1967 .
num: 23
paragraphs: —(1) Section 70 of the Income Tax Act, 1967 , is hereby amended—
(a) in subsection (1)—
(i) by the deletion, in paragraph (a), of “(in this section referred to as the preceding year) immediately preceding the year of assessment”,
(ii) by the substitution, in paragraph (b), of “the year of assessment” for “the preceding year”, and
(iii) by the deletion, in paragraph (c), of “the preceding year or”,
and
(b) by the substitution of the following subsection for subsection (2):
“(2) The amount of income from any source to be included in a return under this section shall be computed in accordance with the provisions of this Act:
Provided that where, in the case of a trade, an account has been made up to a date within the year of assessment or more accounts than one have been made up to dates within that year, the computation shall be made by reference to the period or to all the periods, where there are more than one, for which accounts have been made up as aforesaid.”.
(2) Section 172 of the Income Tax Act, 1967 , is hereby amended—
(a) in subsection (1)—
(i) by the deletion, in paragraph (a), of “(in this section referred to as the preceding year) immediately preceding the year of assessment”,
(ii) by the substitution, in paragraph (b), of “the year of assessment” for “the preceding year”, and
(iii) by the deletion, in paragraph (c), of the words “the preceding year or”,
and
(b) in subsection (2)—
(i) by the deletion of “save that the computation shall be made in all cases by reference to the preceding year”, and
(ii) by the substitution of the following proviso for the proviso thereto:
“Provided that where, under section 60 (as amended by the Finance Act, 1990), the profits or gains of a year ending on a date within the year of assessment are to be taken to be the profits or gains of that year of assessment, the computation shall be made by reference to the said year ending on a date within that year of assessment.”,
and the said subsection (1) of the said section 70 and the said subsections (1) and (2) (other than the proviso) of section 172, as so amended, are set out, respectively, in the Table to this subsection.
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(1) The precedent partner of any partnership, when required to do so by a notice given to him in relation to any year of assessment by an inspector, shall, within the time limited by the notice, prepare and deliver to the inspector a return in the prescribed form of—
(a) all the sources of income of the partnership for the year of assessment in relation to which the notice is given;
(b) the amount of income from each source for the year of assessment computed in accordance with subsection (2);
(c) such further particulars for the purposes of income tax for the year of assessment as may be required by the notice or indicated by the prescribed form.
(1) Every individual, when required to do so by a notice given to him in relation to any year of assessment by an inspector, shall, within the time limited by the notice, prepare and deliver to the inspector a return in the prescribed form of—
(a) all the sources of his income for the year of assessment in relation to which the notice is given;
(b) the amount of income from each source for the year of assessment computed in accordance with subsection (2);
(c) such further particulars for the purposes of income tax for the year of assessment as may be required by the notice or indicated by the prescribed form.
(2) The amount of income from any source to be included in a return under this section shall be computed in accordance with the provisions of this Act:
(3) The Finance Act, 1988 , is hereby amended—
(a) by the substitution, in the definition of “specified return date for the chargeable period”, in subsection (1) of section 9, of the following paragraph for paragraph (a):
“(a) where the chargeable period is a year of assessment, the 31st day of January in the year of assessment following that year, and”,
and
(b) by the substitution, in paragraph (a) of subsection (1) of section 10, of “which is” for “immediately preceding”,
and the said paragraph (a), as so amended, is set out in the Table to this subsection.
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(a) in the case of a chargeable person, who is chargeable to income 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 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
(4) (a) Every chargeable person (as defined in section 9 of the Finance Act, 1988 ), who is within the charge to income tax, shall prepare and deliver to the appropriate inspector (as defined in the said section 9) a return in the prescribed form of all such matters and particulars as would have been included in a return for the year of assessment 1990-91 if the provisions of this Chapter, other than this subsection, had not been enacted.
(b) The return to which this subsection applies shall be identified and referred to as the “1990 Income Tax Return”.
num: 24
paragraphs: —As respects the year 1990-91 and subsequent years of assessment and as respects accounting periods ending on or after the 6th day of April, 1990—
(a) section 477 (inserted by the Finance Act, 1980 ) of the Income Tax Act, 1967 , is hereby amended, in subsection (1)—
(i) by the substitution of “1st day of November” for “1st day of October”, in both places where it occurs, and
(ii) by the substitution of “not later than one month from the date” for “on the day next after the day”,
(b) section 550 (2) of the Income Tax Act, 1967 , and section 27 (4) of the Finance Act, 1982 , shall cease to have effect,
(c) section 6 (as amended by the Finance Act, 1985 ) of the Corporation Tax Act, 1976 , is hereby amended by the substitution, in subsection (4), of “seven months” for “six months”, and of “one month” for “two months”, and
(d) section 18 of the Finance Act, 1988 , is hereby amended—
(i) by the substitution, in subsection (1), of “1st day of November” for “1st day of October”, in both places where it occurs, and of “7 months” for “6 months”, in both places where it occurs,
(ii) by the substitution of the following paragraph for paragraph (b) of subsection (2):
“(b) where the assessment is made on or after that date—
(i) if the chargeable period is a year of assessment, on or before the specified return date for the chargeable period or, if later, not later than one month from the date on which the assessment is made, and
(ii) if the chargeable period is an accounting period of a company, not later than one month from the date on which the assessment is made.”,
(iii) by the substitution of the following subsection for subsection (3):
“(3) Where, but for this subsection, tax specified in an assessment made on a chargeable person for a relevant chargeable period would be due and payable in accordance with subsection (2) (b) and—
(a) the chargeable person has defaulted in the payment of preliminary tax for that chargeable period,
(b) the preliminary tax paid by the chargeable person for the chargeable period is less than, or less than the lower of, as the case may be—
(i) 90 per cent. of the tax payable by the chargeable person for the chargeable period, or
(ii) in the case of a chargeable person who is chargeable to income tax for the said chargeable period being a year of assessment, the tax payable for the immediately preceding chargeable period:
Provided that for the purposes of this subparagraph—
(I) where the chargeable person was not a chargeable person for the immediately preceding chargeable period, the tax payable for the immediately preceding chargeable period shall be taken to be nil, and
(II) where, after the due date for the payment of an amount of preliminary tax for a chargeable period which is a year of assessment, an amount of additional tax for the immediately preceding chargeable period becomes payable, that additional tax shall not be taken into account if, but only if, it became due and payable one month following the amendment to the assessment or the determination of the appeal, as the case may be, by virtue of the provisos (as amended by section 24 of the Finance Act, 1990) to subsection (4) or (5),
or
(c) the preliminary tax payable by the chargeable person for the chargeable period was not paid by the date on which it was due and payable,
the tax specified in the assessment shall be deemed to have been due and payable on the due date for the payment of an amount of preliminary tax for the chargeable period.”,
(iv) by the substitution, in the proviso to subsection (4), of “not later than one month from the date of the amendment” for “on the day immediately following the date of the amendment”, and
(v) by the substitution, in the proviso to subsection (5), of “not later than one month from the date of the determination of the appeal” for “on the date of the determination of the appeal”,
and the said subsection (1) of the said section 477, the said subsection (4) of the said section 6, the said subsection (1) and the provisos to subsections (4) and (5) of the said section 18, as so amended, are set out, respectively, in the Table to this section.
TABLE
(1) Subject to the provisions of this section, tax contained in an assessment for any year of assessment shall be payable on or before the 1st day of November in that year, except that tax included in an assessment for any year of assessment which is made on or after the 1st day of November in that year shall be deemed to be due and payable not later than one month from the date on which the assessment is made.
(4) Corporation tax assessed for an accounting period shall be paid within seven months from the end of the accounting period or, if it is later, within one month of the making of the assessment.
(1) Preliminary tax appropriate to a relevant chargeable period shall be due and payable—
(a) where the chargeable period is a year of assessment, on or before the 1st day of November in that year of assessment, or
(b) 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 be construed as references to the 1st day of November in the relevant year of assessment or the last day of that period of 7 months, as the case may be.
Provided that if—
(a) the assessment was made after the chargeable person had delivered a return containing a full and true disclosure of all material facts necessary for the making of the assessment, or
(b) the assessment had previously been amended following the delivery of the return containing such disclosure,
the additional tax so due shall be deemed to have been due and payable not later than one month from the date of the amendment.
Provided that—
(a) where the tax which the chargeable person had so paid is not less than 90 per cent. of the tax so found to be payable on the determination of the appeal, and
(b) where the tax charged by the assessment was due and payable in accordance with the provisions of subsection (2),
the said excess shall be deemed to be due and payable not later than one month from the date of the determination of the appeal.
num: 25
paragraphs: —(1) Section 48 of the Finance Act, 1986 , is hereby amended—
(a) in paragraph (a) of subsection (1)—
(i) by the insertion of the following definition:
“‘chargeable person’ means, in relation to a year of assessment or an accounting period—
(i) a person who is a chargeable person for the purposes of Chapter II of Part I of the Finance Act, 1988 , or
(ii) a person who is chargeable to capital gains tax;”,
and
(ii) by the substitution, in the definition of “specified date”, of the following subparagraphs for subparagraph (II) of paragraph (i):
“(II) as respects any of the years 1987-88, 1988-89 or 1989-90, the 31st day of December in that year of assessment,
(IIa) as respects the year 1990-91 or any subsequent year of assessment, the 31st day of January in the year following the year of assessment,”,
and
(b) in paragraph (b) of subsection (1), by the substitution of the following subparagraphs for subparagraphs (iii), (iv) and (v):
“(iii) where a person delivers a return of income on or before the specified date in relation to the return of income but the inspector, by reason of being dissatisfied with any statement of profits or gains arising to the person from any trade or profession which is contained in the return of income, requires the person, by notice in writing served on him under section 174 of the Income Tax Act, 1967 , to do any thing, the person shall be deemed not to have delivered the return of income on or before the specified date unless he does that thing within the time specified in the notice, and
num: 26
paragraphs: —(1) As respects the year 1990-91 and subsequent years of assessment and as respects accounting periods ending on or after the 6th day of April, 1990, Chapter III of Part I of the Finance Act, 1987 , is hereby amended—
(a) in section 13, by the substitution of the following paragraph for paragraph (b) of subsection (2)—
“(b) in relation to a specified person, appropriate tax referable to—
(i) an accounting period,
(ii) a basis period for a year of assessment, or
(iii) a credit period within the meaning of section 18 (as amended by the Finance Act, 1990) for a year of assessment,
means the appropriate tax deducted from a relevant payment which is taken into account in computing the specified person's profits or gains for the said period and where there is more than one such relevant payment in the said period the aggregate of the appropriate tax deducted from such payments.”,
and
(b) in section 18—
(i) by the substitution, in subsections (2) and (4), of “credit” for “basis” where it occurs in those subsections, and
(ii) by the addition of the following subsection after subsection (4)—
“(5) In this section—
‘credit period for a year of assessment’ means, in relation to a specified person—
(a) as respects the year of assessment 1990-91, the basis period which would otherwise have been the basis period for that year of assessment but for the provisions of sections 14 and 15 of the Finance Act, 1990,
(b) as respects any subsequent year of assessment, the basis period for the year of assessment immediately preceding the year of assessment, or
(c) notwithstanding paragraph (a) or (b), as respects a year of assessment which is a discontinuance period, the year of assessment:
Provided that where there is an interval between the end of the credit period for one year of assessment and the credit period for the next year of assessment, then, the interval shall be deemed to be part of the second credit period;
‘discontinuance period’ means the year of assessment in which a source of income, profits or gains is permanently discontinued (or is to be treated as permanently discontinued by virtue of section 59 or 71 of the Income Tax Act, 1967 ) and in relation to which a relevant payment is to be taken into account in a computation of the income, profits or gains of that source for that year of assessment.”,
and the said subsections (2) and (4), as so amended, are set out in the Table to this subsection.
TABLE
(2) Where, in relation to a year of assessment, a specified person is within the charge to income tax and has borne appropriate tax referable to the credit period for that year of assessment he may, subject to the provisions of section 21, claim to have the amount of appropriate tax specified in subsection (4) set against the income tax chargeable for that year of assessment and, where such appropriate tax exceeds such income tax, to have the excess refunded to him.
(4) The amount of the appropriate tax to be set against corporation tax for an accounting period or income tax for a year of assessment in accordance with subsection (1) or (2) shall be the total of the appropriate tax referable to the accounting period or to the credit period for the year of assessment, as the case may be, which is included in the forms furnished in accordance with subsection (3) and not repaid under any of the provisions of this Chapter.
(2) Where a specified person is within the charge to income tax for the year of assessment 1990-91, section 19 of the Finance Act, 1987 , shall apply as respects the first-mentioned period (being the first-mentioned period within the meaning assigned to it by subsection (1) of that section) which is the basis period for the year of assessment 1990-91 as if, in subsection (2) of that section 19, the reference to the basis period for the year of assessment immediately preceding the first-mentioned period were a reference to the basis period for the year of assessment 1989-90.
(3) (a) This section shall not apply in relation to a specified person where the year 1990-91 is a discontinuance period (within the meaning assigned to it by section 18 (5), inserted by this Act, of the Finance Act, 1987 ) as respects that person.
(b) This subsection shall be construed together with Chapter III of Part I of the Finance Act, 1987 (as amended by this Act).
num: 27
paragraphs: —(1) As respects the year 1990-91 and subsequent years of assessment, section 236 of the Income Tax Act, 1967 , is hereby amended by the substitution of the following subsection for subsection (11) (inserted by the Finance Act, 1974 ), other than the proviso thereto:
“(11) Where, in relation to a year of assessment, a qualifying premium is paid after the end of the year of assessment but on or before the 31st day of January in the year following the year of assessment, the premium may, if the individual so elects on or before the said 31st day of January, be treated for the purposes of this section as paid in the earlier year (and not in the year in which it is paid):”.
(2) The following provisions shall not apply or have effect for the year 1990-91 or any subsequent year of assessment, that is to say—
(a) subsection (1AA) (inserted by the Finance Act, 1979 ) of section 307, and section 546 , of the Income Tax Act, 1967 ;
(b) section 20 of the Finance Act, 1988 .
num: 28
paragraphs: — Section 421 of the Income Tax Act, 1967 , is hereby amended by the substitution of the following subsection for subsection (2):
“(2) Upon any appeal the Appeal Commissioners shall permit any barrister or solicitor to plead before them on behalf of the appellant or officers, either viva voce or in writing, and shall hear any accountant, being any person who has been admitted a member of an incorporated society of accountants, or any person who has been admitted a member of the body incorporated under the Companies Act, 1963 , on the 31st day of December, 1975, as ‘The Institute of Taxation in Ireland’:
Provided that the Commissioners may permit any other person representing the appellant to plead before them where they are satisfied that such permission should be given.”.
num: 29
paragraphs: —(1) In this section “grouping” means a European Economic Interest Grouping formed upon the terms, in the manner and with the effects laid down in—
(a) Council Regulation (EEC) No. 2137/85 of 25 July 1985** on the European Economic Interest Groupings (EEIG), and
(b) the European Communities (European Economic Interest Groupings) Regulations, 1989 ( S.I. No. 191 of 1989 ),
and references to members of a grouping shall be construed accordingly.
(2) Notwithstanding anything in the Tax Acts or in the Capital Gains Tax Acts, a grouping shall be neither—
(a) charged to income tax, corporation tax or capital gains tax, as the case may be, in respect of profits or gains or chargeable gains arising to it, nor
(b) entitled to relief for a loss sustained by it,
and any assessment required to be made on such profits or gains or chargeable gains, and any relief for a loss, shall, as appropriate, be made on and allowed to the members of a grouping in accordance with the provisions of this section.
(3) Section 2 (1) of the Capital Gains Tax Act, 1975 , is hereby amended by the substitution of the following definition for the definition of “company”—
“‘company’ means any body corporate but does not include a grouping within the meaning of section 29 of the Finance Act, 1990;”.
(4) Section 1 (5) of the Corporation Tax Act, 1976 , is hereby amended by the insertion in the definition of “company” of the following subparagraph after subparagraph (i)—
“(iA) a grouping within the meaning of section 29 of the Finance Act, 1990,”.
(5) The provisions of—
(a) Chapter III of Part IV of the Income Tax Act, 1967 , other than section 72 (8) of that Act, and
num: 30
paragraphs: —(1) For the purposes of the definition of “qualifying period” in each of the provisions of the Finance Act, 1986 , specified in the Table to this subsection, the reference to the 31st day of May, 1991 (as provided for by section 26 of the Finance Act, 1988 ) shall have effect as if it were a reference to the 31st day of May, 1993.
TABLE
Subsection (1) of section 42 (allowance in relation to construction of certain commercial premises).
Subsection (1) (a) of section 44 (allowance to owner-occupiers in respect of certain premises).
Subsection (1) (a) of section 45 (double rent allowance as a deduction in computing trading income).
(2) For the purposes of the definition of “qualifying period” in section 4 of the Finance Act, 1989 , the reference to the 31st day of May, 1991, shall have effect as if it were a reference to the 31st day of May, 1993.
num: 31
paragraphs: — Section 27 of the Finance Act, 1987 , is hereby amended by the substitution in subsection (1) (a) (ii) of “31st day of May, 1993,” for “31st day of May, 1991,”.
num: 32
paragraphs: — Section 45 (as amended by section 30 ) of the Finance Act, 1986 , is hereby amended by the addition of the following proviso to subsection (2):
“Provided that—
(a) the aggregate of the amount by which the tax liability of an individual is reduced by reason of an allowance under this section and the amount by which his tax liability is reduced by reason of the deduction of the rent giving rise to the allowance shall not exceed the amount of the rent and there shall be made such adjustments in the amount of the relief as is necessary to give effect to this proviso, and
(b) where a person, being a person who holds an interest in a qualifying premises out of which interest a qualifying lease is created (directly or indirectly) in respect of that qualifying premises and in respect of the qualifying lease a claim for a further deduction under this section is made—
(i) takes under a qualifying lease a qualifying premises (hereafter in this proviso referred to as ‘the second-mentioned premises’) which is occupied by him for the purposes of his trade or profession, and
(ii) is, apart from this section, entitled, in the computation of the amount of the profits or gains of that trade or profession, to a deduction on account of rent, in respect of the second-mentioned premises,
then, unless the person shows that the taking on lease of the second-mentioned premises was not undertaken for the sole or main benefit of obtaining for him a further deduction on account of rent under the provisions of this section, he shall not be entitled in the computation of the amount of the profits or gains of his trade or profession to any further deduction on account of rent in respect of the second-mentioned premises.”.
num: 33
paragraphs: —(1) A finance lease, that is to say—
(a) a lease in respect of a qualifying premises where at the inception of the lease the aggregate of the current value of the minimum lease payments, including any initial payment but excluding any payment or part thereof for which the lessor will be accountable to the lessee, payable by the lessee in relation to the lease amounts to an amount equal to 90 per cent. or more of the fair value of the qualifying premises, or
(b) a lease which, in all the circumstances, is considered to provide in substance for the lessee the risks and benefits associated with ownership of the qualifying premises other than legal title to that premises,
shall not be a qualifying lease for the purposes of section 45 of the Finance Act, 1986 .
(2) (a) In this section—
“current value”, in relation to minimum lease payments, means the value of those payments discounted to their present value at a rate which, when applied at the inception of the lease to—
(i) those payments, including any initial payment but excluding any payment or part thereof for which the lessor will be accountable to the lessee, and
(ii) any unguaranteed residual value of the qualifying premises, excluding any part of such value for which the lessor will be accountable to the lessee,
produces discounted present values the aggregate amount of which equals the amount of the fair value of the qualifying premises;
“fair value”, in relation to a qualifying premises, means an amount equal to such consideration as might be expected to be paid for the premises on a sale negotiated on an arm's length basis less any grants receivable towards the purchase of the qualifying premises;
“inception of the lease” means the earlier of the time the qualifying premises is brought into use or the date from which rentals under the lease first accrue;
“minimum lease payments” means the minimum payments over the remaining part of the term of the lease to be paid to the lessor and includes any residual amount which is to be paid to the lessor at the end of the term of the lease and which is guaranteed by the lessee or by a person who is connected with the lessee;
“qualifying premises” has the meaning assigned to it by section 45 of the Finance Act, 1986 ;
“unguaranteed residual value”, in relation to a qualifying premises, means that part of the residual value of that premises at the end of a term of a lease, as estimated at the inception of the lease, the realisation of which by the lessor is not assured or is guaranteed solely by a person who is connected with the lessor.
(b) For the purposes of this section a person shall be regarded as connected with another person if he would be so regarded for the purposes of section 16 of the Finance (Miscellaneous Provisions) Act, 1968 .
num: 34
paragraphs: —(1) (a) In this section—
“the Act of 1976” means the Corporation Tax Act, 1976 ;
“distribution” has the same meaning as it has for the purposes of the Act of 1976.
(b) For the purposes of this section—
(i) any question whether a person is connected with another shall be determined in accordance with section 157 of the Act of 1976, and
(ii) an amount specified or implied shall include an amount specified or implied in a foreign currency.
(2) (a) This section shall apply to shares in a company where any agreement, arrangement or understanding exists which could reasonably be considered to eliminate the risk that the person beneficially owning those shares—
(i) might, at or after a time specified in or implied by that agreement, arrangement or understanding, be unable to realize directly or indirectly, in money or money's worth, an amount so specified or implied, other than a distribution, in respect of those shares, or
(ii) might not receive an amount so specified or implied of distributions in respect of those shares.
(b) The reference in this subsection to the person beneficially owning shares shall be deemed to be a reference to both that person and any person connected with that person.
(3) Where any person receives a distribution on or after the 21st day of July, 1989, in respect of shares to which this section applies and, apart from the application of the provisions of this subsection to the distribution, section 64, 76 (2) (a), 93 (3) (a) or 170 (3) (a) of the Act of 1976 would apply to the distribution, then, notwithstanding any provision of the Tax Acts, other than subsection (5), and for all the purposes of those Acts—
(a) none of the said sections of the Act of 1976 shall apply to the distribution,
(b) that person shall not be entitled to a tax credit in respect of the distribution, and
num: 35
paragraphs: —(1) This section shall apply to any unit trust scheme, within the meaning assigned to it by section 1 (1) of the Unit Trusts Act, 1972 , where there is, or was at any time, in respect of any or all units issued after the 14th day of June, 1973, a requirement for participation in that unit trust scheme that a policy of assurance upon human life be effected (but without those units becoming the property of the owner of the policy either as benefits or otherwise).
num: 36
paragraphs: —(1) The provisions of the Corporation Tax Act, 1976 , specified in paragraph 1 of the First Schedule shall have effect in relation to distributions made on or after the 6th day of April, 1991, as if the standard rate for the year 1991-92 and subsequent years of assessment were 25 per cent.
num: 37
paragraphs: —(1) As respects any accounting period ending on or after the 1st day of April, 1991, section 1 (as amended by the Finance Act, 1988 ) of the Corporation Tax Act, 1976 , is hereby amended by the substitution of the following subsection for subsection (1):
“(1) For the financial year 1974 and each subsequent financial year there shall be charged on profits of companies a tax, to be called corporation tax, at the rate of—
(a) 43 per cent. for—
(i) each financial year until and including the year 1990, and
(ii) that part of the financial year 1991 beginning on the 1st day of January, 1991, and ending on the 31st day of March, 1991,
and
(b) 40 per cent. for—
(i) that part of the financial year 1991 beginning on the 1st day of April, 1991, and ending on the 31st day of December, 1991, and
(ii) each subsequent financial year.”.
num: 38
paragraphs: — Section 25 of the Finance Act, 1989 , is hereby amended by the substitution in subsection (3) (a) of “6th day of April, 1991,” for “6th day of April, 1990,”.
num: 39
paragraphs: —As respects expenditure incurred on or after the 1st day of April, 1990, the Finance (Taxation of Profits of Certain Mines) Act, 1974 , is hereby amended—
(a) by the deletion of the proviso to subsection (1) of section 2,
(b) by the deletion, in subsection (2) of section 3, of “but was incurred within a period of ten years prior to the date on which he commences to carry on the said trade”,
(c) by the insertion in subsection (1) of section 4 of “or section 2 as applied by section 7A,” after “section 2 or 3,”, and
(d) by the insertion after section 7 of the following section:
“7A.— (1) For the purposes of this section—
num: 40
paragraphs: — Section 38 (as amended by section 22 of the Finance Act, 1989 ) of the Finance Act, 1980 , is hereby amended by the substitution for the definition of “relevant accounting period” of the following definition:
“‘relevant accounting period’ means an accounting period or part of an accounting period of a company falling within the period from—
(a) where section 39 (1CC) as inserted by section 45 of the Finance Act, 1984 , applies, the 13th day of April, 1984,
(b) where section 39 (1CC) as so inserted and as amended by section 41 of the Finance Act, 1990, applies, the 1st day of January, 1988,
(c) where section 39 (1CC) as so inserted and as amended by section 22 of the Finance Act, 1989 , applies, the 6th day of April, 1989, or
(d) in any other case, the 1st day of January, 1981,
to the 31st day of December, 2000;”.
num: 41
paragraphs: —(1) Subject to subsections (2), (3), (4) and (5), section 39 of the Finance Act, 1980 , is hereby amended—
(a) by the substitution in subsection (1CC) of section 39 of the following paragraph for paragraph (a):
“(a) In this subsection ‘computer services’ means one or more of the following:
(i) data processing services,
(ii) software development services, and
(iii) technical or consultancy services which relate to either or both subparagraphs (i) and (ii),
the work on the rendering of which is carried out in the State in the course of a service undertaking in respect of which—
(I) an employment grant was made by the Industrial Development Authority under section 25 of the Industrial Development Act, 1986 , or
(II) a grant under section 3, or financial assistance under section 4 , of the Shannon Free Airport Development Company Limited (Amendment) Act, 1970 , was made available by the Shannon Free Airport Development Company Limited, or
(III) financial assistance was made available by ÃdarÃ¡s na Gaeltachta under section 10 of the ÃdarÃ¡s na Gaeltachta Act, 1979 .”,
(b) 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, by the insertion of the following subsections after subsection (1CC3):
“(1CC4) The following provisions shall apply, for the purposes of relief under this Chapter, in relation to a company that carries on a trade not being a relevant trading operation, within the meaning of subsection (5) (a) of section 39A (inserted by section 17 of the Finance Act, 1981 ) of the Finance Act, 1980 , which consists of or includes the repair or maintenance of aircraft, aircraft engines or components:
(a) such repair or maintenance carried out within the State shall be regarded as the manufacture within the State of goods,
(b) any amount receivable in payment for such repair or maintenance so carried out shall be regarded as an amount receivable from the sale of goods, and
(c) subsection (1D) shall have effect as respects the company in relation to a claim by it for relief from tax by virtue of this subsection as it has effect as respects a company in relation to a claim by it for relief from tax by virtue of subsection (1B) or (1C).
(1CC5) (a) In this subsection ‘film’ means a film which is produced—
(i) on a commercial basis with a view to the realisation of profit,
(ii) wholly or principally for exhibition to the public in cinemas or by way of television broadcasting or for training or documentary purposes,
and in respect of which not less than 75 per cent. of the work on the production of which is carried out in the State.
(b) The following provisions shall apply, and shall be deemed always to have applied, for the purposes of relief under this Chapter in relation to a company carrying on a trade which consists of or includes the production of a film:
(i) the production of the film by the company claiming the said relief shall be regarded as the manufacture within the State of goods,
(ii) any amount receivable for the said production shall be regarded as an amount receivable from the sale of goods, and
(iii) subsection (1D) shall have effect as respects the company in relation to a claim by it for relief from tax by virtue of this subsection as it has effect as respects a company in relation to a claim by it for relief from tax by virtue of subsection (1B) or (1C).
(1CC6) The definition of ‘goods’ in subsection (1) shall include—
(a) meat processed within the State in an establishment approved and inspected in accordance with the European Communities (Fresh Meat) Regulations, 1987 ( S.I. No. 284 of 1987 ), and
(b) subject to subsections (4) and (5) (a) (iii), fish which has been subjected to a process of manufacture within the State,
in the course of a trade by the company which, in the relevant accounting period, is the company claiming relief under this Chapter in relation to the trade and references in this Chapter to ‘manufactured’ and cognate words shall be construed accordingly.
(1CC7) The following provisions shall apply, for the purposes of relief under this Chapter, in relation to a company that carries on a trade which consists of or includes the remanufacture and repair of computer equipment or of subassemblies where such equipment or subassemblies were originally manufactured by that company or a connected company (within the meaning of section 157 of the Corporation Tax Act, 1976 ):
(a) such remanufacture or repair carried out within the State shall be regarded as the manufacture within the State of goods,
(b) any amount receivable in payment for such remanufacture or repair so carried out shall be regarded as an amount receivable from the sale of goods, and
(c) subsection (1D) shall have effect as respects the company in relation to a claim by it for relief from tax by virtue of this subsection as it has effect as respects a company in relation to a claim by it for relief from tax by virtue of subsection (1B) or (1C).”,
and
(c) 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, by the addition of the following subsection after subsection (4):
“(5) Without prejudice to the generality of subsection (1) and subject to subsections (1A), (1B), (1C), (1CC), (1CC1), (1CC2), (1CC3), (1CC4), (1CC5), (1CC6) and (1CC7), goods shall not, for the purposes of the definition of ‘goods’ in subsection (1), be regarded as manufactured if they are goods which result from a process—
(a) which consists primarily of any one of the following:
(i) dividing (including cutting), purifying, drying, mixing, sorting, packaging, branding, testing or applying any other similar process to a product, produce or material that is acquired in bulk so as to prepare that product, produce or material for sale or distribution, or any combination of such processes, or
(ii) applying methods of preservation, pasteurisation or maturation or other similar treatment to any foodstuffs, or any combination of such processes, or
(iii) cooking, baking or otherwise preparing food or drink for human consumption which is intended to be consumed, at or about the time it is prepared, whether or not in the building or structure in which it is prepared or whether or not in the building to which it is delivered after being prepared, or
(iv) improving or altering any articles or materials without imposing on them a change in their character, or
(v) repairing, refurbishing, reconditioning, restoring or other similar processing of any articles or materials, or any combination of such processes, or
(b) which, subject to the proviso to subsection (1), is not carried out by the company claiming relief under this Chapter.”.
(2) Where, before the 20th day of April, 1990, eligible shares (being eligible shares within the meaning of section 12 of the Finance Act, 1984 ) in a company (being a company which would, but for the provisions of this section, be a qualifying company within the meaning of section 15 of the said Act of 1984) are issued to an individual who has subscribed for those shares, the provisions of Chapter III of Part I of the said Act of 1984 shall apply as respects his subscription for those shares as they would apply if the company was such a qualifying company.
(3) Where, before the 20th day of April, 1990, eligible shares (being eligible shares within the meaning of section 18 of the Finance Act, 1986 ) in a company (being a company which would, but for the provisions of this section, be a qualifying research and development company within the meaning of section 21 of the said Act of 1986) are issued to an individual who has subscribed for those shares, the provisions of Chapter III of Part I of the said Act of 1986 shall apply as respects his subscription for those shares as they would apply if the company was such a qualifying company.
(4) (a) Section 84A (as amended by this Act) of the Corporation Tax Act, 1976 , shall have effect as respects any interest paid to a company in respect of relevant principal advanced before the 20th day of April, 1990, by that company to a company which carries on in the State a trade which would, but for the provisions of this section, be a specified trade, as if that trade were a specified trade.
(b) In this subsection “relevant principal” and “specified trade” have the same meanings as they have respectively in section 84A (as amended by this Act) of the Corporation Tax Act, 1976 .
(5) (a) Section 40 (as amended by section 53 of the Finance Act, 1986 ) of the Finance Act, 1984 , shall have effect as respects a person who carries on a trade of leasing, and who incurred expenditure, on the provision, before the 20th day of April, 1990, of machinery or plant for leasing, under an obligation entered into before the 20th day of April, 1990, by the lessor and a lessee who carries on a trade which would, but for the provisions of this section, be a specified trade, as if the trade carried on by the lessee were a specified trade.
(b) In this subsection “specified trade” and “trade of leasing” have the same meanings as they have respectively in section 40 (as amended by section 53 of the Finance Act, 1986 ) of the Finance Act, 1984 .
(c) In this subsection an obligation shall be treated as having been entered into before the 20th day of April, 1990, if, but only if, before that date, there was in existence a binding contract in writing under which that obligation arose.
(6) Where corporation tax payable by a company would be reduced under the provisions of section 41 of the Finance Act, 1980 , if, in the definition of “relevant accounting period” in section 38 of the Finance Act, 1980 , “the 31st day of December, 2010” were substituted for “the 31st day of December, 2000”, then that corporation tax shall be so reduced as if “the 31st day of December, 2010” were substituted for “the 31st day of December, 2000” in that definition:
Provided that no corporation tax payable by a company shall be reduced by virtue of this section if that corporation tax would not have been so reduced if the provisions of subsections (1A), (1B) and (1C) (inserted by the Finance Act, 1981 ), subsection (1CC) (inserted by the Finance Act, 1984 ) and subsections (1CC1), (1CC2) and (1CC3) (inserted by the Finance Act, 1987 ) of section 39 of the Finance Act, 1980 , and section 39A (inserted by the Finance Act, 1981 ) and section 39B (inserted by the Finance Act, 1987 ) of the Finance Act, 1980 , had not been enacted.
num: 42
paragraphs: —(1) Subsection (1) (as amended by the Finance Act, 1988 ) of section 28 of the Finance Act, 1987 , is hereby amended—
(a) in the definition of “qualifying ship”, by the deletion of paragraph (iv), and
(b) in the definition of “qualifying shipping activities”—
(i) by the deletion of “and” in paragraph (d),
(ii) by the substitution of “the company, or” for “the company;” in paragraph (e), and
(iii) by the insertion, after paragraph (e), of the following paragraph:
“(f) the use of a qualifying ship for the purposes of transporting supplies or personnel to, or providing services in respect of, a mobile or fixed rig, platform, vessel or installation of any kind at sea;”,
and the said definitions, as so amended, are set out in the Table to this section.
(2) For the purposes of Chapter III of the Finance Act, 1984 , any reference therein to section 28 (1) of the Finance Act, 1987 , shall be construed as if subsection (1) had not been enacted.
TABLE
“qualifying ship” means a sea-going vessel which—
(a) is owned to the extent of not less than 51 per cent. by a person or persons ordinarily resident in the State,
(b) is registered in the State under Part II of the Mercantile Marine Act, 1955 ,
(c) is of not less than 100 tons gross tonnage, and
(d) is self-propelled,
but notwithstanding anything in paragraphs (a), (b), (c) or (d) of this definition does not include—
(i) a fishing vessel other than a vessel normally used for the purposes of an activity mentioned in paragraph (d) of the definition of qualifying shipping activities in this subsection,
(ii) a tug,
(iii) a vessel (including a dredger) used primarily as a floating platform for working machinery or as a diving platform,
(v) any other vessel of a type which is not normally used for the purposes of qualifying shipping activities;
“qualifying shipping activities” means activities carried on by a company in the course of a trade and which consist of—
(a) the use of a qualifying ship for the purpose of carrying by sea passengers or cargo for reward,
(b) the provision, on board the qualifying ship, of services ancillary to the said use of the qualifying ship,
(c) the granting of rights by virtue of which another person provides, or will provide, the said services, on board the said qualifying ship,
(d) the subjecting of fish to a manufacturing process on board a qualifying ship,
(e) the letting on charter of a qualifying ship for use for the said purposes where the operation of the ship, and the crew of the ship, remain under the direction and control of the company, or
(f) the use of a qualifying ship for the purposes of transporting supplies or personnel to, or providing services in respect of, a mobile or fixed rig, platform, vessel or installation of any kind at sea;
num: 43
paragraphs: — Section 10 of the Corporation Tax Act, 1976 , is hereby amended, as respects payments made in any accounting period ending on or after the 6th day of April, 1990, by the substitution of the following subsection for subsection (4):
“(4) No such payment as is mentioned in subsection (3) (a) made by a company to a person not resident in the State shall be treated as a charge on income unless it is a payment—
(a) from which, in accordance with—
(i) the provisions of section 434 of the Income Tax Act, 1967 (which relates to interest, etc., not payable out of taxed profits), or
(ii) the said provisions as applied by section 31 of the Finance Act, 1974 ,
except where the company has been authorised by the Revenue Commissioners to do otherwise, the company deducts income tax which it accounts for under the said section 434 and section 151 of the Corporation Tax Act, 1976 , or under the said section 434 and section 51 of the Finance Act, 1990, as the case may be, or
num: 44
paragraphs: —(1) Section 116 of the Corporation Tax Act, 1976 , is hereby amended as respects any accounting period ending on or after the 1st day of June, 1990, by the addition of the following subsection after subsection (9):
“(10) (a) References in the preceding subsections to a surrendering company do not include references to a company carrying on life business.
(b) For the purposes of this section ‘life business’ shall be construed in accordance with section 50 (1).”.
(2) (a) For the purposes of subsection (1) and the application of section 116 of the Corporation Tax Act, 1976 , to the surrender of relief by a company carrying on life business where an accounting period begins before the 1st day of June, 1990, and ends on or after that day, that period shall be divided into one part, beginning on the day on which the accounting period begins and ending on the 31st day of May, 1990, and another part beginning on the 1st day of June, 1990, and ending on the day on which the accounting period ends, and both parts of the accounting period shall be treated as if they were separate accounting periods.
(b) In this subsection “life business” shall be construed in accordance with section 50 (1) of the Corporation Tax Act, 1976 .
num: 45
paragraphs: —(1) In this section “the Trust” means “The Trust for Community Initiatives” established by trust deed dated the 18th day of April, 1990, one of the trustees of which is a company incorporated on the 18th day of April, 1990, as the Trustee for Community Initiatives and to which a licence under section 24 of the Companies Act, 1963 , relates.
(2) This section applies to a gift of money which—
(a) on or after the 20th day of April, 1990, and before the 31st day of March, 1991, is made to the trustees of the Trust and is accepted by them,
(b) is to be applied by the said trustees solely for the objects of the Trust,
(c) would not, apart from subsection (3), be deductible in computing for the purposes of corporation tax the profits or gains of a trade or profession, and
(d) is not income to which the provisions of section 439 of the Income Tax Act, 1967 , apply.
(3) Subject to subsection (2), where a company makes a gift to which this section applies and claims relief from tax by reference thereto, the net amount thereof shall, for the purposes of corporation tax, be treated as—
(a) a deductible trading expense of a trade carried on by the company, or
(b) an expense of management deductible in computing the total profits of the company,
incurred by it in the accounting period in which the gift is made:
Provided that in determining the net amount of the gift, the amount or value of any consideration received by the said company as a result of making the gift, whether received directly or indirectly from the trustees of the Trust or any other person, shall be deducted from the amount of the gift.
(4) A claim under this section shall be made with the return required to be delivered under section 10 of the Finance Act, 1988 , for the accounting period in which the payment is made.
num: 46
paragraphs: —Section 84A (as amended by the Finance Act, 1989 ) of the Corporation Tax Act, 1976 , is hereby amended—
(a) by the insertion after subsection (3) of the following subsection:
“(3A) (a) Notwithstanding subsection (2), where at any time on or after the 31st day of January, 1990, the total of the amounts of relevant principal (hereafter in this subsection referred to as 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 75 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 January, 1990, 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 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 on the 1st day of April, 1990, is less than the said limit, this paragraph shall have effect, in relation to interest paid to the company in the period from the 1st day of April, 1990, to the 31st day of December, 1991 (being interest paid in respect of relevant principal advanced by the company in that period), as if the said limit were the total of the amounts of relevant principal so advanced as of the 1st day of April, 1990, unless the company proves that it has, as far as possible, at all times on or after the 1st day of April, 1990, 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).
(b) Where, apart from this paragraph, any part of any interest paid to a company in respect of relevant principal advanced by the company in the period from the 31st day of January, 1990, to 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 in that period if—
(i) the relevant principal is advanced by the company to a borrower who was in negotiation, before the 31st day of January, 1990, with any company for an amount of relevant principal,
(ii) the borrower had received before the 31st day of January, 1990, a written offer of grant aid from the Industrial Development Authority, the Shannon Free Airport Development Company Limited or ÃdarÃ¡s na Gaeltachta in respect of a specified trade or a proposed specified trade for the purposes of which trade the relevant principal is borrowed,
(iii) 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,
(iv) 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
(v) 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 £170,000,000.
(c) Notwithstanding section 21 (2) (b) of the Finance Act, 1989 , for the purposes of this subsection, relevant principal advanced by a company at any time on or after the 31st day of January, 1990, includes any relevant principal advanced on or after that day to a borrower under an agreement entered into before that day.
(d) For the purposes of this subsection, where a company which has, on or after the 31st day of January, 1990, advanced relevant principal to a borrower under the terms of an agreement and, under the terms of that or any other agreement, the company assigns to another company part or all of its rights and obligations under the first-mentioned agreement in relation to the relevant principal, such assignment shall be deemed not to have taken place.”,
(b) by the substitution in subsection (5) of “In subsections (2), (3), (3A) and (4),” for “In subsections (2), (3) and (4),”, and
(c) by the substitution in subsection (6) of “in subsections (2) and (3A)” for “in subsection (2)”.
num: 47
paragraphs: — Section 101 of the Corporation Tax Act, 1976 , is hereby amended, as respects accounting periods ending on or after the 1st day of April, 1990—
(a) by the substitution, in subsection (1), of “there shall be charged on the company an additional duty” for “there shall be charged on the company for the accounting period an additional duty”,
(b) by the substitution of the following subsection for subsection (5):
“(5) A surcharge made under this section on a company in respect of an accounting period (in this subsection referred to as the first-mentioned accounting period) shall—
(a) be charged on the company for the earliest accounting period which ends on or after a day which is twelve months after the end of the first-mentioned accounting period, and
(b) be treated as corporation tax chargeable for that accounting period:
Provided that where there is no such accounting period so ending, the surcharge shall be charged for, and treated as corporation tax of, the accounting period in respect of which it is made.”,
and the said subsection (1) (other than the proviso), as so amended, is set out in the Table to this section.
TABLE
(1) Where for an accounting period of a close company, the aggregate of the distributable investment income and the distributable estate income exceeds the distributions of the company for the accounting period, there shall be charged on the company an additional duty of corporation tax (referred to hereafter in this section as a surcharge) amounting to 20 per cent. of the excess:
num: 48
paragraphs: — Section 162 of the Corporation Tax Act, 1976 , is hereby amended, as respects accounting periods ending on or after the 1st day of April, 1990—
(a) by the substitution, in subsection (4), of “there shall be charged on the company an additional duty” for “there shall be charged on the company for the accounting period an additional duty”, and
(b) by the substitution, in subsection (5), of “subsections (2), (3) and (4), subsection (5) (as amended by section 47 of the Finance Act, 1990) and subsection (6) of section 101” for “section 101 (2) (3) (4) (5) (6)”,
and the said subsections (4) (other than the proviso) and (5), as so amended, are set out in the Table to this section.
TABLE
(4) Where for an accounting period of a service company, the aggregate of—
(a) four-fifths of the distributable income, and
(b) one-fifth of the aggregate of the distributable investment income and the distributable estate income
exceeds the distributions of the company for the accounting period, there shall be charged on the company an additional duty of corporation tax (in this section referred to as a surcharge) amounting to 20 per cent. of the excess:
(5) The provisions of section 101 (1) shall not apply in relation to a service company but the provisions of subsections (2), (3) and (4), subsection (5) (as amended by section 47 of the Finance Act, 1990) and subsection (6) of section 101 shall apply in relation to a surcharge made under this section as they apply in relation to a surcharge made under the said section 101 with the substitution in section 101 (2) of a reference to subsection (4) of this section for the reference to subsection (1) of that section.
num: 49
paragraphs: — Section 151 of the Corporation Tax Act, 1976 , is hereby amended, as respects accounting periods ending on or after the 1st day of April, 1990—
(a) by the substitution, in subsection (3), of “inspector” for “Collector-General”,
(b) by the substitution, in subsection (4), of “nine months” for “six months”,
(c) in subsection (5)—
(i) by the substitution of “by which preliminary tax (if there were any) for the accounting period for which the return is required to be made under subsection (3) is due and payable” for “by which the return is to be made”, and
(ii) by the deletion of “if that tax, or any part of it, is not paid on or before the due date”,
(d) by the substitution of the following subsections for subsections (10), (11) and (12):
“(10) (a) Where a company makes a relevant payment on a date which does not fall within an accounting period the company shall make a return of that payment within six months from that date, and the income tax for which the company is accountable in respect of that payment shall be due at the time by which the return is to be made.
(b) Any assessment in respect of tax payable under this subsection shall be treated as relating to the year of assessment in which the payment is made.
(c) Subsection (11) shall not apply to an assessment under this subsection.
(11) (a) Subject to subsection (10) (b), income tax payable (after income tax borne by the company by deduction has been set, by virtue of any claim under subsection (7), against income tax which it is liable to pay under subsection (5)) in respect of relevant payments in an accounting period shall, for the purposes of the charge, assessment, collection and recovery from the company making the payments of that tax and of any interest or penalties thereon, be treated and described as corporation tax payable by that company for that accounting period, notwithstanding that for all other purposes of the Tax Acts it is income tax:
Provided that the tax paid by a company which is treated as corporation tax by virtue of this subsection shall be repaid to the company if it would have been so repaid under subsection (7) had it been treated as income tax paid by the company.
(b) Any tax assessable under one or more of the provisions of this section may be included in one assessment if the tax so included is all due on the same date.
(12) Nothing in the foregoing provisions of this section shall be taken to prejudice any powers conferred by the Tax Acts for the recovery of tax by means of an assessment or otherwise.”,
and
(e) by the substitution, in paragraph (a) of subsection (13), of “tax charged by this section modify any provision of the Tax Acts” for “income tax charged by this section modify any provision of the Income Tax Acts”,
and the said subsections (3), (4) and (5) and the said paragraph (a) of subsection (13), as so amended, are set out in the Table to this section.
TABLE
(3) A company shall for each of its accounting periods make, in accordance with this section, a return to the inspector of the relevant payments made by it in that period and of the income tax for which the company is accountable in respect of those payments.
(4) A return for any period for which a return is required to be made under this section shall be made within nine months from the end of that period.
(5) Income tax in respect of any payment required to be included in a return under this section shall be due at the time by which preliminary tax (if there were any) for the accounting period for which the return is required to be made under subsection (3) is due and payable, and income tax so due shall be payable by the company without the making of any assessment; but income tax which has become due as aforesaid may be assessed on the company (whether or not it has been paid when the assessment is made).
(a) The Revenue Commissioners may, by regulations made for the purposes mentioned in subsection (2), modify, supplement or replace any of the provisions of this section; and references in this Act and in any other enactment to this section shall be construed as including references to any such regulations; and without prejudice to the generality of the foregoing, the regulations may in relation to tax charged by this section modify any provision of the Tax Acts relating to returns, assessments, claims or appeals or may apply any such provision with or without modification.
num: 50
paragraphs: — Section 152 of the Corporation Tax Act, 1976 , is hereby amended by the insertion after subsection (4) (inserted by the Finance Act, 1981 ) of the following subsection:
“(5) Subsections (1), (2) and (3) shall have effect only in respect of a company to which the provisions of subsection (10) of section 151 relates.”.
num: 51
paragraphs: —(1) Subject to subsection (4), the provisions of subsection (2) shall have effect as respects an accounting period of a company which is not resident in the State if the company is—
(a) required, by virtue of the provisions of section 434 (2) of the Income Tax Act, 1967 , to deliver an account to the Revenue Commissioners, and
(b) within the charge to corporation tax in respect of the accounting period.
(2) Where this subsection has effect as respects an accounting period of a company, then—
(a) the company shall make a return to the inspector of—
(i) payments made by the company in the accounting period and in respect of which income tax is required to be deducted by virtue of the provisions of section 434 (1) of the Income Tax Act, 1967 , and
(ii) the tax deducted out of those payments by virtue of the said section 434 (1),
and
(b) income tax in respect of which a return falls to be made under paragraph (a) shall, for the purposes of the charge, assessment, collection and recovery from the company making the payments of that tax and of any interest or penalties thereon, be treated as if it were corporation tax chargeable for the accounting period for which the return is required under paragraph (a).
(3) Section 434 of the Income Tax Act, 1967 , is hereby amended by the substitution for subsection (5A) (inserted by section 151 of the Corporation Tax Act, 1976 ) of the following subsection:
“(5A) Subsections (2), (3) and (5) have effect subject to the provisions of section 151 of the Corporation Tax Act, 1976 , and section 51 of the Finance Act, 1990, with respect to the time and manner in which certain companies are to account for and pay income tax in respect of—
(a) payments from which tax is deductible, and
(b) any amount which is deemed to be an annual payment.”.
(4) This section shall have effect as respects accounting periods ending on or after the 1st day of April, 1990.
num: 52
paragraphs: — Section 41 of the Finance Act, 1980 , is hereby amended by the insertion, in subsection (1), after “means the corporation tax” of “(other than an amount which, by virtue of sections 101, 151 and 162 of the Corporation Tax Act, 1976 , as amended, respectively, by sections 47 , 49 and 48 of the Finance Act, 1990, and of section 51 of the Finance Act, 1990, falls to be treated as corporation tax of an accounting period)”.
num: 53
paragraphs: — Section 58 (as amended by section 42 of the Finance Act, 1980 ) of the Corporation Tax Act, 1976 , is hereby amended by the insertion, in subsection (10), after “means the corporation tax” of “(other than an amount which, by virtue of sections 101, 151 and 162, as amended, respectively, by sections 47 , 49 and 48 of the Finance Act, 1990, and of section 51 of the Finance Act, 1990, falls to be treated as corporation tax of an accounting period)”.
num: 54
paragraphs: — Section 143 (as amended by section 16 of the Finance Act, 1981 ) of the Corporation Tax Act, 1976 , is hereby amended by the substitution of the following subsection for subsection (1):
“(1) A company may be required by a notice served on it by an inspector or other officer of the Revenue Commissioners to deliver to the officer within the time limited by the notice a return of—
(a) the profits of the company computed in accordance with this Act—
(i) specifying the income taken into account in computing those profits, with the amount from each source,
(ii) giving particulars of all disposals giving rise to chargeable gains or allowable losses under the provisions of the Capital Gains Tax Acts and this Act and particulars of those chargeable gains or allowable losses, and
(iii) giving particulars of all charges on income to be deducted against those profits for the purpose of the assessment to corporation tax other than those included in paragraph (c),
(b) the distributions received by the company from companies resident in the State and the tax credits to which the company is entitled in respect of those distributions,
(c) payments made from which income tax is deductible and to which the provisions of subsections (2) to (5) of section 434 (interest, etc., not payable out of taxed profits) of the Income Tax Act, 1967 , apply, and
(d) all amounts which under section 98 (loans to participators etc.) of the Corporation Tax Act, 1976 , are deemed to be annual payments.”.
num: 55
paragraphs: — Section 50 of the Finance Act, 1983 , is hereby amended, as respects accounting periods ending on or after the 1st day of April, 1990—
(a) by the substitution, in subsection (2), of “inspector” for “Collector-General”,
(b) by the substitution, in subsection (3), of “nine months” for “six months”, and
(c) in subsection (6)—
(i) by the substitution of “within six months from the end of the accounting period for which the return is required to be made under subsection (3)” for “at the time by which the return is to be made”, and
(ii) by the deletion of “if that tax, or any part of it, is not paid on or before the due date”,
and the said subsections (2), (3) and (6), as so amended, are set out in the Table to this section.
TABLE
(2) A company shall, for each of its accounting periods make, in accordance with this section, a return to the inspector of the distributions made and distributions received by it in that period and of the advance corporation tax (if any) payable by it in respect of the distributions made by it.
(3) A return for any period for which a return is required to be made under this section shall be made within nine months from the end of that period.
(6) Advance corporation tax in respect of any distribution required to be included in a return under this section shall be due within six months from the end of the accounting period for which the return is required to be made under subsection (3) and shall be paid to the Collector-General, and advance corporation tax so due shall be payable by the company without the making of any assessment; but advance corporation tax which has become due as aforesaid may be assessed on the company (whether or not it has been paid when the assessment is made).
num: 56
paragraphs: —Chapter IV of Part I of the Finance Act, 1985 , is hereby amended by the substitution of the following section for section 24:
“24.— Notwithstanding any provision of the Corporation Tax Acts, income arising to the Housing Finance Agency p.l.c.—
num: 57
paragraphs: —(1) The provisions of the Third Schedule shall apply and have effect where a society converts in accordance with the provisions of Part XI of the Building Societies Act, 1989 , into a successor company within the meaning of that Part.
num: 58
paragraphs: — Section 129 of the Corporation Tax Act, 1976 , is hereby amended in subsection (2) by the substitution of the following paragraphs for paragraph (c):
“(c) a registered industrial and provident society within the meaning of section 218 of the Income Tax Act, 1967 , and
(d) a building society incorporated or deemed by virtue of section 124 (2) of the Building Societies Act, 1989 , to be incorporated under that Act.”,
and the said subsection (2), as so amended, is set out in the Table to this section.
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(2) For the purposes referred to in subsection (1) references to a company apply only to—
(a) a company within the meaning of the Companies Act, 1963 , and
(b) a company which is constituted under any other Act or a charter or letters patent or (although resident in the State) is formed under the law of a country or territory outside the State, and
(c) a registered industrial and provident society within the meaning of section 218 of the Income Tax Act, 1967 , and
(d) a building society incorporated or deemed by virtue of section 124 (2) of the Building Societies Act, 1989 , to be incorporated under that Act.
num: 59
paragraphs: —(1) Where any assets or liabilities of a trustee savings bank are transferred or deemed to be transferred to another trustee savings bank in accordance with the provisions of Part VI (which relates to amalgamation of trustee savings banks) of the Trustee Savings Banks Act, 1989 , those banks shall be treated for the purposes of the Tax Acts, and the Capital Gains Tax Acts, as if they were the same person.
num: 60
paragraphs: —The provisions of the Fourth Schedule shall apply to the reorganisation—
(a) of one or more trustee savings banks into a company, or
(b) of a company referred to in subparagraph (i) of subsection (3) (c) of section 57 of the Trustee Savings Banks Act, 1989 , into a company referred to in subparagraph (ii) of that subsection,
in accordance with the provisions of the said section 57.
num: 61
paragraphs: — Section 337 of the Income Tax Act, 1967 , is hereby amended—
(a) by the substitution of the following subsection for subsection (1):
“(1) Any savings bank licensed under section 10 of the Trustee Savings Banks Act, 1989 , and any company to which section 57 (3) (c) (i) of that Act relates, shall be entitled to exemption from tax—
(a) in respect of its interest and dividends arising from—
(i) investments of moneys to the credit of the special account opened in pursuance of section 31 (3) of the Finance Act, 1940 , and
(ii) investments of moneys in securities of the Government as determined by the Central Bank of Ireland in accordance with the provisions of section 32 of the Trustee Savings Banks Act, 1989 ,
and
(b) in respect of profits or gains arising on the disposal of the said securities of the Government.”,
(b) in subsection (2)—
(i) by the substitution for that subsection (other than the proviso) of the following:
num: 62
paragraphs: —In this Chapter and the Fifth and Sixth Schedules—
“account period” shall be construed in accordance with subsections (8), (9) and (10) of section 66 ;
“disposal” shall be construed in accordance with section 63 (2);
“distributing fund” shall be construed in accordance with subsections (2) and (3) of section 66 ;
“equalisation account” has the meaning assigned to it in section 64 (1);
num: 63
paragraphs: —(1) This Chapter applies to a disposal by any person of an asset if—
(a) at the time of the disposal, the asset constitutes a material interest in an offshore fund which is or has at any material time been a non-qualifying offshore fund, or
(b) at the time of the disposal, the asset constitutes an interest in a company resident in the State or in a unit trust scheme, the trustees of which are at that time resident in the State and at a material time on or after the 1st day of January, 1991, the company or unit trust scheme was a non-qualifying offshore fund and the asset constituted a material interest in that fund,
num: 64
paragraphs: —(1) For the purposes of this Chapter, an offshore fund operates equalisation arrangements if, and at a time when, arrangements are in existence which have the result that where—
(a) a person acquires by way of initial purchase a material interest in the fund at some time during a period relevant to the arrangements, and
(b) the fund makes a distribution for a period which begins before the date of his acquisition of that interest,
num: 65
paragraphs: —(1) In this Chapter references to a material interest in an offshore fund are references to such an interest in any of the following, namely—
(a) a company which is resident outside the State,
(b) a unit trust scheme the trustees of which are not resident in the State, and
(c) any arrangements which do not fall within paragraph (a) or (b), which take effect by virtue of the law of a territory outside the State and which, under that law, create rights in the nature of co-ownership (without restricting that expression to its meaning in the law of the State),
and any reference in this Chapter to an offshore fund is a reference to any such company, unit trust scheme or arrangements in which any person has an interest which is a material interest.
(2) Subject to the following provisions of this section, a person's interest in a company, unit trust scheme or arrangements is a material interest if, at the time when he acquired the interest, it could reasonably be expected that, at some time during the period of 7 years beginning at the time of his acquisition, he would be able to realise the value of the interest (whether by transfer, surrender or in any other manner).
(3) For the purposes of subsection (2), a person shall be deemed to be able to realise the value of an interest if he can realise an amount which is reasonably approximate to that portion which the interest represents (directly or indirectly) of the market value of the assets of the company or, as the case may be, of the assets subject to the scheme or arrangements.
(4) For the purposes of subsections (2) and (3)—
(a) a person shall be deemed to be able to realise a particular amount if he is able to obtain that amount either in money or in the form of assets to the value of that amount, and
(b) if at any time an interest in an offshore fund has a market value which is substantially greater than the portion which the interest represents, as mentioned in subsection (3), of the market value at that time of the assets concerned, the ability to realise such a market value of the interest shall not be regarded as an ability to realise such an amount as is referred to in that subsection.
(5) An interest in a company, scheme or arrangements shall be deemed not to be a material interest if it is either—
(a) an interest in respect of any loan capital or debt issued or incurred for money which, in the ordinary course of a business of banking, is lent by a person carrying on that business, or
(b) a right arising under a policy of insurance.
(6) Shares in a company falling within subsection (1) (a) (in this section referred to as “the overseas company”) shall not constitute a material interest if—
(a) the shares are held by a company and the holding of them is necessary or desirable for the maintenance and development of a trade carried on by the company or a company associated with it,
(b) the shares confer at least 10 per cent. of the total voting rights in the overseas company and a right, in the event of a winding up, to at least 10 per cent. of the assets of that company remaining after the discharge of all liabilities having priority over the shares,
(c) not more than ten persons hold shares in the overseas company and all the shares in that company confer both voting rights and a right to participate in the assets on a winding up, and
(d) at the time of its acquisition of the shares, the company had such a reasonable expectation as is referred to in subsection (2) by reason only of the existence of either or both—
(i) an arrangement under which, at some time within the period of 7 years beginning at the time of acquisition, that company may require the other participators to purchase its shares, and
(ii) provisions of either an agreement between the participators or the constitution of the overseas company under which the company will be wound up within a period which is, or is reasonably expected to be, shorter than the period referred to in subsection (2),
and in this paragraph “participators” means the persons holdings shares falling within paragraph (c).
(7) For the purposes of subsection (6) (a), a company is associated with another company if one of them has control of the other within the meaning of section 102 of the Corporation Tax Act, 1976 , or both of them are under the control, within the meaning of that section, of the same person or persons.
(8) An interest in a company falling within subsection (1) (a) shall be deemed not to be a material interest at any time when the following conditions are satisfied, namely—
(a) that the holder of the interest has the right to have the company wound up, and
(b) that, in the event of a winding up, the holder is, by virtue of the interest and any other interest which he then holds in the same capacity, entitled to more than 50 per cent. of the assets remaining after the discharge of all liabilities having priority over the interest or interests concerned.
(9) The market value of any asset for the purposes of this Chapter shall be determined in like manner as it would be determined for the purposes of the Principal Act except that, in the case of an interest in an offshore fund for which there are separate published buying and selling prices, section 49(5) of that Act shall apply with any necessary modifications for determining the market value of the interest for the purposes of this Chapter.
num: 66
paragraphs: —(1) For the purposes of this Chapter, an offshore fund is a non-qualifying fund except during an account period of the fund in respect of which the fund is certified by the Revenue Commissioners as a distributing fund.
num: 67
paragraphs: —(1) If a disposal to which this Chapter applies gives rise, in accordance with the Sixth Schedule , to an offshore income gain, then, subject to the provisions of this section, the amount of that gain shall be treated for all the purposes of the Tax Acts as—
(a) income arising at the time of the disposal to the person making the disposal, and
num: 68
paragraphs: —(1) Section 36 of the Principal Act shall, in relation to its application to offshore income gains, have effect as if—
(a) for any reference to a chargeable gain there were substituted a reference to an offshore income gain,
(b) for the reference in subsection (6) to capital gains tax there were substituted a reference to income tax or corporation tax, and
(c) paragraphs (b) and (c) of subsection (4) and subsection (7) were omitted.
(2) Subject to subsection (3), section 37 of the Principal Act shall, in relation to its application to offshore income gains, have effect as if—
(a) for any reference to a chargeable gain there were substituted a reference to an offshore income gain,
(b) in subsection (2)—
(i) for “this Act” there were substituted “the Tax Acts”, and
(ii) for “capital gains tax under section 5 (1)” there were substituted “income tax by virtue of section 67 of the Finance Act, 1990”,
and
(c) in subsection (5)—
(i) for “any capital gains payable” there were substituted “any income tax or corporation tax payable”, and
(ii) for “for the purposes of income tax” there were substituted “for the purposes of income tax, corporation tax”.
(3) If, in any year of assessment—
(a) under subsection (3) of section 37 of the Principal Act, as it applies apart from subsection (2) of this section, a chargeable gain falls to be attributed to a beneficiary, and
(b) under the said subsection (3), as applied by subsection (2) of this section, an offshore income gain also falls to be attributed to him,
section 37 shall have effect as if it required offshore income gains to be attributed before chargeable gains.
num: 69
paragraphs: —(1) The provisions of this section shall apply where a disposal (being a disposal to which this Chapter applies) gives rise to an offshore income gain and, if that disposal also constitutes the disposal of the interest concerned for the purposes of the Principal Act, then that disposal is in this section referred to as “the disposal for the purposes of the Principal Act”.
num: 70
paragraphs: — Section 241 of the Income Tax Act, 1967 , is hereby amended in relation to machinery or plant provided for use for the purposes of a trade on or after the 1st day of April, 1990, by the insertion in subsection (1), after “chargeable period or its basis period” of “, and which, while used for the purposes of the trade, is wholly and exclusively so used,”.
num: 71
paragraphs: — Section 11 (as amended by section 46 of the Finance Act, 1988 ) of the Finance Act, 1967 , is hereby amended—
(a) by the substitution, for subparagraph (ii) of paragraph (b) of subsection (2), of the following subparagraphs:
“(ii) if the machinery or plant is provided for use on or after the 1st day of April, 1989, and before the 1st day of April, 1991, 50 per cent., or
(iii) if the machinery or plant is provided for use on or after the 1st day of April, 1991, and before the 1st day of April, 1992, 25 per cent.,”,
and
(b) by the insertion after subsection (2) of the following subsection:
“(2A) Notwithstanding subsection (2), no allowance made under section 241 of the Income Tax Act, 1967 , for wear and tear of any qualifying machinery or plant provided for use on or after the 1st day of April, 1992, shall be increased under this section.”.
num: 72
paragraphs: — Section 26 (as amended by section 47 of the Finance Act, 1988 ) of the Finance Act, 1971 , is hereby amended—
(a) by the substitution, for subparagraph (ii) of paragraph (b) of subsection (2), of the following subparagraphs:
“(ii) if the machinery or plant is provided for use on or after the 1st day of April, 1989, and before the 1st day of April, 1991, 50 per cent., or
(iii) if the machinery or plant is provided for use on or after the 1st day of April, 1991, and before the 1st day of April, 1992, 25 per cent.,”,
and
(b) by the insertion after subsection (2) of the following subsection:
“(2A) Notwithstanding subsection (2), no allowance made under section 241 of the Income Tax Act, 1967 , for wear and tear of any qualifying machinery or plant provided for use on or after the 1st day of April, 1992, shall be increased under this section.”.
num: 73
paragraphs: — Section 251 of the Income Tax Act, 1967 , is hereby amended—
(a) in relation to capital expenditure incurred on or after the 1st day of April, 1990, by the insertion in subsection (1), after “or the haulage by road of other vehicles,” of “and that machinery or plant, while used for the purposes of that trade, is wholly and exclusively so used,”,
(b) by the insertion in subsection (3) after “1956” of “or on or after the 1st day of April, 1992”, and
(c) by the insertion in subsection (4), after paragraph (bb) (inserted by section 43 of the Finance Act, 1988 ), of the following paragraph:
“(bbb) in relation to capital expenditure incurred on or after the 1st day of April, 1991, and before the 1st day of April, 1992, as if ‘one-quarter’ were substituted for ‘one-fifth’ in subsection (1),”.
num: 74
paragraphs: —Section 254 (as amended by section 21 (1) of the Corporation Tax Act, 1976 ) of the Income Tax Act, 1967 , is hereby amended—
(a) by the insertion in subsection (2A), after paragraph (a), of the following paragraph:
“(aa) in relation to capital expenditure incurred on or after the 1st day of April, 1991, and before the 1st day of April, 1992, on the construction of a building or structure in respect of which an allowance under this Chapter falls to be made by reason of its use for a purpose specified in paragraph (a) or (b) of section 255 (1), as if ‘one-quarter’ were substituted for ‘one-tenth’,”,
(b) by the insertion after subsection (2A) of the following subsection:
“(2B) Notwithstanding any other provision of this section, no industrial building allowance shall be made in respect of capital expenditure incurred on or after the 1st day of April, 1992, on the construction of an industrial building or structure.”,
and
(c) by the insertion after subsection (3) of the following subsection:
“(3A) Where a building or structure which is to be an industrial building or structure forms part of a building or is one of a number of buildings in a single development, or forms part of a building which is itself one of a number of buildings in a single development, there shall be made such apportionment as is necessary of the expenditure incurred on the construction of the whole building or number of buildings, as the case may be, for the purpose of determining the expenditure incurred on the construction of the building or structure which is to be an industrial building or structure and references in this section (including subsection (3)) to a building or structure shall be construed accordingly.”.
num: 75
paragraphs: — Section 19 (as amended by section 86 of the Finance Act, 1974 ) of the Finance Act, 1970 , is hereby amended by the insertion after subsection (2) of the following subsection:
“(2A) For the purposes of subsections (1) and (2)—
‘expenditure incurred on the construction of a building or structure’ excludes any expenditure within the meaning of section 256 of the Income Tax Act, 1967 ,
‘the net price paid’ means the amount represented by A in the equation—
C
A = B ×
______
C + D
where
B is the amount paid by a person on the purchase of the relevant interest in a building or structure;
C is the amount of the expenditure actually incurred on the construction of the building or structure;
D is the amount of any expenditure actually incurred which is expenditure for the purposes of paragraph (a), (b) or (c) of section 256 of the Income Tax Act, 1967 .”.
num: 76
paragraphs: — Section 25 (as amended by section 48 of the Finance Act, 1988 ) of the Finance Act, 1978 , is hereby amended—
(a) by the substitution, for subparagraph (ii) of paragraph (b) of subsection (2), of the following subparagraphs:
“(ii) if the qualifying expenditure is incurred on or after the 1st day of April, 1989, and before the 1st day of April, 1991, 50 per cent., or
(iii) if the qualifying expenditure is incurred on or after the 1st day of April, 1991, and before the 1st day of April, 1992, 25 per cent.,”,
and
(b) by the insertion after subsection (2) of the following subsection:
“(2A) Notwithstanding subsection (2), no allowance made under section 264 of the Income Tax Act, 1967 , in respect of qualifying expenditure incurred on or after the 1st day of April, 1992, shall be increased under this section.”.
num: 77
paragraphs: — Section 22 of the Finance Act, 1974 , is hereby amended—
(a) by the substitution, for subparagraph (ii) of paragraph (b) of the proviso to subsection (2), of the following subparagraphs:
“(ii) in relation to capital expenditure incurred on or after the 1st day of April, 1989, and before the 1st day of April, 1991, 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
(iii) in relation to capital expenditure incurred on or after the 1st day of April, 1991, and before the 1st day of April, 1992, whether claimed in one chargeable period or more than one such period, shall not, in the aggregate, exceed one-quarter of that capital expenditure.”,
and
(b) by the insertion after subsection (2B) of the following subsection:
“(2C) Notwithstanding any other provision of this section, 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.”.
num: 78
paragraphs: — Section 265 (as amended by section 45 of the Finance Act, 1988 ) of the Income Tax Act, 1967 , is hereby amended by the substitution in subsection (1) of “in respect of which an allowance has been made under Chapter II of Part XV or under this Chapter, and any of the following events occurs” for “and any of the following events occurs while the building or structure is an industrial building or structure”.
num: 79
paragraphs: — Section 276 of the Income Tax Act, 1967 , is hereby amended in relation to machinery or plant provided for use for the purposes of a trade on or after the 1st day of April, 1990, by the insertion after “used by that person for the purposes of a trade carried on by him and” of “, while so used, was used wholly and exclusively for that purpose and otherwise”.
num: 80
paragraphs: — Section 51 of the Finance Act, 1988 , is hereby amended by the substitution for subsections (2), (3) and (4) of the following subsections:
“(2) Section 251 (as amended by the Finance Act, 1990) of the Income Tax Act, 1967 , shall have effect in relation to capital expenditure incurred on the provision of machinery or plant to which this section applies as if—
(a) in subsection (3), ‘or on or after the 1st day of April, 1992’ were deleted,
(b) paragraphs (bb) and (bbb) of subsection (4) were deleted,
(c) the following provision were substituted for paragraph (d) of subsection (4):
‘(d) in relation to capital expenditure incurred on or after the 1st day of April, 1971, as if “five-fifth” were substituted for “one-fifth” in subsection (1).’,
and
(d) subsection (7) were deleted.
(3) Section 11 of the Finance Act, 1967 , and section 26 of the Finance Act, 1971 , shall have effect in relation to an allowance which falls to be made under section 241 of the Income Tax Act, 1967 , for wear and tear of any machinery or plant to which this section applies as if—
(a) paragraph (b) of subsection (2) (as amended by the Finance Act, 1990) and subsection (2A) (inserted by the Finance Act, 1990) of the said section 11, and
(b) paragraph (b) of subsection (2) (as amended by the Finance Act, 1990) and subsection (2A) (inserted by the Finance Act, 1990) of the said section 26,
were deleted.
(4) Section 254 of the Income Tax Act, 1967 , and section 25 of the Finance Act, 1978 , shall have effect in relation to capital expenditure on the construction of an industrial building or a premises to which this section applies as if—
(a) paragraph (aa) (inserted by the Finance Act, 1990) of subsection (2A) and subsections (2B) (as so inserted) and (7) (inserted by the Finance Act, 1988 ) of the said section 254, and
(b) paragraph (b) of subsection (2) (as amended by the Finance Act, 1990) and subsection (2A) (inserted by the Finance Act, 1990) of the said section 25,
were deleted.”.
num: 81
paragraphs: —(1) This section applies to—
(a) machinery or plant or an industrial building or structure which is provided for the purposes of a project approved for grant assistance by the Industrial Development Authority, the Shannon Free Airport Development Company Limited or ÃdarÃ¡s na Gaeltachta on or before the 31st day of December, 1990, and
(b) (i) a building or structure which is to be an industrial building or structure within the meaning of section 255 (1) (d) of the Income Tax Act, 1967 , and which is to be registered in a register kept by Bord FÃ¡ilte Ãireann under the Tourist Traffic Acts, 1939 to 1987, and
(ii) machinery or plant which is provided for the purposes of a trade or part of a trade of hotel keeping carried on in the said building or structure,
where a binding contract for the provision of the building or structure was entered into before the 31st day of December, 1990:
Provided that this section shall not apply if the said building or structure is not registered, within 6 months after the date of the completion of the said building or structure, in a register kept by Bord FÃ¡ilte Ãireann under the Tourist Traffic Acts, 1939 to 1987, and where by virtue of this section any allowance or increased allowance has been granted any necessary additional assessments may be made to give effect to this proviso.
(2) Section 251 of the Income Tax Act, 1967 , shall have effect in relation to capital expenditure incurred on the provision of machinery or plant to which this section applies as if—
(a) in subsection (3), “or on or after the 1st day of April, 1992” (inserted by this Act) were deleted,
(b) in subparagraph (ii) of paragraph (bb) (inserted by the Finance Act, 1988 ) of subsection (4), “and before the 1st day of April, 1991,” were deleted, and
(c) paragraph (bbb) (inserted by this Act) of subsection (4) were deleted.
(3) Section 11 of the Finance Act, 1967 , and section 26 of the Finance Act, 1971 , shall have effect in relation to an allowance which falls to be made under section 241 of the Income Tax Act, 1967 , for wear and tear of any machinery or plant to which this section applies as if—
(a) in relation to the said section 11, the provisions of section 71 had not been enacted, and
(b) in relation to the said section 26, the provisions of section 72 had not been enacted.
(4) Section 254 of the Income Tax Act, 1967 , shall have effect in relation to capital expenditure incurred on the construction of a building or structure which is to be an industrial building or structure to which this section applies as if—
(a) the following provision were substituted for paragraph (a) of subsection (2A):
“(a) in relation to capital expenditure incurred on or after the 16th day of January, 1975, on the construction of a building or structure in respect of which an allowance under this Chapter falls to be made by reason of its use for a purpose specified in paragraph (a) or (b) of section 255 (1), as if ‘one-half’ were substituted for ‘one-tenth’, and”,
(b) paragraph (aa) (inserted by this Act) of subsection (2A) were deleted, and
(c) subsection (2B) (inserted by this Act) were deleted.
(5) Section 25 of the Finance Act, 1978 , shall have effect in relation to capital expenditure incurred on the construction of a building or structure which is to be an industrial building or structure to which this section applies as if the provisions of section 76 had not been enacted.
num: 82
paragraphs: —Subsection (3) (as amended by section 60 of the Finance Act, 1986 ) of section 3 of the Capital Gains Tax Act, 1975 , is hereby amended as respects chargeable gains accruing on any disposal made on or after the 6th day of April, 1990—
(a) by the deletion of paragraph (a), and
(b) by the deletion in paragraph (b) of “more than one year but”
and the said subsection, as so amended, is set out in the Table to this section.
TABLE
(3) Except as otherwise provided for by the Capital Gains Tax Acts, the rate of capital gains tax in respect of chargeable gains accruing to a person on the disposal of an asset shall be—
(b) 50 per cent. where his period of ownership of the asset is not more than three years,
(c) 35 per cent. where his period of ownership of the asset is more than three years but not more than six years, or
(d) in any other case, 30 per cent.,
and any reference in those Acts to the rate specified in this section shall be construed accordingly.
num: 83
paragraphs: — Section 36 of the Finance Act, 1982 , is hereby amended—
(a) by the insertion in subsection (3) after “the 26th day of March, 1982,” of “and before the 6th day of April, 1990,”, and
(b) by the insertion of the following subsection after subsection (3):
“(3A) As respects chargeable gains accruing on relevant disposals made on or after the 6th day of April, 1990, section 3 (3) of the Principal Act (as amended by the Finance Act, 1990) shall have effect as if, in lieu of the rates of capital gains tax specified in paragraphs (b), (c) and (d) of that subsection, the following rates of capital gains tax applied:
(i) 50 per cent., or
(ii) in the case of such a relevant disposal which is a compulsory disposal by a person whose period of ownership of the asset is more than three years, 40 per cent.”,
and the said subsection (3), as so amended, is set out in the Table to this section.
TABLE
(3) As respects chargeable gains accruing on relevant disposals made on or after the 26th day of March, 1982, and before the 6th day of April, 1990, section 3 (3) of the Principal Act (as amended by this Act) shall have effect as if, in lieu of the rates of capital gains tax specified in paragraphs (a), (b) and (c) of that subsection, the following rates of capital gains tax applied:
(a) 60 per cent. where the period of ownership of the asset by the person making the disposal is not more than one year,
(b) (i) 50 per cent. where his period of ownership of the asset is more than one year, or
(ii) in the case of such a relevant disposal which is a compulsory disposal by a person whose period of ownership of the asset is more than three years, 40 per cent.
num: 84
paragraphs: — Section 26 of the Capital Gains Tax Act, 1975 , is hereby amended—
(a) by the insertion in subsection (3), after “family company”, of “other than a holding company,”,
(b) by the insertion of the following subsection after subsection (3):
“(3A) Where a disposal of qualifying assets includes a disposal of shares or securities of the individual's family company which is a holding company, the amount of the consideration to be taken into account for the purposes of subsection (1) in respect of those shares or securities shall be the proportion of the consideration for such shares or securities which is equal to the proportion which the part of the value of the assets (including cash) of the trading group (excluding shares or securities of one member of the group held by another member of the group) at the time of the disposal which is attributable to the value of the chargeable business assets of the trading group bears to the value of the total assets of the trading group.”,
and
(c) in subsection (6) (a)—
(i) by the insertion, before the definition of “chargeable business asset”, of the following:
“a company shall be deemed to be a ‘100 per cent. subsidiary’ of another company if and so long as not less than 100 per cent. of its ordinary share capital is owned directly or indirectly by that other company;”,
(ii) by the insertion, in the definition of “chargeable business asset”, after “family company” of “or by a company which is a member of a trading group of which the holding company is that individual's family company”,
(iii) by the insertion after the definition of “full-time working director” of the following:
“‘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 100 per cent. subsidiaries;”,
(iv) by the insertion, in the definition of “qualifying assets”, after “family company” of “or a member of a trading group of which the holding company is that individual's family company”, and
(v) by the insertion after the definition of “trading company” of the following:
“‘trading group’ means a group of companies consisting of the holding company and its 100 per cent. subsidiaries, the business of whose members, taken together, consists wholly or mainly of the carrying on of a trade or trades.”.
num: 85
paragraphs: —Section 27 (as amended by section 8 of the Capital Gains Tax (Amendment) Act, 1978 ) of the Capital Gains Tax Act, 1975 , is hereby amended by the substitution, in subsection (3), of “Subsection (3) or (3A), as the case may be, of section 26” for “Section 26 (3)”.
num: 86
paragraphs: —As respects appropriations to stock in trade on or after the passing of this Act, paragraph 15 of Schedule 1 to the Capital Gains Tax Act, 1975 , is hereby amended by the insertion, after the proviso to subparagraph (3), of the following additional proviso:
“Provided also that an election under this subparagraph shall not be made in any case where application of the provisions of subparagraph (1) would give rise to an allowable loss.”.
num: 87
paragraphs: —Schedule 2 to the Capital Gains Tax Act, 1975 , is hereby amended by the insertion after paragraph 2 of the following paragraph:
“2A.— (1) In this paragraph, references to a reorganisation of units in a trust scheme include—
(a) any case where persons are, whether for payment or not, allotted units in the scheme in respect of and in proportion to (or as nearly as may be in proportion to) their holdings of units in the scheme or of any class of units in the scheme, and
(b) any case where there are more than one class of units and the rights attached to units of any class are altered.
(2) Paragraph 2 shall apply with any necessary adaptation in relation to a reorganisation or reduction of units in any unit trust scheme registered under the Unit Trusts Act, 1972 , or authorised under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 ( S.I. No. 78 of 1989 ), as if (except as respects subparagraph (6) of that paragraph)—
(a) that scheme were a company, and
(b) the units in that scheme were shares in the company:
Provided that, where, but for this proviso, this paragraph would apply to any reorganisation or reduction, in a year of assessment, of units in a unit trust scheme so that units which are deemed not to be chargeable assets for that year for the purposes of this Act would be treated as ‘original shares’ or a ‘new holding’ within the meaning of paragraph 2 (1), then paragraph 2 shall not apply to that reorganisation or reduction of units in the unit trust scheme.
(3) The references in subparagraph (2) (including the proviso thereto) to paragraph 2 do not include references to that paragraph as applied by paragraph 3 or 4.”.
num: 88
paragraphs: —In this Part—
“the Order of 1975” means the Imposition of Duties (No. 221) (Excise Duties) Order, 1975 ( S.I. No. 307 of 1975 );
“the Order of 1979” means the Imposition of Duties (No. 236) (Excise Duties on Motor Vehicles, Televisions and Gramophone Records) Order, 1979 ( S.I. No. 57 of 1979 ).
num: 89
paragraphs: —(1) The rebate of duty on mineral hydrocarbon light oil provided for in section 56 (3) of the Finance Act, 1988 , shall, as respects mineral hydrocarbon light oil on which it is shown to the satisfaction of the Revenue Commissioners that duty at the rate specified in section 40 (1) of the Finance Act, 1989 , has been paid on or after the 1st day of February, 1990, be calculated at the rate of £2.56 per hectolitre.
(2) 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 February, 1990, at the rate of £0.393 per gallon in lieu of the rate specified in paragraph 5 (9) of the Imposition of Duties (No. 285) (Excise Duties) Order, 1987 ( S.I. No. 19 of 1987 ).
num: 90
paragraphs: —The duty of excise on table waters imposed by paragraph 9 (2) of the Order of 1975 (inserted by section 37 (1) of the Finance Act, 1981 ), shall be charged, levied and paid, as on and from the 1st day of February, 1990, at the rate of £0.29 per gallon in lieu of the rate specified in section 69 (3) of the Finance Act, 1986 .
num: 91
paragraphs: —The duty of excise on televisions imposed by paragraph 5 (1) of the Order of 1979, shall be charged, levied and paid, as on and from the 1st day of February, 1990, in accordance with the Seventh Schedule in lieu of the Schedule to the Imposition of Duties (No. 274) (Televisions) Order, 1985 ( S.I. No. 41 of 1985 ).
num: 92
paragraphs: —The duty of excise on video players imposed by paragraph 4 of the Imposition of Duties (No. 260) (Excise Duty on Video Players) Order, 1982 ( S.I. No. 49 of 1982 ), shall be charged, levied and paid, as on and from the 1st day of February, 1990, at the rate of £20 for each video player in lieu of the rate specified in section 59 of the Finance Act, 1983 .
num: 93
paragraphs: —The duty of excise on gramophone records imposed by paragraph 5 (1) of the Order of 1979, shall not be charged or levied on or after the 1st day of February, 1990.
num: 94
paragraphs: —The duty of excise on matches imposed by paragraph 13 (2) of the Order of 1975, shall not be charged or levied on or after the 1st day of February, 1990.
num: 95
paragraphs: —The duty of excise on mechanical lighters imposed by section 75 (2) of the Finance Act, 1980 , shall not be charged or levied on or after the 1st day of February, 1990.
num: 96
paragraphs: —(1) In this section and in the Eighth 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: 97
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 1989” means the Finance Act, 1989 .
num: 98
paragraphs: —Section 1 of the Principal Act is hereby amended in subsection (1) by the insertion in the definition of “livestock” of “horses,” after “cattle,”.
num: 99
paragraphs: —Section 3 of the Principal Act is hereby amended in subsection (3) (inserted by the Finance Act, 1982 ) by the deletion of “, live horses” from paragraphs (a) and (b).
num: 100
paragraphs: —Section 5 (inserted by the Act of 1978) of the Principal Act is hereby amended in subsection (6)—
(a) by the addition to clause (II) of subparagraph (ii) of paragraph (e) (inserted by the Act of 1986) of “or” after “supplied,”, and
(b) by the insertion after clause (II) of subparagraph (ii) of paragraph (e) (inserted by the Act of 1986) of the following clause:
“(III) who has an establishment in the State and his principal establishment in the country in which, but for this subparagraph, the services would be deemed to be supplied,”.
num: 101
paragraphs: —Section 8 of the Principal Act is hereby amended in subsection (9) (inserted by the Act of 1978), in the definition of “agricultural produce”, by the deletion of “live horses and”.
num: 102
paragraphs: —Section 11 of the Principal Act is hereby amended in subsection (1) (inserted by the Act of 1985)—
(a) in paragraph (a)—
(i) by the substitution of “23 per cent.” for “25 per cent.” (inserted by the Act of 1986), and
(ii) by the deletion of “, (bb)” (inserted by the Finance Act, 1988 ),
(b) by the deletion of paragraph (bb) (inserted by the Act of 1989), and
(c) in paragraph (d)—
(i) by the substitution of “2.3 per cent.” for “2 per cent.” (inserted by the Act of 1989), and
(ii) by the insertion after “livestock” of “and live greyhounds, and to the hire of horses”.
num: 103
paragraphs: —Section 12A (inserted by the Act of 1978) of the Principal Act is hereby amended by the substitution in subsection (1) of “2.3 per cent.” for “2 per cent.” (inserted by the Act of 1989).
num: 104
paragraphs: —Section 15 (inserted by the Act of 1978) of the Principal Act is hereby amended—
(a) by the insertion in paragraph (b) of subsection (1) (inserted by the Act of 1985) after “livestock” of “and live greyhounds”, and
(b) by the substitution in subsection (2) of “paragraph (xviii)” for “paragraphs (xviii), (xx) and (xxi)”.
num: 105
paragraphs: —In respect of the period from the 1st day of October, 1990, to the 31st day of December, 1990, the provisions of section 17 of the Principal Act shall not apply in the case of the supply of services specified in paragraph (va) (inserted by this Act) of the Sixth Schedule (inserted by the Act of 1985) to the Principal Act.
num: 106
paragraphs: —The First Schedule (inserted by the Act of 1978) to the Principal Act is hereby amended—
(a) by the insertion in paragraph (ii) after “kind” of “, excluding instruction in the driving of mechanically propelled road vehicles other than vehicles designed or constructed for the conveyance of goods with a capacity of 1.5 tonnes or more,”,
(b) by the insertion after paragraph (viii) (inserted by the Act of 1985) of the following paragraph:
“(viiia) supply of cultural services and of goods closely linked thereto by any cultural body, whether established by or under statute or otherwise, which is recognised as such a body by the Revenue Commissioners for the purposes of this paragraph, not being services to which paragraph (viii) relates;”,
(c) by the deletion of paragraphs (xx) and (xxi), and
(d) by the insertion after paragraph (xxii) of the following paragraph:
“(xxiia) supply of services by an independent group of persons (being a group which is an independent entity established for the purpose of administrative convenience by persons whose activities are exempt from or are not subject to tax) for the purpose of rendering its members the services directly necessary for the exercise of their activities and where the group only recovers from its members the exact reimbursement of each member's share of the joint expenses;”.
num: 107
paragraphs: —The Sixth Schedule (inserted by the Act of 1985) to the Principal Act is hereby amended—
(a) by the insertion in paragraph (i), after subparagraph (a), of the following subparagraph:
“(aa) electricity:
Provided that this subparagraph shall not apply to the distribution of any electricity where such distribution is wholly or mainly in connection with the distribution of communications signals,”,
(b) by the insertion of the following paragraph after paragraph (v):
“(va) telecommunications services (including the supply of goods and services incidental thereto) supplied by Bord Telecom Ãireann or by any person licensed in accordance with subsection (1) of section 111 of the Postal and Telecommunications Services Act, 1983 , other than services of the kind specified in paragraph (d), (e) or (f) of subsection (3) of section 87 of the said Act;”,
(c) by the substitution of the following paragraph for paragraph (x) (inserted by the Act of 1986):
“(x) newspapers and periodicals, normally published at least fortnightly, the contents of each issue of which consist, wholly or mainly, as regards the quantity of printed matter contained in them, of information on the principal current events and topics of general public interest;”,
and
num: 108
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, 1989, 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 branches) furnished to the Central Bank of Ireland by the bank in respect of the assets and liabilities of the bank as on the 18th day of January, 1989, the 15th day of February, 1989, the 31st day of March, 1989, the 28th day of April, 1989, the 31st day of May, 1989, the 30th day of June, 1989, the 31st day of July, 1989, the 31st day of August, 1989, the 29th day of September, 1989, the 31st day of October, 1989, the 30th day of November, 1989, and the 29th day of December, 1989;
“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 302.2 in supplement 1 of the returns of the bank from the aggregate amount of the relevant sums shown in the returns in respect of Government deposits and non-Government deposits and shown as liabilities of the bank in such returns.
(2) A bank shall, not later than the 13th day of September, 1990, deliver to the Revenue Commissioners a statement in writing showing the assessable amount for that bank, the specified amount for that bank and the sums referred to in the definition of “specified amount” in subsection (1) 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) 0.3 per cent. of that part of the assessable amount shown therein that does not exceed £130,000,000 and
(b) 0.4055 per cent. of that part of the assessable amount shown therein that exceeds £130,000,000:
Provided that in the case where the assessable amount shown in the statement does not exceed £130,000,000 stamp duty of an amount equal to 0.3 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 Revenue Commissioners by a bank such particulars as the Revenue Commissioners may deem necessary in relation to any statement required by this section to be delivered by the bank.
(6) In the case of failure by a bank to deliver any statement required by subsection (2) 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 13th day of September, 1990, 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 Revenue Commissioners under section 47 of the Succession Duty Act, 1853 , in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.
(8) The stamp duty charged by this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty under the care and management of the Revenue Commissioners payable by the bank.
num: 109
paragraphs: —(1) In this section—
“accountable person”, in relation to an undertaking, means a person in whom is vested the legal ownership of the assets of the undertaking and also includes any unit holder and any management company, agent, intermediary, broker, or any other person who is engaged in the marketing of units to residents in the State or who is a party to a transaction involving the purchase of units in an undertaking by a unit holder;
“the airport” has the same meaning as it has in the Customs-free Airport Act, 1947 ;
“the Area” has the same meaning as it has for the purposes of section 39B (inserted by the Finance Act, 1987 ) of the Finance Act, 1980 ;
“assessable amount”, in relation to an undertaking and in relation to the period from the 1st day of February, 1990, to the 30th day of June, 1990, and thereafter each quarter, means the amount or value of capital invested by or on behalf of unit holders in an undertaking in that period or quarter, without deduction for any commissions paid or other expenses incurred in relation to that investment, in consideration of the purchase by or on behalf of such unit holders of units in that undertaking but without regard to capital invested in consideration of the purchase by or on behalf of unit holders of excluded units;
“Commissioners” means the Revenue Commissioners;
“company” means any body incorporated in the State with limited liability or, if incorporated or otherwise formed under the law of any other jurisdiction, which corresponds under that law to a body so incorporated in the State;
“declaration”, in relation to the purchase of units by persons who are not resident in the State, means a written declaration which—
(a) is made in such form as may be prescribed or authorised by the Commissioners,
(b) declares that at the time when the declaration is made the person who is beneficially entitled to the interest in relation to such units is not, or, as the case may be, all of the persons who are so entitled are not, resident in the State,
(c) contains as respects the person, or, as the case may be, each of the persons, mentioned in paragraph (b)—
(i) the name of the person,
(ii) the address of his principal place of residence, and
(iii) the name of the country in which he is resident at the time the declaration is made,
and
(d) contains such other information as the Commissioners may reasonably require for the purposes of this section;
“distribution” has the same meaning as it has for the purposes of the Corporation Tax Acts;
“excluded units” means—
(a) units in which the persons who hold the beneficial interest are not resident, as provided for in the Income Tax Acts, in the State and in respect of which a declaration was made, at the time of purchase by those persons, to the person from whom such units were purchased;
(b) units of an undertaking repurchased or redeemed from a unit holder by a management company at the request of that unit holder;
(c) units in an undertaking purchased by or on behalf of a unit holder from undistributed profits or income arising from units already held by that unit holder in that undertaking;
(d) units purchased by or on behalf of a body of persons established for charitable purposes only or by the trustees of a trust so established acting on behalf of that trust and where that body or that trust is a charity for the purposes of the Income Tax Acts;
(e) units purchased by or on behalf of an insurer acting in the course of his business as an insurer;
(f) units in an undertaking purchased by or on behalf of a unit holder in exchange for units held by him in another undertaking provided that both such undertakings are sub-funds in an umbrella fund;
(g) units purchased by or on behalf of an occupational pension scheme;
(h) units purchased by or on behalf of a person acting in the course of his business in the airport or in the Area;
(i) units purchased by or on behalf of an undertaking, being an undertaking to which this section applies;
“insurer” means the holder of an authorisation under the European Communities (Non-Life Insurance) Regulations, 1976 ( S.I. No. 115 of 1976 ), or the European Communities (Life Assurance) Regulations, 1984 ( S.I. No. 57 of 1984 );
“intermediary” means any person who provides relevant facilities in relation to an undertaking;
“management company”, in relation to an undertaking, means a company which, in the course of trading operations carried on by the company, manages the whole or any part of the investments and other activities of the business of the undertaking;
“occupational pension scheme” means any scheme or arrangement—
(a) which is comprised in one or more instruments or agreements, and
(b) which provides or is capable of providing benefits in relation to employees in any description of employment who reside within the State, and
(c) (i) which has been approved of by the Revenue Commissioners for the purpose of Chapter II of the Finance Act, 1972 , or
(ii) the application for approval of which under Chapter II of the Finance Act, 1972 , is being considered, or
(iii) being a statutory scheme to which section 17 of the Finance Act, 1972 , applies;
“quarter” means a period of three months after the passing of this Act ending on the 31st day of March, the 30th day of June (other than the 30th day of June, 1990), the 30th day of September and the 31st day of December;
“relevant facilities”, in relation to an undertaking, means—
(a) the marketing in the State of the units of the undertaking,
(b) the acting in the State as an intermediary in the purchase of the units of the undertaking by or on behalf of persons resident in the State or in the sale to such persons of such units, and
(c) the provision in the State on behalf of the undertaking of facilities for the making of payments to holders of its units, or the repurchase or redemption of its units;
“relevant gains”, in relation to an undertaking, means gains accruing to the undertaking being gains which would constitute chargeable gains in the hands of a person resident in the State;
“relevant income”, in relation to an undertaking, means any amounts of income, profits or gains which arise to or are receivable by the undertaking being amounts of income, profits or gains—
(a) which are or are to be paid to unit holders as relevant payments, or
(b) out of which relevant payments are, or are to be, made to unit holders, or
(c) which are or are to be accumulated for the benefit of, or invested in any property for the benefit of, unit holders,
and which if they arose to an individual resident in the State would, in the hands of the individual, constitute income for the purposes of income tax;
“relevant payment” means, a payment made to a unit holder by an undertaking by reason of rights conferred on the unit holder as a result of holding a unit or units in the undertaking, other than a payment made in respect of the cancellation, redemption or repurchase of a unit;
“relevant profits” means, in relation to an undertaking, the relevant income and relevant gains of the undertaking;
“umbrella fund” means an undertaking which is divided into a number of sub-funds and in which unit holders are entitled to exchange rights in one sub-fund for rights in another sub-fund;
“undertaking” means an undertaking the main objects of which include the collective investment, in any property, of capital raised from the public and the units of which may, at the request of the unit holders, be repurchased or redeemed, directly or indirectly out of the assets of the undertaking, and includes a unit trust, UCITS or other similar investment undertaking which, in the case of a similar investment undertaking is, in the opinion of the Commissioners, an undertaking to which this section applies notwithstanding that such undertaking is a company which issues shares to the public, whether or not those shares may be repurchased or redeemed directly or indirectly out of the assets of the undertaking;
“units” includes shares and any other instruments granting an entitlement to share in the investments or income of, or receive a distribution from, an undertaking;
“UCITS” has the meaning assigned to it by section 19 of the Finance Act, 1989 ;
“unit holder”, in relation to an undertaking, means any person who by reason of the holding of a unit, or under the terms of a unit, in the undertaking is entitled to a share of any of the investments or relevant profits of, or to receive a distribution from, the undertaking;
“unit trust” means a registered unit trust scheme within the meaning of the Unit Trusts Act, 1972 ;
(2) An accountable person shall deliver to the Commissioners a statement in writing showing the assessable amount for that accountable person—
(a) in respect of the period from the 1st day of February, 1990, to the 30th day of June, 1990, within 30 days from the 30th day of June, 1990, and
(b) in respect of each quarter, within 30 days from the end of each such quarter:
Provided that where it is expedient to do so and the Commissioners have agreed, a person, who is an accountable person in relation to an undertaking, may deliver a statement as required under the foregoing provisions of this subsection and make a payment as required under subsection (4) on behalf of one or more other persons, who are also accountable persons in respect of that undertaking, and any such delivery or payment on behalf of one or more accountable persons shall be deemed to be a delivery and a payment by each of them for the purposes of this section.
(3) There shall be charged on every statement delivered in pursuance of subsection (2) a stamp duty of an amount equal to three per cent. of the assessable amount shown therein.
(4) The duty charged by subsection (3) upon a statement delivered by an accountable person pursuant to subsection (2) shall be paid by the accountable person upon delivery of the statement.
(5) In the case of failure by the accountable person to deliver any statement required by subsection (2) within the time specified in that subsection or of failure by the accountable person to pay any duty chargeable on any such statement on the delivery thereof that person shall be liable to pay, in addition to the duty, interest thereon at the rate of 1.25 per cent. for each month or part of a month from the expiration of the quarter to which the statement relates until the day on which the duty is paid and such interest shall be recoverable in the same manner as if it were part of the duty payable.
(6) There shall be furnished to the Commissioners, by an accountable person, such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by the accountable person.
(7) Notwithstanding the provisions of subsection (6) an accountable person shall, if required to do so by notice from the Commissioners, prepare and deliver to the Commissioners within such time, being not less than 30 days, as shall be specified in the notice a return of—
(a) the names and addresses of all persons resident in the State in respect of whom the accountable person has, in the course of providing relevant facilities in relation to an undertaking during such periods as shall be specified in the notice—
(i) acted as an accountable person in the purchase by or on behalf of any of those persons of units in the undertaking or in the sale to such persons of such units,
(ii) provided facilities for the making of payments by the undertaking to any of those persons who hold units of the undertaking, and
(iii) provided facilities for the repurchase or redemption of units of the undertaking held by any of those persons,
and
(b) where appropriate, in respect of each such person—
(i) the name and address of each undertaking—
(I) the units of which have been so purchased by, or on behalf of, or sold to that person in that period,
(II) on whose behalf facilities have been provided for the making of payments by the undertaking to that person in that period, and
(III) on whose behalf facilities have been provided for the repurchase or redemption by the undertaking in the period of units in the undertaking held by that person,
and
(ii) (I) the value or total value of the units so purchased by, or on behalf of, or sold to that person,
(II) the amount of the payments so made by the undertaking to that person, and
(III) the value or total value of the units held by that person which were so repurchased or redeemed by the undertaking,
and in respect of such return, the Commissioners shall be entitled to require production of and inspect any books or records of the accountable person relating to such purchase of units or provision of facilities.
(8) A person shall, if he is required by notice in writing by the Commissioners to do so, deliver to the Commissioners, within such time, not being less than 30 days, as may be specified in the notice, particulars relating to the sale or purchase of units in an undertaking by that person and shall if so required by the Commissioners deliver to them a statement verifying such particulars, together with such evidence, statements and documents as the Commissioners may require in relation to such sale or purchase.
(9) In the case of default by an accountable person in delivering any statement required by subsection (2) or in paying any duty pursuant to subsection (4), where such default leads to either or both—
(a) an incomplete or inaccurate statement, and
(b) an inadequate payment of duty,
he shall be liable to a penalty of £2,000 or 25 per cent. of the total duty which, but for his default, would have been payable, whichever is the greater.
(10) The duty charged under subsection (3) and any interest charged under subsection (5) shall be recoverable from any one or more of—
(a) the accountable persons concerned,
(b) where any accountable person concerned is dead, his personal representatives, and
(c) any receiver, liquidator or administrator appointed to oversee the affairs of the accountable person concerned.
(11) An accountable person, on whom the Commissioners have served a notice in writing of the requirement to deliver a statement under subsection (2) or of the duty payable under subsection (3) together with any interest payable under subsection (5), shall, upon failure to deliver such statement or pay such duty if any and interest as is set forth in such notice within 30 days of the date of issue of such notice, be liable to the following penalties—
(a) where such notice has been served on an accountable person in respect of units held by him as a unit holder, £2,000 or 25 per cent. of the duty together with any interest payable, whichever is the greater, and £100 for each day on which the failure so continues,
(b) where such notice has been served on any other accountable person £20,000 or 25 per cent. of the duty together with any interest payable, whichever is the greater, and £500 for each day on which the failure so continues,
and for the purposes of this subsection the Commissioners may estimate the amount of duty payable from any information available to them.
(12) The Commissioners shall set up and maintain a register of persons other than unit holders who are, or who may become, accountable persons and shall provide facilities for the inspection of this register by the public at such times and on such conditions as appear reasonable to the Commissioners.
(13) Every person who on the date of the passing of this Act is an accountable person, other than a person who is an accountable person solely on the grounds that he is a unit holder, shall (for the purpose of registering as such), within the period of 60 days after the passing of this Act, furnish in writing to the Commissioners a statement setting out such particulars as the Commissioners may require in relation to the setting up and maintenance of the register provided for in subsection (12).
(14) Every person who after the date of the passing of this Act becomes an accountable person or intends to become an accountable person, other than a person who becomes or intends to become an accountable person solely on the grounds that he is or is to be a unit holder, shall (for the purpose of registering as such) furnish, not less than fourteen days prior to the participation of that accountable person in the provision of relevant facilities, the statement referred to in subsection (13) to the Commissioners.
(15) Any accountable person who fails to comply with the provisions of subsection (13) or subsection (14) shall be liable to a penalty of £20,000 and to a further penalty of £100 for each day on which the failure so continues.
(16) Any unit holder who purchases units in an undertaking, including units in the form of a stock certificate to bearer, from or through persons who are not registered under the provisions of subsection (12) shall be liable to a penalty of £2,000 or a sum equal to 25 per cent. of the capital invested by the unit holder in acquiring such units, whichever is the greater, and any such penalty shall be recoverable in the same manner as if it were part of the duty payable:
Provided that any unit holder to whom this subsection applies may, within 30 days of acquiring such units, deliver such statement as is referred to in subsection (2) and pay such duty as is referred to in subsection (3).
(17) (a) The Commissioners shall make such regulations as appear to them to be necessary for the purpose of giving effect to this section or of enabling them to discharge their functions thereunder.
(b) Every regulation made under this subsection shall be laid before DÃ¡il Ãireann as soon as may be possible after it is made and, if a resolution annulling the regulation is passed by DÃ¡il Ãireann within the next 21 days on which DÃ¡il Ãireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.
num: 110
paragraphs: —(1) In this section “the First Schedule” means the First Schedule (as amended by the Finance Act, 1970 , and subsequent enactments) to the Stamp Act, 1891.
num: 111
paragraphs: —Section 58 (as amended by section 47 of the Finance Act, 1981 ) of the Stamp Act, 1891, is hereby amended by the substitution in subsection (8) of “paragraph 8” for “paragraph 4”.
num: 112
paragraphs: —(1) Notwithstanding the provisions of section 77 (2) of the Stamp Act, 1891, and of section 10 of the Finance Act, 1900 , where, in connection with, or as part of any arrangement involving, a sale or a lease of any land, a dwellinghouse or apartment has been built, or is in the course of being built, or is to be built, on that land, any instrument whereby such sale or lease is effected shall be chargeable to stamp duty—
num: 113
paragraphs: —(1) Where in the opinion of the Revenue Commissioners it is inexpedient or impractical for any person carrying on a business and who—
num: 114
paragraphs: —In addition to the provisions of section 14 of the Family Home Protection Act, 1976 (which relates to exemption from stamp duty and certain fees on creation of a joint tenancy in a family home) no stamp duty shall be payable on any instrument whereby any property is transferred by a spouse or spouses of a marriage to either spouse or to both spouses of the said marriage.
num: 115
paragraphs: —Chapter II of Part IV of the Finance Act, 1973 , is hereby amended by the insertion of the following section after section 67:
“Restriction of application (Chapter II).
67A.—This Chapter shall not apply to any undertaking for collective investment in transferable securities (UCITS) to which Council Directive 85/611/EEC* of 20 December 1985, and any Directive amending that Council Directive, relates.”.
*O.J. No. L 375 of 31.12.1985.
num: 116
paragraphs: — Section 19 (inserted by the Finance Act, 1980 ) of the Finance Act, 1952 , is hereby amended—
(a) by the insertion of the following subsection after subsection (2):
“(2A) Notwithstanding that at the time of execution of any instrument the bodies corporate between which the beneficial interest in the property was conveyed or transferred were associated within the meaning of subsection (2) of this section, they shall not be treated as having been so associated unless, additionally, at that time—
(a) one such body was beneficially entitled to not less than 90 per cent. of any profits available for distribution to the shareholders of the other such body or a third such body was beneficially entitled to not less than 90 per cent. of any profits available for distribution to the shareholders of each, and
(b) one such body would be beneficially entitled to not less than 90 per cent. of any assets of the other such body available for distribution to its shareholders on a winding up or a third such body would bebeneficially entitled to not less than 90 per cent. of any assets available for distribution to the shareholders of each on a winding up,
and, for the purposes of this section—
(i) the percentage to which one body corporate is beneficially entitled of any profits available for distribution to the shareholders of another body corporate, and
(ii) the percentage to which one body corporate would be beneficially entitled of any assets of another body corporate on a winding up,
means the percentage to which the first body corporate is, or would be, so entitled either directly or through another body corporate or other bodies corporate or partly directly and partly through another body corporate or other bodies corporate.”,
and
(b) by the substitution of the following paragraph for paragraph (c) of subsection (3):
“(c) the transferor and the transferee were to cease to be associated within the meaning of subsections (2) and (2A) of this section,”.
num: 117
paragraphs: —(1) Where in the course of a bona fide reconstruction or amalgamation of companies which, except for the fact that the particular existing company is not registered in the State but is duly registered in another Member State of the European Economic Community, is in accordance with the provisions of section 31 of the Finance Act, 1965 (as amended by the Finance Act, 1989 ), a transferee company acquires the undertaking, or part of the undertaking, situate in the State of the particular existing company, then stamp duty under the heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities” or the heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities” in the First Schedule (as amended by the Finance Act, 1970 , and subsequent enactments) to the Stamp Act, 1891, shall not be chargeable on any instrument made for the purposes of or in connection with the transfer of such undertaking or part of undertaking.
(2) This section shall be deemed to have effect with respect to instruments executed on or after the 20th day of April, 1990.
num: 118
paragraphs: — Section 5 (which relates to exemption of the Agricultural Credit Corporation p.l.c. from certain stamp duties) of the Finance (Customs and Stamp Duties) Act, 1929 , and sections 12 (4) and 53 (1) of the Agricultural Credit Act, 1978 , shall, upon the passing of this Act, cease to have effect.
num: 119
paragraphs: — Section 64 of the Companies Act, 1963 is hereby amended in subsection (4) by the substitution, for all of the words from “, and accordingly” to the end of that subsection, of the following:
“and, accordingly, for the purposes of section 68 of the Finance Act, 1973, shares issued by a company in place of shares redeemed under this section shall constitute a chargeable transaction if, but only if, the actual value of the shares so issued exceeds the actual value of the preference shares redeemed at the date of their redemption and, where the issue of the shares does constitute a chargeable transaction for those purposes, the amount on which stamp duty on the relevant statement relating to that transaction is chargeable under section 69 of the Finance Act, 1973 , shall be the difference between—
(a) the amount on which the duty would be so chargeable if the shares had not been issued in place of shares redeemed under this section, and
(b) the value of the shares redeemed at the date of their redemption.”.
num: 120
paragraphs: —(1) In this section “trees” means woodlands managed on a commercial basis and with a view to the realisation of profits.
(2) This section applies to an instrument, being a conveyance or transfer on sale of land, or a lease of land, where the instrument contains a certificate to the effect that trees (within the meaning of this section) are growing on a substantial part of such land.
(3) Stamp duty shall not be chargeable on any instrument to which this section applies, in respect of such part of the consideration for the sale or lease as represents the value of trees growing on the land.
num: 121
paragraphs: —This Part shall apply and have effect where tax is chargeable on a valuation date (as defined by section 95 (1) of the Finance Act, 1983 ) in relation to any year commencing with the year 1990.
num: 122
paragraphs: — Section 95 of the Finance Act, 1983 , is hereby amended by the deletion in subsection (1) of the definition of “child”.
num: 123
paragraphs: — Section 100 of the Finance Act, 1983 , is hereby amended in subsection (1)—
(a) by the substitution of the following definition for the definition of “general exemption limit”:
“‘general exemption limit’ means the general market value exemption limit applying on a valuation date, that is to say, the amount obtained by multiplying £65,000 by the new house price index number relevant to that valuation date and dividing the product by the new house price index number relevant to the valuation date falling on the 5th day of April, 1983:
Provided that the amount so obtained shall be rounded up to the next £1,000;”,
and
(b) by the substitution, in the definition of “the new house price index number”, of “31st day of December next” for “31st day of March next”,
and the said definition of “the new house price index number”, as so amended, is set out in the Table to this section.
TABLE
“the new house price index number” means the Trends in Private New House Prices Index Number compiled by the Department of the Environment and the new house price index number relevant to any valuation date means the new house price index number for the three months ended on the 31st day of December next before that valuation date expressed on the basis that the new house price index number for the three months ended on the 31st day of March, 1973, is 100.
num: 124
paragraphs: — Section 101 of the Finance Act, 1983 , is hereby amended by the substitution of the following subsection for subsection (2):
“(2) The income exemption limit applying on a valuation date is the amount obtained by multiplying £20,000 by the consumer price index number relevant to that valuation date and dividing the product by the consumer price index number relevant to the valuation date falling on the 5th day of April, 1983:
Provided that the amount so obtained shall be rounded up to the next £100.”.
num: 125
paragraphs: — Section 102 of the Finance Act, 1983 , is hereby amended—
(a) by the substitution of the following subsection for subsection (2):
“(2) Where, for the year of assessment ending on a valuation date, an assessable person has one or more than one qualifying child normally residing with him at any relevant residential property of his, he shall be entitled to have the tax payable by him in respect of the net market value of his relevant residential property on that date reduced by the amount determined by the formula—
C
T ×
_____
10
where—
C is the number of such qualifying children, up to a maximum of 10, and
T is the tax which, apart from this subsection, would be payable:
Provided that no reduction shall be allowed under this subsection for the valuation date in question in respect of a qualifying child—
(a) who is a child to whom section 138A (1) (b) (i) (III) (B) of the Income Tax Act, 1967 , relates and who is entitled in his own right to an income exceeding £1,320, or
(b) in any other case, who is entitled in his own right to an income exceeding £720,
in the year of assessment ending on that valuation date.”,
and
(b) by the addition of the following subsection after subsection (3):
“(4) In this section—
‘child’, in relation to an assessable person, includes—
(a) a stepchild,
(b) a child—
(i) adopted under the Adoption Acts, 1952 to 1988, or
(ii) duly adopted outside the State in another jurisdiction and the adoption corresponds to an adoption under the said Acts,
and
(c) a person who, for the year of assessment ending on the valuation date, is in the custody, and maintained at the expense, of either or both the assessable person and the spouse of that assessable person;
‘qualifying child’, in relation to an assessable person, means a child referred to in subsections (1) (b) (i) or (4) (a) of section 138A of the Income Tax Act, 1967 , as if the references therein to a child were references to a child within the meaning of this subsection;
‘year of assessment’ has the meaning assigned to it by section 1 of the Income Tax Act, 1967 .”.
num: 126
paragraphs: —In this Part “the Principal Act” means the Capital Acquisitions Tax Act, 1976 .
num: 127
paragraphs: —(1) Notwithstanding the provisions of the Principal Act, a gift taken by a donee, who is at the date of the gift the spouse of the disponer, shall be exempt from tax and shall not be taken into account in computing tax.
(2) This section shall have effect in relation to a gift taken on or after the 31st day of January, 1990.
num: 128
paragraphs: —(1) In computing in accordance with the provisions of the Second Schedule to the Principal Act the tax chargeable on the taxable value of a taxable gift or a taxable inheritance taken by a donee or successor on or after the 1st day of January, 1990, the threshold amount in relation to the computation of tax on any relevant aggregate of taxable values under the provisions of paragraph 3 of Part I of that Schedule (inserted by section 111 of the Finance Act, 1984 ) shall be adjusted by multiplying each such threshold amount by the figure, rounded to the nearest third decimal place, determined by dividing by 133.5 the consumer price index number for the year immediately preceding the year in which that taxable gift or taxable inheritance is taken:
Provided that, where the tax so computed on the taxable value of that taxable gift or that taxable inheritance is a minus amount, that tax shall be nil.
(2) In this section “the consumer price index number” means the All Items Consumer Price Index Number for a year as compiled by the Central Statistics Office and expressed on the basis that the consumer price index number at mid-November, 1982, is 100.
num: 129
paragraphs: —(1) For the purposes of section 108 (b) (ii) of the Finance Act, 1984 , a sponsored superannuation scheme within the meaning of subsection (9) of section 235 of the Income Tax Act, 1967 , shall not include a scheme or arrangement which relates to matters other than service in particular offices or employments.
(2) This section shall have effect in relation to a charge for tax which, apart from section 108 (b) (ii) of the Finance Act, 1984 , arises on or after the 5th day of April, 1990, under the provisions of section 106 of the said Act of 1984 or of section 103 of the Finance Act, 1986 .
num: 130
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—
(a) where the inheritance is taken on the date of death of the insured, or
(b) where the inheritance is taken only in the event of the insured not surviving the spouse by a period of up to 31 days,
and the relevant qualifying insurance policy is—
(i) a policy of insurance within the meaning of paragraphs (a), (b) and (c) of subsection (1A) of that section (inserted by section 84 of the Finance Act, 1989 ), or
(ii) a policy of insurance where the insured is an individual and the proceeds of the policy are payable only on the contingency of the insured surviving that spouse.
num: 131
paragraphs: — Section 17 (as amended by the Finance Act, 1976 ) of the Finance Act, 1970 , is hereby amended by the addition of the following subsections after subsection (13):
“(14) Any person who is aggrieved by a refusal by the Revenue Commissioners to issue a certificate of authorisation under this section may, by notice in writing to that effect given to the Revenue Commissioners within 30 days from the date of such refusal, apply to have his application heard and determined by the Appeal Commissioners.
(15) The Appeal Commissioners shall hear and determine an appeal made to them under subsection (14) as if it were an appeal against an assessment to income tax and, subject to subsection (16), all the provisions of the Income Tax Acts relating to such an appeal (including the provisions relating to the rehearing of an appeal and to the statement of a case for the opinion of the High Court on a point of law) shall apply accordingly with any necessary modifications.
(16) On the hearing of an appeal made under subsection (14) the Appeal Commissioners shall have regard to all matters to which the Revenue Commissioners may or are required to have regard under the provisions of this section.
(17) For the purposes of the hearing or rehearing of an appeal under subsection (14), the Revenue Commissioners may nominate any of their officers to act on their behalf.”.
num: 132
paragraphs: —(1) In this section—
“the principal section” means section 22 of the Finance Act, 1950 ;
“the 1989 amending section” means section 91 of the Finance Act, 1989 ;
“the fortieth 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, 1990, subsection (4) of the 1989 amending section shall have effect with the substitution of “£48, 061, 329” for “£48, 206, 431”.
(3) Subsection (6) of the 1989 amending section shall have effect with the substitution of “£36, 385, 006” for “£37, 052, 550”.
(4) A sum of £44, 965, 113 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, 1990.
(5) The fortieth 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 fortieth additional annuity, not exceeding £34, 561, 200 in any financial year, may be applied towards defraying the interest on the public debt.
(7) The balance of the fortieth additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section.
num: 133
paragraphs: — Section 51 of the Finance Act, 1978 , is hereby amended by the substitution in subsection (2) of “£20,000,000” for “£10,000,000”, and the said subsection, as so amended, is set out in the Table to this section.
TABLE
(2) The Minister for Finance shall not so exercise the powers conferred on him by this section that the amount or aggregate amount of money which he may at any one time be liable to pay under contracts of guarantee and loan contracts, together with the amounts (if any) which the said Minister has previously paid under contracts of guarantee and loan contracts and have not been repaid to him, exceeds £20,000,000.
num: 134
paragraphs: —(1) The Minister for Finance may, whenever and so often as he thinks fit—
(a) make, in such manner and in respect of such cases as he considers appropriate, or
(b) give notice in such manner and in respect of such cases as he considers appropriate of his intention to make, either on a specified day or at a specified time on a day,
an offer of conversion of any existing holding of stock of Government loan, or any part thereof (in this section referred to as the “existing stock”) into a holding of stock (in this section referred to as the “offered stock”) of—
(i) another existing and specified Government loan or loans, or
(ii) a new Government loan or loans, or
(iii) partly another existing and specified Government loan or loans and partly a new Government loan or loans,
subject to such terms and conditions as he thinks fit.
(2) (a) Where an offer of conversion was made under this section in respect of an existing stock, every stockholder to whom the offer was made who duly accepts conversion in accordance with the offer shall have his holding of the stock or, where provided for in the terms and conditions of the offer, part of his holding of the stock (as the case may be) converted into offered stock of such amount and upon such terms and conditions as are applicable in accordance with the offer.
(b) An acceptance under this subsection shall, subject to subsection (3), be made in such manner as is specified in the terms and conditions of the offer of conversion.
(3) (a) An acceptance under subsection (1) in respect of stock which is standing in the books of the Bank in the names of two or more persons may be made—
(i) if all of those persons are alive, by a majority of them,
(ii) if one or more but not all of those persons is or are dead, by the sole survivor or a majority of the survivors, or
(iii) if all of those persons are dead, by the personal representative or a majority of the personal representatives of the last survivor.
(b) An acceptance under subsection (1) in respect of stock which is standing in the books of the Bank in the name of one person only may, if that person is dead, be made by the personal representative or a majority of the personal representatives of that person.
(4) Where a person, in whose name either alone or jointly, any stock of Government loan is standing, is under a disability specified in the first column of the Table to this subsection and an offer of conversion is made under this section in respect of all or any of that stock, then acceptance of the offer may be made on his behalf by the appropriate person specified in the second column of that Table, and such acceptance may be made either alone or jointly (including jointly as constituting a majority), as the case may require.
TABLE
Legal disability
Person who can accept an offer of conversion
Minor.
A parent or guardian of the minor.
Unsoundness of mind.
The committee of the person of unsound mind.
Any other legal disability.
The person entitled in law to administer the property of the person under the legal disability.
(5) Where an offer of conversion is made under subsection (1)—
(a) trustees and other persons holding in a fiduciary capacity any existing stock and persons having the control or management of any such stock may, at their discretion, accept conversion in accordance with the terms and conditions of the offer or refrain from so accepting, and no such person shall be liable for any loss resulting from so accepting or refraining (as the case may be), and
(b) neither accepting nor refraining from accepting an offer by virtue of this subsection shall be a variation of the investment of the trust funds within the meaning of any provision in the instrument creating or regulating the trust whereby the consent of any person to any such variation is required or such variation is otherwise restricted or controlled.
(6) (a) A power or direction (whether created or given before or after the passing of this Act) to invest money in stock of a Government loan in relation to which an offer of conversion has been made under this section shall be construed and have effect as including a power or direction (as the case may be) to invest in the offered stock and no such power or direction shall be terminated by reason only of that conversion.
(b) A power of attorney authorising the attorney to transfer specified stock of a Government loan shall, in relation to an offer of conversion which—
(i) has been made under this section in respect of the stock, and
(ii) provides for the conversion of the whole or part of that stock,
be construed and have effect as authorising the attorney to accept at his discretion an offer of conversion under this section and where such conversion into the offered stock takes place, to transfer in accordance with the said power that stock on conversion.
(c) Where an existing stock is converted under this section into another stock of Government loan that other stock and the dividends thereon shall be subject to the same trusts, charges, rights, distringas and restraints as affected the first-mentioned stock and the dividends thereon and any powers, directions, requests as to dividends and other documents which related to the first-mentioned stock or the dividends thereon shall apply to the said other stock and the dividends thereon.
(7) Where any balance in the sinking fund of a Government loan in relation to which an offer of conversion has been made under this section is not required to meet redemptions of the loan, the balance shall be paid into the Exchequer and brought to account as money raised by the creation of debt.
(8) All expenditure incurred by the Minister in carrying this into effect shall be charged on the Central Fund or the growing produce thereof.
(9) The Government Loans (Conversion) Act, 1951 , is hereby repealed.
(10) In this section—
“the Bank” means the Central Bank of Ireland;
“Government loan” means any security charged to the Central Fund and created and issued, whether before or after the passing of this Act.
num: 135
paragraphs: —Any payments for the purpose of changing the currency denomination of any part of the capital share paid by the State to the European Investment Bank may be made from the Central Fund or the growing produce thereof.
num: 136
paragraphs: —As respects the year 1990-91 and subsequent years of assessment, Part I of the Third Schedule to the Finance Act, 1982 , is hereby amended by the insertion after paragraph 4 of the following paragraph:
num: 137
paragraphs: —As respects the year 1990-91 and subsequent years of assessment, the Second Schedule to the Finance Act, 1986 , is hereby amended by the addition after paragraph 14 of the following paragraph:
num: 138
paragraphs: —(1) In this section—
“owner”, in relation to securities, means, at any time, the person who would be entitled, if the securities were redeemed at that time by the issuer, to the proceeds of the redemption;
“securities” means—
(a) non-interest-bearing securities issued by the Minister for Finance at a discount, including Exchequer Bills and Exchequer Notes, and
(b) Agricultural Commodities Intervention Bills issued by the Minister for Agriculture;
“tax” means income tax or corporation tax, as appropriate.
(2) Section 28 of the Finance Act, 1984 , is hereby amended, as respects issues of securities which are made after the passing of this Act, by the substitution of the following subsections for subsection (2)—
“(2) This section applies to securities within the meaning of section 138 of the Finance Act, 1990.
(3) Where the owner of a security (being the owner within the meaning of section 138 of the Finance Act, 1990)—
(a) sells or otherwise disposes of the security, or
(b) receives on redemption of the security an amount greater than the amount paid by him for that security either on its issue or otherwise,
any profit, gain or excess arising to the owner from such sale, disposal or receipt shall be exempt from tax (within the meaning of the said section 138 ) where the said owner is not ordinarily resident in the State:
Provided that this subsection shall not apply in respect of corporation tax chargeable on the income of an Irish branch or agency of a company not resident in the State.”.
num: 139
paragraphs: —All taxes and duties imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.
num: 140
paragraphs: —(1) This Act may be cited as the Finance Act, 1990.
(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 1989, and may be cited together therewith as the Value-Added Tax Acts, 1972 to 1990.
(5) Part IV 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 .
(7) Part VI 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, 1990.
(9) Part III (other than sections 98 to 101 , paragraph (c) (ii) of section 102 , sections 104 to 106 and paragraphs (b) to (d) of section 107 ) shall be deemed to have come into force and shall take effect as on and from the 1st day of March, 1990, paragraph (c) of section 107 shall take effect as on and from the 1st day of July, 1990, paragraph (b) of section 107 shall take effect as on and from the 1st day of October, 1990, and sections 98 , 99 and 101 , paragraph (c) (ii) of section 102 , section 104 and paragraph (c) of section 106 shall take effect as on and from the 1st day of January, 1991.
(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.