FINANCE ACT, 1959 (1959_act_18) | IE

ISB Act 1959-07-27

Schedule 1 FINANCE ACT, 1959 Open official source

FIRST SCHEDULE. Purchase and Sale of Securities: Appropriate Amount in respect of the Interest.

Purchase and Sale of Securities: Appropriate Amount in respect of the Interest.

Sections 7 to 9.

1. For the purposes of section 7 of this Act, the appropriate amount in respect of the interest is the appropriate proportion of the net interest receivable by the first buyer.

2. For the purposes of sections 8 and 9 of this Act, the appropriate amount in respect of the interest is the gross amount corresponding with the appropriate proportion of the net interest receivable by the first buyer.

3. (1) For the purposes of paragraphs 1 and 2 of this Schedule, the appropriate proportion is the proportion which—

(a) the period beginning with the first relevant date and ending with the day before the day on which the first buyer bought the securities,

bears to—

(b) the period beginning with the first relevant date and ending with the day before the second relevant date.

(2) In subparagraph (1) of this paragraph—

“the first relevant date” means—

(a) in case the securities have not been quoted in the official list of the Dublin Stock Exchange at a price excluding the value of the interest payment last payable before the interest receivable by the first buyer or, the securities having been so quoted, the date of the quotation was not the earliest date on which they cpuld have been so quoted if an appropriate dealing in the securities had taken place—the said earliest date, and

(b) in any other case—the date on which the securities have been first so quoted;

“the second relevant date” means—

(a) in case the securities have not been quoted in the official list of the Dublin Stock Exchange at a price excluding the value of the interest receivable by the first buyer or, the securities having been so quoted, the date of the quotation was not the earliest date on which they could have been so quoted if an appropriate dealing in the securities had taken place—the said earliest date, and

(b) in any other case—the date on which the securities have been first so quoted.

(3) Where the interest receivable by the first buyer was the first interest payment payable in respect of the securities, sub-paragraph (1) of this paragraph shall have effect with the substitution, for the references to the first relevant date, of the begin ning of the period for which the interest was payable

Provided that, where the capital amount of the securities was not fully paid at the beginning of the said period and one or more instalments of capital were paid during that period—

(a) the interest shall be treated as divided into parts, calculated by reference to the amount of the interest attributable to the capital paid at or before the beginning of the said period and the amount thereof attributable to each such instalment, and

(b) treating each of the said parts as interest payable for the said period or, where the part was calculated by reference to any such instalment, as interest payable for the part of the said period beginning with the payment of the instalment, there shall be calculated, in accordance with the foregoing provisions of this paragraph, the amount constituting the appropriate proportion of each part, and

(c) the appropriate proportion of the interest for the purposes of paragraphs 1 and 2 of this Schedule shall be the proportion thereof constituted by the sum of the said amounts.

(4) In relation to securities which are not the subject of quotations in the official list of the Dublin Stock Exchange, sub-paragraph (1) of this paragraph shall have effect with the substitution for the periods therein mentioned of such periods as in the opinion of the Special Commissioners correspond therewith in the case of the securities in question.

4. Where the securities are of a description such that the bargain price is increased, where interest is receivable by the buyer, by reference to gross interest accruing before the bargain date, the foregoing paragraphs shall not apply, but, for the purposes of each of the said sections, the appropriate amount in respect of the interest shall be the amount of the increase in the bargain price.

ISB Act 1959-07-27

Schedule 2 FINANCE ACT, 1959 Open official source

SECOND SCHEDULE. AGREEMENT BETWEEN THE GOVERNMENT OF IRELAND AND THE GOVERNMENT OF THE UNITED KINGDOM WITH RESPECT TO CERTAIN EXEMPTIONS FROM TAX.

AGREEMENT BETWEEN THE GOVERNMENT OF IRELAND AND THE GOVERNMENT OF THE UNITED KINGDOM WITH RESPECT TO CERTAIN EXEMPTIONS FROM TAX.

Section 10.

The Government of Ireland and the Government of the United Kingdom, Considering the Agreement of the 14th April, 1926, between the Government of the Irish Free State and the British Government, in pursuance of which exemptions from tax are conferred on persons resident in one only of the countries from tax under the law of the other, Considering that doubts have arisen as to the effect on the said exemptions of the provisions of subsection (2) of Section four of the United Kingdom Finance (No. 2) Act, 1955 (hereinafter called “the Act of 1955”) and subsection (2) of Section fifty-one of the Irish Finance Act, 1958 (hereinafter called “the Act of 1958”) (which relate to purchases of shares by persons exempted from tax),

Desiring to remove these doubts for the year 1959-60 and subsequent years,

Have agreed as follows:—

Article 1.

(1) The said exemptions fall within, and are subject to, the said provisions of the Act of 1955 and the Act of 1958.

(2) Subject as aforesaid the said Agreement of 1926 as amended by Agreements made on the 25th April, 1928, and the 21st July, 1947, continues in force.

(3) Paragraph (1) of this Article does not relate to cases where the dividend in respect of which exemption is elaimed is one on a holding of shares or stock acquired by the person claiming exemption, or regarded as having been acquired by him, before the eighth day of April, nineteen hundred and fifty-nine except in so far as that dividend is one falling within subsection (2) of the said Section four or subsection (2) of the said Section fifty-one by reason (directly or indirectly) that in respect of another dividend, received by a body corporate other than the person claiming exemption from a holding of shares or stock acquired, or regarded as acquired, by the body corporate on or after the said eighth day of April, a deduction is to be made in determining the income of that body corporate arising after a given date; but this paragraph is without prejudice to any question as to the application of the said provisions of the Act of 1955 and the Act of 1958 in circumstances to which paragraph (1) of this Article does not relate.

Article 2.

This Agreement shall become effective on the exchange of notes confirming that the necessary steps have been taken to give it the force of law in Ireland and the United Kingdom, and thereafter shall remain effective only so long as it has the force of law in both countries.

Dated this fourth day of April, 1959.

For the Government of Ireland.

For the Government of the United Kingdom.

SÉAMAS Ó RIAIN.

D. HEATHCOAT AMORY,

ISB Act 1959-07-27

Schedule 3 FINANCE ACT, 1959 Open official source

THIRD SCHEDULE. Duties on Tobacco.

Duties on Tobacco.

Section 11.

Part I.

Customs.

£

s.

d.

Unmanufactured:—

If Stripped or Stemmed:—

Containing 10 lbs. or more of moisture in every 100 lbs. weight thereof

the lb.

2

6

2

Containing less than 10 lbs. of moisture in every 100 lbs. weight thereof

the lb.

2

11

3

If Unstripped or Unstemmed:—

Containing 10 lbs. or more of moisture in every 100 lbs. weight thereof

the lb.

2

6

1

Containing less than 10 lbs. of moisture in every 100 lbs. weight thereof

the lb.

2

11

2

Part II

Excise

£

s.

d.

Unmanufactured :—

Contaning 10 lbs. or more of moisture in every 100 lbs. weight thereof

the lb.

2

5

0

Contaning less than 10 lbs. of moisture in every 100 lbs. weight

the lb.

2

10

0

Part III.

Preferential Rates of Customs Duties on Unmanufactured Tobacco.

£

s.

d.

Unmanufactured:—

If Stripped or Stemmed:—

Containing 10 lbs. or more of moisture in every 100 lbs. weight thereof

the lb.

2

4

7

Containing less than 10 lbs. of moisture in every 100 lbs. weight thereof

the lb.

2

9

7

If Unstripped or Unstemmed:—

Containing 10 lbs. or more of moisture in every 100 lbs. weight thereof

the lb.

2

4

7

Containing less than 10 lbs. of moisture in every 100 lbs, weight thereof

the lb.

2

9

6

ISB Act 1959-07-27

Schedule 4 FINANCE ACT, 1959 Open official source

FOURTH SCHEDULE. Enactments repealed.

Enactments repealed.

Section 80.

Part I.

Number and Year

Short Title

Extent of Repeal

No. 11 of 1928.

Finance Act, 1928.

Section 26.

No. 20 of 1932.

Finance Act, 1932.

Paragraph (b) of subsection (3) of section 25.

No. 15 of 1933.

Finance Act, 1933.

Section 19.

No. 31 of 1934.

Finance Act, 1934.

Section 20.

No. 28 of 1935.

Finance Act, 1935.

Section 25.

No. 31 of 1936.

Finance Act, 1936.

Section 12.

No. 25 of 1938.

Finance Act, 1938.

Paragraphs (a), (b) and (c) of subsection (1) and subsection (2) of section 22.

No. 18 of 1939.

Finance Act, 1939.

Section 17.

No. 18 of 1950.

Finance Act, 1950.

Section 7.

No. 21 of 1953.

Finance Act, 1953.

Section 5.

No. 22 of 1956.

Finance Act, 1956.

Section 18.

Part II.

Session and Chapter

Short Title

Extent of Repeal

54 & 55 Vic., c. 39.

The Stamp Act, 1891.

Sections 92 to 97; in subsection (1) of section 98, the words from “against accident; and” to “a policy of insurance” and from “or as compensation” to the end; subsection (2) of section 98; in section 99, the words “sea insurance or”; in section 100, the words “other than a sea insurance” and the words “other than a policy of sea insurance”; in the First Schedule, the head of charge “Policy of Sea Insurance” and the head of charge beginning “Policy of Insurance against Accident”.

58 & 59 Vic., c. 16.

The Finance Act, 1895.

Section 13.

59 & 60 Vic., c. 28.

The Finance Act, 1896.

Section 13.

62 & 63 Vic., c. 9.

The Finance Act, 1899.

Section 11.

1 Edw. 7, c. 7.

The Finance Act, 1901.

Section 11.

3 Edw. 7, c. 46.

The Revenue Act, 1903.

Section 8.

6 Edw. 7, c. 41.

The Marine Insurance Act, 1906.

In section 21, the words “although it be unstamped”; paragraphs (2) to (5) of section 23; subsection (2) of section 25.

7 Edw. 7, c. 13.

The Finance Act, 1907.

Section 8.

2 & 3 Geo. 5, c. 8.

The Finance Act, 1912.

Section 8.

10 & 11 Geo. 5, c. 18.

The Finance Act, 1920.

Subsection (1) of section 40; in subsection (2) of section 40 the words “ninety-eight”; section 41.

Part III.

Number and Year

Short Title

Extent of Repeal

No. 15 of 1946.

Finance Act, 1946.

Subsection (13) of section 6.

No. 20 of 1957.

Finance Act, 1957.

Subsection (4) of section 2.

FINANCE ACT, 1959

Statutory Text (4 Articles)

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