1974_act_27

FINANCE ACT, 1974

2 Articles / Provisions · Ireland

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ISB Act 1974-08-06

Schedule 1 FINANCE ACT, 1974 Open official source

FIRST SCHEDULE Amendment of Enactments

Amendment of Enactments

PART I Amendments consequential on changes in personal reliefs

PART I

Amendments consequential on changes in personal reliefs

Section 6.

1. The Income Tax Act, 1967, is hereby amended in accordance with the following provisions of this paragraph

(i) In section 137, for “sections 138 to 143” there shall be substituted “sections 138 to 143, section 145, section 12 of the Finance Act, 1967, section 3 of the Finance Act, 1969, section 11 of the Finance Act, 1971, and section 8 of the Finance Act, 1974,”; and for “assessable income” there shall be substituted “total income”

(ii) In section 138—

(a) in subsection (1), for “£494”, in each place where it occurs, there shall be substituted “£800”; for “£299” there shall be substituted “£500” and for “£594” there shall be substituted “£900”,

(b) in subsection (2), for “£299”, in each place where it occurs, there shall be substituted “£500” and for “£324” there shall be substituted “£550”, and

(c) in subsection (3), for “an amount equal to three-fourths of the amount of that earned income but not exceeding in any case £104”, there shall be substituted “£200, or the amount of that earned income if less”.

(iii) In sections 139 and 140, for “£100”, in each place where it occurs, there shall be substituted “£140”.

(iv) In section 141—

(a) the following paragraphs shall be substituted for paragraphs (a) and (b) of subsection (1A)—

“(a) in the case of a child to whom paragraph (a) or (b) (i) of that subsection applies, £200, or

(b) in the case of a child to whom paragraph (aa) or (b) (ii) of that subsection applies, £270.”,

(b) in paragraph (c) of subsection (1A), for “£220”, in each place where it occurs, there shall be substituted “£270”,

(d) in subsection (1B), the definition of “children's allowance” shall be deleted.

(v) In section 143—

(a) for “assessable income”, in each place where it occurs, there shall be substituted “total income”, and

(b) in subsection (1), “(excluding sur-tax)” shall be deleted.

(vi) In sections 146 and 149, for “sections 134 to 145” in each place where it occurs, there shall be substituted “sections 138 to 145

(vii) In section 153—

(a) paragraphs (a), (b) and (c) of subsection (1) shall be deleted,

(b) in paragraph (d) of subsection (1), for “assessable income” there shall be substituted “total income” and for “sections 138 to 143” there shall be substituted “sections 138 to 143 and section 145” and after “1971” there shall be inserted “and section 8 of the Finance Act, 1974”,

“(dd) he shall not be entitled to the benefit of the provision contained in section 3 (2) of the Finance Act, 1974, (whereby the first £1,550 of taxable income is chargeable at the reduced rate of tax in certain circumstances) and, accordingly, he shall be charged to tax in respect of so much of his income as does not exceed £4,350 at the standard rate of tax.”

(d) in subsection (2), for all the words from “that individual”, there shall be substituted the following—

“but the amount of any such allowance, deduction, or other benefit as is mentioned in the said subsection shall, in the case of that individual, be reduced to an amount which bears the same proportion to the total amount of the said allowance, deduction, or other benefit as the portion of his income which is subject to Irish tax bears to his total income from all sources (including income which is not subject to Irish tax).”

(viii) In section 193—

(a) in subsection (2) (a), after “143,” there shall be inserted “145,”,

(b) paragraphs (b), (d) and (e) of subsection (2) shall be deleted,

(d) subsection (2A) shall be deleted, and

(e) subsection (6) shall be deleted and the following subsections shall be inserted

“(6) In this section ‘personal reliefs’ means relief under any of the following

(a) sections 138 to 145 and 151 and 152,

(b) section 12 of the Finance Act, 1967,

(d) section 11 of the Finance Act, 1971, and

(e) section 8 of the Finance Act, 1974.

(7) The amount of taxable income charged at any of the rates specified in section 3 of the Finance Act, 1974, shall be in proportion to the amounts of the respective total incomes of the husband and the wife and shall not exceed the total amount of taxable income which would be charged at any of the said rates if an application under section 197 had not had effect with respect to that year.”.

2. In section 3 of the Finance Act, 1969, for “£100” there shall be substituted “£140”, for “assessable” there shall be substituted “total” and for “134” there shall be substituted “138”.

3. In section 11 of the Finance Act, 1971, for “£100” there shall be substituted “£140”, for “assessable”, in each place where it occurs, there shall be substituted “total” and for “£200” there shall be substituted “£280”.

PART II Amendments consequential on enactment of the higher rates of income tax

PART II

Amendments consequential on enactment of the higher rates of income tax

Section 11.

1. The Income Tax Act, 1967, is hereby amended in accordance with the following provisions of this paragraph

(i) In section 115 (1) (b), for “to sur-tax under section 525” there shall be substituted “under section 525 to tax at the higher rates”.

(ii) In section 127—

(a) in subsection (1) (a), for “the rate of income tax for the year” there shall be substituted “such rate or rates of tax for the year as may be specified”,

(b) in subsection (1) (e), after “rate” there shall be inserted “and at the higher rates”,

(d) in subsection (3) (a) subparagraph (ii) shall be deleted,

(e) in subsection (3) (b), “(excluding sur-tax)” shall be deleted, and

(f) subsection (3) (c) shall be deleted.

(iii) In section 133 (1)—

(a) in paragraph (c) “for sur-tax purposes” shall be deleted and for “to sur-tax” there shall be substituted “to tax at the higher rates”, and

(b) the following proviso shall be added

“Provided that where any such assessment is made, credit shall be given for the amount of any tax deducted or estimated to be deductible from the said emoluments.”.

(iv) In section 195—

(a) in subsection (1), “or unpaid sur-tax” shall be deleted, and

(b) in subsection (3) (b), for “whether to income tax or to sur-tax” there shall be substituted “to tax”.

(v) In section 233 (2)—

(a) in paragraph (b), for “(excluding sur-tax)” there shall be substituted “other than the purposes referred to in paragraph (c)” and after “those contributions” there shall be inserted “and the rate of tax did not exceed the standard rate for each year”,

(b) for paragraph (c) there shall be substituted the following paragraph

“(c) the contributions repaid, to the extent to which they were allowed as deductions under subsection (1), shall, where any income would have been chargeable to tax at the higher rates but for the said deductions, be treated as income, assessable to tax under Case IV of Schedule D, of the several years of assessment for which they were so allowed and any necessary additional assessments to tax may be made accordingly and in determining the amount of tax payable for each year there shall be allowed as a credit a sum equal to the additional amount of tax for that year as computed for the purposes of paragraph (b).”.

(vi) In section 406 (5)—

(a) “and sur-tax” shall be deleted; and

(b) for “liabilities to those taxes to what those liabilities” there shall be substituted “liability to that tax to what that liability”.

(vii) In section 434 (1), before “rate of tax” there shall be inserted “standard”.

(viii) In section 435 (1), for “reduced rate”, in each place where it occurs, there shall be substituted “rate less than the standard rate”.

(ix) In section 451 (5) in the proviso, “for the purpose of computing his total income” shall be substituted for “for the purposes of sur-tax”.

(x) In section 488—

(a) in subsection (1), “or sur-tax” shall be deleted and “that tax” shall be substituted for “any of those taxes”; and

(b) in subsection (5) (a), “or sur-tax” shall be deleted.

(xi) In section 497 the following provision shall be substituted for the provision before the proviso—

“Any repayment of income tax for any year of assessment to which any person may be entitled in respect of any deduction allowed under sections 138 to 145, section 12 of the Finance Act, 1967, section 3 of the Finance Act, 1969, section 11 of the Finance Act, 1971, or section 8 of the Finance Act, 1974, shall, save as otherwise provided by this Act, be made at the standard rate of tax or at the higher rate or rates, as the case may be, and any repayment of tax for any year of assessment to which any person may be entitled in respect of the reduced rate shall, save as otherwise provided by this Act, be made at a rate equal to the difference between the rate at which tax was paid, whether by deduction or otherwise, and the reduced rate”.

(xii) In section 525 (1), for all the words after subparagraph (c) but before the proviso, there shall be substituted—

“the said sum shall be treated for the purpose of computing the said individual's total income as received by him after deduction of tax from a corresponding gross sum, and—

(i) in any assessment to be made on the individual he shall be treated as having paid tax at the reduced rate on so much thereof as is chargeable at the reduced rate and at the standard rate on so much thereof as is chargeable at the standard and higher rates;

(ii) no repayment shall be made of tax treated by virtue of subparagraph (i) as having been paid, and

(iii) the said amount shall be treated for the purpose of sections 433 and 434 of the Act as not brought into charge to tax.”.

(xiii) In section 528—

(a) for “sur-tax”, in each place where it occurs, there shall be substituted “tax”;

(b) in subsection (1) (a), after “all sources” there shall be inserted “, whether chargeable with tax by deduction or otherwise,”; and

(c) there shall be added to subsection (1) “and shall, in computing the tax payable, estimate the amount of tax to be credited under section 133 and section 4 of the Finance Act, 1974.”.

(xiv) In section 530—

(a) for “sur-tax”, where it first occurs, there shall be substituted “tax at the higher rates” and for “sur-tax”, in each other place where it occurs, there shall be substituted “tax”; and

(b) after subsection (8), there shall be inserted the following subsection

“(9) The Revenue Commissioners may make regulations for the purpose of carrying this section into effect”.

(xv) In section 543—

(a) for “sur-tax”, where it first occurs, there shall be substituted “tax under section 530”; and

(b) “, or in the case of a regulation relating to sur-tax within the next forty days,” shall be deleted.

(xvi) In Schedule 1, Part I, paragraph 1 (c), before “rate” there shall be inserted “standard”.

(xvii) In Schedule 1, Part II, paragraph 1 (b), before “rate” there shall be inserted “standard”.

(xviii) In Schedule 16, in paragraphs 8 and 9, for “sur-tax”. in each place where it occurs, there shall be substituted “tax”.

2. In section 12 (2) of the Finance Act, 1967, for “assessable income”, in both places where it occurs, there shall be substituted “total income”.

3. The Finance Act, 1968, is hereby amended in accordance with the following provisions of this paragraph

(i) In section 3—

(a) in subsection (2),

(i) “and sur-tax”, in each place where it occurs, shall be deleted,

(ii) “the aggregate of” shall be deleted,

(iii) for “amounts” in paragraph (a) there shall be substituted “amount”, and

(iv) for “rates respectively” there shall be substituted “rate”; and

(b) in subsection (3),

(i) “amounts of”, in each place where it occurs, shall be deleted,

(ii) “and sur-tax respectively”, in each place where it occurs, shall be deleted,

(iii) for “amounts referred to” there shall be substituted “amount referred to”, and

(iv) for “rates” there shall be substituted “rate”.

(ii) In section 34 (6)—

(a) “and sur-tax” shall be deleted; and

(b) for “liabilities to those taxes to what those liabilities” there shall be substituted “liability to that tax to what that liability”.

ISB Act 1974-08-06

Schedule 2 FINANCE ACT, 1974 Open official source

SECOND SCHEDULE Enactments Repealed

Enactments Repealed

Section 86.

PART I

Number and Year

Short Title

Extent of Repeal

(1)

(2)

(3)

No. 7 of 1927

Provisional Collection of Taxes Act, 1927.

In section 1, in the definition of “tax”, the words “and super-tax”.

In section 3, the words “or as a super-tax” and the words “or super-tax generally”.

No. 12 of 1942

Taxes and Duties (Special Circumstances) Act, 1942.

In section 3 (1), the words “and sur-tax”.

In section 10 (2), the words “or sur-tax”.

No. 6 of 1967

Income Tax Act, 1967.

In section 2 (2) (c), the words “under section 134 or”.

In section 3, the words “or sur-tax”.

In section 70 (1) (c), the words “(including sur-tax)”.

In section 116 (1), the words “(including sur-tax)”.

In section 117 (1), the words “(including sur-tax)”.

Sections 134, 135 and 136.

Section 144 (3).

In section 145 (1), the definition of “total income”.

In section 162 (2), the words “and sur-tax”.

In section 172 (1) (c), the words “(including sur-tax)”.

In section 187 (1), the words “and sur-tax”.

Section 188 (2).

In section 191 (2), the words “(including any consequential relief from sur-tax)”.

In section 191 (3), the words “or sur-tax”.

In section 192 (1), the words “including sur-tax”.

In section 194 (1) (a), the words “or sur-tax”.

In section 196, the words “(including sur-tax)” in each place where they occur.

Section 198.

In section 231 (2), the words “and sur-tax”, in each place where they occur.

In section 231 (3), the words “and sur-tax respectively” in each place where they occur and the words “and sur-tax” in paragraph (b).

Section 236 (10).

In section 288 (2), the words “(other than sur-tax)” in each place where they occur.

In section 291, the words “(including sur-tax)” in each place where they occur.

In section 293, the words “including sur-tax” in each place where they occur.

In section 329 (1) (b), the words “and sur-tax”.

In section 332 (1) (b), the words “and sur-tax”.

In section 344 (4), the definition of “total income”.

In section 345, the words “or sur-tax” in each place where they occur.

In section 356, the words “and sur-tax” in each place where they occur.

In section 361, the word “, sur-tax”.

In section 365, the words “or income tax and sur-tax” in each place where they occur.

In section 365 (2), the words “or sur-tax”.

In section 365 (4), the words “, sur-tax (if any),” and the words “and sur-tax (if any)”.

In section 366 (b), the words “(including sur-tax)”.

In section 387—

(a) in subsection (3) (a), “or for the purpose of sur-tax”, and

(b) subsection (4) (c).

Section 396 (4).

Section 410 (4).

Section 416 (11).

In section 419, the words “or sur-tax” in each place where they occur.

In section 420, the words “or sur-tax”.

In section 441 (1), the words “or sur-tax”.

In section 446 (1), the words “or sur-tax”.

In section 465, the words “(including sur-tax)”.

Section 485 (3) and (4).

In section 486 (1), the words “or sur-tax”.

In section 489 (1), the words “or sur-tax”.

In section 491 (1), the words “or sur-tax” in each place where they occur.

In section 492 (1), the words “or sur-tax”.

In section 493, the words “or sur-tax”.

In section 501 (1) (c), the words “or sur-tax.”

In section 502 (2), the words “include sur-tax, except that,” and the word “, they”.

In section 505, the words “or sur-tax”.

In section 511, the words “or sur-tax”.

In section 521, the words “or sur-tax” in each place where they occur.

Sections 522, 523 and 524.

Sections 526 and 527.

Section 532.

In section 539 (1), the words “or sur-tax”.

In section 547 (3), the definition of “total income”.

In section 549 (1), the definition of “tax”.

In section 550, the words “or to sur-tax” in each place where they occur.

In section 551 (2), paragraph (b).

In section 552 (2), the words “or sur-tax” in each place where they occur.

In section 554 (4), the words “and sur-tax”.

In section 555, the words “or sur-tax”.

In section 556 (1), the word “, sur-tax”.

In section 559 (1), the word “, sur-tax”.

In Schedule 6, Part II, paragraph 1, the words “(including sur-tax)” in each place where they occur.

In Schedule 6, Part III, paragraph 3 (1), the words “or sur-tax”.

In Schedule 10, paragraph 1 (1), the definition of “income tax”.

In Schedule 10, paragraph 1 (1), the definition of “total income”.

In Schedule 10, paragraph 1 (1), in the definition of “the Irish taxes”, the words “(including sur-tax)”.

In Schedule 10, paragraph 5 (1) (a), the words “but not to sur-tax”.

In Schedule 10, paragraph 5 (1) (b) and the proviso.

In Schedule 15, column 1, the reference to section 526 (2).

In Schedule 15, column 2, the reference to section 527.

In Schedule 15, column 3, the reference to section 526 (3).

No. 7 of 1967

Income Tax (Amendment) Act, 1967.

In the second paragraph of the preamble, the words “(including sur-tax)”.

No. 7 of 1968

Finance (Miscellaneous Provisions) Act, 1968.

In section 3 (6), paragraphs (a), (b), (c) (i) and (c) (iv) and section 23 (4).

No. 33 of 1968

Finance Act, 1968.

In section 6 (2) (a), the words “and sur-tax”.

In section 37 (6), the words “or sur-tax”.

In section 48 (2), the words “, including sur-tax”.

No. 37 of 1968

Finance (No. 2) Act, 1968.

In section 8, the words “(including sur-tax)”.

In section 11 (4), the words “including sur-tax”.

No. 21 of 1969

Finance Act, 1969.

In section 63 (1), the words “(including sur-tax)”.

In section 67 (2), the words “, including sur-tax”.

No. 14 of 1970

Finance Act, 1970.

In section 19 (5), the words “(including sur-tax)”.

In section 62 (2), the words “, including sur-tax”.

No. 23 of 1971

Finance Act, 1971.

In section 20 (2), the words “or sur-tax”.

No. 19 of 1972

Finance Act, 1972.

Section 1 (1).

In section 48 (2), the words “, including sur-tax”.

No. 19 of 1973

Finance Act, 1973.

In section 33 (1) (d), the word “, sur-tax”.

In section 33 (6), the words “including sur-tax”.

In section 98 (2), the words “, including sur-tax”.

PART II

Number and Year

Short Title

Extent of Repeal

(1)

(2)

(3)

No. 19 of 1972

Finance Act, 1972.

In section 13—

(a) in subsection (1), the definitions of “ordinary share capital”, “proprietary director” and “proprietary employee”, and

(b) subsection (3).

FINANCE ACT, 1974

Statutory Text (2 Articles)

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