FINANCE ACT, 1984 (1984_act_9) | IE

ISB Act 1984-05-23

Schedule 1 FINANCE ACT, 1984 Open official source

FIRST SCHEDULE Amendments of Enactments

Amendments of Enactments

Sections 2 and 3.

PART I Amendments Consequential on Changes in Rates of Tax

PART I

Amendments Consequential on Changes in Rates of Tax

1. The Income Tax Act, 1967, is, in relation to income tax for the year 1984-85 and subsequent years of assessment, hereby amended in accordance with the following provisions

(a) in section 1 (1)—

(i) the following shall be substituted for the definition of “higher rates” (inserted by section 5 of the Finance Act, 1977)

“‘higher rates’, in relation to tax, means the rates of tax, known by that description, provided for in section 2 of the Finance Act, 1984;”,

(ii) the definition of “reduced rate” (inserted by section 5 of the Finance Act, 1977) shall be deleted, and

(iii) the following shall be substituted for the definition of “standard rate” (inserted by section 5 of the Finance Act, 1977)

“‘standard rate’, in relation to tax, means the rate of tax, known by that description, provided for in section 2 of the Finance Act, 1984;”,

(b) section 153 (1) (dd) shall be deleted,

(c) in section 497, “reduced rate”, in each place where it occurs, shall be deleted, and

(d) in section 525 (1), subparagraph (i) (b) shall be deleted.

2. The references in section 1 (1) of the Income Tax Act, 1967, to section 5 of the Finance Act, 1977, shall, as respects the years of assessment 1980-81 to 1983-84, be construed, and be deemed always to have been construed, as references to section 8 of the Finance Act, 1980.

PART II Amendments Consequential on Changes in Personal Reliefs

PART II

Amendments Consequential on Changes in Personal Reliefs

The Income Tax Act, 1967, is hereby amended in accordance with the following provisions

(a) in section 138—

(i) in paragraph (a), by the substitution of “£3,600” for “£2,900”,

(ii) in paragraph (b), by the substitution of “£2,300” for “£1,950” and of “£3,600” for “£2,900”, and

(iii) in paragraph (c) by the substitution of “£1,800” for “£1,450”,

and

(b) in section 138A, by the substitution of “£1,300” for “£950” and of “£1,800” for “£1,450”.

ISB Act 1984-05-23

Schedule 2 FINANCE ACT, 1984 Open official source

SECOND SCHEDULE Relief for Investment in Corporate Trades: Subsidiaries

Relief for Investment in Corporate Trades: Subsidiaries

Section 26.

Finance for trade of subsidiary

1. The shares issued by the qualifying company may, instead of or as well as being issued for the purpose mentioned in subsection (1) (b) of section 12, be issued for the purpose of raising money for a qualifying trade which is being carried on by a subsidiary or which a subsidiary intends to carry on; and where shares are so issued subsections (1) (c), (4), (5), (7) (b) and (8) of that section shall have effect as if references to the company were or, as the case may be, included references to the subsidiary.

Individuals qualifying for relief

2.—(1) In subsections (2), (4) and (6) of section 14, references to a company (except, in each subsection, the first such reference) include references to a company which is during the relevant period a subsidiary of that company, whether it becomes a subsidiary before, during or after the year of assessment in respect of which the individual concerned claims relief and whether or not it is such a subsidiary while he is such a partner, director or employee as is mentioned in subsection (2) or while he has or is entitled to acquire such capital or voting power or rights as are mentioned in subsections (4) and (6).

(2) Without prejudice to the provisions of section 14 (as it has effect in accordance with subparagraph (1) an individual shall be treated as connected with a company if—

(a) he has at any time in the relevant period had control (within the meaning of section 158 of the Corporation Tax Act, 1976) of another company which has since that time and before the end of the relevant period become a subsidiary of the company; or

(b) he directly or indirectly possesses or is entitled to acquire any loan capital of a subsidiary of that company.

(3) Section 14 (5) and (8) shall apply for the purposes of this paragraph.

Value received

3.—(1) In sections 18 (1) and 20 (3) references to the receipt of value from the company shall include references to the receipt of value from any company which during the relevant period is a subsidiary of that company, whether it becomes a subsidiary before or after the individual concerned receives any value from it, and references to the company in the other provisions of sections 18 and 20 (6) shall be construed accordingly.

(2) In section 20 (1) references to the company (except the first) shall include references to a company which during the relevant period is a subsidiary of the company, whether it becomes a subsidiary before or after the redemption, repayment, repurchase or payment referred to in that subsection.

Information

4. Subsections (4) and (5) of section 24 shall have effect in relation to any such arrangements as are mentioned in section 26 (2) (c) as they have effect in relation to any such arrangement as is mentioned in section 21.

ISB Act 1984-05-23

Schedule 3 FINANCE ACT, 1984 Open official source

THIRD SCHEDULE Rates of Excise Duty on Tobacco Products

Rates of Excise Duty on Tobacco Products

Section 70.

Description of Product

Rate of Duty

Cigarettes

£29.50 per thousand together with an amount equal to 15.39 per cent, of the price at which the cigarettes are sold by retail.

Cigars

£44.928 per kilogram

Cavendish or negrohead

£45.401 per kilogram

Hard pressed tobacco

£29.035 per kilogram

Other pipe tobacco

£36.497 per kilogram

Other smoking or chewing tobacco

£37.913 per kilogram

ISB Act 1984-05-23

Schedule 4 FINANCE ACT, 1984 Open official source

FOURTH SCHEDULE

Section 71.

PART I Rates of Excise Duty on Wine

PART I

Rates of Excise Duty on Wine

Description of Wine

Rate of Duty

Still

Of an actual alcoholic strength by volume not exceeding 15 vol

£1.96 per litre

Of an actual alcoholic strength by volume exceeding 15 vol but not exceeding 18 vol

£2.84 per litre

Of an actual alcoholic strength by volume exceeding 18 vol

£3.71 per litre

Sparkling

£3.93 per litre

Whether still or sparkling of an actual alcoholic strength by volume exceeding 22 vol

An additional duty for every 1 vol or fraction of 1 vol above 22 vol

£0.23 per litre

PART II Rates of Excise Duty on Made Wine

PART II

Rates of Excise Duty on Made Wine

Description of Made Wine

Rate of Duty

Still

Of an actual alcoholic strength by volume not exceeding 15 vol

£1.87 per litre

Of an actual alcoholic strength by volume exceeding 15 vol but not exceeding 18 vol

£2.69 per litre

Of an actual alcoholic strength by volume exceeding 18 vol

£3.44 per litre

Sparkling

£3.64 per litre

Whether still or sparkling of an actual alcoholic strength by volume exceeding 22 vol

An additional duty for every 1 vol or fraction of 1 vol above 22 vol

£0.23 per litre

ISB Act 1984-05-23

Schedule 5 FINANCE ACT, 1984 Open official source

FIFTH SCHEDULE Rates of Excise Duty on Cider and Perry

Rates of Excise Duty on Cider and Perry

Section 72.

Description of Cider and Perry

Rate of Duty

Of an actual alcoholic strength by volume not exceeding 6 vol

£0.53 the gallon

Of an actual alcoholic strength by volume exceeding 6 vol but not exceeding 8.7 vol

£2.60 the gallon

Of an actual alcoholic strength by volume exceeding 8.7 vol

£8.50 the gallon

FINANCE ACT, 1984

Statutory Text (5 Articles)

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