FINANCE ACT, 1991 (1991_act_13) | IE

ISB Act 1991-05-29

Schedule 1 FINANCE ACT, 1991 Open official source

FIRST SCHEDULE Amendment of Enactments

Amendment 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. Section 1 (1) of the Income Tax Act, 1967, is, in relation to income tax for the year 1991-92 and subsequent years of assessment, hereby amended—

(i) by the substitution of the following definition for the definition of “higher rates” (inserted by the Finance Act, 1984)

“‘higher rates’, in relation to tax, means the rates of tax, known by that description, provided for in section 2 of the Finance Act, 1991;”,

and

(ii) by the substitution of the following definition for the definition of “standard rate” (inserted by the Finance Act, 1984)

“‘standard rate’, in relation to tax, means the rate of tax, known by that description, provided for in section 2 of the Finance Act, 1991;”.

2. (1) The reference in subsection (1) of section 3 of the Finance Act, 1974, to the rate of 35 per cent. shall be construed, and be always deemed to have been construed, as respects the year 1989-90, as a reference to the rate of 32 per cent. and, as respects the year 1990-91, as a reference to the rate of 30 per cent.

(2) Section 3 of the Finance Act, 1974, shall not apply or have effect for the year 1991-92 or any subsequent year of assessment.

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 “£4,200” for “£4,100” (inserted by the Finance Act, 1988),

(ii) in paragraph (b) (as amended by the Finance Act, 1988), by the substitution of “£2,600” for “£2,550” and of “£4,200” for “£4,100”, and

(iii) in paragraph (c), by the substitution of “£2,100” for “£2,050” (inserted by the Finance Act, 1988),

and

(b) in section 138A (2) (inserted by the Finance Act, 1985), by the substitution of “£1,600” for “£1,550” (inserted by the Finance Act, 1988) and of “£2,100” for “£2,050” (inserted by the Finance Act, 1988).

ISB Act 1991-05-29

Schedule 2 FINANCE ACT, 1991 Open official source

SECOND SCHEDULE Urban Renewal: Temple Bar Area

Urban Renewal: Temple Bar Area

Section 54.

PART I Interpretation

PART I

Interpretation

In this Schedule—

“thoroughfare” includes any bridge, green, hill, river and street;

a reference to a line drawn along any thoroughfare is a reference to a line drawn along the centre of that thoroughfare;

a reference to a projection of any thoroughfare is a reference to a projection of a line drawn along the centre of that thoroughfare;

a reference to the point where any thoroughfare or projection of any thoroughfare intersects or joins any other thoroughfare is a reference to the point where a line drawn along the centre of one thoroughfare, or in the case of a projection of a thoroughfare, along the projection, would be intersected or joined by a line drawn along the centre of the other thoroughfare.

PART II Description of Temple Bar Area

PART II

Description of Temple Bar Area

That part of the county borough of Dublin bounded by a line commencing at the point (hereafter in this description referred to as “the first-mentioned point”) where the River Liffey is intersected by O'Connell Bridge, then continuing, initially in a southerly direction along O'Connell Bridge, Westmoreland Street, College Green, Dame Street, Cork Hill and Lord Edward Street to the point where it joins Fishamble Street, then continuing in a northerly direction along Fishamble Street and the northerly projection thereof to the point where it intersects the River Liffey, then continuing in an easterly direction along the River Liffey to the first-mentioned point.

ISB Act 1991-05-29

Schedule 3 FINANCE ACT, 1991 Open official source

THIRD SCHEDULE Rates of Excise Duty on Tobacco Products

Rates of Excise Duty on Tobacco Products

Section 73.

PART I Charged, levied and paid as on and from the 31st day of January, 1991

PART I

Charged, levied and paid as on and from the 31st day of January, 1991

Description of Product

Rate of Duty

Cigarettes

£42.52 per thousand together with an amount equal to 15.08 per cent. of the price at which the cigarettes are sold by retail

Cigars

£64.740 per kilogram

Sweetened pipe tobacco

£65.422 per kilogram

Hard pressed tobacco

£41.837 per kilogram

Other pipe tobacco

£52.590 per kilogram

Other smoking or chewing tobacco

£54.631 per kilogram

PART II Charged, levied and paid as on and from the 1st day of March, 1991

PART II

Charged, levied and paid as on and from the 1st day of March, 1991

Description of Product

Rate of Duty

Cigarettes

£42.52 per thousand together with an amount equal to 16.43 per cent. of the price at which the cigarettes are sold by retail

Cigars

£66.290 per kilogram

Sweetened pipe tobacco

£66.989 per kilogram

Hard pressed tobacco

£42.839 per kilogram

Other pipe tobacco

£53.849 per kilogram

Other smoking or chewing tobacco

£55.939 per kilogram

ISB Act 1991-05-29

Schedule 4 FINANCE ACT, 1991 Open official source

FOURTH SCHEDULE Enactments Repealed

Enactments Repealed

Section 125.

Session and Chapter or Number and Year

Short Title

Extent of Repeal

(1)

(2)

(3)

7 8 Geo. 4, c. 53.

Excise Management Act, 1827

Sections 86, 87, 88, 89, 90, 91 and 92.

14 15 Vict., c. 93.

Petty Sessions (Ireland) Act, 1851

Section 42.

No. 48 of 1936

Courts of Justice Act, 1936

Section 76.

No. 26 of 1986

Courts (No. 2) Act, 1986

Subsection (3) of section 2.

ISB Act 1991-05-29

Schedule 5 FINANCE ACT, 1991 Open official source

FIFTH SCHEDULE Stamp Duty on Instruments

Stamp Duty on Instruments

Section 90.

PART I Bonds, Covenants, etc.

PART I

Bonds, Covenants, etc.

“BOND, COVENANT, or INSTRUMENT of any kind whatsoever.

(1) Being the only or principal or primary security for any annuity (except upon the original creation thereof by way of sale or security, and except a superannuation annuity), or for any sum or sums of money at stated periods, not being interest for any principal sum secured by a duly stamped instrument, nor rent reserved by a lease.

For a definite and certain period, so that the total amount to be ultimately payable can be ascertained—

where the total amount does not exceed £20,000

Exempt

where the total amount exceeds £20,000

for every £1,000, or fractional part of £1,000, of the amount secured

£1.00

Provided that the duty so charged shall not exceed £500.

For the term of life or any other indefinite period

for every £100, or fractional part of £100, of the annuity or sum periodically payable

£2.50

Provided that the duty so charged shall not exceed £500.

(2) Being a collateral or auxiliary or additional or substituted security for any of the above-mentioned purposes where the principal or primary instrument is duly stamped.

Where the amount secured does not exceed £20,000

Exempt

Where the total amount to be ultimately payable can be ascertained and exceeds £20,000

£10.00

In any other case

for every £100, or fractional part of £100, of the annuity or sum periodically payable

50p

Provided that the duty so charged shall not exceed £500.

(3) Being a grant or contract for payment of a superannuation annuity, that is to say, a deferred life annuity granted or secured to any person in consideration of annual premiums payable until he attains a specified age and so as to commence on his attaining that age.

For every £100, or fractional part of £100, of the annuity

50p

Provided that the duty so charged shall not exceed £500.

”.

PART II Leases

PART II

Leases

“LEASE

(1) For any indefinite term or any term not exceeding 35 years

of any dwelling house, part of a dwelling house, or apartment at a rent not exceeding £6,000 per annum

Exempt

(2) For any definite term less than a year of any lands, tenements or heritable subjects

The same duty as a lease for a year at the rent reserved for the definite term

(3) For any other definite term or for any indefinite term of any lands, tenements, or heritable subjects—

(a) where the consideration, or any part of the consideration (other than rent), moving either to the lessor or to any other person, consists of any money, stock or security, and—

(i) the amount or value of such consideration does not exceed £5,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions, in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds£5,000

Exempt

(ii) the amount or value of such consideration exceeds £5,000 but does not exceed £10,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £10,000

for every £100, or fractional part of £100, of the consideration

£1.00

(iii) the amount or value of such consideration exceeds £10,000 but does not exceed £15,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £15,000

for every £100, or fractional part of £100, of the consideration

£2.00

(iv) the amount or value of such consideration exceeds £15,000 but does not exceed £25,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £25,000

for every £100, or fractional part of £100, of the consideration

£3.00

(v) the amount or value of such consideration exceeds £25,000 but does not exceed £50,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £50,000

for every £100, or fractional part of £100, of the consideration

£4.00

(vi) the amount or value of such consideration exceeds £50,000 but does not exceed £60,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £60,000

for every £100, or fractional part of £100, of the consideration

£5.00

(vii) the case is of any other kind whatsoever not hereinbefore described

for every £100, or fractional part of £100, of the consideration

£6.00

(b) where the consideration or any part of the consideration is any rent, in respect of such consideration, whether reserved as a yearly rent or otherwise

(i) if the term does not exceed 35 years or is indefinite

for every £100, or fractional part of £100, of the average annual rent

£1.00

(ii) if the term exceeds 35 years but does not exceed 100 years

for every £100, or fractional part of £100, of the average annual rent

£6.00

(iii) if the term exceeds 100 years

for every £100, or fractional part of £100, of the average annual rent

£12.00

(4) Lease made subsequently to, and in conformity with, an agreement duly stamped under the provisions of section 75 of the Stamp Act, 1891

£1.00

(5) Of any other kind whatsoever not hereinbefore described

£1.00

”.

PART III Mortgages, Bonds, Debentures and certain Covenants and Warrants of Attorney

PART III

Mortgages, Bonds, Debentures and certain Covenants and Warrants of Attorney

“MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) and WARRANT OF ATTORNEY to confess and enter up judgment.

(1) Being the only or principal or primary security (other than an equitable mortgage) for the payment or repayment of money

where the amount secured does not exceed £20,000

Exempt

where the amount secured exceeds £20,000

for every £1,000, or fractional part of £1,000, of the amount secured

£1.00

Provided that the duty so charged shall not exceed £500.

(2) Being a collateral, or auxiliary, or additional, or substituted security (other than an equitable mortgage), or by way of further assurance for the above-mentioned purpose where the principal or primary security is duly stamped

where the amount secured does not exceed £20,000

Exempt

where the amount secured exceeds £20,000

£10.00

(3) Being an equitable mortgage

where the amount secured does not exceed £20,000

Exempt

where the amount secured exceeds £20,000

for every £1,000, or fractional part of £1,000, of the amount secured

50p

Provided that the duty so charged shall not exceed £500.

(4) TRANSFER, ASSIGNMENT or DISPOSITION of any mortgage, bond, debenture, or covenant (except a marketable security) or of any money or stock secured by any such instrument, or by any warrant of attorney to enter up judgment, or by any judgment

where the amount secured does not exceed £20,000

Exempt

where the amount secured exceeds £20,000

for every £1,000, or fractional part of £1,000, of the amount transferred, assigned, or disposed, exclusive of interest which is not in arrear

50p

Provided that the duty so charged shall not exceed £500;

where any further money is added to the money already secured

The same duty as a principal security for such further money.

”.

FINANCE ACT, 1991

Statutory Text (5 Articles)

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