FINANCE ACT, 1996 (1996_act_9) | IE

ISB Act 1996-05-15

Schedule 1 FINANCE ACT, 1996 Open official source

FIRST SCHEDULE Amendments Consequential on Changes in Personal Reliefs

Amendments Consequential on Changes in Personal Reliefs

Section 3.

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

(a) in section 138 (inserted by the Finance Act, 1980)—

(i) by the substitution of the following paragraph for paragraph (a)

“(a) in a case in which the claimant is a married person—

(i) who is assessed to tax for the year of assessment in accordance with the provisions of section 194, or

(ii) who proves that his or her spouse is not living with him or her but that the spouse is wholly or mainly maintained by him or her for the year of assessment and that he or she is not entitled, in computing his or her income for tax purposes for that year, to make any deduction in respect of the sums paid by him or her for the maintenance of his or her spouse,

a deduction of £5,300,”,

(ii) in paragraph (b) (as amended by the Finance Act, 1988), by the substitution of “£3,150” and “£5,300”, respectively, for “£3,000” and “£5,000” (inserted by the Finance Act, 1995), and

(iii) in paragraph (c), by the substitution of “£2,650” for “£2,500” (inserted by the Finance Act, 1995),

and

(b) in subsection (2) of section 138A (inserted by the Finance Act, 1985), by the substitution of “£2,150” and “£2,650”, respectively, for “£2,000” and “£2,500” (inserted by the Finance Act, 1995), and

(c) in subsection (1) (including the proviso thereto) of section 141 (inserted by the Finance Act, 1986), by the substitution of “£700” for “£600” in each place where it occurs.

2. Section 3 of the Finance Act, 1969, is hereby amended, in subsection (1), by the substitution of “£7,500” for “£5,000” (inserted by the Finance Act, 1990) in each place where it occurs.

3. Section 11 of the Finance Act, 1971, is hereby amended by the substitution in subsection (2) (including the proviso thereto) of “£700” for “£600” (inserted by the Finance Act, 1985) in each place where it occurs and in the said proviso of “£1,600” for “£1,400” (inserted by the Finance Act, 1985).

ISB Act 1996-05-15

Schedule 2 FINANCE ACT, 1996 Open official source

SECOND SCHEDULE Rates of Excise Duty on Spirits

Rates of Excise Duty on Spirits

Section 82.

Description of Spirits

Rate of Duty

Spirits not mentioned hereinafter

£21.75 per litre of alcohol in the spirits

Spirits of an actual alcoholic strength by volume not exceeding 5.5 vol.

£15.65 per litre of alcohol in the spirits

ISB Act 1996-05-15

Schedule 3 FINANCE ACT, 1996 Open official source

THIRD SCHEDULE Rates of Excise Duty on Tobacco Products

Rates of Excise Duty on Tobacco Products

Section 83.

Description of Product

Rate of Duty

Cigarettes

£60.34 per thousand together with an amount equal to 16.93 per cent. of the price at which the cigarettes are sold by retail

Cigars

£91.540 per kilogram

Fine-cut tobacco for the rolling of cigarettes

£77.246 per kilogram

Other smoking tobacco

£63.507 per kilogram

ISB Act 1996-05-15

Schedule 4 FINANCE ACT, 1996 Open official source

FOURTH SCHEDULE Stamp Duty Enactments Repealed

Stamp Duty Enactments Repealed

Section 119.

Session and Chapter or Number and Year

Short Title

Extent of Repeal

(1)

(2)

(3)

54 & 55 Vict., c. 39.

Stamp Act, 1891.

Sections 46, 101 and 110.

In section 122 (1) in the Table to the definition of “accountable person” (inserted by the Finance Act, 1991) the words “BOND, COVENANT or INSTRUMENT of any kind whatsoever.” in column (1) and the words “The obligee, covenantee, or other person taking the security.” in column (2).

In the First Schedule (inserted by the Finance Act, 1970) the reference to “instruments relating to, upon any other occasion. See BOND, COVENANT, &c.” in the Heading “ANNUITY”, the Heading “COVENANT in relation to any annuity (except upon the original creation and sale thereof) or to other periodical payments.” together with the reference “See BOND, COVENANT, &c.” thereto and the Heading “SUPERANNUATION ANNUITY.” together with the reference “See BOND, COVENANT, &c.” thereto.

62 & 63 Vict., c. 9.

Finance Act, 1899.

Section 7.

10 & 11 Geo. 5., c. 18.

Finance Act, 1920.

Section 39.

No. 35 of 1926.

Finance Act, 1926.

Section 37.

No. 20 of 1930.

Finance Act, 1930.

Section 15.

No. 14 of 1941.

Finance Act, 1941.

Sections 47 and 48.

No. 15 of 1947.

Finance Act, 1947.

Section 19.

No. 7 of 1968.

Finance (Miscellaneous Provisions) Act, 1968.

Section 11.

No. 14 of 1970.

Finance Act, 1970.

Section 48.

No. 19 of 1972.

Finance Act, 1972.

Section 34.

ISB Act 1996-05-15

Schedule 5 FINANCE ACT, 1996 Open official source

FIFTH SCHEDULE

Section 132.

PART I Pre-Consolidation Amendments

PART I

Pre-Consolidation Amendments

The Income Tax Act, 1967

(No. 6 of 1967)

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

(1) In section 2, for subsection (2) there shall be substituted the following

“(2) Without prejudice to the generality of subsection (1) in this Act, save so far as otherwise expressly provided, ‘earned income’ includes—

(a) any annuity made payable to an individual by the terms of an annuity contract or trust scheme for the time being approved by the Revenue Commissioners for the purposes of Chapter III of Part XII, to the extent to which such annuity is payable in return for any amount on which relief is given under section 236; and

(b) any payment or other sum which is, or is deemed to be, income chargeable to tax under Schedule E for any purpose of the Income Tax Acts.”.

(2) In section 79—

(a) in subsection (1), after “The nature of the profits or gains” there shall be inserted “chargeable to income tax under Case IV of Schedule D”, and

(b) in subsection (2), for “The computation shall be made,” there shall be substituted “Income tax under Case IV of Schedule D shall be computed”.

(3) For section 137 there shall be substituted the following

“137.—(1) An individual who, in the manner prescribed by this Act, makes a claim in that behalf and who makes a return in the prescribed form of the individual's total income shall be entitled—

(a) for the purpose of ascertaining the amount of the income on which he or she is to be charged to income tax (in this Act referred to as ‘the taxable income’) to have such deductions as are specified in the provisions referred to in Part I of the Table to this section, but subject to those provisions, made from the individual's total income, and

(b) to have such reductions as are specified in the provisions referred to in Part II of the said Table, but subject to those provisions, made from the income tax to be charged on the individual.

(2) The provisions of Schedule 4 and of paragraph IX of Schedule 18 shall apply for the purpose of claims for—

(a) any such deductions from total income as are specified in the provisions referred to in Part I of the Table to this section, and

(b) any such reductions in tax as are specified in the provisions referred to in Part II of the Table to this section.

TABLE

PART I

Section 138

Section 138A

Section 138B

Section 141

Section 142

Section 142A (2)

Section 12 of the Finance Act, 1967

Section 3 of the Finance Act, 1969

Section 11 of the Finance Act, 1971

Section 8 of the Finance Act, 1974

Section 8 of the Finance Act, 1979

Section 12 of the Finance Act, 1984

Section 12 of the Finance Act, 1986

Section 44 of the Finance Act, 1986

Section 35 of the Finance Act, 1987

Section 4 of the Finance Act, 1989

Section 4 of the Finance Act, 1991

Section 46 of the Finance Act, 1994

Section 69 of the Finance Act, 1996

PART II

Section 142A (2A)

Section 145

Section 6 of the Finance Act, 1995

Section 7 of the Finance Act, 1995

Section 5 of the Finance Act, 1996”.

(4) In section 145 (2), for all the words from “then—” to the end of subsection (3) there shall be substituted the following

“then, the income tax to be charged on the individual, if the individual made the payment, or on the individual's spouse, if the individual's spouse made the payment, for the year of assessment, other than in accordance with section 5 (3) of the Finance Act, 1974, shall be reduced by an amount which is the lesser of—

(a) (i) where the payment covers no benefits other than such reimbursement or discharge, an amount equal to the appropriate percentage of the full amount of the payment, or

(ii) where the payment covers benefits other than such reimbursement or discharge, an amount equal to the appropriate percentage of so much of the payment as is referable to such reimbursement or discharge,

and

(b) the amount which reduces that income tax to nil.

(2A) In subsection (2) ‘appropriate percentage’, in relation to a year of assessment, means a percentage equal to the standard rate of tax for that year.

(3) Where the income tax reduction of one of the spouses is ascertained in accordance with subsection (2), then—

(a) if there is no income tax to be charged on the spouse for the year of assessment, other than in accordance with section 5 (3) of the Finance Act, 1974, in relation to which relief under the said subsection can be given, the relief may be given in relation to income tax to be charged on the other spouse for that year, other than in accordance with the said section 5 (3), and

(b) if the amount ascertained as aforesaid exceeds the income tax to be charged on the spouse for the year of assessment, other than in accordance with the said section 5 (3), the excess may be used to reduce the income tax to be charged on the other spouse for that year, other than in accordance with the said section 5 (3).”.

(5) In section 146, for “sections 138 to 145” there shall be substituted “the sections specified in the Table to section 137”.

(6) In section 149, for “under sections 138 to 145” there shall be substituted “or relief under the sections specified in the Table to section 137”.

(7) In section 153, for subsection (1) there shall be substituted the following

“(1) Save as is otherwise provided by this section, an individual who is not resident in the State shall not be entitled to any of the allowances, deductions, reliefs or reductions under the provisions specified in the Table to section 137.”.

(8) In section 195A, for subsection (6) there shall be substituted the following

“(6) (a) The provisions of sections 146, 149 and 497 shall apply to a repayment of tax under this section as they apply to any allowance, deduction, relief or reduction under the provisions specified in the Table to section 137.

(b) The provisions of Schedule 4 and of paragraph IX of Schedule 18 shall, with any necessary modifications, apply in relation to a repayment of tax under this section.”.

(9) In section 235 (7) (b) after “him,” there shall be inserted “or”.

(10) In section 239 (8) (b), for “the references to sections 143, 151 or 236” there shall be substituted “the reference to section 236”.

(11) In section 239 (9), for “sections 143, 151 and 236” there shall be substituted “section 236”.

(12) In section 241—

(a) for subsection (1) (including the provisos thereto) there shall be substituted, as respects chargeable periods ending on or after the 6th day of April, 1996, the following

“(1) Subject to the provisions of this Act, where a person carrying on a trade in any chargeable period has incurred capital expenditure on the provision of machinery or plant for the purposes of the trade—

(a) an allowance shall be made to him for that chargeable period on account of the wear and tear of any of the machinery or plant which belongs to him and is in use for the purposes of the trade at the end of that chargeable period or its basis period and which, while used for the purposes of the trade, is wholly and exclusively so used,

(b) the amount of the allowance shall, subject to subsection (6), be equal to—

(i) in the case of machinery or plant, other than machinery or plant of the type referred to in subparagraph (ii), 15 per cent. of the capital expenditure incurred as aforesaid, or

(ii) in the case of machinery or plant which consists of a vehicle suitable for the conveyance by road of persons or goods or the haulage by road of other vehicles, 20 per cent. of the value of such machinery or plant at the commencement of the chargeable period and, for the purposes of this subparagraph, such value shall be taken to be the actual cost to that person of such machinery or plant reduced by the total of any allowances made to the person under this section for previous chargeable periods in respect of that machinery or plant, and

(c) the allowance shall be made in taxing the trade

Provided that where a chargeable period or its basis period consists of a period which is less than one year in length the allowance to be made under this section shall not exceed such portion of the amount specified in paragraph (b) as bears to that amount the same proportion as the length of the chargeable period or its basis period bears to a period of one year.

(1A) Where, in the case of machinery or plant of the type referred to in paragraph (b)(i) of subsection (1) which was provided for use before the 1st day of April, 1992, that subsection shall apply as if the reference therein to capital expenditure incurred were a reference to such expenditure reduced by the total amount of—

(a) any allowances made to the person concerned under this section on account of the wear and tear of that machinery or plant, and

(b) any initial allowance made to that person under Chapter I of Part XV in respect of the expenditure incurred by that person on the machinery or plant,

for any chargeable period ending on or before the 5th day of April, 1996.”, and

(b) after subsection (9), there shall be inserted the following

“(9A) for the purposes of this section—

(a) capital expenditure shall not include any expenditure which is allowed to be deducted in computing, for the purposes of tax, the profits or gains of a trade carried on by the person incurring the expenditure, and

(b) the day on which any expenditure is incurred shall be the day on which the sum in question becomes payable

Provided that this paragraph shall apply only in respect of machinery or plant that is provided for use for the purposes of a trade on or after the 6th day of April, 1996.”.

(13) In section 297—

(a) in subsection (1), for “In this Part, as it applies” there shall be substituted “In this Part and in Parts XIII to XV, as they apply”,

(b) after subsection (3), there shall be inserted the following

“(3A) Any reference in the proviso to subsection (2) to the permanent discontinuance of a trade shall be construed as including a reference to the occurring of any event which, under any of the provisions of this Act, is to be treated as equivalent to the permanent discontinuance of a trade.”,

(c) in subsection (4), after “under Chapter II of this Part” there shall be inserted “, or under Part XIII or Chapter I of Part XV,”, and

(d) in subsection (5), after “under this Part,” there shall be inserted “or under Part XIII or XV,”.

(14) In section 298, for subsection (4) there shall be substituted the following

“(4) The preceding provisions of this section shall, with the necessary adaptations, have effect in relation to the provisions mentioned in the Table to this subsection as if those latter provisions were provisions of this Part.

TABLE

Section 241

Section 241A

Chapters I and II of Part XIV

Part XV

Finance (Taxation of Profits of Certain Mines) Act, 1974”.

(15) In section 299 (1), for paragraph (b) there shall be substituted the following

“(b) it appears with respect to the sale or with respect to transactions of which the sale is one, that the sole or main benefit which, apart from the provisions of this section, might have been expected to accrue to the parties or any of them was the obtaining of an allowance under section 241 or 241A, under Chapter I or II of Part XIV, under Part XV, under the Finance (Taxation of Profits of Certain Mines) Act, 1974, or under any of the provisions of this Part.”.

(16) In section 312 (2), for “for the purposes of subsection (1) (a) (c)” there shall be substituted “for the purposes of paragraphs (a) and (c) of subsection (1)”.

(17) In section 316, for subsection (2) there shall be substituted the following

“(2) This section shall not apply to any sum assessed under section 434 by virtue of section 288, or section 25 (1) of the Finance Act, 1969, or section 31 (2) of the Finance Act, 1974.”.

(18) For section 321 there shall be substituted the following

“Relief affected by subsequent changes of law, etc.

321.—(1) If relief given to a person by virtue of section 318 (1) for any year of claim is affected by a subsequent alteration of the law, or by any discontinuance of the trade or other event occurring after the end of the year, any necessary adjustment may be made, and so much of any repayment of tax as exceeded the amount repayable in the events that happened shall, if not otherwise made good, be recovered from the person by assessment under Case IV of Schedule D.

(2) For the purpose of such assessment as is mentioned in subsection (1), the amount of capital allowances by reference to which the repayment was made, or an appropriate part of that amount, shall be deemed to be income chargeable under the said Case IV for the year of claim and shall be included in the return of income which the person is required to make under the provisions of this Act for that year.”.

(19) In section 433 (1)—

(a) for “any yearly interest of money, annuity, or other annual payment” there shall be substituted “any annuity, or any other annual payment apart from yearly interest of money”, and

(b) for “the person liable to the interest, annuity, or annual payment” there shall be substituted “the person liable to the annuity or annual payment”.

(20) In section 434 (1), for “any interest of money, annuity, or other annual payment” there shall be substituted “any annuity, or other annual payment (apart from yearly interest of money)”.

(21) In section 468 (2), for “433, 434 or 456” there shall be substituted “433 or 434”.

(22) In section 471(2), for “433, 434 or 456” there shall be substituted “433 or 434”.

(23) In section 497, for the words from the commencement of the section to the end of the first proviso there shall be substituted the following

“Any repayment of income tax for any year of assessment to which any person may be entitled in respect of any allowance, deduction, relief or reduction under the provisions specified in the Table to section 137 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

Provided that, in the case of any person who proves as regards any year that, by reason of the allowances, deductions or reliefs to which he is entitled, he has no taxable income for that year, any repayment to be made shall be a repayment of the whole amount of the tax paid by him, whether by deduction or otherwise, in respect of his income for that year:”.

The Finance Act, 1967

(No. 17 of 1967)

2. In section 11 of the Finance Act, 1967, after subsection (2A) there shall be inserted the following proviso

“Provided that, as respects chargeable periods ending on or after the 6th day of April, 1999, no allowance made under the said section 241 for wear and tear of any qualifying machinery or plant provided for use before the said 1st day of April, 1992, shall be increased under this section.”.

The Finance Act, 1968

(No. 33 of 1968)

3. In section 6 of the Finance Act, 1968, after subsection (5) there shall be inserted the following

“(6) Section 508 of the Income Tax Act, 1967, is hereby amended by the insertion in subsection (1) after ‘240 or 296’ of ‘or section 6 of the Finance Act, 1968’.”.

The Finance Act, 1969

(No. 21 of 1969)

4. In section 19 of the Finance Act, 1969, for subsection (1) there shall be substituted the following

“(1) In this section—

‘farm land’ means land in the State wholly or mainly occupied for the purposes of husbandry, other than market garden land within the meaning of section 54 of the Income Tax Act, 1967;

‘occupation’ has the same meaning as in section 18.”.

The Finance Act, 1971

(No. 23 of 1971)

5. In section 26 of the Finance Act, 1971, after subsection (2A) there shall be inserted the following proviso

“Provided that, as respects chargeable periods ending on or after the 6th day of April, 1999, no allowance made under the said section 241 for wear and tear of any qualifying machinery or plant provided for use before the said 1st day of April, 1992, shall be increased under this section.”.

The Finance Act, 1972

(No. 19 of 1972)

6. In Part VI of the First Schedule to the Finance Act, 1972, for paragraphs 1 and 2 there shall be substituted the following

“1. This Part applies to any payment to or for the benefit of an employee, otherwise than in course of payment of a pension, being a payment made out of funds which are or have been held for the purposes of a scheme which is or has at any time been approved for the purposes of Chapter II.

2. If the payment—

(a) is not expressly authorised by the rules of the scheme, or

(b) is made at a time when the scheme is not approved for the purposes of Chapter II and would not have been expressly authorised by the rules of the scheme when it was last so approved,

the employee (whether or not he is the recipient of the payment) shall be chargeable to tax on the amount of the payment under Schedule E for the year of assessment in which the payment is made.”.

The Finance Act, 1973

(No. 19 of 1973)

7. In section 34 (1) of the Finance Act, 1973, for paragraph (b) (i) of the definition of “income from a qualifying patent” there shall be substituted the following

“(i) is not connected (within the meaning of section 131 of the Finance Act, 1996, as it applies for the purposes of the Capital Gains Tax Acts) with the person who is the beneficial recipient of the royalty or other sum, and”.

The Finance (Taxation of Profits of Certain Mines) Act, 1974

(No. 17 of 1974)

8. The Finance (Taxation of Profits of Certain Mines) Act, 1974, is hereby amended in accordance with the following provisions of this paragraph.

In section 1—

(1) in subsection (1), for the definition of “scheduled minerals” there shall be substituted the following

“‘scheduled minerals’ means minerals specified in the Table to this section occurring in non-bedded deposits of such minerals;”,

(2) after subsection (5), there shall be inserted the following

“(6) The Minister for Finance may by regulation add minerals occurring in non-bedded deposits of such minerals to the Table to this section.

(7) Every regulation made under subsection (6) of this section shall be laid before Dáil Éireann as soon as may be after it is made and if a resolution annulling the regulation is passed by Dáil Éireann within the next twenty-one days on which Dáil Éireann 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.

TABLE

SCHEDULED MINERALS

Barytes

Felspar

Serpentinous marble

Quartz rock

Soapstone

Ores of copper

Ores of gold

Ores of iron

Ores of lead

Ores of manganese

Ores of molybdenum

Ores of silver

Ores of sulphur

Ores of zinc”.

The Finance Act, 1974

(No. 27 of 1974)

9. In section 62 of the Finance Act, 1974, for subsection (3) there shall be substituted the following

“(3) Where, for the year 1973-74 or any earlier year of assessment, a deduction such as is referred to in subsection (2) has been allowed under subsection (5) of the said section 81 and there is a deficiency within the meaning of subsection (4) of the said section 81, so much of any such deficiency as is attributable to the allowance of the deduction aforesaid shall not be carried forward, or set against profits or gains for the year 1974-75 or any subsequent year of assessment under the provisions of section 89 or 310 of the Income Tax Act, 1967.”.

The Corporation Tax Act, 1976

(No. 7 of 1976)

10. The Corporation Tax Act, 1976, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 6, for subsection (5) there shall be substituted the following

“(5) Corporation tax shall be under the care and management of the Revenue Commissioners and subsections (2), (3), (4) and (5) of section 155 of the Income Tax Act, 1967, shall, subject to any necessary modifications, apply to corporation tax.”.

(2) In section 50 (1), before “46A” there shall be inserted “33A,”.

(3) In section 50 (4), for paragraph (c) there shall be substituted the following

“(c) any contract with the trustees or other persons having the management of a scheme approved under section 235 or 235A of the Income Tax Act, 1967, or under both of those sections, being a contract which—

(i) was entered into for the purposes only of that scheme, and

(ii) (in the case of a contract entered into or varied on or after the 6th day of April, 1958) is so framed that the liabilities undertaken by the assurance company under the contract correspond with liabilities against which the contract is intended to secure the scheme,”.

(4) In section 102 (1), after “For the purposes of this Part” there shall be inserted “and section 162”.

(5) In section 147 (2), before “521” there shall be inserted “520,”.

The Finance Act, 1978

(No. 21 of 1978)

11. In section 25 of the Finance Act, 1978, after subsection (2A) there shall be inserted the following proviso

“Provided that, as respects chargeable periods ending on or after the 6th day of April, 1999, no allowance made under the said section 264 in respect of qualifying expenditure incurred before the said 1st day of April, 1992, shall be increased under this section.”.

The Finance Act, 1980

(No. 14 of 1980)

12. In section 2 of the Finance Act, 1980, for subsection (4) there shall be substituted the following

“(4) (a) The provisions of sections 146, 149 and 497 of the Income Tax Act, 1967, shall apply in relation to exemption from or any reduction of tax under this section or under section 1 as they apply in relation to any allowance, deduction, relief or reduction under the provisions specified in the Table to section 137 of that Act.

(b) The provisions of Schedule 4 to the Income Tax Act, 1967, and of paragraph IX of Schedule 18 to that Act shall, with any necessary modifications, apply in relation to exemption from or any reduction of tax under this section or under section 1.”.

The Finance Act, 1983

(No. 15 of 1983)

13. The Finance Act, 1983, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 3, for paragraph (a) of subsection (4), there shall be substituted the following

“(a) The provisions of sections 146 and 149 of the Income Tax Act, 1967, shall apply to a deduction under subsection (2)(c) as they apply to any allowance, deduction, relief or reduction under the provisions specified in the Table to section 137 of that Act.”.

(2) In section 94 (2), after paragraph (e), there shall be inserted the following

“(ee) knowingly or wilfully, and within the time limits specified for their retention, destroys, defaces, or conceals from an authorised officer—

(i) any documents, or

(ii) any other written or printed material in any form, including any information stored, maintained or preserved by means of any mechanical or electronic device, whether or not stored, maintained or preserved in a legible form, which a person is obliged by any provision of the Acts to keep, to issue or to produce for inspection,”.

The Finance Act, 1985

(No. 10 of 1985)

14. In section 10 of the Finance Act, 1985, for subsection (6) there shall be substituted the following

“(6) (a) The provisions of sections 146, 149 and 497 of the Income Tax Act, 1967, shall apply to a deduction under this section as they apply to any allowance, deduction, relief or reduction under the provisions specified in the Table to section 137 of that Act.

(b) The provisions of Schedule 4 to the Income Tax Act, 1967, and of paragraph IX of Schedule 18 to that Act shall, with any necessary modifications, apply in relation to a deduction under this section.”.

The Finance Act, 1986

(No. 13 of 1986)

15. In section 12 of the Finance Act, 1986, for subsection (2) other than the proviso there shall be substituted the following

“(2) Subject to the subsequent provisions of this section, where an eligible employee, in relation to a qualifying company, subscribes for eligible shares in the qualifying company, he shall be entitled to have a deduction made from his total income for the year of assessment in which the shares are issued of an amount equal to the amount of the subscription:”.

The Finance Act, 1987

(No. 10 of 1987)

16. In section 24 of the Finance Act, 1987, for subsection (2) there shall be substituted, as respects chargeable periods ending on or after the 6th day of April, 1996, the following

“(2) In determining, for any chargeable period, what capital allowances fall to be made to a person in taxing a trade which consists of or includes the carrying on of qualifying purposes, section 241 of the Income Tax Act, 1967, shall apply to a car which, as respects that period, has been used by the person for qualifying purposes as if the reference in paragraph (b) (ii) of subsection (1) of that section to ‘20 per cent.’ were a reference to ‘40 per cent.’.”.

The Finance Act, 1991

(No. 13 of 1991)

17. In section 4 (1) (b) of the Finance Act, 1991, for “subsections (3), (4), (6) and (7)” there shall be substituted “subsections (3), (4) and (6)”.

The Finance Act, 1992

(No. 9 of 1992)

18. In section 83 of the Finance Act, 1992, for subsection (2) there shall be substituted, as respects chargeable periods ending on or after the 6th day of April, 1996, the following

“(2) In relation to assets representing development expenditure, subsection (1) of section 241 of the Income Tax Act, 1967, shall, subject to subsection (3), have effect as if the reference in paragraph (b) (i) of the said subsection (1) to ‘15 per cent.’ were a reference to ‘100 per cent.’.”.

The Finance Act, 1995

(No. 8 of 1995)

19. In section 177(4) of the Finance Act, 1995, for “paragraphs (a) and (b) and subsection (2)” there shall be substituted “paragraphs (a) and (b) of subsection (2)”.

20. The amendments in this Part of this Schedule shall not affect the liability to income tax or capital gains tax for years of assessment ending on or before the 5th day of April, 1996, or the liability to corporation tax for accounting periods ending on or before that date, or the assessment, collection or recovery of any of those taxes or of interest thereon or other proceedings relating to those taxes or that interest.

PART II Pre-Consolidation Repeals

PART II

Pre-Consolidation Repeals

Number and Year

Short Title

Extent of Repeal

(1)

(2)

(3)

No. 8 of 1956

Finance (Profits of Certain Mines) (Temporary Relief from Taxation) Act, 1956.

Section 1.

No. 6 of 1967

Income Tax Act, 1967.

Section 43.

In section 58 (5) (a) (i), the words “308 or”.

Section 89A.

Section 138A (7).

Section 141 (7).

Section 145 (3A) and (5).

In section 186 (3), the words “, and to the respective duplicates thereof,” and the words “and duplicate”.

In section 187 (1), the words from “, and references in this Act” to the end and subsection (2).

In section 235 (7), the word “or” in paragraph (c) (where it last occurs), and paragraph (d).

Section 241 (7), (8) and (9).

Section 242.

Section 243.

In section 244 (4), paragraph (e).

In section 244 (5) (b), the words “and (e)”.

In section 244 (6), “, 243”.

In section 245 (7), “, 243”.

Section 247 (3).

Section 249.

Section 259.

Section 262.

Section 273 (2).

In section 300 (1), the words “and 243”.

Section 306.

In section 309, the words “or 308”.

Section 344.

Section 346.

Section 360.

In section 441 (1) and (2), the words “or 440”.

In section 442, the definition of “child”.

In section 447, the definition of “child”.

Section 448 (2).

Section 476.

Section 477 (2) and (3).

In section 478, the words “contained in the duplicates, and”.

Section 479.

Section 480.

Section 482 (3).

In section 484 (3), the words from “including the issue” to “chattels” and the words “or distraint”.

Section 494 (2).

Section 495.

In section 496 (1) (c), the words “(including interest to which section 30 (1) or 50 (2) of the Finance Act, 1974, applies)”.

Section 540.

Section 543.

Section 557.

Section 558.

Schedule 2, Rule 1, paragraph (3).

In Schedule 2, Rule 3, the words “or of keeping and maintaining a horse to enable him to perform the same,”.

Schedule 13.

No. 17 of 1967

Finance Act, 1967.

Section 12 (5) (c).

No. 33 of 1968

Finance Act, 1968.

Section 4.

No. 21 of 1969

Finance Act, 1969.

Section 3 (3).

Section 4.

Section 5.

In section 18 (1), the definition of “farming”.

No. 23 of 1971

Finance Act, 1971.

Section 11 (4).

No. 19 of 1972

Finance Act, 1972.

In section 15 (4), the words from “In applying this subsection” to the end.

Section 16 (6).

Section 17 (3).

Section 18 (1) (b).

Section 24.

Section 25.

First Schedule, Part II, paragraph 1 (2).

First Schedule, Parts IV and V.

No. 27 of 1974

Finance Act, 1974.

In section 4, in paragraph (b) the word “or” (where it last occurs) and paragraph (c) and in paragraph (e), the words “, subject to the provisions of sections 233 and 525 of the Income Tax Act, 1967,”.

Section 8 (2).

In section 27 (2), the words “or 308” in paragraphs (a) and (b).

Section 30.

In section 31 (3), the words “Subject, as respects paragraph (a), to section 50 (4),” and paragraph (a).

Section 40.

Section 50.

No. 6 of 1975

Finance Act, 1975.

Section 31.

Section 31A.

In the Second Schedule, Part I, paragraph 2, “308,”.

Third Schedule.

Fifth Schedule.

No. 20 of 1975

Capital Gains Tax Act, 1975.

Section 2 (2).

Section 27 (1) (d).

In section 27 (3), the words “or (3A), as the case may be,”.

Section 33 (8).

No. 7 of 1976

Corporation Tax Act, 1976.

In section 11 (6), the words “(excluding the provisions of Part XXV of the Income Tax Act, 1967 (Temporary Relief from Taxation))”.

Section 12 (8).

In section 39 (2) (b), the words “or 47”.

In section 43 (5) (a), the words “, or that subsection as modified by section 37,”.

In section 51 (3), paragraphs (b) and (c).

Section 52 (5).

Section 68.

In section 147 (2), “, 543”.

Section 153.

No. 16 of 1976

Finance Act, 1976.

Section 12.

Section 15.

Section 16.

No. 18 of 1977

Finance Act, 1977.

In section 39 (4) (b), the proviso.

No. 21 of 1978

Finance Act, 1978.

Section 9.

First Schedule, Part III.

No. 11 of 1979

Finance Act, 1979.

Section 5.

Section 8 (2) (b).

No. 14 of 1980

Finance Act, 1980.

Section 28.

No. 16 of 1981

Finance Act, 1981.

Section 13.

No. 14 of 1982

Finance Act, 1982.

Section 6.

Section 13.

No. 15 of 1983

Finance Act, 1983.

Section 94 (1) (ee).

No. 9 of 1984

Finance Act, 1984.

Section 12 (9).

Section 33.

Part I, Chapter VIII.

Part I, Chapter IX.

No. 13 of 1986

Finance Act, 1986.

Section 12 (9).

Section 44 (4).

No. 10 of 1989

Finance Act, 1989.

Section 4 (7).

No. 13 of 1991

Finance Act, 1991.

Section 4 (3).

No. 9 of 1992

Finance Act, 1992.

Section 26 (1), (2), (3) and (5).

Section 243 (a) (ii).

No. 13 of 1993

Finance Act, 1993.

Section 28.

No. 13 of 1994

Finance Act, 1994.

Section 46 (5).

No. 8 of 1995

Finance Act, 1995.

Section 6 (6).

Section 7 (10).

Section 21.

Section 22.

The repeals in this Part of this Schedule shall not affect the liability to income tax or capital gains tax for years of assessment ending on or before the 5th day of April, 1996, or the liability to corporation tax for accounting periods ending on or before that date, or the assessment, collection or recovery of any of those taxes or of interest thereon or other proceedings relating to those taxes or that interest.

FINANCE ACT, 1996

Statutory Text (5 Articles)

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