FINANCE ACT, 1997 (1997_act_22) | IE

ISB Act 1997-05-10

Schedule 1 FINANCE ACT, 1997 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) in paragraph (a) (inserted by the Finance Act, 1996), by the substitution of “£5,800” for “£5,300”,

(ii) in paragraph (b)(as amended by the Finance Act, 1988), by the substitution of “£3,400” and “£5,800”, respectively, for “£3,150” and “£5,300” (inserted by the Finance Act, 1996), and

(iii) in paragraph (c), by the substitution of “£2,900” for “£2,650” (inserted by the Finance Act, 1996),

and

(b) in subsection (2) of section 138A (inserted by the Finance Act, 1985), by the substitution of “£2,400” and “£2,900”, respectively, for “£2,150” and “£2,650” (inserted by the Finance Act, 1996).

2. Section 8 of the Finance Act, 1974, is hereby amended, in subsection (1), by the substitution of “£800” for “£400” (inserted by the Finance Act, 1986) and of “£400” for “£200” (inserted by the Finance Act, 1986).

ISB Act 1997-05-10

Schedule 2 FINANCE ACT, 1997 Open official source

SECOND SCHEDULE Amendments Consequential on Changes in Amounts of Tax Credits in Respect of Distributions

Amendments Consequential on Changes in Amounts of Tax Credits in Respect of Distributions

Section 37.

1. The provisions referred to in section 37 (1) are sections 45 (5), 64 (2), 66A (1), 82 (2), 82 (7), 88 (2) and 178 of the Corporation Tax Act, 1976.

2. For the purposes of section 45 (5) of the Corporation Tax Act, 1976, where an accounting period begins before the 6th day of April, 1997, and ends on or after that date, it shall be divided into one part, beginning on the day on which the accounting period begins and ending on the 5th day of April, 1997, and another part beginning on the 6th day of April, 1997, and ending on the day on which the accounting period ends and both parts shall be treated as separate accounting periods.

3. (1) This paragraph applies to a distribution which is made by a company in the year of assessment 1997-98 and subsequent years of assessment, and to which section 64 of the Corporation Tax Act, 1976, applies.

(2) Section 28 (7) of the Finance Act, 1978, section 28 (3) of the Finance Act, 1983, paragraph 4 of Part I of the Second Schedule to the Finance Act, 1988, paragraph 3 of the First Schedule to the Finance Act, 1990, and paragraph 3 of the Second Schedule to the Finance Act, 1995, shall each not apply to a distribution to which this paragraph applies.

(3) The reference to certain tax credits in the definition of “B” in subsection (2) of section 64 of the Corporation Tax Act, 1976, shall, in relation to distributions which were received by a company which makes a distribution to which this paragraph applies, be construed—

(a) as a reference to such tax credits multiplied by .4937 in so far as they are tax credits in respect of distributions which were made before the 6th day of April, 1978, or which were made after the 5th day of April, 1983, and before the 6th day of April, 1988,

(b) as a reference to such tax credits multiplied by .6203 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1978, and before the 6th day of April, 1983,

(c) as a reference to such tax credits multiplied by .5649 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1988, and before the 6th day of April, 1989,

(d) as a reference to such tax credits multiplied by .6835 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1989, and before the 6th day of April, 1991,

(e) as a reference to such tax credits multiplied by .7975 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1991, and before the 6th day of April, 1995, and

(f) as a reference to such tax credits multiplied by .8899 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1995, and before the 6th day of April, 1997.

ISB Act 1997-05-10

Schedule 3 FINANCE ACT, 1997 Open official source

THIRD SCHEDULE Employee Share Ownership Trusts

Employee Share Ownership Trusts

Section 51.

Interpretation

1. (1) For the purposes of this Schedule—

“ordinary share capital” has the meaning assigned to it by section 155 of the Corporation Tax Act, 1976;

“securities” mean shares (including stock) and debentures.

(2) For the purposes of this Schedule, the question whether one company is controlled by another shall be construed in accordance with section 102 of the Corporation Tax Act, 1976.

(3) For the purposes of this Schedule a person shall be regarded as an employee or a director of a company falling within the founding company's group at a particular time if, at the time or within 18 months prior to the time, that person is or was an employee or director of—

(a) the founding company, being a company resident in the State,

(b) a company resident in the State and controlled by the founding company, or

(c) a company, being the founding company or a company controlled by the founding company, which carries on a trade in the State through a branch or agency in which that person is employed.

(4) (a) For the purposes of this Schedule a person shall be treated as having a material interest in a company if the person, either on his or her own or with any one or more of his or her associates, or if any associate of his or her with or without any such other associates is the beneficial owner of, or able directly or through the medium of other companies or by any other indirect means to control, more than 5 per cent. of the ordinary share capital of the company.

(b) In this subparagraph—

“associate” has the meaning given to it by section 103 of the Corporation Tax Act, 1976;

“control” has the same meaning as in section 102 of that Act.

(5) For the purposes of this Schedule a trust is established when the deed under which it is established is executed.

Approval of Qualifying Trusts

2. On the application of a body corporate (in this Schedule referred to as “the founding company”) which has established an employee share ownership trust, the Revenue Commissioners shall approve of the trust as a qualifying employee share ownership trust if they are satisfied that the conditions set out in paragraphs 6 to 18 are met in relation to the trust.

3. (1) If, at any time after the Revenue Commissioners have approved of a trust—

(a) there is, with respect to the operation of the trust, any contravention of the conditions set out in paragraphs 6 to 18, or

(b) any shares of a class of which shares have been acquired by the trustees receive different treatment in any respect from the other shares of that class, in particular, different treatment in respect of—

(i) the dividend payable,

(ii) repayment,

(iii) the restrictions attaching to the shares, or

(iv) any offer of substituted or additional shares, securities or rights of any description in respect of the shares,

the Revenue Commissioners may, subject to subparagraph (3), withdraw the approval with effect from that time or from such later time as they may specify.

(2) If, at any time after the Revenue Commissioners have approved of a trust, an alteration is made to the terms of the trust, the approval shall not have effect after the date of the alteration unless they have approved of the alteration.

(3) It shall not be a ground for withdrawal of approval of a trust that shares which have been newly issued receive, in respect of dividends payable with respect to a period beginning before the date on which the shares were issued, treatment which is less favourable than that accorded to shares issued before that date.

(4) The Revenue Commissioners may by notice in writing require any person to furnish to them, within such time as they may direct which is not less than 30 days, such information as they think necessary to enable them to either or both—

(a) determine whether to approve of an employee share ownership trust or withdraw an approval already given, and

(b) determine the liability to tax of any beneficiary under an approved employee share ownership trust.

4. (1) If the founding company is aggrieved by—

(a) the failure of the Revenue Commissioners to approve of an employee share ownership trust,

(b) the failure of the Revenue Commissioners to approve of an alteration as mentioned in paragraph 3(2), or

(c) the withdrawal of approval,

the company may, by notice in writing given to the Revenue Commissioners within 30 days from the date on which it is notified of their decision, make an application to have its claim for relief heard and determined by the Appeal Commissioners.

(2) Where an application is made under subparagraph (1), the Appeal Commissioners shall hear and determine the claim in like manner as an appeal made to them against an assessment and all the provisions of the Income Tax Acts relating to such an appeal (including the provisions relating to the re-hearing of an appeal and to the statement of a case for the opinion of the High Court on a point of law) shall apply accordingly with any necessary modifications.

5. The Revenue Commissioners may nominate any of their officers, including an inspector, to perform any acts and discharge any functions authorised by this Schedule to be performed or discharged by them.

General

6. (1) The trust shall be established under a deed (in this Schedule and section 51, referred to as “the trust deed”).

(2) The trust shall be established by the founding company which, at the time the trust is established, is not controlled by another company.

Trustees

7. The trust deed shall provide for the establishment of a body of trustees complying with the provisions of paragraph 8, 9 or 10.

8. (1) The trust deed shall—

(a) appoint the initial trustees;

(b) contain rules for the retirement and removal of trustees;

(c) contain rules for the appointment of replacement and additional trustees.

(2) The trust deed shall provide that at any time while the trust subsists (in this subparagraph referred to as “the relevant time”)—

(a) the number of trustees shall not be less than three;

(b) all the trustees shall be resident in the State;

(c) the trustees shall include one person who is a trust corporation, a solicitor, or a member of such other professional body as the Revenue Commissioners may from time to time allow for the purposes of this paragraph;

(d) the majority of the trustees must be persons who are not and have never been directors of any company which falls within the founding company's group at the relevant time;

(e) the majority of the trustees shall be representatives of the employees of the companies which fall within the founding company's group at the relevant time, and who do not have and have never had a material interest in any such company;

(f) the trustees to whom subparagraph (e) relates, shall, before being appointed as trustees, have been selected by a majority of the employees of the companies falling within the founding company's group at the time of the selection.

9. (1) The trust deed shall—

(a) appoint the initial trustees;

(b) contain rules for the retirement and removal of trustees;

(c) contain rules for the appointment of replacement and additional trustees.

(2) The trust deed shall be so framed that at any time while the trust subsists the conditions set out in subparagraph (3) are fulfilled as regards the persons who are then trustees, and in that subparagraph “the relevant time” means that time.

(3) The conditions referred to in subparagraph (2) are that—

(a) the number of trustees is not less than three;

(b) all the trustees are resident in the State;

(c) the trustees include at least one person who is a professional trustee and at least two persons who are non-professional trustees;

(d) at least half of the non-professional trustees were, before being appointed as trustees, selected in accordance with subparagraph (6) or (7);

(e) all the trustees so selected are persons who are employees of companies which fall within the founding company's group at the relevant time, and who do not have and have never had a material interest in any such company.

(4) For the purposes of this paragraph a trustee is a professional trustee at a particular time if—

(a) the trustee is then a trust corporation, a solicitor, or a member of such other professional body as the Revenue Commissioners allow for the purposes of this subparagraph,

(b) the trustee is not then an employee or director of any company then falling within the founding company's group, and

(c) the trustee meets the requirements of subparagraph (5),

and for the purposes of this paragraph a trustee is a non-professional trustee at a particular time if the trustee is not then a professional trustee for those purposes.

(5) A trustee meets the requirements of this subparagraph if—

(a) he or she was appointed as an initial trustee and, before being appointed as trustee, was selected by, and only by, the persons who later became the non-professional initial trustees, or

(b) he or she was appointed as a replacement or additional trustee and, before being appointed as trustee, was selected by, and only by, the persons who were the non-professional trustees at the time of the selection.

(6) Trustees are selected in accordance with this subparagraph if the process of selection is one under which—

(a) all the persons who are employees of the companies which fall within the founding company's group at the time of the selection, and who do not have and have never had a material interest in any such company, are, so far as is reasonably practicable, given the opportunity to stand for selection,

(b) all the employees of the companies falling within the founding company's group at the time of the selection are, so far as is reasonably practicable, given the opportunity to vote, and

(c) persons gaining more votes are preferred to those gaining less.

(7) Trustees are selected in accordance with this subparagraph if they are selected by persons elected to represent the employees of the companies falling within the founding company's group at the time of the selection.

10. (1) This paragraph applies where the trust deed provides that at any time while the trust subsists there shall be a single trustee.

(2) The trust deed shall—

(a) be so framed that at anytime while the trust subsists the trustee is a company which at that time is resident in the State and controlled by the founding company;

(b) appoint the initial trustee;

(c) contain rules for the removal of any trustee and for the appointment of a replacement trustee.

(3) The trust deed shall be so framed that at any time while the trust subsists the company which is then the trustee is a company so constituted that the conditions set out in subparagraph (4) are then fulfilled as regards the persons who are then directors of the company, and in that subparagraph “the relevant time” means that time and “the trust company” means that company.

(4) The conditions referred to in subparagraph (3) are that—

(a) the number of directors is not less than three;

(b) all the directors are resident in the State;

(c) the directors include at least one person who is a professional director and at least two persons who are non-professional directors;

(d) at least half of the non-professional directors were, before being appointed as directors, selected in accordance with subparagraph (7) or (8);

(e) all the directors so selected are persons who are employees of companies which fall within the founding company's group at the relevant time, and who do not have and have never had a material interest in any such company.

(5) For the purposes of this paragraph a director is a professional director at a particular time if—

(a) the director is then a solicitor or a member of such other professional body as the Revenue Commissioners may at that time allow for the purposes of this subparagraph,

(b) the director is not then an employee of any company then falling within the founding company's group,

(c) the director is not then a director of any such company other than the trust company, and

(d) the director meets the requirements of subparagraph (6),

and for the purposes of this paragraph a director is a non-professional director at a particular time if the director is not then a professional director for those purposes.

(6) A director meets the requirements of this subparagraph if—

(a) he or she was appointed as an initial director and, before being appointed as director, was selected by and only by the persons who later became the non-professional initial directors, or

(b) he or she was appointed as a replacement or additional director and, before being appointed as director, was selected by and only by the persons who were the non-professional directors at the time of the selection.

(7) Directors are selected in accordance with this subparagraph if the process of selection is one under which—

(a) all the persons who are employees of the companies which fall within the founding company's group at the time of the selection, and who do not have and have never had a material interest in any such company, are, so far as is reasonably practicable, given the opportunity to stand for selection,

(b) all the employees of the companies falling within the founding company's group at the time of the selection are, so far as is reasonably practicable, given the opportunity to vote, and

(c) persons gaining more votes are preferred to those gaining less.

(8) Directors are selected in accordance with this subparagraph if they are selected by persons elected to represent the employees of the companies falling within the founding company's group at the time of the selection.

Beneficiaries

11. (1) The trust deed shall contain provision as to the beneficiaries under the trust, in accordance with the following.

(2) The trust deed shall provide that a person is a beneficiary at a particular time (in this subparagraph referred to as “the relevant time”) if—

(a) the person is at the relevant time an employee or director of a company which at that time falls within the founding company's group,

(b) at each given time in a qualifying period the person was such an employee or director of a company falling within the founding company's group at that given time, and

(c) in the case of a director, at that given time the person worked as a director of the company concerned at the rate of at least 20 hours a week (ignoring such matters as holidays and sickness).

(3) The trust deed may provide that a person is a beneficiary at a particular time (in this subparagraph referred to as “the relevant time”) if—

(a) the person has at each given time in a qualifying period been an employee or director of a company falling within the founding company's group at that given time,

(b) the person has ceased to be an employee or director of the company or the company has ceased to fall within that group, and

(c) at the relevant time a period of not more than 18 months has elapsed since the person so ceased or the company so ceased, as the case may be.

(4) The trust deed may provide for a person to be a beneficiary if the person is a charity and the circumstances are such that—

(a) there is no person who is a beneficiary within the rule which is included in the deed and conforms with subparagraph (2) or with any rule which is so included and conforms with subparagraph (3), and

(b) the trust is in consequence being wound up.

(5) For the purposes of subparagraph (2) a qualifying period is a period—

(a) whose length is not more than 5 years,

(b) whose length is specified in the trust deed, and

(c) which ends with the relevant time (within the meaning of that subparagraph).

(6) For the purposes of subparagraph (3) a qualifying period is a period—

(a) whose length is equal to that of the period specified in the trust deed for the purposes of a rule which conforms with subparagraph (2), and

(b) which ends when the person or company, as the case may be, ceased as mentioned in subparagraph (3)(b).

(7) The trust deed shall not provide for a person to be a beneficiary unless the person falls within the rule which is included in the deed and conforms with subparagraph (2) or any rule which is so included and conforms with subparagraph (3) or (4).

(8) The trust deed shall provide that, notwithstanding any other rule which is included in it, a person cannot be a beneficiary at a particular time (in this subparagraph referred to as “the relevant time”) by virtue of a rule which conforms with subparagraph (2), (3) or (4) if—

(a) at the relevant time the person has a material interest in the founding company, or

(b) at any time in the period of one year preceding the relevant time the person has had a material interest in that company.

(9) For the purposes of this paragraph “a charity” means any body of persons or trust established for charitable purposes only.

Trustees' functions

12. (1) The trust deed shall contain provision as to the functions of the trustees.

(2) The functions of the trustees shall be so expressed that it is apparent that their general functions are—

(a) to receive sums from the founding company and other sums, by way of loan or otherwise;

(b) to acquire securities;

(c) to grant rights to acquire shares to persons who are beneficiaries under the terms of the trust deed;

(d) to transfer either or both securities and sums to persons who are beneficiaries under the terms of the trust deed;

(e) to transfer securities to the trustees of profit sharing schemes approved under Part I of the Third Schedule to the Finance Act, 1982;

(f) pending transfer, to retain the securities and to manage them, whether by exercising voting rights or otherwise.

Sums

13. (1) The trust deed shall require that any sum received by the trustees—

(a) shall be expended within the expenditure period,

(b) may be expended only for one or more of the qualifying purposes, and

(c) shall, while it is retained by them, be kept as cash, or be kept in an account with a relevant deposit taker (within the meaning of section 31 of the Finance Act, 1986).

(2) For the purposes of subparagraph (1) the expenditure period is the period of 9 months beginning with the day determined as follows

(a) in a case where the sum is received from the founding company, or a company which is controlled by that company at the time the sum is received, the day following the end of the accounting period in which the sum is expended by the company from which it is received;

(b) in any other case, the day the sum is received.

(3) For the purposes of subparagraph (1) each of the following is a qualifying purpose—

(a) the acquisition of shares in the founding company;

(b) the repayment of sums borrowed;

(c) the payment of interest on sums borrowed;

(d) the payment of any sum to a person who is a beneficiary under the terms of the trust deed;

(e) the meeting of expenses.

(4) The trust deed shall provide that, in ascertaining for the purposes of a relevant rule (being a provision which is included in the trust deed and conforms with subparagraph (1)) whether a particular sum has been expended, sums received earlier by the trustees shall be treated as expended before sums received by them later.

(5) The trust deed shall provide that, where the trustees pay sums to different beneficiaries at the same time, all the sums shall be paid on similar terms.

(6) For the purposes of subparagraph (5), the fact that terms vary according to the levels of remuneration of beneficiaries, the length of their service, or similar factors, shall not be regarded as meaning that the terms are not similar.

Securities

14. (1) Subject to paragraph 15, the trust deed shall provide that securities acquired by the trustees shall be shares in the founding company which—

(a) form part of the ordinary share capital of the company,

(b) are fully paid up,

(c) are not redeemable, and

(d) are not subject to any restrictions other than restrictions which attach to all shares of the same class or a restriction authorised by subparagraph (2).

(2) Subject to subparagraph (3), a restriction is authorised by this subparagraph if—

(a) it is imposed by the founding company's articles of association,

(b) it requires all shares held by directors or employees of the founding company, or of any other company which it controls for the time being, to be disposed of on ceasing to be so held, and

(c) it requires all shares acquired, in pursuance of rights or interests obtained by such directors or employees, by persons who are not, or have ceased to be, such directors or employees to be disposed of when they are acquired.

(3) A restriction is not authorised by subparagraph (2) unless—

(a) any disposal required by the restriction will be by way of sale for a consideration in money on terms specified in the articles of association, and

(b) the articles also contain general provisions by virtue of which any person disposing of shares of the same class (whether or not held or acquired as mentioned in subparagraph (2)) may be required to sell them on terms which are the same as those mentioned in clause (a).

(4) The trust deed shall provide that shares in the founding company may not be acquired by the trustees at a price exceeding the price they might reasonably be expected to fetch on a sale in the open market.

(5) The trust deed shall provide that shares in the founding company may not be acquired by the trustees at a time when that company is controlled by another company.

15. The trust deed may provide that the trustees may acquire securities other than shares in the founding company—

(a) if they are securities issued to the trustees in exchange in circumstances mentioned in paragraph 4 of Schedule 2 to the Capital Gains Tax Act, 1975, or

(b) if they are securities acquired by the trustees as a result of a reorganisation or reduction of share capital, and the original shares the securities represent are shares in the founding company (construing “reorganisation or reduction of share capital” and “original shares” in accordance with paragraph 2 of that Schedule).

16. (1) The trust deed shall provide that—

(a) where the trustees transfer securities to a beneficiary, they shall do so on qualifying terms;

(b) the trustees shall transfer securities before the expiry of twenty years beginning with the date on which they acquired them.

(2) For the purposes of subparagraph (1) a transfer of securities is made on qualifying terms if—

(a) all the securities transferred at the same time are transferred on similar terms,

(b) securities have been offered to all the persons who are beneficiaries under the terms of the trust deed when the transfer is made, and

(c) securities are transferred to all such beneficiaries who have accepted.

(3) For the purposes of subparagraph (2), the fact that terms vary according to the levels of remuneration of beneficiaries, the length of their service, or similar factors, shall not be regarded as meaning that the terms are not similar.

(4) The trust deed shall provide that, in ascertaining for the purposes of a relevant rule (being a provision which is included in the trust deed and conforms with subparagraph (1)) whether particular securities are transferred, securities acquired earlier by the trustees shall be treated as transferred by them before securities acquired by them later.

Other features

17. The trust deed shall not contain features which are not essential or reasonably incidental to the purpose of acquiring sums and securities, transferring sums and securities to employees and directors, and transferring securities to the trustees of profit sharing schemes approved under Part I of the Third Schedule to the Finance Act, 1982.

18. (1) The trust deed shall provide that, for the purposes of the deed, the trustees—

(a) acquire securities when they become entitled to them;

(b) transfer securities to another person when that other becomes entitled to them;

(c) retain securities if they remain entitled to them.

(2) If the trust deed provides for the matter set out in paragraph 15, it shall provide for the following exceptions to any rule which is included in it and conforms with subparagraph (1)(a), namely, that—

(a) if securities are issued to the trustees in exchange in circumstances mentioned in paragraph 4 of Schedule 2 to the Capital Gains Tax Act, 1975, they shall be treated as having acquired them when they became entitled to the securities for which they are exchanged;

(b) if the trustees become entitled to securities as a result of a reorganisation or reduction of share capital, they shall be treated as having acquired them when they became entitled to the original shares which those securities represent (construing “reorganisation or reduction of share capital” and “original shares” in accordance with paragraph 2 of the said Schedule 2).

(3) The trust deed shall provide that—

(a) if the trustees agree to take a transfer of securities, for the purposes of the deed they become entitled to them when the agreement is made and not on a later transfer made pursuant to the agreement;

(b) if the trustees agree to transfer securities to another person, for the purposes of the deed the other person becomes entitled to them when the agreement is made and not on a later transfer made pursuant to the agreement.

ISB Act 1997-05-10

Schedule 4 FINANCE ACT, 1997 Open official source

FOURTH SCHEDULE Farm Buildings and Structures to Which Allowances for the Control of Pollution Apply

Farm Buildings and Structures to Which Allowances for the Control of Pollution Apply

Section 20.

1. Waste storage facilities including slurry tanks.

2. Soiled water tanks.

3. Effluent tanks.

4. Tank fences and covers.

5. Dungsteads and manure pits.

6. Yard drains for storm and soiled water removal.

7. Walled silos, silage bases and silo aprons.

8. Housing for cattle, including drystock accommodation, byres, loose houses, slatted houses, sloped floor houses and kennels, roofed feed or exercise yards where such houses or structures eliminate soiled water.

9. Housing for sheep and unroofed wintering stuctures for sheep and sheep dipping tanks.

ISB Act 1997-05-10

Schedule 5 FINANCE ACT, 1997 Open official source

FIFTH SCHEDULE Replacement of Harbour Authorities by Port Companies

Replacement of Harbour Authorities by Port Companies

Section 48.

Interpretation

1. In this Schedule—

“relevant port company” means a company formed pursuant to section 7 or 87 of the Harbours Act, 1996;

“relevant transfer” means—

(a) the vesting in a relevant port company of assets in accordance with section 96 of the Harbours Act, 1996, and

(b) the transfer to a relevant port company of rights and liabilities in accordance with section 97 of the said Act of 1996.

Capital Allowances

2. (1) The provisions of this paragraph shall have effect for the purposes of—

(a) allowances and charges provided for in Parts XIII to XVIII of the Income Tax Act, 1967, or any other provision of the Income Tax Acts relating to the making of allowances or charges under or in accordance with any of those Parts, and

(b) allowances or charges provided for by section 14 of the Corporation Tax Act, 1976.

(2) The relevant transfer shall not be treated as giving rise to any such allowance or charge under any of the provisions referred to in subparagraph (1).

(3) There shall be made to or on the relevant port company in accordance with section 14 of the Corporation Tax Act, 1976, all such allowances and charges in respect of an asset acquired by it in the course of a relevant transfer as would have fallen to be made if—

(a) allowances in relation to the asset made to the person from whom the asset was acquired had been made to the relevant port company, and

(b) everything done to or by that person, in relation to the asset had been done to or by the relevant port company.

Capital Gains

3. (1) The provisions of this paragraph shall have effect for the purposes of the Capital Gains Tax Acts and of the Corporation Tax Act, 1976, in so far as it relates to chargeable gains.

(2) The disposal of an asset by a person in the course of a relevant transfer shall be deemed to be for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the person.

(3) Where subparagraph (2) has had effect in relation to a disposal of an asset, then in relation to any subsequent disposal of the asset by the relevant port company, the relevant port company shall be treated as if the acquisition or provision of the asset by the person from whom it was acquired by the said relevant port company was that company's acquisition or provision of it.

(4) For the purposes of section 28 of the Capital Gains Tax Act, 1975, the relevant port company and the person from whom an asset was acquired in the course of a relevant transfer, shall be treated as if they were the same person.

ISB Act 1997-05-10

Schedule 6 FINANCE ACT, 1997 Open official source

SIXTH SCHEDULE Change in Rate of Corporation Tax: Consequential Provisions

Change in Rate of Corporation Tax: Consequential Provisions

Section 59.

Part I

Application of sections 6 (3), 13 (1B), 182 and 184 of Corporation Tax Act, 1976

1. Section 6 (3) and the proviso to section 13 (1B) of the Corporation Tax Act, 1976, shall have effect, as respects accounting periods ending on or after the 1st day of April, 1997, as if—

(a) the period beginning on the 1st day of January, 1996, and ending on the 31st day of March, 1997, and

(b) the period beginning on the 1st day of April, 1997, and ending on the 31st day of December, 1998,

were each a financial year.

2. (1) For the purposes of subparagraph (3) and of sections 182 and 184 of the Corporation Tax Act, 1976, where an accounting period begins before the 1st day of April, 1997, and ends on or after that day, it shall be divided into one part, beginning on the day on which the accounting period begins and ending on the 31st day of March, 1997, and another part beginning on the 1st day of April, 1997, and ending on the day on which the accounting period ends, and both parts shall be treated as if they were separate accounting periods.

(2) Where, under subparagraph (1), a part of an accounting period is treated as a separate accounting period, the corporation tax charged for the part which is so treated shall, in so far as it is affected by the rate of corporation tax which is taken to have been charged, be taken, for the purposes of the said section 184, to be the corporation tax which would have been charged if that part were a separate accounting period.

(3) Section 182(3) and 184(3) of the said Act shall have effect for any accounting period beginning on or after the 1st day of April, 1997, as if the standard rate were 21 per cent., for the year of assessment 1997-98 and each subsequent year of assessment.

Part II

Amendment of Chapter VI (Corporation Tax: Relief in relation to Certain Income of Manufacturing Companies) of Part I of Finance Act, 1980

1. (1) As respects any accounting period which begins before the 1st day of April, 1997, and ends on or after that day, section 41 (2) (as amended by the Finance Act, 1995) of the Finance Act, 1980, referred to subsequently in this Part as “section 41(2)”, shall have effect as if for the words from “shall be reduced by twenty-eight-thirty-eighths” to the end of the subsection there were substituted the following

“shall be reduced—

(a) by twenty-eight-thirty-eighths, in so far as it is corporation tax charged on profits which, under section 6 (3) of the Corporation Tax Act, 1976, are apportioned to the period beginning on the 1st day of January, 1996, and ending on the 31st day of March, 1997, and

(b) by twenty-six-thirty-sixths, in so far as it is corporation tax charged on profits which, under the said section 6 (3), are apportioned to the period beginning on the 1st day of April, 1997, and ending on the 31st day of December, 1998,

and the corporation tax referable to the income from the sale of those goods—

(i) shall, for the purposes of paragraph (a), be such an amount as bears to the part of the relevant corporation tax charged on profits which, under the said section 6(3), are apportioned to the period beginning on the 1st day of January, 1996, and ending on the 31st day of March, 1997, the same proportion as the income from the sale of those goods bears to the total income brought into charge to corporation tax for the relevant accounting period, and

(ii) shall, for the purposes of paragraph (b), be such an amount as bears to the part of the relevant corporation tax charged on profits which, under the said section 6(3), are apportioned to the period beginning on the 1st day of April, 1997, and ending on the 31st day of December, 1998, the same proportion as the income from the sale of those goods bears to the total income brought into charge to corporation tax for the relevant accounting period.”.

(2) Section 41 (2) is hereby amended as respects any accounting period beginning on or after the 1st day of April, 1997, by substitution of “twenty-six-thirty-sixths” for “twenty-eight-thirty-eighths”.

2. (1) Sections 47(2) and 48(2) (as amended by the Finance Act, 1995) of the Finance Act, 1980, are hereby amended as respects any accounting period beginning on or after the 1st day of April, 1997—

(a) in paragraph (i) of section 47(2), by the substitution of “36/26” for “38/28”,

(b) in paragraph (ii) of the said section 47(2), by the substitution of “10/26” for “10/28”, and

(c) in paragraph (ii) of the said section 48(2), by the substitution of “10/26” for “10/28”.

(2) Where by virtue of paragraph 2 (1) of Part I a part of an accounting period is treated as a separate accounting period for the purposes of sections 182 and 184 of the Corporation Tax Act, 1976, that part shall also be treated as a separate accounting period for the purposes of this paragraph and for the purposes of sections 47(2) and 48(2) of the Finance Act, 1980, and the corporation tax charged for a part of an accounting period which is so treated shall, in so far as it is affected by the rate of corporation tax which is taken to have been charged, be taken for the purposes of the said sections 47(2) and 48(2), to be the corporation tax which would have been charged if that part were a separate accounting period.

ISB Act 1997-05-10

Schedule 7 FINANCE ACT, 1997 Open official source

SEVENTH SCHEDULE Rates of Excise Duty on Tobacco Products

Rates of Excise Duty on Tobacco Products

Section 85.

Description of Product

Rate of Duty

Cigarettes

£62.64 per thousand together with an amount equal to 16.93 per cent. of the price at which the cigarettes are sold by retail

Cigars

£94.652 per kilogram

Fine-cut tobacco for the rolling of cigarettes

£79.872 per kilogram

Other smoking tobacco

£65.666 per kilogram

ISB Act 1997-05-10

Schedule 8 FINANCE ACT, 1997 Open official source

EIGHTH SCHEDULE Stamp Duty on Instruments

Stamp Duty on Instruments

Section 117.

Part I

Conveyance or Transfer on Sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance

“CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance.

(1) Where the amount or value of the consideration for the sale does not exceed £5,000 and the instrument 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 exceeds £5,000

Exempt

(2) Where paragraph (1) does not apply and the amount or value of the consideration for the sale does not exceed £10,000 and the instrument 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 exceeds £10,000

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

£1.00

(3) Where paragraphs (1) and (2) do not apply and the amount or value of the consideration for the sale does not exceed £15,000 and the instrument 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 exceeds £15,000

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

£2.00

(4) Where paragraphs (1) to (3) do not apply and the amount or value of the consideration for the sale does not exceed £25,000 and the instrument 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 exceeds £25,000

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

£3.00

(5) Where paragraphs (1) to (4) do not apply and the amount or value of the consideration for the sale does not exceed £50,000 and the instrument 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 exceeds £50,000

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

£4.00

(6) Where paragraphs (1) to (5) do not apply and the amount or value of the consideration for the sale does not exceed £60,000 and the instrument 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 exceeds £60,000

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

£5.00

(7) Where paragraphs (1) to (6) do not apply

(a) if the instrument contains a statement—

(i) that the amount or value of the consideration for the sale does not exceed £150,000 and 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 exceeds £150,000, or

(ii) that no part of the consideration for the sale is attributable, or deemed to be attributable, to residential property

for every £100, or fractional part of £100, of the consideration which is not deemed to be attributable to residential property

£6.00

(b) if the instrument contains a statement that the provisions of subsection (1A) of section 58 of this Act apply in relation to the sale

for every £100, or fractional part of £100, of the consideration for the sale which is not deemed to be attributable to residential property

£6.00

(c) if the amount or value of the consideration for the sale which is attributable to residential property or which is deemed to be attributable to residential property

(i) does not exceed £150,000 and the instrument contains a statement certifying that the provisions of subsection (1A) of section 58 of this Act apply in relation to that sale and that the amount or value of the aggregate consideration (within the meaning of that subsection) which is deemed to be attributable to residential property, or which would be deemed to be so attributable if the contents of residential property were considered to be residential property, does not exceed £150,000

£6.00 for every £100, or fractional part of £100, of the consideration

(ii) does not exceed £160,000 and the instrument contains a statement certifying that the provisions of subsection (1A) of section 58 of this Act do not apply in relation to the sale or that the provisions of that subsection do apply in relation to the sale and that the amount or value of the aggregate consideration (within the meaning of that subsection) which is deemed to be attributable to residential property, or which would be deemed to be so attributable if the contents of residential property were considered to be residential property, does not exceed £160,000, and subparagraphs (a)(i) and (c)(I) do not apply

£7.00 for every £100, or fractional part of £100, of the consideration

(iii) does not exceed £170,000 and the instrument contains a statement certifying that the provisions of subsection (1A) of section 58 of this Act do not apply in relation to that sale or that the provisions of that subsection do apply in relation to the sale and that the amount or value of the aggregate consideration (within the meaning of that subsection) which is deemed to be attributable to residential property, or which would be deemed to be so attributable if the contents of residential property were considered to be residential property, does not exceed £170,000, and subparagraphs (a)(i), (c)(i) and (c)(ii) do not apply

£8.00 for every £100, or fractional part of £100, of the consideration

(8) Of any other kind whatsoever not herein-before described

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

£9.00

(9) Where in the case of a conveyance or transfer on sale or in the case of a conveyance or transfer operating as a voluntary disposition inter vivos the consideration for the sale or the value of the property exceeds £5,000 and the instrument contains a certificate by the party to whom the property is being conveyed or transferred to the effect that the person becoming) entitled to the entire beneficial interest in the property (or, where more than one person becomes entitled to a beneficial interest therein, each of them) is related to the person or each of the persons immediately theretofore entitled to the entire beneficial interest in the property in one or other of the following ways, that is to say, as a lineal descendant, parent, grand-parent, step-parent, husband or wife, brother or sister of a parent or brother or sister, or lineal descendant of a parent, husband or wife or brother or sister

a duty of an amount equal to one-half of the ad valorem stamp duty which, but for the provisions of this paragraph, would be chargeable under this Heading.”.

PART II

Lease

“(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 theaggregate amount or value, of the consideration other than rent exceeds £5,000

Exempt

(ii) the amount or value of such consideration 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 and subparagraph (i) does not apply

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

£1.00

(iii) the amount or value of such consideration 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 and subparagraphs (i) and (ii) do not apply

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

£2.00

(iv) the amount or value of such consideration 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 and subparagraphs (i) to (iii) do not apply

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

£3.00

(v) the amount or value of such consideration 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 and subparagraphs (i) to (iv) do not apply

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

£4.00

(vi) the amount or value of such consideration 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 and subparagraphs (i) to (v) do not apply

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

£5.00

(vii) where subparagraphs (i) to (vi) do not apply

(I) if the instrument contains a statement—

(A) that the amount or value of the consideration other than rent does not exceed £150,000 and 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 £150,000, or

(B) that no part of the consideration is attributable, or deemed to be attributable, to residential property

£6.00 for every £100, or fractional part of £100, of the consideration

(II) if the instrument contains a statement that the provisions of subsection (6) of section 77 of this Act apply in relation to the lease

for every £100, or fractional part of £100, of the consideration which is not deemed to be attributable to residential property

£6.00

(III) if the amount or value of such consideration which is attributable to residential property or which is deemed to be attributable to residential property

(A) does not exceed £150,000 and the instrument contains a statement certifying that the provisions of subsection (6) of section 77 of this Act apply in relation to that lease and that the amount or value of the aggregate consideration (within the meaning of that subsection) which is deemed to be attributable to residential property, or which would be deemed to be so attributable if the contents of residential property were considered to be residential property, does not exceed £150,000

£6.00 for every £100, or fractional part of £100, of the consideration

(B) does not exceed £160,000 and the instrument contains a statement certifying that the provisions of subsection (6) of section 77 of this Act do not apply in relation to that lease or that the provisions of that subsection do apply in relation to that lease and that the amount or value of the aggregate consideration (within the meaning of that subsection) which is deemed to be attributable to residential property, or which would be deemed to be so attributable if the contents of residential property were considered to be residential property, does not exceed £160,000, and clauses (I)(A) and (III)(A) do not apply

£7.00 for every £100, or fractional part of £100, of the consideration

(C) does not exceed £170,000 and the instrument contains a statement certifying that the provisions of subsection (6) of section 77 of this Act do not apply in relation to that lease or that the provisions of that subsection do apply in relation to that lease and that the amount or value of the aggregate consideration (within the meaning of that subsection) which is deemed to be attributable to residential property, or which would be deemed to be so attributable if the contents of residential property were considered to be residential property, does not exceed £170,000 and clauses (I)(A), (III)(A) and (III)(B) do not apply

£8.00 for every £100, or fractional part of £100, of the consideration

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

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

£9.00.”.

ISB Act 1997-05-10

Schedule 9 FINANCE ACT, 1997 Open official source

NINTH SCHEDULE

Section 59.

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 1(1), after the definition of “the National Debt Commissioners” there shall be inserted the following

“‘ordinary share capital’ has the same meaning as in section 155 of the Corporation Tax Act, 1976;”.

(2) In section 58(1), for “sections 59 and 60” there shall be substituted “sections 58A, 59 and 60”.

(3) In section 61, after “charged” there shall be inserted “to tax under Case I or Case II of Schedule D”.

(4) In section 76(1), for paragraph (c) there shall be substituted the following

“(c) to a deduction on account of any annuity or other annual payment (apart from annual interest) payable out of the income to a person not resident in the State,”.

(5) In section 77(5), for “as if references therein to income which arises or which arose were references to income which is or was so received” there shall be substituted “as if the reference therein to income arising was a reference to income which is so received”.

(6) In section 81(5)(b), for “in respect of county rate, municipal rate or other rate” there shall be substituted “in respect of any rate levied by a local authority”.

(7) In section 89(2), for “the first subsequent assessment, and so far as it cannot be so given then from the next assessment” there shall be substituted “the assessment for the first subsequent year of assessment and, so far as it cannot be so given, from the assessment for the next year of assessment”.

(8) In section 137, in Part II of the Table, after “Section 5 of the Finance Act, 1996” there shall be inserted the following

“Section 15 of the Finance Act, 1996

Section 145 of the Finance Act, 1997”.

(9) In section 138B, with effect as on and from the 6th day of April, 1996—

(a) in subsection (2), after the definition of “proprietary director” there shall be inserted the following

“‘specified employed contributor’ means a person who is an employed contributor for the purposes of the Social Welfare (Consolidation) Act, 1993, but does not include a person—

(a) who is an employed contributor for those purposes by reason only of section 9(1)(b) of that Act, or

(b) to whom Article 81, 82 or 83 of the Social Welfare (Consolidated Contributions and Insurability) Regulations, 1996 (S.I. No. 312 of 1996), applies.”, and

(b) in subsection (2A)(a), for Clause (I) of subparagraph (i) there shall be substituted “(I) the individual is a specified employed contributor, or”.

(10) In section 142(1)(b), before “widowed mother” there shall be inserted “widowed father or”.

(11) In section 183, for subsection (7) there shall be substituted the following

“(7) In this section, ‘personal reliefs’ means relief under any of the provisions specified in the Table to section 137.”.

(12) In section 197, for subsection (6) there shall be substituted the following

“(6) In this section and in section 198, ‘personal reliefs’ means relief under any of the provisions specified in the Table to section 137 apart from relief under section 138A and section 4 of the Finance Act, 1991.”.

(13) In section 198, for paragraph (a) of subsection (1) there shall be substituted the following

“(a) subject to subsection (2), the benefit flowing from the personal reliefs may be given either by means of reduction of the amount of the tax to be paid, or by repayment of any excess of tax which has been paid, or by both of those means, as the case requires, and shall be allocated to the husband and the wife—

(i) so far as it flows from relief under—

(I) sections 138 and 141 (other than subsection (2)),

(II) section 11 of the Finance Act, 1971, or

(III) section 8 of the Finance Act, 1974,

in the proportions of one-half and one-half,

(ii) so far as it flows from relief under section 138B, to the husband or to the wife according as the emoluments from which the deduction under that section is made are emoluments of the husband or of the wife,

(iii) so far as it flows from relief in respect of a child under section 141(2) or relief in respect of a dependent relative under section 142, to the husband or to the wife according as he or she maintains the child or relative,

(iv) so far as it flows from relief under section 142A or 145, to the husband or to the wife according as he or she made the payment giving rise to the relief,

(v) so far as it flows from relief under—

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

(II) section 8 of the Finance Act, 1979,

(III) section 12 of the Finance Act, 1986,

(IV) section 44 of the Finance Act, 1986,

(V) section 4 of the Finance Act, 1989,

(VI) section 46 of the Finance Act, 1994,

(VII) section 6 of the Finance Act, 1995,

(VIII) section 7 of the Finance Act, 1995,

(IX) section 5 of the Finance Act, 1996,

(X) section 15 of the Finance Act, 1996,

(XI) section 69 of the Finance Act, 1996,

(XII) section 57 of the Finance Act, 1997,

(XIII) section 145 of the Finance Act, 1997, or

(XIV) section 154 of the Finance Act, 1997,

in the proportions in which they incurred the expenditure giving rise to the relief,

(vi) so far as it flows from relief under section 3 of the Finance Act, 1969, in the proportions in which they bear the cost of employing the person in respect of whom the relief is given,

(vii) so far as it flows from relief under Chapter III of Part I of the Finance Act, 1984, in the proportions in which they subscribed for the eligible shares giving rise to the relief,

(viii) so far as it flows from relief under section 35 of the Finance Act, 1987, in the proportions in which they made the relevant investment giving rise to the relief,”.

(14) In section 225—

(a) for “is paid to him or to his widow or his child or any of his relatives or dependants” there shall be substituted “is paid to that person or to that person's widow or widower or that person's child or any of that person's relatives or dependants”, and

(b) for “under whom he held such office or by whom he was so employed,” there shall be substituted “under whom that person held such office or by whom that person was so employed,”.

(15) In section 239(4), for “the notice shall be conclusive” there shall be substituted “the notice shall be evidence until the contrary is proved”.

(16) In section 241(1)(b)(i), with effect as on and from the 6th day of April, 1996, for “15 per cent. of the capital expenditure incurred as aforesaid” there shall be substituted “15 per cent. of the actual cost of the machinery or plant, including in that actual cost any expenditure in the nature of capital expenditure on the machinery or plant by way of renewal, improvement or reinstatement”.

(17) In section 241A, after subsection (2) there shall be inserted the following

“(3) The preceding provisions of this section shall, as respects chargeable periods ending on or after the 6th day of April, 1994, and with any necessary modifications, apply in relation to professions, employments and offices as they apply in relation to trades.”.

(18) In section 256—

(a) in subsection (1), after “structure” there shall be inserted “includes expenditure on the refurbishment of the building or structure but”, and

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

“(3) In this section, ‘refurbishment’, in relation to a building or structure, means any work of construction, reconstruction, repair or renewal, including the provision of water, sewerage or heating facilities carried out in the course of the repair or restoration, or maintenance in the nature of repair or restoration, of the building or structure.”.

(19) In section 284(3), for “section 130 of the Industrial and Commercial Property (Protection) Act, 1927” there shall be substituted “section 77 of the Patents Act, 1992”.

(20) In section 304—

(a) in subsection (2), for “this Part” there shall be substituted “this Part, or in Part XIII or Chapter I of Part XV”,

(b) in subsection (3), for “this Part” there shall be substituted “this Part, Part XIII and Chapter I of Part XV”, and

(c) in subsection (6), for “this Part” there shall be substituted “this Part, or in Part XIII or Chapter I or II of Part XV”.

(21) In section 309(2), for “the first subsequent assessment, and so far as it cannot be so given then from the next assessment” there shall be substituted “the assessment for the first subsequent year of assessment and, so far as it cannot be so given, from the assessment for the next year of assessment”.

(22) In section 310(3), for “the first subsequent assessment, and so far as it cannot be so given then from the next assessment” there shall be substituted “the assessment for the first subsequent year of assessment and, so far as it cannot be so given, from the assessment for the next year of assessment”.

(23) In section 318, for subsection (1) there shall be substituted the following

“(1) Subject to this Chapter, any claim made under section 307 for relief in respect of a loss sustained in any trade in any year of assessment (in this Chapter referred to as ‘the year of the loss’) may require the amount of the loss to be determined as if an amount equal to the capital allowances for the year of the loss were to be deducted in computing the profits or gains or losses of the trade in the year of the loss, and a claim may be so made notwithstanding that, apart from those allowances, a loss had not been sustained in the trade in the year of the loss.”.

(24) In section 319, for subsection (1) there shall be substituted the following

“(1) The capital allowances for any year of assessment shall be taken into account under section 318(1) only if and so far as such capital allowances are not required to offset balancing charges for the year; and relief shall not be given by reference to the capital allowances so taken into account in respect of an amount greater than the amount non-effective in the year of assessment for which the claim is made.”.

(25) In section 349—

(a) for subsection (1)(b) there shall be substituted the following

“(b) (i) any body of persons that, as respects the year 1983-84 or any earlier year of assessment, was granted exemption from income tax under the provisions of the Income Tax Act, 1967, for which this section was substituted, or

(ii) any company that, as respects any accounting period ending before the 6th day of April, 1984, was granted exemption from corporation tax under those provisions as applied for corporation tax by section 11(6) of the Corporation Tax Act, 1976,”,

(b) in subsection (2), after “income tax” there shall be inserted “or, as the case may be, corporation tax”, and

(c) in subsection (3), after “income tax” where it first occurs there shall be inserted “or, as the case may be, corporation tax”.

(26) For section 354 there shall be substituted the following

“Exemption of child benefit.

354.—Child benefit payable under Part IV of the Social Welfare (Consolidation) Act, 1993, or any subsequent Act together with which that Act may be cited, shall be exempt from tax and shall not be reckoned in computing income for the purposes of the Income Tax Acts.”.

(27) In section 429(4), for the proviso there shall be substituted the following

“Provided that where the amount of tax is altered by the determination of the judge or by giving effect to an agreement under subsection (6), then, if too much tax has been paid, the amount or amounts overpaid shall be repaid and (except where the interest amounts to less than £10) in so far as the amount to be repaid represents tax paid in accordance with this subsection it shall be repaid with interest at the rate of 0.6 per cent., or such other rate (if any) as stands prescribed by the Minister for Finance by regulations, for each month or part of a month from the date or dates of payment of the amount or amounts giving rise to the overpayment to the date on which the repayment is made.”.

(28) In section 441(1), for “shall be conclusive evidence” there shall be substituted “shall be evidence until the contrary is proved”.

(29) In section 446(1), for “shall be conclusive evidence” there shall be substituted “shall be evidence until the contrary is proved”.

(30) In section 450(2)—

(a) for the definition of “personal representatives” there shall be substituted the following

“‘personal representative’, in relation to the estate of a deceased person, means his or her personal representative within the meaning of section 3(1) of the Succession Act, 1965, and includes any person who takes possession of or intermeddles with the property of the deceased and also includes any person having, in relation to the deceased, under the law of another country any functions corresponding to the functions for administration purposes under the law of the State of a personal representative within the meaning of that section, and references to personal representatives as such shall be construed as references to personal representatives in their capacity as having such functions as aforesaid;”,

and

(b) for paragraph (ii) of the definition of “charges on residue” there shall be substituted the following

“(ii) general legacies, demonstrative legacies, and annuities and”.

(31) In section 466(3)(b), for “the person” there shall be substituted “the name and address of the person”.

(32) In section 474(1), for the words “in pursuance of” to the end of the subsection there shall be substituted the following

“in pursuance of—

(a) section 472,

(b) section 59 of the Finance Act, 1970,

(c) section 92 of the Finance Act, 1973,

(d) section 161 of the Finance Act, 1994,

(e) section 39 of the Finance Act, 1996, or

(f) section 144 of the Finance Act, 1997.”.

(33) In section 484—

(a) in subsection (1), for “Schedule D or E” there shall be substituted “Schedule D, E or F”,

(b) in subsection (2), for “the Accountant General of Revenue” there shall be substituted “the Collector-General”,

(c) in subsection (3), for “the Accountant General of Revenue” there shall be substituted “the Collector-General”,

(d) in subsection (6), for “to the Accountant General or to the Collector” there shall be substituted “to the Collector-General”, and

(e) after subsection (6), there shall be inserted the following

“(7) The Revenue Commissioners may nominate any of their officers to perform any acts and discharge any functions authorised by this section to be performed or discharged by the Revenue Commissioners.”.

(34) In section 492(1)(d), for “conclusive evidence” there shall be substituted “evidence until the contrary is proved”.

(35) In section 525(5), for paragraph (a) there shall be substituted the following

“(a) In this section—

(i) ‘accounting period’ means an accounting period determined in accordance with section 9 of the Corporation Tax Act, 1976;

(ii) ‘basis period’ means the period on the profits or gains of which income tax falls to be finally computed under Schedule D or, where, by virtue of this Act, the profits or gains of any other period are to be taken to be the profits or gains of that period, that other period;

(iii) ‘office or employment’ means any office or employment whatever such that the emoluments of that office or employment, if any, are or would be chargeable to income tax under Schedule E, or under Case III of Schedule D, for any year of assessment.”.

(36) In Schedule 6, Part III, paragraph 1(2), for “any annual interest or any annuity or other annual payment” there shall be substituted “any annuity or other annual payment (apart from annual interest)”.

The Finance Act, 1967 (No. 17 of 1967)

2. In section 12(1) of the Finance Act, 1967, for the definitions of “hospital” and “practitioner” there shall be substituted the following, respectively

“‘hospital’ means—

(a) any institution which is provided and maintained by a health board for the provision of services pursuant to the provisions of the Health Acts, 1947 to 1996,

(b) any institution in which services are provided on behalf of a health board pursuant to the provisions of the Health Acts, 1947 to 1996,

(c) any hospital, nursing home, maternity home or other institution approved of for the purposes of this section by the Minister for Finance after consultation with the Minister for Health;”,

“‘practitioner’ means any person who is registered in the register established under section 26 of the Medical Practitioners Act, 1978, or who is registered in the register established under section 26 of the Dentists Act, 1985, or, in relation to health care provided outside the State, any person who is entitled under the laws of the country in which the care is provided to practise medicine or dentistry there;”.

The Finance (Miscellaneous Provisions) Act, 1968 (No. 7 of 1968)

3. In section 9 of the Finance (Miscellaneous Provisions) Act, 1968—

(a) in subsection (1), for “any pension or similar benefit” there shall be substituted “any pension, benefit or allowance”, and

(b) in subsection (2), for the words from the commencement of the subsection to the end of paragraph (a) there shall be substituted the following

“(2) This section shall apply to any pension, benefit or allowance which—

(a) is given in respect of past services in an office or employment or is payable under the provisions of the law of the country in which it arises which correspond to the provisions of Chapter 12, 16 or 17 of Part II of, or Chapter 4 or 6 of Part III of, the Social Welfare (Consolidation) Act, 1993, or any subsequent Act together with which that Act may be cited, and”.

The Finance Act, 1970 (No. 14 of 1970)

4. The Finance Act, 1970, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 14(2), for “subsections (6) and (7) of the said section 241” there shall, as respects chargeable periods ending on or after the 6th day of April, 1996, be substituted “subsections (1)(b)(ii), (1A)(a) and (6) of the said section 241”.

(2) In section 19(2A), in the definition of “D”, for “section 256” there shall be substituted “section 256(1)”.

(3) In section 59(1), for “(other than securities to which section 467, 468, 471 or 473 of the Income Tax Act, 1967, applies)” there shall be substituted “(other than securities specified in the Table to section 144 of the Finance Act, 1997)”.

The Finance Act, 1972 (No. 19 of 1972)

5. The Finance Act, 1972, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 15—

(a) in subsection (2)—

(i) in paragraph (a), for “the widow” there shall be substituted “the widow or the widower”, and

(ii) in paragraph (b), for “which concern him” there shall be substituted “which concern the employee”;

(b) in subsection (3)—

(i) for paragraph (b) there shall be substituted

“(b) that any pension for any widow or widower of an employee who dies before retirement shall be a pension payable on the employee's death of an amount that does not exceed two-thirds of any pension or pensions which, consonant with the condition in paragraph (a), could have been provided for the employee on retirement on attaining the specified age, if the employee had continued to serve until he or she attained that age at an annual rate of remuneration equal to his or her final remuneration,”,

(ii) in paragraph (c), for “widow” there shall be substituted “widow or widower”,

(iii) for paragraph (d) there shall be substituted

“(d) that any benefit for any widow or widower of an employee payable on the employee's death after retirement is a pension such that the amount payable to the widow or widower does not exceed two-thirds of any pension or pensions payable to the employee,”,

(iv) in paragraph (e), for “his death” there shall be substituted “his or her death”, and

(v) in paragraph (f), for “by commutation of his pension, a lump sum or sums not exceeding in all three-eightieths of his final remuneration” there shall be substituted “by commutation of the employee's pension, a lump sum or sums not exceeding in all three-eightieths of his or her final remuneration”.

(2) In section 18(5), for “that employee's wife or widow,” there shall be substituted “that employee's spouse or widow or widower,”.

(3) In the First Schedule, Part III, for paragraph 4 there shall be substituted the following

“4. (1) The repeal of Chapter II of Part XII of the Income Tax Act, 1967, by the Finance Act, 1972, shall, subject to subparagraph (2), not affect—

(i) section 235(7) of the Income Tax Act, 1967,

(ii) section 3(1)(b)(ii) of the Finance Act, 1968, or

(iii) any other enactment which contains a reference to that Chapter or to any part of that Chapter.

(2) In so far as any of the provisions of section 226 of the Income Tax Act, 1967, apply for the purposes of any of the enactments specified in subparagraph (1), the definition of ‘ordinary share capital’ in section 1 of that Act (inserted by the Finance Act, 1997) shall apply for the purposes of those enactments to the exclusion of the definition of that term in section 226 of that Act.”.

The Finance Act, 1973 (No. 19 of 1973)

6. The Finance Act, 1973, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 25(1), for “subsection (7) of that section” there shall, as respects chargeable periods ending on or after the 6th day of April, 1996, be substituted “subsection (1)(b)(ii) of that section”.

(2) In section 34(3), for “section 92 of the Patents Act, 1964” there shall be substituted “section 77 of the Patents Act, 1992”.

The Finance (Taxation of Profits of Certain Mines) Act, 1974 (No. 17 of 1974)

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

(1) In section 7, for subsection (4) there shall be substituted the following

“(4) (a) Subsections (3) and (4) of section 22 and sections 24 and 25 of the Finance Act, 1971, shall, subject to paragraph (b), apply as if for subsections (1) and (2) of section 22 of that Act, in so far as they apply to a person carrying on the trade of working a qualifying mine, there were substituted subsection (3) of this section.

(b) For the purposes of paragraph (a), section 24 of the Finance Act, 1971, shall apply as if for subsection (1) of that section there were substituted the following

‘(1) For the purposes of ascertaining the amount of any allowance to be made to any person under section 241 of the Income Tax Act, 1967, in respect of expenditure incurred during the chargeable period on any qualifying machinery or plant, no account shall be taken of an investment allowance made in respect of that expenditure.’.

(c) Subsections (2), (3) and (3A) of section 297 of the Income Tax Act, 1967, shall apply in determining the chargeable period (being a year of assessment) for which an allowance is to be made under subsection (3) of this section.”.

(2) In section 8A(1), after paragraph (b), there shall be inserted the following

“(c) Paragraph 1 of the First Schedule to the Corporation Tax Act, 1976, shall have effect for the interpretation of this section.

(d) Subsections (2), (3) and (3A) of section 297 of the Income Tax Act, 1967, shall apply in determining the chargeable period (being a year of assessment) for which an allowance is to be made under this section.”.

The Finance Act, 1974 (No. 27 of 1974)

8. The Finance Act, 1974, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 32(1)(c), for “repayment of tax under section 496 of the Income Tax Act, 1967, as amended by section 29,” there shall be substituted “a reduction in tax under section 145 of the Finance Act, 1997,”.

(2) In section 59, for subsection (5) there shall be substituted the following

“(5) In this section, ‘settlement’ and ‘settlor’ have the same meanings respectively as in section 131 of the Finance Act, 1996.”.

The Capital Gains Tax Act, 1975 (No. 20 of 1975)

9. The Capital Gains Tax Act, 1975, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 2(1), for the definitions of “settlement” and “settlor” there shall be substituted the following

“‘settlement’ and ‘settlor’ have the same meanings respectively as in section 131 of the Finance Act, 1996, and ‘settled property’ shall be construed accordingly;”.

(2) In section 25(9A)(a), for “widowed mother (whether or not she is so incapacitated)” there shall be substituted “widowed father or widowed mother (whether or not he or she is so incapacitated)”.

(3) In section 38(1), for “for references to income there shall be substituted references to capital gains” there shall be substituted “for references to income there shall be substituted references to chargeable gains, for references to this Act there shall be substituted refer-ences to the Capital Gains Tax Acts”.

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 76, after subsection (6), there shall be inserted the following

“(6A) For the purposes of subsection (6), the distributable income of a company for an accounting period shall be an amount determined by the formula—

(R - S) T

where R, S and T have the same meanings respectively as in paragraph (a) of subsection (1) of section 45 of the Finance Act, 1980.”.

(2) (a) In section 84A, as inserted by the Finance Act, 1984, in subsection (6), for the definitions of “agricultural society” and “fishery society” there shall be substituted the following

“‘agricultural society’ and ‘fishery society’ have respectively the meanings assigned to them by sub-section (1CC8) (inserted by the Finance Act, 1992) of section 39 of the Finance Act, 1980;”, and

(b) in section 84A, as substituted by the Finance Act, 1989, in subsection (9), for the definitions of “agricultural society” and “fishery society” there shall be substituted the following

“‘agricultural society’ and ‘fishery society’ have respectively the meanings assigned to them by subsection (1CC8) (inserted by the Finance Act, 1992) of section 39 of the Finance Act, 1980;”.

(3) In section 93(7), for “section 64(4)” there shall be substituted “section 76(6A)”.

(4) In section 101, for subsection (6) there shall be substituted the following

“(6) The provisions of the Corporation Tax Acts relating to—

(a) assessments to corporation tax,

(b) appeals against such assessments (including the rehearing of appeals and the statement of a case for the opinion of the High Court), and

(c) the collection and recovery of corporation tax,

shall apply in relation to a surcharge made under this section as they apply to corporation tax charged otherwise than under this section.”.

(5) In section 103(3), for “section 96(3)(h) of the Income Tax Act, 1967,” there shall be substituted “section 131 of the Finance Act, 1996,”.

(6) In section 124(6), for “Part XVI (Annual Allowances for Certain Capital Expenditure) of that Act” there shall be substituted “Parts XIII to XVI of that Act and in the Finance (Taxation of Profits of Certain Mines) Act, 1974,”.

(7) In section 145, for subsection (3) there shall be substituted the following

“(3) Section 550 of the Income Tax Act, 1967, apart from the proviso to subsection (1), shall apply for the purposes of corporation tax as it applies for the purposes of income tax, and section 28 of the Finance Act, 1975, shall apply to interest which, under section 550 of the Income Tax Act, 1967, as applied by this section, is chargeable in respect of corporation tax.”.

(8) In section 160, for “Part VI of the Income Tax Act, 1967, by virtue of section 153(2) of that Act” there shall be substituted “any of the provisions specified in the Table to section 137 of the Income Tax Act, 1967, by virtue of subsection (2) or (3) of section 153 of that Act”.

(9) In section 162 (5), for “with the substitution in section 101(2)” there shall be substituted “with the substitution in subsections (2) and (3) of section 101”.

(10) In section 170(7), for “section 64(4)” there shall be substituted “section 76(6A)”.

The Finance Act, 1980 (No. 14 of 1980)

11. The Finance Act, 1980, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 39 (1CC), with effect from the 1st day of January, 1994, for subparagraph (I) there shall be substituted the following

“(I) (A) an employment grant was made by the Industrial Development Authority under section 25 of the Industrial Development Act, 1986, or

(B) an employment grant was made by the Industrial Development Agency (Ireland) or Forbairt, as may be appropriate, under section 12(2) of the Industrial Development Act, 1993, or”.

(2) In section 45(1)(a), in the definition of “R”, for “or section 71 of the Corporation Tax Act, 1976” there shall be substituted “section 71 of the Corporation Tax Act, 1976, or section 25 of the Finance Act, 1996”.

The Finance Act, 1982 (No. 14 of 1982)

12. The Finance Act, 1982, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 8—

(a) in subsection (1), for subparagraph (I) of paragraph (i) of the definition of “the specified rate” there shall be substituted the following

“(I) the interest which is paid on the preferential loan qualifies for relief under section 145 of the Finance Act, 1997, or”, and

(b) in subsection (4), for “for the purposes of sections 76(1) and 496 of, and paragraph 1(2) of Part III of Schedule 6 to, the Income Tax Act, 1967” there shall be substituted “for the purposes of section 145 of the Finance Act, 1997”.

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

“Exemption of employment grants.

18.—(1) This section shall apply to a grant made, whether before or after the passing of the Finance Act, 1997, being an employment grant under—

(a) section 25 of the Industrial Development Act, 1986, or

(b) section 12 of the Industrial Development Act, 1993.

(2) A grant to which this section applies shall be disregarded for all the purposes of the Tax Acts.”.

(3) In section 58(3), for “after any deduction or addition by virtue of section 31A of the Finance Act, 1975” there shall be substituted “after any deduction by virtue of section 134 of the Finance Act, 1996”.

The Finance Act, 1984 (No. 9 of 1984)

13. The Finance Act, 1984, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 12(7)(b), for “as respects sections 15, 16 and 26” there shall be substituted “as respects sections 15, 16, 22 and 26”.

(2) In section 13A(1A)—

(a) after “relief shall not be given in respect of” there shall be inserted “the excess of”, and

(b) in the definition of “B”, after “the date of the relevant issue” there shall be inserted “(other than the amount raised through the relevant issue)”.

(3) In section 13B(1)—

(a) in the proviso, after “the date of the relevant issue” there shall be inserted “(other than the amount raised through the relevant issue)”, and

(b) in the definition of “A” in the Table, after “the date of the relevant issue” there shall be inserted “(other than the amount raised through the relevant issue)”.

(4) In section 14(1), for paragraph (a) there shall be substituted the following

“(a) An individual qualifies for relief if he subscribes on his own behalf for eligible shares in a qualifying company and is not at any time in the relevant period connected with the company.”.

(5) In section 15(3C), for paragraph (b) there shall be substituted the following

“(b) unless and until it shows to the satisfaction of the Revenue Commissioners that a certificate referred to in the said subsection (2D) has been given by the Minister for Arts, Culture and the Gaeltacht to the company in relation to such qualifying recording or qualifying recordings;

but, where a certificate referred to in the said subsection (2D) is revoked by the Minister for Arts, Culture and the Gaeltacht, the company shall not be a qualifying company.”.

The Finance Act, 1986 (No. 13 of 1986)

14. In section 33A(3) of the Finance Act, 1986, for “apart from that subsection” there shall be substituted “apart from subsection (2)”.

The Finance Act, 1988 (No. 12 of 1988)

15. In section 12 of the Finance Act, 1988—

(a) in subsection (7), for “at which it would carry interest if it were an amount of tax repaid under the provisions of section 30(4) of the Finance Act, 1976” there shall be substituted “of 0.6 per cent., or such other rate (if any) as stands prescribed by the Minister for Finance by regulations, for each month or part of a month for the period from the date or dates of the payment of the amount or amounts giving rise to the overpayment, as the case may require, to the date on which the repayment is made”, and

(b) after subsection (11), there shall be inserted the following

“(12) Every regulation made under 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 21 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.”.

The Finance Act, 1992 (No. 9 of 1992)

16. The Finance Act, 1992, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 45(1)(a), in the definitions of “base tax” and “tax liability” for “exclusive of the part of the company's profits attributable to chargeable gains” there shall be substituted “exclusive of the corporation tax on the part of the company's profits attributable to chargeable gains”.

(2) In section 84(11), for “Subsections (2) and (3)” there shall be substituted “Subsections (2), (3) and (3A)”.

The Finance Act, 1993 (No. 13 of 1993)

17. The Finance Act, 1993, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 14—

(a) in subsection (1)(a), for the definition of “ordinary shares” there shall be substituted the following

“‘ordinary shares’ means shares forming part of a company's ordinary share capital;”, and

(b) in subsection (5)(b), after “eligible shares” there shall be inserted “in qualifying companies”.

(2) In section 35(1)(a), for the definition of “society” there shall be substituted the following

“‘society’ means a society registered under the Industrial and Provident Societies Acts, 1893 to 1978, which is an agricultural society or a fishery society within the meaning of subsection (1CC8) (inserted by the Finance Act, 1992) of section 39 of the Finance Act, 1980.”.

The Finance Act, 1994 (No. 13 of 1994)

18. The Finance Act, 1994, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 14(3)(b)(i), for “under that subsection” there shall be substituted “under subsection (5A) of that section”.

(2) In the proviso to section 45(2), after “where any premium or other sum which is payable (directly or indirectly),” there shall be inserted “under a qualifying lease, or otherwise under the terms subject to which the lease is granted,”.

(3) In section 66(7)(a), for “subsections (8) and (8A)” there shall be substituted “subsection (8)”.

The Finance Act, 1995 (No. 8 of 1995)

19. In section 48(5) of the Finance Act, 1995, for “paragraph (a) of the definition of ‘qualifying premises’” there shall be substituted “paragraph (a) of the definition of ‘qualifying tourism facilities’”.

The Finance Act, 1996 (No. 9 of 1996)

20. In the proviso to section 68(2) of the Finance Act, 1996, after “where any premium or other sum which is payable (directly or indirectly),” there shall be inserted “under a qualifying lease, or otherwise under the terms subject to which the lease is granted,”.

21. The amendments in this Part of this Schedule shall not, except where otherwise expressly provided in those amendments, affect the liability to income tax or capital gains tax for years of assessment ending on or before the 5th day of April, 1997, 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 on those taxes 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. 6 of 1967

Income Tax Act, 1967.

In section 1(1), the definitions of “county rate” and “municipal rate”.

Section 46.

Section 68(2).

Section 82.

Section 106.

Section 177.

In section 307(1), the words “other than farming” and the words “, or in farming in a case in which this section applies,”.

Section 307(1A).

In section 317(2), paragraph (a), and the matter from “In paragraph (a)” to the end.

In section 340(2), paragraphs (e) and (f).

Section 365.

Section 366.

Section 419.

Section 467.

Section 467A.

Section 467B.

Section 467C.

Section 468(1) and (2).

Section 469.

Section 471.

Section 472(2).

Section 473.

Section 484(5).

Section 486(3).

Section 496.

Section 550(2A).

Schedule 1, Part II.

In Schedule 18, paragraph VIII, the first subparagraph.

No. 19 of 1972

Finance Act, 1972.

Section 11.

No. 27 of 1974

Finance Act, 1974.

In section 16(5), the definition of “ordinary share capital”.

Section 38.

Section 44.

Section 52.

Section 54.

No. 20 of 1975

Capital Gains Tax Act, 1975.

In section 32(4)(b), the words “, before any deduction under section 13(1) of the Corporation Tax Act, 1976,”.

Section 49(7).

No. 7 of 1976

Corporation Tax Act, 1976.

Section 6(4) (including the proviso).

In section 66A(3), the proviso. Section 66A(4).

In section 76A(2), the proviso.

In section 76(6), the words “(as defined in section 64(4))”.

Section 76A(3).

In section 152(3), the words “and subsections (2) and (2A)”.

No. 16 of 1976

Finance Act, 1976.

Section 25.

Section 30.

No. 14 of 1980

Finance Act, 1980.

Section 7.

No. 16 of 1981.

Finance Act, 1981.

Section 6.

Section 18.

No. 14 of 1982

Finance Act, 1982.

Section 21.

Section 22.

No. 15 of 1983

Finance Act, 1983.

In section 50(11), in paragraph (d), the words “and subsections (2) and (2A)” and paragraph (e).

No. 13 of 1986

Finance Act, 1986.

Section 8.

Part I, Chapter III.

In section 33(9), in paragraph (d), the words “and subsections (2) and 2(A)” and paragraph (e).

Section 46(4).

No. 10 of 1987

Finance Act, 1987.

Section 6.

Section 35(22).

No. 12 of 1988

Finance Act, 1988.

Section 19(1).

Section 21(6).

Section 22.

No. 10 of 1989

Finance Act, 1989

Section 7.

In the First Schedule, in paragraph 1(7)(d), the words “and subsections (2) and 2(A)” and paragraph 1(7)(e).

No. 13 of 1993

Finance Act, 1993

Section 5.

Section 38.

Section 49.

No. 13 of 1994

Finance Act, 1994

Section 6.

Section 66(8A).

No. 9 of 1996

Finance Act, 1996.

Section 15(6).

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, 1997 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 on those taxes or other proceedings relating to those taxes or that interest.

ISB Act 1997-05-10

Schedule 10 FINANCE ACT, 1997 Open official source

TENTH SCHEDULE Income Tax and Corporation Tax: Reliefs for Certain Enterprise Areas

Income Tax and Corporation Tax: Reliefs for Certain Enterprise Areas

Section 26

Part I Interpretation

Part I

Interpretation

In this Schedule—

“thoroughfare” includes any canal, lane, motorway, railway line and road;

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 the point where any thoroughfare intersects, joins or traverses any other thoroughfare is a reference to the point where a line drawn along the centre of one thoroughfare would be intersected, joined or traversed by a line drawn along the centre of the other thoroughfare; a reference to a point where any thoroughfare is intersected by the projection of a boundary is a reference to the point where a line drawn along the centre of such thoroughfare would be intersected by the projection of such boundary.

Part II Description of Cherry Orchard/Gallanstown Enterprise Area

Part II

Description of Cherry Orchard/Gallanstown Enterprise Area

That part of the county borough of Dublin and the administrative county of South Dublin bounded by a line commencing at the point (in this description referred to as “the first-mentioned point”) where the Grand Canal is traversed by the M50 motorway, then continuing in an easterly direction along the Grand Canal to the point where it is traversed by the unnamed road to the east of the Dublin Corporation Waterworks installation, then continuing in a north-westerly direction along the said unnamed road for a distance of 250 metres, then continuing in a straight undefined line in a north-easterly direction to a point on the South Western Railway Line which is 950 metres east of the point where the said railway line is traversed by the M50 motorway, then continuing in a westerly direction along the said railway line to the point where it is traversed by the M50 motorway, then continuing in a south-easterly direction along the said motorway to the first-mentioned point.

PART III Description of Finglas Enterprise Area

PART III

Description of Finglas Enterprise Area

That part of the county borough of Dublin and the administrative county of Fingal bounded by a line commencing at the point (in this description referred to as “the first-mentioned point”) where Jamestown Road is intersected by the western projection of the northern boundary of Poppintree Industrial Estate, then continuing in a northerly direction along Jamestown Road to the point where it joins St. Margaret's Road, then continuing in an easterly direction along St. Margaret's Road for a distance of 110 metres, then continuing in a straight undefined line due north to the point where it intersects the M50 motorway, then continuing in an easterly direction along the M50 motorway to the point where it is traversed by the unnamed road immediately to the west of the playing fields on the northern side of St. Margaret's Road, then continuing in a southerly direction along the said unnamed road to the point where it joins St. Margaret's Road, then continuing in an easterly direction along St. Margaret's Road for a distance of 115 metres, then continuing in a straight undefined line in a southerly direction to the point where Balbutcher Lane is intersected by the eastern projection of the northern boundary of Poppintree Industrial Estate, then continuing in a westerly direction along the last-mentioned projection and boundary and the western projection of the last-mentioned boundary to the first-mentioned point.

Part IV Description of Rosslare Harbour Enterprise Area

Part IV

Description of Rosslare Harbour Enterprise Area

Ballygerry Area

That part of the administrative county of Wexford bounded by a line commencing at the point where the N25 road intersects the Ballygerry Road at Kilrane (in this description referred to as “the first-mentioned point”), then continuing initially in a northerly direction along the said Ballygerry Road to the point where it next joins the N25 road, then continuing initially in a southerly direction along the said N25 road to the first-mentioned point.

Harbour Area

That part of the town of Rosslare Harbour in the administrative county of Wexford bounded by a line commencing at the point (in this description referred to as “the first-mentioned point”) where the high-water mark joins the south-eastern end of the pier wall to the north-west of the premises known locally as the Old Customs Shed, then continuing in a north-westerly direction along the said pier to the point where it intersects the eastern end of the new revetment, then continuing in a south-westerly direction along the said revetment to the point which is a distance of 150 metres from the western end of the said revetment, then continuing in a straight undefined line due south to the point where it intersects the railway track, then continuing in a north-easterly direction along the said railway track to the point where it is intersected by the southern projection of the western boundary of the said Old Customs Shed property, then continuing in a northerly direction along the last-mentioned projection and boundary to the point where it joins the north-western boundary of the said Old Customs Shed property, then continuing in a north-easterly direction in a straight undefined line to the first-mentioned point.

FINANCE ACT, 1997

Table of Provisions (10)

Statutory Text (10 Articles)

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