Agriculture Act, 1931	1931, No. 8
Army Pensions Act, 1932	1932, No. 24
Assurance Companies Act, 1909	1909, c. 49
Betting Act, 1931	1931, No. 27
Capital Acquisitions Tax Act, 1976	1976, No. 8
Capital Gains Tax Act, 1975	1975, No. 20
Capital Gains Tax (Amendment) Act, 1978	1978, No. 33
Central Bank Act, 1971	1971, No. 24
Connaught Rangers (Pensions) Act, 1936	1936, No. 37
Corporation Tax Act, 1976	1976, No. 7
Customs Consolidation Act, 1876	1876, c. 36
Enforcement of Court Orders Act, 1926	1926, No. 18
Excise Management Act, 1827	1827, c. 53
Finance Act, 1902	1902, c. 7
Finance Act, 1920	1920, c.18
Finance Act, 1926	1926, No. 35
Finance Act, 1950	1950, No. 18
Finance Act, 1952	1952, No. 14
Finance Act, 1961	1961, No. 23
Finance Act, 1968	1968, No. 33
Finance Act, 1969	1969, No. 21
Finance Act, 1970	1970, No. 14
Finance Act, 1971	1971, No. 23
Finance Act, 1972	1972, No. 19
Finance Act, 1973	1973, No. 19
Finance Act, 1974	1974, No. 27
Finance Act, 1975	1975, No. 6
Finance Act, 1976	1976, No. 16
Finance Act, 1977	1977, No. 18
Finance Act, 1978	1978, No. 21
Finance Act, 1979	1979, No. 11
Finance Act, 1980	1980, No. 14
Finance Act, 1981	1981, No. 16
Finance (No. 2) Act, 1981	1981, No. 28
Finance (Excise Duties) (Vehicles) Act, 1952	1952, No. 24
Finance (Miscellaneous Provisions) Act, 1968	1968, No. 7
Gas Act, 1976	1976, No. 30
Housing Act, 1966	1966, No. 21
Housing Finance Agency Act, 1981	1981, No. 37
Income Tax Act, 1967	1967, No. 6
Industrial Development (No. 2) Act, 1981	1981, No. 14
Insurance Act, 1936	1936, No. 45
Local Government (Planning and Development) Act, 1963	1963, No. 28
Military Service Pensions Act, 1924	1924, No. 48
Military Service Pensions Act, 1934	1934, No. 43
Pensions (Increase) Act, 1964	1964, No. 10
Public Dance Halls Act, 1935	1935, No. 2
Redundancy Payments Act, 1967	1967, No. 21
Roads Act, 1920	1920, c. 72
Road Traffic Act, 1961	1961, No. 24
Social Welfare (Consolidation) Act, 1981	1981, No. 1
Succession Duty Act, 1853	1853, c. 51
Stamp Act, 1891	1891, c. 39
Value-Added Tax Act, 1972	1972, No. 22
Value-Added Tax (Amendment) Act, 1978	1978, No. 34

Number 14 of 1982

FINANCE ACT, 1982

AN ACT TO CHARGE AND IMPOSE CERTAIN DUTIES OF CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE), TO AMEND THE LAW RELATING TO CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE) AND TO MAKE FURTHER PROVISIONS IN CONNECTION WITH FINANCE.

[17th July, 1982]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

PART I INCOME TAX, RESOURCE TAX, CORPORATION TAX AND CAPITAL GAINS TAX

CHAPTER I

Income Tax

Amendment of provisions relating to exemption from income tax.

1.—As respects the year 1982-83 and subsequent years of assessment, the Finance Act, 1980 , is hereby amended—

( a ) in subsection (2) of section 1, by the substitution of "£4,400" for "£4,000" and of "£2,200" for "£2,000", and

( b ) in subsection (6) of section 2, by the substitution of "£5,000" for "£4,600", of "£6,000" for "£5,600", of "£2,500" for "£2,300" and of "£3,000" for "£2,800",

and the said subsections (2) and (6), as so amended, are set out in the Table to this section.

TABLE

(2) In this section "the specified amount" means—

( a ) in a case where the individual would, apart from this section, be entitled to a deduction specified in section 138 (a) of the Income Tax Act, 1967 , £4,400, and

( b ) in any other case, £2,200.

(6) In this section "the specified amount" means—

( a ) in a case where the individual would, apart from this section, be entitled to a deduction specified in paragraph (a) of the said section 138, £5,000:

Provided that, if at any time during the year of assessment either the individual or his spouse was of the age of seventy-five years or upwards, "the specified amount" means £6,000;

( b ) in any other case, £2,500:

Provided that, if at any time during the year of assessment the individual was of the age of seventy-five years or upwards, "the specified amount" means £3,000.

Personal reliefs.

2.—(1) Where a deduction falls to be made from the total income of an individual for the year 1982-83 or any subsequent year of assessment in respect of relief to which the individual is entitled under a provision mentioned in column (1) of the Table to this subsection and the amount of the deduction would, but for this section, be an amount specified in column (2) of the said Table, the amount of the deduction shall, in lieu of being the amount specified in the said column (2), be the amount specified in column (3) of the said Table opposite the mention of the amount in the said column (2).

TABLE

Statutory provision	Amount to be deducted from total income for 1981-82	Amount to be deducted from total income for 1982-83 and subsequent years
(1)	(2)	(3)
	£	£
Income Tax Act, 1967 :
section 138 (married man) (man married in the year of assessment)	2,230 2,345	} 2.900

(widowed person)	1,185	1,950
(widow bereaved in the year of assessment)	2,230	2,900
(single person)	1,115	1,450
section 138A (additional allowance for widows and others in respect of children) (widowed person)	650	950
(others)	650	1,450
section 138B (employee allowance)	600	600
section 139 (housekeeper taking care of children)	165	Nil
section 140 (relative taking care of unmarried person's brother or sister)	165	Nil
section 14 (child)	195	100
(incapacitated child)	500	500
section 142 (dependent relative)	95	110
Finance Act, 1969 :
section 3 (housekeeper taking care of incapacitated person)	500	700
Finance Act, 1971 :
section 11 (blind person)	400	500
(both spouses blind)	1,000	1,200
Finance Act, 1974 :
section 8 (age allowance, single or widowed person)	80	100
(age allowance, married man)	180	200

(2) Section 6 of the Finance Act, 1974 , section 6 of the Finance Act, 1978 , section 3 of the Finance Act, 1979 , section 4 of the Finance Act, 1980 , and section 2 of the Finance Act, 1981 , shall have effect subject to the provisions of this section.

(3) The First Schedule shall have effect for the purpose of supplementing subsection (1).

Alteration of rates of income tax.

3.— Section 8 of the Finance Act, 1980 , is hereby amended, as respects the year 1982-83 and subsequent years of assessment, by the substitution of the following Table for the Table to the said section:

"TABLE

PART I

Part of taxable income	Rate of tax		Description of rate
(1)	(2)		(3)
The first £1,000	25 per cent.		the reduced rate
The next £3,000	35 per cent.		the standard rate
The next £2,000	45 per cent. 55 per cent. 60 per cent.	}
The next £2,000 The remainder	the higher rates

PART II

Part of taxable income	Rate of tax		Description of rate
(1)	(2)		(3)
The first £2,000	25 per cent.		the reduced rate
The next £6,000	35 per cent.		the standard rate
The next £4,000	45 per cent. 55 per cent. 60 per cent.	}
The next £4,000 The remainder	the higher rates

Benefit of use of a car.

4.—(1) This section shall have effect in relation to income tax for the year 1982-83 and subsequent years of assessment.

( 2 ) ( a ) In relation to a person chargeable to tax in respect of an employment, this section shall have effect for a year of assessment in relation to a car which, by reason of the employment, is made available (without a transfer of the property in it) to him and it is in that year available for his private use.

( b ) In relation to a car in respect of which this section has effect for a year of assessment—

(i) Chapter III of Part V of the Income Tax Act, 1967 , shall not have effect for that year in relation to the expense incurred in connection with the provision of the car, and

(ii) for that year, there shall be treated as emoluments of the employment by reason of which the car is made available, and accordingly chargeable to income tax, the amount, if any, by which the cash equivalent of the benefit of the car for the year exceeds the aggregate for the year of the amounts which the employee is required to make good and actually makes good to the employer in respect of any part of the costs of providing or running the car:

Provided that any part of such aggregate in respect of which the said cash equivalent is reduced under subsection (3) (a) shall be disregarded for the purposes of this subparagraph.

( 3 ) ( a ) The cash equivalent of the benefit of a car for a year of assessment shall be 20 per cent. of the original market value of the car, but shall be reduced—

(i) where no part of the cost, for that year, of the fuel used in the course of the private use of the car by the employee is borne directly or indirectly by the employer, by 3 per cent. of the original market value of the car,

(ii) where no part of the cost, for that year, of the insurance of the car is borne directly or indirectly by the employer, by 2 per cent. of the original market value of the car,

(iii) where no part of the cost, for that year, of repair and servicing of the car is borne directly or indirectly by the employer, by 2 per cent, of the original market value of the car, and

(iv) where no part of the excise duty, for that year, on the licence under section 1 of the Finance (Excise Duties) (Vehicles) Act, 1952 , relating to the car is borne directly or indirectly by the employer, by ½ per cent. of the original market value of the car.

( b ) Where a car in respect of which this section has effect in relation to a person for a year of assessment is made available to him for part only of that year, the cash equivalent of the benefit of that car as respects that person for that year shall be an amount which bears to the full amount of the cash equivalent of the said car for that year (ascertained under paragraph (a)) the same proportion as that part of the year bears to the said year.

( 4 ) ( a ) Where, in relation to a person, the business mileage for a year of assessment exceeds 10,000, the cash equivalent of the benefit of the car for that year, instead of being the amount ascertained under subsection (3), shall be the percentage of that amount applicable to that business mileage under the Table to this subsection.

( b ) In the Table to this subsection any percentage shown in column (3) is that applicable to any business mileage for a year of assessment which

(i) exceeds the lower limit shown in column (1), and

(ii) does not exceed the upper limit (if any)shown in column (2),

opposite the mention of that percentage in column (3).

TABLE

Business mileage		Percentage
lower limit	upper limit
(1)	(2)	(3)
Miles	Miles
10,000	11,000	95 per cent.
11,000	12,000	90 per cent.
12,000	13,000	85 per cent.
13,000	14,000	80 per cent.
14,000	15,000	75 per cent.
15,000	16,000	70 per cent.
16,000	17,000	65 per cent.
17,000	18,000	60 per cent.
18,000	19,000	55 per cent.
19,000	20,000	50 per cent.
20,000	21,000	45 per cent.
21,000	22,000	40 per cent.
22,000	23,000	30 per cent.
23,000	24,000	20 per cent.
24,000	25,000	10 per cent.
25,000	—	Nil

( 5 ) ( a ) Where any amount is to be treated as emoluments of an employment under subsection (2) (b) (ii) for a year of assessment, it shall be the duty of the person who is chargeable to tax in respect of that amount to deliver in writing to the inspector, not later than thirty days after the end of that year, particulars of the car, of its original market value, and of the business mileage and private mileage for the year of assessment.

( b ) If, in relation to a year of assessment—

(i) a person makes default in the delivery of particulars in relation to the original market value of a car in respect of which this section has effect in relation to him or in relation to his business mileage or his private mileage for the year, or

(ii) the inspector is not satisfied with the particulars which have been delivered by the person,

then the original market value or business mileage or private mileage which is to be taken into account for the purpose of computing the amount of the tax to which that person is to be charged shall be such value or mileage, as the case may be, as, according to the best of the inspector's judgment, ought to be so taken into account:

Provided that, in the absence of sufficient evidence to the contrary, the business mileage for a year of assessment in relation to a person shall be determined by deducting 5,000 from the total number of miles travelled in that year by that person in a car or cars in respect of which this section has effect in relation to him.

( c ) The inspector, in making a computation for the purposes of an assessment or of the Income Tax (Employments) Regulations, 1960 ( S.I. No. 28 of 1960 ), before the end of the year of assessment to which the computation relates, in relation to a person in relation to whom this section has effect for that year of assessment, shall make an estimate of that person's business mileage for the purpose of the computation, and the provisions of section 528 of the Income Tax Act, 1967 , shall, with any necessary modifications, have effect in relation to the estimate so made as it has in relation to an estimate made under that section.

( d ) A value or mileage taken into account under paragraph (b) may be amended by the Appeal Commissioners or the Circuit Court on the hearing or the rehearing of an appeal against an assessment in respect of the employment in the performance of the duties of which the business mileage is done.

( 6 ) ( a ) This subsection applies to any car in the case of which the inspector is satisfied (whether on a claim under this sub-section or otherwise) that it has for any year been included in a car pool for the use of the employees of one or more employers.

( b ) A car is to be treated as having been so included for a year if—

(i) in that year it was made available to, and actually used by, more than one of those employees and, in the case of each of them, it was made available to him by reason of his employment but it was not in that year ordinarily used by any one of them to the exclusion of the others; and

(ii) in the case of each of them any private use of the car made by him in that year was merely incidental to his other use of it in the year; and

(iii) it was in that year not normally kept overnight on or in the vicinity of any residential premises where any of the employees was residing, except while being kept overnight on premises occupied by the person making the car available to them.

( c ) Where this subsection applies to a car, then for the year in question the car is to be treated under this section as not having been available for the private use of any of the employees.

( d ) A claim under this subsection in respect of a car for any year may be made by any one of the employees mentioned in paragraph (b) (i) above (they being referred to in paragraph (e) as the employees concerned") or by the employer on behalf of all of them.

( e ) (i) Any person who is aggrieved by a decision of the inspector on any question arising under this subsection may, by notice in writing to that effect given to the inspector within two months from the date on which notice of the decision is given to him, make an application to have his claim for relief heard and determined by the Appeal Commissioners.

(ii) Where an application is made under subparagraph (i), 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 rehearing 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.

(iii) On an appeal against the decision of the inspector on a claim under this section all the employees concerned may take part in the proceedings, and the determination of the Appeal Commissioners or the Circuit Court, as the case may be, shall be binding on all those employees, whether or not they have taken part in the proceedings.

(iv) Where an appeal against the decision of the inspector on a claim under this subsection has been determined, no appeal against the inspector's decision on any other such claim in respect of the same car while in the same car pool and the same year shall be entertained.

(7) Section 178 (1) of the Income Tax Act, 1967 , is hereby amended by the insertion after paragraph (aa) of the following paragraph:

"( aaa ) particulars of any car, within the meaning of section 4 of the Finance Act, 1982 , made available to those persons by reason of that employment;".

(8) Schedule 15 to the Income Tax Act, 1967 , is hereby amended by the insertion in column (1) thereof of "Finance Act, 1982, section 4".

( 9 ) ( a ) In this section—

"business mileage for a year of assessment", in relation to a person, means the total number of whole miles travelled in the year in the course of business use by that person of a car or cars in respect of which this section has effect in relation to that person;

"business use", in relation to a car in respect of which this section has effect in relation to a person, means travelling in the car which that person is necessarily obliged to do in the performance of the duties of his employment;

"car" means any mechanically propelled road vehicle constructed or adapted for the carriage of passengers other than a vehicle of a type not commonly used as a private vehicle and unsuitable to be so used;

"employment" means an office or employment of profit such that any emoluments (within the meaning of section 111 of the Income Tax Act, 1967 ) thereof would fall to be charged to tax and related expressions shall be construed accordingly;

"private use", in relation to a car, means use of the car other than business use.

( b ) For the purposes of this section—

(i) (I) a car made available in any year to an employee by reason of his employment is deemed to be available in that year for his private use unless the terms on which the car is so made available prohibit such use and no such use is made of the car in that year;

(II) a car made available to an employee by his employer or by a person connected with the employer is deemed to be made available to him by reason of his employment (unless the employer is an individual and it can be shown that the car was made so available in the normal course of his domestic, family or personal relationships);

(III) a car shall be treated as available to a person and for his private use if it is available to a member or members of his family or household;

(IV) references to a person's family or household are references to his spouse, his sons and daughters and their spouses, his parents and his servants, dependants and guests;

(ii) in relation to a car in respect of which this section has effect expenditure in respect of any costs borne by a person connected with the employer shall be treated as borne by the employer;

(iii) a person shall be regarded as connected with another person if he would be so regarded under section 16 (3) of the Finance (Miscellaneous Provisions) Act, 1968 , for the purposes of Part IV of that Act;

(iv) the original market value of a car is the price (including any duty of customs, duty of excise, or value-added tax, chargeable on the car) which it might reasonably have been expected to fetch if sold in the State singly in a retail sale in the open market immediately before the date of its first registration in the State under section 6 of the Roads Act, 1920, or under corresponding earlier legislation, or elsewhere under the corresponding legislation of any country or territory.

Allowance for rent paid by certain tenants.

5.—(1) The Income Tax Act, 1967 , is hereby amended by the insertion after section 142 of the following section:

"142A.—(1) In this section—

'residential premises' means property held under a tenancy, being—

( a ) a building or part of a building used or suitable for use as a dwelling, and

( b ) land which the occupier of a building or part of a building used as a dwelling has for his own occupation and enjoyment with the said building or part as its garden or grounds of an ornamental nature;

'rent' includes any periodical payment in the nature of rent made in return for a special possession of residential premises, or for the use, occupation or enjoyment of residential premises, but does not include so much of any rent or payment as—

( a ) is paid or made to defray the cost of maintenance of or repairs to residential premises for which in the absence of agreement to the contrary the tenant would be liable,

( b ) relates to the provision of goods or services,

( c ) relates to any right or benefit other than the bare right to use, occupy and enjoy residential premises, or

( d ) is the subject of a right of reimbursement or a subsidy from any source enjoyed by the person making the payment, unless such reimbursement or subsidy cannot be obtained;

'tenancy' includes any contact, agreement or licence, under or in respect of which rent is paid, but does not include—

( a ) a tenancy which, apart from any statutory extension, is a tenancy for a freehold estate or interest or for a definite period of 50 years or more,

( b ) a tenancy in relation to which the person beneficially entitled to the rent is a Minister of the Government, the Commissioners of Public Works in Ireland, or a housing authority for the purposes of the Housing Act, 1966 , or

( c ) a tenancy in relation to which an agreement or provision exists under which the rent paid or part of it is or may be treated as consideration or part consideration, in whatever form, for the creation of a further or greater estate, tenancy or interest in the residential premises concerned or in any other property.

( 2 ) ( a ) In relation to income tax for 1983-84 and each subsequent year of assessment, if an individual (referred to in this section as 'a claimant') proves that—

(i) at any time during the year of assessment he was of the age of sixty-five years or upwards, and

(ii) in the year ending on the 31st day of December prior to that year of assessment, he has made a payment on account of rent in respect of residential premises which, during the period in respect of which the payment was made, was his only or main residence,

he shall be entitled to a deduction of an amount equal to the aggregate of all such payments proved to be so made, or to the relevant limit, whichever is the lesser:

Provided that in the case of a claimant who is a husband assessed to tax for the year of assessment in accordance with the provisions of section 194, any payments made by his spouse, in respect of which she would have been entitled to relief under this section if she were assessed to tax for the year of assessment in accordance with the provisions of section 193 (apart from the proviso thereto), shall be deemed to have been made by the claimant.

( b ) In this subsection 'the relevant limit' means—

(i) in the case of a claimant who is entitled to a deduction under section 138 (a), £1,000, and

(ii) in any other case, £500.

( 3 ) ( a ) Where a payment is made partly on account of rent and partly on account of anything which is not rent, such apportionment of the payment shall be made as is necessary in order to determine for the purposes of this section the amount paid on account of rent.

( b ) Any apportionment required by this subsection shall be made by the inspector according to the best of his knowledge and judgment.

( c ) (i) Any person who is aggrieved by a decision of the inspector on any question arising under this subsection may, by notice in writing to that effect given to the inspector within thirty days from the date on which notice of the decision is given to him, make an application claiming relief against the decision and the claim shall be heard and determined by the Appeal Commissioners.

(4) Where a payment on account of rent is made in respect of any period, that payment shall be deemed for the purposes of this section to be made in the year into which the period falls:

Provided that if the period falls partly into one year and partly into another year, the amount of the payment made in respect of that period shall be apportioned to each year in the proportion which the part of the period falling into that year bears to the whole of the period and the amount so apportioned to a year shall be deemed, for the purposes of this section, to be paid in that year.

( 5 ) ( a ) Any claim for relief under this section in respect of a payment on account of rent shall be accompanied by—

(i) a certificate and statement in a form (being a form prescribed by the Revenue Commissioners) signed by the claimant setting forth—

(A) the name, address and income tax reference number of the claimant,

(B) the name and address of the person or body of persons beneficially entitled to the rent under the tenancy under which the rent was paid,

(D) full particulars of the tenancy under which the rent was paid,

and

(ii) in respect of each payment on account of rent in respect of which relief is claimed a receipt or acknowledgement given pursuant to the provisions of subsection (6).

( b ) Failure to furnish any of the particulars mentioned in paragraph (a) (i) or failure to furnish a receipt or acknowledgement mentioned in paragraph (a) (ii)shall be grounds for refusal of the claim:

Provided that—

(i) the inspector may waive the requirement at paragraph (a) (i) (B) on receipt of satisfactory proof that the claimant's inability to comply therewith is bona fide, and

(ii) the inspector may waive the requirement at paragraph (a) (ii) on receipt of satisfactory proof of the total rent paid in the relevant period and on being furnished with the name and address of the person or body of persons to whom it was paid.

( c ) (i) Any person who is aggrieved by a decision of the inspector on any question arising under this subsection may, by notice in writing to that effect given to the inspector within thirty days from the date on which notice of the decision is given to him, make an application to have his claim for relief heard and determined by the Appeal Commissioners.

(ii) Where an application is made under subparagraph (i), the Appeal Commissioners shall hear and determine the claim in like manner as an appeal made to them against an assessment to tax and all the provisions of the Income Tax Acts relating to such an appeal (including the provisions relating to the rehearing 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.

( 6 ) ( a ) Where at any time after the passing of this Act a payment is made on account of rent by a person (hereafter in this subsection referred to as 'the tenant') who is entitled to relief under this section or who has reason to believe that he may be so entitled and at the time of such payment the tenant requests a receipt or acknowledgement of the payment, the person or body of persons beneficially entitled to the rent shall, within 7 days from the date of the payment, give to the tenant a receipt or acknowledgement of that payment and, thereafter, in respect of any subsequent payment on account of rent to which that person or body of persons is beneficially entitled and which is made by the tenant, the person or body of persons shall, within 7 days from the date of the payment, give to the tenant a receipt or acknowledgement of the payment, whether requested to do so or not.

( b ) Any receipt or acknowledgement given pursuant to this subsection shall be in writing and shall contain—

(i) the name and address of the tenant,

(ii) the name and address of the person or body of persons giving the receipt or acknowledgement, and

(iii) the amount of the payment and the period in respect of which it is paid.

( 7 ) ( a ) The Revenue Commissioners may make regulations, for the purpose of giving effect to this section, with respect to the allowance granted by this section, or to any matter ancillary or incidental thereto, or, in particular and without prejudice to the generality of the foregoing, to provide for—

(i) the proof by a claimant of payment on account of rent,

(ii) the disclosure of information by a person in receipt of a payment on account of rent,

(iii) the maintenance of records and the production to and inspection by persons authorised by the Revenue Commissioners of such records and the taking by such persons of copies of, or of extracts from, such records,

(iv) for appeals with respect to matters arising under the regulations which would not otherwise be the subject of an appeal.

( b ) 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 twenty-one days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

(8) Any deduction under this section shall be in substitution for, and not in addition to, any deduction to which the individual might be entitled in respect of the same payments under any other provision of the Income Tax Acts.".

(2) The Income Tax Act, 1967 , is hereby further amended—

( a ) in section 198 (1) (a), by the insertion in subparagraph (iv) after "sections" of "142A,", and

( b ) in Schedule 15, by the insertion in column (1) of "section 142A or Regulations thereunder".

Special allowance in respect of PRSI for 1982-83.

6.—(1) In this section—

"insurable employment" has the meaning assigned to it by section 2 (1) of the Social Welfare (Consolidation) Act, 1981 ;

"specified emoluments" means emoluments within the meaning of section 111 (4) of the Income Tax Act, 1967 , which arise to a specified employed contributor from an insurable employment;

"specified employed contributor" means a person who is an employed contributor for the purposes of the Social Welfare (Consolidation) Act, 1981 , but does not include a person—

( a ) who is an employed contributor for those purposes by reason only of section 65 (1) of that Act,

( b ) in whose case section 10 (7) of that Act has effect, or

( c ) to whom Article 7 of the Social Welfare (Modifications of Insurance) Regulations, 1979 ( S.I. No. 87 of 1979 ), applies.

(2) For the purpose of ascertaining the amount of the income on which an individual (being an individual who is a specified employed contributor) is to be charged to income tax for the year 1982-83 in a case where the total income of the individual for the said year consists of or includes specified emoluments (including in a case where the individual is a husband who is assessed to tax in accordance with the provisions of section 194 of the Income Tax Act, 1967 , any specified emoluments of his wife which are deemed to be income of his by that section for the purposes referred to in that section)—

(i) a deduction of £312 shall be made from so much, if any, of the specified emoluments (but not including, in the case where the individual is a husband assessed as aforesaid, the specified emoluments, if any, of his wife) as arise to the individual, and

(ii) in the case where the individual is a husband assessed as aforesaid, a deduction of £312 shall be made from so much, if any, of the specified emoluments as arise to his wife.

(3) Any deduction to be made under this section from specified emoluments shall be given in priority to any deduction to be made under section 138B of the Income Tax Act, 1967 , from those emoluments.

(4) All such provisions of the Income Tax Acts as apply in relation to the deductions specified in sections 138 to 143 of the Income Tax Act, 1967 , shall apply in relation to a deduction under this section.

Amendment of section 152 (life insurance relief-general provisions) of Income Tax Act, 1967 .

7.—In relation to income tax for the year 1982-83 and subsequent years of assessment, section 152 of the Income Tax Act, 1967 , is hereby amended by the insertion of the following subsection after subsection (1):

"(1A) (a) In this subsection—

'policy of insurance' includes a provision or arrangement for the purpose of securing a deferred annuity;

'premium' includes such a sum as is referred to in section 143 (1) (b);

'special terms', in relation to a policy of insurance, means terms or conditions which, by reason of special circumstances concerning the health of the insured person, are less favourable as to the amounts of the premiums payable than those which would otherwise be available from the same insurer.

( b ) Where the aggregate amount of the premiums paid on a policy of insurance containing special terms is in excess of the aggregate amount of the premiums which would have been payable on the policy of insurance if it did not contain special terms and were in all other respects unchanged—

(i) relief shall be given under sections 143 and 151 in respect of the amount of the excess without regard to the provisions of subsection (1), and

(ii) in determining the amount of any other relief to be given under those sections, apart from relief in respect of the excess, subsection (1) shall have effect as if the excess had not been paid.".

Restriction of relief in respect of interest paid on certain loans at a reduced rate.

8.—(1) ( a ) In this section—

"employee", in relation to an employer, means an individual employed by the said employer in an employment to which Chapter III of Part V of the Income Tax Act, 1967 , applies including, in a case where the employer is a body corporate, a director, within the meaning of that Chapter, of the body corporate;

"employer", in relation to an individual, means

(i) a person of whom the individual or his spouse is an employee,

(ii) a person of whom the individual becomes an employee subsequent to the making of a loan by the person to the individual, and while any part of the loan, or of another loan replacing it, is outstanding,

(iii) a person connected with a person referred to in paragraph (i) or (ii);

"loan" includes any form of credit, and references to a loan include references to any other loan applied directly or indirectly towards the replacement of another loan;

"preferential loan" means a loan, in respect of which no interest is payable or interest is payable at a preferential rate, made directly or indirectly to an individual or his spouse by a person who in relation to the individual is an employer;

"preferential rate" means a rate less than the specified rate;

"the specified rate" means—

(i) subject to paragraph (ii) of this definition, the rate of 12 per cent. per annum or such other rate (if any) as stands prescribed by the Minister for Finance by regulations, or

(ii) in a case where—

(I) a preferential loan is made to an employee by an employer,

(II) the making of loans, for a stated term of years at a rate of interest which does not vary for the duration of the loan, forms part of the trade of the employer, and

(III) the rate of interest at which the employer in the course of his trade at the time the preferential loan is or was made makes or made loans at arm's length to persons, other than employees, for the purposes of purchasing a dwelling house for occupation by the borrower as a residence is less than 12 per cent. per annum,

the first-mentioned rate in subparagraph (III).

( b ) For the purposes of this section a person shall be regarded as connected with another person if he would be so regarded for the purposes of section 8 of the Finance Act, 1978 .

( c ) In this section a reference to a loan being made by a person includes a reference to a person assuming the rights and liabilities of the person who originally made the loan and to a person arranging, guaranteeing or in any way facilitating a loan or the continuation of a loan already in existence.

(2) Where an individual has, at any time during a year of assessment, being the year 1982-83 or any subsequent year of assessment, a preferential loan or loans made directly or indirectly to him by a person who, at the time the loan is made, is, or at a time subsequent to the making of the loan, becomes, an employer in relation to the individual, the individual shall, subject to the provisions of subsection (4), be regarded for the purposes of section 110 of the Income Tax Act, 1967 , or, in a case where profits or gains from an employment with that person would be chargeable to tax under Case III of Schedule D, for the purposes of a charge to tax under the said Case III, as having received in that year of assessment as a perquisite of an office or employment with that person a sum equal to—

( a ) if no interest is payable on the preferential loan or loans, the amount of interest which would have been payable in that year, if interest had been payable on the loan or loans at the specified rate, or

( b ) if interest is paid or payable at a preferential rate or rates, the difference between the aggregate amount of interest paid or payable in that year and the amount of interest which would have been payable in that year, if interest had been payable on the loan or loans at the specified rate,

and the individual or, in the case of an individual who is a wife whose husband is chargeable to tax for the year of assessment in accordance with the provisions of section 194 of the Income Tax Act, 1967 , the husband of the individual, shall be charged to tax accordingly.

(3) Where an individual has a loan made to him directly or indirectly in the year 1982-83 or any subsequent year of assessment, by a person who, at the time the loan is made or at a time subsequent to the making of the loan, is or becomes an employer in relation to the individual and the loan or any interest payable on the loan is released or written off, in whole or in part, the individual shall be deemed for the purposes of section 110 of the Income Tax Act, 1967 , or in a case where profits or gains from an employment with that person would be chargeable to tax under Case III of Schedule D for the purposes of a charge to tax under the said Case III, to have received in the year of assessment in which the release or writing off took place as a perquisite of an office or employment with that person a sum equal to that which is released or written off and the individual or, in the case of an individual who is a wife whose husband is chargeable to tax for the year of assessment in accordance with the provisions of section 194 of the Income Tax Act, 1967 , the husband of the individual shall be charged to tax accordingly.

(4) Where for any year of assessment a sum is chargeable to tax under subsection (2) in respect of a preferential loan or loans or under subsection (3) in respect of an amount of interest written off or released, the individual to whom the loan or loans were made shall be deemed, 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 , to have paid in the year of assessment an amount or additional amount of interest, as the case may be, on the loan or loans equal to the said sum or the individual by whom the interest written off or released was payable shall be deemed to the said purposes to have paid in the year of assessment the interest released or written off.

(5) This section shall not apply to a loan made by an employer, being an individual, and shown to have been made in the normal course of his domestic, family or personal relationships.

(6) Section 178 (1) of the Income Tax Act, 1967 , is hereby amended by the substitution for paragraph (aa) of the following paragraph—

"(aa) particulars of any preferential loan, within the meaning of section 8 of the Finance Act, 1982 , which is made, released or written off by him, in whole or in part, and particulars of any interest released, written off or refunded by him in whole or in part and which was payable or paid on a preferential loan; and".

(7) Any amount chargeable to tax by virtue of this section shall not be emoluments for the purpose of section 138B of the Income Tax Act 1967 .

(8) Section 10 of the Finance Act, 1979 , shall not apply or have effect in relation to the year 1982-83 or any subsequent year of assessment.

(9) 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 twenty-one days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

Veterans of War of Independence.

9.—(1) In this section—

"military service" means the performance of duty as a member of an organisation to which Part II of the Army Pensions Act, 1932 , applies, but includes military service within the meaning of that Part of that Act, military service within the meaning of the Military Service Pensions Act, 1924 , and service in the Forces within the meaning of the Military Service Pensions Act, 1934 ;

"relevant legislation" means the Army Pensions Acts, 1923 to 1980, the Military Service Pensions Acts, 1924 to 1964, the Connaught Rangers (Pensions) Acts, 1936 to 1964, any Act passed before or after the passing of this Act amending any of those Acts and any regulation (in so far as it affects a pension, allowance, benefit or gratuity under any of those Acts or any Act so passed) made before or after such passing under the Pensions (Increase) Act, 1964 , or under any of those Acts or any such Act so passed;

"relevant military service" means military service during any part of a period referred to in section 5 (2) of the Army Pensions Act, 1932 , or, in the case of a qualified person within the meaning of the Connaught Rangers (Pensions) Act, 1936 , the circumstances referred to in paragraphs (a), (b) and (c) of section 2 of that Act;

"veteran of the War of Independence" means a person who—

( a ) was a member of an organisation to which Part II of the Army Pensions Act, 1932 , applies, or a qualified person within the meaning of the Connaught Rangers (Pensions) Act, 1936 , and

( b ) was engaged in relevant military service.

(2) A pension, allowance, benefit or gratuity, in so far as it is related to the relevant military service of a veteran of the War of Independence, or to an event which happened during or in consequence of such relevant military service, which is paid under the relevant legislation—

( a ) to such veteran or

( b ) to the wife or widow or to a child or other dependant or partial dependant of such veteran,

shall be exempt from tax and shall not be reckoned in computing income for the purposes of the Income Tax Acts.

(3) This section shall have effect for the year 1980-81 and subsequent years of assessment.

Amendment of section 485 (recovery by sheriff or county registrar) Income Tax Act 1967 .

10.— Section 485 (5) of the Income Tax Act, 1967 , is hereby amended, with effect as on and from the date of the passing of this Act—

( a ) by the substitution in paragraphs (a) and (b) of "£15,000" for "£2,000" (inserted by the Finance Act, 1972 ),and

( b ) by the substitution in paragraphs (b) and (c) of "£2,500" for "£250" (inserted by the Finance Act, 1972 ),

and the said paragraphs, as so amended, are set out in the Table to this section.

TABLE

( a ) If the sum certified in the certificate to be in default exceeds £15,000, to charge and (where appropriate) to add to that sum and (in any case) to levy under the certificate such fees and expenses, calculated according to the scales appointed by the Minister for Justice under paragraph (a) of subsection (1) of section 14 of the Enforcement of Court Orders Act, 1926 , and for the time being in force, as he would be entitled so to charge or add and to levy if the certificate were an execution order within the meaning of the Enforcement of Court Orders Act, 1926 , (in this section referred to as an "execution order") of the High Court,

( b ) if the sum certified in the certificate to be in default exceeds £2,500 but does not exceed £15,000, to charge and (where appropriate) to add to that sum and (in any case) to levy under the certificate such fees and expenses, calculated according to the said scales, as he would be entitled so to charge or add and to levy if the certificate were an execution order of the Circuit Court, and

( c ) if the sum certified in the certificate to be in default does not exceed £2,500, to charge and (where appropriate) to add to that sum and (in any case) to levy under the certificate such fees and expenses, calculated according to the said scales, as he would be entitled so to charge or add and to levy if the certificate were an execution order of the District Court.

Amendment of section 486 (power of Collector and authorised officers to sue) of Income Tax Act, 1967 .

11.— Section 486 of the Income Tax Act, 1967 , is hereby amended, with effect as on and from the date of the passing of this Act—

( a ) by the substitution in subsection (1) of "£15,000" for "£2,000" (inserted by the Finance Act, 1972 ), and

( b ) by the substitution in subsection (2) of "£2,500" for "£250" (inserted by the Finance Act, 1972 ),

and the said subsections (1) and (2), as so amended, are set out in the Table to this section.

TABLE

(1) Where the amount due (whether before or after the passing of this Act) in respect of income tax does not exceed £15,000, the Collector or other officer of the Revenue Commissioners, duly authorised to collect the said tax may sue in his own name in the Circuit Court for the said amount so due as a debt due to the Minister for Finance.

(2) Where the amount so due does not exceed £2,500, the Collector or other officer of the Revenue Commissioners duly authorised to collect the said tax may sue in his own name in the District Court for the said amount so due as a debt due to the Minister for Finance.

Amendment of section 7 (relief for certain expenditure on residential premises) of Finance Act, 1979 .

12.—Section 7 of, and the Second Schedule to, the Finance Act, 1979 , shall have effect, for the purpose of ascertaining the amount of income on which a person is to be charged to income tax for the year 1982-83, as if—

( a ) "1982-83" were substituted for "1979-80" in subsection (1), and the following proviso were added to the said subsection:

"Provided also that in a case where the claimant is a husband who is assessed to tax in accordance with the provisions of section 194 of the Income Tax Act, 1967 , this subsection shall have effect as if '£900' were substituted for '£450'",

and

( b ) in paragraph 1 of that Schedule—

(i) "the period commencing on the 6th day of April, 1982, and ending on the 5th day of April, 1983" were substituted for "the period commencing on the 6th day of April, 1979, and ending on the 5th day of April, 1980" in the definition of "qualifying period", and

(ii) "the 5th day of April, 1982" were substituted for "the 5th day of April, 1979" in the definition of "residential premises",

and

( c ) in paragraph 4 (1) of that Schedule, "1982-83" were substituted for "1979-80".

CHAPTER II Taxation of Farming Profits

Farming: provision relating to relief in respect of increase in rock values.

13.—(1) Where, in computing profits from the trade of farming for an accounting period, a deduction allowed by virtue of section 12 of the Finance Act, 1976 , has effect for the year 1982-83—

( a ) section 31 (4) (a) of the Finance Act, 1975 (as applied by section 12 (2) (a) of the Finance Act, 1976 ), shall apply and have effect as if "less 20 per cent. of its trading profits for that period" were deleted,

( b ) the said section 12 shall have effect as if subsection (2) (c) (inserted by the Finance Act, 1979 ) had not been enacted, and

( c ) the amount of the said deduction shall, subject to the provisions of subparagraph (i) of the said section 31 (4) (a), be eleven-tenths of the amount of the deduction for that accounting period computed in accordance with paragraphs (a) and (b) of this subsection.

(2) Where a deduction falls to be made under subsection (2) of section 31A (inserted by the Finance Act, 1976 ) of the Finance Act, 1975 , in relation to the trade of farming for an accounting period which ends on or after the 6th day of April, 1981, the amount of the said deduction shall, subject to the provisions of subsection (4) (a) (i) of the said section 31A, be eleven-tenths of the amount which would otherwise be the amount of the deduction.

(3) Where this section has had effect in computing the profits of a trade of farming for an accounting period and a decrease in stock value is, in accordance with section 31A (7) of the Finance Act, 1975 , or section 12 (5) of the Finance Act, 1976 , to be treated as a trading receipt of that trade of farming for a subsequent accounting period, the amount of the said decrease shall, for the purpose of ascertaining the amount to be so treated, be deemed to be an amount equal to eleven-tenths of that decrease:

Provided that the amount by which a decrease in stock value for an accounting period is to be increased under this subsection shall not exceed the amount determined by the formula—

(A – B) – (C – D)

where:

A is the aggregate amount of the deductions, in respect of which either subsection (1) (c) or subsection (2), as may be appropriate, had effect and as increased under that subsection, which were made in computing the profits of the trade of farming for preceding accounting periods.

B is the aggregate amount of the deductions included in A before they were increased under the provisions of either subsection (1) (c) or subsection (2),

C is the aggregate amount of the decreases in trading stock, in respect of which this subsection had effect and as increased under this subsection, which were treated as trading receipts of the trade of farming for preceding accounting periods, and

D is the aggregate amount of the decreases included in C before they were increased under the provisions of this subsection.

Amendment of section 477 (time for payment of tax) of Income Tax Act, 1967 .

14.— Section 477 of the Income Tax Act, 1967 , shall have effect as if in subsection (2) (inserted by the Finance Act, 1980 )—

( a ) "1982-83" were substituted for" 1980-81" in paragraph (a), and

( b ) "1982" were substituted for "1980", and "1983" were substituted for "1981", in each place where they occur, in paragraph (b).

Amendment of section 21A (credit for rates) of Finance Act, 1974 .

15.—As respects assessments for the year 1982-83, section 21A (inserted by the Finance Act, 1978 ) of the Finance Act, 1974 , shall apply as if the following paragraphs were substituted for paragraphs (a) and (b) of subsection (1):

"( a ) the amount of tax so chargeable for the year 1982-83 shall be reduced by one-half of the rates payable for the local financial year preceding that year of assessment;

( b ) in computing the said profits or gains for the year 1982-83, the sum to be deducted in respect of the rates payable for the local financial year preceding that year of assessment shall not exceed one-half of the sum which, but for this paragraph, would be so deducted and, apart from the first-mentioned sum, no other sum shall be deducted in respect of rates:".

Amendment of section 22 (farming: allowances for capital expenditure on construction of buildings and other works) of Finance Act, 1974 .

16.— Section 22 (inserted by the Corporation Tax Act, 1976 ) of the Finance Act, 1974 , is hereby amended, as respects any capital expenditure incurred on or after the 6th day of April, 1982—

( a ) by the substitution, for subsection (2), of the following subsection:

"(2) Where a person to whom this section applies incurs, for the purpose of a trade of farming land occupied by him, any capital expenditure on the construction of farm buildings (excluding a building or part of a building used as a dwelling), fences or other works, there shall be made to him during a writing-down period of ten years beginning with the chargeable period related to that expenditure, writing-down allowances (in this section referred to as 'farm buildings allowances') in respect of that expenditure and such allowances shall be made in taxing the trade:

Provided that—

( a ) the farm buildings allowance to be granted for any chargeable period shall, subject to paragraph (b), be increased by such amount as is specified by the person to whom the allowance is to be made in making his claim for the allowance and, in relation to a case in which this proviso has had effect, any reference in the Tax Acts to a farm buildings allowance made under this section shall be construed as a reference to that allowance as increased under this proviso, and

( b ) the maximum farm buildings allowance to be made under this section for any chargeable period shall not exceed three-tenths of the capital expenditure to which the said farm buildings allowance relates.",

and

( b ) by the deletion of subsection (4).

CHAPTER III Resource Tax

Provisions relating to cesser of resource tax.

17.—(1) Notwithstanding anything in Chapter IV of Part 1 of the Finance Act, 1980 —

( a ) no assessment to resource tax shall be made, on or after the passing of this Act, in respect of the year 1980-81,

( b ) where an appeal has been made against an assessment to resource tax for that year but the appeal has not been determined, the assessment shall be discharged,

( c ) where an assessment to resource tax for that year has become final and conclusive, the tax payable in respect of the assessment shall be remitted, and

( d ) any resource tax paid in respect of an assessment for that year shall be repaid.

(2) For the purposes of the repayment of resource tax pursuant to subsection (1) (d), resource tax shall be deemed to be income tax.

CHAPTER IV Tax and Corporation Tax

Exemption of employment payments and grants.

18.—(1) A payment or grant to which this section applies shall be disregarded for all the purposes of the Tax Acts.

(2) This section applies to any payment or grant made, whether before or after the passing of this Act, being—

( a ) a payment to an employer under the Employers' Employment Contribution Scheme in respect of a person employed by him, or

( b ) an employment grant under section 2 of the Industrial Development (No. 2) Act, 1981 .

Relief for expenditure on significant buildings.

19.—(1) ( a ) In this section—

"approved building" means a building to which subsection (4) applies;

"authorised person" means:—

( a ) an inspector or other officer of the Revenue Commissioners authorised by them in writing for the purposes of this section, or

( b ) a person nominated by the Commissioners of Public Works in Ireland, authorised by them in writing for the purposes of this section;

"chargeable period" has the meaning assigned to it by paragraph 1 (2) of the First Schedule to the Corporation Tax Act, 1976 ;

"qualifying expenditure" means expenditure incurred on the repair, maintenance or restoration of an approved building or on the maintenance or restoration of any land occupied or enjoyed with an approved building as part of its garden or grounds of an ornamental nature.

( b ) For the purposes of this section expenditure shall not be regarded as having been incurred in so far as any sum in respect of, or by reference to, the work to which it relates has been or is to be received directly or indirectly by the person making a claim in respect thereof under subsection (2) from the State, from any public or local authority, from any other person or under any contract of insurance or by way of compensation or otherwise.

(2) Subject to the provisions of this section, where a person, having made a claim in that behalf, proves that he has incurred, on or after the 6th day of April, 1982, in a chargeable period, qualifying expenditure in respect of an approved building owned or occupied by him, all the provisions of the Tax Acts shall apply as if the amount of the qualifying expenditure were a loss sustained in the chargeable period in a trade carried on by the person separate from any trade actually carried on by that person.

(3) No relief shall be allowed under this section for expenditure in respect of which relief may be claimed under any other provision of the Tax Acts.

( 4 ) ( a ) This subsection applies to a building in the State which, on application to them in that behalf by a person who owns or occupies the building, is determined —

(i) by the Commissioners of Public Works in Ireland, to be a building which is intrinsically of significant scientific, historical, architectural or aesthetic interest, and

(ii) by the Revenue Commissioners, to be a building to which reasonable access is afforded to the public.

( b ) Without prejudice to the generality of the requirement that reasonable access be afforded to the public, access to a building shall not be regarded as being reasonable access afforded to the public unless —

(i) access to the whole or a substantial part of the building is afforded at the same time, and

(ii) subject to temporary closure necessary for the purposes of the repair, maintenance or restoration of the building, access is so afforded for not less than thirty days in any year and on each such day access is afforded in a reasonable manner and at reasonable times for a period, or periods in the aggregate, of not less than four hours, and

(iii) the price, if any, paid by the public in return for that access is, in the opinion of the Revenue Commissioners, reasonable in amount and does not operate to preclude the public from seeking access to the building.

( c ) Where under paragraph (a) the Commissioners of Public Works in Ireland make a determination in relation to a building and, by reason of any alteration made to the building, or any deterioration of the building, subsequent to the determination being made, the Commissioners of Public Works in Ireland consider that the building is no longer a building which is intrinsically of significant scientific, historical, architectural or aesthetic interest, the Commissioners of Public Works in Ireland may, by notice in writing given to the owner or occupier of the building, revoke the determination with effect from the date on which they consider that the building ceased to be a building which is intrinsically of significant scientific, historical, architectural or aesthetic interest, and this subsection shall cease to apply to the building from that date.

( d ) Where under paragraph (a) the Revenue Commissioners make a determination in relation to a building, and reasonable access to the building ceases to be afforded to the public, the Revenue Commissioners may, by notice in writing given to the owner or occupier of the building, revoke the determination with effect from the date on which they consider that such access so ceased, and

(i) this subsection shall cease to apply to the building from that date, and

(ii) if relief has been given under this section in respect of qualifying expenditure incurred in relation to that building in the period of five years ending on the date from which the revocation has effect, that relief shall be withdrawn and there shall be made all such assessments or additional assessments as are necessary to give effect to the provisions of this subsection.

( 5 ) ( a ) Where a person makes a claim under subsection (2), an authorised person may, at any reasonable time, enter the building in respect of which the qualifying expenditure has been incurred for the purpose of inspecting the building, or of examining the work in respect of which the expenditure to which the claim relates was incurred.

( b ) Whenever an authorised person exercises any power conferred on him by this subsection, he shall, on request, produce his authorisation for the purposes of this section to any person concerned.

( c ) Any person who obstructs or interferes with an authorised person in the course of exercising a power conferred on him by this subsection shall be guilty of an offence and shall be liable, on summary conviction, to a fine not exceeding £500.

(6) Any claim for relief under this section—

( a ) shall be made in such form as the Revenue Commissioners may from time to time prescribe, and

( b ) shall be accompanied by such statements in writing as regards the expenditure for which relief is claimed, including statements by persons to whom payments were made, as may be indicated by the prescribed form.

Business entertainment expenses.

20.—(1) In respect of any expenses incurred on or after the 26th day of March, 1982, in providing business entertainment, no sum shall be—

( a ) deducted in computing the amount of profits or gains chargeable to tax under Schedule D, or

( b ) included in computing any expenses of management in respect of which a deduction may be claimed under section 15 or 33 of the Corporation Tax Act, 1976 , or

( 2 ) ( a ) Where any asset is used or is provided for use, wholly or partly, for the purpose of providing business entertainment, no allowance under any of the specified provisions shall be made for the year 1982-83 or any subsequent year of assessment or for any accounting period of a company which ends on or after the 6th day of April, 1982, in respect of the use of the asset or the expenditure incurred in the provision of the asset to the extent that it is used or is to be used for the said business entertainment.

( b ) In this subsection "the specified provisions" means section 241, Chapter III of Part XIV, Chapters I and III of Part XV and Chapters II and V of Part XVI of the Income Tax Act, 1967 , and section 22 of the Finance Act, 1971 .

(3) The expenses to which subsection (1) applies include, in the case of any person, any sum paid by him to, or on behalf of, or placed by him at the disposal of, a member of his staff for the purpose of delaying expenses incurred or to be incurred by him in providing business entertainment.

(4) For the purposes of this section "business entertainment" means entertainment (including the provision of accommodation, food and drink or any other form of hospitality in any circumstances whatsoever) provided directly or indirectly, by—

( a ) any person (hereinafter referred to as "the first-mentioned person"), or

( b ) any person who is a member of the first-mentioned person's staff, or

( c ) any person providing or performing any service for the first-mentioned person, the entertainment being entertainment that is provided in the course of, or is incidental to, the provision or performance of the service,

in connection with a trade, carried on by the first-mentioned person but does not include anything provided by him for bona fide members of his staff unless its provision for them is incidental to its provision also for others.

(5) This section shall apply in relation to the provision of a gift as it applies in relation to the provision of entertainment.

(6) In this section—

a reference to expenses incurred in, or to the use of an asset for, providing entertainment includes a reference to expenses incurred in, or to the use of an asset for, providing anything incidental thereto;

a reference to a trade includes a reference to a business, profession or employment;

a reference to the members of a person's staff is a reference to persons employed by that person, directors of a company or persons engaged in the management thereof being for this purpose deemed to be persons employed by it.

( 7 ) ( a ) The provisions of section 24 (1A) of the Finance Act, 1973 , shall not apply or have effect in respect of any expenses incurred on or after the 26th day of March, 1982.

( b ) The provisions of section 24 of the Finance Act, 1973 (apart from the provisions of subsection (1A)) shall not apply or have effect for the year 1982-83 or any subsequent year of assessment or for any accounting period of a company which ends on or after the 6th day of April, 1982.

( 8 ) ( a ) Where, by reason of the provision or performance of a service, an amount is paid or payable to a person referred to in subsection (4) (c), so much of the amount as is equal to the cost of any business entertainment that is provided in the course of, or is incidental to the provision or performance of, the service shall be deemed to be incurred in providing business entertainment.

( b ) The cost of any business entertainment shall be determined by the inspector according to the best of his knowledge and judgment.

( c ) A determination made under paragraph (b) may be amended by the Appeal Commissioners or by the Circuit Court on the hearing, or the rehearing, of an appeal against any deduction (including a case where no deduction is granted) granted on the basis of the determination.

Restriction of relief for interest.

21.—(1) In this section and in sections 22 and 23—

"dependent relative" means, in relation to an individual, any of the persons mentioned in paragraphs (a) or (b) of section 142 (1) of the Income Tax Act, 1967 , in respect of whom the individual is entitled to a deduction under that section;

"loan" means any loan or advance or any other arrangement whatsoever by virtue of which interest is paid or payable;

"the operative date" means the 25th day of March, 1982;

"the principal sections" means sections 76 (1) and 496 of, and paragraph 1 (2) of Part III of Schedule 6 to, the Income Tax Act, 1967 ;

"qualifying loan" means, in relation to an individual, a loan which without having been used for any other purpose, is used by the individual solely for the purpose of defraying money employed in the purchase, repair, development or improvement of a qualifying residence or in paying off another loan used for such purpose;

"qualifying residence" means, in relation to an individual, a residential premises situated in the State, or in Northern Ireland or Great Britain, which is used—

( a ) as the sole or main residence of the individual, or

( b ) as the sole or main residence of a former or separated spouse of his, or

( c ) as the sole or main residence of a person who in relation to the individual is a dependent relative and is, where the residential premises is provided by the individual, provided rent-free and without any other consideration;

"residential premises" means—

( a ) a building or part of a building used, or suitable for use, as a dwelling, and

"separated" means separated under an order of a court of competent jurisdiction or by deed of separation or in such circumstances that the separation is likely to be permanent.

(2) Subject, as regards paragraph (a), to the provisions of subsection (9), the principal sections shall not apply to—

( a ) any interest paid or payable on a loan made after the operative date, or

( b ) interest paid or payable on or after the 6th day of April, 1985, on a loan made on or before the operative date:

Provided that this subsection shall not apply to interest paid or payable by an individual on a loan which, in relation to the individual, is a qualifying loan.

( 3 ) ( a ) Notwithstanding the provisions of subsection (2), the principal sections shall apply—

(i) as respects the year of assessment 1982-83, 1981-84 or 1984-85, to the amount or the aggregate amount of any interest paid or payable on a loan or loans made after the operative date, and

(ii) as respects the year of assessment 1985-86 or any subsequent year of assessment, to the amount or the aggregate amount of any interest paid or payable on a loan or loans made at any time,

to the extent that the amount of the loan or the aggregate amount of the loans on which such interest is paid or payable in a year of assessment does not exceed the specified limit for the year of assessment and, if the said amount or the said aggregate amount on which interest is paid or payable on the loan or loans exceeds the specified limit for the year of assessment, the principal sections shall apply only to so much of that interest as bears to the whole of that interest the same proportion as that part of the said amount or the said aggregate amount which, does not exceed the specified limit bears to the whole of the said amount or the said aggregate amount.

( b ) In this subsection "specified limit", in relation to a year of assessment, means—

(i) in the case of a husband who is assessed to tax for the year of assessment in accordance with the provisions of section 194 of the Income Tax Act, 1907, £5,000,

(ii) in the case of a widowed person, £3,600, or

(iii) in any other case, £2,500.

(4) A loan shall be deemed, for the purposes of this section and sections 22 and 23, to have been made on the date on which a binding contract for the making of the loan was entered into:

Provided that—

( a ) a loan which, without being used for any other purpose, is used solely for the purpose of paying off another loan shall be deemed to have been made on the date that the other loan was deemed to have been made, and

( b ) a loan which is a qualifying loan shall be deemed to have been made on the date on which a written commitment was given by the person making the loan to advance the loan in a specified amount in respect of a specified qualifying residence if the loan is used for a purpose specified in the definition of "qualifying loan" in subsection (1) within six months from that date or within such longer period as the Revenue Commissioners may allow as being appropriate to the circumstances of the case, and

( c ) where an alteration is made in the terms under which a loan is made (other than an alteration in the rate of interest or the period over which the loan is repayable made in the ordinary course of business in relation to all loans of the same class) or the amount of the loan is increased or any amount of the loan which has been repaid is re-advanced under the same contract as that under which the original advance was made—

(i) in relation to any interest or additional interest paid or payable, by virtue of the alteration, increase or re-advancement, in the period of twelve months commencing with the date of such alteration, increase or re-advancement, the loan shall be deemed to have been made on that date, and

(ii) in relation to any interest whatsoever, paid or payable on the loan after the end of that period of twelve months, including interest on the original amount of the loan, the increased amount or the amount re-advanced, the loan shall be deemed to have been made on the date mentioned in subparagraph (i).

(5) Notwithstanding anything in this section, a loan shall not be a qualifying loan in relation to an individual if it is used for the purpose of defraying money applied in the—

( a ) purchase of a residential premises or any interest therein from a person who is the spouse of the purchaser, or

( b ) purchase of a residential premises or any interest therein if, at any time after the operative date, that premises or interest was disposed of by the purchaser or by his spouse or if any interest which is reversionary to the interest purchased was so disposed of after that date, or

( c ) purchase, repair, development or improvement of a residential premises and the person who, directly or indirectly, received the money is connected with the individual and it appears that the purchase price of the premises substantially exceeds the value of what is acquired or, as the case may be, the cost of the repair, development or improvement substantially exceeds the value of the work done:

Provided that the provisions of paragraphs (a) and (b) of this subsection shall not apply in the case of a husband and wife who are separated.

(6) Where an individual acquires a new sole or main residence but does not dispose of his previous sole or main residence and he shows to the satisfaction of the inspector that it was his intention, at the time of acquisition of the new sole or main residence, to dispose of his previous sole or main residence and that he has taken and continues to take all reasonable steps necessary to dispose of it, the previous sole or main residence shall be treated as a qualifying residence, in relation to the individual, for the period of twelve months commencing with the date of the acquisition of the new sole or main residence.

( 7 ) ( a ) Where any interest paid on a loan used for a purpose mentioned in the definition of "qualifying loan" by persons as the personal representatives of a deceased person or as trustees of a settlement made by the will of a deceased person would, on the assumptions stated in paragraph (b), be eligible for relief under the principal sections and, in a case where the condition stated in that paragraph applies, that condition is satisfied, that interest shall be so eligible notwithstanding the preceding provisions of this section.

( b ) For the purposes of paragraph (a) it shall be assumed that the deceased would have survived and been the borrower; and if, at his death, the residential premises was used as his sole or main residence, it shall be further assumed that he would have continued so to use it and the following condition shall then apply, namely, that the residential premises was, at the time the interest was paid, used as the sole or main residence of the deceased's widow or widower or of any dependent relative of the deceased.

( c ) In this subsection "personal representatives" has the meaning assigned to it by section 450 of the Income Tax Act, 1967 .

(8) The provisions of this section shall not apply to interest on money borrowed to pay death duties.

(9) For the purposes of giving relief under the principal sections in respect of interest paid before the 6th day of April, 1985, on a loan made before the 6th day of April, 1982, this section shall apply as if—

( a ) the definition of "qualifying residence" were deleted and

( b ) the reference in the definition of "qualifying loan" to a qualifying residence were a reference to a residential premises.

(10) For the purposes of this section, a person shall be regarded as connected with another person if he would be so regarded under section 16 (3) of the Finance (Miscellaneous Provisions) Act, 1968 , for the purposes of Part IV of that Act.

Restriction of relief for interest on overdrafts.

22.—(1) Notwithstanding anything in section 21 (2) (b), no relief shall be given under the principal sections in respect of interest—

( a ) paid or payable after the operative date on an overdraft which was not in existence on that date, or

( b ) paid or payable on or after the 6th day of April, 1983, on an overdraft which was in existence on the operative date.

(2) A loan made on or before the 5th day of April, 1983, replacing an overdraft referred to in subsection (1) (b) shall, for the purposes of sections 21 and 23, be deemed—

( a ) to the extent to which it does not exceed the amount of the overdraft on the operative date, to be a separate loan made on the operative date, and

( b ) to the extent of the excess, to be a separate loan made after the operative date.

(3) For the year 1982-83 the amount of interest on an overdraft eligible for relief under the principal sections shall not exceed the amount of interest which would have been payable for that year on the amount of the overdraft on the operative date at the rate at which interest on that amount was chargeable on that date.

(4) For the purposes of sections 21 and 23, any amount paid in repayment of a loan made on or before the 5th day of April, 1983, shall be deemed to be made in repayment of any amount of the separate loan to which subsection (2) (b) refers in priority to any amount of the separate loan to which subsection (2) (a) refers.

( 5 ) ( a ) For the purposes of this section and section 23 a loan shall be regarded as replacing an overdraft if it is used solely for the purpose of discharging that overdraft or an overdraft or loan replacing or discharging that overdraft.

( b ) In this section and in section 23 "overdraft" means a debt incurred by overdrawing an account or by debiting the account of any person as the holder of a credit card or under similar arrangements.

Restriction of relief for interest paid by companies.

23.—(1) In this section "relevant interest" means the excess of the amount of interest paid by a company on a loan over so much of that interest as bears to the full amount thereof the same proportion as £2,500 (or, if it is smaller, the amount of the loan) bears to the amount of the loan:

Provided that in the case of a company that has one or more associated companies within the meaning of section 102 of the Corporation Tax Act, 1976 , the reference to £2100 shall be deemed to be a reference to £2,500 divided by one plus the number of those associated companies.

(2) References in subsection (1) to the amount of a loan, shall, if there are more loans than one, be deemed to be references to the aggregate amount of the loans.

(3) In relation to—

( a ) relevant interest paid on all loans made after the operative date,

( b ) all relevant interest paid on or after the 6th day of April, 1985,

( c ) interest—

(i) paid after the operative date on an overdraft which was not in existence on that date,

(ii) paid on or after the 6th day of April, 1983, on an overdraft which was in existence on the operative date, and

( d ) interest on an overdraft referred to in paragraph (c) (ii) where that interest is paid in the year ending on the 5th day of April, 1983, in so far as the amount of the interest exceeds the amount of the interest which would have been payable for that year on the amount of the overdraft on the operative date at the rate at which interest on that amount was chargeable on the operative date,

section 10 of the Corporation Tax Act, 1976 , shall have effect as if the following subsection were substituted for subsection (6)—

"(6) Subject to subsection (7), interest shall not be treated as a charge on income.".

Amendment of provisions relating to relief in respect of increase in stock values.

24.—(1) Section 31A (inserted by the Finance Act, 1976 ) of the Finance Act, 1975 , is hereby amended by the substitution of "1982' for "1981"—

( a ) in paragraph (iv) (inserted by the Finance Act, 1979 ) of the proviso (inserted by the Finance Act, 1977 ) to subsection (4) (a),

( b ) in subsection (7) (inserted by the Finance Act, 1977 ), and

( c ) in subsection (9) (inserted by the Finance Act, 1977 ) in each place where it occurs,

and the said paragraph, the said subsection (7) (other than the proviso) and the said subsection (9) (other than the proviso), as so amended, are set out in the Table to this subsection.

TABLE

(iv) a deduction shall not be allowed under the provisions of this section in computing a company's trading income for any accounting period which ends on or after the 6th day of April, 1982.

(7) Where in relation to an accounting period a company's opening stock value exceeds its closing stock value, the amount of the excess (in this section referred to as the company's "decrease in stock value") shall, if the accounting period ends on a date before the 6th day of April, 1982, be treated in the computation of the company's trading income for the purposes of corporation tax, as a trading receipt of the company's trade for that accounting period:

(9) In the computation of a company's trading income for the purposes of corporation tax for any accounting period which ends on or after the 6th day of April, 1982, in which there is a decrease in stock value, there shall be treated as a trading receipt of the company's trade for that accounting period the amount (if any) by which A exceeds the aggregate of B and C where—

A is the aggregate amount of the company's decreases in stock value in all accounting periods which ended on or after the 6th day of April, 1982,

B is the aggregate amount of the company's increases in stock value in all accounting periods which ended on or after the 6th day of April, 1982, and

C is the aggregate of the amounts which under this subsection are treated as trading receipts of the company's trade for preceding accounting periods:

(2) Section 12 of the Finance Act, 1976 , is hereby amended—

( a ) by the substitution of "or any subsequent year of assessment" for ",1980-81 or 1981-82" (inserted by the Finance Act, 1981 ) in paragraph (c) (inserted by the Finance Act, 1979 ) of subsection (2),

( b ) by the substitution in subsection (3) of "1982-83" for "1981-82" (inserted by the Finance Act, 1981 ), and

( c ) by the substitution of "1982" for "1981" (inserted by the Finance Act, 1981 ) in each place where it occurs in subsection (5) (inserted by the Finance Act, 1978 ) and subsection (6) (inserted by the Finance Act, 1977 ),

and the said paragraph, the said subsection (3), the said subsection (5) (other than the proviso) and the said subsection (6) (other than the proviso), as so amended, are set out in the Table to this subsection.

TABLE

( c ) Where a deduction allowed by virtue of this section in computing a person's trading profits of a trade for an accounting period has effect for the year 1979-80 or any subsequent year of assessment, the amount of the deduction shall, notwithstanding any provision to the contrary, be three-fourths of the amount which, apart from this paragraph, would be the amount of the deduction for that accounting period.

(3) Any deduction allowed by virtue of this section in computing a person's trading profits for an accounting period shall not have effect for any purpose of the Income Tax Acts for any year of assessment prior to the year 1974-75 or later than the year 1982-83.

(5) In the computation of a person's trading income for an accounting period in which there is a decrease in stock value and which ends on a date in the period from the 6th day of April, 1976, to the 5th day of April, 1982, the amount of that decrease shall be treated as a trading receipt of the trade for that accounting period:

(6) In the computation of a person's trading income for any accounting period in which there is a decrease in stock value and which ends on or after the 6th day of April, 1982, there shall be treated as a trading receipt of the trade for that accounting period the amount (if any) by which A exceeds the aggregate of B and C

where—

A is the aggregate amount of the person's decreases in stock value in all accounting periods which ended on or after the 6th day of April, 1982,

B is the aggregate amount of the person's increases in stock value in all accounting periods which ended on or after the 6th day of April, 1982, and

C is the aggregate of the amounts which are treated as trading receipts of the person's trade for preceding accounting periods which ended on or after the 6th day of April, 1982:

Application of section 31 (building societies) of Corporation Tax Act, 1976 , for year 1982-83.

25.—(1) Save as is otherwise provided for in subsection (2), section 40 (1) of the Finance Act, 1977 (as extended by section 52 of the Finance Act, 1980 ), shall have effect in relation to the year 1982-83 as it has effect in relation to the years 1980-81 and 1981-82.

(2) The Revenue Commissioners and any building society approved of for the purposes of this section by the Minister for Finance may, as respects the year 1982-83, enter into arrangements of the kind referred to in section 31 of the Corporation Tax Act, 1976 , but modified, to such extent as shall be directed by the Minister for Finance, in so far as they relate to the sums on which tax is to be calculated in part at the standard rate and in part at a reduced rate.

(3) The Minister for Finance shall approve, for the purposes of this section, of any building society (within the meaning of section 31 of the Corporation Tax Act, 1976 ) if, in relation to that society, the Minister for the Environment gives a certificate stating that the society has, during the financial year 1982, maintained at levels and for periods agreed with him the rate or rates of interest charged by it on loans granted by it to individuals for the purposes of the purchase, construction or improvement of dwelling-houses to be used for the sole purpose of owner-occupation by those individuals.

CHAPTER V CORPORATION TAX

Rates of corporation tax.

26.—(1) For the financial year 1982 and each subsequent financial year—

( a ) sections 15, 17 (1) (a) and 18 of the Finance Act, 1977 , shall not have effect, and

( b ) corporation tax shall, accordingly, be charged under section 1 (1) of the Corporation Tax Act, 1976 , at the rate of 50 per cent., under section 28 (1) of that Act at the rate of 40 per cent. and under section 79 (1) of that Act at the rate of 35 per cent.

(2) The Second Schedule shall have effect for the purpose of supplementing subsection (1).

Payment of ration tax and interest thereon.

27.—(1) Section 6 (4) of the Corporation Tax Act, 1976 , is hereby amended as respects accounting periods ending on or after the 6th day of April, 1981—

( a ) in subparagraph (i) of paragraph (a), by the substitution of "six" for "nine",

( b ) in subparagraph (ii) of paragraph (a), by the substitution of "nine" for "twelve" (inserted by the Finance Act, 1981 ),

( c ) in subparagraph (ii) of paragraph (b), by the substitution of "six" for "three" (inserted by the Finance Act, 1981 ), and

( d ) in the proviso to paragraph (b), by the substitution of "six" for "nine",

and the said subparagraphs and the said proviso, as so amended, are set out in the Table to this subsection.

TABLE

(i) the first instalment within six months from the end of the accounting period or, if it is later, within two months from the making of the assessment; and

(ii) the second instalment within nine months from the end of the accounting period or, if it is later, within two months from the making of the assessment.

(iii) in respect of any subsequent accounting period, within such an interval from the end of that accounting period as is six months less than the interval between the end of the first accounting period for which the company was within the charge to corporation tax and the date on or before which the second instalment of corporation tax for that first accounting period would have become payable if the assessment for that accounting period had been made on the day immediately following the end of that accounting period:

Provided that in no case shall the second instalment of corporation tax assessed for an accounting period become payable before the expiration of six months from the end of the accounting period for which it is assessed or before the expiration of two months from the making of the assessment.

(2) If subsection (1) would, but for this subsection, have effect so as to require that the first or second instalment of corporation tax assessed for an accounting period which, apart from subsection (1), would fall to be paid within a period ending on or after the date of the passing of this Act, should fall to be paid within a period ending on a date earlier than the date of such passing, that instalment shall, notwithstanding subsection (1), fall to be paid within a period ending on the date of such passing.

(3) Subsection (1) shall not have effect in relation to the first or second instalment of corporation tax assessed for an accounting period which, apart from that subsection, would fall to be paid within a period ending before the date of the passing of this Act.

( 4 ) ( a ) Section 550 of the Income Tax Act, 1967 , shall, in so far as it applies for the purposes of corporation tax, by virtue of section 145 (3) of the Corporation Tax Act, 1976 , have effect as if in subsection (2) "one month" were substituted for "two months" (inserted by the Finance Act, 1971 ).

( b ) Paragraph (a) shall not apply as respects interest on corporation tax charged by an assessment made before the date of the passing of this Act.

Reduction of corporation tax in relation to interest on certain loans to farmers.

28.—(1) In this section—

"participating bank" means the Bank of Ireland or Allied Irish Banks Limited;

"qualifying farmer" means a farmer who has been accepted as eligible for inclusion in the specified scheme;

"relevant accounting period" means an accounting period or part of an accounting period falling within the period from the 1st day of April, 1982, to the 31st day of March, 1986;

"relief from interest" in relation to a relevant accounting period of a participating bank, means the amount by which B exceeds A where—

A is the amount of interest paid by qualifying farmers to that bank during that period in respect of loans the rate of interest on which falls to be reduced under the specified scheme, and

B is the amount of interest which would have fallen to be paid by those farmers to that bank during the said period in respect of the said loans if that interest had not been reduced under the specified scheme;

"the specified scheme" means the scheme known as the Reduced Interest Scheme for Farmers in Severe Financial Difficulty introduced by the Minister for Agriculture on the 1st day of April, 1982, in association with certain banks and The Agricultural Credit Corporation Limited.

(2) Subject to subsection (3), where a participating bank claims and proves that relief from interest was allowed by it during a relevant accounting period, the corporation tax payable by that bank for the accounting period which coincides with or includes the relevant accounting period shall be reduced by an amount determined by the formula

[image not available: a14y1982s28-1.bmp]

where—

C is the amount of the relief from interest allowed by the participating bank during the relevant accounting period, and

D is the amount of corporation tax which, under sections 1 (1) and 6 (3) of the Corporation Tax Act, 1976 , would be chargeable for the accounting period which coincides with or includes the relevant accounting period on an amount of profits equal to C.

(3) ( a ) A reduction, under subsection (2), of corporation tax payable by a participating bank shall be made in respect only of relief from interest which has been certified by the Minister for Agriculture to be relief from interest allowed in accordance with the conditions and regulations of the specified scheme.

( b ) If any relief from interest (hereafter in this paragraph referred to as "disallowed relief") allowed by a participating bank has been certified by the Minister for Agriculture to be relief from interest allowed in accordance with the conditions and regulations of the specified scheme and is subsequently certified by the Minister for Agriculture to be relief from interest which did not fall to be allowed in accordance with those conditions and regulations, the participating bank shall not be entitled in respect of the disallowed relief to any reduction under subsection (2) of corporation tax payable by it and, if any such reduction has been made in respect of any such disallowed relief, there shall be made such additional assessments or adjustments of assessments as may be required to recover that reduction.

CHAPTER VI Tax on Chargeable Gains

Interpretation (Chapter VI).

29.—In this Chapter—

"the Principal Act" means the Capital Gains Tax Act, 1975 ;

"the Act of 1978" means the Capital Gains Tax (Amendment) Act, 1978 .

Rates of charge.

30.—(1) section 3 of the Principal Act is hereby amended, as respects chargeable gains accruing on disposals made on or after the 26th day of March, 1982, by the substitution for subsection (3) (inserted by the Act of 1978) of the following subsections:

"(3) Except as otherwise provided for by the Capital Gains Tax Acts, the rate of capital gains tax in respect of chargeable gains accruing to a person on the disposal of an asset shall be—

( a ) 60 per cent. where his period of ownership of the asset is not more than one year,

( b ) 50 per cent. where his period of ownership of the asset is more than one year but not more than three years,

( c ) in any other case, 40 per cent.,

and any reference in those Acts to the rate specified in this section shall be construed accordingly.

(4) In subsection (3) 'period of ownership', in relation to a person making a disposal of an asset, means his period of continuous ownership of the asset, in the same capacity, ending with the date of such disposal, and, for the purposes of this definition, a period of ownership shall be determined without regard to the provisions of section 3 (2) of the Capital Gains Tax (Amendment) Act, 1978 , and, where the asset was acquired by the person on the death of his spouse so that his period of ownership would, apart from this subsection, be treated as having commenced on the date of that death, his period of ownership shall be deemed to be extended to include his spouse's period of continuous ownership ending on that date.".

(2) Section 4 of the Act of 1978 shall not apply as respects chargeable gains accruing on disposals made on or after the 26th day of March, 1982.

(3) Subject to section 40, section 5 (1) of the Principal Act shall apply subject to the provisions of section 3 (3) of that Act and of paragraph 7 of Schedule 1 to the Act of 1978.

Corporation tax on chargeable gains of companies.

31.—(1) Section 13 of the Corporation Tax Act, 1976 , is hereby amended, as respects accounting periods ending after the 31st day of December, 1981, by the substitution for subsection (1) of the following subsections:

"(1) Subject to the provisions of this section, the amount to be included in respect of chargeable gains in a company's total profits for any accounting period shall be determined in accordance with subsection (1B) after taking into account the provisions of subsection (1A).

(1A) Where, for an accounting period, chargeable gains accrue to a company, an amount of capital gains tax shall be calculated as if, notwithstanding any provision to the contrary in the Corporation Tax Acts, capital gains tax fell to be charged on the company in respect of those gains in accordance with the provisions of the Capital Gains Tax Acts, and as if accounting periods were years of assessment:

Provided that, in calculating the said amount of capital gains tax, section 5 (1) of the Capital Gains Tax Act, 1975 , shall have effect as if the reference therein to deducting allowable losses were a reference to deducting relevant allowable losses and section 132 (2) shall have effect for the purpose of determining the period of ownership of an asset in relation to a disposal by the company for the purposes of section 3 (3) of the Capital Gains Tax Act, 1975 , if it would have effect in relation to that disposal for the purposes of section 3 of the Capital Gains Tax (Amendment) Act, 1978 .

(1B) The amount referred to in subsection (1) shall be an amount which, if it (before making any deduction therefrom) were charged to corporation tax as profits of the company arising in the accounting period at the rate specified in section 1 (1), would produce an amount of corporation tax equal to the amount of capital gains tax calculated for that accounting period in accordance with subsection (1A):

Provided that, where part of the accounting period falls in one financial year and the other part in the succeeding financial year and different rates of corporation tax are in force under section 1 (1) for each of those years, the amount of capital gains tax calculated for that accounting period in accordance with subsection (1A) shall be apportioned between those parts and this subsection shall have effect accordingly in relation to the portion referable to each part.

(1C) In subsection (1A)—

'chargeable gains' does not include chargeable gains accruing on relevant disposals within the meaning of section 36 of the Finance Act, 1982 ;

'relevant allowable losses' means any allowable losses accruing to the company in the accounting period and any allowable losses previously accruing to the company while it has been within the charge to corporation tax so far as they have not been allowed as a deduction from chargeable gains accruing in any previous accounting period.".

(2) Section 16 (3) of the Finance Act, 1977 , shall not have effect as respects accounting periods to which subsection (1) applies.

Increase in exemption for individuals.

32.—Subsection (4) (inserted by the Finance Act, 1980 ) of section 13 and subsections (1) and (2) of section 16 of the Principal Act and paragraph 8 of Schedule 1 to the Act of 1978 are hereby amended, as respects the year 1982-83 and subsequent years of assessment, by the substitution of "£2,000" for "£500" in each place where it occurs, and the said provisions, as so amended, are set out in the Table to this section.

TABLE

(4) Where, apart from subsection (1), the amount on which an individual is chargeable to capital gains tax under section 5 (1) for a year of assessment (hereafter in this subsection referred to as "the first-mentioned amount") is less than £2,000 and the spouse of the individual (being, at any time during that year of assessment, a married woman living with her husband, or that husband) is, apart from subsection (1), chargeable to capital gains tax on any amount for that year, section 16 (1) shall have effect in relation to the spouse as if the sum of £2,000 mentioned therein were increased by an amount equal to the difference between the first-mentioned amount and £2,000.

16.—(1) An individual shall not be chargeable to capital gains tax for a year of assessment if the amount on which he is chargeable to capital gains tax under section 5 (1) for that year does not exceed £2,000.

(2) If the amount on which an individual is chargeable to capital gains tax under section 5 (1) for a year of assessment exceeds £2,000 only the excess of that amount over £2,000 shall be charged to capital gains tax for that year.

8. For the purposes of subsection (2) of section 16 (gains of £2,000 and under) of The Principal Act, where, on the assumption that that subsection did not apply, an individual would be chargeable under the Capital Gains Tax Acts at more than one rate of tax for a year of assessment, the relief to be given under that subsection in respect of the first £2,000 of chargeable gains shall be given—

( a ) if he would be so chargeable at two different rates, in respect of the chargeable gains which would be so chargeable at the higher of those rates and, so far as relief cannot be so given, in respect of the chargeable gains which would be so chargeable at the lower of those rates, and

( b ) if he would be so chargeable at three or more rates, in respect of the chargeable gains which would be so chargeable at the highest of those rates and, so far as relief cannot be so given, in respect of the chargeable gains which would be so chargeable at the next highest of those rates, and so on.

Amendment of section 5 (amount chargeable and time of payment) of Principal Act.

33.—Section 5 of the Principal Act is hereby amended, as respects chargeable gains accruing on disposals made after the passing of this Act, by the insertion after subsection (2) of the following subsection:

"(3) ( a ) Notwithstanding subsections (1) and (2) and section 3 (2), any capital gains tax payable in respect of a chargeable gain which, on a disposal, accrues to a person who is not resident or ordinarily resident in the State at the time at which the disposal is made may be assessed and charged before the end of the year of assessment in which the chargeable gain accrues and the tax so assessed and charged shall be payable at or before the expiration of a period of three months beginning with the time at which the disposal is made, or at the expiration of a period of two months beginning with the date of making the assessment, whichever is the later.

( b ) In computing the amount of capital gains tax payable under paragraph (a), the provisions of subsection (1) shall apply, with any necessary modifications, as regards the deduction of any allowable losses which accrued to the person mentioned in paragraph (a) prior to the date of making of the assessment mentioned in that paragraph.".

Disposal of certain assets.

34.—(1) As respects any payment, after the passing of this Act, of consideration for acquiring an asset to which paragraph 11 of Schedule 4 to the Principal Act applies, that Schedule is hereby amended by the substitution for that paragraph of the following paragraph:

"Disposal of certain assets

11.—(1) This paragraph shall apply to assets that are—

( a ) land in the State;

( b ) minerals in the State or any rights, interests or other asset in relation to mining or minerals or the searching for minerals;

( c ) exploration or exploitation rights in a designated area;

( d ) shares in a company deriving their value or the greater part of their value directly or indirectly from assets specified in clause (a), (b) or (c) other than shares quoted on a stock exchange; and

( e ) goodwill of a trade carried on in the State.

(2) Upon payment of the consideration for acquiring an asset to which this paragraph applies, the person by or through whom any such payment is made shall deduct there out a sum representing an amount of capital gains tax equal to 15 per cent. of the said payment and the person to whom the payment is made shall allow such deduction upon receipt of the residue of the payment and the person making the deduction shall, on proof of payment to the Revenue Commissioners of the amount so deducted, be acquitted and discharged of so much money as is represented by the deduction as if that sum had been actually paid to the person making the disposal:

Provided that where the person disposing of the asset produces to the person acquiring the asset a certificate issued under sub-paragraph (6) in relation to the disposal, no such deduction shall be made.

(3) Where any such payment as aforesaid is made by or on behalf of any person, that person shall forthwith deliver to the Revenue Commissioners an account of the payment, and of the amount deducted therefrom, and the inspector shall, notwithstanding any other provision of the Capital Gains Tax Acts, assess and charge that person to capital gains tax for the year of assessment in which the payment was made on the amount of the payment at the rate of 15 per cent.

(4) The inspector may, where, in relation to any such payment as aforesaid, any person has made default in delivering an account required by this paragraph, or where he is not satisfied with the account, estimate the amount of the payment to the best of his judgment and, notwithstanding section 5 (1), assess and charge that person to capital gains tax for the year of assessment in which the payment was made on the amount so estimated at the rate of 15 per cent.

(5) Where the amount of capital gains tax assessed and charged under subparagraph (3) or (4) is paid, appropriate relief shall, on a claim being made in that behalf, be given to the person chargeable in respect of the gain on the disposal, whether by discharge or repayment or otherwise.

(6) A person chargeable to capital gains tax on the disposal of an asset to which this paragraph applies may apply to the inspector for a certificate that tax should not be deducted from the consideration for the disposal of the asset and that the person acquiring the asset should not be required to give notice to the Revenue Commissioners in accordance with subparagraph (7) (a), and, if the inspector is satisfied that the person making the application is the person making the disposal and that—

( a ) he is ordinarily resident in the State, or

( b ) no amount of capital gains tax is payable in respect of the disposal, or

( c ) the capital gains tax chargeable for the year of assessment for which he is chargeable in respect of the disposal of the asset and the tax chargeable on any gain accruing in any earlier year of assessment (not being a year ending earlier than the 6th day of April, 1974) on a previous disposal of the asset has been paid,

the inspector shall issue the certificate to the person making the application and shall issue a copy of the certificate to the person acquiring the asset.

( 7 ) ( a ) Where—

(i) after the passing of the Finance Act, 1982 , a person acquires an asset to which this paragraph applies, and

(ii) the consideration for acquiring the asset is of such a kind that the deduction mentioned in subparagraph (2) cannot be made thereout, and

(iii) the person disposing of the asset does not, within two months after the time at which the acquisition is made, produce to him a certificate under subparagraph (6) in relation to the disposal,

the person acquiring the asset shall give notice to the Revenue Commissioners of the acquisition not later than three months after the time at which the acquisition is made (or within such longer period as the Revenue Commissioners may, by notice in writing, allow) and the notice to be so given by that person to the Revenue Commissioners shall contain particulars of—

(I) the asset acquired,

(II) the consideration for acquiring the asset,

(III) the market value of the asset, estimated to the best of that person's knowledge and belief, and

(IV) the name and address of the person making the disposal,

and the Revenue Commissioners shall acknowledge receipt of that notice.

( b ) Where—

(i) a person acquiring an asset, who is required to give notice under clause (a) and to whom the person disposing of the asset does not produce a certificate under subparagraph (6), does not comply with the requirement to give that notice, and

(ii) a chargeable gain accrues on the disposal of the asset, and

(iii) an amount of capital gains tax assessed in respect of that disposal is not paid within twelve months from the date when the tax becomes payable, and

(iv) the asset is not an asset to which paragraph 18 applies,

the person so acquiring the asset may, by an assessment made not later than two years from the date when the tax became payable, be assessed and charged (in the name of the person disposing of the asset to him) to capital gains tax on an amount not exceeding the amount of the chargeable gain so accruing, and not exceeding such an amount of chargeable gains as would, if charged at the rate provided in section 3 (3), result in liability to an amount of capital gains tax equal to the said amount of capital gains tax which was not paid.

( c ) A person paying any amount of tax in pursuance of clause (b) shall be entitled to recover a sum of that amount from the person disposing of that asset to him as a simple contract debt in any court of competent jurisdiction.

( d ) This subparagraph shall apply in relation to the acquisition of an asset by two or more persons with any necessary modifications and subject to the proviso that each such person shall be liable to be assessed and charged in respect only of such part of the amount of capital gains tax payable by those persons by virtue of clause (b) as bears to the whole of such tax the same proportion as the part of the asset acquired by that person bears to the whole of the asset.

(8) This paragraph shall not apply where the consideration on a disposal does not exceed the sum of fifty thousand pounds:

Provided that if an asset owned at one time by one person, being an asset to which this paragraph would, but for this subparagraph, apply, is disposed of by that person in parts—

( a ) to the same person, or

( b ) to persons who are acting in concert or who are, in the terms of section 33, connected persons,

whether on the same or different occasions, the several disposals shall for the purposes of this subparagraph, but not for any other purpose, be treated as a single disposal.

(9) Notwithstanding subsections (2) and (3) of section 5, where an amount of capital gains tax is assessed and charged pursuant to this paragraph, such amount shall be due and payable on the day next after the day on which the assessment is made.

(10) In this paragraph 'exploration or exploitation rights', 'designated area' and 'shares' have the same meanings as in section 4 (8).

(11) This paragraph shall apply only in relation to disposals and acquisitions occurring on or after the 5th day of August, 1975.".

(2) The said paragraph 11 (other than subparagraph (7)), as inserted by subsection (1), shall apply, with the modifications specified in subsection (3), to any consideration paid on or after the 26th day of March, 1982, but before the passing of this Act, being consideration for a disposal to which the provisions of the Financial Resolution in relation to capital gains tax passed by Dáil Éireann on the 25th day of March, 1982, apply.

(3) The modifications mentioned in subsection (2) are as follows:

( a ) Where, by virtue of any obligation imposed by the Financial Resolution mentioned in that subsection, a sum representing an amount of capital gains tax fell to be deducted under subparagraph (2) of the said paragraph 11 by the person by or through whom a payment of consideration was made, the inspector may, notwithstanding any other provision of the Capital Gains Tax Acts, assess and charge that person, for the year of assessment in which the amount of consideration was paid, to capital gains tax—

(i) of an amount equal to the amount deducted, in a case where a sum representing an amount of capital gains tax was so deducted, and

(ii) in any other case, of an amount equal to 15 per cent. of the consideration.

( b ) Where relief falls to be given under subparagraph (5) of the said paragraph 11 in respect of an amount of capital gains tax which was assessed and charged under subparagraph (3) or (4) of that paragraph, or under the preceding provisions of this subsection, and which was paid, that relief shall be given—

(i) by repayment, where no amount of capital gains tax is payable in respect of the gain on the disposal, or

(ii) where an amount of capital gains tax is payable in respect of the gain on the disposal—

(I) by repayment of any amount by which the amount so assessed, charged and paid exceeds the amount of capital gains tax payable in respect of that gain, or

(II) in any other case, by set-off against the amount of capital gains tax payable in respect of that gain.

( c ) Where, by virtue of such an obligation as is mentioned in paragraph (a) of this subsection, an amount of capital gains tax was paid as a condition for the issue of a certificate under subparagraph (6) of the said paragraph 11, paragraph (b) of this subsection shall, with any necessary modifications, have effect to give relief for that payment as it has effect to give relief for the amount of capital gains tax first mentioned therein.

Amendment of section 90 (distributions made out of capital profits of companies) of Corporation Tax Act, 1976 .

35.— Section 90 of the Corporation Tax Act, 1976 , is hereby amended by the addition to subsection (4) (as amended by the Act of 1978) of the following proviso:

"Provided that where those chargeable gains accrued—

( a ) on or after the 28th day of January, 1982, in the case of chargeable gains accruing on a relevant disposal within the meaning of section 36 of the Finance Act, 1982 , or

( b ) on or after the 26th day of March, 1982, in any other case,

the tax charged under subsection (2) shall, instead of being reduced as aforesaid, be reduced by an amount equal to the tax credit which would so apply in respect of that distribution.".

Chargeable gains on disposals of development land.

36.—(1) In this section and in sections 37 to 40—

"compulsory disposal" means a disposal to an authority possessing compulsory purchase powers, which is made pursuant to the exercise of those powers or the giving of formal notice of intention to exercise those powers, other than a disposal to which the provisions of section 29 of the Local Government (Planning and Development) Act, 1963 , apply;

"current use value"—

( a ) in relation to land at any particular time, means the amount which would be the market value of the land at that time if the market value were calculated on the assumption that it was at that time, and would remain, unlawful to carry out any development (within the meaning of section 3 of the Act of 1963) in relation to the land other than development of a minor nature, and

( b ) in relation to shares in a company (being shares deriving their value or the greater part of their value directly or indirectly from land, other than shares quoted on a stock exchange) at any particular time, means the amount which would be the market value of the shares at that time if the market value were calculated on the same assumption, in relation to the land from which the shares derive value as aforesaid, as is mentioned in paragraph (a),

and, in this definition—

(i) "the Act of 1963" means the Local Government (Planning and Development) Act, 1963 ,

(ii) "development of a minor nature" means development (not being development by a local authority or a statutory undertaker) which, under or by virtue of section 4 of the Act of 1963, is exempted development for the purposes of the Local Government (Planning and Development) Acts, 1963 and 1976, and

(iii) "statutory undertaker" has the meaning assigned to it by section 2 of the Act of 1963;

"development land" means land in the State the consideration for the disposal of which, or the market value of which at the time at which the disposal is made, exceeds the current use value of that land at the time at which the disposal is made, and includes shares deriving their value or the greater part of their value directly or indirectly from such land, other than shares quoted on a Stock Exchange;

"relevant disposal" means a disposal of development land made on or after the 28th day of January, 1982.

(2) As respects chargeable gains accruing on relevant disposals made before the 26th day of March, 1982, section 3 (3) of the Principal Act shall have effect as if the rate of capital gains tax specified therein were 45 per cent. or, in the case of such a relevant disposal which is a compulsory disposal, as if that rate were 40 per cent.

(3) As respects chargeable gains accruing on relevant disposals made on or after the 26th day of March, 1982, section 3 (3) of the Principal Act (as amended by this Act) shall have effect as if, in lieu of the rates of capital gains tax specified in paragraphs (a), (b) and (c) of that subsection, the following rates of capital gains tax applied:

( a ) 60 per cent. where the period of ownership of the asset by the person making the disposal is not more than one year,

( b ) (i) 50 per cent. where his period of ownership of the asset is more than one year, or

(ii) in the case of such a relevant disposal which is a compulsory disposal by a person whose period of ownership of the asset is more than three years, 40 per cent.

(4) Notwithstanding any provision to the contrary in the Corporation Tax Acts, a company shall not be chargeable to corporation tax in respect of chargeable gains accruing to it on relevant disposals and, accordingly—

( a ) such gains shall not be regarded as profits of the company for the purposes of corporation tax, and

( b ) in respect of those gains, the company shall be chargeable to capital gains tax under the provisions of the Capital Gains Tax Acts.

(5) Sections 134 , 137 , 138 and 139 of the Corporation Tax Act, 1976 , shall apply, with any necessary modifications, in relation to capital gains tax to which a company is chargeable on chargeable gains accruing to it on a relevant disposal as they apply in relation to corporation tax on chargeable gains and references in those sections to corporation tax shall be construed as including references to capital gains tax.

(6) Where a company which is or has been a member of a group of companies within the meaning of section 129 of the Corporation Tax Act, 1976 , makes a relevant disposal of an asset which, as a result of a disposal which was not a relevant disposal, it had acquired from another member of that group at a time when both were members of the group, the amount of the chargeable gain accruing on the relevant disposal, and the capital gains tax thereon, shall be computed as if all members of the group for the time being were the same person, and as if the acquisition or provision of the asset by the group, so taken as a single person, had been the acquisition or provision of it by the member disposing of it:

Provided that, where, under section 131 (2) or 135 of the Corporation Tax Act, 1976 , a member of the group (hereafter in this proviso referred to as "the first-mentioned member") had been treated as having acquired or reacquired the asset at a time later than the original acquisition or provision of the asset by the first-mentioned member or by another member of the group as the case may be, this subsection shall have effect as if the reference therein to the acquisition or provision of the asset by the group were a reference to its acquisition or reacquisition so treated as having been made by the first-mentioned member.

(7) Section 132 of the Corporation Tax Act, 1976 , shall not apply in relation to a relevant disposal by a company which is a member of a group of companies where the company acquired the asset so disposed of from another member of the group as a result of a relevant disposal.

Exclusion of certain disposals.

37.—Section 36 (other than subsection (1)) and sections 38 to 40 shall not apply to a relevant disposal made by an individual in any year of assessment if the total consideration in respect of all relevant disposals made by that individual in that year does not exceed £15,000.

Restriction of indexation relief in relation to relevant disposals.

38.—For the purposes of computing the chargeable gain accruing to a person on a relevant disposal, the adjustment of sums allowable as deductions from the consideration for the disposal, which under section 3 (1) of the Act of 1978 would otherwise be made, shall be made only to—

( a ) such part of the amount or value of the consideration, in money or money's worth, given by him or on his behalf wholly and exclusively for the acquisition of the asset, together with the incidental costs to him of the acquisition, or

( b ) in the case of an asset to which section 3 (2) of the Act of 1978 applies, such part of the market value of the asset on the 6th day of April, 1974,

as, where paragraph (a) applies, is equal to the current use value of the asset at the date of the acquisition together with such proportion of the incidental costs to him of the acquisition as would be referable to such value, or as, where paragraph (b) applies, is equal to the current use value of the asset on the 6th day of April, 1974.

Amendment of provisions regarding replacement of assets.

39.—(1) Consideration obtained for a relevant disposal shall not be regarded for the purposes of relief under section 28 of the Principal Act as having been obtained for the disposal of old assets within the meaning of that section.

(2) Section 5 of the Act of 1978 shall not apply to a relevant disposal.

(3) Subsections (1) and (2) shall not apply to a relevant disposal made by a body of persons established for the sole purpose of promoting athletic or amateur games or sports, being a disposal which is made in relation to such of the activities of that body as are directed to that purpose.

Restriction of relief for losses etc in relation to relevant disposals.

40.—(1) Notwithstanding any provision to the contrary in the Capital Gains Tax Acts, any losses accruing on disposals which are not relevant disposals shall not, in the computation of a person's liability to capital gains tax in respect of chargeable gains accruing on relevant disposals, be deducted from the amount of those chargeable gains.

(2) In the computation of the amount on which, under section 5 of the Principal Act, capital gains tax falls to be charged on chargeable gains accruing on relevant disposals, any allowable losses accruing on relevant disposals may be deducted in accordance with the said section 5 but, in so far as they are so deducted, they shall not be treated as relevant allowable losses within the meaning of subsection (1C) of section 13 of the Corporation Tax Act, 1976 , for the purposes of the calculation required to be made under subsection (1A) of that section, and, for the purposes of this subsection, any necessary assessments or additional assessments, as may be appropriate, may be made.

(3) Section 25 of the Corporation Tax Act, 1976 , is hereby amended by the insertion after subsection (7) of the following subsection:

"(8) ( a ) In this subsection 'relevant profits' means gains accruing on relevant disposals within the meaning of section 36 of the Finance Act, 1982 .

( b ) Where a company which is resident in the State makes a distribution in part out of relevant profits and in part out of other profits, the distribution shall be treated for the purposes of this subsection as if it consisted of two distributions respectively made out of relevant profits and other profits.

( c ) Where, on or after the 28th day of January, 1982, a company (hereafter in this paragraph referred to as 'the recipient company') receives a distribution from another company (hereafter in this paragraph referred to as 'the distributing company') and—

(i) the distribution is made by the distributing company out of relevant profits (or out of a distribution received by the distributing company which, under this subsection, is deemed to be relevant profits of that company), and

(ii) the two companies are members of a group of companies within the meaning of section 107 (5),

then—

(I) the distribution shall be deemed for the purposes of this subsection to be relevant profits of the recipient company, and

(II) the aggregate of the amount or value of the distribution and the tax credit in respect of it shall, notwithstanding the provisions of section 24, be regarded as not being franked investment income of the recipient company for the purposes of subsection (1).".

Extension of section 19 (Government and other securities) of Principal Act.

41.—Section 19 of the Principal Act shall apply in relation to—

( a ) securities issued by the Housing Finance Agency under section 10 of the Housing Finance Agency Act, 1981 , and

( b ) securities issued by Bord Gáis Éireann under section 23 of the Gas Act, 1976 ,

as it applies to the forms of security specified in paragraph (d) of the said section 19.

CHAPTER VII

Corporation Tax: Assurance Companies

Taxation of certain profits of assurance companies.

42.—The Corporation Tax Act, 1976 , is hereby amended, as respects accounting periods ending after the 31st day of December, 1981—

( a ) in section 36 (3), by the substitution for paragraph (a) of the following paragraph:

"( a ) 'unrelieved income' means income which has not been excluded from charge to tax by virtue of any provision and against which no relief has been allowed by deduction or set-off, and for this purpose any deduction from, or set-off against, profits shall be treated as having been made from or against income which has not been so excluded from charge to tax to the extent of that income and, in so far as such deduction or set-off cannot be so treated by reason of a want or deficiency of such income, it shall be treated as having been made from or against chargeable gains;",

and

( b ) by the deletion of section 37.

CHAPTER VIII Corporation Tax: Relief in respect of Increase in Employment

Interpretation (Chapter VIII).

43.—In this Chapter—

"base period" has the meaning assigned to it by section 44;

"contribution week", "employed contributor" and "employment contributions" have the same meanings as in the Social Welfare (Consolidation) Act, 1981 ;

"relevant period" means an accounting period or part of an accounting period of a company falling within the year ending on the 30th day of June, 1983;

"trade" means trade or profession.

Base period.

44.—For the purposes of this Chapter the base period in relation to a trade means the year ending on the 30th day of June, 1982, or, if it is shorter, the period from the date on which the trade was first carried on to the 30th day of June, 1982 and the base period shall be applicable in relation to the trade whether or not during the whole or part of the base period the trade was carried on by a person other than the company by which it is carried on in the relevant period or separate parts of the trade were carried on by different persons.

Deduction in computing trading income.

45.—(1) Where a company which carried on a trade in the State on the 1st day of January, 1982, claims and proves that the number (hereafter in this section referred to as "the first number") of employment contributions payable by the company in a relevant period in respect of all employed contributors who are employed in that period for substantially the whole of their time in the course of the trade exceeds the number (hereafter in this section referred to as "the second number") determined in accordance with the provisions of subsection (2) then, in computing the income from the trade for an accounting period which coincides with or includes the relevant period, the company shall be entitled to deduct an amount calculated by multiplying £10 by the excess of the first number over the second number.

(2) For the purposes of subsection (1) the second number shall be determined by the formula

[image not available: a14y1982s45-1.bmp]

where—

A is the number of employment contributions payable in the base period in respect of all employed contributors who were employed in that period for substantially the whole of their time in the course of the trade,

B is the number of contribution weeks in the relevant period, and

C is the number of contribution weeks in the base period.

Apportionments arising from transfer of part of trade.

46.—Where, on or after the 1st day of July, 1981, any change takes, or has taken, place whereby part of a trade is, or was, transferred to any person, the number of employment contributions payable in respect of employed contributors shall be apportioned for the purposes of sections 45 and 47 and every such apportionment shall be made in such manner as the Revenue Commissioners consider just having regard to all the circumstances.

Determination of number of employment contributions.

47.—For the purposes of this Chapter the number of employment contributions payable in respect of an employed contributor in any period shall be equal to the number of contribution weeks in that period for which the appropriate contribution or contributions in respect of that employed contributor was or were paid or would have been paid but for section 10 (1) (c) of the Social Welfare (Consolidation) Act, 1981 .

Succession to trade.

48.—Where a company succeeds to a trade or part of a trade carried on by another company, the first-mentioned company shall, for the purposes of this Chapter, be deemed to have carried on the trade or part of the trade from the date on which the other company commenced to carry on the trade.

Claims.

49.—A company shall not be entitled to a deduction by virtue of this Chapter in computing its trading income for an accounting period unless it makes a claim for the deduction before the date on which the assessment for the accounting period becomes final and conclusive.

CHAPTER IX Profit Sharing Schemes

Interpretation (Chapter IX).

50.—(1) In this Chapter and in the Third Schedule—

"the appropriate percentage", in relation to any shares, shall be construed in accordance with section 52 (8);

"approved scheme" shall be construed in accordance with section 51 (2);

"the company concerned" has the meaning assigned to it by paragraph 1 (1) of the Third Schedule;

"group scheme" and, in relation to such a scheme, "participating company" have the meanings assigned by paragraph 1 (2) of that Schedule;

"initial market value", in relation to any shares, shall be construed in accordance with section 51 (4);

"locked-in value", in relation to any shares, shall be construed in accordance with section 53 (2);

"market value", in relation to any shares, has the meaning assigned to it by section 49 of the Capital Gains Tax Act, 1975 ;

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

"participant" shall be construed in accordance with section 51 (2) (a);

"the period of retention" has the meaning assigned to it by section 52 (5);

"the release date" has the meaning assigned to it by section 52 (7);

"shares" includes stock;

"the trust instrument", in relation to an approved scheme, means the instrument referred to in paragraph 1 (3) (c) of the Third Schedule;

"the trustees", in relation to an approved scheme or a participant's shares, means the body of persons for the establishment of which the scheme must provide as mentioned in paragraph 1 (3) of the Third Schedule.

(2) Any provision of this Chapter with respect to—

( a ) the order in which any of a participant's shares, are to be treated as disposed of for the purposes of this Chapter, or

( b ) the shares in relation to which an event is to be treated as occurring for any such purpose,

shall have effect notwithstanding any direction given to the trustees with respect to shares of a particular description or to shares appropriated to the participant at a particular time.

(3) For the purposes of capital gains tax—

( a ) no deduction shall be made from the consideration for the disposal of any shares by reason only that an amount determined under this Chapter is chargeable to income tax;

( b ) any charge to income tax by virtue of section 54 shall be disregarded in determining whether a distribution is a capital distribution within the meaning of paragraph 1 of Schedule 2 to the Capital Gains Tax Act, 1975 ; and

( c ) nothing in any such provision as is referred to in subsection (2) shall affect the rules applicable to the computation of a gain accruing on a part disposal of a holding of shares or other securities which were acquired at different times.

Approved profit sharing schemes: appropriated shares.

51.—(1) The provisions of this section apply where, after the 5th day of April, 1982, the trustees of a profit sharing scheme which has been approved of in accordance with Part I of the Third Schedule appropriate shares—

( a ) which have previously been acquired by the trustees, and

( b ) as to which the conditions in Part II of that Schedule are fulfilled,

to an individual who participates in the scheme.

(2) In this Chapter references to an approved scheme are references to a scheme approved of as mentioned in subsection (1); and in relation to such a scheme—

( a ) any reference to a participant is a reference to an individual to whom the trustees of the scheme have appropriated shares; and

( b ) subject to section 55, any reference to a participant's shares is a reference to the shares which have been appropriated to him by the trustees of an approved scheme.

(3) Notwithstanding anything in the Income Tax Acts, a charge to tax shall not be made on any individual in respect of the receipt of a right to receive the beneficial interest in shares passing or to be passed to him by virtue of such an appropriation of shares as is mentioned in subsection (1).

(4) Any reference in this Chapter to the initial market value of any of a participant's shares is a reference to the market value of those shares determined—

( a ) except where paragraph (b) applies, on the date on which the shares were appropriated to him; and

( b ) if the Revenue Commissioners and the trustees of the scheme agree in writing, on or by reference to such earlier date or dates as may be provided for in the agreement.

(5) Notwithstanding anything in the approved scheme concerned or in the trust instrument or in section 52, for the purposes of capital gains tax a participant shall be treated as absolutely entitled to his shares as against the trustees.

(6) Where the trustees of an approved scheme acquire any shares as to which the conditions in Part II of the Third Schedule to this Act are fulfilled and, within the period of eighteen months beginning with the date of their acquisition, those shares are appropriated in accordance with the scheme—

( a ) section 13 of the Finance Act, 1976 , shall not apply to income consisting of dividends on those shares received by the trustees; and

( b ) any gain accruing to the trustees on the appropriation of those shares shall not be a chargeable gain;

and, for the purpose of determining whether any shares are appropriated within that period of eighteen months, shares which were acquired at an earlier time shall be taken to be appropriated before shares of the same class which were acquired at a later time.

(7) The Revenue Commissioners may by notice in writing require any person to furnish to them, within such time as they may direct (but not being less than thirty days), such information as they think necessary for the purposes of their functions under this Chapter, including, in particular, information to enable them—

( a ) to determine whether to approve of a scheme or withdraw an approval already given; and

( b ) to determine the liability to tax, including capital gains tax, of any participant in an approved scheme.

(8) Schedule 15 of he Income Tax Act, 1967 , is hereby amended by the insertion in column 2 of "Finance Act, 1982 , section 51 (7)".

The period of retention, the release date and the appropriate percentage.

52.—(1) No scheme shall be approved of as mentioned in section 51 (1) unless the Revenue Commissioners are satisfied that, whether under the terms of the scheme or otherwise, every participant in the scheme is bound in contract with the company concerned—

( a ) to permit his shares to remain in the hands of the trustees throughout the period of retention;

( b ) not to assign, charge or otherwise dispose of his beneficial interest in his shares during that period;

( c ) if he directs the trustees to transfer the ownership of his shares to him at any time before the release date, to pay to the trustees before the transfer takes place a sum equal to income tax at the standard rate on the appropriate percentage of the locked-in value of the shares at the time of the direction; and

( d ) not to direct the trustees to dispose of his shares at any time before the release date in any other way except by sale for the best consideration in money that can reasonably be obtained at the time of the sale.

(2) No obligation placed on the participant by virtue of subsection (1) (c) shall be construed as binding his personal representatives to pay any sum to the trustees.

(3) Any obligation imposed on a participant by virtue of subsection (1) shall not prevent the participant from—

( a ) directing the trustees to accept an offer for any of his shares (in this paragraph referred to as "the original shares"), if the acceptance or agreement will result in a new holding, as defined in paragraph 2 (1) (b) of Schedule 2 to the Capital Gains Tax Act, 1975 , being equated with the original shares for the purposes of capital gains tax; or

( b ) directing the trustees to agree to a transaction affecting his shares or such of them as are of a particular class, if the transaction would be entered into pursuant to a compromise, arrangement or scheme applicable to or affecting—

(i) all the ordinary share capital of the company in question or, as the case may be, all the shares of the class in question; or

(ii) all the shares, or shares of the class in question, which are held by a class of shareholders identified otherwise than by reference to their employment or their participation in an approved scheme; or

( c ) directing the trustees to accept an offer of cash, with or without other assets, for his shares if the offer forms part of a general offer which is made to holders of shares of the same as his or of shares in the same company and which is made in the first instance on a condition such that if it is satisfied the person making the offer will have control of that company, within the meaning of section 158 of the Corporation Tax Act, 1976 ; or

( d ) agreeing, after the expiry of the period of retention, to sell the beneficial interest in his shares to the trustees for the same consideration as, in accordance with subsection (1) (d), would be required to be obtained for the shares themselves.

(4) If, in breach of his obligation under subsection (1) (b), a participant assigns, charges or otherwise disposes of the beneficial interest in any of his shares, then, as respects those shares, he shall be treated for the purposes of this Chapter as if, at the time they were appropriated to him, he was ineligible to participate in the scheme and section 56 shall apply accordingly.

(5) In this Chapter "the period of retention" in relation to any of a participant shares, means the period beginning on the date on which they are appropriated to him and ending on the second anniversary of that date or, if it is earlier—

( a ) the date on which the participant ceases to be an employee or director of a relevant company by reason of injury or disability or on account of his being dismissed by reason of redundancy, within the meaning of the Redundancy Payments Act, 1967 ;

( b ) the date on which the participant reaches pensionable age, as defined in section 2 of the Social Welfare (Consolidation) Act, 1981 ; or

( c ) the date of the participant's death.

(6) In subsection (5) (a) "relevant company" means the company concerned or, if the scheme in question is a group scheme, a participating company, and in the application of subsection (5) (a) to a participant in a group scheme, the participant shall not be treated as ceasing to be an employee or director of a relevant company until such time as he is no longer an employee or director of any of the participating companies.

(7) In this Chapter "the release date", in relation to any of a participant's shares, means the seventh anniversary of the date on which the shares were appropriated to him.

(8) Subject to section 56 (4), for the purposes of provisions of this Chapter charging an individual to income tax under Schedule E by reason of the occurrence of an event relating to any of his shares, any reference to "the appropriate percentage" in relation to those shares shall be determined according to the time of that event, as follows:—

( a ) if the event occurs before the fourth anniversary of the date on which the shares were appropriated to the participant and paragraph (c) (i) does not apply, the appropriate percentage is 100 per cent.;

( b ) if the event occurs on or after the fourth anniversary and before the fifth anniversary of the date on which the shares were appropriated to the participant and paragraph (c) (i) does not apply, the appropriate percentage is 75 per cent.;

( c ) if—

(i) in a case where the participant—

(I) ceases to be an employee or director of a relevant company as mentioned in subsection (5) (a), or

(II) reaches pensionable age, as defined in section 2 of the Social Welfare (Consolidation) Act, 1981 ,

the event occurs before the sixth anniversary of the date on which the shares were appropriated to him, or

(ii) in any other case, the event occurs on or after the fifth anniversary of that date and before the sixth anniversary of it,

the appropriate percentage is 50 per cent.; and

( d ) if the event occurs on or after the sixth anniversary and before the seventh anniversary of the date on which the shares were appropriated to the participant, the appropriate percentage is 25 per cent.

Disposal of scheme shares.

53.—(1) If the trustees dispose of any of a participant's shares at any time before the release date or, if it is earlier, the date of the participant's death, then, subject to subsections (3) and (4), the participant shall be chargeable to income tax under Schedule E for the year of assessment in which the disposal takes place on the appropriate percentage of the locked-in value of the shares at the time of the disposal.

(2) Subject to sections 55 and 56 (6), any reference in this Chapter to the locked-in value of any of a participant's shares at any time shall be construed as follows:

( a ) if prior to that time the participant has become chargeable to income tax by virtue of section 54 on a percentage of the amount or value of any capital receipt (within the meaning of that section) which is referable to those shares, the locked-in value of the shares is the amount by which their initial market value exceeds the amount or value of that capital receipt or, if there has been more than one such receipt, the aggregate of them; and

( b ) in any other case, the locked-in value of the shares is their initial market value.

(3) Subject to subsection (4), if, on a disposal of shares falling within subsection (1), the proceeds of the disposal are less than the locked-in value of the shares at the time of the disposal subsection (1) shall have effect as if that locked-in value were reduced to an amount equal to the proceeds of the disposal.

(4) If, at any time prior to the disposal of any of a participant's shares, a payment was made to the trustees to enable them to exercise rights arising under a rights issue, then, subject to subsection (5), subsections (1) and (3) shall have effect as if the proceeds of the disposal were reduced by an amount equal to that proportion of that payment or, if there was more than one, of the aggregate of those payments which, immediately before the disposal, the market value of the shares disposed of bore to the market value of all the participant's shares held by the trustees at that time.

(5) For the purposes of subsection (4)—

( a ) no account shall be taken of any payment to the trustees if or to the extent that it consists of the proceeds of a disposal of rights arising under a rights issue; and

( b ) in relation to a particular disposal, the amount of the payment or, as the case may be, of the aggregate of the payments referred to in that subsection shall be taken to be reduced by an amount equal to the total of the reduction (if any) previously made under that subsection in relation to earlier disposals;

and any reference in subsection (4) or paragraph (a) to the rights arising under a rights issue is a reference to rights conferred in respect of a participant's shares, being rights to be allotted, on payment, other shares in the same company.

(6) Where the disposal referred to in subsection (1) is made from a holding of shares which were appropriated to the participant at different times, then, in determining for the purposes of this Chapter—

( a ) the initial market value and the locked-in value of each of those shares, and

( b ) the percentage which is the appropriate percentage in relation to each of those shares,

the disposal shall be treated as being of shares which were appropriated earlier before those which were appropriated later.

(7) If at any time the participant's beneficial interest in any of his shares is disposed of, the shares in question shall be treated for the purposes of this Chapter as having been disposed of at that time by the trustees for (subject to subsection (8)) the like consideration as was obtained for the disposal of the beneficial interest, and for the purpose of this subsection there is no disposal of the participant's beneficial interest if and at the time when that interest becomes vested in any person on the insolvency of the participant or otherwise by operation of the law of the State.

(8) If—

( a ) a disposal of shares falling within subsection (1) is a transfer to which section 52 (1) (c) applies, or

( b ) the Revenue Commissioners are of opinion that any other disposal falling within that subsection is not at arm's length and accordingly direct that this subsection shall apply, or

( c ) a disposal of shares failing within that subsection is one which is treated as taking place by virtue of subsection (7) and takes place within the period of retention,

then for the purposes of this Chapter the proceeds of the disposal shall be taken to be equal to the market value of the shares at the time of the disposal.

(9) In subsection (5) "shares", in the context of shares allotted or to be allotted on a rights issue, includes securities and rights of any description.

Capital receipts in respect of scheme shares.

54.—(1) Subject to the provisions of this section if, in respect of or by reference to any of a participant's shares, the trustees become or the participant becomes entitled, before the release date, to receive any money or money's worth (in this section referred to as a "capital receipt"), the participant shall be chargeable to income tax under Schedule E for the year of assessment in which the entitlement arises on the appropriate percentage (determined as at the time when the trustees become or the participant becomes so entitled) of the amount or value of the receipt.

(2) Money or money's worth is not a capital receipt for the purposes of this section if or, as the case may be, to the extent that—

( a ) it constitutes income in the hands of the recipient for the purposes of income tax;

( b ) it consists of the proceeds of a disposal falling within section 53; or

( c ) it consists of new shares within the meaning of section 55.

(3) If, pursuant to a direction given by or on behalf of the participant or any person in whom the beneficial interest in the participant's shares is for the time being vested, the trustees—

( a ) dispose of some of the rights arising under a rights issue, as defined in section 53 (5), and

( b ) use the proceeds of that disposal to exercise other such rights,

the money or money's worth which constitutes the proceeds of that disposal is not a capital receipt for the purposes of this section.

(4) If, apart from this subsection, the amount or value of a capital receipt would exceed the sum which, immediately before the entitlement to the receipt arose, was the locked-in value of the shares to which the receipt is referable, subsection (1) shall have effect as if the amount or value of the receipt were equal to that locked-in value.

(5) Subsection (1) does not apply in relation to a receipt if the entitlement to it arises after the death of the participant to whose shares it is referable.

(6) Subsection (1) does not apply in relation to any receipt the amount or value of which (after any reduction under subsection (4)) does not exceed £10.

Company reconstructions, amalgamations, etc.

55.—(1) This section applies where there occurs in relation to any of a participant's shares (in this section referred to as "the original holding") a transaction (in this section referred to as a "company reconstruction") which results in a new holding, as defined in paragraph 2 (1) (b) of Schedule 2 to the Capital Gains Tax Act, 1975 , being equated with the original holding for the purposes of capital gains tax.

( 2 ) ( a ) Where shares are issued, as part of a company reconstruction, in circumstances such that section 85 (1) of the Corporation Tax Act, 1976 , applies, those shares shall be treated for the purposes of this section as not forming part of the new holding.

( b ) Nothing in this Chapter shall affect the application of section 84 (2) (c) or 86 (1) of the Corporation Tax Act, 1976 .

(3) In this section—

"new shares" means shares comprised in the new holding which were issued in respect of, or otherwise represent, shares comprised in the original holding;

"the corresponding shares", in relation to any new shares, means those shares in respect of which the new shares were issued or which the new shares otherwise represent.

(4) Subject to the following provisions of this section, references in this Chapter to a participant's shares shall be construed, after the time of the company reconstruction, as being or, as the case may be, as including, references to any new shares, and for the purposes of this Chapter—

( a ) a company reconstruction shall be treated as not involving a disposal of shares comprised in the original holding;

( b ) the date on which any new shares are to be treated as having been appropriated to the participant shall be that on which the corresponding shares were appropriated; and

( c ) the conditions in Part II of the Third Schedule shall be treated as fulfilled with respect to any new shares if they were (or were treated as) fulfilled with respect to the corresponding shares.

(5) In relation to shares comprised in the new holding, section 53 (2) shall apply as if the references in that subsection to the initial market value of the shares were references to their locked-in value immediately after the company reconstruction, which shall be determined by—

( a ) ascertaining the aggregate amount of locked-in value immediately before the reconstruction of those shares comprised in the original holding which had at that time the same locked-in value; and

( b ) distributing that amount pro rata among—

(i) such of those shares as remain in the new holding, and

(ii) any new shares in relation to which those shares are the corresponding shares,

according to their market value immediately after the date of the reconstruction, and paragraph (a) of that subsection shall apply only to capital receipts after the date of the reconstruction.

(6) For the purposes of this Chapter if, as part of a company reconstruction, trustees become entitled to a capital receipt, within the meaning of section 54, their entitlement to the capital receipt shall be taken to arise before the new holding comes into being and, for the purposes of subsection (5), before the date on which the locked-in value of any shares comprised in the original holding fails to be ascertained.

(7) In the context of a new holding, any reference in this section to shares includes securities and rights of any description which form part of the new holding for the purposes of paragraph 2 (1) (b) of Schedule 2 to the Capital Gains Tax Act, 1975 .

Excess or unauthorised shares.

56.—(1) If the total of the initial market values of all the shares which are appropriated to an individual in any one year of assessment (whether under a single approved scheme or under two or more such schemes) exceeds £1,000, subsections (4) to (7) shall apply to the excess shares, that is to say, any share which caused that limit to be exceeded and any share appropriated after that limit was exceeded.

(2) For the purposes of subsection (1), if a number of shares is appropriated to an individual at the same time under two or more approved schemes, the same proportion of the shares appropriated at that time under each scheme shall be regarded as being appropriated before the limit of £1,000 is exceeded.

(3) If the trustees of an approved scheme appropriate shares to an individual at a time when he is ineligible to participate in the scheme by virtue of Part III of the Third Schedule, the following provisions of this section shall apply in relation to those shares, and in those provisions those shares are referred to as "unauthorised shares".

(4) For the purposes of any provision of this Chapter charging an individual to income tax under Schedule E by reason of the occurrence of an event relating to any of his shares—

( a ) the appropriate percentage in relation to excess shares or unauthorised shares shall in every case be 100 per cent.; and

( b ) without prejudice to section 53 (6), the event shall be treated as relating to shares which are not excess shares or unauthorised shares before shares which are.

(5) Excess shares or unauthorised shares which have not been disposed of before the release date or, if it is earlier, the date of the death of the participant whose shares they are shall be treated for the purposes of this Chapter as having been disposed of by the trustees immediately before the release date or, as the case may require, the date of the participant's death, for a consideration equal to their market value at that time.

(6) The locked-in value at any time of any excess shares or unauthorised shares shall be their market value at that time.

(7) Where there has been a company reconstruction to which section 55 applies, a new share (within the meaning of that section) shall be treated as an excess share or unauthorised share if the corresponding share (within the meaning of that section) or, if there was more than one corresponding share, each of them was an excess share or an unauthorised share.

Assessment of trustees in respect of sums received.

57.—Where in connection with a direction to transfer the ownership of a participant's shares to which paragraph (c) of section 52 (1) applies, the trustees receive such a sum as is referred to in that paragraph—

( a ) the trustees shall be chargeable to tax under Case IV of Schedule D in an amount equal to the appropriate percentage of the locked-in value of the shares at the time of the direction, and

( b ) the amount on which the participant is to be charged to tax as a result of the transfer shall be deemed to be an amount from which tax has been deducted at the standard rate pursuant to the provisions of section 434 of the Income Tax Act, 1967 .

Schedule D deduction of payments to trustees.

58.—(1) As respects any accounting period, any sum expended in that accounting period by the company concerned in making a payment or payments to the trustees of an approved scheme shall be included—

( a ) in the sums to be deducted in computing for the purposes of Schedule D the profits or gains for that accounting period of a trade carried on by that company, or

( b ) if that company is an investment company within the meaning of section 15 of the Corporation Tax Act, 1976 , or a company in the case of which that section applies by virtue of section 33 of that Act, in the sums to be deducted under section 15 (1) of that Act as expenses of management in computing the profits of the company for that accounting period for the purposes of corporation tax,

if, and only if, one of the conditions in subsection (2) is fulfilled:

Provided that no deduction shall be allowed under this section or under any other provision of the Tax Acts in respect of so much of any sum or the aggregate amount of any sums so expended in that accounting period as exceeds 20 per cent. of the company's—

(i) trading income for that accounting period, in the case of a company to which paragraph (a) applies, or

(ii) income for that accounting period, in the case of a company to which paragraph (b) applies, after taking into account any sums which, apart from this section, are to be deducted under section 15 (1) of the Corporation Tax Act, 1976 , as expenses of management in computing the profits of the company for the purposes of corporation tax.

(2) The conditions referred to in subsection (1) are—

( a ) that before the expiry of the relevant period the sum in question is applied by the trustees in the acquisition of shares for appropriation to individuals who are eligible to participate in the scheme by virtue of their being or having been employees or directors of the company making the payment, and

( b ) that the sum is necessary to meet the reasonable expenses of the trustees in administering the scheme.

(3) In subsection (1) "trading income", in relation to any trade, means the income from the trade computed in accordance with the rules applicable to Case I of Schedule D before any deduction under this Chapter and after any set-off or reduction of income by virtue of section 16 or 18 of the Corporation Tax Act, 1976 , and after any deduction or addition by virtue of section 14 of that Act, and after any deduction or addition by virtue of section 31A of the Finance Act, 1975 .

(4) In subsection (2) (a) "the relevant period" means the period of nine months beginning on the day following the end of the period of account in which the sum in question is charged as an expense of the company incurring the expenditure or such longer period as the Revenue Commissioners may allow by notice in writing given to that company.

(5) For the purposes of this section, the trustees of an approved scheme shall be taken to apply sums paid to them in the order in which the sums are received by them.

CHAPTER X Anti-avoidance and Anti-evasion

Interest on unpaid taxes in cases of fraud or neglect.

59.—(1) This section applies to interest chargeable under—

( a ) sections 20 (2) and 50 (2) of the Finance Act, 1971 , and

( b ) section 145 (4) of the Corporation Tax Act, 1976 .

(2) Where any interest to which this section applies is chargeable for any month commencing on or after the 1st day of November, 1982, or any part of such a month, in respect of tax due to be paid or remitted whether before, on or after such date, such interest shall be chargeable at the rate of 2 per cent. for each month or part of a month instead of at the rate of 1.25 per cent. mentioned in section 46 (2) of the Finance Act, 1978 .

(3) In this section "tax" means income tax, sur-tax, capital gains tax, corporation profits tax or corporation tax, as may be appropriate.

Amendment of certain provisions of Tax Acts relating to penalties.

60.—(1) Where, after the passing of this Act (but with respect to any year of assessment, or, as the case may be, accounting period, whether ending before or ending after such passing), an act or omission occurs in respect of which a person would, but for this subsection, have incurred the penalty or penalties provided for in any provision of the Tax Acts specified in column (2) of the Table to this subsection at any reference number, the person shall, in lieu of the penalty or penalties so provided for, be liable to the penalty specified in column (3) of the said Table at that reference number and that provision shall be construed and have effect accordingly.

TABLE

Reference Number (1)	Provision of the Tax Acts (2)	Penalty (3)
1.	Section 128 (1) of the Income Tax Act, 1967	£800
2.	Section 128 (1A) of the Income Tax Act, 1967	£500
3.	Section 173 (6) of the Income Tax Act, 1967	£800
4.	Section 426 (3) of the Income Tax Act, 1967	£500
5.	Section 500 (1) of the Income Tax Act, 1967	£500
6.	Section 500 (2) of the Income Tax Act, 1967	£800
7.	Section 6 (5) of the Finance Act, 1968	£800
8.	Section 64 (9) of the Corporation Tax Act, 1976	£800
9.	Section 34 (4) of the Finance Act, 1976	£800
10.	Section 31 (5) of the Finance Act, 1979	£800
11.	Section 45 (8) of the Finance Act, 1980	£800

(2) In relation to acts or omissions to which subsection (1) applies, the Income Tax Act, 1967 , is hereby amended—

( a ) in section 128—

(i) in subsection (1), by the deletion of ", together with, in the case of a continuing non-compliance, a penalty of the like amount for every day on which the non-compliance is continued", and

(ii) by the deletion of subsection (3),

( b ) in section 173—

(i) in subsection (6), by the deletion of "together with, in the case of a continuing non-compliance, a penalty of the like amount for every day on which the non-compliance is continued", and

(ii) by the deletion of subsection (8),

( c ) in section 426 (3), by the substitution for "forfeit a sum not exceeding" of "be liable to a penalty of", and

( d ) in section 500—

(i) in subsection (1), by the deletion of "and, if the failure continues after judgment has been given by the court before which proceedings for the penalty have been commenced, to a further penalty of £10 for each day on which the failure so continues", and

(ii) in subsection (2), by the substitution for "first of the penalties" of "penalty".

Purchase of shares by financial concerns and persons exempted from tax.

61.— Section 371 of the Income Tax Act, 1967 , shall, as respects dividends paid on or after the 26th day of March, 1982, have effect as if, in subsections (1) and (2), "ten" were substituted for "six", in each place where it occurs.

Amendment of section 9 (consideration) of Capital Gains Tax Act, 1975 .

62.— Section 9 of the Capital Gains Tax Act, 1975 , is hereby amended by the insertion after subsection (2) of the following subsections:

"(3) Notwithstanding subsection (1) and paragraph 2 (2) of Schedule 2, where, on or after the 24th day of June, 1982, a company, otherwise than by way of a bargain made at arm's length, allots shares in the company (hereafter in this subsection referred to as 'the new shares') to a person who is connected with the company, the consideration which the person gives or becomes liable to give for the new shares shall, for the purposes of the Capital Gains Tax Acts, be deemed to be an amount (including a nil amount) equal to the lesser of—

( a ) the amount or value of the consideration given by him for the new shares, and

( b ) the amount by which the market value of the shares in the company which he held immediately after the allotment of the new shares exceeds the market value of the shares in the company which he held immediately before the allotment or, if he held no such shares immediately before the allotment, the market value of the new shares immediately after the allotment.

(4) In subsection (3) 'shares' includes stock, debentures and any interests to which paragraph 5 (2) of Schedule 2 applies and also includes any option in relation to such shares, and references therein to an allotment of shares shall be construed accordingly.".

Restriction of Schedule 2 (companies and shareholders) of Capital Gains Tax Act, 1975 .

63.—(1) Neither paragraph 4 nor paragraph 5 of Schedule 2 to the Capital Gains Tax Act, 1975 , shall apply to the issue, on or after the 24th day of June, 1982, by a company of shares in the company—

( a ) by way of such an exchange as is referred to in the said paragraph 4, or

( b ) under such a scheme of reconstruction or amalgamation as is referred to in the said paragraph 5,

unless it is shown that the exchange, reconstruction or amalgamation is elected for bona fide commercial reasons and does not form part of any arrangement or scheme of which the main purpose, or one of the main purposes, is avoidance of liability to tax.

(2) In subsection (1) "shares" has the same meaning as in section 62.

PART II CUSTOMS AND EXCISE

Interpretation (Part II).

64.—In this Part "the Order of 1975" means the Imposition of Duties (No. 221) (Excise Duties) Order, 1975 ( S.I. No. 307 of 1975 ).

Duty on foreign travel.

65.—(1) In this section—

"aircraft" means an aircraft suitable for the carriage of more than fifteen passengers;

"carrier" means a person (being a person who performs the carriage of persons by ship or by aircraft) who as a principal makes an agreement for the carriage of a person by ship or by aircraft either with the person to be so carried or with a person (not being a person who performs the carriage of persons by ship or by aircraft) acting on the latter's behalf;

"passenger ticket" means a document, relating to the carriage of one or more persons, issued on foot of a contract wholly or partly in respect of carriage;

"ship" means any sea-going vessel suitable for the carriage of more than fifty passengers and includes hovercraft;

"the United Kingdom" means Northern Ireland, Great Britain and the Isle of Man.

( 2 ) ( a ) There shall be charged, levied and paid a duty of excise on the issue in the State on or after the 1st day of September, 1982, of each and every passenger ticket relating wholly or partly to carriage by a ship or an aircraft on a voyage or a flight, as the case may be, commencing in the State to a destination, other than Northern Ireland, outside the State.

( b ) The duty of excise imposed by paragraph (a) of this subsection shall be paid at such time or times and in such manner as may be specified by regulations made by the Revenue Commissioners.

( 3 ) ( a ) In this subsection "person" shall not include a person in respect of whose carriage no charge is levied.

( b ) The rates at which the duty of excise imposed by subsection (2) of this section shall be paid shall be—

(i) £3 for each person whose carriage is authorised by a passenger ticket relating to carriage by an aircraft on a flight to a destination (other than a destination in Northern Ireland) outside the State,

(ii) £3 for each person whose carriage is authorised by a passenger ticket relating to carriage by a ship on a voyage to a destination (other than a destination in the United Kingdom) outside the State,

(iii) £2 for each person whose carriage is authorised by a passenger ticket relating to carriage by a ship on a voyage to a destination in Great Britain or the Isle of Man.

( 4 ) ( a ) A carrier shall be liable for payment of the duty of excise imposed by subsection (2) of this section in respect of passenger tickets issued by him or issued by another person (not being a carrier) on his behalf.

( b ) Where a passenger ticket is issued by a person other than a person specified in paragraph (a) of this subsection, the person who, in relation to the voyage or the flight on which the person holding the said ticket is carried, is the carrier shall be liable for payment of the duty of excise imposed by subsection (2) of this section.

(5) Notwithstanding the provisions of subsection (2) of this section and subject to any regulations for the time being in force under this section, the duty of excise imposed thereby shall not be charged in respect of a passenger ticket—

( a ) relating to a person in respect of whose carriage no charge is levied, or

( b ) for the carriage of a person by an aircraft or a ship on a flight or a voyage, as the case may be, on which the aircraft or ship is exclusively employed for State or military purposes, or

( c ) relating to a person under the age of two years, or

( d ) relating to a person who, because of physical disablement or infirmity, is transported in a wheelchair or on a stretcher, or

( e ) for the carriage of a person, suffering from serious physical or mental disablement or infirmity, by an aircraft on a flight, other than a scheduled flight, to an internationally recognised place of religious pilgrimage.

(6) Where a person liable for payment of the duty of excise imposed by subsection (2) of this section neither pays the said duty of excise in accordance with that subsection nor secures the payment thereof in accordance with subsection (7) of this section, he shall be guilty of an offence and shall be liable on summary conviction to an excise penalty of £800.

(7) Notwithstanding the provisions of subsection (2) of this section, the Revenue Commissioners may, subject to compliance with such conditions for securing payment of the duty of excise imposed by the said subsection (2) as they may think fit to impose, permit payment of the said duty of excise to be deferred for such time as they may appoint by regulations.

(8) Whenever it is shown to the satisfaction of the Revenue Commissioners that the duty of excise imposed by subsection (2) of this section was charged or paid—

( a ) in error, or

( b ) in respect of a passenger ticket which was not used,

the said duty of excise may, subject to such conditions as the Revenue Commissioners may think fit to impose, be remitted or repaid, as the case may be.

( 9 ) ( a ) An officer of Customs and Excise may, at all reasonable times, enter premises or go on board an aircraft or a ship in which passenger tickets in respect of which the duty of excise imposed by this section is or was chargeable or books or other documents relating to the issue of such passenger tickets are reasonably believed by the officer to be kept and may inspect and take copies of or extracts from—

(i) any such passenger tickets there found, or

(ii) any such books or other documents there found and reasonably believed by the officer to relate to the issue of such passenger tickets.

( b ) A person who resists, obstructs or impedes an officer of Customs and Excise in the exercise of a power conferred on him by this subsection shall be guilty of an offence and shall be liable on summary conviction to an excise penalty of £500.

( 10 ) ( a ) The Revenue Commissioners may make regulations for the purpose of giving full effect to the provisions of this section.

( b ) In particular, but without prejudice to the generality of paragraph (a) of this subsection, regulations under this subsection may—

(i) prescribe the method of charging, securing and collecting the duty of excise imposed by subsection (2) of this section,

(ii) require a person liable for payment of the duty of excise imposed by subsection (2) of this section, or a person acting on his behalf, or any other person who issues passenger tickets, to keep in a specified manner and to preserve for a specified period such accounts and records as may be specified and to keep for a specified period any other books or documents (including passenger tickets or portions thereof and copies of such tickets or portions) as may be specified and to allow an officer of Customs and Excise to inspect and take copies of or extracts from such accounts, records, books and documents,

(iii) require a person liable for payment of the duty of excise imposed by subsection (2) of this section or a person acting on his behalf, to furnish at such times and in such form as may be specified returns in relation to such matters as may be specified,

(iv) make such provision as the Revenue Commissioners consider necessary for the establishment and maintenance of a register of persons liable for payment of the duty of excise imposed by subsection (2) of this section and for the entry therein of the names and addresses of such persons and of any other particulars they consider necessary and for requiring such persons to apply to the Revenue Commissioners for registration in such register,

(v) provide, either generally or in relation to a specified class, or specified classes, of persons, that any one or more of the provisions of subsection (5) of this section shall not apply unless such conditions as may be specified in the regulations are complied with and specify different conditions in relation to different such provisions of the said subsection (5).

( c ) A person who contravenes or fails to comply with a regulation under this subsection shall be guilty of an offence and shall be liable on summary conviction to an excise penalty of £500.

(11) Where a contract is or was entered into before the 1st day of September, 1982, in respect of carriage in relation to which a passenger ticket is issued on or after that date, a person responsible for the performance of the carriage under the contract may, in the absence of agreement to the contrary, recover, as an addition to the contract price, a sum equal to any amount paid by him in respect of the issue of the said passenger ticket on account of the duty of excise imposed by subsection (2) of this section.

(12) The provisions of the statutes which relate to the duties of excise and the management thereof and of any instrument relating to duties of excise made under statute shall, with any necessary modifications, apply in relation to the duty imposed by this section as they apply to duties of excise.

Hydrocarbons.

66.—(1) The duty of excise on mineral hydrocarbon light oil imposed by paragraph 11 (1) of the Order of 1975 shall be charged, levied and paid, as on and from the 26th day of March, 1982, at the rate of £18.85 per hectolitre in lieu of the rate specified in section 6 (1) of the Finance (No. 2) Act, 1981 .

(2) The duty of excise on hydrocarbon oil imposed by paragraph 12 (1) of the Order of 1975 shall be charged, levied and paid, as on and from the 26th day of March, 1982, at the rate of £13.20 per hectolitre in lieu of the rate specified in section 6 (2) of the Finance (No. 2) Act, 1981 .

(3) As on and from the 26th day of March, 1982, the rate of any repayment allowed under paragraph 12 (11) of the Order of 1975 in respect of hydrocarbon oil on which such repayment is allowable and on which the excise duty mentioned in subsection (2) of this section was paid at the rate of £13.20 per hectolitre shall be £11.41 per hectolitre in lieu of the rate allowable immediately before the 26th day of March, 1982.

(4) Notwithstanding the provisions of section 70 (11) of the Finance Act, 1980 , the amount of any repayment under paragraph 4 of the Imposition of Duties (No. 232) (Hydrocarbon Oils) Order, 1977 ( S.I. No. 279 of 1977 ), on hydrocarbon oil used as specified in the said paragraph 4 during the period from the 1st day of December, 1981, to the 31st day of December, 1982, shall be the amount of excise duty paid on the quantity of oil so used.

(5) With effect as on and from the 26th day of March, 1982, the following paragraph shall be substituted for paragraph 11 (4) of the Order of 1975:

"(4) A drawback equal to the amount of the duty shown, to the satisfaction of the Revenue Commissioners, to have been paid by reason of the operation of this paragraph in respect of the mineral hydrocarbon light oil in question shall be allowed on the exportation from the State or the shipment or deposit in a bonded warehouse for use as ship's stores of any mineral hydrocarbon light oil (including such oil which is shown, to the satisfaction of the Revenue Commissioners, to be contained in any goods) chargeable with the said duty.".

(6) With effect as on and from the 26th day of March, 1982, the following paragraph shall be substituted for paragraph 12 (2) of the Order of 1975:

"(2) A drawback equal to the amount of the duty shown, to the satisfaction of the Revenue Commissioners, to have been paid by reason of the operation of this paragraph in respect of the hydrocarbon oil in question shall be allowed on the exportation from the State or the shipment or deposit in a bonded warehouse for use as ship's stores of any hydrocarbon oil (including such oil which is shown, to the satisfaction of the Revenue Commissioners, to be contained in any goods) chargeable with the said duty.".

(7) The duty of excise on gaseous hydrocarbons in liquid form imposed by section 41 (1) of the Finance Act, 1976 , shall be charged, levied and paid, as on and from the 26th day of March, 1982, at the rate of £0.56 per gallon in lieu of the rate specified in section 6 (4) of the Finance (No. 2) Act, 1981 .

Reduction of duty on motor vehicle parts and accessories and tyres.

67.—(1) The Order of 1975 is hereby amended—

( a ) by the substitution in column (2) of the Fifth Schedule at reference number 2—

(i) with effect as on and from the 1st day of October, 1982, of "33 per cent. " for "37.5%",

(ii) with effect as on and from the 1st day of February, 1983, of "29 per cent." for "33 per cent." (inserted by this section), and

(iii) with effect as on and from the 1st day of June, 1983, of "25 per cent." for "29 per cent." (inserted by this section),

and

( b ) with effect as on and from the 1st day of October, 1982, by the substitution in subparagraph (3) of paragraph 15 of "10 per cent." for "15 per cent.".

(2) With effect as on and from the 1st day of October, 1982, the Emergency Imposition of Duties (No. 66) Order, 1935 ( S. R. & O. No. 18 of 1935 ), is hereby amended by the substitution in paragraph 6 of "five per cent." for "seven and one-half per cent."

Reduction of duty on public dancing licences.

68.—(1) Section 78 of the Finance Act, 1980 is hereby amended by the substitution of the following subsection for subsection (2):

"(2) There shall be charged, levied and paid on every public dancing licence granted under section 2 of the Public Dance Halls Act, 1935 , a duty of excise of—

in case the licence is for a defined period not exceeding one month	£10
in any other case	£75."

(2) This section shall have effect in relation to public dancing licences granted under the Public Dance Halls Act, 1935 , on or after the date of the passing of this Act in respect of dates subsequent to the 30th day of September, 1982.

Amendment of certain enactments relating to bookmakers.

69.—(1) The Finance Act, 1926 , is hereby amended—

( a ) in section 24, by the substitution of the following subsection for subsection (4):

"(4) Every person who fails or neglects to pay, within such period as may be prescribed by the Revenue Commissioners, any sum payable by him in respect of the duty imposed by this section shall be guilty of an offence and shall be liable on summary conviction to an excise penalty of £800.",

( b ) in section 25, by the substitution of the following subsection for subsection (2):

"(2) Every person who contravenes or fails to comply with a regulation made under this section shall be guilty of an offence and shall be liable on summary conviction to an excise penalty of £800."

and

( c ) in section 26, by the substitution of the following subsection for subsection (2):

"(2) Every person who resists, obstructs, or impedes an officer of Customs and Excise in the exercise of any right or power conferred on such officer by this section or refuses without lawful and sufficient excuse to produce any document which he is required by such officer under this section to produce shall be guilty of an offence and shall be liable on summary conviction to an excise penalty of £500.".

(2) Section 2 of the Betting Act, 1931 , is hereby amended by the substitution of the following subsection for subsection (2):

"(2) Every person who carries on business or acts as a bookmaker in contravention of this section and every person who holds himself out or represents himself to be a bookmaker or a licensed bookmaker in contravention of this section shall be guilty of an offence and shall be liable on summary conviction to an excise penalty of £800.".

Amendment of section 78 (power to mitigate penalty) of Excise Management Act, 1827.

70.—Section 78 of the Excise Management Act, 1827, is hereby amended by the substitution of "one half" for "one fourth part".

Increase of excise duties on licences for mechanically propelled vehicles.

71.—(1) In this section "the Act" means the Finance (Excise Duties) (Vehicles) Act, 1952 .

(2) Section 1 (2) (b) of the Act shall, as respects licences under section 1 of the Act for periods beginning on or after the 1st day of May, 1982, be amended by the substitution of "£30 or less" for "twenty pounds or less" (inserted by the Finance Act, 1981 ).

(3) The Act shall, as respects licences under section 1 of the Act taken out for periods beginning on or after the 1st day of May, 1982, be amended by the substitution in paragraph 1 of Part I of the Schedule thereto of "£4", "£10", "£16", "£24", "£30", "£5", "£25", "£19" and "£6" for "£2", "£5", "£8","£12", "£15","£2.50", "£12.50", "£9.50", and "£3", respectively.

( 4 ) ( a ) Subject to paragraphs (b) and (c) of this subsection, the Act is, as respects licences under section 1 of the Act taken out for periods beginning on or after the 1st day of May, 1982, hereby amended by the substitution in Part I of the Schedule thereto (as amended by section 8 of the Finance (No. 2) Act, 1981 ) of the following subparagraph for subparagraph (d) of paragraph 6:

"( d ) other vehicles to which this paragraph applies—

not exceeding 8 horse-power

£5 for each unit or part of

a unit of horse-power

exceeding 8 horse-power and not exceeding 12 horse-power

£7 for each unit or part of

a unit of horse-power

exceeding 12 horse-power and not exceeding 16 horse-power

£8 for each unit or part of

a unit of horse-power

exceeding 16 horse-power and not exceeding 20 horse-power

£10 for each unit or part

of a unit of horse-power

exceeding 20 horse-power

electrically propelled

£11 for each unit or part

of a unit of horse-power

£30".

( b ) Paragraph (a) of this subsection shall not have effect in relation to any vehicle—

(i) which is used as a small public service vehicle within the meaning of the Road Traffic Act, 1961 , and for no other purpose,

(ii) which is fitted with a taximeter and is lawfully used as a street service vehicle within the meaning of the said Road Traffic Act, 1961 , or for purposes incidental to such user and for no other purpose, or

(iii) which is used as a hearse and for no other purpose.

( c ) Paragraph (a) of this subsection shall not have effect in relation to vehicles specified in Article 3 of the Imposition of Duties (No. 170) (Excise Duties) (Vehicles) Order, 1968 ( S.I. No. 68 of 1968 ), as amended by the Imposition of Duties (No. 216) (Excise Duties) (Vehicles) Order, 1975 ( S.I. No. 5 of 1975 ).

(5) The Act is, as respects licences under section 1 of the Act taken out for periods beginning on or after the 1st day of May, 1982, in respect of a vehicle—

( a ) which is used as a small public service vehicle within the meaning of the Road Traffic Act, 1961 , and for no other purpose, or

( b ) which is fitted with a taximeter and is lawfully used as a street service vehicle within the meaning of the said Road Traffic Act, 1961 , or for purposes incidental to such user and for no other purpose,

hereby amended by the substitution in Part I of the Schedule thereto of the following subparagraph for subparagraph (d) of paragraph 6:

"( d ) other vehicles to which this paragraph applies—

not exceeding 8 horse-power	£24
exceeding 8 horse-power but not exceeding
9 horse-power	£27
exceeding 9 horse-power but not exceeding
10 horse-power	£30
exceeding 10 horse-power but not exceeding
11 horse-power	£33
exceeding 11 horse-power but not exceeding
12 horse-power	£36
exceeding 12 horse-power but not exceeding
13 horse-power	£39
exceeding 13 horse-power but not exceeding
14 horse-power	£42
exceeding 14 horse-power but not exceeding
15 horse-power	£45
exceeding 15 horse-power	£50".

Amendment of certain provisions relating to penalties for offences in relation to licensing and registration of motor vehicles.

72.—(1) Where, after the passing of this Act, an act or omission occurs in respect of which a person would, but for this subsection, have incurred the penalty provided for or in any provision specified in column (2) of the Table to this subsection at any reference number of an Act specified in that column at that reference number, the person shall, in lieu of the penalty so provided for, be liable to the penalty specified in column (3) of the said Table at that reference number and that provision shall be construed and have effect accordingly.

TABLE

Reference Number (1)	Provision of Act (2)	Penalty (3)
1	Section 12 (4) of the Roads Act, 1920	A penalty not exceeding £200
2	Section 13 (1) of the Roads Act, 1920	An excise penalty of £200 or an excise penalty equal to three times the amount of the duty payable in respect of the vehicle or vehicles, whichever is the greater
3	Section 13 (2) of the Roads Act, 1920	A fine not exceeding £200 or to imprisonment for a term not exceeding 6 months
4	Section 13 (4) of the Roads Act, 1920	A fine not exceeding £200 or to imprisonment for a term not exceeding 6 months
5	Section 2 (2) of the Finance(Excise Duties) (Vehicles) Act, 1952	An excise penalty of (whichever is the greater) £200 or three times the difference between the duty paid and duty at the higher rate
6	Section 76 of the Finance Act, 1976	A fine not exceeding £200

(2) Section 6 of the Roads Act, 1920 is hereby amended by the deletion of subsection (2).

Confirmation of Orders.

73.—The Orders mentioned in the Table to this section are hereby confirmed.

TABLE

S.I. No. 10 of 1981	Imposition of Duties (No. 250) (Beer) Order, 1981
S.I. No. 219 of 1981	Imposition of Duties (No. 251) (Excise Duty on Wine) Order, 1981
S.I. No. 367 of 1981	Imposition of Duties (No. 255) (Hydrocarbon Oils) Order, 1981
S.I. No. 404 of 1981	Imposition of Duties (No. 256) (Excise Duty on Hydrocarbon Oils) Order, 1981
S.I. No. 48 of 1982	Imposition of Duties (No. 259) (Excise Duties) Order, 1982
S.I. No. 49 of 1982	Imposition of Duties (No. 260) (Excise Duty on Video Players) Order, 1982

PART III VALUE-ADDED TAX

Interpretation (Part III).

74.—In this Part—

"the Principal Act" means the Value-Added Tax Act, 1972 ;

"the Act of 1976" means the Finance Act, 1976 ;

"the Act of 1978" means the Value- Added Tax (Amendment) Act, 1978 ;

"the Act of 1981" means the Finance (No. 2) Act, 1981 .

Amendment of section 3 (delivery of goods) of Principal Act.

75.—Section 3 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (3):

"(3) ( a ) The supply by auction of livestock, live horses, or live greyhounds, vegetables, fruit, flowers, poultry, eggs or fish shall be deemed, for the purposes of this Act, to constitute a supply of the goods to and simultaneously by the auctioneer.

( b ) The supply through an agent of livestock, live horses or live greyhounds shall be deemed, for the purposes of this Act, to constitute a supply of the goods to and simultaneously by the agent.".

Amendment of section 5 (rendering of services) of Principal Act.

76.—Section 5 of the Principal Act is hereby amended by the insertion after subsection (4) of the following subsection—

"(4A) Where services are supplied by a person and the person is not legally entitled to recover consideration in respect of or in relation to such supply but moneys are received in respect of or in relation to such supply, the services in question shall be deemed, for the purposes of this Act, to have been supplied for consideration and the moneys received shall be deemed to be consideration that the person who supplied the services in question became entitled to receive in respect of or in relation to the supply of those services.".

Amendment of section 8 (accountable persons) of Principal Act.

77.—Section 8 of the Principal Act is hereby amended—

( a ) by the substitution in subsection (3) (inserted by the Act of 1978) of the following paragraph for paragraph (b):

"( b ) a person whose supplies of taxable goods or services consist exclusively of—

(i) supplies to taxable persons and persons to whom section 13 (3) applies of fish (not further processed than gutted, salted and frozen) which he has caught in the course of a sea-fishing business, or

(ii) supplies of the kind specified in subparagraph (i) and of either or both of the following, that is to say:

(I) supplies of machinery, plant or equipment which have been used by him in the course of a sea-fishing business, and

(II) supplies of other goods and services the total consideration for which has not exceeded and is not likely to exceed £15,000 in any continuous period of 12 months.",

( b ) by the insertion after subsection (3) of the following subsection:

"(3A) Where a person who supplies services consisting of the training of horses for racing, the consideration for which has exceeded £15,000 in any continuous period of 12 months, would, but for the supply of such services, be a farmer, he shall be deemed to be a taxable person only in respect of the supply of those services and, in the absence of an election, shall, in relation to the supply of any of the goods and services specified in paragraph (a) and subparagraphs (i) and (iii) of paragraph (b) of the definition of 'farmer' in subsection (9) (inserted by the Act of 1978), be deemed not to be a taxable person. ",

and

( c ) by the substitution in subsection (9) for the definition of "farmer" of the following definition:

"'farmer' means a person who engages in at least one Annex A activity and—

( a ) whose supplies consist exclusively of either or both of the following, that is to say:

(i) supplies of agricultural produce, or

(ii) supplies of agricultural services, or

( b ) whose supplies consist exclusively of either or both of the supplies specified in paragraph (a) and of one or more of the following, that is to say:

(i) supplies of machinery, plant or equipment which has been used by him for the purposes of an Annex A activity,

(ii) supplies of services consisting of the training of horses for racing the total consideration for which has not exceeded and is not likely to exceed £15,000 in any continuous period of 12 months, or

(iii) supplies of goods and services, other than those referred to in subparagraphs (i) and (ii) or paragraph (a), the total consideration for which has not exceeded and is not likely to exceed £15,000 in any continuous period of 12 months.".

Amendment of section 10 (amount on which tax is chargeable) of Principal Act.

78.—Section 10 (inserted by the Act of 1978) of the Principal Act is hereby amended by the insertion of the following subsection after subsection (4):

"(4A) Where goods chargeable with a duty of excise are supplied while warehoused, and before payment of the duty, to an unregistered person, the amount on which tax is chargeable in respect of the supply shall be increased by an amount equal to the amount of duty that would be payable in relation to the goods if the duty had become due at the time of the supply.".

Amendment of section 11 (rates of tax) of Principal Act.

79.—(1) Section 11 of the Principal Act is hereby amended—

( a ) in subsection (1) (inserted by the Act of 1978)—

(i) in paragraph (a), by the substitution of "18 per cent." for "15 per cent." (inserted by the Act of 1981),

(ii) in paragraph (b), by the substitution of "(xva)" for "(xv)", and

(iii) in paragraph (c) (inserted by the Finance Act, 1980 ), by the substitution of "30 per cent." for "25 per cent." (inserted by the Act of 1981),

( b ) in subsection (2)—

(i) in paragraph (b) (inserted by the Act of 1978), by the substitution of "16.67 per cent." for "20 per cent." (inserted by the Act of 1981), and

(ii) in paragraph (c) (inserted by the Act of 1981), by the substitution of "16.67 per cent." for "20 per cent.", and

(iii) by the insertion after the said paragraph (c) of the following paragraphs:

"(d) On the supply by an auctioneer, solicitor, estate agent or other agent of services directly related to the supply of immovable goods used for the purposes of an Annex A activity tax shall be chargeable at the rate specified in subsection 5 (1) (a) on 16.67 per cent. of the total amount on which tax is chargeable and at the rate of zero per cent. on the balance of the said total amount.

( e ) On the supply of farm accountancy services or farm management services tax shall be chargeable at the rate specified in subsection (1) (a) on 16.67 per cent. of the total amount on which tax is chargeable and at the rate of zero per cent. on the balance of the said total amount.".

(2) This section other than subsection (1) (b) (iii) shall have, and be deemed to have had, effect as on and from the 1st day of May, 1982.

Amendment of section 12 (deduction for tax borne or paid) of Principal Act.

80.—Section 12 of the Principal Act is hereby amended—

( a ) in subsection (1) (inserted by the Act of 1978), by the substitution of the following paragraph for paragraph (b):

"( b ) in respect of goods imported by him in the period, the tax paid by him or deferred as established from the relevant customs documents kept by him in accordance with section 16 (3),",

and

( b ) in subsection (3) (inserted by the Act of 1978), in subparagraph (v) of paragraph (a), by the insertion after "his business" of "or for activities in relation to which he is, in accordance with section 8 (3A), deemed not to be a taxable person".

Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.

81.—(1) Section 12A of the Principal Act (inserted by the Act of 1978) is hereby amended—

( a ) in subsection (1), by the substitution of "1.8 per cent." for "1.5 per cent." (inserted by the Act of 1981), and

( b ) by the substitution of the following subsection for subsection (2)—

"(2) In this Act 'flat-rate farmer' means a farmer who is not a taxable person and, in relation to the supplies specified in the definition of 'farmer' in section 8 (9), includes a person who in accordance with section 8 (3A), is deemed not to be a taxable person.".

(2) Subsection (1) (a) of this section shall have, and be deemed to have had, effect as on and from the 1st day of May, 1982.

Amendment of section 13 (remission of tax on goods exported etc Principal Act.

82.—Section 13 of the Principal Act (inserted by the Act of 1978) is hereby amended by the deletion of subsections (4) and (5).

Amendment of section 14 (determination of tax due by reference to cash receipts) of Principal Act.

83.—Section 14 of the Principal Act (inserted by the Act of 1978) is hereby amended by the insertion in subsection (1) (b) after "of taxable services" of "(including services which, if they were supplied in such taxable period, would be taxable services)".

Amendment of section 15 (charge of tax on imported goods) of Principal Act.

84.—(1) Section 15 (inserted by the Act of 1978) of the Principal Act is hereby amended by—

( a ) the substitution in subsection (2) of "(xva)" for "(xv)", and

( b ) the insertion after subsection (6) of the following subsection:

"(6A) Regulation 26 of the Value- Added Tax Regulations, 1979 ( S.I. No. 63 of 1979 ), is hereby revoked and tax charged under section 2 (1) (b) shall, in accordance with the provisions of the Customs Consolidation Act, 1876, and of other law in force in the State relating to customs, as applied to tax by subsection (6) and regulations thereunder, be paid in the manner and at the time that it would have been payable if that regulation had not been made.".

(2) Subsection (1) (a) shall have, and be deemed to have had, effect as on and from the 1st day of May, 1982.

Amendment of section 16 (duty to keep records) of Principal Act.

85.—Section 16 of the Principal Act is hereby amended:

( a ) in subsection (2), by the insertion after "such business" of and, in respect of goods imported by him, copies, stamped on behalf of the Revenue Commissioners, of the relevant customs entries", and

( b ) in subsection (3)—

(i) by the deletion of "and invoices",

(ii) by the insertion after "any books" of "invoices, copies, stamped on behalf of the Revenue Commissioners, of customs entries", and

(iii) by the insertion after "the supply of goods or services" of ", or the importation of goods,",

and the said subsections (other than the proviso to subsection (3)), as so amended, are set out in the Table to this section.

TABLE

(2) Every person, other than a taxable person, who supplied goods or services in the course or furtherance of any business shall keep all invoices issued to him in connection with the supply of goods or services to him for the purpose of such business and, in respect of goods imported by him, copies, stamped on behalf of the Revenue Commissioners, of the relevant customs entries.

(3) Records kept by a person pursuant to this section and any books, invoices, copies, stamped on behalf of the Revenue Commissioners, customs entries, credit notes, debit notes, receipts, accounts, vouchers, bank statements or other documents whatsoever which relate to the supply of goods or services, or the importation of goods, by the person and are in his power, possession or procurement of the person, and in the case of any such book, invoice, credit note, debit note, receipt, account, voucher or other document which has been issued by the person to another person, any copy thereof which is in the power, possession or procurement of the person shall be retained in his power, possession or procurement for a period of six years from the date of the latest transaction to which the records or invoices or any of the other documents relate:

Amendment of section 26 (penalties generally) of Principal Act.

86.—Section 26 of the Principal Act is hereby amended—

( a ) by the substitution of the following subsection for subsection (1):

"(1) A person who does not comply with section 9 (2), 11 (7), 12A, 16, 17, 18 (2) or 19 or any provision of regulations in regard to any matter to which the foregoing sections relate shall be liable to a penalty of £800.",

( b ) in subsection (2), by the substitution of "£500 for "£20",

( c ) in subsection (2A) (inserted by the Act of 1978), by the substitution of "£500" for "£20",

( d ) in subsection (3), by the substitution of "£500" for "£20",

( e ) in subsection (3A) (inserted by the Finance Act, 1973 ), by the substitution of "£800" for "£100", and

( f ) by the deletion of subsection (5).

Amendment of First Schedule to Principal Act.

87.—The First Schedule to the Principal Act (inserted by the Act of 1978) is hereby amended—

( a ) by the deletion of paragraph (viii),

( b ) by the substitution of the following subparagraph for subparagraph (b) of paragraph (ix):

"(b) the collection of insurance premiums,",

and

( c ) by the substitution of the following paragraph for paragraph (x):

"(x) services supplied in the course of their profession by veterinary surgeons;".

Amendment of Second Schedule to Principal Act.

88.—(1) The Second Schedule (inserted by the Act of 1976) to the Principal Act is hereby amended—

( a ) by the substitution of the following subparagraph for subparagraph (b) of paragraph (i) (inserted by the Act of 1978):

"( b ) by a registered person within the customs-free airport to another registered person within the customs-free airport;",

and

( b ) by the insertion after paragraph (xv) (inserted by the Finance Act, 1973 ) of the following paragraph:

"(xva) printed books and booklets including atlases but not including newspapers, periodicals, brochures, catalogues, programmes, books of stationery, cheque books, diaries, albums, books of stamps, of tickets or of coupons;".

(2) This section, other than subsection (1) (a), shall have, and be deemed to have had, effect as on and from the 1st day of May, 1982.

Amendment of Third Schedule to Principal Act.

89.—(1) Part I of the Third Schedule (inserted by the Act of 1976) to the Principal Act is hereby amended—

( a ) by the substitution of the following paragraph for paragraph (vii):

"(vii) printed books and booklets other than—

(I) those specified in paragraph (xva) of the Second Schedule to which section 11 applies, and

(II) books of stationery, cheque books, diaries, albums and books of stamps, of tickets or of coupons;",

( b ) by the insertion in paragraph (x) after subparagraph (r) of the following subparagraph:

"( rr ) timber joinery; and doors, door frames, window frames, window panels, staircases and roofing trusses and of any material,",

and

( c ) by the substitution of the following paragraphs for paragraph (xxxi) (inserted by the Act of 1978):

"(xxxi) gramophone records;

(xxxii) furniture, including sections and parts thereof and furniture in kit form, of the following descriptions, that is to say—

( a ) beds, including cots and cradles, but not including baby carriages,

( b ) chairs, stools, kneelers, couches, and similar goods,

( c ) tables, dressing tables, wardrobes, chests of drawers, tallboys, presses, lockers, desks, and similar goods,

( d ) cabinets, including cabinets specially constructed for radios, record players, speakers and television sets,

( e ) playpens, safety screens, shelves, shelving and shelving units, serving trolleys, hat and coat stands, and similar stands,

but not including furniture constructed or adapted for the playing of games or for physical exercise, musical instruments, ornaments, lamps, ash trays, log boxes, coal scuttles and other hearth furniture or furniture which incorporates or is fitted with any machine or appliance;

(xxxiii) ( a ) floor coverings, blinds, curtains including curtain materials and parts and accessories for the manufacture of curtains, and similar furnishings, but not including wall or ceiling coverings,

( b ) blankets, mattresses, sheets, pillows and other articles of bed clothing, towels and towelling material,

( c ) carpet wool and canvas,

( d ) fabrics, padding materials, trimming materials, webbing and springs and springing material of a kind normally used in the manufacture of furniture, and

( e ) curtain rails, tracks and pelmets including parts, accessories and curtain cord, parts and accessories for blinds, stair nosings and carpet grips;

(xxxiv) coffins and other goods of a kind commonly used to hold the remains of the dead including materials and accessories commonly used in the manufacture of such goods and not commonly used for any other purposes.".

(2) This section shall have, and be deemed to have had, effect as and from the 1st day of May, 1982.

Relief for hotels etc.

90.—(1) In this section "qualifying service" means a service consisting of the supply, for the benefit of persons not resident in the State, under an agreement made before the 1st day of January, 1982, of sleeping accommodation, with or without board, or of motor cars upon hire, boats upon hire or entertainment, at charges fixed at the time of the making of the agreement, to persons carrying on the business of travel agent, tour operator or the hiring out of motor cars or boats.

(2) In respect of the taxable periods commencing on the 1st day of May, 1982, the 1st day of July, 1982, the 1st day of September, 1982, and the 1st day of November, 1982, notwithstanding the provisions of section 11 of the Principal Act (as amended by this Act), tax shall, in relation to the supply of a qualifying service, be, and be deemed to have been, chargeable, at the rate of 15 per cent.

PART IV STAMP DUTIES

Levy on banks.

91.—(1) In this section,

"assessable amount" means the amount arrived at by dividing the specified amount by three and deducting £5,000,000 from the quotient;

"bank" means a person who, on the 1st day of April, 1982, was the holder of a licence granted under section 9 of the Central Bank Act, 1971 ;

"returns", in relation to a bank, means the monthly bank returns furnished to the Central Bank of Ireland by the bank in respect of the assets and liabilities of the bank as on the 30th day of September, 1981, the 21st day of October, 1981, and the 18th day of November, 1981;

"specified amount" means—

( a ) in the case of an associated bank, the amount obtained by deducting the aggregate of the sums shown in the returns of that bank in respect of Item 7 in Appendix II of the returns as an adjustment of current accounts for cheques in transit from the aggregate of the sums shown in the returns in respect of current accounts and deposit accounts by whomsoever held at offices in the State of the bank and shown as liabilities of the bank in such returns;

( b ) in the case of any other bank, the amount obtained by deducting the aggregate of the sums shown in the analysis of selected liabilities in the returns of that bank as due to banks (including banks that are not banks within the meaning of subsection (1) of this section) in respect of current accounts, deposit accounts, other accounts and secured loans from the aggregate of the sums shown in the returns in respect of current accounts, deposit accounts, other accounts and secured loans by whomsoever held at offices in the State of the bank and shown as liabilities of the bank in such returns.

(2) A bank shall, not later than the 15th day of September, 1982, deliver to the Revenue Commissioners a statement in writing showing the assessable amount for that bank, the specified amount for that bank and the sums referred to in the definition of "specified amount in subsection (1) of this section by reference to which that specified amount was calculated.

(3) There shall be charged on every statement delivered in pursuance of subsection (2) of this section a Stamp duty of an amount equal to the sum of the following:

( a ) 0.2 per cent. of that part of the assessable amount shown therein that does not exceed £100,000,000, and

( b ) 0.35 per cent. of that part of the assessable amount shown therein that exceeds £100,000,000:

Provided that in any case where the assessable amount shown in the statement does not exceed £100,000,000 stamp duty of an amount equal to 0.2 per cent. of the assessable amount shown therein shall be charged.

(4) The duty charged by subsection (3) of this section upon a statement delivered by a bank pursuant to subsection (2) of this section shall be paid by the bank upon delivery of the statement.

(5) There shall be furnished to the Revenue Commissioners by a bank such particulars as the Revenue Commissioners may deem necessary in relation to any statement required by this section to be delivered by the bank.

(6) In the case of failure by a bank to deliver any statement required by subsection (2) of this section within the time provided for in that subsection or of failure to pay the duty chargeable on any such statement on the delivery thereof, the bank shall, from the date of the passing of this Act until the day on which the duty is paid, be liable to pay, by way of penalty, in addition to the duty, interest thereon at the rate of 15 per cent. per annum and also from the 15th day of September, 1982, by way of further penalty, a sum equal to 1 per cent. of the duty for each day the duty remains unpaid and each penalty shall be recoverable in the same manner as if the penalty were part of the duty.

(7) The delivery of any statement required by subsection (2) of this section may be enforced by the Revenue Commissioners under section 47 of the Succession Duty Act, 1853, in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.

(8) The stamp duty charged by this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty payable by the bank.

Levy on certain premiums of insurance.

92.—(1) In this section—

"assessable amount", in relation to a quarter, means the gross amount received by an insurer by way of premiums in that quarter in respect of business carried on by the insurer in the State on or after the 1st day of August, 1982, but without having regard to an excluded amount;

"excluded amount" means—

( a ) an amount received in the course or by way of re-insurance;

( b ) a premium received in respect of business in the following classes of the Annex to First Council Directive 73/239/EEC of 24 July 1973 (OJ No. L 228, 16/8/1973), namely, 5, 6, 7, 11 and 12, in classes 1 and 10 insofar as they relate to the insurance of passengers in marine and aviation vehicles and carriers liability insurance, respectively, and in class 14 insofar as it relates to export credit;

( c ) a premium received in respect of business in class VII of the 45 Annex to First Council Directive 79/267/EEC of 5 March 1979 (OJ No. L 63, 13/3/1979);

"insurer" means a person who is the holder of an assurance licence under the Insurance Act, 1936 , or is the holder of an authorisation within the meaning of the European Communities (Non-Life Insurance) Regulations, 1976 ( S.I. No. 115 of 1976 ), or who carries on the business of insurance in compliance with the provisions of the Assurance Companies Act, 1909;

"premium" has the same meaning as in the Insurance Act, 1936 ;

"quarter" means a period of three months ending on the 31st day of March, the 30th day of June, the 30th day of September or the 31st day of December.

(2) An insurer shall, within 30 days from the end of the quarter ending on the 30th day of September, 1982, and within 30 days from the end of each quarter thereafter, deliver to the Revenue Commissioners a statement in writing showing the assessable amount for that insurer in respect of that quarter.

(3) There shall be charged on every statement delivered in pursuance of subsection (2) of this section a stamp duty of an amount equal to one per cent. of the assessable amount shown therein.

(4) The duty charged by subsection (3) of this section upon a statement delivered by an insurer pursuant to subsection (2) of this section shall be paid by the insurer upon delivery of the statement.

(5) There shall be furnished to the Revenue Commissioners by an insurer such particulars as the Revenue Commissioners may deem necessary in relation to any statement required by this section to be delivered by the insurer.

(6) In the case of failure by an insurer to deliver any statement required by subsection (2) of this section within the time specified in that subsection or of failure by an insurer to pay any duty chargeable on any such statement on the delivery thereof, the insurer shall be liable to pay, in addition to the duty, interest thereon at the rate of 15 per cent. per annum from the expiration of the quarter to which the statement relates until the day on which the duty is paid.

Exemption of certain instruments from stamp duty.

93.—(1) In this section "property" means agricultural land and includes such farm buildings and farm houses as are of a character appropriate to the property.

(2) Stamp duty shall not, subject to section 4 of the Stamp Act, 1891, be charged on any instrument to which this section applies.

(3) This section applies to an instrument, being a conveyance or transfer operating as a voluntary disposition inter vivos, where 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 a qualified person.

(4) In this section "qualified person" means a person in respect of whom it is shown to the satisfaction of the Revenue Commissioners—

( a ) that he was under the age of 35 years on the date on which the relevant instrument was executed, and

( b ) either—

(i) that he is the holder of a certificate issued by—

(I) An Chomhairle Oiliúna Talmhaíochta certifying that he has satisfactorily completed an agricultural training course of a duration of not less than 100 hours, or

(II) the Farm Apprenticeship Board certifying that he has satisfactorily completed the course under the Farmer Apprenticeship Scheme of the Board or the course under the Trainee Farmer Scheme of the Board, or

(III) the Minister for Agriculture or a committee of agriculture established under the Agriculture Act, 1931 , being a certificate issued before the 1st day of December, 1980, and certifying that he has satisfactorily completed a course equivalent to that referred to in paragraph (b) (i) (I) of this subsection,

(ii) that he is the holder of a university degree, or equivalent university qualification, in agriculture,

and

( c ) that the property will be used for the purposes of agriculture.

(5) This section shall have effect with respect to any instrument executed after the date of the passing of this Act and before the expiration of two years after that date.

Amendment of First Schedule to Stamp Act, 1891.

94.—(1) In this section "the First Schedule" means the First Schedule, as amended by the Finance Act, 1970 , and subsequent enactments, to the Stamp Act, 1891.

(2) The First Schedule (other than the Heading "CONVEYANCE or TRANSFER on sale of any stocks or marketable securities.", the Heading "CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities.", the Heading "LEASE" and the Heading "POLICY OF LIFE INSURANCE"), sections 56, 59, 62 and 106 of the Stamp Act, 1891, section 9 of the Finance Act, 1902, section 42 of the Finance Act, 1920, and section 30 of the Finance Act, 1961 , are hereby amended by the substitution of "£5" for "fifty pence" in each place where it occurs.

(3) The Heading set out in Part I of the Fourth Schedule to this Act is hereby substituted for the Heading "DUPLICATE or COUNTERPART of any instrument chargeable with any duty." in the First Schedule.

( 4 ) ( a ) The Headings set out in Part II of the Fourth Schedule to this Act are hereby substituted for the Headings "POLICY OF LIFE INSURANCE." and "POLICY OF LIFE INSURANCE made for a period not exceeding two years" in the First Schedule.

( b ) (i) The following shall be exempt from all stamp duties:

(I) cover notes, slips and other instruments usually made in anticipation of the issue of a formal policy, not being instruments relating to life insurance;

(II) instruments embodying alterations of the terms or conditions of any policy of insurance other than life insurance;

and an instrument exempted by virtue of subparagraph (i) (I) of this paragraph shall not be taken for the purposes of the Stamp Act, 1891, to be a policy of insurance.

(ii) An instrument shall not be charged with duty exceeding £1 by reason only that it contains or relates to two or more distinct matters each falling within the Heading "POLICY of INSURANCE other than Life Insurance" (inserted by this subsection).

(5) The paragraph set out in Part III of the Fourth Schedule to this Act is hereby substituted for paragraph (4) of the Heading "CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities." in the First Schedule.

(6) ( a ) Subject to paragraph (b) of this subsection, this section shall come into operation on the date of the passing of this Act.

( b ) Subsection (4) of this section shall come into operation on the 1st day of August, 1982.

( c ) The said subsection (4) shall not have effect with respect to any instrument referred to therein executed before the said 1st day of August, 1982, and the other provisions of this section shall not have effect with respect to any instrument executed before the date of the passing of this Act.

Amendment of section 41 (stamp duty on bills of exchange and promissory notes) of Finance Act, 1970 .

95.—(1) Section 41 of the Finance Act, 1970 , is hereby amended by the substitution of "5p" for "3p" (inserted by the Finance Act, 1981 ) in both places where it occurs.

(2) The Imposition of Duties (No. 252) (Stamp Duty on Bills of Exchange and Promissory Notes) Order, 1981 ( S.I. No. 271 of 1981 ), is hereby revoked.

(3) This section shall have effect with respect to bills of exchange and promissory notes drawn on or after the date of the passing of this Act.

Amendment of section 19 (conveyance or transfer on sale — limit on stamp duty in respect of certain transactions between bodies corporate) of Finance Act, 1952 .

96.—(1) Section 19 (inserted by the Finance Act, 1980 ) of the Finance Ace, 1952, is hereby amended by the substitution of the following subsection for subsection (1):

"(1) Stamp duty chargeable under or by reference to the heading 'Conveyance or Transfer on Sale of any property other than stocks or marketable securities' in the First Schedule to the Stamp Act, 1891, on any instrument to which this section applies shall be charged at the rate of £1 for every £50 or fractional part of £50 of the amount or value of the consideration for the sale, or, in the case of a conveyance or transfer operating as a voluntary disposition inter vivos, of the value of the property conveyed or transferred.".

(2) The Imposition of Duties (No. 253) (Limit on Stamp Duty in respect of Certain Transactions between Bodies Corporate) Order, 1981 ( S.I. No. 272 of 1981 ), is hereby revoked.

(3) This section shall not have effect with respect to any instrument executed before the date of the passing of this Act.

PART V CAPITAL ACQUISITIONS TAX

Interpretation (Part V).

97.—In this Part "the Principal Act" means the Capital Acquisitions Tax Act, 1976 .

Exemption of certain benefits.

98.—Where a gift or an inheritance is taken, by direction of the disponer, free of tax on or after the date of the passing of this Act, the benefit taken shall be deemed to include the amount of tax chargeable on such gift or inheritance but not the amount of tax chargeable on such tax.

Amendment of section 5 (gift deemed to be taken) of Principal Act.

99.—Section 5 (6) of the Principal Act shall, as respects a gift or inheritance deemed to be taken on or after the 2nd day of June, 1982, have effect as if—

( a ) in paragraph (a),", before the 28th day of February, 1974," were deleted, and

( b ) in paragraph (b), "prior to the 28th day of February, 1974" were deleted.

Amendment of section 19 (value of agricultural property) of Principal Act.

100.—Section 19 of the Principal Act shall, as respects a gift or inheritance taken on after the 1st day of April, 1982, have effect as if "£200,000" were substituted for "£150,000" (inserted by the Finance Act, 1980 ) in each place where it occurs.

Amendment of section 36 (delivery of returns) of Principal Act.

101.—(1) Section 36 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (3) (inserted by the Finance Act, 1978 )—

"(3) Subsection (2) applies to a gift where—

( a ) the taxable value of such gift, so far as it is a taxable gift, exceeds an amount which is 80 per cent. of the lowest value upon which, at the date of such gift, tax becomes chargeable in respect of a gift taken by the donee of such gift from the disponer thereof,

( b ) the taxable value of such gift, so far as it is a taxable gift, fails to be aggregated with gifts taken by the donee of such gift, either on or before the date of such gift, from any disponer and thereby increases the total taxable value of all taxable gifts so aggregated taken by such donee from any disponer from an amount which is less than or equal to the amount specified in paragraph (a) to an amount which exceeds the amount so specified,

( c ) the taxable value of such gift, so far as it is a taxable gift, falls to be aggregated with gifts taken by the donee of such gift, either on or before the date of such gift, from any disponer and thereby increases the total taxable value of all taxable gifts so aggregated taken by such donee from any disponer from an amount which is greater than the amount specified in paragraph (a), or

( d ) the donee is required by notice in writing by the Commissioners to deliver a return,

and for the purposes of this subsection, a reference to a gift or to a taxable gift includes a reference to a part of a gift or to a part of a taxable gift, as the case may be.".

(2) This section shall have effect in relation to gifts taken on or after the 2nd day of June, 1982.

Amendment of Second Schedule to Principal Act.

102.—(1) The Second Schedule to the Principal Act is hereby amended—

( a ) in Part I—

(i) by the substitution of the following paragraphs for paragraphs 3, 4 and 7:

"3. Subject to the provisions of paragraph 6, the tax chargeable on the taxable value of a taxable gift or a taxable inheritance, in the case where the donee or successor has taken no other taxable gift or taxable inheritance on or after the 2nd day of June, 1982, to which the same appropriate Table applied, shall be computed at the rate or rates of tax applicable to that taxable value under that appropriate Table.

4. Subject to the provisions of paragraph 6, the tax chargeable on the taxable value of a taxable gift or a taxable inheritance, the case where the donee or successor has previously taken one or more taxable gifts or taxable inheritances on or after the 2nd day of June, 1982, to which the same appropriate Table applied, shall be computed at the rate or rates of tax applicable under that appropriate Table to such part of the aggregate of—

( a ) that taxable value; and

( b ) the taxable values of all such previous taxable gifts and taxable inheritances, as is the highest part of that aggregate and is equal to that taxable value.

7. For the purposes of this Schedule, all gifts and inheritances taken by a donee or successor from one disponer, or several disponers, on the same day shall count as one where the same appropriate Table applies to all such gifts and inheritances, and to ascertain the amount of tax payable on one gift or inheritance of several so taken on the same day, the amount of tax computed under this Schedule as being payable on all such gifts or inheritances taken on that day, and counted as one, shall be apportioned rateably, according to the taxable values of the several taxable gifts and taxable inheritances so taken on the same day.", and

(ii) by the insertion after paragraph 10 (inserted by the Finance Act, 1981 ) of the following paragraph:

"11. For the purposes of this Schedule, a reference to a gift or an inheritance, or to a taxable gift or a taxable inheritance, includes a reference to a part of a gift or an inheritance, or to a part of a taxable gift or a taxable inheritance, as the case may be.",

and

( b ) in paragraph 1 of Part I and in Part II, by the insertion of "or disponers" after "disponer", in each place where it occurs.

(2) This section shall have effect in relation to gifts and inheritances taken on or after the 2nd day of June, 1982.

PART VI MISCELLANEOUS

Capital Services Redemption Account.

103.—(1) In this section—

"the principal section" means section 22 of the Finance Act, 1950 ;

"the 1981 amending section" means section 51 of the Finance Act, 1981 ;

"the thirty-second additional annuity" means the sum charged on the Central Fund under subsection (4) of this section;

"the Minister", "the Account and "capital services" have the same meanings respectively as they have in the principal section.

(2) In relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of December, 1982, subsection (4) of the 1981 amending section shall have effect with the substitution of "£29,731,201" for "£29,870,308".

(3) Subsection (6) of the 1981 amending section shall have effect with the substitution of "£18,767,875" for "£19,228,162".

(4) A sum of £35,938,852 to redeem borrowings, and interest thereon, in respect of capital services shall be charged annually on the Central Fund or the growing produce thereof in the thirty successive financial years commencing with the financial year ending on the 31st day of December, 1982.

(5) The thirty-second additional annuity shall be paid into the Account in such manner and at such times in the relevant financial year as the Minister may determine.

(6) Any amount of the thirty-second additional annuity, not exceeding £23,134,615 in any financial year, may be applied towards defraying the interest on the public debt.

(7) The balance of the thirty-second additional annuity shall be applied in any one or more of the ways specified 1 subsection (6) of the principal section.

Care and management of taxes and duties.

104.—All taxes and duties imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.

Short title, construction and commencement.

105.—(1) This Act may be cited as the Finance Act, 1982 .

(2) Part I of this Act (so far as relating to income tax) shall be construed together with the Income Tax Acts and (so far as relating to corporation tax) shall be construed together with the Corporation Tax Acts and (so far as relating to capital gains tax) shall be construed together with the Capital Gains Tax Acts.

(3) Part II of this Act (so far as relating to customs) shall be construed together with the Customs Acts and (so far as relating to duties of excise) shall be construed together with the statutes which relate to the duties of excise and to the management of those duties.

(4) Part III of this Act shall be construed together with the Value Added Tax Acts, 1972 to 1981, and may be cited together therewith as the Value-Added Tax Acts, 1972 to 1982.

(5) Part IV of this Act shall be construed together with the Stamp Act, 1891, and the enactments amending or extending that Act.

(6) Part V of this Act shall be construed together with the Capital Acquisitions Tax Act, 1976 , and the enactments amending or extending that Act.

(7) Part I of this Act shall, save as is otherwise expressly provided therein, be deemed to have come into force and shall take effect as on and from the 6th day of April, 1982.

(8) Part III of this Act shall, save as is otherwise expressly provided therein, come into force as on and from the 1st day of September, 1982.

(9) Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended by or under any other enactment including this Act.

Section 2

FIRST SCHEDULE

AMENDMENT OF ENACTMENTS

Amendments Consequential on Changes in Personal Reliefs

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

( a ) in section 138—

(i) in paragraph (a), by the substitution of "£2,900" for "£2,230" where it first occurs and by the deletion of the proviso thereto,

(ii) in paragraph (b), by the substitution of "£1,950" for "£1,185" and of "£2,900" for "£2,230", and

(iii) in paragraph (c), by the substitution of "£1,450" for "£1,115"

( b ) in section 138A—

(i) by the substitution for "he shall be entitled to a deduction of £650" of "he shall be entitled, if he is an individual to whom paragraph (b) (i) of section 138 applies, to a deduction of £950 or, if he is an individual to whom paragraph (c) of section 138 applies, to a deduction of £1,450", and

(ii) by the substitution for "her husband" of "her husband, or in the case of a man and woman who are living together as man and wife",

( c ) sections 139 and 140 shall not apply or have effect,

( d ) in section 141, in subsection (1A), by the substitution of "£100" for "£195",

( e ) in section 142, in subsection (1), by the substitution of "£110," for "£95" in each place where it occurs.

2. Section 3 of the Finance Act, 1969 , is hereby amended, in subsection (1), by the substitution of "£700" for "£500".

3. Section 11 of the Finance Act, 1971 , is hereby amended, in subsection (2), by the substitution of "£500" for "£400" in each place where it occurs and of "£1,200" for "£1,000".

4. Section 8 of the Finance Act, 1974 , is hereby amended, in subsection (1), by the substitution of "£200" for "£180" and of "£100" for "£80".

Section 26

SECOND SCHEDULE

AMENDMENTS CONSEQUENTIAL ON CHANGES IN RATES OF CORPORATION TAX

PART I

Application of sections 182 and 184 of Corporation Tax Act, 1976

1. Section 19 (3) of the Finance Act, 1977 , shall not have effect for any accounting period falling wholly after the 31st day of December, 1981.

2. Where part of an accounting period falls in the financial year 1981 and the other part falls in the financial year 1982, the two parts of the accounting period shall be treated, for the purposes of sections 182 and 184 of the Corporation Tax Act, 1976 , section 19 (3) of the Finance Act, 1977 , and paragraph 1 as if they were separate accounting periods.

3. Where, under paragraph 2, 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, for the purposes of the said section 184, be taken to be the corporation tax that would be charged if that part were a separate accounting period.

PART II

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

1. Section 41 (2) of the Finance Act, 1980 , is hereby amended as respects any accounting period falling wholly after the 31st day of December, 1981, by the substitution of "four-fifths" for "seven-ninths".

2. As respects any accounting period which falls partly in the financial year 1981 and partly in the financial year 1982, section 41 (2) of the Finance Act, 1980 , shall have effect as if for the words from "shall be reduced by seven-ninths" to the end of the subsection there were substituted the following:

"shall be reduced—

( a ) by seven-ninths 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 financial year 1981, and

( b ) by four-fifths in so far as it is corporation tax charged on profits which, under the said section 6 (3), are apportioned to the financial year 1982,

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 financial year 1981 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 financial year 1982 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.".

3. Sections 47 (2) and 48 (2) of the Finance Act, 1980 , are hereby amended as respects any accounting period falling wholly after the 31st day of December, 1981—

( a ) in paragraph (i) of section 47 (2), by the substitution of for "[image not available: a14y1982sch2-1.bmp]" for "[image not available: a14y1982sch2-2.bmp],"

( b ) in paragraph (ii) of the said section 47 (2), by the substitution of "[image not available: a14y1982sch2-3.bmp]" for "[image not available: a14y1982sch2-4.bmp]", and

( c ) in paragraph (ii) of section 48 (2),by the substitution of "[image not available: a14y1982sch2-3.bmp]" for "[image not available: a14y1982sch2-4.bmp]"

4. Where by virtue of paragraph 2 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 paragraph 3 of this Part 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, for the purposes of the said sections 47 (2) and 48 (2), be taken to be the corporation tax that would be charged if that part were a separate accounting period.

Section 51

THIRD SCHEDULE

PROFIT SHARING SCHEMES

PART I

Approval of Schemes

1.—(1) On the application of a body corporate (in this Schedule 15 referred to as "the company concerned") which has established a profit sharing scheme which complies with subparagraphs (3) and (4), the Revenue Commissioners, subject to section 52 of this Act, shall approve of the scheme—

( a ) if they are satisfied as mentioned in paragraph 2, and

( b ) unless it appears to them that there are features of the scheme which are neither essential nor reasonably incidental to the purpose of providing for employees and directors benefits in the nature of interests in shares.

(2) Where the company concerned has control of another company or companies, the scheme may be expressed to extend to all or any of the companies of which it has control; and in this Schedule a scheme which is expressed so to extend is referred to as a "group scheme" and, in relation to a group scheme, the "expression participating company" means the company concerned or a company of which for the time being the company concerned has control and to which for the time being the scheme is expressed to extend.

(3) The scheme must provide for the establishment of a body of persons resident in the State (in this Schedule referred to as "the trustees")—

( a ) who, out of moneys paid to them by the company concerned or, in the case of a group scheme, a participating company, are required by the scheme to acquire shares in respect of which the conditions in Part II of this Schedule are fulfilled;

( b ) who are under a duty to appropriate shares acquired by them to individuals who participate in the scheme, not being individuals who are ineligible by virtue of Part III of this Schedule; and

( c ) whose functions with respect to shares held by them are regulated by a trust which is constituted under the law of the State and the terms of which are embodied in an instrument which complies with the provisions of Part IV of this Schedule.

(4) The scheme must provide that the total of the initial market values of the shares appropriated to any one participant in a year of assessment will not exceed £1,000.

(5) An application under subparagraph (1) shall be made in writing and contain such particulars and be supported by such evidence as the Revenue Commissioners may require.

2.—(1) The Revenue Commissioners must be satisfied that at any time every person who—

( a ) is then a full-time employee or director of the company concerned or, in the case of a group scheme, a participating company, and

( b ) has been such an employee or director at all times during a qualifying period, not exceeding five years, ending at that time, and

( c ) is chargeable to tax in respect of his office or employment under Schedule E,

will then be eligible, subject to Part III of this Schedule, to participate in the scheme on similar terms.

(2) For the purposes of subparagraph (1), the fact that the number of shares to be appropriated to the participants in a scheme varies by reference to the levels of their remuneration, the length of their service or similar factors shall not be regarded as meaning that the participants are not eligible to participate in the scheme on similar terms.

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

( a ) a participant is in breach of any of his obligations under paragraphs (a), (c) and (d) of section 52 (1),

( b ) there is, with respect to the operation of the scheme any contravention of any provision of Chapter IX of Part I of this Act, the scheme itself or the terms of the trust referred to in paragraph 1 (3) (c),

( c ) any shares of a class of which shares have been appropriated to participants 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,

( d ) the Revenue Commissioners cease to be satisfied as mentioned in paragraph 2,

they 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 scheme, an alteration is made in the scheme or the terms of the trust referred to in paragraph 1 (3) (c), 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 scheme 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.—(1) If the company concerned is aggrieved by—

( a ) the failure of the Revenue Commissioners to approve of a scheme,

( 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 thirty 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 rehearing 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.

PART II

Conditions as to the Shares

5. The shares must form part of the ordinary share capital of—

( a ) the company concerned;

( b ) a company which has control of the company concerned; or

( c ) a company which either is or has control of a company which—

(i) is a member of a consortium owning either the company concerned or a company having control of that company; and

(ii) beneficially owns not less than three -twentieths of the ordinary share capital of the company so owned.

6. The shares must be—

( a ) shares of a class quoted on a recognised stock exchange;

( b ) shares in a company which is not under the control of another company; or

( c ) shares in a company which is under the control of a company (other than a company which is or would if resident in the State be a close company within the meaning of section 94 of the Corporation Tax Act, 1976 ) whose shares are quoted on a recognised stock exchange.

7. The shares must be—

( a ) fully paid up;

( b ) not redeemable; and

( c ) not subject to any restrictions other than restrictions which attach to all shares of the same class.

8. Except where the shares are in a company whose ordinary share capital, at the time of the acquisition of the shares by the trustees, consists of shares of one class only, the majority of the issued shares of the same class must be held by persons other than—

( a ) persons who acquired their shares in pursuance of a right conferred on them or an opportunity afforded to them as a director or employee of the company concerned or any other company and not in pursuance of an offer to the public;

( b ) trustees holding shares on behalf of persons who acquired their beneficial interests in the shares in pursuance of such a right or opportunity as is mentioned in subparagraph (a); and

( c ) in a case where the shares fall within paragraph 6 (c) and do not fall within paragraph 6 (a), companies which have control of the company whose shares are in question or of which that company is an associated company within the meaning of section 102 of the Corporation Tax Act, 1976 .

PART III

Individuals Ineligible to Participate

9. An individual shall not be eligible to have shares appropriated to him under the scheme at any time unless he is at that time or was within the preceding eighteen months a director or employee of the company concerned or, if the scheme is a group scheme, a participating company.

10. An individual shall not be eligible to have shares appropriated to him under the scheme at any time in a year of assessment if in that year of assessment shares have been appropriated to him under another approved scheme established by the company concerned or by—

( a ) a company which controls or is controlled by that company or which is controlled by a company which also controls that company, or

( b ) a company which is a member of a consortium owning that company or which is owned in part by that company as a member of a consortium.

11.—(1) An individual shall not be eligible to have shares appropriated to him under the scheme at any time if at that time he has, or at any time within the preceding twelve months he had, a material interest in a close company which is—

( a ) the company whose shares are to be appropriated; or

( b ) a company which has control of that company or is a member of a consortium which owns that company.

(2) Subparagraph (1) shall apply in relation to a company which would be a close company but for—

( a ) section 94 (1) (a) of the corporation Tax Act, 1976 ; or

( b ) section 95 of the Corporation Tax Act, 1976 .

(3) ( a ) In this paragraph "close company" has the meaning assigned to it by section 94 of the Corporation Tax Act, 1976 .

( b ) For the purpose of this paragraph—

(i) section 97 (6) of the Corporation Tax Act, 1976 , shall have effect, with the substitution of a reference to 15 per cent. for any reference therein to 5 per cent. for the purpose of determining whether a person has or had a material interest in a company, and

(ii) section 103 (3) of the Corporation Tax Act, 1976 , shall have effect

(I) in a case where the scheme in question is a group scheme, with the substitution of a reference to all the participating companies for the first reference to the company in paragraph (ii) of the proviso to that subsection, and

(II) with the substitution of a reference to 15 per cent. for the reference in that paragraph to 5 per cent.

PART IV

Provisions as to the Trust Instrument

12. The trust instrument shall provide that, as soon as practicable after any shares have been appropriated to a participant, the trustees will give him notice in writing of the appropriation—

( a ) specifying the number and description of those shares; and

( b ) stating their initial market value.

13.—(1) The trust instrument must contain a provision prohibiting the trustees from disposing of any shares, except as mentioned in paragraphs (a), (b) or (c) of section 52 (3), during the period of retention (whether by transfer to the participant or otherwise).

(2) The trust instrument must contain a provision prohibiting the trustees from disposing of any shares after the end of the period of mention and before the release date except—

( a ) pursuant to a direction given by or on behalf of the participant or any person in whom the beneficial interest in his shares is for the time being vested; and

( b ) by a transaction which would not involve a breach of the participant's obligation under paragraph (c) or paragraph (d) of section 52 (1).

14. The trust instrument must contain a provision requiring the trustees—

( a ) subject to any such direction as is referred to in section 54 (3), to pay over to the participant any money or money's worth received by them in respect of, or by reference to, any of his shares, other than money consisting of a sum referred to in section 52 (1) (c) or money's worth consisting of new shares within the meaning of section 55; and

( b ) to deal only pursuant to a direction given by or on behalf of the participant (or any such person as is referred to in paragraph 13 (2) (a)) with any right conferred in respect of any of his shares to be allotted other shares, securities or rights of any description.

15. The trust instrument must impose an obligation on the trustees—

( a ) to maintain such records as may be necessary to enable the trustees to carry out their obligations under Chapter IX of Part I of this Act; and

( b ) where the participant becomes liable to income tax under Schedule E by reason of the occurrence of any event, to inform him of any facts relevant to determining that liability.

PART V

Interpretation

16. In this Schedule "control" shall be construed in accordance with section 102 of the Corporation Tax Act, 1976 .

17. For the purposes of this Schedule a company is a member of a consortium owning another company if it is one of not more than five companies which between them beneficially own not less than three quarters of the other company's ordinary share capital and each of which beneficially owns not less than one-twentieth of that capital.

Section 94.

FOURTH SCHEDULE

STAMP DUTY ON INSTRUMENTS

PART I

DUPLICATE or COUNTERPART of any instrument chargeable with

any duty.

Where such duty does not amount to £5.00

In any other case

The same duty as the original instrument.

£5.00

PART II

POLICY OF LIFE INSURANCE. Where the sum insured exceeds £50 but does not exceed £1,000:
For every full sum of £100, and also for any fractional part of £100, of the amount insured	10p.
Exceeds £1,000:
For every full sum of £1,000, and also for any fractional part of £1,000, of the amount insured	£1.00
POLICY OF LIFE INSURANCE made for a period not exceeding two years	10 p.
POLICY OF INSURANCE other than Life Insurance. Where there is one premium only and the amount thereof equals or exceeds £15 or, where there is more than one premium and the total amount payable in respect thereof in any period of 12 months equals or exceeds £15	£1.00

PART III

(4) 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 one thousand pounds 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, grandparent, 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 amount of the ad valorem stamp duty which, but for the provisions of this paragraph, would be chargeable under this Heading.

	[Home] [Databases] [World Law] [Multidatabase Search] [Help] [Feedback]
	Irish Legislation
You are here: BAILII >> Databases >> Irish Legislation >> Finance Act, Number 14/1982 URL: http://www.bailii.org/ie/legis/num_act/1982/0014.html

Irish Legislation

Finance Act, 1982