FINANCE ACT, 1959

• (2) Any reference in this Part of this Act to any building, structure, machinery or plant shall be construed as including a reference to a part of any building, structure, machinery or plant.

• (3) The provisions of this Part of this Act shall apply in relation to a share in machinery or plant as they apply in relation to a part of machinery or plant, and for the purposes of those provisions a share in machinery or plant shall be deemed to be used for the purposes of a trade so long as, and only so long as, the machinery or plant is used for the purposes thereof.

• (4) Any reference in this Part of this Act to the time of any sale shall be construed as a reference to the time of completion or the time when possession is given, whichever is the earlier.

• (5) Any reference in this Part of this Act to the setting up or permanent discontinuance of a trade includes, except where the contrary is expressly provided, a reference to the occurring of any event which, under any of the provisions of the Income Tax Acts, is to be treated as equivalent to the setting up or permanent discontinuance of a trade.

• (6) Any reference in this Part of this Act to an allowance made or deduction allowed includes a reference to an allowance or deduction which would be made or allowed but for an insufficiency of profits or gains, or other income, against which to make it.

68 Consequential amendments.

68.—(1) Finance Act, 1958, is hereby amended as follows:

• (i) in subsection (8) of section 40 “or” shall be deleted at the end of paragraph (b) and there shall be added after paragraph (c):

“or

• (d) income treated as earned income by virtue of section 53 of the Finance Act, 1959,”;

• (ii) in subsection (3) of section 41, “or” before “Part V of Finance Act, 1957” shall be deleted and “or Part V of the Finance Act, 1959,” shall be inserted before “and references to income”;

• (iii) in clause (b) of subparagraph (3) of paragraph 5 of the Third Schedule, “or” before “Part V of Finance Act, 1957” shall be deleted and “or Part V of the Finance Act, 1959,” shall be inserted before “for any year of assessment”.

• (2) Subsection (2) of section 8 of Finance (Miscellaneous Provisions) Act, 1958, is hereby amended by the addition at the end of the subsection of “or any annual allowances under Chapter or Chapter III, or Chapter IV of Part V of the Finance Act, 1959”.

69 Allowances and charges in relation to corporation profits tax.

69.—(1) Where any of the following allowances:

• (a) an allowance under Rule 6 of the Rules applicable to Cases I and II of Schedule D,

• (b) an allowance under subsection (3), or paragraph (b) of subsection (4), of section 5 or section 6 of Finance Act, 1946,

• (c) an allowance under Part V of Finance Act, 1956, in respect of expenditure incurred after the commencement of this Part of this Act,

• (d) an allowance under Part IV of Finance (Miscellaneous Provisions) Act, 1956, in respect of expenditure incurred after the commencement of this Part of this Act,

• (e) an annual allowance or a balancing allowance under Chapter I, II or III of this Part of this Act, or

• (f) an initial allowance, annual allowance or other allowance under Chapter IV of this Part of this Act,

is made to any company for the purposes of income tax for any year of assessment and the allowance is related to any business carried on by that company, the appropriate amount shall be deducted in computing the profits of the business for the purposes of corporation profits tax for any accounting period (being an accounting period ending on or after the commencement of this Part of this Act) any part of which falls within that year of assessment.

• (2) For the purposes of subsection (1) of this section, an allowance shall be treated as related to a business if, and only if, either—

• (a) it is made in charging the profits or gains of a trade which is, or is comprised in, that business,

• (b) it is made in charging the profits or gains of a trade and is so made in respect of, or of expenditure on, property used for the purposes of a part of the trade which is, or is comprised in, that business, or

• (c) it is an allowance made by way of discharge or repayment of tax under or by virtue of any of the provisions of this Part of this Act and is in respect of, or of expenditure on, property the rent of which is included in the profits of the business for the purposes of corporation profits tax for any period or would have been so included if there had been any such rent.

• (3) Where any of the following charges:

• (a) a balancing charge under Chapter I, II or III of this Part of this Act, or

• (b) a charge under section 50 of this Act,

is made on any company for the purposes of income tax for any year of assessment, and the charge is related to a business, the appropriate amount shall be treated as a trading receipt in computing the profits of the business for the purposes of corporation profits tax for any accounting period any part of which falls within that year of assessment.

• (4) For the purposes of subsection (3) of this section, a charge shall be treated as related to a business if, and only if, either—

• (a) it is made in charging the profits or gains of a trade which is, or is comprised in, that business,

• (b) it is made in charging the profits or gains of a trade and is a balancing charge in respect of, or of expenditure on, property used for the purposes of a part of the trade which is, or is comprised in, that business,

• (c) it is a balancing charge in respect of, or of expenditure on, property the rent of which is included in the profits of the business for the purposes of corporation profits tax for any accounting period or would have been so included if there had been any such rent, or

• (d) it is a charge under section 50 of this Act and the patent rights in question have at any time been used for the purposes of the business.

• (5) In subsections (1) and (3) of this section “the appropriate amount” shall be construed as follows:

• (a) in a case in which the business commenced or discontinued during the year of assessment in question, the said expression—

• (i) if no more than one accounting period of the business falls, whether wholly or partly within the year of assessment, means the whole amount of the allowance or, as the case may be, the whole amount on which the charge is made, and

• (ii) if more than one accounting period of the business falls, whether wholly or partly, within the year of assessment, means, in relation to each such accounting period, the portion of the allowance, or, as the case may be, the portion of the amount on which the charge is made, which bears to the whole thereof the same proportion as the length of the said accounting period, so far as included in the said year of assessment, bears to the total length of all such accounting periods, so far as so included;

• (b) in any other case, the said expression—

• (i) where the year of assessment in question and the accounting period in question coincide, means the whole amount of the allowance, or, as the case may be, the whole amount on which the charge is made, and

• (ii) where part only of the year of assessment falls within that accounting period, means such portion of the allowance or, as the case may be, such portion of the amount on which the charge is made as is apportioned to that part of the year of assessment which falls within that accounting period.

• (6) Where the profits of a business are not chargeable or not wholly chargeable to income tax, the like deductions and additions shall be made under subsections (1) and (3) of this section in computing the profits of the business for the purposes of corporation profits tax (being deductions and additions in respect of matters in respect of which no deductions or additions otherwise fall to be made under those subsections respectively) as would have fallen to be made for income tax purposes if the profits of the business had been so chargeable or wholly so chargeable.

• (7) Where, under this section, an amount falls to be apportioned to a part of a year of assessment or accounting period, the apportionment shall be made by reference to the number of months or fractions of months contained in that part, and in the remainder, of that year or period.

• (8) In this section—

• (a) “business” means any trade or business or any undertaking of a similar character the profits whereof are profits to which Part V of the Finance Act, 1920, applies, and

• (b) any reference to an allowance made for any year of assessment does not include a reference to any amount carried forward from any previous year of assessment.

• (9) In relation to any accounting period ending on or after the commencement of this Part of this Act—

• (a) paragraph (e) of the proviso to subsection (2) of section 53 of the Finance Act, 1920, shall cease to have effect in so far as it is inconsistent with the provisions of this section, and

• (b) section 27 of Finance Act, 1956, and section 20 of Finance (Miscellaneous Provisions) Act, 1956, shall cease to have effect as respects expenditure incurred after such commencement.

PART VI. Amendment of Finance (Miscellaneous Provisions) Act, 1956, and Training of Local Staff before Commencement of Trading Income Tax, Sur-tax and Corporation profits Tax.

70 Interpretation (Part VI).

70.—In this Part of this Act “the Act” means Finance (Miscellaneous Provisions) Act, 1956.

71 Amendment of Part III of the Act (repairs to ships, greeting cards).

71.—(1) In the case of a company carrying on the trade of building or repairing ships, the following provisions shall apply for the purposes of relief from income tax and corporation profits tax under Part III of the Act:

• (a) repairs carried out within the State to a ship shall be regarded as the manufacture within the State of goods and, to the extent to which any such repairs have been carried out within the State to a ship which is wholly owned by persons who are not ordinarily resident in the State, the ship shall be regarded as goods which are manufactured within the State and exported by the person who manufactures them and any amount receivable in payment for repairs carried out within the State to a ship shall be regarded as an amount receivable from the sale of goods;

• (b) where, as respects any year of assessment or any accounting period, the company, by notice in writing given to the inspector of taxes within twelve months after the end of that year or period, so elects, the Act shall apply in the case of that year or period—

• (i) as if all ships built by the company within the State had been exported by the company,

• (ii) as if all ships to which repairs were carried out by the company within the State were, to the extent of such repairs, goods exported by the company, and

• (iii) as if amounts receivable by the company in payment for the building within the State or of the repair within the State of ships were amounts receivable from the sale of goods exported by the company out of the State.

• (2) In paragraphs (a) and (b) of subsection (1) of this section, any reference to repair or building, as well as including a reference to repair or building effected on or after the 6th day of April, 1959, also includes a reference to repair or building effected before that day.

• (3) Each of the references to books contained in paragraph (d) of subsection (2); of section 56 of Finance Act, 1958, shall be construed as including a reference to greeting cards.

• (4) This section shall have effect—

• (a) in relation to income tax, for any year of assessment beginning on or after the 6th day of April, 1959, and

• (b) in relation to corporation profits tax, for any accounting period or part of an accounting period subsequent to the 5th day of April, 1959, and, in the case of corporation profits tax, the Revenue Commissioners may, for the purposes of this section in relation to any-such part of an accounting period, make such apportionments as may be appropriate.

72 Amendment of Part III of the Act (adjustment of certain amounts).

72.—(1) This section shall take effect for the purposes of relief from income tax or corporation profits tax under Part III of the Act, and in this section “the company” means a company claiming relief pursuant to that Part.

• (2) Where it appears to the Revenue Commissioners that, in the case of goods of a particular class, the relationship between the amount receivable from the sale in any period of goods exported and the amount receivable from the sale in that period of goods not exported is affected by the payment by the company of any duty in respect of the goods or the materials used in their manufacture, the Revenue Commissioners may direct that subsection (3) or subsection (4) of this section, whichever appears to them to be appropriate, shall apply in arriving at an amount receivable from the sale in that period of such goods, and where any such direction has been given, any relief to the company by reference to the sale of goods in that period shall be computed in accordance with it.

• (3)
• (a) An amount receivable from the sale of goods exported out of the State shall be deemed to be increased by the amount of any drawback, rebate or repayment of duty, being duty payable in the State, received by the company in respect of such goods and to be reduced by the amount of any duty paid in any territory outside the State by the company in respect of the import of such goods into that territory.

• (b) An amount receivable from the sale of goods not exported shall be deemed to be increased by the amount of any rebate or repayment of duty, being duty payable in the State, received by the company in respect of such goods.

• (4)
• (a) An amount receivable from the sale of goods exported out of the State shall be deemed to be reduced by the amount of any duty paid in any territory outside the State by the company in respect of the import of such goods into that territory.

• (b) An amount receivable from the sale of goods not exported shall be deemed to be reduced by the amount of any duty, being duty payable in the State, paid by the company in respect of such goods.

• (5) The Revenue Commissioners may by notice in writing require the company to furnish them with such information or particulars as may be necessary for the purpose of giving effect to this section, and subsection (1) of section 12 and subsection (1) of section 13 of the Act shall have effect as if the matters of which proof is required by those subsections included the information or particulars specified in a notice under this subsection.

• (6) This section shall have effect as from the passing of the Act, and relief from tax in relation to the period between such passing and the passing of this Act may be given accordingly either by repayment or otherwise as the Revenue Commissioners think proper.

73 Amendment of Part IV of the Act.

73.—(1) Section 17 of the Act is hereby amended—

• (i) by the addition at the end of subsection (1) of the word “or” and the following paragraph:

• “(c) for the purposes of a dock undertaking.”

• (ii) by the insertion after subsection (3) of the following subsection:

• “(3A) In this section ‘dock ’ includes any harbour, wharf, pier or jetty or other works in or at which vessels can ship or unship merchandise or passengers, not being a pier or jetty primarily used for recreation, andi ‘dock undertaking’ shall be construed accordingly.”

• (2) Section 19 of the Act shall have effect as if paragraph (b) and the proviso to that paragraph were deleted and the following paragraphs inserted in lieu thereof:

• “(b) any expenditure on the provision of machinery or plant or on any asset which is treated for any year of assessment as machinery or plant, or

• (c) any expenditure in respect of which an allowance is or may be made, for the same or for any previous or subsequent year of assessment, under subsection (3) of section 5 or under section 6 of Finance Act, 1946 (No. 15 of 1946).”

• (3) Where capital expenditure is incurred on preparing, cutting, tunnelling or levelling land for the purposes of preparing the land as a site for the installation of machinery or plant, the machinery or plant shall, as regards that expenditure, be treated, for the purposes of Part IV of the Act, as a building or structure.

• (4) In relation to industrial building allowances for years of assessment beginning on or after the 6th day of April, 1959, other than amounts carried forward from any year of assessment ended before that date, this section shall have effect as from the commencement of the Act.

74 Training of local staff before commencement of trading.

74.—(1) Where, before the day (being the 6th day of April, 1959, or a later day) of the setting up or commencement of a trade consisting of the production for sale of manufactured goods, a person who is about to carry on the trade incurs or has incurred expenditure on the recruitment and training, with a view to their employment in the trade, of persons all or a majority of whom are Irish citizens—

• (a) for the year of assessment in which that day occurs and each of the next two years of assessment, there shall be made to him an allowance equal to one-third of that expenditure, and such allowance shall be made as a deduction in charging the profits or gains of the trade,

• (b) in the case of a company, that expenditure shall be treated for the purposes of corporation profits tax as if one-thirty-sixth thereof had been incurred in each of the thirty-six consecutive months the first of which is that beginning with that day,

• (c) paragraph (3) of Rule 6 of the Rules applicable to Cases I and II of Schedule D and section 4 of Finance Act, 1937, shall apply in relation to an allowance under paragraph (a) of this subsection as they apply in relation to a deduction allowable in respect of wear and tear of machinery or plant.

• (2) For the purposes of this section—

• (a) expenditure shall not include any expenditure incurred by a person in respect of which no deduction would have been allowable to him, in computing the profits or gains of the trade under the Rules applicable to Cases I and II of Schedule D, if it had been incurred on or after the day of the setting up or commencement of the trade,

• (b) expenditure shall not be regarded as having been incurred, by a person in so far as it has been or is to be met directly or indirectly by the State, by any board established by statute or by any public or local authority.

• (3) For the purposes of this section, the date on which any expenditure is incurred shall be taken to be the date on which the sum in question becomes payable.

• (4) Any claim by a person for an allowance under this section shall be included in the annual statement required to be delivered under the Income Tax Acts of the profits or gains of his trade and shall be accompanied by a certificate signed by the claimant, which shall be deemed to form part of the claim, stating that the expenditure was incurred on the recruitment and training, with a view to their employment in the trade, of persons all or a majority of whom are Irish citizens and giving such particulars as show that the allowance falls to be made.

PART VII. Stamp Duties.

75 Stamp duty on policies of insurance.

75.—(1) In the First Schedule to the Stamp Act, 1891, before the head of charge “Policy of Life Insurance” there shall be inserted the following—

	£	s.	d.
“Policy of Insurance other than Life Insurance	0	0	6”,

and the head of charge “Policy of Sea Insurance” and the head of charge beginning “Policy of Insurance against Accident” shall be omitted.

• (2) The following shall be exempt from all stamp duties:

• (a) cover notes, slips and other instruments usually made in anticipation of the issue of a formal policy, not being instruments relating to life insurance;

• (b) instruments embodying alterations of the terms or conditions of any policy of insurance other than life insurance;

and an instrument exempted by virtue of paragraph (a) of this subsection shall not be taken for the purposes of the Stamp Act, 1891, to be a policy of insurance.

• (3) An instrument shall not be charged with duty exceeding sixpence by reason only that it contains or relates to two or more distinct matters each falling within the head of charge inserted by subsection (1) of this section.

• (4) In consequence of subsection (1) of this section, the Stamp Act, 1891, shall be amended as follows:

• (a) sections 92 to 97 shall cease to have effect;

• (b) section 100 shall have effect as if the exceptions therein as to sea insurance were omitted;

• (c) section 116 shall apply in relation to all policies of insurance other than life insurance, and the second part of the Second Schedule shall have effect accordingly;

and the said section 100 shall not apply in relation to an insurance or a policy effecting an insurance if the insurance is such that a policy effecting it is exempt from all stamp duties.

• (5) Paragraphs (2) to (5) of section 23 of the Marine Insurance Act, 1906, and subsection (2) of section 25 thereof shall cease to have effect.

• (6) Notwithstanding the repeal of section 93 of the Stamp Act, 1891, a contract for such insurance as is mentioned in section 506 of the Merchant Shipping Act, 1894, shall continue to be admissible in evidence although not embodied in a marine policy as required by section 22 of the Marine Insurance Act, 1906.

• (7) This section shall come into operation on the 1st day of August, 1959, and shall not have effect with respect to any instrument executed before that day.

76 Amendment of section 19 (1) (b) of Finance Act, 1952.

76.—(1) Paragraph (b) of subsection (1) of section 19 of Finance Act, 1952, is hereby amended by the substitution of the following subparagraphs for subparagraphs (i) to (v):

• “(i) the transferor was entitled to the entire beneficial interest in the relevant property,

• (ii) the entire beneficial interest in the relevant property became vested in the transferee,

• (iii) at the time of the execution of the instrument the transferor and transferee were associated with each other to the extent that either was the beneficial owner of not less than ninety per cent, of the issued share capital of the other or that not less than ninety per cent, of the issued share capital of each of them was in the beneficial ownership of a third body corporate, and

• (iv) the conveyance or transfer was not made in pursuance of or in connection with an arrangement whereunder either the consideration was to be provided directly or indirectly by a person other than a body corporate which at the time of the execution of the instrument was associated with either the transferor or the transferee to the extent described in subparagraph (iii) of this paragraph, or the beneficial interest in the relevant property was previously conveyed or transferred directly or indirectly by such a person as aforesaid.”

• (2) The reference to paragraph (6) of subsection (1) of section 19 of Finance Act, 1952, in paragraph (a) of that subsection and the reference thereto in paragraph (a) of subsection (4) of that section shall each be construed as a reference to the said paragraph (6) as amended by subsection (1) of this section.

PART VIII. Miscellaneous and General.

77 Capital Services Redemption Account.

77.—(1) In this section—

“the principal section” means section 22 of the Finance Act, 1950;

“the 1958 amending section” means section 61 of Finance Act, 1958;

“the ninth 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) Subsection (4) of the 1958 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1960, have effect with the substitution of “£645,872 ” for “£717,012”.

• (3) Subsection (6) of the 1958 amending section shall have effect with the substitution of “£409,742” for “£528,332”.

• (4) A sum of £780,192 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 March, 1960.

• (5) The ninth 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 ninth additional annuity, not exceeding £504,682 in any financial year, may be applied towards defraying the interest on the public debt.

• (7) The balance of the ninth additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section.

78 Amendment of section 31 (3) of Finance Act, 1940.

78.—Subsection (3) of section 31 of Finance Act, 1940, is hereby amended by the substitution in paragraph (d) of “three per cent, per annum ” for “two and seven-eighths per cent, per annum”.

79 Amendment of section 2 of Finance (Profits of Certain Mines) (Temporary Relief from Taxation) Act, 1956.

79.—Section 2 of Finance (Profits of Certain Mines) (Temporary Relief from Taxation) Act, 1956, is hereby amended by the substitution therein of “within the period of ten years” for “within the period of five years”.

80 Repeals,

80.—(1) The enactments specified in the Fourth Schedule to this Act are hereby repealed to the extent specified in the third column of that Schedule.

• (2) Subsection (1) of this section—

• (a) in the case of the enactments specified in Part I of the Fourth Schedule to this Act, shall come into operation on the 1st day of August, 1959,

• (b) in the case of the enactments specified in Part II of that Schedule, shall come into operation on the 1st day of August, 1959, and shall not have effect with respect to instruments executed before that day, and

• (c) in the case of the enactments specified in Part III of that Schedule, shall come into operation on the 1st day of April, 1960.

81 Care and management of taxes and duties.

81.—All taxes and duties imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.

82 Short title, construction and commencement.

82.— (1) This Act may be cited as the Finance Act, 1959.

• (2) Parts I and IV of this Act and the First Schedule thereto shall be construed together with the Income Tax Acts.

• (3) Part II of this Act, so far as it relates to duties of customs, shall be construed together with the Customs Acts and, so far as it relates to duties of excise, shall be construed together with the Statutes which relate to the duties of excise and the management of those duties.

• (4) Parts V and VI of this Act shall, so far as they relate to income tax (including sur-tax), be construed together with the Income Tax Acts and shall, so far as they relate to corporation profits tax, be construed together with Part V of the Finance Act, 1920, and the enactments amending or extending that Part.

• (5) Part VII of this Act shall be construed together with the Stamp Act, 1891, and the enactments amending or extending that Act.

• (6) Parts I and IV of this Act and the First and Second Schedules thereto shall be deemed to come into foree and shall take effect as on and from the 6th day of April, 1959.

• (7) Part V of this Act shall come into operation on the 6th day of April, 1960.

• (8) 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.

FIRST SCHEDULE. Purchase and Sale of Securities: Appropriate Amount in respect of the Interest.

• (a) the period beginning with the first relevant date and ending with the day before the day on which the first buyer bought the securities,

bears to—

• (b) the period beginning with the first relevant date and ending with the day before the second relevant date.

• (2) In subparagraph (1) of this paragraph—

“the first relevant date” means—

• (a) in case the securities have not been quoted in the official list of the Dublin Stock Exchange at a price excluding the value of the interest payment last payable before the interest receivable by the first buyer or, the securities having been so quoted, the date of the quotation was not the earliest date on which they cpuld have been so quoted if an appropriate dealing in the securities had taken place—the said earliest date, and

• (b) in any other case—the date on which the securities have been first so quoted;

“the second relevant date” means—

• (a) in case the securities have not been quoted in the official list of the Dublin Stock Exchange at a price excluding the value of the interest receivable by the first buyer or, the securities having been so quoted, the date of the quotation was not the earliest date on which they could have been so quoted if an appropriate dealing in the securities had taken place—the said earliest date, and

• (b) in any other case—the date on which the securities have been first so quoted.

• (3) Where the interest receivable by the first buyer was the first interest payment payable in respect of the securities, sub-paragraph (1) of this paragraph shall have effect with the substitution, for the references to the first relevant date, of the begin ning of the period for which the interest was payable:

Provided that, where the capital amount of the securities was not fully paid at the beginning of the said period and one or more instalments of capital were paid during that period—

• (a) the interest shall be treated as divided into parts, calculated by reference to the amount of the interest attributable to the capital paid at or before the beginning of the said period and the amount thereof attributable to each such instalment, and

• (b) treating each of the said parts as interest payable for the said period or, where the part was calculated by reference to any such instalment, as interest payable for the part of the said period beginning with the payment of the instalment, there shall be calculated, in accordance with the foregoing provisions of this paragraph, the amount constituting the appropriate proportion of each part, and

• (c) the appropriate proportion of the interest for the purposes of paragraphs 1 and 2 of this Schedule shall be the proportion thereof constituted by the sum of the said amounts.

• (4) In relation to securities which are not the subject of quotations in the official list of the Dublin Stock Exchange, sub-paragraph (1) of this paragraph shall have effect with the substitution for the periods therein mentioned of such periods as in the opinion of the Special Commissioners correspond therewith in the case of the securities in question.

SECOND SCHEDULE. AGREEMENT BETWEEN THE GOVERNMENT OF IRELAND AND THE GOVERNMENT OF THE UNITED KINGDOM WITH RESPECT TO CERTAIN EXEMPTIONS FROM TAX.

The Government of Ireland and the Government of the United Kingdom, Considering the Agreement of the 14th April, 1926, between the Government of the Irish Free State and the British Government, in pursuance of which exemptions from tax are conferred on persons resident in one only of the countries from tax under the law of the other, Considering that doubts have arisen as to the effect on the said exemptions of the provisions of subsection (2) of Section four of the United Kingdom Finance (No. 2) Act, 1955 (hereinafter called “the Act of 1955”) and subsection (2) of Section fifty-one of the Irish Finance Act, 1958 (hereinafter called “the Act of 1958”) (which relate to purchases of shares by persons exempted from tax),

Desiring to remove these doubts for the year 1959-60 and subsequent years,

Have agreed as follows:—

Article 1.

• (1) The said exemptions fall within, and are subject to, the said provisions of the Act of 1955 and the Act of 1958.

• (2) Subject as aforesaid the said Agreement of 1926 as amended by Agreements made on the 25th April, 1928, and the 21st July, 1947, continues in force.

• (3) Paragraph (1) of this Article does not relate to cases where the dividend in respect of which exemption is elaimed is one on a holding of shares or stock acquired by the person claiming exemption, or regarded as having been acquired by him, before the eighth day of April, nineteen hundred and fifty-nine except in so far as that dividend is one falling within subsection (2) of the said Section four or subsection (2) of the said Section fifty-one by reason (directly or indirectly) that in respect of another dividend, received by a body corporate other than the person claiming exemption from a holding of shares or stock acquired, or regarded as acquired, by the body corporate on or after the said eighth day of April, a deduction is to be made in determining the income of that body corporate arising after a given date; but this paragraph is without prejudice to any question as to the application of the said provisions of the Act of 1955 and the Act of 1958 in circumstances to which paragraph (1) of this Article does not relate.

Article 2.

This Agreement shall become effective on the exchange of notes confirming that the necessary steps have been taken to give it the force of law in Ireland and the United Kingdom, and thereafter shall remain effective only so long as it has the force of law in both countries.

Dated this fourth day of April, 1959.

For the Government of Ireland.	For the Government of the United Kingdom.
SÉAMAS Ó RIAIN.	D. HEATHCOAT AMORY,

THIRD SCHEDULE. Duties on Tobacco.

Part I.

Customs.

		£	s.	d.
Unmanufactured:—
If Stripped or Stemmed:—
Containing 10 lbs. or more of moisture in every 100 lbs. weight thereof	the lb.	2	6	2
Containing less than 10 lbs. of moisture in every 100 lbs. weight thereof	the lb.	2	11	3
If Unstripped or Unstemmed:—
Containing 10 lbs. or more of moisture in every 100 lbs. weight thereof	the lb.	2	6	1½
Containing less than 10 lbs. of moisture in every 100 lbs. weight thereof	the lb.	2	11	2½

Part II

Excise

		£	s.	d.
Unmanufactured :—
Contaning 10 lbs. or more of moisture in every 100 lbs. weight thereof	the lb.	2	5	0½
Contaning less than 10 lbs. of moisture in every 100 lbs. weight	the lb.	2	10	0½

Part III.

Preferential Rates of Customs Duties on Unmanufactured Tobacco.

		£	s.	d.
Unmanufactured:—	Unmanufactured:—
If Stripped or Stemmed:—	If Stripped or Stemmed:—
Containing 10 lbs. or more of moisture in every 100 lbs. weight thereof	the lb.	2	4	7½
Containing less than 10 lbs. of moisture in every 100 lbs. weight thereof	the lb.	2	9	7
If Unstripped or Unstemmed:—	If Unstripped or Unstemmed:—
Containing 10 lbs. or more of moisture in every 100 lbs. weight thereof	the lb.	2	4	7
Containing less than 10 lbs. of moisture in every 100 lbs, weight thereof	the lb.	2	9	6½

FOURTH SCHEDULE. Enactments repealed.

Part I.

Number and Year	Short Title	Extent of Repeal
No. 11 of 1928.	Finance Act, 1928.	Section 26.
No. 20 of 1932.	Finance Act, 1932.	Paragraph (b) of subsection (3) of section 25.
No. 15 of 1933.	Finance Act, 1933.	Section 19.
No. 31 of 1934.	Finance Act, 1934.	Section 20.
No. 28 of 1935.	Finance Act, 1935.	Section 25.
No. 31 of 1936.	Finance Act, 1936.	Section 12.
No. 25 of 1938.	Finance Act, 1938.	Paragraphs (a), (b) and (c) of subsection (1) and subsection (2) of section 22.
No. 18 of 1939.	Finance Act, 1939.	Section 17.
No. 18 of 1950.	Finance Act, 1950.	Section 7.
No. 21 of 1953.	Finance Act, 1953.	Section 5.
No. 22 of 1956.	Finance Act, 1956.	Section 18.

Part II.

Session and Chapter	Short Title	Extent of Repeal
54 & 55 Vic., c. 39.	The Stamp Act, 1891.	Sections 92 to 97; in subsection (1) of section 98, the words from “against accident; and” to “a policy of insurance” and from “or as compensation” to the end; subsection (2) of section 98; in section 99, the words “sea insurance or”; in section 100, the words “other than a sea insurance” and the words “other than a policy of sea insurance”; in the First Schedule, the head of charge “Policy of Sea Insurance” and the head of charge beginning “Policy of Insurance against Accident”.
58 & 59 Vic., c. 16.	The Finance Act, 1895.	Section 13.
59 & 60 Vic., c. 28.	The Finance Act, 1896.	Section 13.
62 & 63 Vic., c. 9.	The Finance Act, 1899.	Section 11.
1 Edw. 7, c. 7.	The Finance Act, 1901.	Section 11.
3 Edw. 7, c. 46.	The Revenue Act, 1903.	Section 8.
6 Edw. 7, c. 41.	The Marine Insurance Act, 1906.	In section 21, the words “although it be unstamped”; paragraphs (2) to (5) of section 23; subsection (2) of section 25.
7 Edw. 7, c. 13.	The Finance Act, 1907.	Section 8.
2 & 3 Geo. 5, c. 8.	The Finance Act, 1912.	Section 8.
10 & 11 Geo. 5, c. 18.	The Finance Act, 1920.	Subsection (1) of section 40; in subsection (2) of section 40 the words “ninety-eight”; section 41.

Part III.

Number and Year	Short Title	Extent of Repeal
No. 15 of 1946.	Finance Act, 1946.	Subsection (13) of section 6.
No. 20 of 1957.	Finance Act, 1957.	Subsection (4) of section 2.