LegalizeFINANCE ACT, 1961
This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.
11 amending acts · 2014-12-23, Companies Act 2014
if it were a conveyance or transfer on sale of the fee simple interest in the lands, tenements or hereditaments, free from all incumbrances, made to the occupier for a consideration in money equal to the value of such interest and executed on the date of the passing, due allowance being made for the amount of any stamp duty already paid in relation to the passing: provided that if, within thirty days after the date of the requisition under paragraph (i) of this section, the occupier shows cause to the satisfaction of the Revenue Commissioners why the requisition under paragraph (i) of this section should be cancelled, the Revenue Commissioners shall cancel the requisition and the statement, if any, delivered pursuant thereto,
- (iii) the provisions of subsection (8) of section 33 and subsection (8) of section 34 of this Act shall apply in relation to the statement,
- (iv) where the occupier has not complied with the requisition under paragraph (i) of this section and has not shown cause to the satisfaction of the Revenue Commissioners why the requisition should be cancelled, the Revenue Commissioners may prepare a statement in writing of the particulars in relation to the passing as they appear to them and deliver a copy thereof to the occupier and, upon delivery of the copy, the statement shall be deemed to be the statement delivered in accordance with the requisition under paragraph (i) of this section: provided that—
- (I) if, within thirty days after the date of the delivery to him of the copy aforesaid, the occupier shows cause to the satisfaction of the Revenue Commissioners why the statement should be cancelled, the Revenue Commissioners shall cancel the statement, and
- (II) if, within thirty days after the delivery to him of the copy aforesaid, the occupier shows cause to the satisfaction of the Revenue Commissioners why the particulars contained in the statement should be modified, the Revenue Commissioners shall modify them,
- (v) (I) subject to clause (II) of this paragraph, if, at the expiration of thirty days after the date (being, in case an appeal is brought under paragraph (vi) of this section, a date after the date of the determination or withdrawal, as the case may be, of the appeal, and, in any other case, a date after the date of the expiration of the time for any appeal which may be brought under that paragraph) on which the Revenue Commissioners have notified the occupier of the amount of duty chargeable on the statement, the statement is not stamped in accordance with paragraph (ii) of this section, a sum equal to twice the amount of the duty unpaid shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by the occupier,
- (II) clause (I) of this paragraph does not apply to a statement delivered in accordance with the requisition under paragraph (i) of this section the cancellation of which has been effected by the Revenue Commissioners or directed by the Court on appeal under paragraph (vi) of this section and, in the case of a statement the particulars of which have been modified by the Revenue Commissioners or have been directed by the Court, on appeal under the said paragraph (vi), to be modified, clause (I) of this paragraph applies to the statement subject to the modification effected or directed as aforesaid,
and
- (vi) where the occupier fails in showing cause to the satisfaction of the Revenue Commissioners why the requisition under paragraph (i) of this section should be cancelled or why the statement prepared by the Revenue Commissioners should be cancelled or why the particulars contained in the statement prepared by the Revenue Commissioners should be modified, an appeal shall lie to the High Court from the decision of the Revenue Commissioners.
PART V. Miscellaneous.
36 Capital Services Redemption Account.
36.—(1) In this section—
“the principal section” means section 22 of the Finance Act, 1950;
“the 1960 amending section” means section 38 of the Finance Act, 1960;
“the eleventh 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 1960 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1962, have effect with the substitution of “£946,321” for “£951,035”.
- (3) Subsection (6) of the 1960 amending section shall have effect with the substitution of “£600,348” for “£615, 195”.
- (4) A sum of £1, 134,682 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, 1962.
- (5) The eleventh 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 eleventh additional annuity, not exceeding £733,991 in any financial year, may be applied towards defraying the interest on the public debt.
- (7) The balance of the eleventh additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section.
37 Cesser of application of section 11 of 21 & 22 Geo. III, c. 16 (Ir.) to certain advances and loans.
37.—Section 11 of the pre-Union Irish Statute entitled “An Act for establishing a bank by the name of the Governors and Company of the Bank of Ireland” and passed in the year 1781-82 shall not apply in relation to any advance or loan made after the passing of this Act to the Minister for Finance, but, subject to that restriction, the said section shall continue to have full force and effect.
38 Amendment of section 30 of Finance Act, 1960.
38.—(1) Section 30 of the Finance Act, 1960, is hereby amended—
- (a) by the addition at the end of subsection (1) of “and also to a company claiming relief under the said Part III otherwise than by virtue of those sections”, and
- (b) by the insertion in subsection (4) of “or relief under Part III of the Act otherwise than by virtue of those sections (as may be appropriate),” before “in so far”.
- (2) Where section 30 of the Finance Act, 1960, applies by virtue of the amendments effected by the foregoing subsection, it shall have effect in respect of transactions and successions occurring after the 19th day of April, 1961.
39 Repeals.
39.—(1) (a) The enactment specified in column (2) of Part I of the Third Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part.
- (b) Paragraph (a) of this subsection shall have effect only in relation to persons dying after the passing of this Act.
- (2)
- (a) Each enactment specified in column (2) of Part II of the Third Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part.
- (b) Paragraph (a) of this subsection shall come into operation on the 1st day of August, 1961, or the date of the passing of this Act, whichever is the later.
- (3) Each enactment specified in column (2) of Part III of the Third Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part, but the said repeals shall not apply to any bill or note which was drawn or made before the 1st day of August, 1961, or the date of the passing of this Act, whichever is the later, and which, if drawn or made outside the State, first became chargeable in accordance with section 35 of the Stamp Act, 1891, before that date.
40 Care and management of taxes and duties.
40.—All taxes and duties imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.
41 Short title, construction and commencement.
41.—(1) This Act may be cited as the Finance Act, 1961.
- (2) Part I of this Act 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) Part IV of this Act shall be construed together with the Stamp Act, 1891, and the enactments amending or extending that Act.
- (5) Part I of this Act shall be deemed to come into force and shall take effect as on and from the 6th day of April, 1961.
- (6) 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. Duties on Tobacco.
Part I. Customs.
| Unmanufactured:— | Unmanufactured:— | Unmanufactured:— | Unmanufactured:— | Unmanufactured:— | £ | s. | d. |
| if stripped or stemmed:— | if stripped or stemmed:— | if stripped or stemmed:— | if stripped or stemmed:— | if stripped or stemmed:— | |||
| containing 10 lbs. or more of moisture in every 100 lbs. weight thereof | containing 10 lbs. or more of moisture in every 100 lbs. weight thereof | containing 10 lbs. or more of moisture in every 100 lbs. weight thereof | containing 10 lbs. or more of moisture in every 100 lbs. weight thereof | the lb. | 2 | 9 | 8 |
| containing less than 10 lbs. of moisture in every 100 lbs. weight thereof | containing less than 10 lbs. of moisture in every 100 lbs. weight thereof | containing less than 10 lbs. of moisture in every 100 lbs. weight thereof | containing less than 10 lbs. of moisture in every 100 lbs. weight thereof | ” | 2 | 15 | 2 |
| if unstripped or unstemmed:— | if unstripped or unstemmed:— | if unstripped or unstemmed:— | if unstripped or unstemmed:— | ||||
| containing 10 lbs. or more of moisture in every 100 lbs. weight thereof | containing 10 lbs. or more of moisture in every 100 lbs. weight thereof | containing 10 lbs. or more of moisture in every 100 lbs. weight thereof | containing 10 lbs. or more of moisture in every 100 lbs. weight thereof | ” | 2 | 9 | 71/2 |
| containing less than 10 lbs. of moisture in every 100 lbs. weight thereof | containing less than 10 lbs. of moisture in every 100 lbs. weight thereof | containing less than 10 lbs. of moisture in every 100 lbs. weight thereof | containing less than 10 lbs. of moisture in every 100 lbs. weight thereof | ” | 2 | 15 | 17/2 |
| Full | Full | Full | Preferential | Preferential | Preferential | ||
| £ | S. | d. | £ | s. | d. | ||
| Manufactured:— | Manufactured:— | ||||||
| Cigars | the lb. | 3 | 3 | 0 | 2 | 12 | 6 |
| Cigarettes | ” | 3 | 1 | 0 | 2 | 10 | 10 |
| Cavendish or Negrohead | ” | 3 | 2 | 6 | 2 | 12 | 1 |
| Cavendish or Negrohead manufactured in bond | ” | 3 | 2 | 0 | 2 | 11 | 8 |
| other manufactured tobacco | ” | 3 | 0 | 6 | 2 | 10 | 5 |
| snuff containing more than 13 lbs. of moisture in every 100 lbs. weight thereof | ” | 3 | 0 | 0 | 2 | 10 | 0 |
| snuff not containing more than 13 lbs. of moisture in every 100 lbs. weight thereof | ” | 3 | 2 | 6 | 2 | 12 | 1 |
Part II. Excise.
| Unmanufactured:— | Unmanufactured:— | £ | s. | d. |
| containing 10 lbs. or more of moisture in every 100 lbs. weight thereof | the lb. | 2 | 8 | 61/2 |
| containing less than 10 lbs. of moisture in every 100 lbs. weight thereof | ” | 2 | 13 | 11 |
| Manufactured:— | Manufactured:— | |||
| Cavendish or Negrohead manufactured in bond | ” | 2 | 10 | 4 |
SECOND SCHEDULE. Scale of rates of estate duty
| Principal Value of the Estate | Principal Value of the Estate | Principal Value of the Estate | Principal Value of the Estate | Principal Value of the Estate | Principal Value of the Estate | Rate per cent. of duty |
| £ | £ | |||||
| Exceeding | 5,000 | and | not | exceeding | 6,000 | 1 |
| ” | 6,000 | ” | ” | ” | 7,000 | 2 |
| ” | 7,000 | ” | ” | ” | 8,000 | 3 |
| ” | 8,000 | ” | ” | ” | 10,000 | 4 |
| ” | 10,000 | ” | ” | ” | 12,500 | 6 |
| ” | 12,500 | ” | ” | ” | 15,000 | 8 |
| ” | 15,000 | ” | ” | ” | 17,500 | 10 |
| ” | 17,500 | ” | ” | ” | 20,000 | 12 |
| ” | 20,000 | ” | ” | ” | 25,000 | 14 |
| ” | 25,000 | ” | ” | ” | 30,000 | 16 |
| ” | 30,000 | ” | ” | ” | 35,000 | 18 |
| ” | 35,000 | ” | ” | ” | 40,000 | 21 |
| ” | 40,000 | ” | ” | ” | 45,000 | 24 |
| ” | 45,000 | ” | ” | ” | 50,000 | 27 |
| ” | 50,000 | ” | ” | ” | 60,000 | 30 |
| ” | 60,000 | ” | ” | ” | 75,000 | 33 |
| ” | 75,000 | ” | ” | ” | 100,000 | 37 |
| ” | 100,000 | 40 |
THIRD SCHEDULE. Enactments repealed.
Part I.
| Number and Year | Short Title. | Extentof Repeal |
| (1) | (2) | (3) |
| No. 19 of 1960. | Finance Act, 1960. | Subsection(1) of section 24. |
Part II.
| Number and Year | Short Title | Extent of Repeal |
| (1) | (2) | (3) |
| No. 27 of 1924. | Finance Act, 1924. | Sections 22. |
| No. 22 of 1956. | Finance Act, 1956. | Sections 30 and 31.. |
Part III.
| Session and Chapter | Short Title | Extent of Repeal |
| (1) | (2) | (3) |
| 54 & 55 Vic., c. 39 | Stamp Act, 1891. | Section 34; in section 36, the words “determining the mode in which” and the words “is to be denoted”; subsection (1)of section 37; in subsection (2) of section 37, the words “Except as aforesaid” in subsection (2) of section 38, the words. “payable on demand or at sight or on presentation” In the First Schedule, the headings beginning “Bill of Exchange payable on demand” and “Bill of Exchange of any other kind” (but not the exemptions following). |
| 62 & 63 Vic., c. 9. | Finance Act, 1899. | Section 10. |
| 9 Edw. 7, c. 43. | Revenue Act, 1909. | Section 10. |
| 8 & 9 Geo. 5, c 15. | Finance Act, 1918. | Section 36. |
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