FINANCE ACT, 1968

• (5) Where a lump sum is paid by an employer in respect of employment wholly in maintaining or managing premises the expenses of maintaining or managing which were deductible under section 81 of the Income Tax Act, 1967, the amount by which the lump sum exceeds the amount of the rebate recoverable shall (if not otherwise allowable under that section) be treated for the purposes of the said section 81 as a payment made by the employer in respect of the maintenance or management of the premises; and, if the payment was made after the latest time when it could be taken into account under the said section 81 as a payment in respect of the maintenance or management of the property, it shall be treated as having been made at that time.

• (6) Relief shall not be given under subsections (3), (4) and (5), or otherwise, more than once in respect of any lump sum, and, if the employee was being employed by the employer in such a way that different parts of the employee's remuneration fell for income tax, sur-tax or corporation profits tax purposes to be treated in different ways, the amount by which the lump sum exceeds the amount of the rebate recoverable shall be apportioned to the different capacities in which the employee was employed, and the said subsections (3), (4) and (5) shall apply separately to the employment in those capacities, and by reference to the apportioned part of the said amount, instead of by reference to the full amount of the lump sum and the full amount of the rebate.

• (7) Where, under section 32 of the Redundancy Payments Act, 1967, a payment of the whole or a part of a lump sum is made by the Minister for Labour, the payment shall, so far as the employer has reimbursed that Minister, be deemed for the purposes of this section to have been made by the employer.

• (8) For the purposes of this section a source of income is within the charge to income tax or corporation profits tax if that tax is chargeable on the income arising from it, or would be so chargeable if there were any such income.

• (9) This section shall apply as respects payments made on or after the 1st day of January, 1968, and as respects tax for past years of assessment and accounting periods, and relief from tax may be given accordingly by repayment or otherwise.

38 Amendment of section 251 of Income Tax Act, 1967.

38.—The following subsection is hereby substituted for section 251 (4) of the Income Tax Act, 1967:

• “(4) Notwithstanding anything in the preceding provisions of this section, this Chapter shall have effect—

  • (a) in relation to capital expenditure incurred on or after the 14th day of December, 1961, and before the 1st day of April, 1967, as if ‘two-fifths’ were substituted for ‘one-fifth’ in subsection (1),

  • (b) in relation to capital expenditure incurred on or after the 1st day of April, 1967, and before the 1st day of April, 1968, as if ‘one-half’ were substituted for ‘one-fifth’ in subsection (1), and

  • (c) in relation to capital expenditure incurred on or after the 1st day of April, 1968, and before the 1st day of April, 1971, as if ‘three-fifths’ were substituted for ‘one-fifth’ in subsection (1).”.

39 Amendment of section 254 of Income Tax Act, 1967.

39.—Section 254 (2) of the Income Tax Act, 1967, is here by amended by the substitution of “the 1st day of April, 1971” for “the 1st day of April, 1968”.

40 Repeal of Corporation Duty.

40.—The duty imposed by section 11 of the Customs and Inland Revenue Act, 1885, in respect of the property of certain corporate and unincorporated bodies shall not be charged for any yearly period beginning after the 5th day of April, 1968.

41 Investment accounts in trustee savings banks.

41.—(1) In this section—

“investment account” means an account in which a person deposits moneys with a trustee savings bank and which is opened by the bank in pursuance of a consent of the Minister under section 3 of the Trustee Savings Banks Act, 1965;

“the Minister” means the Minister for Finance.

• (2) Notwithstanding anything contained in any other enactment, the rate of interest payable on a deposit paid into an investment account with a trustee savings bank shall be such rate as the Minister may from time to time determine.

• (3) The trustees of every trustee savings bank shall pay into a special account in the name of the Minister all moneys received by them in respect of deposits in investment accounts less any moneys withdrawn from such accounts and any moneys retained by them (pursuant to authorisations in that behalf given from time to time by the Minister) to meet anticipated withdrawals from such accounts.

• (4) The Minister may make provision for the opening of the said special account in his name and may make regulations for the payment of moneys into that special account in pursuance of this section and the withdrawal of moneys therefrom and for the investment of moneys to the credit of the said special account and generally for the management of the said special account.

• (5) Regulations made by the Minister under the next preceding subsection of this section in relation to the special account mentioned in that subsection may provide that investments of moneys to the credit of the said special account may be made by way of deposit in the Post Office Savings Bank and if such regulations so provide they may further make such provisions as shall be requisite for the payment by the Post Office Savings Bank of interest on moneys so deposited at such rate and over such periods as may, in the opinion of the Minister, be necessary or expedient for the effective administration of the relevant provisions of this section and the regulations made thereunder.

• (6) Provisions inserted under the next preceding subsection of this section in the regulations mentioned in that subsection shall have effect notwithstanding anything to the contrary or inconsistent there-with contained in any enactment applied by this Act to the Post Office Savings Bank.

• (7) There shall be paid by the Minister to the trustees of every trustee savings bank interest at such rate as may be determined by the Minister from time to time on moneys paid into the special account opened pursuant to this section.

• (8) The reference in section 337 (1) (b) of the Income Tax Act, 1967, to the special account opened in pursuance of section 31 (3) of the Finance Act, 1940, shall be construed as including a reference to the special account opened in pursuance of this section.

• (9) The reference in section 344 of the Income Tax Act, 1967, to deposits with a trustee savings bank shall be construed as not including a reference to a deposit in an investment account with a trustee savings bank.

42 Provisions in relation to schemes for free television and radio licences.

42.—(1) Payments received by the Minister for Posts and Telegraphs from a Minister of State out of moneys provided by the Oireachtas under a scheme for the provision, free of charge, of licences under section 5 of the Wireless Telegraphy Act, 1926, in respect of television and radio sets shall, for the purposes of section 2 of the Broadcasting Authority (Amendment) Act, 1966, be deemed to be receipts in respect of broadcasting licence fees.

• (2) Where a licence under the said section 5 in respect of a television or radio set is in force and is surrendered by the holder of the licence under a scheme hereinbefore mentioned, a refund of such part of the fee paid in respect of the licence as may be specified in directions given by the Minister for Posts and Telegraphs may be made in accordance with such directions as may be given by that Minister.

• (3) If this Act is passed before or on the 1st day of July, 1968, subsections (1) and (2) of this section shall come into operation on that day, and, if it is passed after that day, it shall be deemed to have come into operation on that day.

43 Restriction of Finance (Excise Duties) (Vehicles) Act, 1952.

43.—(1) Where a person shows to the satisfaction of the licensing authority that, in consequence of injury, disease or defect, he is wholly, or almost wholly, without the use of each of his legs, the duty imposed by section 1 of the Finance (Excise Duties) (Vehicles) Act, 1952, shall not be charged or levied in respect of a vehicle specially constructed or adapted for use by the person as driver and used by him either as driver or passenger.

• (2) The duty imposed by section 1 of the said Finance (Excise Duties) (Vehicles) Act, 1952, shall not be charged or levied on vehicles (including any cycle with an attachment for propelling it by mechanical power) not exceeding 6 cwt. in weight unladen adapted and used for invalids.

• (3) If this Act is passed before or on the 1st day of July, 1968, subsections (1) and (2) of this section shall come into operation on that day and, if it is passed after that day, they shall be deemed to have come into operation on that day.

• (4) The appropriate repayments shall be made having regard to the provisions of the preceding subsections of this section and the repayments shall be made in accordance with such directions as may be given by the Minister for Local Government.

44 Amendment of Part II of Schedule to Finance (Excise Duties) (Vehicles) Act, 1952.

44.—(1) Part II of the Schedule to the Finance (Excise Duties) (Vehicles) Act, 1952, is hereby amended by the substitution of the following subparagraph for subparagraph (3) of paragraph 1:

• “(3)

  • (a) Where a vehicle (in this subparagraph referred to as the first-mentioned vehicle) has another vehicle or an attachment in the nature of a vehicle (in this subparagraph referred to as the second-mentioned vehicle) attached to and partly superimposed upon it, the first-mentioned vehicle and the second-mentioned vehicle shall, for the purposes of Part I of this Schedule, be deemed to form and be a single vehicle and the first-mentioned vehicle shall not, by reason merely of the attachment thereto of the second-mentioned vehicle, be deemed to be a tractor or a vehicle drawing a trailer.

  • (b) Clause (a) of this subparagraph shall not apply in any case in which all of the following conditions are complied with:—

    • (i) the first-mentioned vehicle does not exceed four tons in weight unladen, and the second-mentioned vehicle does not exceed four tons in weight unladen,

    • (ii) the first-mentioned vehicle does not have a suitable and adequate system of flexible suspension between each wheel (being a wheel the tyre of which is in contact with the ground when the vehicle is in motion) and the frame or body of the vehicle,

    • (iii) the first-mentioned vehicle and the second-mentioned vehicle are specially designed for, and mainly used in, operations which necessitate working on rough ground or unmade roads,

    • (iv) all the wheels (being wheels the tyres of which are in contact with the ground when the vehicle is in motion) of the first-mentioned vehicle and of the second-mentioned vehicle are equipped with pneumatic tyres, and

    • (v) the first-mentioned vehicle does not, whether used by itself or with the second-mentioned vehicle attached to it, proceed at a speed exceeding twenty miles per hour at any time during the period of validity of the licence under section 1 of this Act in respect of the first-mentioned vehicle.”.

• (2) If this Act is passed before or on the 1st day of July, 1968, subsection (1) of this section shall come into operation on that day and, if it is passed after that day, it shall be deemed to have come into operation on that day.

• (3) The appropriate repayments shall be made having regard to the provisions of the preceding subsections of this section and the repayments shall be made in accordance with such directions as may be given by the Minister for Local Government.

45 Repeal.

45.—Subparagraphs (a) and (b) of paragraph 6 of Part I of the Schedule to the Finance (Excise Duties) (Vehicles) Act, 1952, are hereby repealed.

46 Provisions in relation to Imposition of Duties (No. 170) (Excise Duties) (Vehicles) Order, 1968.

46.—(1) The Imposition of Duties (No. 170) (Excise Duties) (Vehicles) Order, 1968, is hereby confirmed.

• (2) The appropriate repayments shall be made having regard to the provisions of the Order aforesaid in accordance with such directions as may be given by the Minister for Local Government.

47 Care and management of taxes and duties.

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

48 Short title, construction and commencement.

48.—(1) This Act may be cited as the Finance Act, 1968.

• (2) Part I and (so far as relating to income tax, including sur-tax) sections 34 to 39 and section 41 of this Act shall be construed together with the Income Tax Acts.

• (3) Part II of this Act, so far as it relates to 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 and (so far as relating to corporation profits tax)sections 34 to 39 of this Act shall be construed together with Part V of the Finance Act, 1920, and the enactments amending or extending that Part.

• (5) Part I and sections 34 to 39 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, 1968.

• (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 Spirits (Rates of Ordinary Customs Duty)

Part I

Part II

SECOND SCHEDULE Duties on Tobacco

Part I Customs

Part II Customs

Part III Customs

Part IV Excise

THIRD SCHEDULE Rates of Customs Duty on Wine

Part I

Part II

FOURTH SCHEDULE Rates of Excise Duty on Irish Wine

Part I

Part II