Finance Act 1974

(a) to receive from any person an amount of money (with or without interest) which is stated in a certificate of deposit issued to the person who has deposited the money or to any other person, or

(b) to receive from any person an amount of money (with or without interest), being a right arising from an assignable deposit which may be assigned or transferred to another person by the person who has deposited the money or by any person who has acquired the right to do so.

(6) In this section—

“assignable deposit” means a deposit of money, in any currency, which has been deposited with any person whether it is to be repaid with or without interest and which, at the direction of the depositor, may be assigned with or without interest to another person; and

“certificate of deposit” means a document relating to money, in any currency, which has been deposited with the issuer or some other person, being a document which recognises an obligation to pay a stated amount to bearer or to order, with or without interest, and being a document by the delivery of which, with or without endorsement, the right to receive that stated amount, with or without interest, is transferable.

56 Taxation of shares issued in lieu of cash dividends.

56.—(1) In this section—

“company” means any body corporate;

“share” means share in the share capital of a company and includes stock and any other interest in the company.

(2) If any person, as a consequence of the exercise, whether before, on or after the declaration of a distribution of profits by a company, of an option to receive in respect of shares in the company either a sum in cash or additional share capital of the company, receives such additional share capital, he shall be deemed to have received from the company, instead of such share capital, income equal to the sum he would have received if he had received the distribution in cash instead.

(3) Any income deemed under subsection (2) to have been received from a company by a person shall—

(a) if the person's profits are chargeable to corporation profits tax, be treated as profits to which Part V of the Finance Act, 1920, applies and be charged to corporation profits tax accordingly;

(b) if the company is resident outside the State, be treated as income from securities and possessions outside the State and be assessed and charged to tax under Case III of Schedule D;

(c) if the company is resident in the State, be treated as profits or gains not falling under any other Case of Schedule D and not charged by virtue of any other Schedule and be assessed and charged to tax under Case IV of Schedule D.

(4) For the purposes of this section an option to receive either a dividend in cash or additional share capital is conferred on a person not only where he is required to choose one or the other, but also where he is offered the one subject to a right, however expressed, to choose the other instead, and a person's abandonment of, or failure to exercise, such a right is to be treated for those purposes as an exercise of the option.

57 Transfer of assets abroad.

57.—For the purpose of preventing the avoiding by individuals ordinarily resident in the State of liability to tax by means of transfers of assets by virtue or in consequence whereof, either alone or in conjunction with associated operations, income becomes payable to persons resident or domiciled out of the State, it is hereby enacted as follows:—

(1) Where by virtue or in consequence of any such transfer, either alone or in conjunction with associated operations, such an individual has, within the meaning of this section, power to enjoy, whether forthwith or in the future, any income of a person resident or domiciled out of the State which, if it were income of that individual received by him in the State, would be chargeable to tax by deduction or otherwise, that income shall, whether it would or would not have been chargeable to tax apart from the provisions of this section, be deemed to be income of that individual for all the purposes of the Income Tax Acts.

(2) Where, whether before or after any such transfer, such an individual receives or is entitled to receive any capital sum the payment whereof is in any way connected with the transfer or any associated operation, any income which, by virtue or in consequence of the transfer, either alone or in conjunction with associated operations, has become the income of a person resident or domiciled out of the State shall, whether it would or would not have been chargeable to tax apart from the provisions of this section, be deemed to be the income of that individual for all the purposes of the Income Tax Acts.

In this subsection “capital sum” means—

(a) any sum paid or payable by way of loan or repayment of a loan, and

(b) any other sum paid or payable otherwise than as income, being a sum which is not paid or payable for full consideration in money or money's worth.

(3) Subsections (1) and (2) shall not apply if the individual shows in writing or otherwise to the satisfaction of the Revenue Commissioners either—

(a) that the purpose of avoiding liability to taxation was not the purpose or one of the purposes for which the transfer or associated operations or any of them was effected; or

(b) that the transfer and any associated operations were bona fide commercial transactions and were not designed for the purpose of avoiding liability to taxation.

In any case where a person is aggrieved by a decision taken by the Revenue Commissioners in exercise of their functions under this subsection the person shall be entitled to appeal to the Appeal Commissioners against the decision of the Revenue Commissioners and the Appeal Commissioners shall hear and determine the appeal as if it were an appeal against an assessment to tax and the provisions of the Income Tax Acts relating to the rehearing of an appeal and the statement of a case for the opinion of the High Court on a point of law shall apply accordingly with any necessary modifications.

(4) For the purposes of this section “an associated operation” means, in relation to any transfer, an operation of any kind effected by any person in relation to any of the assets transferred or any assets representing, whether directly or indirectly, any of the assets transferred, or to the income arising from any such assets, or to any assets representing, whether directly or indirectly, the accumulations of income arising from any such assets.

(5) An individual shall, for the purposes of this section, be deemed to have power to enjoy income of a person resident or domiciled out of the State if—

(a) the income is in fact so dealt with by any person as to be calculated, at some point of time, and whether in the form of income or not, to enure for the benefit of the individual, or

(b) the receipt or accrual of the income operates to increase the value to the individual of any assets held by him or for his benefit, or

(c) the individual receives or is entitled to receive, at any time, any benefit provided or to be provided out of that income or out of moneys which are or will be available for the purpose by reason of the effect or successive effects of the associated operations on that income and on any assets which directly or indirectly represent that income, or

(d) the individual has power, by means of the exercise of any power of appointment or power of revocation or otherwise, to obtain for himself, whether with or without the consent of any other person, the beneficial enjoyment of the income, or may, in the event of the exercise of any power vested in any other person, become entitled to the beneficial enjoyment of the income, or

(e) the individual is able in any manner whatsoever, and whether directly or indirectly, to control the application of the income.

(6) In determining whether an individual has power to enjoy income within the meaning of this section, regard shall be had to the substantial result and effect of the transfer and any associated operations, and all benefits which may at any time accrue to the individual (whether or not he has rights at law or in equity in or to those benefits) as a result of the transfer and any associated operations shall be taken into account irrespective of the nature or form of the benefits.

(7) For the purposes of this section, any body corporate incorporated outside the State shall be treated as if it were resident out of the State whether it is so resident or not.

(8) For the purposes of this section—

(a) a reference to an individual shall be deemed to include the wife or husband of the individual,

(b) “assets” includes property or rights of any kind and “transfer”, in relation to rights, includes the creation of those rights,

(c) “benefit” includes a payment of any kind,

(d) references to income of a person resident or domiciled out of the State shall, where the amount of the income of a company for any year or period has been apportioned under section 530 of the Income Tax Act, 1967, include references to so much of the income of the company for that year or period as is equal to the amount so apportioned to that person,

(e) references to assets representing any assets, income or accumulations of income include references to shares in or obligations of any company to which, or obligations of any other person to whom, those assets, that income or those accumulations are or have been transferred,

(f) “company” means any body corporate or unincorporated association.

(9) The provisions of this section shall apply for the purposes of assessment to tax for the year 1974-75 and subsequent years, and shall apply in relation to transfers of assets and associated operations whether carried out before or after the commencement of this Act.

58 Deductions and reliefs in relation to income chargeable to tax under section 57.

58.—(1) Tax chargeable by virtue of the preceding section shall be charged under Case IV of Schedule D.

(2) In computing the liability to tax of an individual chargeable by virtue of the preceding section, the same deductions and reliefs shall be allowed as would have been allowed if the income deemed to be his by virtue of that section had actually been received by him.

(3) Where an individual has been charged to tax on any income deemed to be his by virtue of the preceding section and that income is subsequently received by him, it shall be deemed not to form part of his income again for the purposes of the Income Tax Acts.

(4) In any case where an individual has for the purposes of the preceding section power to enjoy income of a person abroad by reason of his receiving any such benefit as is referred to in section 57 (5) (c), the individual shall be chargeable to tax by virtue of the preceding section under Case IV of Schedule D for the year of assessment in which the benefit is received on the whole of the amount or value of that benefit except in so far as it is shown that the benefit derives directly or indirectly from income on which he has already been charged to tax for that or a previous year of assessment.

59 Power to obtain information.

59.—(1) The Revenue Commissioners or such officer as the Revenue Commissioners may appoint may by notice in writing require any person to furnish them within such time as they may direct (not being less than twenty-eight days) with such particulars as they think necessary for the purposes of sections 57, 58 and 60.

(2) The particulars which a person must furnish under this section, if he is required by such a notice so to do, include particulars—

(a) as to transactions with respect to which he is or was acting on behalf of others, and

(b) as to transactions which in the opinion of the Revenue Commissioners or of such officer as the Revenue Commissioners may appoint it is proper that they should investigate for the purposes of sections 57, 58 and 60 notwithstanding that, in the opinion of the person to whom the notice is given, no liability to tax arises under the said sections.

(c) as to whether the person to whom the notice is given has taken or is taking any, and if so what, part in any, and if so what, transactions of a description specified in the notice.

(3) Notwithstanding anything in subsection (2), a solicitor shall not be deemed for the purposes of paragraph (c) thereof to have taken part in a transaction by reason only that he has given professional advice to a client in connection with that transaction, and shall not, in relation to anything done by him on behalf of a client, be compellable under this section, except with the consent of his client, to do more than state that he is or was acting on behalf of a client, and give the name and address of his client and also—

(a) in the case of anything done by the solicitor in connection with the transfer of any asset by or to an individual ordinarily resident in the State to or by any such body corporate as is hereinafter mentioned, or in connection with any associated operation in relation to any such transfer, the names and addresses of the transferor and the transferee or of the persons concerned in the associated operations, as the case may be;

(b) in the case of anything done by the solicitor in connection with the formation or management of any such body corporate as is hereinafter mentioned, the name and address of the body corporate;

(c) in the case of anything done by the solicitor in connection with the creation, or with the execution of the trusts, of any settlement by virtue or in consequence whereof income becomes payable to a person resident or domiciled out of the State, the names and addresses of the settlor and of that person.

The bodies corporate mentioned in the preceding provisions of this section are bodies corporate resident or incorporated outside the State which are, or if incorporated in the State would be, companies within the meaning of section 530 (6) of the Income Tax Act, 1967.

(4) Nothing in this section shall impose on any bank the obligation to furnish any particulars of any ordinary banking transactions between the bank and a customer carried out in the ordinary course of banking business, unless the bank has acted or is acting on behalf of the customer in connection with the formation or management of any such body corporate as is mentioned in subsection (3) (b) or in connection with the creation, or with the execution of the trusts, of any such settlement as is mentioned in subsection (3) (c).

(5) In this section “settlement” and “settlor” have the meanings assigned to them by section 16 (3) (h) of the Finance (Miscellaneous Provisions) Act, 1968.

(6) Schedule 15 to the Income Tax Act, 1967, is hereby amended by the insertion in column 2 thereof of “Finance Act, 1974, section 59”.

60 Saver.

60.—Where any income of any person is by virtue of any provisions of the Income Tax Acts, and in particular, but without prejudice to the generality of the foregoing, by virtue of section 57, to be deemed to be income of any other person, that income is not exempt from tax either—

(a) as being derived from any stock or other security to which section 464, 468, 470 or 474 of the Income Tax Act, 1967, applies; or

(b) by virtue of section 50 or 462 of the Income Tax Act, 1967,

by reason of the first-mentioned person not being resident, or not being ordinarily resident, or being neither domiciled nor ordinarily resident, in the State.

61 Application of provisions of Income Tax Acts.

61.—All the provisions of the Income Tax Acts relating to the charge, assessment, collection and recovery of tax, to appeals against assessments and to cases to be stated for the opinion of the High Court shall apply to tax chargeable by virtue of section 57 subject to any necessary modifications.

62 Taxation of rents: restriction in respect of certain rent and interest.

62.—(1) This section applies to—

(a) rent in respect of premises, or

(b) interest on borrowed money employed in the purchase, improvement or repair of premises,

payable by a person who is chargeable to tax in accordance with the provisions of section 81 of the Income Tax Act, 1967 (inserted by the Finance Act, 1969), on the profits or gains arising from rent in respect of those premises for a period prior to the date on which the premises are first occupied by a lessee for the purpose of a trade or undertaking or for use as a residence.

(2) No deduction shall be allowed, for the year 1974-75 or any subsequent year of assessment, under subsection (5) of the said section 81 in respect of rent or interest to which this section applies.

(3) Where, for the year 1973-74 or any earlier year of assessment—

(a) a deduction such as is referred to in subsection (2) has been allowed under subsection (5) of the said section 81 and there is a deficiency within the meaning of subsection (4) of the said section 81, or

(b) an amount falls to be treated as a loss under section 89A of the Income Tax Act, 1967, (inserted by the Finance (Miscellaneous Provisions) Act, 1968), by virtue of an interest payment, so much of any such deficiency as is attributable to the allowance of the deduction aforesaid or any such amount treated as a loss or any portion of such amount shall not be carried forward, or set against profits or gains for the year 1974-75 or any subsequent year of assessment under the provisions of section 89 or 310 of the Income Tax Act, 1967.

63 Amendment of section 20 of the Finance (Miscellaneous Provisions) Act, 1968.

63.—(1) Section 20 of the Finance (Miscellaneous Provisions) Act, 1968, is hereby amended by—

(a) the substitution in subsection (1) of “development or the securing of the development of land and after the development” for “construction or the securing of the construction of a building and after the construction”,

(b) the substitution of the following paragraph for paragraph (b) of subsection (2):

“(b) at the time of the sale the company has (directly or indirectly) an interest in the development and the value of that interest and any interest which the company so has at that time in any other development (not being a development completed more than six years before that time nor a development in relation to which the condition specified in paragraph (c) is not satisfied) carried out or secured by the company amounts to one-fifth or more of the net assets of the company;”,

(c) the substitution of “development” for “building” in each place where it occurs in subsections (4), (9), (10) and (13) (c),

(d) the substitution of the following subsection for subsection (11):

“(11) Where a development has been commenced or carried out by a company on land in which a company connected with that company has an interest and after the development has commenced and not later than six years after its completion a person acquires control of the first company, then, as respects sales to that person of shares in the company having the interest in the land (whether effected before or after that person acquires control of the first company), the foregoing subsections shall apply as they apply to such a company as is therein mentioned but with the substitution for references to an interest in the development of references to an interest in the land.”, and

(e) the substitution of the following subsection for subsection (12):

“(12) For the purposes of the foregoing subsections an uncompleted development shall be taken to include so much of any materials belonging to the company as are required for the development and a development whether completed or not shall be taken to include the land related to the development.”,

and the said subsections (1), (4), (9), (10) and (13) (c), as so amended are set out in the Table to this section.

(2) Section 20 of the Finance (Miscellaneous Provisions) Act, 1968, as amended by subsection (1), shall not apply or have effect in any case where the shares of the relevant company were sold before the 3rd day of April, 1974.

TABLE

(1) Where the activities of a company consist of or include the development or the securing of the development of land and after the development has begun and not later than six years after its completion shares in the company are sold to a person who has, or in consequence of the sale will have, control of the company, and apart from this section the consideration for the sale would not be a receipt of an income nature in the hands of the seller, the consideration shall, if the conditions specified in subsection (2) are satisfied, be deemed to be income of the seller up to the amount specified in subsection (5), and shall be chargeable under Case IV of Schedule D accordingly.

(4) Where before the sale of shares mentioned in subsection (1) the company—

(a) has disposed of its interest in the development, or of an interest which derives therefrom, to the person who is the purchaser of the shares, or to a company connected with the purchaser, or

(b) has disposed of any interest in the development to or in favour of any person, and the purchaser of the shares, or a company connected with the purchaser, acquires the interest, either before the sale or after the sale in pursuance of arrangements made not later than the sale,

subsection (1) shall apply as if the interest disposed of were still vested in the first-mentioned company at the time of the sale of the shares, and as if any assets of the company representing the consideration for the disposal of the interest were not assets of the company.

(9) Where, in consequence of a sale of shares, any amount would have, under subsection (1), been deemed to be income of the seller but for the circumstance that the condition specified in subsection (2) (c) was not satisfied, and on the sixth anniversary of the sale any interest in a development such as is mentioned in subsection (2) (b) is still held by the company, then, income of the like amount shall be deemed to have been received by the company on the said anniversary and shall be chargeable under Case IV of Schedule D accordingly.

(10) If after the sale of the shares any receipts accrue to the company from the disposal, in the course of a trade of dealing in or developing land, of an interest in a development, being an interest which the company had at the time of the sale of the shares and with respect to which the profit which would have arisen on the disposal thereof was taken into account in arriving at the amount of income chargeable to tax by reference to the sale under the foregoing provisions of this section, the receipts shall be disregarded for income tax purposes if and to the extent that is just so to do having regard to any tax charged under the said provisions.

(13) (c) there shall be disregarded any development provided for use, and brought into use, for the purposes of a bona fide trade carried on by the company, other than a trade of—

(i) dealing in or developing land, or

(ii) the provision of services for occupiers of land an interest in which is held by the company.

Chapter V Income Tax and Corporation Profits Tax

64 Proprietary directors and proprietary employees as members of approved retirement benefit schemes.

64.—(1) Section 15 (2) (f) of the Finance Act, 1972, and the proviso to paragraph 4 of Schedule 3 to the Income Tax Act, 1967, shall cease to have effect.

(2) Part III of the First Schedule to the Finance Act, 1972, is hereby amended by the substitution for paragraph 4 of the following paragraph:

“4. The repeal of Chapter II of Part XII of the Income Tax Act, 1967, by the Finance Act, 1972, shall not affect section 235 (7) or section 316 (2) of the Income Tax Act, 1967, section 3 (1) (b) (ii) of the Finance Act, 1968, or any other enactment which contains reference to the said Chapter or to any part of it.”.

65 Amendment of section 235 of Income Tax Act, 1967.

65.—Section 235 of the Income Tax Act, 1967, is hereby amended—

(a) by the insertion in paragraph (b) of subsection (1) after “in his old age” of “or under a contract for the time being approved under section 235A”,

(b) by the substitution for the part of subsection (2) from the end of paragraph (e) to the end of the subsection of the following:

“and that it does include provision securing that no annuity payable under it shall be capable in whole or in part of surrender, commutation or assignment:

Provided that the contract may provide for the payment to the individual at the time the annuity commences to be payable, but not before the 6th day of April, 1974, of a lump sum by way of commutation of part of the annuity not exceeding one-fourth of the value of the annuity if the individual elects, at or before the time when the annuity first becomes payable to him, to be paid the lump sum.”,

(c) by the insertion in subsection (3) after paragraph (c) of the following paragraph:

“(cc) if the individual's occupation is one in which persons customarily retire after attaining the age of seventy, for the annuity to commence after he attains that age (but not after he attains the age of eighty);”,

(d) by the insertion in subsection (4)—

(i) after “trust scheme” of “or part of a trust scheme”,

(ii) after “the scheme” of “or the aforesaid part of the scheme”, and

(iii) after “a scheme” of “or part of a scheme”,

and the said paragraph (b) and subsections (2), (3) and (4), as so amended, are set out in the Table to this section.

TABLE

(b) pays a premium or other consideration under an annuity contract for the time being approved by the Revenue Commissioners as being a contract the main benefit secured by which is a life annuity for the individual in his old age or under a contract for the time being approved under section 235A (hereinafter in this Chapter referred to as a qualifying premium),

relief from tax may be given in respect of the qualifying premium under section 236.

(2) Subject to subsection (3), the Revenue Commissioners shall not approve a contract unless it appears to them to satisfy the conditions that it is made by the individual with a person lawfully carrying on in the State the business of granting annuities on human life, and that it does not—

(a) provide for the payment by that person during the life of the individual of any sum except sums payable by way of annuity to the individual,

(b) provide for the annuity payable to the individual to commence before he attains the age of sixty or after he attains the age of seventy,

(c) provide for the payment by that person of any other sums except sums payable by way of annuity to the individual's widow or widower and any sums which, in the event of no annuity becoming payable either to the individual or to a widow or widower, are payable to the individual's personal representatives by way of return of premiums, by way of reasonable interest on premiums or by way of bonuses out of profits,

(d) provide for the annuity, if any, payable to a widow or widower of the individual to be of a greater annual amount than that paid or payable to the individual, or

(e) provide for the payment of any annuity otherwise than for the life of the annuitant,

and that it does include provision securing that no annuity payable under it shall be capable in whole or in part of surrender, commutation or assignment:

Provided that the contract may provide for the payment to the individual at the time the annuity commences to be payable, but not before the 6th day of April, 1974, of a lump sum by way of commutation of part of the annuity not exceeding one-fourth of the value of the annuity if the individual elects, at or before the time when the annuity first becomes payable to him, to be paid the lump sum.

(3) The Revenue Commissioners may, if they think fit, and subject to any conditions they think proper to impose, approve a contract otherwise satisfying the foregoing conditions, notwithstanding that the contract provides for one or more of the following matters:

(a) for the payment after the individual's death of an annuity to a dependant not the widow or widower of the individual;

(b) for the payment to the individual of an annuity commencing before he attains the age of sixty, if the annuity is payable on his becoming permanently incapable through infirmity of mind or body of carrying on his own occupation or any occupation of a similar nature for which he is trained or fitted;

(c) if the individual's occupation is one in which persons customarily retire before attaining the age of sixty, for the annuity to commence before he attains that age (but not before he attains the age of fifty);

(cc) if the individual's occupation is one in which persons customarily retire after attaining the age of seventy for the annuity to commence after he attains that age (but not after he attains the age of eighty);

(d) for the annuity payable to any person to continue for a term certain (not exceeding ten years) notwithstanding his death within that term, or for the annuity payable to any person to terminate, or be suspended, on marriage (or remarriage) or in other circumstances;

(e) in the case of an annuity which is to continue for a term certain, for the annuity to be assignable by will, and in the event of any person dying entitled to it, for it to be assignable by his personal representatives in the distribution of the estate so as to give effect to a testamentary disposition, or to the rights of those entitled on intestacy or to an appropriation of it to a legacy or to a share or interest in the estate.

(4) The foregoing provisions of this section shall apply in relation to a contribution under a trust scheme or part of a trust scheme approved by the Revenue Commissioners as they apply in relation to a premium under an annuity contract so approved, with the modification that, for the condition as to the person with whom the contract is made, there shall be substituted a condition that the scheme or the aforesaid part of the scheme—

(a) is established under the law of, and administered in, the State,

(b) is established for the benefit of individuals engaged in or connected with a particular occupation (or one or other of a group of occupations), and for the purpose of providing retirement annuities for them, with or without subsidiary benefits for their families or dependants, and

(c) is so established under irrevocable trusts by a body of persons comprising or representing the majority of the individuals so engaged in the State,

and with the necessary adaptations of other references to the contract or the person with whom it is made; and exemption from income tax shall be allowed in respect of income derived from investments or deposits of any fund maintained for the purpose aforesaid under a scheme or part of a scheme for the time being approved under this subsection.

66 Approval of contracts for dependants or for life assurance.

66.—Chapter III of Part XII of the Income Tax Act, 1967, is hereby amended by the insertion after section 235 of the following section:

“235A.— (1) The Revenue Commissioners may approve for the purposes of this Chapter a contract made by an individual with a person lawfully carrying on in the State the business of granting annuities on human life if—

(a) the main benefit secured by the contract is the provision of an annuity for the wife or husband of the individual or for any one or more dependants of the individual, or

(b) the sole benefit secured by the contract is the provision of a lump sum, on the death of the individual before he attains the age of 70 (or any later age approved under section 235 (3) (cc)), being a lump sum payable to his personal representatives.

(2) The Revenue Commissioners shall not approve a contract made by an individual with such a person as aforesaid under subsection (1) (a) unless it appears to them to satisfy the following conditions, that is to say—

(a) that any annuity payable to the wife or husband or dependant of the individual commences on the death of the individual,

(b) that any annuity payable under the contract to the individual commences at a time after the individual attains the age of 60, and, unless the individual's annuity is one to commence on the death of a person to whom an annuity would be payable under the contract if that person survived the individual, cannot commence after the time when the individual attains the age of 70, or any greater age approved under section 235 (3) (cc),

(c) that the contract does not provide for the payment by such person of any sum, other than any annuity payable to the individual's wife or husband or dependant or to the individual except, in the event of no annuity becoming payable under the contract, any sums payable to the individual's personal representatives by way of return of premiums, by way of reasonable interest on premiums or by way of bonuses out of profits,

(d) that the contract does not provide for the payment of any annuity otherwise than for the life of the annuitant,

(e) that the contract provides that no annuity payable under it shall be capable in whole or in part of surrender, commutation or assignment.

(3) The Revenue Commissioners may, if they think fit, and subject to any conditions that they think proper to impose, approve a contract under subsection (1) (a) notwithstanding that, in one or more respects, it does not appear to them to satisfy the conditions specified in subsection (2).

(4) Subsections (2) and (3) of section 235 shall not apply to the approval of a contract under this section.

(5) The Revenue Commissioners may approve a trust scheme, or part of a trust scheme, otherwise satisfying the conditions specified in paragraphs (a), (b) and (c) of section 235 (4) notwithstanding that its main purpose is to provide annuities for the wives, husbands and dependants of the individuals, or lump sums payable to the individuals' personal representatives on death and—

(a) the preceding provisions of this section shall apply, with any necessary modifications, in relation to such approval,

(b) the provisions of this Chapter shall apply to the scheme or part of the scheme when so approved as they apply to a contract approved under this section,

(c) the exemption from income tax provided in section 235 (4) shall apply to the scheme or part of the scheme when so approved.

(6) Except as otherwise provided in this Chapter, any reference in the Income Tax Acts to a contract, scheme or part of a scheme approved under section 235 shall include a reference to a contract, scheme or part of a scheme approved under this section.

(7) Approval under this section shall not affect relief for a year of assessment before the year 1974-75.”.

67 Amendment of section 236 of and Schedule 5 to Income Tax Act, 1967.

67.—(1) Section 236 of the Income Tax Act, 1967, is hereby amended by the substitution for subsections (1) and (2) of the following subsections:

“(1) Where relief is to be given under this section in respect of any qualifying premium paid by an individual, the amount of that premium shall, subject to the provisions of this section, be deducted from or set off against his relevant earnings for the year of assessment in which the premium is paid.

(1A) Subject to the provisions of this section and of Schedule 5, the amount which may be deducted or set off in any year of assessment (whether in respect of one or more qualifying premiums and whether or not including premiums in respect of a contract approved under section 235A)—

(a) shall not be more than the sum of £1,500, and

(b) shall not be more than 15 per cent. of the individual's net relevant earnings for that year,

and the amount to be deducted shall to the greatest extent possible include qualifying premiums in respect of contracts approved under section 235A.

(1B) Subject to the provisions of this section, the amount which may be deducted or set off in any year of assessment in respect of qualifying premiums paid under a contract approved under section 235A (whether in respect of one or more such premiums)—

(a) shall not be more than the sum of £500, and

(b) shall not be more than 5 per cent. of the individual's net relevant earnings for that year.

(1C) Where the condition in section 235 (1) (a) is satisfied as respects part only of the year, then for the said sums of £1,500 and £500 mentioned in subsections (1A) and (1B) there shall be substituted sums which respectively bear to £1,500 and £500 the same proportion as that part bears to the whole year.

(2) If in any year of assessment a reduction or a greater reduction would be made under this section in the relevant earnings of an individual but for either or both of the following reasons, that is—

(a) an insufficiency of net relevant earnings, or

(b) the operation of subsection (1B) (b) (as respects a qualifying premium paid under a contract approved under section 235A),

the amount of the reduction which would be made but for those reasons less the amount of any reduction which is made in that year, shall be carried forward to the next following year, and shall be treated for the purposes of relief under this section as the amount of a qualifying premium paid in that following year.

(2A) If and so far as an amount once carried forward under subsection (2) (and treated as the amount of a qualifying premium paid in the said following year) is not deducted from or set off against the individual's net relevant earnings for that year of assessment, it shall be carried forward again to the next following year (and treated as the amount of a qualifying premium paid in that year), and so on for succeeding years.

(2B) The provisions of this subsection shall have effect for determining whether and how far an amount carried forward under subsection (2) is to be treated as paid under an individual's contract on the one hand or a contract approved under section 235A on the other.

Any part of the amount carried forward which is referable to a qualifying premium paid under a contract approved under section 235A shall, when carried forward on the first or any subsequent occasion, be treated for the purposes of this Chapter as the amount of a qualifying premium paid under a contract so approved. The balance (if any) of the amount shall when similarly carried forward be treated as a qualifying premium paid under an individual's contract.

In this subsection ‘individual's contract’ means an approved annuity contract other than one approved under section 235A.

(2C) Subsections (2), (2A) and (2B) shall have effect as respects amounts carried forward from years before the year 1974-75 as well as respects later years.”.

(2) Section 236 of the Income Tax Act, 1967, is hereby further amended by the insertion after subsection (10) of the following subsection:

“(11) Where a relevant assessment to tax becomes final and conclusive on a date after the 5th day of October in the year of assessment to which it relates, a qualifying premium paid—

(a) after that year of assessment, and

(b) not more than six months after that date,

may, if the individual so elects not more than six months after that date, be treated for the purposes of this section as paid in the year of assessment (and not in the year in which it is paid):

Provided that where either—

(i) the amount of that premium, together with any qualifying premiums paid by him in the year to which the assessment relates (or treated as so paid by virtue of any previous election under this subsection), exceeds the maximum amount of the reduction which may be made under this section in his relevant earnings for that year, or

(ii) the amount of that premium itself exceeds the increase in that maximum amount which is due to taking into account the income on which the assessment is made,

then the election shall have no effect as respects the excess.

In this subsection ‘relevant assessment to tax’ means an assessment on the individual's relevant earnings.”.

(3) Schedule 5 to the Income Tax Act, 1967, is hereby amended—

(a) by the substitution for paragraph 1 of the following paragraph:

“1. Subject to the following paragraphs, in the case of an individual who is the holder of a pensionable office or employment, subsections (1A) and (1C) of section 236 shall have effect with the substitution for references to £1,500 of references to £1,500 less 15 per cent. of his pensionable emoluments for the year of assessment.”,

(b) by the substitution for subparagraph (b) of paragraph 2 of the following subparagraph:

“(b) if the condition is satisfied at such a time and is also satisfied at a time during the remainder of the year, paragraph 1 shall apply, but for 15 per cent. there shall be substituted therein such less proportion as may be just.”, and

(c) by the substitution for paragraph 4 of the following—

“4. Subject to paragraph 5, in the case of an individual born at a time specified in the first column of the Table set out below, section 236 (1A) and (1C) and Part I of this Schedule, shall have effect with the substitution for references to £1,500 and to 15 per cent. of references respectively to such sum and such percentage as are specified for his case in the second and third columns of the Table.

	Year of Birth	Sum	Percentage
		£
	1916 or 1917	1,600	16
	1914 or 1915	1,700	17
	1912 or 1913	1,800	18
	1910 or 1911	1,900	19
	1909 or any earlier year	2,000	20

68 Export of certain goods.

68.—(1) In this section—

“the Board” means An Bord Bainne Co-operative Limited;

“the Commission” means the Pigs and Bacon Commission;

“milk product” means butter, whey-butter, cream, cheese, condensed milk, dried or powdered milk, dried or powdered skim-milk, dried or powdered whey, chocolate crumb, casein, butter-oil, lactose, and any other product which is made wholly or mainly from milk or from a by-product of milk and which is approved for the purposes of this section by the Minister for Finance after consultation with the Minister for Agriculture and Fisheries;

“pigmeat product” means bacon and cuts thereof including ham, pork carcases and pork sides and cuts thereof, unrendered pig fat and canned pigmeat products;

“the relevant enactments” means Part III of the Finance (Miscellaneous Provisions) Act, 1956, and Chapter IV of Part XXV of the Income Tax Act, 1967.

(2) Where, whether before or after the passing of this Act—

(a) a body corporate produces a pigmeat product and sells it to the Commission, and

(b) that product is exported out of the State by the Commission.

the relevant enactments shall apply as if the said product had been exported out of the State by the body corporate, and any amount receivable by the body corporate from the sale of the said product to the Commission shall be deemed for the purposes of the relevant enactments to be an amount receivable from the sale of goods so exported.

(3) Where, whether before or after the passing of this Act—

(a) a body corporate manufactures a milk product and sells it to the Board, and

(b) that product is exported out of the State by the Board,

the relevant enactments shall apply as if the said product had been exported out of the State by the body corporate, and any amount receivable by the body corporate from the sale of the said product to the Board shall be deemed for the purposes of the relevant enactments to be an amount receivable from the sale of goods so exported.

69 Amendment of section 429 of Income Tax Act, 1967.

69.—Section 429 of the Income Tax Act, 1967, is hereby amended—

(a) by the insertion in the proviso to subsection (4) (inserted by the Finance Act, 1971)—

(i) after “of the judge” of “or by giving effect to an agreement under subsection (6)”, and

(ii) after “by the judge” of “or the giving of effect to the agreement under subsection (6)”, and

(b) by the addition of the following subsection:

“(6) Where, following an application for the rehearing of an appeal by a judge of the Circuit Court in accordance with subsection (1), there is an agreement within the meaning of subparagraphs (b), (c) and (e) of section 416 (3), between the inspector and the appellant in relation to the assessment, the inspector shall give effect to the agreement and thereupon, if the agreement is that the assessment is to stand good or is to be amended, the assessment or the amended assessment, as the case may be, shall have the same force and effect as if it were an assessment in respect of which no notice of appeal had been given.”

and the said proviso, as so amended, is set out in the Table to this section.

TABLE

Provided that if the amount of the assessment is altered by the determination of the judge or by giving effect to an agreement under subsection (6) then—

(a) if too much tax has been paid, the amount or amounts overpaid shall, save where the interest amounts to less than £1, be repaid with interest at the rate provided by section 550 (1) from the date or dates of payment of the amount or amounts giving rise to the overpayment to the date on which the repayment is made; or

(b) if too little tax has been paid, any balance shall be payable but the provisions of section 550 (2A) shall apply as if the appeal were an appeal to the Appeal Commissioners and the determination of the appeal by the judge or the giving of effect to the agreement under subsection (6) were a determination of the appeal by the Appeal Commissioners.

70 Amendment of section 489 of Income Tax Act, 1967.

70.—Section 489 (1) of the Income Tax Act, 1967, is hereby amended by the deletion of “(including as regards the matters mentioned in paragraphs (c) and (d) of this subsection the Collector)” and the said section 489 (1), as so amended, is set out in the Table to this section.

TABLE

(1) In any proceedings in the Circuit Court or the District Court for or in relation to the recovery of income tax or sur-tax, an affidavit duly made by an officer of the Revenue Commissioners deposing to any of the following matters—

(a) that the assessment of tax was duly made,

(b) that the assessment has become final and conclusive,

(c) that the tax or any specified part thereof is due and outstanding,

(d) that demand for the payment of the tax has been duly made,

shall be evidence, until the contrary is proved, of the matters so deposed to.

71 Abolition of payment of tax by means of stamps.

71.—The following enactments, that is to say—

(a) section 130 of the Income Tax Act, 1967, and any regulations made thereunder;

(b) so much of any regulations made under section 127 of the said Act as refers to stamp books;

(c) sections 7 (3) and 8 (3) and the proviso to section 9 (a) of the Finance Act, 1968,

shall not apply or have effect in relation to tax for the year 1974-75 or any subsequent year of assessment.

72 Registration of certain persons as employers and requirement to send certain notifications.

72.—(1) Where the Revenue Commissioners have reason to believe that a person is liable to send them a notification under Regulation 8 of the Income Tax (Employments) Regulations, 1960, and has not done so, they may register his name and address in the register kept and maintained under paragraph (4) of the said Regulation 8 (in this section referred to as the register) and serve a notice on him stating that he has been so registered.

(2) Where a notice is served under subsection (1) on a person, the following provisions shall apply—

(a) if the person claims that he is not liable to send the notification aforesaid, he may, by giving notice in writing to the Revenue Commissioners within the period of fourteen days from the service of the notice under subsection (1), require the claim to be referred to the Appeal Commissioners and their decision on the claim shall be final and conclusive,

(b) if no such claim is, within the time specified in paragraph (a), required to be referred, or if such claim is required to be referred and there is a determination by the Appeal Commissioners against the appellant, the person shall be regarded, for the purposes of the aforesaid Regulations, as an employer who had sent a notification under paragraph (1) of the said Regulation 8,

(c) if a claim is required to be referred and there is a determination by the Appeal Commissioners in favour of the appellant, the Revenue Commissioners shall thereupon delete his name and address from the register.

(3) (a) Where a person whose name and address is registered in the register is not liable, under Regulation 31 of the regulations referred to in subsection (1), to remit to the Collector any amount of tax for an income tax month he shall, within the period of nine days from the end of that month, make a declaration to that effect in a form prescribed by the Revenue Commissioners and shall send that form to the Collector,

(b) where a person whose name and address is registered in the register ceases to pay emoluments to which Chapter IV of Part V of the Income Tax Act, 1967, applies, he shall, within the period of fourteen days from the date on which he ceased to pay such emoluments, notify the Revenue Commissioners to that effect.

(4) The provisions of section 128 of the Income Tax Act, 1967, shall apply to a non-compliance with subsection (3) as they apply to a non-compliance with regulations under Chapter IV of that Act.

73 Furnishing copies of rates and producing valuations to inspector.

73.—(1) For the purpose of assessing tax chargeable under Schedule D, the secretary, clerk, or person acting as such, to a rating authority shall, when required by notice from an inspector, transmit to him, within such time as may be specified in the notice, true copies of the last county rate or municipal rate made by the authority for its rating area or any part thereof.

(2) The Revenue Commissioners shall pay to any such person the expenses of making all such copies, not exceeding the rate of £1 for every one hundred ratings.

(3) Every person shall, at the request of any inspector, or other officer acting in the execution of the Income Tax Acts, produce as soon as may be to such inspector or officer, as appropriate, any survey or valuation or record on which the rates for any rating area, or part thereof, are assessed, made or collected, or any rate or assessment made under any Act relating to the county rate or municipal rate, which is in his custody or possession and permit the inspector or other officer to inspect the same and to take copies thereof or extracts therefrom, without any payment.

(4) In this section “rating authority” means—

(a) the corporation of a county or other borough,

(b) the council of a county, or

(c) the council of an urban district.

(5) Schedule 15 to the Income Tax Act, 1967, is hereby amended by the insertion in column 2 thereof of “Finance Act, 1974, section 73”.

74 Marginal coal mine allowance.

74.—(1) In this section—

“the Acts relating to corporation profits tax” means Part V of the Finance Act, 1920, and the enactments amending or extending that Part;

“marginal coal mine” means a coal mine in the State that is being worked for the purpose of the production of coal and in respect of which the Minister for Industry and Commerce gives a certificate stating that he is satisfied that the profits derived or to be derived from the working of that mine are such that, if tax is to be charged on those profits in accordance with the provisions of the Income Tax Acts and the Acts relating to corporation profits tax, but excluding the provisions of this section, the mine is unlikely to continue to be worked.

(2) The Minister for Finance, after consultation with the Minister for Industry and Commerce, may direct, in respect of a marginal coal mine, that, for any particular year of assessment or any particular accounting period, the tax chargeable on the profits of that mine is to be reduced to such amount (including nil) as may be specified by him.

(3) Where a person is carrying on the trade of working a coal mine in respect of which the Minister for Finance gives a direction under subsection (2) in respect of a year of assessment or accounting period, an allowance shall be made as a deduction in charging the profits of the said trade to tax for that year of assessment and as a deduction in computing the profits of the said trade for purposes of corporation profits tax for that accounting period of such amount or amounts as will ensure that the tax charged in respect of the profits of the said trade shall equal the amount specified by that Minister.

Chapter VI Corporation Profits Tax

75 Continuance of certain exemptions from corporation profits tax.

75.—The exemptions from corporation profits tax specified in section 33 (1) of the Finance Act, 1929, shall be given in respect of the period beginning on the 1st day of January, 1974, and ending on the 31st day of December, 1974.

PART II Customs and Excise

76 Waiver of small amounts of customs duty.

76.—(1) Subject to subsection (2) of this section, where the customs duty on the goods contained in one consignment or parcel imported on or after the 1st day of September, 1974, would, when computed according to the laws for the time being in force in relation to customs duties, amount to a sum not exceeding 50 pence, the duty shall be waived.

(2) The duties chargeable on tobacco, spirits and wine shall not be waived under this section.

(3) Section 7 of the Finance Act, 1962, shall not apply to goods imported on or after the 1st day of September, 1974.

77 Amendment of Finance Act, 1920.

77.—(1) In this section “goods to which this section applies” means—

(a) the mixtures, compounds and preparations mentioned in section 4 (1) of the Finance Act, 1918, which are imported on or after the 1st day of August, 1974, and are recognised by the Revenue Commissioners as being used for medical purposes, and

(b) the spirits mentioned in section 4 (2) of the said Finance Act, 1918, which are used on or after the said 1st day of August, 1974, in the manufacture or preparation of any article so recognised or for scientific purposes.

(2) The Finance Act, 1920, shall, in respect of goods to which this section applies, be amended by the substitution of the following section for section 4:

“4. Section 4 of the Finance Act, 1918 (which provides for the reduction and allowance of duty in respect of spirits used in medical preparations or for scientific purposes), shall apply to the duties on spirits imposed by this Act as it applies to duties on spirits imposed by that Act as though it were herein set out and expressly made applicable thereto, with the substitution for the sums specified in that section as the amount of reduction of duty or repayment of duty, of such sums as will relieve such spirits of the amount of duty payable thereon under this Act.”.

78 Amendment of section 21 of Finance Act, 1935.

78.—Section 21 of the Finance Act, 1935, is hereby amended by the insertion of the following subsection after subsection (13):

“(13A) Any officer of the Revenue Commissioners and any member of the Garda Síochána may, at any time between the hours of 8 a.m. and 6 p.m. on any day—

(a) enter and inspect any premises, other than a dwelling, and bring on to the premises any motor vehicle being used by him in the course of his duties,

(b) examine and take samples of any hydrocarbon oil on or in any motor vehicle on those premises,

(c) interrogate the person in charge of such vehicle in regard to such oil, and

(d) if such oil is hydrocarbon oil chargeable with either the said customs duty or the said excise duty, require of such person proof of the payment of such duty on such oil.”.

79 Amendment of section 5 of Finance Act, 1962.

79.—Section 5 of the Finance Act, 1962, is hereby amended by the substitution of the following subsection for subsection (5):

“(5) Every licensed manufacturer of tobacco shall, on and after the 11th day of April, 1974, be entitled to receive a rebate as follows in respect of unmanufactured tobacco received by him upon which the duty of customs imposed by section 20 of the Finance Act, 1932, or the duty of excise imposed by section 19 of the Finance Act, 1934, has been paid:—

	Rate of Rebate
Where the quantity received in any year commencing on the 11th day of April—
does not exceed 50,000 lbs.	£045 per lb. for each lb. thereof
exceeds 50,000 lbs.	£0075 per lb. for each of the first 50,000 lbs.”.

80 Confirmation of Orders.

80.—The Orders mentioned in the Table to this section are hereby confirmed.

TABLE

S.I. No. 158 of 1973	Imposition of Duties (No. 207) (Customs Duties and Form of Customs Tariff) Order, 1973.
S.I. No. 249 of 1973	Imposition of Duties (No. 208) (Beer, Spirits and Tobacco) Order, 1973.
S.I. No. 341 of 1973	Imposition of Duties (No. 212) (Customs Duties and Form of Customs Tariff) Order, 1973.

PART III Stamp Duties

81 Amendment of section 65 of Finance Act, 1973.

81.—(1) Section 65 of the Finance Act, 1973, is hereby amended by the addition of the following:

“Provided that this section shall apply only in relation to the construction, alteration or enlargement of a building situated in the area comprising the county borough of Dublin and the county of Dublin, including the borough of Dun Laoghaire.”.

(2) This section shall come into operation on the 1st day of August, 1974, or the date of the passing of this Act, whichever is the later.

82 Revocation of order.

82.—The Imposition of Duties (No. 210) (Stamp Duty on Certain Instruments) Order, 1973, is hereby revoked as on and from the 1st day of August, 1974, or the date of the passing of this Act, whichever is the later.

83 Alteration of stamp duties on conveyances and transfers on sale of stocks and marketable securities.

83.—(1) Subject to subsection (2) of this section, conveyances or transfers on sale of any stocks or marketable securities, instead of being chargeable with stamp duty at the rates in force immediately before the commencement of this section, shall be chargeable with that duty at the following rates:

Where the amount or value of the consideration for the sale does not exceed £5	10p
Exceeds £5 and does not exceed £100:—
For every £10 or part of £10 of such amount or value	20p
Exceeds £100 and does not exceed £300:—
For every £20 or part of £20 of such amount or value	40p
Exceeds £300:—
For every £50 or part of £50 of such amount or value	£1

(2) This section shall not apply in the case of—

(a) any conveyance or transfer of any stock or marketable security issued or made, whether before or after the commencement of this section, by or on behalf of any body corporate incorporated in the State or any body of persons formed therein, or

(b) any conveyance or transfer of any stock registered in a branch register maintained in the State by a body corporate incorporated outside the State if, according to the law in force where the body corporate is incorporated, the conveyance or transfer is capable of being registered in the branch register only,

and, in lieu thereof in any such case, such stamp duty shall be chargeable as would have been chargeable if this section had not been enacted.

(3) This section shall come into operation on the 1st day of August, 1974, or the date of the passing of this Act, whichever is the later.

PART IV Miscellaneous

84 Capital Services Redemption Account.

84.—(1) (a) In this section—

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

“the 1973 amending section” means section 91 of the Finance Act, 1973;

“the twenty-fourth 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,

(b) references in this section to the financial year ending on the 31st day of December, 1974, are references to the period beginning on the 1st day of April, 1974, and ending on the 31st day of December, 1974.

(2) In relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of December, 1974, subsection (4) of the 1973 amending section shall, subject to subsection (8) of this section, have effect with the substitution of “£5,315,286” for “£5,452,955”.

(3) Subsection (6) of the 1973 amending section shall, subject to subsection (8) of this section, have effect with the substitution of “£3,355,284” for “£3,510,185”.

(4) A sum of £4,373,032 to redeem borrowings, and interest thereon, in respect of capital services shall, subject to subsection (8) of this section, 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, 1974.

(5) The twenty-fourth 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 twenty-fourth additional annuity not exceeding £2,815,015 in any financial year, may, subject to subsection (8) of this section, be applied towards defraying the interest on the public debt.

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

(8) Where, by virtue of this section or of any other enactment, an annuity to redeem borrowings, and interest thereon, in respect of capital services is charged on the Central Fund or on the growing produce thereof and an amount of that annuity may be applied towards defraying the interest on the public debt, then—

(a) only three-fourths of that annuity shall be so charged, and only three-fourths of that amount may be so applied, in the financial year ending on the 31st day of December, 1974, and

(b) one-fourth of that annuity shall be so charged, and one-fourth of that amount may be so applied, in the financial year next following the last financial year in which such annuity would, apart from this subsection, be charged,

and this section and the enactment shall be construed and shall have effect accordingly.

85 Amendment of Provisional Collection of Taxes Act, 1927.

85.—(1) The Provisional Collection of Taxes Act, 1927, is hereby amended—

(a) by the substitution of “Dáil Éireann” for “the Committee on Finance” in section 2,

(b) by the substitution of the following section for section 4:

“4.—A resolution under this Act shall cease to have statutory effect upon the happening of whichever of the following events first occurs, that is to say:

(a) if a Bill containing provisions to the same effect (with or without modifications) as the resolution is not read a second time by Dáil Éireann within the next twenty days on which Dáil Éireann sits after the resolution is passed by Dáil Éireann;

(b) if those provisions of the said Bill are rejected by Dáil Éireann during the passage of the Bill through the Oireachtas;

(c) the coming into operation of an Act of the Oireachtas containing provisions to the same effect (with or without modification) as the resolution;

(d) the expiration of a period of four months from the date on which the resolution is expressed to take effect or, where no such date is expressed, from the passing of the resolution by Dáil Éireann.”,

(c) by the deletion of subsection (2) of section 5, and

(d) by the substitution of “Dáil Éireann” for “the Committee on Finance” in section 6 (1) (a),

and the said sections 2 and 6 (1) (a), as so amended, are set out in the Table to this section.

(2) This section shall come into operation on such day as the Minister for Finance appoints by order.

TABLE

2.—Whenever a resolution (in this Act referred to as a resolution under this Act) is passed by Dáil Éireann resolving—

(a) that a new tax specified in the resolution be imposed, or

(b) that a specified permanent tax in force immediately before the end of the previous financial year be increased, reduced, or otherwise varied, or be abolished, or

(c) that a specified temporary tax in force immediately before the end of the previous financial year be renewed (whether at the same or a different rate and whether with or without modification) as from the date of its normal expiration or from an earlier date or be discontinued on a date prior to the date of its normal expiration,

and the resolution contains a declaration that it is expedient in the public interest that the resolution should have statutory effect under the provisions of this Act, the resolution shall, subject to the provisions of this Act, have statutory effect as if contained in an Act of the Oireachtas.

(1) (a) if a resolution under this Act renewing the tax (with or without modification) is not passed by Dáil Éireann within two months after the expiration of the tax, the amount of such payment or deduction shall be repaid or made good on the expiration of such two months, and

86 Repeals.

86.—Each enactment mentioned in column (2) of the Second Schedule to this Act is hereby repealed as on and from the 6th day of April, 1974, to the extent specified in column (3) of that Schedule.

87 Care and management of taxes and duties.

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

88 Short title, construction and commencement.

88.—(1) This Act may be cited as the Finance Act, 1974.

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

(3) Part II of this Act, so far as it relates to customs, shall be construed together with the Customs Acts and the said Part II, 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 III 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, 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, 1974.

(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 Amendment of Enactments

PART I Amendments consequential on changes in personal reliefs

(i) In section 137, for “sections 138 to 143” there shall be substituted “sections 138 to 143, section 145, section 12 of the Finance Act, 1967, section 3 of the Finance Act, 1969, section 11 of the Finance Act, 1971, and section 8 of the Finance Act, 1974,”; and for “assessable income” there shall be substituted “total income”

(ii) In section 138—

(a) in subsection (1), for “£494”, in each place where it occurs, there shall be substituted “£800”; for “£299” there shall be substituted “£500” and for “£594” there shall be substituted “£900”,

(b) in subsection (2), for “£299”, in each place where it occurs, there shall be substituted “£500” and for “£324” there shall be substituted “£550”, and

(c) in subsection (3), for “an amount equal to three-fourths of the amount of that earned income but not exceeding in any case £104”, there shall be substituted “£200, or the amount of that earned income if less”.

(iii) In sections 139 and 140, for “£100”, in each place where it occurs, there shall be substituted “£140”.

(iv) In section 141—

(a) the following paragraphs shall be substituted for paragraphs (a) and (b) of subsection (1A)—

“(a) in the case of a child to whom paragraph (a) or (b) (i) of that subsection applies, £200, or

(b) in the case of a child to whom paragraph (aa) or (b) (ii) of that subsection applies, £270.”,

(b) in paragraph (c) of subsection (1A), for “£220”, in each place where it occurs, there shall be substituted “£270”,

(c) subsections (1AA) and (1AAA) shall be deleted,

(d) in subsection (1B), the definition of “children's allowance” shall be deleted.

(v) In section 143—

(a) for “assessable income”, in each place where it occurs, there shall be substituted “total income”, and

(b) in subsection (1), “(excluding sur-tax)” shall be deleted.

(vi) In sections 146 and 149, for “sections 134 to 145” in each place where it occurs, there shall be substituted “sections 138 to 145

(vii) In section 153—

(a) paragraphs (a), (b) and (c) of subsection (1) shall be deleted,

(b) in paragraph (d) of subsection (1), for “assessable income” there shall be substituted “total income” and for “sections 138 to 143” there shall be substituted “sections 138 to 143 and section 145” and after “1971” there shall be inserted “and section 8 of the Finance Act, 1974”,

(c) the following paragraph shall be substituted for paragraph (dd) of subsection (1)—

“(dd) he shall not be entitled to the benefit of the provision contained in section 3 (2) of the Finance Act, 1974, (whereby the first £1,550 of taxable income is chargeable at the reduced rate of tax in certain circumstances) and, accordingly, he shall be charged to tax in respect of so much of his income as does not exceed £4,350 at the standard rate of tax.”

(d) in subsection (2), for all the words from “that individual”, there shall be substituted the following—

“but the amount of any such allowance, deduction, or other benefit as is mentioned in the said subsection shall, in the case of that individual, be reduced to an amount which bears the same proportion to the total amount of the said allowance, deduction, or other benefit as the portion of his income which is subject to Irish tax bears to his total income from all sources (including income which is not subject to Irish tax).”

(viii) In section 193—

(a) in subsection (2) (a), after “143,” there shall be inserted “145,”,

(b) paragraphs (b), (d) and (e) of subsection (2) shall be deleted,

(c) in subsection (2) (f), for “assessable” there shall be substituted “total”,

(d) subsection (2A) shall be deleted, and

(e) subsection (6) shall be deleted and the following subsections shall be inserted:

“(6) In this section ‘personal reliefs’ means relief under any of the following:

(a) sections 138 to 145 and 151 and 152,

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

(c) section 3 of the Finance Act, 1969,

(d) section 11 of the Finance Act, 1971, and

(e) section 8 of the Finance Act, 1974.

(7) The amount of taxable income charged at any of the rates specified in section 3 of the Finance Act, 1974, shall be in proportion to the amounts of the respective total incomes of the husband and the wife and shall not exceed the total amount of taxable income which would be charged at any of the said rates if an application under section 197 had not had effect with respect to that year.”.

PART II Amendments consequential on enactment of the higher rates of income tax

(i) In section 115 (1) (b), for “to sur-tax under section 525” there shall be substituted “under section 525 to tax at the higher rates”.

(ii) In section 127—

(a) in subsection (1) (a), for “the rate of income tax for the year” there shall be substituted “such rate or rates of tax for the year as may be specified”,

(b) in subsection (1) (e), after “rate” there shall be inserted “and at the higher rates”,

(c) subsection (1) (ff) (inserted by the Finance Act, 1970) shall be deleted,

(d) in subsection (3) (a) subparagraph (ii) shall be deleted,

(e) in subsection (3) (b), “(excluding sur-tax)” shall be deleted, and

(f) subsection (3) (c) shall be deleted.

(iii) In section 133 (1)—

(a) in paragraph (c) “for sur-tax purposes” shall be deleted and for “to sur-tax” there shall be substituted “to tax at the higher rates”, and

(b) the following proviso shall be added:

“Provided that where any such assessment is made, credit shall be given for the amount of any tax deducted or estimated to be deductible from the said emoluments.”.

(iv) In section 195—

(a) in subsection (1), “or unpaid sur-tax” shall be deleted, and

(b) in subsection (3) (b), for “whether to income tax or to sur-tax” there shall be substituted “to tax”.

(v) In section 233 (2)—

(a) in paragraph (b), for “(excluding sur-tax)” there shall be substituted “other than the purposes referred to in paragraph (c)” and after “those contributions” there shall be inserted “and the rate of tax did not exceed the standard rate for each year”,

(b) for paragraph (c) there shall be substituted the following paragraph:

“(c) the contributions repaid, to the extent to which they were allowed as deductions under subsection (1), shall, where any income would have been chargeable to tax at the higher rates but for the said deductions, be treated as income, assessable to tax under Case IV of Schedule D, of the several years of assessment for which they were so allowed and any necessary additional assessments to tax may be made accordingly and in determining the amount of tax payable for each year there shall be allowed as a credit a sum equal to the additional amount of tax for that year as computed for the purposes of paragraph (b).”.

(vi) In section 406 (5)—

(a) “and sur-tax” shall be deleted; and

(b) for “liabilities to those taxes to what those liabilities” there shall be substituted “liability to that tax to what that liability”.

(vii) In section 434 (1), before “rate of tax” there shall be inserted “standard”.

(viii) In section 435 (1), for “reduced rate”, in each place where it occurs, there shall be substituted “rate less than the standard rate”.

(ix) In section 451 (5) in the proviso, “for the purpose of computing his total income” shall be substituted for “for the purposes of sur-tax”.

(x) In section 488—

(a) in subsection (1), “or sur-tax” shall be deleted and “that tax” shall be substituted for “any of those taxes”; and

(b) in subsection (5) (a), “or sur-tax” shall be deleted.

(xi) In section 497 the following provision shall be substituted for the provision before the proviso—

“Any repayment of income tax for any year of assessment to which any person may be entitled in respect of any deduction allowed under sections 138 to 145, section 12 of the Finance Act, 1967, section 3 of the Finance Act, 1969, section 11 of the Finance Act, 1971, or section 8 of the Finance Act, 1974, shall, save as otherwise provided by this Act, be made at the standard rate of tax or at the higher rate or rates, as the case may be, and any repayment of tax for any year of assessment to which any person may be entitled in respect of the reduced rate shall, save as otherwise provided by this Act, be made at a rate equal to the difference between the rate at which tax was paid, whether by deduction or otherwise, and the reduced rate”.

(xii) In section 525 (1), for all the words after subparagraph (c) but before the proviso, there shall be substituted—

“the said sum shall be treated for the purpose of computing the said individual's total income as received by him after deduction of tax from a corresponding gross sum, and—

(i) in any assessment to be made on the individual he shall be treated as having paid tax at the reduced rate on so much thereof as is chargeable at the reduced rate and at the standard rate on so much thereof as is chargeable at the standard and higher rates;

(ii) no repayment shall be made of tax treated by virtue of subparagraph (i) as having been paid, and

(iii) the said amount shall be treated for the purpose of sections 433 and 434 of the Act as not brought into charge to tax.”.

(xiii) In section 528—

(a) for “sur-tax”, in each place where it occurs, there shall be substituted “tax”;

(b) in subsection (1) (a), after “all sources” there shall be inserted “, whether chargeable with tax by deduction or otherwise,”; and

(c) there shall be added to subsection (1) “and shall, in computing the tax payable, estimate the amount of tax to be credited under section 133 and section 4 of the Finance Act, 1974.”.

(xiv) In section 530—

(a) for “sur-tax”, where it first occurs, there shall be substituted “tax at the higher rates” and for “sur-tax”, in each other place where it occurs, there shall be substituted “tax”; and

(b) after subsection (8), there shall be inserted the following subsection:

“(9) The Revenue Commissioners may make regulations for the purpose of carrying this section into effect”.

(xv) In section 543—

(a) for “sur-tax”, where it first occurs, there shall be substituted “tax under section 530”; and

(b) “, or in the case of a regulation relating to sur-tax within the next forty days,” shall be deleted.

(xvi) In Schedule 1, Part I, paragraph 1 (c), before “rate” there shall be inserted “standard”.

(xvii) In Schedule 1, Part II, paragraph 1 (b), before “rate” there shall be inserted “standard”.

(xviii) In Schedule 16, in paragraphs 8 and 9, for “sur-tax”. in each place where it occurs, there shall be substituted “tax”.

(i) In section 3—

(a) in subsection (2),

(i) “and sur-tax”, in each place where it occurs, shall be deleted,

(ii) “the aggregate of” shall be deleted,

(iii) for “amounts” in paragraph (a) there shall be substituted “amount”, and

(iv) for “rates respectively” there shall be substituted “rate”; and

(b) in subsection (3),

(i) “amounts of”, in each place where it occurs, shall be deleted,

(ii) “and sur-tax respectively”, in each place where it occurs, shall be deleted,

(iii) for “amounts referred to” there shall be substituted “amount referred to”, and

(iv) for “rates” there shall be substituted “rate”.

(ii) In section 34 (6)—

(a) “and sur-tax” shall be deleted; and

(b) for “liabilities to those taxes to what those liabilities” there shall be substituted “liability to that tax to what that liability”.

SECOND SCHEDULE Enactments Repealed

PART I

Number and Year	Short Title	Extent of Repeal
(1)	(2)	(3)
No. 7 of 1927	Provisional Collection of Taxes Act, 1927.	In section 1, in the definition of “tax”, the words “and super-tax”.
		In section 3, the words “or as a super-tax” and the words “or super-tax generally”.
No. 12 of 1942	Taxes and Duties (Special Circumstances) Act, 1942.	In section 3 (1), the words “and sur-tax”.
		In section 10 (2), the words “or sur-tax”.
No. 6 of 1967	Income Tax Act, 1967.	In section 2 (2) (c), the words “under section 134 or”.
		In section 3, the words “or sur-tax”.
		In section 70 (1) (c), the words “(including sur-tax)”.
		In section 116 (1), the words “(including sur-tax)”.
		In section 117 (1), the words “(including sur-tax)”.
		Sections 134, 135 and 136.
		Section 144 (3).
		In section 145 (1), the definition of “total income”.
		In section 162 (2), the words “and sur-tax”.
		In section 172 (1) (c), the words “(including sur-tax)”.
		In section 187 (1), the words “and sur-tax”.
		Section 188 (2).
		In section 191 (2), the words “(including any consequential relief from sur-tax)”.
		In section 191 (3), the words “or sur-tax”.
		In section 192 (1), the words “including sur-tax”.
		In section 194 (1) (a), the words “or sur-tax”.
		In section 196, the words “(including sur-tax)” in each place where they occur.
		Section 198.
		In section 231 (2), the words “and sur-tax”, in each place where they occur.
		In section 231 (3), the words “and sur-tax respectively” in each place where they occur and the words “and sur-tax” in paragraph (b).
		Section 236 (10).
		In section 288 (2), the words “(other than sur-tax)” in each place where they occur.
		In section 291, the words “(including sur-tax)” in each place where they occur.
		In section 293, the words “including sur-tax” in each place where they occur.
		In section 329 (1) (b), the words “and sur-tax”.
		In section 332 (1) (b), the words “and sur-tax”.
		In section 344 (4), the definition of “total income”.
		In section 345, the words “or sur-tax” in each place where they occur.
		In section 356, the words “and sur-tax” in each place where they occur.
		In section 361, the word “, sur-tax”.
		In section 365, the words “or income tax and sur-tax” in each place where they occur.
		In section 365 (2), the words “or sur-tax”.
		In section 365 (4), the words “, sur-tax (if any),” and the words “and sur-tax (if any)”.
		In section 366 (b), the words “(including sur-tax)”.
		In section 387—
		(a) in subsection (3) (a), “or for the purpose of sur-tax”, and
		(b) subsection (4) (c).
		Section 396 (4).
		Section 410 (4).
		Section 416 (11).
		In section 419, the words “or sur-tax” in each place where they occur.
		In section 420, the words “or sur-tax”.
		In section 441 (1), the words “or sur-tax”.
		In section 446 (1), the words “or sur-tax”.
		In section 465, the words “(including sur-tax)”.
		Section 485 (3) and (4).
		In section 486 (1), the words “or sur-tax”.
		In section 489 (1), the words “or sur-tax”.
		In section 491 (1), the words “or sur-tax” in each place where they occur.
		In section 492 (1), the words “or sur-tax”.
		In section 493, the words “or sur-tax”.
		In section 501 (1) (c), the words “or sur-tax.”
		In section 502 (2), the words “include sur-tax, except that,” and the word “, they”.
		In section 505, the words “or sur-tax”.
		In section 511, the words “or sur-tax”.
		In section 521, the words “or sur-tax” in each place where they occur.
		Sections 522, 523 and 524.
		Sections 526 and 527.
		Section 532.
		In section 539 (1), the words “or sur-tax”.
		In section 547 (3), the definition of “total income”.
		In section 549 (1), the definition of “tax”.
		In section 550, the words “or to sur-tax” in each place where they occur.
		In section 551 (2), paragraph (b).
		In section 552 (2), the words “or sur-tax” in each place where they occur.
		In section 554 (4), the words “and sur-tax”.
		In section 555, the words “or sur-tax”.
		In section 556 (1), the word “, sur-tax”.
		In section 559 (1), the word “, sur-tax”.
		In Schedule 6, Part II, paragraph 1, the words “(including sur-tax)” in each place where they occur.
		In Schedule 6, Part III, paragraph 3 (1), the words “or sur-tax”.
		In Schedule 10, paragraph 1 (1), the definition of “income tax”.
		In Schedule 10, paragraph 1 (1), the definition of “total income”.
		In Schedule 10, paragraph 1 (1), in the definition of “the Irish taxes”, the words “(including sur-tax)”.
		In Schedule 10, paragraph 5 (1) (a), the words “but not to sur-tax”.
		In Schedule 10, paragraph 5 (1) (b) and the proviso.
		In Schedule 15, column 1, the reference to section 526 (2).
		In Schedule 15, column 2, the reference to section 527.
		In Schedule 15, column 3, the reference to section 526 (3).
No. 7 of 1967	Income Tax (Amendment) Act, 1967.	In the second paragraph of the preamble, the words “(including sur-tax)”.
No. 7 of 1968	Finance (Miscellaneous Provisions) Act, 1968.	In section 3 (6), paragraphs (a), (b), (c) (i) and (c) (iv) and section 23 (4).
No. 33 of 1968	Finance Act, 1968.	In section 6 (2) (a), the words “and sur-tax”.
		In section 37 (6), the words “or sur-tax”.
		In section 48 (2), the words “, including sur-tax”.
No. 37 of 1968	Finance (No. 2) Act, 1968.	In section 8, the words “(including sur-tax)”.
		In section 11 (4), the words “including sur-tax”.
No. 21 of 1969	Finance Act, 1969.	In section 63 (1), the words “(including sur-tax)”.
		In section 67 (2), the words “, including sur-tax”.
No. 14 of 1970	Finance Act, 1970.	In section 19 (5), the words “(including sur-tax)”.
		In section 62 (2), the words “, including sur-tax”.
No. 23 of 1971	Finance Act, 1971.	In section 20 (2), the words “or sur-tax”.
No. 19 of 1972	Finance Act, 1972.	Section 1 (1).
		In section 48 (2), the words “, including sur-tax”.
No. 19 of 1973	Finance Act, 1973.	In section 33 (1) (d), the word “, sur-tax”.
		In section 33 (6), the words “including sur-tax”.
		In section 98 (2), the words “, including sur-tax”.

PART II

Number and Year	Short Title	Extent of Repeal
(1)	(2)	(3)
No. 19 of 1972	Finance Act, 1972.	In section 13—
		(a) in subsection (1), the definitions of “ordinary share capital”, “proprietary director” and “proprietary employee”, and
		(b) subsection (3).