Finance Act , 1990

Type Act

Publication 1990-05-30

State In force

Source Irish Statute Book

articles 140

(b) in relation to the said section 26, the provisions of section 72 had not been enacted.

(4) Section 254 of the Income Tax Act, 1967, shall have effect in relation to capital expenditure incurred on the construction of a building or structure which is to be an industrial building or structure to which this section applies as if—

(a) the following provision were substituted for paragraph (a) of subsection (2A):

“(a) in relation to capital expenditure incurred on or after the 16th day of January, 1975, on the construction of a building or structure in respect of which an allowance under this Chapter falls to be made by reason of its use for a purpose specified in paragraph (a) or (b) of section 255 (1), as if ‘one-half’ were substituted for ‘one-tenth’, and”,

(b) paragraph (aa) (inserted by this Act) of subsection (2A) were deleted, and

(5) Section 25 of the Finance Act, 1978, shall have effect in relation to capital expenditure incurred on the construction of a building or structure which is to be an industrial building or structure to which this section applies as if the provisions of section 76 had not been enacted.

Chapter IX Capital Gains Tax

82 Amendment of section 3 (taxation of capital gains and rate of charge) of Capital Gains Tax Act, 1975.

82.—Subsection (3) (as amended by section 60 of the Finance Act, 1986) of section 3 of the Capital Gains Tax Act, 1975, is hereby amended as respects chargeable gains accruing on any disposal made on or after the 6th day of April, 1990—

(a) by the deletion of paragraph (a), and

(b) by the deletion in paragraph (b) of “more than one year but”

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

TABLE

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

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

(d) in any other case, 30 per cent.,

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

83 Amendment of section 36 (chargeable gains on disposals of development land) of Finance Act, 1982.

83.—Section 36 of the Finance Act, 1982, is hereby amended—

(a) by the insertion in subsection (3) after “the 26th day of March, 1982,” of “and before the 6th day of April, 1990,”, and

(b) by the insertion of the following subsection after subsection (3):

“(3A) As respects chargeable gains accruing on relevant disposals made on or after the 6th day of April, 1990, section 3 (3) of the Principal Act (as amended by the Finance Act, 1990) shall have effect as if, in lieu of the rates of capital gains tax specified in paragraphs (b), (c) and (d) of that subsection, the following rates of capital gains tax applied:

(i) 50 per cent., or

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

and the said subsection (3), as so amended, is set out in the Table to this section.

TABLE

(3) As respects chargeable gains accruing on relevant disposals made on or after the 26th day of March, 1982, and before the 6th day of April, 1990, section 3 (3) of the Principal Act (as amended by this Act) shall have effect as if, in lieu of the rates of capital gains tax specified in paragraphs (a), (b) and (c) of that subsection, the following rates of capital gains tax applied:

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

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

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

84 Amendment of section 26 (disposal of business or farm on retirement) of Capital Gains Tax Act, 1975.

84.—Section 26 of the Capital Gains Tax Act, 1975, is hereby amended—

(a) by the insertion in subsection (3), after “family company”, of “other than a holding company,”,

(b) by the insertion of the following subsection after subsection (3):

“(3A) Where a disposal of qualifying assets includes a disposal of shares or securities of the individual's family company which is a holding company, the amount of the consideration to be taken into account for the purposes of subsection (1) in respect of those shares or securities shall be the proportion of the consideration for such shares or securities which is equal to the proportion which the part of the value of the assets (including cash) of the trading group (excluding shares or securities of one member of the group held by another member of the group) at the time of the disposal which is attributable to the value of the chargeable business assets of the trading group bears to the value of the total assets of the trading group.”,

and

(i) by the insertion, before the definition of “chargeable business asset”, of the following:

“a company shall be deemed to be a ‘100 per cent. subsidiary’ of another company if and so long as not less than 100 per cent. of its ordinary share capital is owned directly or indirectly by that other company;”,

(ii) by the insertion, in the definition of “chargeable business asset”, after “family company” of “or by a company which is a member of a trading group of which the holding company is that individual's family company”,

(iii) by the insertion after the definition of “full-time working director” of the following:

“‘holding company’ means a company whose business (disregarding any trade carried on by it) consists wholly or mainly of the holding of shares or securities of one or more companies which are its 100 per cent. subsidiaries;”,

(iv) by the insertion, in the definition of “qualifying assets”, after “family company” of “or a member of a trading group of which the holding company is that individual's family company”, and

(v) by the insertion after the definition of “trading company” of the following:

“‘trading group’ means a group of companies consisting of the holding company and its 100 per cent. subsidiaries, the business of whose members, taken together, consists wholly or mainly of the carrying on of a trade or trades.”.

85 Amendment of section 27 (disposal within the family of business or farm) of Capital Gains Tax Act, 1975.

85.—Section 27 (as amended by section 8 of the Capital Gains Tax (Amendment) Act, 1978) of the Capital Gains Tax Act, 1975, is hereby amended by the substitution, in subsection (3), of “Subsection (3) or (3A), as the case may be, of section 26” for “Section 26 (3)”.

86 Amendment of Schedule 1 (computational rules) to Capital Gains Tax Act, 1975.

86.—As respects appropriations to stock in trade on or after the passing of this Act, paragraph 15 of Schedule 1 to the Capital Gains Tax Act, 1975, is hereby amended by the insertion, after the proviso to subparagraph (3), of the following additional proviso:

“Provided also that an election under this subparagraph shall not be made in any case where application of the provisions of subparagraph (1) would give rise to an allowable loss.”.

87.—Schedule 2 to the Capital Gains Tax Act, 1975, is hereby amended by the insertion after paragraph 2 of the following paragraph:

“2A.— (1) In this paragraph, references to a reorganisation of units in a trust scheme include—

(a) any case where persons are, whether for payment or not, allotted units in the scheme in respect of and in proportion to (or as nearly as may be in proportion to) their holdings of units in the scheme or of any class of units in the scheme, and

(b) any case where there are more than one class of units and the rights attached to units of any class are altered.

(2) Paragraph 2 shall apply with any necessary adaptation in relation to a reorganisation or reduction of units in any unit trust scheme registered under the Unit Trusts Act, 1972, or authorised under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 (S.I. No. 78 of 1989), as if (except as respects subparagraph (6) of that paragraph)—

(a) that scheme were a company, and

(b) the units in that scheme were shares in the company:

Provided that, where, but for this proviso, this paragraph would apply to any reorganisation or reduction, in a year of assessment, of units in a unit trust scheme so that units which are deemed not to be chargeable assets for that year for the purposes of this Act would be treated as ‘original shares’ or a ‘new holding’ within the meaning of paragraph 2 (1), then paragraph 2 shall not apply to that reorganisation or reduction of units in the unit trust scheme.

(3) The references in subparagraph (2) (including the proviso thereto) to paragraph 2 do not include references to that paragraph as applied by paragraph 3 or 4.”.

PART II Customs and Excise

88 Interpretation (Part II).

88.—In this Part—

“the Order of 1975” means the Imposition of Duties (No. 221) (Excise Duties) Order, 1975 (S.I. No. 307 of 1975);

“the Order of 1979” means the Imposition of Duties (No. 236) (Excise Duties on Motor Vehicles, Televisions and Gramophone Records) Order, 1979 (S.I. No. 57 of 1979).

89 Hydrocarbons.

89.—(1) The rebate of duty on mineral hydrocarbon light oil provided for in section 56 (3) of the Finance Act, 1988, shall, as respects mineral hydrocarbon light oil on which it is shown to the satisfaction of the Revenue Commissioners that duty at the rate specified in section 40 (1) of the Finance Act, 1989, has been paid on or after the 1st day of February, 1990, be calculated at the rate of £2.56 per hectolitre.

(2) The duty of excise on gaseous hydrocarbons in liquid form imposed by section 41 (1) of the Finance Act, 1976, shall be charged, levied and paid, as on and from the 1st day of February, 1990, at the rate of £0.393 per gallon in lieu of the rate specified in paragraph 5 (9) of the Imposition of Duties (No. 285) (Excise Duties) Order, 1987 (S.I. No. 19 of 1987).

90 Table waters.

90.—The duty of excise on table waters imposed by paragraph 9 (2) of the Order of 1975 (inserted by section 37 (1) of the Finance Act, 1981), shall be charged, levied and paid, as on and from the 1st day of February, 1990, at the rate of £0.29 per gallon in lieu of the rate specified in section 69 (3) of the Finance Act, 1986.

91 Televisions.

91.—The duty of excise on televisions imposed by paragraph 5 (1) of the Order of 1979, shall be charged, levied and paid, as on and from the 1st day of February, 1990, in accordance with the Seventh Schedule in lieu of the Schedule to the Imposition of Duties (No. 274) (Televisions) Order, 1985 (S.I. No. 41 of 1985).

92 Video players.

92.—The duty of excise on video players imposed by paragraph 4 of the Imposition of Duties (No. 260) (Excise Duty on Video Players) Order, 1982 (S.I. No. 49 of 1982), shall be charged, levied and paid, as on and from the 1st day of February, 1990, at the rate of £20 for each video player in lieu of the rate specified in section 59 of the Finance Act, 1983.

93 Gramophone records.

93.—The duty of excise on gramophone records imposed by paragraph 5 (1) of the Order of 1979, shall not be charged or levied on or after the 1st day of February, 1990.

94 Matches.

94.—The duty of excise on matches imposed by paragraph 13 (2) of the Order of 1975, shall not be charged or levied on or after the 1st day of February, 1990.

95 Mechanical lighters.

95.—The duty of excise on mechanical lighters imposed by section 75 (2) of the Finance Act, 1980, shall not be charged or levied on or after the 1st day of February, 1990.

96 Tobacco products.

96.—(1) In this section and in the Eighth Schedule “cigarettes”, “cigars”, “sweetened pipe tobacco”, “hard pressed tobacco”, “other pipe tobacco”, “smoking tobacco”, “chewing tobacco” and “tobacco products” have the same meanings as they have in the Finance (Excise Duty on Tobacco Products) Act, 1977, as amended by the Imposition of Duties (No. 243) (Excise Duty on Tobacco Products) Order, 1979 (S.I. No. 296 of 1979), and the Finance Act, 1988.

(2) The duty of excise on tobacco products imposed by section 2 of the Finance (Excise Duty on Tobacco Products) Act, 1977, shall, in lieu of the several rates specified in the Fifth Schedule to the Finance Act, 1989, be charged, levied and paid, as on and from the 1st day of July, 1990, at the several rates specified in the Eighth Schedule.

PART III Value-Added Tax

97 Interpretation (Part III).

97.—In this Part—

“the Principal Act” means the Value-Added Tax Act, 1972;

“the Act of 1978” means the Value-Added Tax (Amendment) Act, 1978;

“the Act of 1985” means the Finance Act, 1985;

“the Act of 1986” means the Finance Act, 1986;

“the Act of 1989” means the Finance Act, 1989.

98 Amendment of section 1 (interpretation) of Principal Act.

98.—Section 1 of the Principal Act is hereby amended in subsection (1) by the insertion in the definition of “livestock” of “horses,” after “cattle,”.

99 Amendment of section 3 (delivery of goods) of Principal Act.

99.—Section 3 of the Principal Act is hereby amended in subsection (3) (inserted by the Finance Act, 1982) by the deletion of “, live horses” from paragraphs (a) and (b).

100 Amendment of section 5 (supply of services) of Principal Act.

100.—Section 5 (inserted by the Act of 1978) of the Principal Act is hereby amended in subsection (6)—

(a) by the addition to clause (II) of subparagraph (ii) of paragraph (e) (inserted by the Act of 1986) of “or” after “supplied,”, and

(b) by the insertion after clause (II) of subparagraph (ii) of paragraph (e) (inserted by the Act of 1986) of the following clause:

“(III) who has an establishment in the State and his principal establishment in the country in which, but for this subparagraph, the services would be deemed to be supplied,”.

101 Amendment of section 8 (accountable persons) of Principal Act.

101.—Section 8 of the Principal Act is hereby amended in subsection (9) (inserted by the Act of 1978), in the definition of “agricultural produce”, by the deletion of “live horses and”.

102 Amendment of section 11 (rates of tax) of Principal Act.

102.—Section 11 of the Principal Act is hereby amended in subsection (1) (inserted by the Act of 1985)—

(a) in paragraph (a)—

(i) by the substitution of “23 per cent.” for “25 per cent.” (inserted by the Act of 1986), and

(ii) by the deletion of “, (bb)” (inserted by the Finance Act, 1988),

(b) by the deletion of paragraph (bb) (inserted by the Act of 1989), and

(i) by the substitution of “2.3 per cent.” for “2 per cent.” (inserted by the Act of 1989), and

(ii) by the insertion after “livestock” of “and live greyhounds, and to the hire of horses”.

103 Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.

103.—Section 12A (inserted by the Act of 1978) of the Principal Act is hereby amended by the substitution in subsection (1) of “2.3 per cent.” for “2 per cent.” (inserted by the Act of 1989).

104 Amendment of section 15 (charge of tax on imported goods) of Principal Act.

104.—Section 15 (inserted by the Act of 1978) of the Principal Act is hereby amended—

(a) by the insertion in paragraph (b) of subsection (1) (inserted by the Act of 1985) after “livestock” of “and live greyhounds”, and

(b) by the substitution in subsection (2) of “paragraph (xviii)” for “paragraphs (xviii), (xx) and (xxi)”.

105 Non-application, for a limited period, of section 17 (invoices) of Principal Act in respect of certain services.

105.—In respect of the period from the 1st day of October, 1990, to the 31st day of December, 1990, the provisions of section 17 of the Principal Act shall not apply in the case of the supply of services specified in paragraph (va) (inserted by this Act) of the Sixth Schedule (inserted by the Act of 1985) to the Principal Act.

106 Amendment of First Schedule to Principal Act.

106.—The First Schedule (inserted by the Act of 1978) to the Principal Act is hereby amended—

(a) by the insertion in paragraph (ii) after “kind” of “, excluding instruction in the driving of mechanically propelled road vehicles other than vehicles designed or constructed for the conveyance of goods with a capacity of 1.5 tonnes or more,”,

(b) by the insertion after paragraph (viii) (inserted by the Act of 1985) of the following paragraph:

“(viiia) supply of cultural services and of goods closely linked thereto by any cultural body, whether established by or under statute or otherwise, which is recognised as such a body by the Revenue Commissioners for the purposes of this paragraph, not being services to which paragraph (viii) relates;”,

(d) by the insertion after paragraph (xxii) of the following paragraph:

“(xxiia) supply of services by an independent group of persons (being a group which is an independent entity established for the purpose of administrative convenience by persons whose activities are exempt from or are not subject to tax) for the purpose of rendering its members the services directly necessary for the exercise of their activities and where the group only recovers from its members the exact reimbursement of each member's share of the joint expenses;”.

107 Amendment of Sixth Schedule to Principal Act.

107.—The Sixth Schedule (inserted by the Act of 1985) to the Principal Act is hereby amended—

(a) by the insertion in paragraph (i), after subparagraph (a), of the following subparagraph:

“(aa) electricity:

Provided that this subparagraph shall not apply to the distribution of any electricity where such distribution is wholly or mainly in connection with the distribution of communications signals,”,

(b) by the insertion of the following paragraph after paragraph (v):

“(va) telecommunications services (including the supply of goods and services incidental thereto) supplied by Bord Telecom Éireann or by any person licensed in accordance with subsection (1) of section 111 of the Postal and Telecommunications Services Act, 1983, other than services of the kind specified in paragraph (d), (e) or (f) of subsection (3) of section 87 of the said Act;”,

“(x) newspapers and periodicals, normally published at least fortnightly, the contents of each issue of which consist, wholly or mainly, as regards the quantity of printed matter contained in them, of information on the principal current events and topics of general public interest;”,

and

(d) by the insertion in paragraph (xiiih) (inserted by the Finance Act, 1987) after “interest” of “, not being services of the kind specified in paragraph (viiia) of the First Schedule”.

PART IV Stamp Duties

108 Levy on banks.

108.—(1) In this section—

“assessable amount” means the amount arrived at by dividing the specified amount by twelve and deducting £15,000,000 from the quotient;

“bank” means a person who, on the 1st day of September, 1989, was the holder of a licence granted under section 9 of the Central Bank Act, 1971;

“relevant sum”, in relation to a return, means a sum shown in the return other than a sum shown in respect of foreign currency;

“returns”, in relation to a bank, means the returns (being returns relating to resident branches) furnished to the Central Bank of Ireland by the bank in respect of the assets and liabilities of the bank as on the 18th day of January, 1989, the 15th day of February, 1989, the 31st day of March, 1989, the 28th day of April, 1989, the 31st day of May, 1989, the 30th day of June, 1989, the 31st day of July, 1989, the 31st day of August, 1989, the 29th day of September, 1989, the 31st day of October, 1989, the 30th day of November, 1989, and the 29th day of December, 1989;

“specified amount”, in relation to a bank, means the amount obtained by deducting the aggregate amount of the relevant sums shown in respect of Item 302.2 in supplement 1 of the returns of the bank from the aggregate amount of the relevant sums shown in the returns in respect of Government deposits and non-Government deposits and shown as liabilities of the bank in such returns.

(2) A bank shall, not later than the 13th day of September, 1990, deliver to the Revenue Commissioners a statement in writing showing the assessable amount for that bank, the specified amount for that bank and the sums referred to in the definition of “specified amount” in subsection (1) by reference to which that specified amount was calculated.

(3) There shall be charged on every statement delivered pursuant to subsection (2) a stamp duty of an amount equal to the sum, of the following:

(a) 0.3 per cent. of that part of the assessable amount shown therein that does not exceed £130,000,000 and

(b) 0.4055 per cent. of that part of the assessable amount shown therein that exceeds £130,000,000:

Provided that in the case where the assessable amount shown in the statement does not exceed £130,000,000 stamp duty of an amount equal to 0.3 per cent. of the assessable amount shown therein shall be charged.

(4) The duty charged by subsection (3) upon a statement delivered by a bank pursuant to subsection (2) shall be paid by the bank upon delivery of the statement.

(5) There shall be furnished to the Revenue Commissioners by a bank such particulars as the Revenue Commissioners may deem necessary in relation to any statement required by this section to be delivered by the bank.

(6) In the case of failure by a bank to deliver any statement required by subsection (2) within the time provided for in that subsection or of failure to pay the duty chargeable on any such statement on the delivery thereof, the bank shall, from the date of the passing of this Act until the day on which the duty is paid, be liable to pay, by way of penalty, in addition to the duty, interest thereon at the rate of 15 per cent. per annum and also from the 13th day of September, 1990, by way of further penalty, a sum equal to 1 per cent. of the duty for each day the duty remains unpaid and each penalty shall be recoverable in the same manner as if the penalty were part of the duty.

(7) The delivery of any statement required by subsection (2) may be enforced by the Revenue Commissioners under section 47 of the Succession Duty Act, 1853, in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.

(8) The stamp duty charged by this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty under the care and management of the Revenue Commissioners payable by the bank.

109 Levy on investments in collective investment undertakings.

109.—(1) In this section—

“accountable person”, in relation to an undertaking, means a person in whom is vested the legal ownership of the assets of the undertaking and also includes any unit holder and any management company, agent, intermediary, broker, or any other person who is engaged in the marketing of units to residents in the State or who is a party to a transaction involving the purchase of units in an undertaking by a unit holder;

“the airport” has the same meaning as it has in the Customs-free Airport Act, 1947;

“the Area” has the same meaning as it has for the purposes of section 39B (inserted by the Finance Act, 1987) of the Finance Act, 1980;

“assessable amount”, in relation to an undertaking and in relation to the period from the 1st day of February, 1990, to the 30th day of June, 1990, and thereafter each quarter, means the amount or value of capital invested by or on behalf of unit holders in an undertaking in that period or quarter, without deduction for any commissions paid or other expenses incurred in relation to that investment, in consideration of the purchase by or on behalf of such unit holders of units in that undertaking but without regard to capital invested in consideration of the purchase by or on behalf of unit holders of excluded units;

“Commissioners” means the Revenue Commissioners;

“company” means any body incorporated in the State with limited liability or, if incorporated or otherwise formed under the law of any other jurisdiction, which corresponds under that law to a body so incorporated in the State;

“declaration”, in relation to the purchase of units by persons who are not resident in the State, means a written declaration which—

(a) is made in such form as may be prescribed or authorised by the Commissioners,

(b) declares that at the time when the declaration is made the person who is beneficially entitled to the interest in relation to such units is not, or, as the case may be, all of the persons who are so entitled are not, resident in the State,

(i) the name of the person,

(ii) the address of his principal place of residence, and

(iii) the name of the country in which he is resident at the time the declaration is made,

and

(d) contains such other information as the Commissioners may reasonably require for the purposes of this section;

“distribution” has the same meaning as it has for the purposes of the Corporation Tax Acts;

“excluded units” means—

(a) units in which the persons who hold the beneficial interest are not resident, as provided for in the Income Tax Acts, in the State and in respect of which a declaration was made, at the time of purchase by those persons, to the person from whom such units were purchased;

(b) units of an undertaking repurchased or redeemed from a unit holder by a management company at the request of that unit holder;

(c) units in an undertaking purchased by or on behalf of a unit holder from undistributed profits or income arising from units already held by that unit holder in that undertaking;

(d) units purchased by or on behalf of a body of persons established for charitable purposes only or by the trustees of a trust so established acting on behalf of that trust and where that body or that trust is a charity for the purposes of the Income Tax Acts;

(e) units purchased by or on behalf of an insurer acting in the course of his business as an insurer;

(f) units in an undertaking purchased by or on behalf of a unit holder in exchange for units held by him in another undertaking provided that both such undertakings are sub-funds in an umbrella fund;

(g) units purchased by or on behalf of an occupational pension scheme;

(h) units purchased by or on behalf of a person acting in the course of his business in the airport or in the Area;

(i) units purchased by or on behalf of an undertaking, being an undertaking to which this section applies;

“insurer” means the holder of an authorisation under the European Communities (Non-Life Insurance) Regulations, 1976 (S.I. No. 115 of 1976), or the European Communities (Life Assurance) Regulations, 1984 (S.I. No. 57 of 1984);

“intermediary” means any person who provides relevant facilities in relation to an undertaking;

“management company”, in relation to an undertaking, means a company which, in the course of trading operations carried on by the company, manages the whole or any part of the investments and other activities of the business of the undertaking;

“occupational pension scheme” means any scheme or arrangement—

(a) which is comprised in one or more instruments or agreements, and

(b) which provides or is capable of providing benefits in relation to employees in any description of employment who reside within the State, and

(c) (i) which has been approved of by the Revenue Commissioners for the purpose of Chapter II of the Finance Act, 1972, or

(ii) the application for approval of which under Chapter II of the Finance Act, 1972, is being considered, or

(iii) being a statutory scheme to which section 17 of the Finance Act, 1972, applies;

“quarter” means a period of three months after the passing of this Act ending on the 31st day of March, the 30th day of June (other than the 30th day of June, 1990), the 30th day of September and the 31st day of December;

“relevant facilities”, in relation to an undertaking, means—

(a) the marketing in the State of the units of the undertaking,

(b) the acting in the State as an intermediary in the purchase of the units of the undertaking by or on behalf of persons resident in the State or in the sale to such persons of such units, and

(c) the provision in the State on behalf of the undertaking of facilities for the making of payments to holders of its units, or the repurchase or redemption of its units;

“relevant gains”, in relation to an undertaking, means gains accruing to the undertaking being gains which would constitute chargeable gains in the hands of a person resident in the State;

“relevant income”, in relation to an undertaking, means any amounts of income, profits or gains which arise to or are receivable by the undertaking being amounts of income, profits or gains—

(a) which are or are to be paid to unit holders as relevant payments, or

(b) out of which relevant payments are, or are to be, made to unit holders, or

and which if they arose to an individual resident in the State would, in the hands of the individual, constitute income for the purposes of income tax;

“relevant payment” means, a payment made to a unit holder by an undertaking by reason of rights conferred on the unit holder as a result of holding a unit or units in the undertaking, other than a payment made in respect of the cancellation, redemption or repurchase of a unit;

“relevant profits” means, in relation to an undertaking, the relevant income and relevant gains of the undertaking;

“umbrella fund” means an undertaking which is divided into a number of sub-funds and in which unit holders are entitled to exchange rights in one sub-fund for rights in another sub-fund;

“undertaking” means an undertaking the main objects of which include the collective investment, in any property, of capital raised from the public and the units of which may, at the request of the unit holders, be repurchased or redeemed, directly or indirectly out of the assets of the undertaking, and includes a unit trust, UCITS or other similar investment undertaking which, in the case of a similar investment undertaking is, in the opinion of the Commissioners, an undertaking to which this section applies notwithstanding that such undertaking is a company which issues shares to the public, whether or not those shares may be repurchased or redeemed directly or indirectly out of the assets of the undertaking;

“units” includes shares and any other instruments granting an entitlement to share in the investments or income of, or receive a distribution from, an undertaking;

“UCITS” has the meaning assigned to it by section 19 of the Finance Act, 1989;

“unit holder”, in relation to an undertaking, means any person who by reason of the holding of a unit, or under the terms of a unit, in the undertaking is entitled to a share of any of the investments or relevant profits of, or to receive a distribution from, the undertaking;

“unit trust” means a registered unit trust scheme within the meaning of the Unit Trusts Act, 1972;

(2) An accountable person shall deliver to the Commissioners a statement in writing showing the assessable amount for that accountable person—

(a) in respect of the period from the 1st day of February, 1990, to the 30th day of June, 1990, within 30 days from the 30th day of June, 1990, and

(b) in respect of each quarter, within 30 days from the end of each such quarter:

Provided that where it is expedient to do so and the Commissioners have agreed, a person, who is an accountable person in relation to an undertaking, may deliver a statement as required under the foregoing provisions of this subsection and make a payment as required under subsection (4) on behalf of one or more other persons, who are also accountable persons in respect of that undertaking, and any such delivery or payment on behalf of one or more accountable persons shall be deemed to be a delivery and a payment by each of them for the purposes of this section.

(3) There shall be charged on every statement delivered in pursuance of subsection (2) a stamp duty of an amount equal to three per cent. of the assessable amount shown therein.

(4) The duty charged by subsection (3) upon a statement delivered by an accountable person pursuant to subsection (2) shall be paid by the accountable person upon delivery of the statement.

(5) In the case of failure by the accountable person to deliver any statement required by subsection (2) within the time specified in that subsection or of failure by the accountable person to pay any duty chargeable on any such statement on the delivery thereof that person shall be liable to pay, in addition to the duty, interest thereon at the rate of 1.25 per cent. for each month or part of a month from the expiration of the quarter to which the statement relates until the day on which the duty is paid and such interest shall be recoverable in the same manner as if it were part of the duty payable.

(6) There shall be furnished to the Commissioners, by an accountable person, such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by the accountable person.

(7) Notwithstanding the provisions of subsection (6) an accountable person shall, if required to do so by notice from the Commissioners, prepare and deliver to the Commissioners within such time, being not less than 30 days, as shall be specified in the notice a return of—

(a) the names and addresses of all persons resident in the State in respect of whom the accountable person has, in the course of providing relevant facilities in relation to an undertaking during such periods as shall be specified in the notice—

(i) acted as an accountable person in the purchase by or on behalf of any of those persons of units in the undertaking or in the sale to such persons of such units,

(ii) provided facilities for the making of payments by the undertaking to any of those persons who hold units of the undertaking, and

(iii) provided facilities for the repurchase or redemption of units of the undertaking held by any of those persons,

and

(b) where appropriate, in respect of each such person—

(i) the name and address of each undertaking—

(I) the units of which have been so purchased by, or on behalf of, or sold to that person in that period,

(II) on whose behalf facilities have been provided for the making of payments by the undertaking to that person in that period, and

(III) on whose behalf facilities have been provided for the repurchase or redemption by the undertaking in the period of units in the undertaking held by that person,

and

(ii) (I) the value or total value of the units so purchased by, or on behalf of, or sold to that person,

(II) the amount of the payments so made by the undertaking to that person, and

(III) the value or total value of the units held by that person which were so repurchased or redeemed by the undertaking,

and in respect of such return, the Commissioners shall be entitled to require production of and inspect any books or records of the accountable person relating to such purchase of units or provision of facilities.

(8) A person shall, if he is required by notice in writing by the Commissioners to do so, deliver to the Commissioners, within such time, not being less than 30 days, as may be specified in the notice, particulars relating to the sale or purchase of units in an undertaking by that person and shall if so required by the Commissioners deliver to them a statement verifying such particulars, together with such evidence, statements and documents as the Commissioners may require in relation to such sale or purchase.

(9) In the case of default by an accountable person in delivering any statement required by subsection (2) or in paying any duty pursuant to subsection (4), where such default leads to either or both—

(a) an incomplete or inaccurate statement, and

(b) an inadequate payment of duty,

he shall be liable to a penalty of £2,000 or 25 per cent. of the total duty which, but for his default, would have been payable, whichever is the greater.

(10) The duty charged under subsection (3) and any interest charged under subsection (5) shall be recoverable from any one or more of—

(a) the accountable persons concerned,

(b) where any accountable person concerned is dead, his personal representatives, and

(11) An accountable person, on whom the Commissioners have served a notice in writing of the requirement to deliver a statement under subsection (2) or of the duty payable under subsection (3) together with any interest payable under subsection (5), shall, upon failure to deliver such statement or pay such duty if any and interest as is set forth in such notice within 30 days of the date of issue of such notice, be liable to the following penalties—

(a) where such notice has been served on an accountable person in respect of units held by him as a unit holder, £2,000 or 25 per cent. of the duty together with any interest payable, whichever is the greater, and £100 for each day on which the failure so continues,

(b) where such notice has been served on any other accountable person £20,000 or 25 per cent. of the duty together with any interest payable, whichever is the greater, and £500 for each day on which the failure so continues,

and for the purposes of this subsection the Commissioners may estimate the amount of duty payable from any information available to them.

(12) The Commissioners shall set up and maintain a register of persons other than unit holders who are, or who may become, accountable persons and shall provide facilities for the inspection of this register by the public at such times and on such conditions as appear reasonable to the Commissioners.

(13) Every person who on the date of the passing of this Act is an accountable person, other than a person who is an accountable person solely on the grounds that he is a unit holder, shall (for the purpose of registering as such), within the period of 60 days after the passing of this Act, furnish in writing to the Commissioners a statement setting out such particulars as the Commissioners may require in relation to the setting up and maintenance of the register provided for in subsection (12).

(14) Every person who after the date of the passing of this Act becomes an accountable person or intends to become an accountable person, other than a person who becomes or intends to become an accountable person solely on the grounds that he is or is to be a unit holder, shall (for the purpose of registering as such) furnish, not less than fourteen days prior to the participation of that accountable person in the provision of relevant facilities, the statement referred to in subsection (13) to the Commissioners.

(15) Any accountable person who fails to comply with the provisions of subsection (13) or subsection (14) shall be liable to a penalty of £20,000 and to a further penalty of £100 for each day on which the failure so continues.

(16) Any unit holder who purchases units in an undertaking, including units in the form of a stock certificate to bearer, from or through persons who are not registered under the provisions of subsection (12) shall be liable to a penalty of £2,000 or a sum equal to 25 per cent. of the capital invested by the unit holder in acquiring such units, whichever is the greater, and any such penalty shall be recoverable in the same manner as if it were part of the duty payable:

Provided that any unit holder to whom this subsection applies may, within 30 days of acquiring such units, deliver such statement as is referred to in subsection (2) and pay such duty as is referred to in subsection (3).

(17) (a) The Commissioners shall make such regulations as appear to them to be necessary for the purpose of giving effect to this section or of enabling them to discharge their functions thereunder.

(b) Every regulation made under this subsection shall be laid before Dáil Éireann as soon as may be possible after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

110 Amendment of First Schedule to Stamp Act, 1891.

110.—(1) In this section “the First Schedule” means the First Schedule (as amended by the Finance Act, 1970, and subsequent enactments) to the Stamp Act, 1891.

(2) The Heading set out in Part I of the Ninth Schedule to this Act is hereby substituted for the Heading “BOND, COVENANT, or INSTRUMENT of any kind whatsoever” in the First Schedule.

(3) The Heading set out in Part II of the Ninth Schedule to this Act is hereby substituted for the Heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities” in the First Schedule.

(4) The Heading set out in Part III of the Ninth Schedule to this Act is hereby substituted for the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities” in the First Schedule.

(5) The Heading set out in Part IV of the Ninth Schedule to this Act is hereby substituted for the Heading “DUPLICATE or COUNTERPART of any instrument chargeable with any duty” in the First Schedule.

(6) The Heading set out in Part V of the Ninth Schedule to this Act is hereby substituted for the Heading “LEASE” in the First Schedule.

(7) The Heading set out in Part VI of the Ninth Schedule to this Act is hereby substituted for the Heading “MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) and WARRANT OF ATTORNEY to confess and enter up judgment” in the First Schedule.

(8) The Heading set out in Part VII of the Ninth Schedule to this Act is hereby substituted for the Heading “RELEASE or RENUNCIATION of any property, or of any right or interest in any property” in the First Schedule.

(9) The Heading set out in Part VIII of the Ninth Schedule to this Act is hereby substituted for the Heading “SURRENDER of any property, or of any right or interest in any property” in the First Schedule.

(10) The Heading set out in Part IX of the Ninth Schedule to this Act is hereby substituted for the Heading “SHARE WARRANT issued under the provisions of the Companies Acts, and STOCK CERTIFICATE to bearer” in the First Schedule.

(11) The First Schedule is hereby amended by the deletion of the Headings “RECONVEYANCE, RELEASE or RENUNCIATION of any security” and “RENUNCIATION. See RECONVEYANCE and RELEASE”.

(12) Subsections (4) and (6) shall have effect with respect to instruments executed on or after the 1st day of September, 1990.

111 Amendment of section 58 (directions as to duty in certain cases) of Stamp Act, 1891.

111.—Section 58 (as amended by section 47 of the Finance Act, 1981) of the Stamp Act, 1891, is hereby amended by the substitution in subsection (8) of “paragraph 8” for “paragraph 4”.

112 Stamp duty on transfers of building land.

112.—(1) Notwithstanding the provisions of section 77 (2) of the Stamp Act, 1891, and of section 10 of the Finance Act, 1900, where, in connection with, or as part of any arrangement involving, a sale or a lease of any land, a dwellinghouse or apartment has been built, or is in the course of being built, or is to be built, on that land, any instrument whereby such sale or lease is effected shall be chargeable to stamp duty—

(a) in the case of such sale, under the heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities” in the First Schedule (as amended by the Finance Act, 1970, and subsequent enactments) to the Stamp Act, 1891, on an amount equal to the aggregate of—

(i) any consideration paid in respect of the sale of that land, and

(ii) any consideration paid, or to be paid, in respect of the building of the dwellinghouse or apartment on that land;

(b) in the case of such lease, under the heading “LEASE” in the First Schedule (as amended by the Finance Act, 1970, and subsequent enactments) to the Stamp Act, 1891, on an amount equal to the aggregate of—

(i) any consideration (other than rent) paid in respect of the lease of that land, and

(ii) any consideration paid, or to be paid, in respect of the building of the dwellinghouse or apartment on that land.

(2) Without prejudice to the generality of subsection (1) a dwellinghouse or apartment shall be regarded as having been built or being in the course of being built or to be built in connection with, or as part of any arrangement involving, a sale or a lease of any land where building has commenced prior to the execution of any instrument effecting the sale or lease.

(3) (a) Where in the case of any instrument of sale or lease to which this section applies, the aggregate consideration to which paragraph (a) or (b) of subsection (1) relates cannot, in the opinion of the Revenue Commissioners, be ascertained at the date on which the instrument is presented for stamping, then the instrument shall be chargeable to stamp duty as if the amount of the aggregate consideration which is chargeable under subsection (1) was equal to 10 times the unencumbered open market value of the land at the date of the instrument of sale or lease or to such lower multiple, not being less than 5, of the open market value of the land as the Revenue Commissioners consider appropriate having regard to the relevant information available to them.

(b) Where it is shown to the satisfaction of the Revenue Commissioners that the amount of the stamp duty paid under the provisions of this subsection exceeded the stamp duty with which the instrument would have been charged under paragraph (a) or (b) of subsection (1) had the aggregate consideration paid or to be paid in respect of the dwellinghouse or apartment been ascertainable at the date of stamping of the instrument, then the amount of such excess stamp duty shall, upon an application to the Revenue Commissioners within 3 years after the date of stamping of the instrument, be repaid to the person or persons by whom the stamp duty was paid and such repayment shall bear simple interest at the rate of one per cent., or such other rate (if any) as stands prescribed by the Minister for Finance by regulations, for each month or part of a month from the date of payment of the excess duty up until the date of such repayment and income tax shall not be deductible on payment of interest under this subsection and such interest shall not be reckoned in computing income for the purposes of the Tax Acts.

(4) For the purpose of determining whether this section shall apply to any instrument, the Revenue Commissioners may require the delivery to them, in such form as they may specify, of a statement or a statutory declaration by—

(a) any person directly or indirectly concerned with the sale or lease of the land or with the building of a dwellinghouse or apartment on the land, and

(b) any solicitor acting on behalf of any person to whom paragraph (a) relates,

of any facts which the Revenue Commissioners consider relevant in making any such determination.

(5) Any instrument to which the heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities”, or the heading “LEASE” in the First Schedule (as amended by the Finance Act, 1970, and subsequent enactments) to the Stamp Act, 1891, applies shall contain a statement, in such form as the Revenue Commissioners may specify, certifying whether or not the provisions of this section are applicable to such instrument, and the furnishing of an incorrect certificate shall be deemed to constitute the delivery of an incorrect statement for the purposes of section 94 of the Finance Act, 1983.

(6) Where stamp duty has been charged on any instrument by reference to this section and, within two years after the date of stamping of the instrument, building has not commenced, then this section shall be deemed not to have applied to the instrument and, accordingly, the Revenue Commissioners shall, upon application to them within 3 years after the date of stamping of the instrument by the person or persons by whom the stamp duty was paid, repay to such person or persons the amount of the stamp duty paid by such person or persons which, but for the other provisions of this section, would not have been chargeable and such repayment shall bear simple interest at the rate of one per cent., or such other rate (if any) as stands prescribed by the Minister for Finance by regulations, for each month or part of a month from the date of payment of the excess duty up until the date of such repayment and income tax shall not be deductible on payment of interest under this subsection and such interest shall not be reckoned in computing income for the purposes of the Tax Acts.

(7) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

(8) (a) In this section—

“building” includes any improvement of any land, and

any alteration to the character of any land, preliminary to the erection thereon of a dwellinghouse or apartment;

“land” includes any interest in any land but does not include the result of any act of building.

(b) For the purposes of this section, references to the repayment of stamp duty to a person who paid it include reference to any other person who satisfies the Revenue Commissioners that he is entitled to recover moneys owing to the person.

(9) This section shall have effect with respect to instruments executed on or after the 1st day of September, 1990.

113 Agreements as to payments of stamp duty on instruments.

113.—(1) Where in the opinion of the Revenue Commissioners it is inexpedient or impractical for any person carrying on a business and who—

(a) in the course of that business, is a party to instruments liable to stamp duty under the First Schedule (as amended by the Finance Act, 1970, and subsequent enactments) to the Stamp Act, 1891, or

(b) acts as agent for any such party,

to pay stamp duty in respect of each such instrument, then the Revenue Commissioners may enter into an agreement with that person for the delivery to them of accounts for specified periods giving such particulars as may be required of such instruments.

(2) The agreement shall be in such form and shall contain such terms and conditions as the Revenue Commissioners consider proper.

(3) Where an agreement has been entered into under this section between the Revenue Commissioners and any person, and any instrument to which the agreement relates—

(a) is issued during the period the agreement is in force, and

(b) contains a statement that the appropriate stamp duty has been or will be paid to the Revenue Commissioners in accordance with the provisions of this section,

then that instrument shall not be chargeable with any stamp duty but in lieu thereof, and by way of composition, there shall be charged, in respect of the instruments to which the agreement relates which were issued during each period of account under that agreement a stamp duty of an amount equal to the aggregate of the amounts of stamp duty which, but for the provisions of this section, would have been chargeable upon each of the instruments concerned, and the stamp duty chargeable under this subsection (by way of such composition as aforesaid) shall be paid by the person to the Revenue Commissioners on the delivery of the account.

(4) Where a person makes default in delivering any account required by any agreement under this section or in paying the duty payable on the delivery of any such account, the person shall be liable to a penalty not exceeding £100 for every day during which the default continues and shall also be liable to pay, in addition to the duty, interest thereon (which shall be recoverable in the same manner as if it were part of the duty) at the rate of 1.25 per cent. for each month or part of a month from the date when the default begins.

(5) (a) The following provisions are hereby repealed, that is to say—

(i) section 19 of the Finance Act, 1950;

(ii) section 57 of the Finance Act, 1958;

(iii) section 24 of the Finance Act, 1964;

(iv) section 55 of the Finance Act, 1979.

(b) Paragraph (a) shall come into operation 12 months after the passing of this Act.

114 Exemption from stamp duty of transfers by spouses.

114.—In addition to the provisions of section 14 of the Family Home Protection Act, 1976 (which relates to exemption from stamp duty and certain fees on creation of a joint tenancy in a family home) no stamp duty shall be payable on any instrument whereby any property is transferred by a spouse or spouses of a marriage to either spouse or to both spouses of the said marriage.

115 Exemption from stamp duty on capital companies for UCITS.

115.—Chapter II of Part IV of the Finance Act, 1973, is hereby amended by the insertion of the following section after section 67:

“Restriction of application (Chapter II).

67A.—This Chapter shall not apply to any undertaking for collective investment in transferable securities (UCITS) to which Council Directive 85/611/EEC[^*] of 20 December 1985, and any Directive amending that Council Directive, relates.”.

116 Amendment of section 19 (conveyance or transfer on sale — limit on stamp duty in respect of certain transactions between bodies corporate) of Finance Act, 1952.

116.—Section 19 (inserted by the Finance Act, 1980) of the Finance Act, 1952, is hereby amended—

(a) by the insertion of the following subsection after subsection (2):

“(2A) Notwithstanding that at the time of execution of any instrument the bodies corporate between which the beneficial interest in the property was conveyed or transferred were associated within the meaning of subsection (2) of this section, they shall not be treated as having been so associated unless, additionally, at that time—

(a) one such body was beneficially entitled to not less than 90 per cent. of any profits available for distribution to the shareholders of the other such body or a third such body was beneficially entitled to not less than 90 per cent. of any profits available for distribution to the shareholders of each, and

(b) one such body would be beneficially entitled to not less than 90 per cent. of any assets of the other such body available for distribution to its shareholders on a winding up or a third such body would bebeneficially entitled to not less than 90 per cent. of any assets available for distribution to the shareholders of each on a winding up,

and, for the purposes of this section—

(i) the percentage to which one body corporate is beneficially entitled of any profits available for distribution to the shareholders of another body corporate, and

(ii) the percentage to which one body corporate would be beneficially entitled of any assets of another body corporate on a winding up,

means the percentage to which the first body corporate is, or would be, so entitled either directly or through another body corporate or other bodies corporate or partly directly and partly through another body corporate or other bodies corporate.”,

and

(b) by the substitution of the following paragraph for paragraph (c) of subsection (3):

“(c) the transferor and the transferee were to cease to be associated within the meaning of subsections (2) and (2A) of this section,”.

117 Relief from transfer stamp duty in the case of reconstructions or amalgamations of certain companies.

117.—(1) Where in the course of a bona fide reconstruction or amalgamation of companies which, except for the fact that the particular existing company is not registered in the State but is duly registered in another Member State of the European Economic Community, is in accordance with the provisions of section 31 of the Finance Act, 1965 (as amended by the Finance Act, 1989), a transferee company acquires the undertaking, or part of the undertaking, situate in the State of the particular existing company, then stamp duty under the heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities” or the heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities” in the First Schedule (as amended by the Finance Act, 1970, and subsequent enactments) to the Stamp Act, 1891, shall not be chargeable on any instrument made for the purposes of or in connection with the transfer of such undertaking or part of undertaking.

(2) This section shall be deemed to have effect with respect to instruments executed on or after the 20th day of April, 1990.

118 Removal of exemption from stamp duty.

118.—Section 5 (which relates to exemption of the Agricultural Credit Corporation p.l.c. from certain stamp duties) of the Finance (Customs and Stamp Duties) Act, 1929, and sections 12 (4) and 53 (1) of the Agricultural Credit Act, 1978, shall, upon the passing of this Act, cease to have effect.

119 Amendment of section 64 of Companies Act, 1963.

119.—Section 64 of the Companies Act, 1963 is hereby amended in subsection (4) by the substitution, for all of the words from “, and accordingly” to the end of that subsection, of the following:

“and, accordingly, for the purposes of section 68 of the Finance Act, 1973, shares issued by a company in place of shares redeemed under this section shall constitute a chargeable transaction if, but only if, the actual value of the shares so issued exceeds the actual value of the preference shares redeemed at the date of their redemption and, where the issue of the shares does constitute a chargeable transaction for those purposes, the amount on which stamp duty on the relevant statement relating to that transaction is chargeable under section 69 of the Finance Act, 1973, shall be the difference between—

(a) the amount on which the duty would be so chargeable if the shares had not been issued in place of shares redeemed under this section, and

(b) the value of the shares redeemed at the date of their redemption.”.

120 Exemption from stamp duty of certain instruments (commercial woodlands).

120.—(1) In this section “trees” means woodlands managed on a commercial basis and with a view to the realisation of profits.

(2) This section applies to an instrument, being a conveyance or transfer on sale of land, or a lease of land, where the instrument contains a certificate to the effect that trees (within the meaning of this section) are growing on a substantial part of such land.

(3) Stamp duty shall not be chargeable on any instrument to which this section applies, in respect of such part of the consideration for the sale or lease as represents the value of trees growing on the land.

PART V Residential Property Tax

121 Application (Part V).

121.—This Part shall apply and have effect where tax is chargeable on a valuation date (as defined by section 95 (1) of the Finance Act, 1983) in relation to any year commencing with the year 1990.

122 Amendment of section 95 (interpretation (Part VI)) of Finance Act, 1983.

122.—Section 95 of the Finance Act, 1983, is hereby amended by the deletion in subsection (1) of the definition of “child”.

123 Amendment of section 100 (market value exemption limit) of Finance Act, 1983.

123.—Section 100 of the Finance Act, 1983, is hereby amended in subsection (1)—

(a) by the substitution of the following definition for the definition of “general exemption limit”:

“‘general exemption limit’ means the general market value exemption limit applying on a valuation date, that is to say, the amount obtained by multiplying £65,000 by the new house price index number relevant to that valuation date and dividing the product by the new house price index number relevant to the valuation date falling on the 5th day of April, 1983:

Provided that the amount so obtained shall be rounded up to the next £1,000;”,

and

(b) by the substitution, in the definition of “the new house price index number”, of “31st day of December next” for “31st day of March next”,

and the said definition of “the new house price index number”, as so amended, is set out in the Table to this section.

TABLE

“the new house price index number” means the Trends in Private New House Prices Index Number compiled by the Department of the Environment and the new house price index number relevant to any valuation date means the new house price index number for the three months ended on the 31st day of December next before that valuation date expressed on the basis that the new house price index number for the three months ended on the 31st day of March, 1973, is 100.

124 Amendment of section 101 (income exemption limit) of Finance Act, 1983.

124.—Section 101 of the Finance Act, 1983, is hereby amended by the substitution of the following subsection for subsection (2):

“(2) The income exemption limit applying on a valuation date is the amount obtained by multiplying £20,000 by the consumer price index number relevant to that valuation date and dividing the product by the consumer price index number relevant to the valuation date falling on the 5th day of April, 1983:

Provided that the amount so obtained shall be rounded up to the next £100.”.

125 Amendment of section 102 (marginal reliefs) of Finance Act, 1983.

125.—Section 102 of the Finance Act, 1983, is hereby amended—

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

“(2) Where, for the year of assessment ending on a valuation date, an assessable person has one or more than one qualifying child normally residing with him at any relevant residential property of his, he shall be entitled to have the tax payable by him in respect of the net market value of his relevant residential property on that date reduced by the amount determined by the formula—

	C
T	_____
	10

where—

C is the number of such qualifying children, up to a maximum of 10, and

T is the tax which, apart from this subsection, would be payable:

Provided that no reduction shall be allowed under this subsection for the valuation date in question in respect of a qualifying child—

(a) who is a child to whom section 138A (1) (b) (i) (III) (B) of the Income Tax Act, 1967, relates and who is entitled in his own right to an income exceeding £1,320, or

(b) in any other case, who is entitled in his own right to an income exceeding £720,

in the year of assessment ending on that valuation date.”,

and

(b) by the addition of the following subsection after subsection (3):

“(4) In this section—

‘child’, in relation to an assessable person, includes—

(a) a stepchild,

(b) a child—

(i) adopted under the Adoption Acts, 1952 to 1988, or

(ii) duly adopted outside the State in another jurisdiction and the adoption corresponds to an adoption under the said Acts,

and

(c) a person who, for the year of assessment ending on the valuation date, is in the custody, and maintained at the expense, of either or both the assessable person and the spouse of that assessable person;

‘qualifying child’, in relation to an assessable person, means a child referred to in subsections (1) (b) (i) or (4) (a) of section 138A of the Income Tax Act, 1967, as if the references therein to a child were references to a child within the meaning of this subsection;

‘year of assessment’ has the meaning assigned to it by section 1 of the Income Tax Act, 1967.”.

PART VI Capital Acquisitions Tax

126 Interpretation (Part VI).

126.—In this Part “the Principal Act” means the Capital Acquisitions Tax Act, 1976.

127 Exemption for spouses (gifts).

127.—(1) Notwithstanding the provisions of the Principal Act, a gift taken by a donee, who is at the date of the gift the spouse of the disponer, shall be exempt from tax and shall not be taken into account in computing tax.

(2) This section shall have effect in relation to a gift taken on or after the 31st day of January, 1990.

128 Amendment of Second Schedule to Principal Act.

128.—(1) In computing in accordance with the provisions of the Second Schedule to the Principal Act the tax chargeable on the taxable value of a taxable gift or a taxable inheritance taken by a donee or successor on or after the 1st day of January, 1990, the threshold amount in relation to the computation of tax on any relevant aggregate of taxable values under the provisions of paragraph 3 of Part I of that Schedule (inserted by section 111 of the Finance Act, 1984) shall be adjusted by multiplying each such threshold amount by the figure, rounded to the nearest third decimal place, determined by dividing by 133.5 the consumer price index number for the year immediately preceding the year in which that taxable gift or taxable inheritance is taken:

Provided that, where the tax so computed on the taxable value of that taxable gift or that taxable inheritance is a minus amount, that tax shall be nil.

(2) In this section “the consumer price index number” means the All Items Consumer Price Index Number for a year as compiled by the Central Statistics Office and expressed on the basis that the consumer price index number at mid-November, 1982, is 100.

129 Application of section 108 (exemptions) of Finance Act, 1984.

129.—(1) For the purposes of section 108 (b) (ii) of the Finance Act, 1984, a sponsored superannuation scheme within the meaning of subsection (9) of section 235 of the Income Tax Act, 1967, shall not include a scheme or arrangement which relates to matters other than service in particular offices or employments.

(2) This section shall have effect in relation to a charge for tax which, apart from section 108 (b) (ii) of the Finance Act, 1984, arises on or after the 5th day of April, 1990, under the provisions of section 106 of the said Act of 1984 or of section 103 of the Finance Act, 1986.

130 Application of section 60 (relief in respect of certain policies of insurance) of Finance Act, 1985.

130.—For the purposes of section 60 of the Finance Act, 1985, “relevant tax” shall be deemed to include inheritance tax payable in respect of an inheritance taken under a disposition made by the spouse of the insured—

(a) where the inheritance is taken on the date of death of the insured, or

(b) where the inheritance is taken only in the event of the insured not surviving the spouse by a period of up to 31 days,

and the relevant qualifying insurance policy is—

(i) a policy of insurance within the meaning of paragraphs (a), (b) and (c) of subsection (1A) of that section (inserted by section 84 of the Finance Act, 1989), or

(ii) a policy of insurance where the insured is an individual and the proceeds of the policy are payable only on the contingency of the insured surviving that spouse.

PART VII Miscellaneous

131 Amendment of section 17 (tax deductions from payments to subcontractors in construction industry) of Finance Act, 1970.

131.—Section 17 (as amended by the Finance Act, 1976) of the Finance Act, 1970, is hereby amended by the addition of the following subsections after subsection (13):

“(14) Any person who is aggrieved by a refusal by the Revenue Commissioners to issue a certificate of authorisation under this section may, by notice in writing to that effect given to the Revenue Commissioners within 30 days from the date of such refusal, apply to have his application heard and determined by the Appeal Commissioners.

(15) The Appeal Commissioners shall hear and determine an appeal made to them under subsection (14) as if it were an appeal against an assessment to income tax and, subject to subsection (16), all the provisions of the Income Tax Acts relating to such an appeal (including the provisions relating to the rehearing of an appeal and to the statement of a case for the opinion of the High Court on a point of law) shall apply accordingly with any necessary modifications.

(16) On the hearing of an appeal made under subsection (14) the Appeal Commissioners shall have regard to all matters to which the Revenue Commissioners may or are required to have regard under the provisions of this section.

(17) For the purposes of the hearing or rehearing of an appeal under subsection (14), the Revenue Commissioners may nominate any of their officers to act on their behalf.”.

132 Capital Services Redemption Account.

132.—(1) In this section—

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

“the 1989 amending section” means section 91 of the Finance Act, 1989;

“the fortieth additional annuity” means the sum charged on the Central Fund under subsection (4);

“the Minister”, “the Account” and “capital services” have the same meanings respectively as they have in the principal section.

(2) In relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of December, 1990, subsection (4) of the 1989 amending section shall have effect with the substitution of “£48, 061, 329” for “£48, 206, 431”.

(3) Subsection (6) of the 1989 amending section shall have effect with the substitution of “£36, 385, 006” for “£37, 052, 550”.

(4) A sum of £44, 965, 113 to redeem borrowings, and interest thereon, in respect of capital services shall be charged annually on the Central Fund or the growing produce thereof in the thirty successive financial years commencing with the financial year ending on the 31st day of December, 1990.

(5) The fortieth 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 fortieth additional annuity, not exceeding £34, 561, 200 in any financial year, may be applied towards defraying the interest on the public debt.

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

133 Amendment of section 51 (contracts of guarantee and loan contracts in connection with aid to developing countries) of Finance Act, 1978.

133.—Section 51 of the Finance Act, 1978, is hereby amended by the substitution in subsection (2) of “£20,000,000” for “£10,000,000”, and the said subsection, as so amended, is set out in the Table to this section.

TABLE

(2) The Minister for Finance shall not so exercise the powers conferred on him by this section that the amount or aggregate amount of money which he may at any one time be liable to pay under contracts of guarantee and loan contracts, together with the amounts (if any) which the said Minister has previously paid under contracts of guarantee and loan contracts and have not been repaid to him, exceeds £20,000,000.

134 Conversion of Government loans, etc.

134.—(1) The Minister for Finance may, whenever and so often as he thinks fit—

(a) make, in such manner and in respect of such cases as he considers appropriate, or

(b) give notice in such manner and in respect of such cases as he considers appropriate of his intention to make, either on a specified day or at a specified time on a day,

an offer of conversion of any existing holding of stock of Government loan, or any part thereof (in this section referred to as the “existing stock”) into a holding of stock (in this section referred to as the “offered stock”) of—

(i) another existing and specified Government loan or loans, or

(ii) a new Government loan or loans, or

(iii) partly another existing and specified Government loan or loans and partly a new Government loan or loans,

subject to such terms and conditions as he thinks fit.

(2) (a) Where an offer of conversion was made under this section in respect of an existing stock, every stockholder to whom the offer was made who duly accepts conversion in accordance with the offer shall have his holding of the stock or, where provided for in the terms and conditions of the offer, part of his holding of the stock (as the case may be) converted into offered stock of such amount and upon such terms and conditions as are applicable in accordance with the offer.

(b) An acceptance under this subsection shall, subject to subsection (3), be made in such manner as is specified in the terms and conditions of the offer of conversion.

(3) (a) An acceptance under subsection (1) in respect of stock which is standing in the books of the Bank in the names of two or more persons may be made—

(i) if all of those persons are alive, by a majority of them,

(ii) if one or more but not all of those persons is or are dead, by the sole survivor or a majority of the survivors, or

(iii) if all of those persons are dead, by the personal representative or a majority of the personal representatives of the last survivor.

(b) An acceptance under subsection (1) in respect of stock which is standing in the books of the Bank in the name of one person only may, if that person is dead, be made by the personal representative or a majority of the personal representatives of that person.

(4) Where a person, in whose name either alone or jointly, any stock of Government loan is standing, is under a disability specified in the first column of the Table to this subsection and an offer of conversion is made under this section in respect of all or any of that stock, then acceptance of the offer may be made on his behalf by the appropriate person specified in the second column of that Table, and such acceptance may be made either alone or jointly (including jointly as constituting a majority), as the case may require.

TABLE

Legal disability	Person who can accept an offer of conversion
Minor.	A parent or guardian of the minor.
Unsoundness of mind.	The committee of the person of unsound mind.
Any other legal disability.	The person entitled in law to administer the property of the person under the legal disability.

(5) Where an offer of conversion is made under subsection (1)—

(a) trustees and other persons holding in a fiduciary capacity any existing stock and persons having the control or management of any such stock may, at their discretion, accept conversion in accordance with the terms and conditions of the offer or refrain from so accepting, and no such person shall be liable for any loss resulting from so accepting or refraining (as the case may be), and

(b) neither accepting nor refraining from accepting an offer by virtue of this subsection shall be a variation of the investment of the trust funds within the meaning of any provision in the instrument creating or regulating the trust whereby the consent of any person to any such variation is required or such variation is otherwise restricted or controlled.

(6) (a) A power or direction (whether created or given before or after the passing of this Act) to invest money in stock of a Government loan in relation to which an offer of conversion has been made under this section shall be construed and have effect as including a power or direction (as the case may be) to invest in the offered stock and no such power or direction shall be terminated by reason only of that conversion.

(b) A power of attorney authorising the attorney to transfer specified stock of a Government loan shall, in relation to an offer of conversion which—

(i) has been made under this section in respect of the stock, and

(ii) provides for the conversion of the whole or part of that stock,

be construed and have effect as authorising the attorney to accept at his discretion an offer of conversion under this section and where such conversion into the offered stock takes place, to transfer in accordance with the said power that stock on conversion.

(c) Where an existing stock is converted under this section into another stock of Government loan that other stock and the dividends thereon shall be subject to the same trusts, charges, rights, distringas and restraints as affected the first-mentioned stock and the dividends thereon and any powers, directions, requests as to dividends and other documents which related to the first-mentioned stock or the dividends thereon shall apply to the said other stock and the dividends thereon.

(7) Where any balance in the sinking fund of a Government loan in relation to which an offer of conversion has been made under this section is not required to meet redemptions of the loan, the balance shall be paid into the Exchequer and brought to account as money raised by the creation of debt.

(8) All expenditure incurred by the Minister in carrying this into effect shall be charged on the Central Fund or the growing produce thereof.

(9) The Government Loans (Conversion) Act, 1951, is hereby repealed.

(10) In this section—

“the Bank” means the Central Bank of Ireland;

“Government loan” means any security charged to the Central Fund and created and issued, whether before or after the passing of this Act.

135.—Any payments for the purpose of changing the currency denomination of any part of the capital share paid by the State to the European Investment Bank may be made from the Central Fund or the growing produce thereof.

136 Amendment of Third Schedule to Finance Act, 1982.

136.—As respects the year 1990-91 and subsequent years of assessment, Part I of the Third Schedule to the Finance Act, 1982, is hereby amended by the insertion after paragraph 4 of the following paragraph:

“4A. The Revenue Commissioners may nominate any of their officers, including an inspector, to perform any acts and discharge any functions authorised by this Schedule to be performed or discharged by them.”.

137 Amendment of Second Schedule to Finance Act, 1986.

137.—As respects the year 1990-91 and subsequent years of assessment, the Second Schedule to the Finance Act, 1986, is hereby amended by the addition after paragraph 14 of the following paragraph:

“15. The Revenue Commissioners may nominate any of their officers, including an inspector, to perform any acts and discharge any functions authorised by this Schedule to be performed or discharged by them.”.

138 Tax treatment of securities issued at a discount.

138.—(1) In this section—

“owner”, in relation to securities, means, at any time, the person who would be entitled, if the securities were redeemed at that time by the issuer, to the proceeds of the redemption;

“securities” means—

(a) non-interest-bearing securities issued by the Minister for Finance at a discount, including Exchequer Bills and Exchequer Notes, and

(b) Agricultural Commodities Intervention Bills issued by the Minister for Agriculture;

“tax” means income tax or corporation tax, as appropriate.

(2) Section 28 of the Finance Act, 1984, is hereby amended, as respects issues of securities which are made after the passing of this Act, by the substitution of the following subsections for subsection (2)—

“(2) This section applies to securities within the meaning of section 138 of the Finance Act, 1990.

(3) Where the owner of a security (being the owner within the meaning of section 138 of the Finance Act, 1990)—

(a) sells or otherwise disposes of the security, or

(b) receives on redemption of the security an amount greater than the amount paid by him for that security either on its issue or otherwise,

any profit, gain or excess arising to the owner from such sale, disposal or receipt shall be exempt from tax (within the meaning of the said section 138) where the said owner is not ordinarily resident in the State:

Provided that this subsection shall not apply in respect of corporation tax chargeable on the income of an Irish branch or agency of a company not resident in the State.”.

139 Care and management of taxes and duties.

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

140 Short title, construction and commencement.

140.—(1) This Act may be cited as the Finance Act, 1990.

(2) Parts I and VII (so far as relating to income tax) shall be construed together with the Income Tax Acts and (so far as relating to corporation tax) shall be construed together with the Corporation Tax Acts and (so far as relating to capital gains tax) shall be construed together with the Capital Gains Tax Acts.

(3) Part II (so far as relating to customs) shall be construed together with the Customs Acts and (so far as relating to duties of excise) shall be construed together with the statutes which relate to the duties of excise and to the management of those duties.

(4) Part III shall be construed together with the Value-Added Tax Acts, 1972 to 1989, and may be cited together therewith as the Value-Added Tax Acts, 1972 to 1990.

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

(6) Part V shall be construed together with Part VI of the Finance Act, 1983.

(7) Part VI shall be construed together with the Capital Acquisitions Tax Act, 1976, and the enactments amending or extending that Act.

(8) Part I 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, 1990.

(9) Part III (other than sections 98 to 101, paragraph (c) (ii) of section 102, sections 104 to 106 and paragraphs (b) to (d) of section 107) shall be deemed to have come into force and shall take effect as on and from the 1st day of March, 1990, paragraph (c) of section 107 shall take effect as on and from the 1st day of July, 1990, paragraph (b) of section 107 shall take effect as on and from the 1st day of October, 1990, and sections 98, 99 and 101, paragraph (c) (ii) of section 102, section 104 and paragraph (c) of section 106 shall take effect as on and from the 1st day of January, 1991.

(10) 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.

(11) In this Act, a reference to a Part, section or Schedule is to a Part or section of, or Schedule to, this Act, unless it is indicated that reference to some other enactment is intended.

(12) In this Act, a reference to a subsection, paragraph, subparagraph, clause or subclause is to the subsection, paragraph, subparagraph, clause or subclause of the provision (including a Schedule) in which the reference occurs, unless it is indicated that reference to some other provision is intended.

FIRST SCHEDULE Tax Credits

Amendments Consequential on Changes in Amounts of Tax Credits in respect of Distributions

The provisions referred to in section 36 (1) are the following:

(a) sections 45 (5), 64 (2), 66 (2), 67, 82 (2), 82 (7), 83 (4), 88 (2) and 178 of the Corporation Tax Act, 1976,

(b) in subparagraph (ii) (as amended by the Finance Act, 1977) of section 66 (3) (b) of the Corporation Tax Act, 1976, the expression “income tax at the standard rate”,

(c) in subparagraph (iii), (inserted by the Finance Act, 1977) of the said section 66 (3) (b), the expression “standard rate per cent.” in each place where it occurs, and

(d) in section 79 (6) of the Corporation Tax Act, 1976, the definition of “A” in paragraph (b).

For the purposes of section 45 (5) of the Corporation Tax Act, 1976, where an accounting period begins before the 6th day of April, 1991, and ends on or after that date, it shall be divided into one part, beginning on the day on which the accounting period begins and ending on the 5th day of April, 1991, and another part beginning on the 6th day of April, 1991, and ending on the day on which the accounting period ends and both parts shall be treated as separate accounting periods.

(1) This paragraph applies to a distribution which is made by a company in the year 1991-92 or subsequent year of assessment, and to which section 64 of the Corporation Tax Act, 1976, applies.

(2) Section 28 (7) of the Finance Act, 1978, section 28 (3) of the Finance Act, 1983, and paragraph 4 of Part I of the Second Schedule to the Finance Act, 1988, shall each not apply to a distribution to which this paragraph applies.

(3) The reference to certain tax credits in the definition of “B” in subsection (2) of section 64 of the Corporation Tax Act, 1976, shall, in relation to distributions which were received by a company which makes a distribution to which this paragraph applies, be construed—

(a) as a reference to such tax credits multiplied by .619 in so far as they are tax credits in respect of distributions which were made before the 6th day of April, 1978, or which were made after the 5th day of April, 1983, and before the 6th day of April, 1988,

(b) as a reference to such tax credits multiplied by .7778 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1978, and before the 6th day of April, 1983,

(c) as a reference to such tax credits multiplied by .7083 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1988, and before the 6th day of April, 1989, and

(d) as a reference to such tax credits multiplied by .8572 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1989, and before the 6th day of April, 1991.

SECOND SCHEDULE Changes in Rates of Corporation Tax: Consequential Provisions

PART I Application of sections 6 (3), 13 (1B), 182 and 184 of Corporation Tax Act, 1976

Section 6 (3) and the proviso to section 13 (1B) of the Corporation Tax Act, 1976, shall have effect, as respects accounting periods ending on or after the 1st day of April, 1991, as if—

(a) the period beginning on the 1st day of January, 1990, and ending on the 31st day of March, 1991, and

(b) the period beginning on the 1st day of April, 1991, and ending on the 31st day of December, 1992,

were each a financial year.

(1) For the purposes of subparagraph (3) and of sections 182 and 184 of the Corporation Tax Act, 1976, where an accounting period begins before the 1st day of April, 1991, and ends on or after that day, it shall be divided into one part, beginning on the day on which the accounting period begins and ending on the 31st day of March, 1991, and another part beginning on the 1st day of April, 1991, and ending on the day on which the accounting period ends, and both parts shall be treated as if they were separate accounting periods.

(2) Where, under subparagraph (1) a part of an accounting period is treated as a separate accounting period, the corporation tax charged for the part which is so treated shall, in so far as it is affected by the rate of corporation tax which is taken to have been charged, be taken, for the purposes of the said section 184, to be the corporation tax which would have been charged if that part were a separate accounting period.

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Finance Act , 1990

Chapter IX Capital Gains Tax

82 Amendment of section 3 (taxation of capital gains and rate of charge) of Capital Gains Tax Act, 1975.

83 Amendment of section 36 (chargeable gains on disposals of development land) of Finance Act, 1982.

84 Amendment of section 26 (disposal of business or farm on retirement) of Capital Gains Tax Act, 1975.

85 Amendment of section 27 (disposal within the family of business or farm) of Capital Gains Tax Act, 1975.

86 Amendment of Schedule 1 (computational rules) to Capital Gains Tax Act, 1975.

87 Application to unit trusts of paragraph 2 (reorganisation or reduction of share capital) of Schedule 2 to Capital Gains Tax Act, 1975.

PART II Customs and Excise

88 Interpretation (Part II).

89 Hydrocarbons.

90 Table waters.

91 Televisions.

92 Video players.

93 Gramophone records.

94 Matches.

95 Mechanical lighters.

96 Tobacco products.

PART III Value-Added Tax

97 Interpretation (Part III).

98 Amendment of section 1 (interpretation) of Principal Act.

99 Amendment of section 3 (delivery of goods) of Principal Act.

100 Amendment of section 5 (supply of services) of Principal Act.

101 Amendment of section 8 (accountable persons) of Principal Act.

102 Amendment of section 11 (rates of tax) of Principal Act.

103 Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.

104 Amendment of section 15 (charge of tax on imported goods) of Principal Act.

105 Non-application, for a limited period, of section 17 (invoices) of Principal Act in respect of certain services.

106 Amendment of First Schedule to Principal Act.

107 Amendment of Sixth Schedule to Principal Act.

PART IV Stamp Duties

108 Levy on banks.

109 Levy on investments in collective investment undertakings.

110 Amendment of First Schedule to Stamp Act, 1891.

111 Amendment of section 58 (directions as to duty in certain cases) of Stamp Act, 1891.

112 Stamp duty on transfers of building land.

113 Agreements as to payments of stamp duty on instruments.

114 Exemption from stamp duty of transfers by spouses.

115 Exemption from stamp duty on capital companies for UCITS.

116 Amendment of section 19 (conveyance or transfer on sale — limit on stamp duty in respect of certain transactions between bodies corporate) of Finance Act, 1952.

117 Relief from transfer stamp duty in the case of reconstructions or amalgamations of certain companies.

118 Removal of exemption from stamp duty.

119 Amendment of section 64 of Companies Act, 1963.

120 Exemption from stamp duty of certain instruments (commercial woodlands).

PART V Residential Property Tax

121 Application (Part V).

122 Amendment of section 95 (interpretation (Part VI)) of Finance Act, 1983.

123 Amendment of section 100 (market value exemption limit) of Finance Act, 1983.

124 Amendment of section 101 (income exemption limit) of Finance Act, 1983.

125 Amendment of section 102 (marginal reliefs) of Finance Act, 1983.

PART VI Capital Acquisitions Tax

126 Interpretation (Part VI).

127 Exemption for spouses (gifts).

128 Amendment of Second Schedule to Principal Act.

129 Application of section 108 (exemptions) of Finance Act, 1984.

130 Application of section 60 (relief in respect of certain policies of insurance) of Finance Act, 1985.

PART VII Miscellaneous

131 Amendment of section 17 (tax deductions from payments to subcontractors in construction industry) of Finance Act, 1970.

132 Capital Services Redemption Account.

133 Amendment of section 51 (contracts of guarantee and loan contracts in connection with aid to developing countries) of Finance Act, 1978.

134 Conversion of Government loans, etc.

135 Changing of currency denomination of capital share paid to European Investment Bank.

136 Amendment of Third Schedule to Finance Act, 1982.

137 Amendment of Second Schedule to Finance Act, 1986.

138 Tax treatment of securities issued at a discount.

139 Care and management of taxes and duties.

140 Short title, construction and commencement.

FIRST SCHEDULE Tax Credits

SECOND SCHEDULE Changes in Rates of Corporation Tax: Consequential Provisions

PART I Application of sections 6 (3), 13 (1B), 182 and 184 of Corporation Tax Act, 1976