Finance Act , 1992

Type Act

Publication 1992-05-28

State In force

Source Irish Statute Book

articles 254

(b) in subsections (3) and (7) by the insertion after “invoice,” in each place where it occurs, of “registration number, monthly control statement, claim,”,

“(9A) (1) Where goods—

(a) were supplied at the rate of zero per cent. subject to the condition that they were to be dispatched or transported outside the State in accordance with subparagraph (a), (b) or (c) of paragraph (i) of the Second Schedule and the goods were not so dispatched or transported,

(b) were acquired without payment of value-added tax referred to in Council Directive No. 77/388/EEC of 17 May 1977 in another Member State as a result of the declaration of an incorrect registration number, or

the goods shall be liable to forfeiture.

(2) Whenever an officer authorised by the Revenue Commissioners reasonably suspects that goods are liable to forfeiture in accordance with subsection (1) the goods may be detained by the said officer until such examination, enquiries or investigations as may be deemed necessary by the said officer, or by another authorised officer of the Revenue Commissioners, have been made for the purpose of determining to the satisfaction of either officer whether or not the goods were so supplied or acquired.

(3) When a determination referred to in subsection (2) has been made in respect of any goods, or upon the expiry of a period of two months from the date on which the said goods were detained under the said subsection, whichever is the earlier, the said goods shall be seized as liable to forfeiture or released.”,

(d) in subsection (10) by the substitution of:

(i) “subsection (9) or (9A)” for “subsection (9)”, and

(ii) “the said subsections and any provisions in relation to offences under those Acts shall apply, with any necessary modifications, in relation to the said subsections” for “the said subsection”,

and

(e) by the insertion of the following subsection after subsection (10):

“(11) Where an officer authorised by the Revenue Commissioners for the purposes of this subsection or a member of the Garda Síochána has reasonable grounds for suspecting that a criminal offence has been committed under the provisions of section 94 (as amended by section 243 of the Finance Act, 1992) of the Finance Act, 1983, in relation to tax, by a person who is not established in the State, or whom he believes is likely to leave the State, he may arrest that person.”.

190 Amendment of section 28 (assisting in making incorrect returns) of Principal Act.

190.—Section 28 of the Principal Act is hereby amended—

(a) by the insertion after “invoice,” of “monthly control statement, claim,”, and

(b) by the substitution of “£750” for “£500”.

191 Amendment of section 30 (time limits) of Principal Act.

191.—Section 30 of the Principal Act is hereby amended—

(a) by the insertion after “estimation”, wherever it occurs, of “or assessment”,

(b) by the insertion after “estimate”, wherever it occurs, of “or assessment”, and

192 Amendment of section 32 (regulations) of Principal Act.

192.—Section 32 of the Principal Act is hereby amended in subsection (1):

(a) by the insertion of the following paragraphs after paragraph (a):

“(aa) the deduction of tax chargeable in respect of intra-Community acquisitions;

(ab) the manner in which residual tax referred to in section 12 (1) (a) (iib) may be calculated and deducted;

(ac) the manner in which residual tax referred to in section 13 (3A) may be calculated and repaid;

(ad) the repayment, in accordance with section 15 (5A), of tax chargeable on the importation of goods;

(ae) the time and manner in which tax shall be payable in respect of the goods referred to in section 19 (4);

(af) the form of statement required to be furnished in accordance with section 19A, the particulars to be specified therein and the amount or amounts to be applied for the purposes of section 19A (3);

(ag) the supply of goods by tax-free shops in accordance with paragraph (ia) of the Second Schedule;

(ah) the importation of goods consigned to another Member State in accordance with paragraph (iiib) of the Second Schedule;

(ai) the circumstances in which a person may elect not to apply the proviso to subsection (6) (d) of section 3;”,

and

(b) by the insertion in paragraph (i) (inserted by the Act of 1978) of “monthly control statement,” after “invoice,” in each place where it occurs.

193 Substitution of certain persons for persons not established in the State.

193.—The Principal Act is hereby amended by the substitution of the following section for section 37:

“37. Where a taxable person not established in the State supplies goods or services, the Revenue Commissioners may, where it appears requisite to them to do so for the protection of the revenue, deem a person who—

(a) acts or has acted on behalf of the taxable person in relation to such supplies, or

(b) allows or has allowed such supplies to be made on land owned, occupied or controlled by him,

to have made such supplies in the course or furtherance of business from the date of service on him of a notice in writing to that effect.”.

194 Amendment of First Schedule to Principal Act.

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

(a) in paragraph (iv) by the insertion of the following subparagraph after subparagraph (b) (inserted by the Act of 1991):

“(bi) provision of facilities of the kind to which paragraph (viia) of the Sixth Schedule refers,”,

(b) in paragraph (viii) (inserted by the Act of 1985) by the deletion in paragraph (a) of “to which section 11 (7) relates”,

“(xvii) promotion of (other than in the course of the provision of facilities of the kind specified in paragraph (viia) of the Sixth Schedule), or the admission of spectators to, sporting events,”,

(d) in paragraph (xviii) by the substitution of “, supply and importation” for “and supply”, and

(e) in paragraph (xxiii) by the deletion of “for its members”.

(2) The First Schedule to the Principal Act is hereby further amended—

(a) in paragraph (xviii) (as amended by subsection (1) of this section) by the substitution of “supply, intra-Community acquisition or importation” for “supply and importation”, and

(b) in paragraph (xxiv) by the insertion of “, other than a supply of goods of a kind specified in section 3 (1) (g),” after “supply of goods”.

195 Amendment of Second Schedule to Principal Act.

195.—(1) The Second Schedule (inserted by the Act of 1976) to the Principal Act is hereby amended—

(a) by the insertion of the following paragraph after paragraph (v) (inserted by the Act of 1978):

“(va) the supply, repair, maintenance and hiring of equipment incorporated or used in aircraft to which subparagraph (b) of paragraph (v) relates;”, and

(b) in paragraph (xii) (inserted by the Act of 1985):

(i) by the substitution of “paragraph (iv) of the Sixth Schedule” for “paragraph (xic) of the Sixth Schedule”,

(ii) by the substitution of the following subparagraph for subparagraph (b):

“(b) other beverages, including water and syrups, concentrates, essences, powders, crystals or other products for the preparation of beverages, but not including—

(I) tea and preparations thereof,

(II) cocoa, coffee and chicory and other roasted coffee substitutes, and preparations and extracts thereof,

(III) milk and preparations and extracts thereof, or

(IV) preparations and extracts of meat, yeast, or egg,”,

(iii) by the substitution of the following subparagraph for subparagraph (c):

“(c) ice cream, ice lollipops, water ices, frozen desserts, frozen yoghurts and similar frozen products, and prepared mixes and powders for making any such product or such similar product,”,

(iv) in subparagraph (d):

(I) in clause (I) by the insertion after “bakery products” of “, whether cooked or uncooked,”, and

(II) in clause (II) by the insertion after “in the course of baking” of “, frying”, and

(v) by the substitution of the following subparagraph for subparagraph (e):

“(e) any of the following when supplied for human consumption without further preparation, namely—

(I) potato crisps, potato sticks, potato puffs and similar products made from potato, or from potato flour or from potato starch,

(II) savoury products made from cereal or

grain, or from flour or starch derived from cereal or grain, pork scratchings, and similar products,

(III) popcorn, and

(IV) salted or roasted nuts whether or not in shells;”.

(2) The Second Schedule to the Principal Act is hereby further amended—

(a) by the substitution of the following paragraphs for paragraph (i) (inserted by the Act of 1985):

“(i) The supply of goods—

(a) subject to a condition that they are to be transported directly by or on behalf of the person making the supply—

(I) outside the Community, or

(II) to a registered person within the customs-free airport,

(b) dispatched or transported from the State to a person registered for value-added tax in another Member State,

(c) being new means of transport dispatched or transported directly by or on behalf of the supplier to a person in the territory of another Member State,

(d) by a registered person within a free port to another registered person within a free port,

(e) by a registered person within the customs-free airport to another registered person within the customs-free airport or a free port;

(ia) the supply of goods by tax-free shops, in such amounts and subject to such conditions as may be specified in regulations, to travellers departing the State;”,

(b) in paragraph (iii) by the substitution of “outside the Community” for “outside the State”,

“(iiia) intra-Community transport services involving the carriage of goods to and from the Azores or Madeira;

(iiib) subject to and in accordance with regulations, the importation of goods which, at the time of the said importation, are consigned to another Member State;”,

(d) in paragraph (vi) (inserted by the Act of 1978):

(i) by the deletion in subparagraph (a) of “from the State”,

(ii) by the insertion in subparagraph (b) of “(iiia)” after “(iii)”, and

(iii) by the substitution in subparagraph (c) of “Community” for “State”,

and

(e) by the substitution of the following paragraph for paragraph (xvi) (inserted by the Act of 1978):

“(xvi) the supply of services, to a person not established in the Community, consisting of work on movable goods acquired or imported for the purpose of undergoing such work within the Community and subsequently exported;”.

196 Amendment of Third Schedule to Principal Act.

196.—The Third Schedule (inserted by the Act of 1991) to the Principal Act is hereby amended—

(a) by the substitution in paragraph (ii) of “paragraph (xi) of the Sixth Schedule or paragraph (xi) (b) of the Seventh Schedule” for “paragraphs (xiib) (b) or (xiv) of the Sixth Schedule”, and

(b) by the insertion in subparagraph (a) of paragraph (vi) after “goods” of “(other than in the course of the provision of facilities of the kind specified in paragraph (viia) of the Sixth Schedule)”.

197 Amendment of Sixth Schedule to Principal Act.

197.—(1) The Sixth Schedule (inserted by the Act of 1985) to the Principal Act is hereby amended in paragraph (i)—

(a) by the insertion in subparagraph (b) after “not including” of “gas of a kind specified in subparagraph (bi),”, and

(b) by the insertion of the following subparagraph after subparagraph (b):

“(bi) motor vehicle gas within the meaning of section 42 (1) of the Finance Act, 1976,”.

(2) The Principal Act is hereby further amended by the substitution of the following Schedule for the Sixth Schedule:

“SIXTH SCHEDULE

(i) (a) Coal, peat and other solid substances held out for sale solely as fuel,

(b) electricity:Provided that this subparagraph shall not apply to the distribution of any electricity where such distribution is wholly or mainlyin connection with the distribution of communications signals,

(c) gas of a kind used for domestic or industrial heating or lighting, whether in gaseous or liquid form, but not including gas of a kind specified in paragraph (i) of the Seventh Schedule, gas of a kind normally used for welding and cutting metals or gas sold as lighter fuel,

(d) hydrocarbon oil of a kind used for domestic or industrial heating, excluding gas oil (within the meaning of the Hydrocarbon (Heavy) Oil Regulations, 1989 (S.I. No. 121 of 1989)), other than gas oil which has been duly marked in accordance with Regulation 6 (2) of the said Regulations;

(ii) the provision of food and drink of a kind specified in paragraph (xii) of the Second Schedule in a form suitable for human consumption without further preparation—

(a) by means of a vending machine,

(b) in the course of operating a hotel, restaurant, cafe, refreshment house, canteen, establishment licensed for the sale for consumption on the premises of intoxicating liquor, catering business or similar business, or

(c) in the course of operating any other business in connection with the carrying on of which facilities are provided for the consumption of the food or drink supplied;

(iii) the supply, in the course of the provision of a meal, of goods of a kind specified in subparagraph (c), (d) or (e) of paragraph (xii) of the Second Schedule, and fruit juices other than fruit juices chargeable with a duty of excise—

(a) in the course of operating a hotel, restaurant, cafe, refreshment house, canteen, establishment licensed for the sale for consumption on the premises of intoxicating liquor, catering business or similar business, or

(b) in the course of operating any other business in connection with the carrying on of which facilities are provided for the consumption of the food or drink supplied;

(iv) the supply of food and drink (other than beverages specified in subparagraph (a) or (b) of paragraph (xii) of the Second Schedule) which is, or includes, food and drink which—

(a) has been heated for the purpose of enablingit to be consumed at a temperature above the ambient air temperature, or

(b) has been retained heated after cooking for the purpose of enabling it to be consumed at a temperature above the ambient air temperature, or

(c) is supplied, while still warm after cooking, for the purpose of enabling it to be consumed at a temperature above the ambient air temperature,

and is above the ambient air temperature at the time of supply;

(v) promotion of and admissions to cinematographic performances;

(vi) promotion of and admissions to live theatrical or musical performances, excluding—

(a) dances, and

(b) performances specified in paragraph (viii) of the First Schedule;

(vii) entertainment services, other than dances and circuses, supplied in fairgrounds by travelling showmen where, in any particular case, the total period spent in any one locality in relation to a series of successive performances does not exceed 19 consecutive days and an interval of at least one month elapses before the next performance in the same locality;

(viii) services consisting of the acceptance for disposal of waste material;

(ix) admissions to exhibitions, of the kind normally held in museums and art galleries, of objects of historical, cultural, artistic or scientific interest, not being services of the kind specified in paragraph (viiia) of the First Schedule;

(x) services supplied in the course of their profession by veterinary surgeons;

(xi) agricultural services consisting of—

(a) field work, reaping, mowing, threshing, baling, harvesting, sowing and planting,

(b) disinfecting and ensilage of agricultural products,

(d) lopping, tree felling and similar forestry services.”.

(3) The Sixth Schedule to the Principal Act (as amended by this Act) is hereby further amended—

(a) by the insertion of the following paragraph after paragraph (vii):

“(viia) the provision by a person other than a non-profit making organisation of facilities for taking part in sporting activities;”,

and

(b) in paragraph (xi) by the insertion after subparagraph (a) of the following subparagraph:

“(ai) stock-minding, stock-rearing, farm relief services and farm advisory services (not being services of the kind specified in paragraph (xxii) of the Seventh Schedule),”.

198 Insertion of Seventh Schedule in Principal Act.

198.—The Principal Act is hereby amended by the insertion after the Sixth Schedule (inserted by this Act) of the following Schedule:

“SEVENTH SCHEDULE

Goods and Services Chargeable at the Rate Specified in Section 11 (1) (e)

(i) Motor vehicle gas within the meaning of section 42 (1) of the Finance Act, 1976;

(ii) every work of art being—

(a) a painting, drawing or pastel, or any combination thereof, executed entirely by hand, excluding hand-decorated manufactured articles and plans and drawings for architectural, engineering, industrial, commercial, topographical or similar purposes,

(b) an original lithograph, engraving, or print, or any combination thereof, produced directly from lithographic stones, plates or other engraved surfaces, which are executed entirely by hand,

(c) an original sculpture or statuary, excluding mass-produced reproductions and works or craftsmanship of a commercial character, or

(d) subject to and in accordance with regulations, an article of furniture, silver, glass or porcelain, whether hand-decorated or not, specified in the said regulations, where it is shown to the satisfaction of the Revenue Commissioners to be more than 100 years old, other than goods specified in subparagraph (a), (b) or (c);

(iii) literary manuscripts certified by the Director of the National Library as being of major national importance and of either cultural or artistic importance;

(iv) 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;

(v) articles of personal clothing and textile handkerchiefs, excluding—

(a) articles of clothing made wholly or partly of fur skin, other than garments merely trimmed with fur skin unless the trimming has an area greater than one-fifth of the area of the outside material, and

(b) articles of personal clothing of a kind specified in paragraphs (xvii) and (xviii) of the Second Schedule;

(vi) (a) fabrics, yarn, thread and leather, of a kind normally used in the manufacture of clothing, including elastics, tapes and padding materials in the form supplied for the manufacture of clothing, and

(b) yarn of a kind normally used in the manufacture of clothing fabrics;

(vii) articles of personal footwear, other than articles of personal footwear of a kind specified in paragraph (xix) of the Second Schedule;

(viii) sole and upper leather of a kind normally used for the manufacture and repair of footwear, and also soles, heels and insoles of any material;

(ix) corrective spectacles and contact lenses, including parts thereof;

(x) services consisting of—

(a) the repair or maintenance of movable goods,

(b) the alteration of second-hand movable goods, other than such services specified in paragraph (v), (va) or (xvi) of the Second Schedule, but excluding the provision in the course of any such repair, maintenance or alteration service of—

(I) accessories, attachments or batteries, or

(II) tyres, tyre cases, interchangeable tyre treads, inner tubes and tyre flaps, for wheels of all kinds;

(xi) (a) services consisting of work on immovable goods, other than services specified in—

(i) paragraph (xi) of the Sixth Schedule or subparagraph (b),

(ii) paragraph (ii) of the Third Schedule,

(b) services consisting of the routine cleaning of immovable goods;

(xii) services consisting of the care of the human body, excluding such services specified in the First Schedule, but including services supplied in the course of a health studio business or similar business;

(xiii) services supplied in the course of their profession by jockeys;

(xiv) the supply to a person of photographic prints (other than goods produced by means of a photocopying process), slides or negatives, which have been produced from goods provided by that person;

(xv) goods being—

(a) photographic prints (other than goods produced by means of a photocopying process), mounted or unmounted, but unframed,

(b) slides and negatives, and

which record particular persons, objects or events, supplied under an agreement to photograph those persons, objects or events;

(xvi) the supply by a photographer of—

(a) negatives which have been produced from film exposed for the purpose of his business, and

(b) film which has been exposed for the purposes of his business;

(xvii) photographic prints produced by means of a vending machine which incorporates a camera and developing and printing equipment;

(xviii) services consisting of—

(a) the editing of photographic, cinematographic and video film, and

(b) microfilming;

(xix) agency services in regard to a supply specified in paragraph (xiv);

(xx) instruction in the driving of mechanically propelled road vehicles, not being education, training or retraining of the kinds specified in paragraph (ii) of the First Schedule;

(xxi) services of an auctioneer, solicitor, estate agent or other agent, directly related to the supply of immovable goods used for the purposes of an Annex A activity;

(xxii) farm accountancy or farm management services.”.

PART IV Stamp Duties

199 Definitions (Part IV).

199.—In this Part—

“the Act of 1891” means the Stamp Act, 1891;

“the Commissioners” means the Revenue Commissioners;

“the First Schedule” means the First Schedule (as amended by the Finance Act, 1970, and subsequent enactments) to the Act of 1891.

200 Levy on banks.

200.—(1) In this section—

“assessable amount” means the amount shown as the assessable amount in the statement delivered to the Commissioners pursuant to section 89 of the Finance Act, 1991;

“bank” means a person who, on the 1st day of September, 1990, was the holder of a licence granted under section 9 of the Central Bank Act, 1971, or the successors or assigns of such person.

(2) A bank shall deliver to the Commissioners, not later than the 12th day of September in each of the years 1992, 1993 and 1994, a statement in writing showing the assessable amount for that bank.

(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) 0.26 per cent. of that part of the assessable amount shown therein that does not exceed £135,000,000, and

(b) 0.3865 per cent. of that part of the assessable amount shown therein that exceeds £135,000,000:

Provided that in the case where the assessable amount shown in the statement does not exceed £135,000,000 stamp duty of an amount equal to 0.26 per cent. of the assessable amount shown therein shall be charged.

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

(5) There shall be furnished to the Commissioners by a bank such particulars as the 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 12th day of September in each of the years 1992, 1993 and 1994, as the case may be, 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 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) Except as provided for in section 45, 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 (being tax or duty under the care and management of the Commissioners) payable by the bank.

(9) Where a company, which was a bank on the 1st day of September, 1990, and which was or is a member of a group within the meaning of section 45, ceases to be a bank, any stamp duty payable by such company by virtue of subsection (4) and which remains unpaid shall be payable by any other bank which is a member of the group, in the same manner as if it was part of the liability of such bank:

Provided that where there is more than one bank in the group, each such bank shall be liable to pay a portion of such unpaid duty which shall be an amount which bears to the unpaid duty the same proportion as the liability of each bank in the group bears to the total liability of the group, but excluding, in the case of each such liability, such unpaid duty.

201 Stamp duties, remission of certain penalties.

201.—(1) This section shall apply to an instrument which—

(a) was first executed before the 1st day of November, 1991, and

(b) was unstamped or insufficiently stamped on the 30th day of January, 1992.

(2) Where an instrument to which this section applies is delivered for stamping to the Commissioners together with the unpaid duty—

(a) on or before the 30th day of June, 1992, such instrument shall be stamped without payment of penalty, or

(b) on or after the 1st day of July, 1992, but on or before the 30th day of September, 1992, such instrument shall be stamped on payment of a penalty calculated as if the instrument was first executed on the 1st day of June, 1992.

(3) Where an instrument to which this section applies is delivered to the Commissioners together with unpaid duty which is insufficient, or is found to be insufficient, by virtue of the revaluation of property to which the instrument relates or for any other reason, then—

(a) the provisions of subsection (2) (a) shall apply to any additional duty paid if it is paid on or before the 30th day of June, 1992,

(b) the provisions of subsection (2) (b) shall apply to any additional duty paid if it is paid on or after the 1st day of July, 1992, but on or before the 30th day of September, 1992.

202 Amendment of section 17 (stamp duty in respect of credit cards and charge cards) of Finance (No. 2) Act, 1981.

202.—Section 17 of the Finance (No. 2) Act, 1981, is hereby amended with effect as on and from the 1st day of February, 1992—

(a) by the substitution of “£15” for “£10” (inserted by the Finance Act, 1984) in subsection (1)(c),

(b) by the substitution of “£7.50” for “£5” (as so inserted) in subsection (2)(c), and

(c) by the substitution of “£15” for “£10” (as so inserted) in paragraph (d)(ii) (inserted by the Finance Act, 1983) of subsection (2).

203 Stamp duty in respect of cash cards.

203.—(1) In this section—

“accounting period” has the same meaning as it has for the purposes of section 9 of the Corporation Tax Act, 1976;

“bank” means a person who, on the 15th day of June in any year (being the year 1992 or a subsequent year), holds a licence granted under section 9 of the Central Bank Act, 1971;

“building society” means a building society which, on the 15th day of June in any year (being the year 1992 or a subsequent year), stands incorporated, or deemed by section 124 (2) of the Building Societies Act, 1989, to be incorporated, under that Act and includes a company registered under section 106 of that Act;

“card account” means an account maintained by a promoter to which amounts of cash obtained by a person by means of a cash card are charged;

“cash card” means a card issued by a promoter to a person having an address in the State by means of which cash may be obtained, in the State by the person from an automated teller machine;

“date of publication” means the date of publication of the Finance Bill, 1992;

“due date” means—

(a) in the case of the year 1992, the 1st day of September, or the date of the end of the accounting period ending in 1992, whichever is the later, and

(b) in the case of the year 1993 and each subsequent year, thedate of the end of the accounting period ending in that year;

“promoter” means a bank or a building society.

(2) A promoter shall, within one month of the due date, deliver to the Commissioners a statement in writing showing the number of cash cards issued at any time by the promoter and which are valid—

(a) in the case of the year 1992, at any time during the period from the date of publication to the due date, and

(b) in the case of the year 1993, at any time during the period from—

(i) the 1st day of September, 1992, or

(ii) the date of the end of the accounting period ending in the year 1992, if it falls after the 1st day of September, 1992

to the due date, and

Provided that—

(I) if the cash card is not used at any time during any of the periods referred to in paragraph (a), (b) or (c), or

(II) if the cash card is issued in respect of a card account—

(A) which is a deposit account, and

(B) the average of the daily positive balances in the account does not exceed £10 in any of the periods referred to in paragraph (a), (b) or (c),

then it shall not be included in the statement relating to such period.

(3) There shall be charged on every statement delivered in pursuance of subsection (2) a stamp duty at the rate of £2 in respect of each card included in the number of cards shown in the statement.

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

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

(6) In the case of failure by a promoter 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 promoter shall be liable to pay, by way of penalty, in addition to the duty, interest thereon at the rate of 1.25 per cent. per month or part of a month from the date to which the statement relates (hereinafter referred to as the due date) to the date on which the duty is paid and also, by way of further penalty, a sum of £300 for each day the duty remains unpaid after the expiration of one month from the due date 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 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) A promoter shall be entitled to charge to the card account the amount of stamp duty payable in respect of the cash card by virtue of this section and may apply the terms and conditions governing that account to interest on that amount.

(9) An account, charge card, company charge card or supplementary card within the meaning, in each case, assigned to it by section 17 of the Finance (No. 2) Act, 1981, and which attracts the payment of the stamp duty payable by virtue of the provisions of that section shall not attract the payment of the stamp duty payable by virtue of the provisions of this section.

204 Stamp duties on miscellaneous instruments.

204.—As respects instruments executed on or after the 1st day of February, 1992—

(a) the First Schedule, other than the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities.” and the Heading “LEASE”,

(b) sections 56, 59, 62 and 106 of the Stamp Act, 1891,

(d) section 42 of the Finance Act, 1920, and

(e) section 30 of the Finance Act, 1961,

are hereby amended by the substitution of “£10” for “£5” (inserted by the Finance Act, 1982) in each place where it occurs.

205 Amendment of First Schedule.

205.—(1) The Heading set out in Part I of the Seventh Schedule to this Act is hereby substituted for the Heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities.” (inserted by the Finance Act, 1990) in the First Schedule.

(2) The Heading set out in Part II of the Seventh Schedule to this Act is hereby inserted after the Heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities.” and before the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities.” in the First Schedule.

(3) The Heading set out in Part III of the Seventh Schedule to this Act is hereby substituted for the Heading “CONVEYANCE or TRANSFER of any kind not hereinbefore described” (as amended by the Finance Act, 1982) in the First Schedule.

(4) The Heading set out in Part IV of the Seventh Schedule to this Act is hereby substituted for the Heading “DEED of any kind whatsoever, not described in this Schedule (other than an award, a charter-party or an agreement or contract made or entered into pursuant to the Highways Acts for or relating to the making, maintaining or repairing of highways).” (as amended by the Finance Act, 1982) in the First Schedule.

(5) The Heading set out in Part V of the Seventh 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.” (inserted by the Finance Act, 1991) in the First Schedule.

(6) The First Schedule is hereby amended by the deletion of the following Headings and provisions thereto, that is to say:

(a) “BOND, COVENANT, or INSTRUMENT of any kind whatsoever” (inserted by the Finance Act, 1991),

(b) “BOND of any kind whatsoever not specifically charged with any duty or specifically exempted from any duty.” (as amended by the Finance Act, 1982), and

(c) “WARRANT OF ATTORNEY to confess and enter up a judgment given as a security for the payment or repayment of money, or for a transfer or retransfer of stock.” (inserted by the Finance Act, 1970).

(7) The First Schedule is hereby amended by the insertion of the words “or a policy of insurance or a policy of life insurance.” after the word “securities” in the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities.” (inserted by the Finance Act, 1990).

(8) The First Schedule is hereby amended by the insertion of the words “which relates to immovable property situated in the State or to any right over or interest in such property.” after the word “described” in Paragraph (5) of the Heading “LEASE” (inserted by the Finance Act, 1991).

(9) The First Schedule is hereby amended by the insertion in each of the following Headings (inserted by the Finance Act, 1982) of the words “where the risk to which the policy relates is located in the State” after—

(a) the word “INSURANCE” in the Heading “POLICY OF LIFE INSURANCE”,

(b) the word “years” in the Heading “POLICY OF LIFE INSURANCE made for a period not exceeding two years”, and

(10) Subject to the provisions of section 4 of the Act of 1891, any instrument which, in respect of a particular provision it contains, would, but for subsection (3), (4), (5) or (6), be chargeable to stamp duty under any of the Headings referred to in those subsections, shall not be chargeable with stamp duty in respect of that provision under any other Heading in the First Schedule.

206 Exemption from stamp duty of certain stocks and marketable securities.

206.—Stamp duty shall not be chargeable on any conveyance or transfer of—

(a) units in a collective investment undertaking within the meaning of section 18 of the Finance Act, 1989, or

(b) units of a unit trust to which subsection (5A) (inserted by section 34 of the Finance Act, 1977) of section 31 of the Capital Gains Tax Act, 1975, relates, or

(c) stocks or marketable securities of a company which is not registered in the State and which are dealt in and quoted on a recognised stock exchange:

Provided that such conveyance or transfer of stocks or marketable securities does not relate to—

(i) any immovable property situated in the State or any right over or interest in such property, or

(ii) any stocks or marketable securities of a company having a register in the State.

207 Exemption from stamp duty of certain financial services instruments.

207.—(1) In this section—

“commodities” means tangible assets (other than currency, securities, debts or other assets of a financial nature) which are dealt in on a recognised commodity exchange;

“debt factoring agreement” means an agreement for the sale, or a transfer on sale, of a debt or part of a debt where such sale occurs in the ordinary course of the business of the vendor or the purchaser;

“depositary” means a person who holds stocks or marketable securities, which are dealt in and quoted on a recognised stock exchange, in trust for or on behalf of holders of depositary receipts and who maintains a register of ownership of such depositary receipts;

“American depositary receipt” means an instrument—

(a) which acknowledges—

(i) that a depositary or a nominee acting on his behalf, holds stocks or marketable securities which are dealt in and quoted on a recognised stock exchange, and

(ii) that the holder of the instrument has rights in or in relation to such stocks or marketable securities including the right to receive such stocks or marketable securities from the depositary or his nominee,

and

(b) which—

(I) is dealt in and quoted on a recognised stock exchange which is situated in the United States of America, or

(II) represents stocks or marketable securities which are so dealt in and quoted;

“financial futures agreement” means a forward agreement which is for the time being dealt in and quoted on a recognised futures exchange or a recognised stock exchange;

“forward agreement” means—

(a) an agreement under which a party to the agreement agrees—

(i) to buy or sell commodities, currency, stocks or marketable securities, or

(ii) to pay or receive a sum of money (whether or not such money is actually paid or received),

at a specified date or within a specified or determinable period of time and pursuant to which the price or currency exchange rate concerned or, in the case of a sum of money, the interest (if any) payable, or expressed to be payable, thereon is determined or determinable at the time of the execution of the agreement, or

(b) an agreement conferring the right to receive certain payments and imposing the liability to make certain payments, the receipt and making of the payments being dependent on and related to certain movements in a specified stock exchange index or specified stock exchange indices;

“option agreement” means an agreement under which a right is conferred on a party to the agreement to do, at the party's discretion, either or both of the following, that is to say:

(a) to buy from or sell to or buy from and sell to another party to the agreement—

(i) specified stocks, marketable securities, commodities or currency,

(ii) an agreement conferring the right to receive certain payments and imposing the liability to make certain payments, the receipt and making of the payments being dependent on and related to certain movements in a specified stock exchange index or specified stock exchange indices,

on or before a specified date at a price that is determined or determinable at the time of the execution of the agreement,

(b) to borrow money from or lend money to another party to the agreement for or within a specified period in consideration of the payment of interest by the party by whom the money is borrowed or to whom it is lent to the other party concerned at a rate that is determined or determinable at the time of the execution of the agreement;

“swap agreement” means an agreement under which the parties thereto exchange payments or repayments of money in respect of which such parties have obligations or rights and which are denominated in a specified currency or are subject to the payment of a specified rate of interest or relate to the price of specified commodities, stocks or marketable securities, for payments or repayments of the same kind which are denominated in another specified currency or are subject to the payment of a specified different rate of interest or relate to the price of other specified commodities, stocks or marketable securities.

(2) Stamp duty shall not be chargeable on any instrument which is—

(a) a debt factoring agreement, or

(b) a swap agreement, or

(d) a financial futures agreement, or

(e) an option agreement, or

(f) a combination of any two or more of the instruments specified in paragraphs (a) to (e), or

(g) a transfer of, or an agreement to transfer—

(i) any instrument specified in paragraphs (a) to (e), or a combination of any two or more such instruments, or

(ii) a lease, other than a lease to which any Heading in the First Schedule applies, or

(iii) an American depositary receipt:

Provided that such instrument, other than an instrument which is a transfer of, or an agreement to transfer, an American depositary receipt, does not relate to—

(I) immovable property situated in the State or any right over or interest in such property, or

(II) the stocks or marketable securities of a company having a register in the State.

(3) Notwithstanding that, in respect of any particular provision it contains, an instrument is exempt from stamp duty under the provisions of this section, if the instrument is liable to stamp duty in respect of any other provision it contains under any Heading in the First Schedule, the instrument shall be chargeable with the latter stamp duty.

208 Location of insurance risk for stamp duty purposes.

208.—For the purpose of charging stamp duty, the risk to which a policy of insurance or a policy of life insurance relates shall be deemed to be located in the State—

(a) where the insurance relates either to buildings or to buildings and their contents, in so far as the contents are covered by the same insurance policy, if the property is situated in the State;

(b) where the insurance relates to vehicles of any kind, if such vehicles are registered in the State;

(c) in the case of policies of a duration of four months or less covering travel or holiday risks, if the policyholder took out the policy in the State;

(d) in any other case, if the policyholder has his habitual residence in the State.

209 Exemption from stamp duty of certain instruments relating to foreign immovable property.

209.—Notwithstanding the provisions of section 1 of the Act of 1891 and the provisions of the First Schedule, stamp duty shall not be chargeable on any instrument which is a conveyance, transfer, assignment, lease or licence of any immovable property situated outside the State:

Provided that such instrument does not relate to—

(a) any immovable property situated in the State, or any right over or interest in such property, or

(b) any stocks or marketable securities of a company having a register in the State.

210 Exemption from stamp duty of certain instruments of National Treasury Management Agency and of Minister for Finance.

210.—Stamp duty shall not be chargeable on any instrument executed by or on behalf of—

(a) the National Treasury Management Agency, or

(b) the Minister for Finance in relation to a function exercised by him which is capable of being delegated to the said Agency under section 5 of the National Treasury Management Agency Act, 1990,

or on any disposition of such an instrument or of any right or interest created by such an instrument.

211 Revocation (Part IV).

211.—The Stamp Duty (Variation) Order, 1991 (S.I. No. 277 of 1991), is hereby revoked.

212 Provisions relating to exemption from stamp duty on transfers by spouses.

212.—(1) For the avoidance of doubt it is hereby declared that section 114 of the Finance Act, 1990, applies only in respect of property transferred from either or both spouses to either or both of them and which does not involve the transfer of any part of, or beneficial interest in, such property to another person.

(2) (a) Section 74 (2) of the Finance (1909-10) Act, 1910, shall not apply to a transfer to which section 114 of the Finance Act, 1990, or section 14 of the Family Home Protection Act, 1976, applies.

(b) This subsection shall be deemed to have come into operation on the 30th day of May, 1990.

213 Procedure to apply where consideration etc. cannot be ascertained.

213.—The Finance Act, 1991, is hereby amended by the substitution of the following section for section 104:

“104.—(1) Where—

(a) the consideration for a sale, or

(b) the average annual rent or consideration other than rent for a lease,

cannot be ascertained at the date of execution of a conveyance or lease and such consideration or rent would, if ascertainable, be chargeable with ad valorem duty in respect of such sale or lease, then stamp duty shall be charged on such sale or lease based on the amount or value of the consideration or rent that could be obtained from a purchaser or tenant paying full consideration or rent for such sale or lease.

(2) Where, in the case of a lease to which the provisions of subsection (1) would apply but for the fact that both the rent and the consideration other than rent payable cannot be ascertained, then stamp duty shall be charged on such lease based on the amount or value of the consideration other than rent that could be obtained from a tenant paying full consideration for such lease if the rent reserved in the lease was a nil amount.

(3) (a) The provisions of subsection (2) and (3) of section 56 of the Act of 1891 shall not apply to any instrument in relation to which subsection (1) applies.

(b) The provisions of this section shall not apply to any instrument in relation to which subsection (3) (a) of section 112 of the Finance Act, 1990, applies.”.

214 Amendment of section 45 (relief from certain duties (adopted children)) of Finance Act, 1972.

214.—Section 45 of the Finance Act, 1972, is hereby amended in subsection (1)—

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

“(a) a child has been adopted under a foreign adoption (being a foreign adoption within the meaning of section 1 of the Adoption Act, 1991) which is deemed under the Adoption Acts, 1952 to 1991, to have been effected by a valid adoption order, and”,

and

(b) by the substitution in paragraph (b) of “the Adoption Acts, 1952 to 1991,” for “the Adoption Acts, 1952 and 1964,”.

215 Repeal of certain provisions relating to Governor and Company of the Bank of Ireland.

215.—(1) The following provisions are hereby repealed, to the extent that they grant an exemption from stamp duty to transfers of any stocks or marketable securities of the Governor and Company of the Bank of Ireland, that is to say:

(a) section 7 of the pre-Union Irish Statute entitled “An Act to enable the proprietors of debentures issued by Government, to convert them into stock, transferable at the Bank of Ireland” (37 Geo. 3, c. 54) and passed in the year 1797, and

(b) section 4 of the Bank of Ireland Act, 1821.

(2) Except in the case of a transfer which relates to a purchase of stocks or marketable securities which occurred prior to the 27th day of April, 1992, the provisions of this section shall apply to any transfer of the stocks or marketable securities of the Governor and Company of the Bank of Ireland which occurs on or after that date.

216 Exemption from stamp duty of certain instruments (Temple Bar Properties Limited).

216.—(1) No stamp duty shall be chargeable on any instrument under which any land, or any interest therein, easement, way-leave, water right or any other right is acquired in the Temple Bar area by Temple Bar Properties Limited, or any subsidiary thereof.

(2) For the purposes of this section, a company shall be deemed to be a subsidiary of Temple Bar Properties Limited if—

(a) Temple Bar Properties Limited—

(i) is a member of the company and controls the composition of at least half of the company's board of directors, or

(ii) holds at least half in nominal value of the company's equity share capital, or

(iii) holds at least half in nominal value of the company's shares carrying voting rights (other than voting rights which arise only in specified circumstances),

(b) the company is a subsidiary of any company which is a subsidiary of Temple Bar Properties Limited.

(3) In this section “the Temple Bar area” means “the area” as described in the First Schedule in the Temple Bar Area Renewal and Development Act, 1991.

(4) Section 18 of the Temple Bar Area Renewal and Development Act, 1991, is hereby repealed.

(5) This section shall have effect with respect to instruments executed on or after the 15th day of July, 1991.

217 Amendment of section 44 (exemption from stamp duty of certain stock) of Finance Act, 1970.

217.—Section 44 (as amended by section 71 of the Finance Act, 1989) of the Finance Act, 1970, is hereby amended by the insertion of “, Bord Gáis Éireann” after “Bord Telecom Éireann”.

PART V Residential Property Tax

218 Application (Part V).

218.—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 1992.

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

219.—Section 100 of the Finance Act, 1983, is hereby amended in subsection (1) (as amended by the Finance Act, 1990)—

(a) by the substitution in the definition of “general exemption limit” of “£90,000” for “£65,000” and of “1992” for “1983”, and

(b) by the substitution in the definition of “the new house price index number” of “1980” for “1973”,

and the said definitions, as so amended, are set out in the Table to this section.

TABLE

“general exemption limit” means the general market value exemption limit applying on a valuation date, that is to say, the amount obtained by multiplying £90,000 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, 1992:

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

“the new house price index number” means the Trends in Private New House Price 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, 1980, is 100.

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

220.—Section 101 of the Finance Act, 1983, is hereby amended—

(a) by the substitution in subsection (2) (inserted by the Finance Act, 1990) of “£27, 500” for “£20,000” and of “1992” for “1983”, and

(b) by the substitution in subsection (3) of “1989” for “1982”,

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

TABLE

(2) The income exemption limit applying on a valuation date is the amount obtained by multiplying £27,500 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, 1992:

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

(3) In this section “the consumer price index number” means the All Items Consumer Price Index Number compiled by the Central Statistics Office and the consumer price index number relevant to any valuation date means the consumer price index number at the mid-February next before the valuation date expressed on the basis that the consumer price index at mid-November, 1989, is 100.

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

221.—Section 102 of the Finance Act, 1983, is hereby amended by the substitution in subsection (4) (inserted by the Finance Act, 1990) of the following paragraph for paragraph (b) of the interpretation of the word “child”:

“(b) a child—

(i) adopted under the Adoption Acts, 1952 to 1991, or

(ii) adopted under a foreign adoption which by virtue of section 2, 3, 4 or 5 of the Adoption Act, 1991, is deemed to have been effected by a valid adoption order within the meaning of section 1 of that Act,

and”,

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

TABLE

“child”, in relation to an assessable person, includes—

(a) a stepchild,

(b) a child—

(i) adopted under the Adoption Acts, 1952 to 1991, or

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;

PART VI Capital Acquisitions Tax

222 Interpretation (Part VI).

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

223 Amendment of section 2 (interpretation) of Principal Act.

223.—(1) Section 2 of the Principal Act (as amended by the Finance Act, 1989) is hereby amended by the substitution of the following for the interpretation of the word “child” in subsection (1):

“‘child’ includes—

(a) a stepchild;

(b) a child adopted—

(i) under the Adoption Acts, 1952 to 1991; or

(ii) under a foreign adoption which by virtue of section 2, 3, 4 or 5 of the Adoption Act, 1991, is deemed to have been effected by a valid adoption order within the meaning of section 1 of that Act;”.

(2) This section shall have effect in relation to gifts and inheritances taken on or after the 30th day of May, 1991.

224 Amendment of section 106 (acquisitions by discretionary trusts) of Finance Act, 1984.

224.—(1) Section 106 of the Finance Act, 1984, is hereby amended—

(a) in subsection (1) (as amended by the Finance Act, 1985), by the substitution of “21 years” for “25 years” in paragraph (c), and

(b) by the insertion after subsection (2) of the following subsection—

“(2A) Property which, under or in consequence of any disposition, is subject to a discretionary trust on the 31st day of January, 1993, shall, for the purposes of subsection (1), be deemed to become subject to the trust on that date.”.

(2) Subsection (1)(a) shall have effect in relation to property which becomes subject to a discretionary trust on or after the 31st day of January, 1993.

225 Amendment of section 102 (interpretation (Part V)) of Finance Act, 1986.

225.—(1) The definition of “chargeable discretionary trust” in section 102 of the Finance Act, 1986, is hereby amended by the substitution of “21 years” for “25 years” in paragraph (b).

(2) This section shall have effect in relation to any chargeable date occurring on or after the 5th day of April, 1994.

PART VII Anti-avoidance and Anti-evasion

226 Returns of certain information.

226.—(1) In this section—

“appropriate inspector” means, in relation to a person to whom this section applies—

(a) the inspector who has last given notice in writing to that person that he is the inspector to whom the person is required to deliver the return specified in subsection (3),

(b) where there is no such inspector as is referred to in paragraph (a), the inspector to whom it is customary for the person to deliver a return or statement of income or profits, or

(c) where there is no such inspector as is referred to in paragraphs (a) and (b), the inspector of returns specified in section 9 of the Finance Act, 1988;

“chargeable period” has the same meaning as it has in paragraph 1 of the First Schedule to the Corporation Tax Act, 1976;

“relevant chargeable period” means—

(a) where the chargeable period is a year of assessment, the year 1992-93 and any subsequent year of assessment, or

(b) where the chargeable period is an accounting period of a company, an accounting period ending on or after the 6th day of April, 1993;

“relevant person” has the meaning assigned to it by subsection (2);

“specified provisions” means—

(a) sections 94 (d) (as amended by section 227), 173 (as so amended), 175 and 176 (as so amended) of the Income Tax Act, 1967,

(b) section 21 of the Finance Act, 1983, and

“specified return date for the chargeable period”, in relation to a relevant chargeable period, means—

(a) where the chargeable period is a year of assessment, the 31st day of January in the year of assessment following that year, and

(b) where the chargeable period is an accounting period of a company, the last day of the period of 9 months commencing on the day immediately following the end of the accounting period.

(2) (a) Subject to the other provisions of this subsection, in this section “relevant person” means any person who—

(i) has information of a kind,

(ii) makes a payment of a kind,

(iii) pays or credits interest of a kind, or

(iv) is in receipt of money or value or of profits or gains of a kind,

referred to in a specified provision.

(b) Subject to the provisions of paragraph (e), any person who would be excluded from making a return under a specified provision for a relevant chargeable period shall not be a relevant person.

(c) A person with information of the kind referred to in section 21 of the Finance Act, 1983, shall, subject to the provisions of paragraph (e), be a relevant person only where he is not the beneficial owner of the securities referred to in the said section 21.

(d) A person with information of the kind referred to in section 19 of the Finance Act, 1989, shall, subject to the provisions of paragraph (e), be a relevant person only where he is an intermediary for the purposes of the said section 19.

(e) A person who is not a relevant person by virtue of any of the provisions of paragraphs (b) to (d) is not excluded from being a relevant person by virtue of any other provision of this subsection.

(3) Every relevant person shall, as respects a relevant chargeable period, prepare and deliver to the appropriate inspector, on or before the specified return date for the chargeable period, a return of all such matters and particulars as would be required to be contained in a return delivered pursuant to a notice given to the relevant person by the appropriate inspector, under any of the specified provisions, for the relevant chargeable period.

(4) An inspector may exclude any person from the provisions of this section by giving him a notice in writing that he is excluded from those provisions and the notice shall have effect for such chargeable period or periods or until such chargeable period or the happening of such event as shall be specified in the notice.

(5) Where it appears appropriate to an inspector, he may notify any relevant person that a return to be made under the provisions of this section may be confined to a particular type or category of information, payment or receipt and, where the relevant person has been so notified, a return made on that basis shall satisfy the provisions of this section.

(6) This section shall not affect the giving of a notice under any of the specified provisions and shall not remove from any person any obligation or requirement imposed on a person by such a notice and the giving of a notice under any of the specified provisions to a person shall not remove from that person any obligation to prepare and deliver a return under the provisions of this section.

(7) Sections 500 and 503 of the Income Tax Act, 1967, shall apply to a failure by a relevant person to deliver a return required by subsection (3), and to each and every such failure, as they apply to a failure to deliver a return referred to in the said section 500 and Schedule 15 to that Act is hereby amended by the insertion in Column 2 of “Finance Act, 1992, section 226 (3).”.

227 Supplemental provisions to section 226.

227.—The Income Tax Act, 1967, is hereby amended—

(a) in section 94 by the substitution of the following paragraph for paragraph (d):

“(d) any person who as an agent manages premises or is in receipt of rent or other payments arising from premises to prepare and deliver to the inspector a return containing—

(i) the full address of all such premises,

(ii) the name and address of every person to whom such premises belong,

(iii) a statement of all rents and other such payments arising from such premises, and

(iv) such other particulars relating to all such premises as may be specified in the notice.”,

(b) in section 173—

(i) by the insertion, in subsection (2), of “(which, for the purposes of this section, shall be deemed to include a Minister of the Government and any body established by or under statute)” after the term “body of persons”, where it first occurs, and the said subsection (2), other than paragraphs (a) and (b), as so amended, is set out in the Table to this section,

(ii) by the insertion, in subsection (4), of “and tax reference number” after the word “name” where it first occurs, and the said subsection (4), as so amended, is set out in the Table to this section,

(iii) by the insertion of the following subsection after subsection

(4):“(4A) A return under this section shall include payments made by the person or body of persons in the course of the said trade, business or activity on behalf of any other person.”,

(iv) by the substitution, in paragraph (b) of subsection (5), of “£500” for “£15”, and the said paragraph (b), as so amended, is set out in the Table to this section,

and

(v) by the substitution of the following subsection for subsection (10):

“(10) (a) In this section—

(i) references to payments for services include references to payments in the nature of commission of any kind and references to payments in respect of expenses incurred in connection with rendering of services, and

(ii) references to the making of payment include references to the giving of any valuable consideration, and the requirement imposed by subsection (4) to state the amount of a payment shall, in relation to any consideration given otherwise than in the form of money, be construed as a requirement to give particulars of the consideration.

(b) In this section ‘tax reference number’, in relation to a person, has the same meaning as is assigned to it in section 22 of the Finance Act, 1983, in relation to a specified person within the meaning of that section.”,

and

“(1A) No person shall be required under this section to include in a return particulars of receipts (to which subsection (1) applies) of or belonging to any one person where the total of the receipts relating to that person which would otherwise fall to be included in the return does not exceed £500.”.

TABLE

(2) Every body of persons (which, for the purposes of this section, shall be deemed to include a Minister of the Government and any body established by or under statute) carrying on any activity which does not constitute a trade or business shall, if required to do so by a notice from an inspector, make and deliver to the inspector a return of all payments of a kind specified in the notice made during a period so specified, being—

(4) A return under this section shall give the name and tax reference number (as defined in section 22 of the Finance Act, 1983) of the person to whom each payment was made, the amount of the payment and such other particulars (including particulars as to the services or rights in respect of which the payment was made, the period over which any services were rendered and any business name or home address of the person to whom the payment was made) as may be specified in the notice.

(b) particulars of payments made to any one person where the total of the payments to that person which would otherwise fall to be included in the return does not exceed £500, or

228 Inspector's right to make enquiries.

228.—(1) In this section—

“specified provisions” means—

(a) sections 94 (d), 173 and 176 (as amended respectively by section 227) of the Income Tax Act, 1967,

(b) section 21 of the Finance Act, 1983,

(d) section 226.

(2) An inspector may make such enquiries or take such action, within his powers, as he considers necessary to satisfy himself as to the accuracy or otherwise of any return, list, statement or particulars prepared and delivered under a specified provision.

(3) Subsection (2) shall not apply in respect of a return made under section 226 of such matters and particulars as would be required to be contained in a return delivered pursuant to a notice given to a relevant person by the appropriate inspector under section 175 of the Income Tax Act, 1967, for the relevant chargeable period.

229 Amendment of section 19 (returns by certain intermediaries in relation to UCITS) of Finance Act, 1989.

229.—As respects relevant facilities provided by an intermediary on or after the 1st day of June, 1992, section 19 of the Finance Act, 1989, is hereby amended—

(a) by the insertion, in subsection (1), of the following definition after the definition of “relevant UCITS”:

“‘tax reference number’, in relation to a person, has the same meaning as is assigned to it in section 22 of the Finance Act, 1983, in relation to a specified person within the meaning of that section;”,

(b) by the insertion, in paragraph (a) of subsection (2), after “addresses” of “and tax reference numbers”, and

“(3) Where a person who is resident in the State avails of relevant facilities provided by an intermediary in relation to relevant UCITS he shall furnish to the intermediary details which the intermediary is required to include in a return to the inspector in accordance with subsection (2), or would be required to include in such a return if a notice under the subsection were served on the intermediary, and the intermediary shall take all reasonable care (including, where necessary, the requesting of documentary evidence) to confirm that the details furnished are true and correct.

(4) Schedule 15 to the Income Tax Act, 1967, is hereby amended by the insertion—

(a) in column 2 of ‘Finance Act, 1989, section 19 (2)’, and

(b) in column 3 of ‘Finance Act, 1989, section 19 (3)’.”,

and the said paragraph (a) (apart from subparagraphs (i), (ii) and (iii) thereof), as so amended, is set out in the Table to this section.

TABLE

(a) the names and addresses and tax reference numbers of all persons resident in the State in respect of whom the intermediary has in the course of providing relevant facilities in relation to a relevant UCITS during such period as shall be specified in the notice—

230 Returns in relation to foreign accounts.

230.—(1) In this section—

“appropriate inspector”, in relation to an intermediary or, as may be appropriate, a resident, means—

(a) the inspector who has last given notice in writing to the intermediary or, as the case may be, the resident that he is the inspector to whom the intermediary or, as the case may be, the resident is required to deliver a return or statement of income or profits,

(b) where there is no such inspector as is referred to in paragraph (a), the inspector to whom it is customary for the intermediary or, as the case may be, the resident to deliver such return or statement, or

(c) where there is no such inspector as is referred to in paragraphs (a) and (b), the inspector of returns specified in section 9 of the Finance Act, 1988;

“chargeable period” has the same meaning as in paragraph 1 of the First Schedule to the Corporation Tax Act, 1976;

“deposit” means a sum of money paid to a person on terms under which it will be repaid with or without interest and either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person to whom it is made;

“foreign account” means an account in which a deposit is held at a location outside the State;

“intermediary” means any person carrying on in the State a trade or business in the ordinary course of the operations of which he provides a relevant service;

“relevant chargeable period” means—

(a) where the chargeable period is a year of assessment, the year 1992-93 and any subsequent year of assessment, or

(b) where the chargeable period is an accounting period of a company, an accounting period ending on or after the 1st day of June, 1992;

“relevant person” means a person who in the normal course of his trade or business receives or holds deposits;

“relevant service” means the acting in the State as an intermediary in or in connection with the opening of foreign accounts with relevant persons by or on behalf of residents;

“resident” means a person resident in the State;

“specified return date for the chargeable period”, in relation to a relevant chargeable period, means—

(a) where the chargeable period is a year of assessment, the 31st day of January in the year of assessment following that year, and

(b) where the chargeable period is an accounting period of a company, the last day of the period of 9 months commencing on the day immediately following the end of the accounting period;

“tax reference number”, in relation to a resident, has the same meaning as is assigned to it in section 22 of the Finance Act, 1983, in relation to a specified person within the meaning of that section.

(2) Every intermediary shall, as respects a relevant chargeable period, prepare and deliver to the appropriate inspector, on or before the specified return date for the said chargeable period, a return specifying, in respect of every resident in respect of whom he has acted in the chargeable period as an intermediary in the opening of a foreign account—

(a) the full name and permanent address of the resident,

(b) the resident's tax reference number,

(d) the date on which the foreign account was opened, and

(e) the amount of the deposit made in opening the foreign account.

(3) Where a resident requests an intermediary to provide him with a relevant service he shall furnish to the intermediary the details which the intermediary is required to include in the return to the appropriate inspector in accordance with subsection (2) and the intermediary shall take all reasonable care (including, where necessary, the requesting of documentary evidence) to confirm that the details furnished are true and correct.

(4) (a) Where an intermediary fails—

(i) for any relevant chargeable period, to make a return required to be made by him in accordance with subsection (2),

(ii) to include in such a return for a relevant chargeable period details of any resident to whom he provided a relevant service in that chargeable period, or

(iii) to take reasonable care to confirm the details of the kind referred to in subsection (2) furnished to him by a resident to whom he has provided a relevant service in a relevant chargeable period,

he shall, in respect of each such failure, be liable to a penalty of £2,000.

(b) Where a resident fails—

(i) to furnish details of the kind referred to in subsection (2) to an intermediary who has provided him with a relevant service, or

(ii) knowingly or wilfully furnishes that intermediary with incorrect details of the said kind,

he shall be liable to a penalty of £2,000.

(5) All penalties under subsection (4) may, without prejudice to any other method of recovery, be proceeded for and recovered summarily in the same manner as in summary proceedings for recovery of any fine or penalty under any Act relating to the excise.

(6) Where, in a relevant chargeable period, a resident opens, either directly or indirectly, a foreign account, or causes to be opened a foreign account in relation to which he is the beneficial owner of the deposit held in that account, he shall, notwithstanding anything to the contrary in section 48 of the Finance Act, 1986, or section 9 of the Finance Act, 1988, be deemed, for that relevant chargeable period, to be a chargeable person for the purposes of section 48 of the Finance Act, 1986, and section 10 of the Finance Act, 1988, and the return of income (within the meaning of the said section 48) to be delivered by him for that chargeable period shall include the following particulars in relation to the account, that is to say—

(a) the name and address of the relevant person with whom the account was opened,

(b) the date on which the account was opened,

(d) the name and address of the intermediary, if any, who provided a relevant service in relation to the opening of the account.

(7) This section shall apply and have effect as respects foreign accounts opened on or after the 1st day of June, 1992.

231 Obligation to keep certain records.

231.—Part I of the Finance Act, 1968, is hereby amended by the substitution of the following section for section 6:

“6.—(1) In this section—

‘linking documents’ means documents that are drawn up in the making up of accounts and which show details of the calculations linking the records to the accounts;

‘records’ includes accounts, books of account, documents and any other data maintained manually or by any electronic, photographic or other process, relating to—

(a) all sums of money received and expended in the course of the carrying on or exercising of a trade, profession or other activity and the matters in respect of which the receipt and expenditure take place,

(b) all sales and purchases of goods and services where the carrying on or exercising of a trade, profession or other activity involves the purchase or sale of goods or services,

(d) all transactions which constitute an acquisition or disposal of an asset for capital gains tax purposes.

(2) (a) Every person who, on his own behalf or on behalf of any other person, carries on or exercises any trade, profession or other activity the profits or gains of which are chargeable under Schedule D, or who is chargeable to tax under Schedule D or Schedule F in respect of any other source of income, or who is chargeable to capital gains tax in respect of chargeable gains, shall keep, or cause to be kept on his behalf, such records as will enable true returns to be made, for the purposes of income tax and capital gains tax, of such profits or gains or chargeable gains.

(b) The records shall be kept on a continuous and consistent basis, that is to say the entries therein shall be made in a timely manner and be consistent from one year to the next.

(c) Where accounts are made up to show the profits or gains from any such trade, profession or activity or in relation to a source of income, of any person, that person shall retain, or cause to be retained on his behalf, linking documents.

(d) Where any such trade, profession or other activity is carried on in partnership, the precedent partner, within the meaning of section 69 of the Income Tax Act, 1967, shall, for the purposes of this section, be deemed to be the person carrying on that trade, profession or other activity.

(3) Records required to be kept or retained by virtue of this section, shall be kept—

(a) in written form in an official language of the State, or

(b) subject to section 113 (2) of the Finance Act, 1986, by means of any electronic, photographic or other process.

(4) Linking documents and records kept pursuant to the preceding provisions of this section shall be retained by the person required to keep the records for a period of 6 years after the completion of the transactions, acts or operations to which they relate or, in the case of a person who fails to comply with section 10 (1) of the Finance Act, 1988, requiring the preparation and delivery of a return on or before the specified return date for a year of assessment, until the expiry of a period of 6 years from the end of the year of assessment in which a return has been delivered showing the profits or gains or chargeable gains derived from the said transactions, acts or operations:

Provided that, this subsection shall not—

(a) require the retention of linking documents and records in respect of which the inspector notifies in writing the person who is required to retain them that retention is not required, or

(b) apply to the books and papers of a company which have been disposed of in accordance with section 305 (1) of the Companies Act, 1963.

(5) Any person who fails to comply with the provisions of subsection (2), (3) or (4) in respect of any records or linking documents in relation to a return for any year of assessment shall be liable to a penalty of £1,200:

Provided that a penalty shall not be imposed under this subsection if it is proved that no person is chargeable to tax in respect of the profits or gains for that year of assessment.”.

232 Inspection of documents and records.

232.—Chapter VI of Part I of the Finance Act, 1976, is hereby amended by the substitution of the following section for section 34:

“34.—(1) In this section—

‘authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section;

‘property’ means any asset relating to a tax liability;

‘records’ means any document, or any other written or printed material in any form including any information stored, maintained or preserved by means of any mechanical or electronic device, whether or not stored, maintained or preserved in a legible form, which a person is obliged by any provision relating to tax to keep, to retain, to issue, to produce for inspection or which may be inspected under any provision relating to tax;

‘tax’ means any tax, duty, levy or charge under the care and management of the Revenue Commissioners;

‘tax liability’ means any existing liability to tax or further liability to tax which may be established by an authorised officer following the exercise or performance of his powers or duties under this section.

(2) (a) An authorised officer may at all reasonable times enter any premises or place where he has reason to believe that—

(i) any trade or profession or other activity, the profits or gains of which are chargeable to tax, is or has been carried on,

(ii) anything is or has been done in connection with any trade, profession or other activity the profits or gains of which are chargeable to tax,

(iii) any records relating to—

(I) any trade, profession, other source of profits or gains or chargeable gains,

(II) any tax liability, or

(III) any repayments of tax in regard to any person

are or may be kept,

(iv) any property is or has been located,

and may

(A) require any person who is on those premises or in that place, other than a person who is there to purchase goods or to receive a service, to produce any records or property,

(B) if he has reason to believe that any of the records or property which he has required to be produced to him under the provisions of this subsection have not been produced, search on those premises or in that place for those records or property,

(D) remove any records and retain them for a reasonable time for the purposes of their further examination or for the purposes of any legal proceedings instituted by an officer of the Revenue Commissioners, or for the purposes of any criminal proceedings, and

(E) examine property listed in any records.

(b) An authorised officer, may in the exercise or performance of his powers or duties under this section, require any person, whom he has reason to believe—

(i) is or was carrying on any trade, profession or other activity the profits or gains of which are chargeable to tax,

(ii) is or was liable to any tax, or

(iii) has information relating to any tax liability,

to give the authorised officer all reasonable assistance including providing information and explanations or furnishing documents and making available for inspection property as required by the authorised officer in relation to any tax liability or any repayment of tax in regard to any person.

(c) Nothing in this subsection shall be construed as requiring any person carrying on a profession, or any person employed by any person carrying on a profession, to produce to an authorised officer any documents relating to a client, other than such documents—

(i) as pertain to the payment of fees to the person carrying on the profession or to other financial transactions of the person carrying on the profession,

(ii) as are otherwise material to the tax liability of the person carrying on the profession, or

(iii) as are already required to be provided following a request issued under the provisions of section 16 (inserted by section 101 of the Finance Act, 1991) of the Stamp Act, 1891,

and, in particular, he shall not be required to disclose any information or professional advice of a confidential nature given to a client.

(d) This subsection shall not apply to any premises or place where a banking business, within the meaning of the Central Bank Act, 1971, is carried on or to any person, or an employee of any person, carrying on such a business.

(e) (i) An authorised officer shall not, without the consent of the occupier, enter any premises, or that portion of any premises, which is occupied wholly and exclusively as a private residence, except on production by such officer of a warrant issued by a Judge of the District Court expressly authorising the authorised officer to so enter.

(ii) A Judge of the District Court may issue a warrant under subparagraph (i), if satisfied by information on oath that it is proper for him to do so for the purposes of this section.

(3) A person who does not comply with any requirement of an authorised officer in the exercise or performance of his powers or duties under this section shall be liable to a penalty of £1,000.

(4) An authorised officer, when exercising or performing his powers or duties under this section, shall on request show his authorisation for the purposes of this section.”.

233 Powers of inspection: PAYE.

233.—Chapter IV of Part V of the Income Tax Act, 1967, is hereby amended by the insertion after section 127 of the following section:

“127A.—(1) In this section—

‘authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section;

‘records’ means any personnel records relating to the payment of emoluments or the provision of benefits-in-kind or perquisites, payroll files, wages sheets, certificates of tax-free allowances, tax deduction cards, certificates issued in accordance with Regulation 22 of the Income Tax (Employment) Regulations, 1960 (S.I. No. 28 of 1960), including any data (within the meaning of section 237 of the Finance Act, 1992) stored by any means approved under section 113 of the Finance Act, 1986, or by any other means or any other information or documents which the authorised officer may reasonably require.

(2) An authorised officer may at all reasonable times enter any premises or place where he has reason to believe that an employer is or has been carrying on any activity, as an employer, or that any person is or was either paying emoluments or providing benefits-in-kind, or perquisites or that any person is or was in receipt of emoluments, benefits-in-kind or perquisites or that records are or may be kept, and

(a) may require any employer or any other person who is on those premises or in that place, other than a person who is there to purchase goods or to receive a service, to produce any records which he requires for the purposes of his enquiry,

(b) may, if he has reason to believe that any of the records he has required to be produced to him under the provisions of paragraph (a) have not been so produced, search on those premises or in that place for those records, and

(c) may examine, make copies of, take extracts from, remove and retain any records for further examination or for the purposes of any legal proceedings instituted by an officer of the Revenue Commissioners or for the purposes of any criminal proceedings.

(3) An authorised officer may require any person, other than a person purchasing goods or receiving a service from an employer, to give the authorised officer all reasonable assistance including providing information and explanations and furnishing documents required by the authorised officer.

(4) An authorised officer, when exercising or performing his powers or duties under this section, shall on request produce his authorisation for the purposes of this section.

(5) A person who does not comply with the requirements of an authorised officer in the exercise or performance of his powers or duties under this section shall be liable to a penalty of £1,000.

(6) The records referred to in this section shall be retained by the employer for a period of 6 years after the end of the year to which they refer or for such shorter period as the Revenue Commissioners may authorise in writing to the employer.”.

234 Amendment of section 128 (penalties) of Income Tax Act, 1967.

234.—Section 128 of the Income Tax Act, 1967, is hereby amended in subsection (1)—

(a) by the deletion of “or to produce any wages sheet or records or documents,”, and

(b) by the substitution of “£1,200” for “£800”,

and the said subsection (1) as so amended is set out in the Table to this section.

TABLE

(a) If any person does not comply with any provision of regulations made under this Chapter requiring him to send any return, statement, notification or certificate or to remit tax to the collector or fails to make any deduction or repayment in accordance with any regulation made pursuant to section 127.(1) (ee), he shall be liable to a penalty of £1,200,

235 Powers of inspection: tax deductions from payments to certain sub-contractors.

235.—Chapter I of Part I of the Finance Act, 1970, is hereby amended by the insertion after section 17 of the following section:

“17A.—(1) In this section—

‘authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section;

‘principal’, ‘relevant contract’, ‘relevant operations’ and ‘subcontractor’ have the same meanings as they have in section 17 (as amended by section 28 of the Finance Act, 1992);

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