Finance Act , 1993

(3) In this section “securities” includes, stocks, funds and any units comprising or representing any securities.

139 Foreign currency clearing accounts, etc.

139.—(1) The Minister may, whenever he considers it appropriate, establish accounts denominated in a currency other than the currency of the State and each account so established shall be known as a foreign currency clearing account.

(2) Notwithstanding section 54 of the Finance Act, 1970, section 67 (8) of the Finance Act, 1988, and any other statutory provision to the contrary, the Minister may pay into any foreign currency clearing account the proceeds of any borrowing or other transaction denominated in a currency other than the currency of the State but only if such proceeds are not moneys placed on deposit in accordance with section 4 of the Appropriation Act, 1965.

(3) Except for transactions undertaken under section 4 of the Appropriation Act, 1965, all payments and receipts denominated in any currency other than the currency of the State and in respect of which currency a foreign currency clearing account stands established shall be processed through the foreign currency clearing account so established or the Exchequer accounts at the Central Bank of Ireland.

(4) The Minister may, subject to subsection (7), apply any amounts standing to the credit of any foreign currency clearing account towards any of the following, that is to say:

(a) the defraying of interest or expenses arising on the public debt;

(b) the repayment of principal relating to the public debt;

(c) the discharging of payment obligations arising under any transactions entered into under section 54 (7) of the Finance Act, 1970;

(d) notwithstanding section 4 of the Appropriation Act, 1965, the placing of such sums on deposit.

(5) For the purposes of subsection (4) (d), the Minister may, whenever he considers it appropriate, establish deposit accounts denominated in a currency other than the currency of the State and each account so established shall be known as a foreign currency deposit account.

(6) The Minister shall only pay the proceeds of any deposit placed in a foreign currency deposit account, together with any interest earned on any such deposit, into a foreign currency clearing account which is denominated in the currency of such deposit.

(7) The disbursement of money from any foreign currency clearing account shall be subject to control by the Comptroller and Auditor General and the manner in which such control shall be exercised shall be specified by the Comptroller and Auditor General.

(8) All outstanding balances on foreign currency clearing accounts denominated in a particular currency shall, at least once in every calendar year, be reduced on the same day to zero by either paying such balances into the Exchequer accounts at the Central Bank of Ireland or applying such balances for any of the purposes set out in paragraph (a), (b) or (c) of subsection (4) and on that day there shall not be outstanding any deposits denominated in that currency in any foreign currency deposit account.

(9) Accounts prepared under section 12 of the National Treasury Management Agency Act, 1990, shall include a statement of any sums standing in every foreign currency clearing account and foreign currency deposit account at the close of the financial year of the Agency.

(10) The functions of the Minister referred to in the First Schedule to the National Treasury Management Agency Act, 1990, for the purposes of section 5 of that Act shall be construed as if there were included in that Schedule for those purposes a reference to the functions of the Minister under this section.

(11) In this section “the Minister” means the Minister for Finance.

140 Amendment of section 242 (tax clearance in relation to certain licences) of Finance Act, 1992.

140.—Section 242 of the Finance Act, 1992, is hereby amended—

(a) in subsection (1)—

(i) by the substitution for the definition of “beneficial holder of a licence” of the following:

“‘beneficial holder of a licence’ means the person who conducts the activities under the licence and, in relation to a licence issued under the Auctioneers and House Agents Act, 1947, includes the authorised individual referred to in section 8 (4) or the nominated individual referred to in section 9 (1) of that Act;”,

(ii) by the substitution for the definition of “licence” of the following:

“‘licence’ means a licence of the kind referred to—

(a) in the proviso (inserted by section 156 of the Finance Act, 1992) to section 49 (1) of the Finance (1909-10) Act, 1910,

(b) in the further proviso (inserted by section 79 (1) of the Finance Act, 1993), to the said section 49 (1),

(c) in the proviso (inserted by section 79 (2) of the Finance Act, 1993) to section 7 (3) of the Betting Act, 1931,

(d) in the proviso (inserted by section 79 (3) of the Finance Act, 1993) to section 19 of the Gaming and Lotteries Act, 1956,

(e) in the proviso (inserted by section 79 (4) (a) of the Finance Act, 1993) to subsection (1) of section 8 of the Auctioneers and House Agents Act, 1947,

(f) in the proviso (inserted by section 79 (4) (b) of the Finance Act, 1993) to subsection (1) of section 9 of the Auctioneers and House Agents Act, 1947 (an auction permit under the said section 9 being deemed, for the purposes of this section, to be a licence),

(g) in the proviso (inserted by section 79 (4) (c) of the Finance Act, 1993) to subsection (1) of section 10 of the Auctioneers and House Agents Act, 1947,

(h) in the proviso (inserted by section 79 (5) of the Finance Act, 1993) to paragraph 12 (12) of the Imposition of Duties (No. 221) (Excise Duties) Order, 1975, and

(i) in the proviso (inserted by section 79 (6) of the Finance Act, 1993) to paragraph (b) of subsection (3) of section 45 of the Finance Act, 1989;”,

and

(iii) by the substitution for the definition of “specified date” of the following:

“‘specified date’ means the date of commencement of a licence sought to be granted under any of the provisions referred to in paragraphs (a) to (i) of the definition of ‘licence’ (inserted by the Finance Act, 1993) as specified for the purposes of a tax clearance certificate under subsection (2);”,

and

(b) in subsection (4), by the insertion after “relates” of “and, where that licence is for a period of less than one year, the licensing period” and the said subsection (4), as so amended, is set out in the Table to this section.

TABLE

(4) An application for a tax clearance certificate under this section shall be made to the Collector-General in a form prescribed by the Revenue Commissioners and shall specify the commencement date of the licence to which the application relates and, where that licence is for a period of less than one year, the licensing period.

141 Radio Telefís Éireann levy.

141.—Radio Telefís Éireann shall pay a levy of £13,400,000 into the Central Fund on or before the 30th day of June, 1993.

142 Care and management of taxes and duties.

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

143 Short title, construction and commencement.

143.—(1) This Act may be cited as the Finance Act, 1993.

(2) Part 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 1992, and may be cited together therewith as the Value-Added Tax Acts, 1972 to 1993.

(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, and the enactments amending or extending that Act.

(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, 1993.

(9) In relation to Part III:

(a) section 81, subparagraph (ii) of paragraph (c) of section 85, paragraphs (a) and (c) of section 87, paragraph (a) of section 89, sections 94 and96, subsection (1) of section 97 and section 98 shall be deemed to have come into force and shall take effect as on and from the 1st day of March, 1993;

(b) subsection (2) of section 97 shall take effect as on and from the 1st day of July, 1993;

(c) sections 84 and 86, paragraph (a) of section 88, section 90 and paragraph (b) of section 95 shall take effect as on and from the 1st day of August, 1993;

(d) paragraph (b) of section 92 shall take effect as on and from the 1st day of September, 1993; and

(e) the provisions of this Part, other than those specified in paragraphs (a) to (d), shall have effect as on and from the date of passing of this Act.

(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 or clause is to the subsection, paragraph, subparagraph or clause 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 Amendment of Enactments

PART I Amendments Consequential on Changes in Rates of Tax

“‘higher rate’, in relation to tax, means the rate of tax, known by that description, provided for in section 2 (as amended by the Finance Act, 1993) of the Finance Act, 1992;”.

PART II Amendments Consequential on Changes in Personal Reliefs

The Income Tax Act, 1967, is hereby amended in accordance with the following provisions:

(a) in section 138—

(i) in paragraph (a), by the substitution of “£4,350” for “£4,200” (inserted by the Finance Act, 1991),

(ii) in paragraph (b) (as amended by the Finance Act, 1988), by the substitution of “£2,675” and “£4,350”, respectively, for “£2,600” and “£4,200” (inserted by the Finance Act, 1991), and

(iii) in paragraph (c), by the substitution of “£2,175” for “£2,100” (inserted by the Finance Act, 1991),

and

(b) in section 138A (2) (inserted by the Finance Act, 1985), by the substitution of “£1,675” and “£2,175”, respectively, for “£1,600” and “£2,100” (inserted by the Finance Act, 1991).

SECOND SCHEDULE Rates of Excise Duty on Tobacco Products

THIRD SCHEDULE Rates of Excise Duty on Cider and Perry

FOURTH SCHEDULE Rates of Excise Duty on Wine and Made Wine

FIFTH SCHEDULE Enactments Repealed