FINANCE ACT, 1996

“Relief affected by subsequent changes of law, etc.

321.—(1) If relief given to a person by virtue of section 318 (1) for any year of claim is affected by a subsequent alteration of the law, or by any discontinuance of the trade or other event occurring after the end of the year, any necessary adjustment may be made, and so much of any repayment of tax as exceeded the amount repayable in the events that happened shall, if not otherwise made good, be recovered from the person by assessment under Case IV of Schedule D.

• (2) For the purpose of such assessment as is mentioned in subsection (1), the amount of capital allowances by reference to which the repayment was made, or an appropriate part of that amount, shall be deemed to be income chargeable under the said Case IV for the year of claim and shall be included in the return of income which the person is required to make under the provisions of this Act for that year.”.

• (19) In section 433 (1)—

• (a) for “any yearly interest of money, annuity, or other annual payment” there shall be substituted “any annuity, or any other annual payment apart from yearly interest of money”, and

• (b) for “the person liable to the interest, annuity, or annual payment” there shall be substituted “the person liable to the annuity or annual payment”.

• (20) In section 434 (1), for “any interest of money, annuity, or other annual payment” there shall be substituted “any annuity, or other annual payment (apart from yearly interest of money)”.

• (21) In section 468 (2), for “433, 434 or 456” there shall be substituted “433 or 434”.

• (22) In section 471(2), for “433, 434 or 456” there shall be substituted “433 or 434”.

• (23) In section 497, for the words from the commencement of the section to the end of the first proviso there shall be substituted the following:

“Any repayment of income tax for any year of assessment to which any person may be entitled in respect of any allowance, deduction, relief or reduction under the provisions specified in the Table to section 137 shall, save as otherwise provided by this Act, be made at the standard rate of tax or at the higher rate or rates, as the case may be:

Provided that, in the case of any person who proves as regards any year that, by reason of the allowances, deductions or reliefs to which he is entitled, he has no taxable income for that year, any repayment to be made shall be a repayment of the whole amount of the tax paid by him, whether by deduction or otherwise, in respect of his income for that year:”.

The Finance Act, 1967

(No. 17 of 1967)

“Provided that, as respects chargeable periods ending on or after the 6th day of April, 1999, no allowance made under the said section 241 for wear and tear of any qualifying machinery or plant provided for use before the said 1st day of April, 1992, shall be increased under this section.”.

The Finance Act, 1968

(No. 33 of 1968)

• “(6) Section 508 of the Income Tax Act, 1967, is hereby amended by the insertion in subsection (1) after ‘240 or 296’ of ‘or section 6 of the Finance Act, 1968’.”.

The Finance Act, 1969

(No. 21 of 1969)

• “(1) In this section—

‘farm land’ means land in the State wholly or mainly occupied for the purposes of husbandry, other than market garden land within the meaning of section 54 of the Income Tax Act, 1967;

‘occupation’ has the same meaning as in section 18.”.

The Finance Act, 1971

(No. 23 of 1971)

“Provided that, as respects chargeable periods ending on or after the 6th day of April, 1999, no allowance made under the said section 241 for wear and tear of any qualifying machinery or plant provided for use before the said 1st day of April, 1992, shall be increased under this section.”.

The Finance Act, 1972

(No. 19 of 1972)

“1. This Part applies to any payment to or for the benefit of an employee, otherwise than in course of payment of a pension, being a payment made out of funds which are or have been held for the purposes of a scheme which is or has at any time been approved for the purposes of Chapter II.

1. If the payment—

2. (a) is not expressly authorised by the rules of the scheme, or

3. (b) is made at a time when the scheme is not approved for the purposes of Chapter II and would not have been expressly authorised by the rules of the scheme when it was last so approved,

the employee (whether or not he is the recipient of the payment) shall be chargeable to tax on the amount of the payment under Schedule E for the year of assessment in which the payment is made.”.

The Finance Act, 1973

(No. 19 of 1973)

• “(i) is not connected (within the meaning of section 131 of the Finance Act, 1996, as it applies for the purposes of the Capital Gains Tax Acts) with the person who is the beneficial recipient of the royalty or other sum, and”.

The Finance (Taxation of Profits of Certain Mines) Act, 1974

(No. 17 of 1974)

In section 1—

• (1) in subsection (1), for the definition of “scheduled minerals” there shall be substituted the following:

“‘scheduled minerals’ means minerals specified in the Table to this section occurring in non-bedded deposits of such minerals;”,

• (2) after subsection (5), there shall be inserted the following:

• “(6) The Minister for Finance may by regulation add minerals occurring in non-bedded deposits of such minerals to the Table to this section.

• (7) Every regulation made under subsection (6) of this section shall be laid before Dáil Éireann as soon as may be after it is made and if a resolution annulling the regulation is passed by Dáil Éireann within the next twenty-one days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

TABLE

SCHEDULED MINERALS

Barytes

Felspar

Serpentinous marble

Quartz rock

Soapstone

Ores of copper

Ores of gold

Ores of iron

Ores of lead

Ores of manganese

Ores of molybdenum

Ores of silver

Ores of sulphur

Ores of zinc”.

The Finance Act, 1974

(No. 27 of 1974)

• “(3) Where, for the year 1973-74 or any earlier year of assessment, a deduction such as is referred to in subsection (2) has been allowed under subsection (5) of the said section 81 and there is a deficiency within the meaning of subsection (4) of the said section 81, so much of any such deficiency as is attributable to the allowance of the deduction aforesaid shall not be carried forward, or set against profits or gains for the year 1974-75 or any subsequent year of assessment under the provisions of section 89 or 310 of the Income Tax Act, 1967.”.

The Corporation Tax Act, 1976

(No. 7 of 1976)

• (1) In section 6, for subsection (5) there shall be substituted the following:

• “(5) Corporation tax shall be under the care and management of the Revenue Commissioners and subsections (2), (3), (4) and (5) of section 155 of the Income Tax Act, 1967, shall, subject to any necessary modifications, apply to corporation tax.”.

• (2) In section 50 (1), before “46A” there shall be inserted “33A,”.

• (3) In section 50 (4), for paragraph (c) there shall be substituted the following:

• “(c) any contract with the trustees or other persons having the management of a scheme approved under section 235 or 235A of the Income Tax Act, 1967, or under both of those sections, being a contract which—

• (i) was entered into for the purposes only of that scheme, and

• (ii) (in the case of a contract entered into or varied on or after the 6th day of April, 1958) is so framed that the liabilities undertaken by the assurance company under the contract correspond with liabilities against which the contract is intended to secure the scheme,”.

• (4) In section 102 (1), after “For the purposes of this Part” there shall be inserted “and section 162”.

• (5) In section 147 (2), before “521” there shall be inserted “520,”.

The Finance Act, 1978

(No. 21 of 1978)

“Provided that, as respects chargeable periods ending on or after the 6th day of April, 1999, no allowance made under the said section 264 in respect of qualifying expenditure incurred before the said 1st day of April, 1992, shall be increased under this section.”.

The Finance Act, 1980

(No. 14 of 1980)

• “(4)

  • (a) The provisions of sections 146, 149 and 497 of the Income Tax Act, 1967, shall apply in relation to exemption from or any reduction of tax under this section or under section 1 as they apply in relation to any allowance, deduction, relief or reduction under the provisions specified in the Table to section 137 of that Act.

  • (b) The provisions of Schedule 4 to the Income Tax Act, 1967, and of paragraph IX of Schedule 18 to that Act shall, with any necessary modifications, apply in relation to exemption from or any reduction of tax under this section or under section 1.”.

The Finance Act, 1983

(No. 15 of 1983)

• (1) In section 3, for paragraph (a) of subsection (4), there shall be substituted the following:

• “(a) The provisions of sections 146 and 149 of the Income Tax Act, 1967, shall apply to a deduction under subsection (2)(c) as they apply to any allowance, deduction, relief or reduction under the provisions specified in the Table to section 137 of that Act.”.

• (2) In section 94 (2), after paragraph (e), there shall be inserted the following:

• “(ee) knowingly or wilfully, and within the time limits specified for their retention, destroys, defaces, or conceals from an authorised officer—

  • (i) any documents, or

  • (ii) 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 of the Acts to keep, to issue or to produce for inspection,”.

The Finance Act, 1985

(No. 10 of 1985)

• “(6)

  • (a) The provisions of sections 146, 149 and 497 of the Income Tax Act, 1967, shall apply to a deduction under this section as they apply to any allowance, deduction, relief or reduction under the provisions specified in the Table to section 137 of that Act.

  • (b) The provisions of Schedule 4 to the Income Tax Act, 1967, and of paragraph IX of Schedule 18 to that Act shall, with any necessary modifications, apply in relation to a deduction under this section.”.

The Finance Act, 1986

(No. 13 of 1986)

• “(2) Subject to the subsequent provisions of this section, where an eligible employee, in relation to a qualifying company, subscribes for eligible shares in the qualifying company, he shall be entitled to have a deduction made from his total income for the year of assessment in which the shares are issued of an amount equal to the amount of the subscription:”.

The Finance Act, 1987

(No. 10 of 1987)

• “(2) In determining, for any chargeable period, what capital allowances fall to be made to a person in taxing a trade which consists of or includes the carrying on of qualifying purposes, section 241 of the Income Tax Act, 1967, shall apply to a car which, as respects that period, has been used by the person for qualifying purposes as if the reference in paragraph (b) (ii) of subsection (1) of that section to ‘20 per cent.’ were a reference to ‘40 per cent.’.”.

The Finance Act, 1991

(No. 13 of 1991)

The Finance Act, 1992

(No. 9 of 1992)

• “(2) In relation to assets representing development expenditure, subsection (1) of section 241 of the Income Tax Act, 1967, shall, subject to subsection (3), have effect as if the reference in paragraph (b) (i) of the said subsection (1) to ‘15 per cent.’ were a reference to ‘100 per cent.’.”.

The Finance Act, 1995

(No. 8 of 1995)

PART II Pre-Consolidation Repeals

The repeals in this Part of this Schedule shall not affect the liability to income tax or capital gains tax for years of assessment ending on or before the 5th day of April, 1996, or the liability to corporation tax for accounting periods ending on or before that date, or the assessment, collection or recovery of any of those taxes or of interest thereon or other proceedings relating to those taxes or that interest.

Footnotes