Finance Act 1997

(2) Section 137 of the Income Tax Act, 1967, is hereby amended in Part I of the Table to that section by the addition of “Section 154 of the Finance Act, 1997”.

(3) Section 33A of the Corporation Tax Act, 1976, is hereby amended in subsection (1) by the substitution of “section 42 of the Finance Act, 1994, or section 150 of the Finance Act, 1997” for “or section 42 of the Finance Act, 1994”.

(4) Section 56 of the Finance Act, 1991, is hereby amended in paragraph (c) of subsection (1) by the substitution of “subparagraph (i) or (ii)” for “subparagraph (i), (ii) or (iii)”.

PART VIII Miscellaneous

157 Amendment of section 162 (Collector-General) of Income Tax Act, 1967.

157.—As on and from the passing of this Act, section 162 of the Income Tax Act, 1967, is hereby amended, in subsection (3), by the deletion, in both paragraphs (a) and (b) (inserted by the Finance Act, 1987), of the words “and at his direction”.

158 Amendment of section 23 (publication of names of defaulters) of Finance Act, 1983.

158.—As respects the year 1997 and subsequent years, section 23 of the Finance Act, 1983, is hereby amended—

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

“(2) The Revenue Commissioners shall, as respects each relevant period (being the period beginning on the 1st day of January, 1997, and ending on the 30th day of June, 1997, and each subsequent period of three months beginning with the period ending on the 30th day of September, 1997), compile a list of names and addresses and the occupations or descriptions of every person—

(a) upon whom a fine or other penalty was imposed by a court under any of the Acts during that relevant period,

(b) upon whom a fine or other penalty was otherwise imposed by a court during that relevant period in respect of an act or omission by the person in relation to tax, or

(c) in whose case the Revenue Commissioners, pursuant to an agreement made with the person in that relevant period, refrained from initiating proceedings for recovery of any fine or penalty of the kind mentioned in paragraphs (a) and (b) and, in lieu of initiating such proceedings, accepted, or undertook to accept, a specified sum of money in settlement of any claim by the Revenue Commissioners in respect of any specified liability of the person under any of the Acts for—

(i) payment of any tax,

(ii) payment of interest thereon, and

(iii) a fine or other monetary penalty in respect thereof.”,

and

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

“(3) Notwithstanding any obligation as to secrecy imposed on them by the Acts or the Official Secrets Act, 1963—

(a) the Revenue Commissioners shall, before the expiration of three months from the end of each relevant period, cause each such list referred to in subsection (2) in relation to that period to be published in Iris Oifigiúil, and

(b) the Revenue Commissioners may, at any time, cause any such list referred to in subsection (2) to be publicised in such manner as they shall consider appropriate.”.

159 Evidence of authorisation.

159.—(1) In this section, except where the context otherwise requires—

“the Acts” means—

(a) (i) the Customs Acts,

(ii) the statutes relating to the duties of excise and to the management of those duties,

(iii) the Tax Acts,

(iv) the Capital Gains Tax Acts,

(v) the Value-Added Tax Act, 1972, and the enactments amending or extending that Act,

(vi) the Capital Acquisitions Tax Act, 1976, and the enactments amending or extending that Act,

(vii) the statutes relating to stamp duty and to the management of that duty,

and any instruments made thereunder or under any other enactment and relating to tax, and

(b) the European Communities (Intrastat) Regulations, 1993 (S.I. No. 136 of 1993);

“authorised officer” means an officer of the Revenue Commissioners who is authorised, nominated or appointed under any provision of the Acts, to exercise or perform any functions under any of the specified provisions, and “authorised” and “authorisation” shall be construed accordingly;

“functions” includes powers and duties;

“identity card”, in relation to an authorised officer, means a card which is issued to the officer by the Revenue Commissioners and which contains—

(a) a statement to the effect that the officer—

(i) is an officer of the Revenue Commissioners, and

(ii) is an authorised officer for the purposes of the specified provisions,

(b) a photograph and signature of the officer,

(c) a hologram showing the logo of the Office of the Revenue Commissioners,

(d) the facsimile signature of a Revenue Commissioner, and

(e) particulars of the specified provisions under which the officer is authorised;

“specified provisions”, in relation to an authorised officer, means either or both the provisions of the Acts under which the authorised officer—

(a) is authorised and which are specified on his or her identity card, and

(b) exercises or performs functions under the Customs Acts or any statutes relating to the duties of excise and to the management of those duties;

“tax” means any tax, duty, levy, charge under the care and management of the Revenue Commissioners.

(2) Where, in the exercise or performance of any functions under any of the specified provisions in relation to him or her, an authorised officer is requested to produce or show his or her authorisation for the purposes of that provision, the production by the authorised officer of his or her identity card—

(a) shall be taken as evidence of authorisation under that provision, and

(b) shall satisfy any obligation under that provision which requires the authorised officer to produce such authorisation on request.

(3) This section shall come into operation on such day as the Minister for Finance may appoint by order.

160 Tax clearance for moneylenders, mortgage intermediaries and credit intermediaries.

160.—(1) Section 242(1) of the Finance Act, 1992, is hereby amended in the definition of “licence” (as amended by the Finance Act, 1993)—

(a) by the substitution of “‘licence’ means a licence or authorisation, as the case may be, of the kind referred to—” for “‘licence’ means a licence of the kind referred to—”, and

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

“(gg) in section 93, 116 or 144 of the Consumer Credit Act, 1995;”.

(2) The Consumer Credit Act, 1995, is hereby amended—

(a) in section 93—

(i) by the substitution, in subsection (10), of the following for paragraph (d):

“(d) the applicant has failed to provide satisfactory evidence that a current tax clearance certificate in relation to the licence has been issued in accordance with the provisions of section 242 (as amended by the Finance Act, 1997) of the Finance Act, 1992,”,

and

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

“(10A) (a) Where in relation to a moneylender's licence—

(i) an application in accordance with section 242 of the Finance Act, 1992, for a tax clearance certificate has been made—

(I) not less than four months prior to the commencement date of such licence, and

(II) a tax clearance certificate has not yet been issued or refused,

or

(ii) a tax clearance certificate has been refused and an appeal against such refusal has been made and accepted in accordance with subsection (6) of the said section 242,

and in either case, the licence could, but for the provisions relating to a tax clearance certificate, have been issued, then—

(I) in a case where a licence has been granted in respect of the previous licensing period, such licence may continue in force beyond its latest expiry date pending—

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal,

and

(II) in a case where a licence has not been granted in respect of the previous licensing period, a licence may be issued temporarily and remain in force pending—

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal:

Provided that the amount of the fee that would be payable on the application for the licence is duly deposited with the Director.

(b) Every licence issued temporarily or continued in force in accordance with paragraph (a) shall, while it remains in force, be deemed to be a licence within the meaning of this section.

(c) Where—

(i) a determination is made to issue a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or

(ii) the final determination of an appeal referred to in subparagraph (ii) of paragraph (a) is to the effect that the application for a tax clearance certificate in relation to a licence is an acceptable application,

and where the tax clearance certificate has been issued; the licence continued in force or issued temporarily under this subsection shall expire upon the grant of a licence under this section and the duty deposited shall be set against the appropriate duty payable on the grant of the licence.

(d) Where—

(i) a determination is made to refuse a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or

(ii) the final determination of an appeal under subparagraph (ii) of paragraph (a) is to the effect that the refusal of an application for a tax clearance certificate in relation to a licence is a valid refusal,

the licence continued in force or issued temporarily under this subsection shall expire not later than seven days after such refusal or after the determination of such appeal, and the amount of any duty deposited in excess of the proportion of that duty attributable to the period when the licence was temporarily in force shall be repaid,”,

(b) in section 116—

(i) by the substitution, in subsection (9), of the following for paragraph (d);

“(d) the applicant has failed to provide satisfactory evidence that a current tax clearance certificate in relation to the authorisation has been issued in accordance with the provisions of section 242 (as amended by the Finance Act, 1997) of the Finance Act, 1992,”,

and

(ii) by the insertion of the following after subsection (9):

“(9A) (a) Where in relation to an authorisation—

(i) an application in accordance with section 242 of the Finance Act, 1992, for a tax clearance certificate has been made—

(I) not less than four months prior to the commencement date of such authorisation, and

(II) a tax clearance certificate has not yet been issued or refused,

or

(ii) a tax clearance certificate has been refused and an appeal against such refusal has been made and accepted in accordance with subsection (6) of the said section 242,

and in either case, the authorisation could, but for the provisions relating to a tax clearance certificate, have been issued, then—

(I) in a case where an authorisation has been granted in respect of the previous authorisation period, such authorisation may continue in force beyond its latest expiry date pending—

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal,

and

(II) in a case where an authorisation has not been granted in respect of the previous authorisation period, an authorisation may be issued temporarily and remain in force pending—

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal:

Provided that the amount of the fee that would be payable on the application for the authorisation is duly deposited with the Director.

(b) Every authorisation issued temporarily or continued in force in accordance with paragraph (a) shall, while it remains in force, be deemed to be an authorisation within the meaning of this section.

(c) Where—

(i) a determination is made to issue a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or

(ii) the final determination of an appeal referred to in subparagraph (ii) of paragraph (a) is to the effect that the application for a tax clearance certificate in relation to an authorisation is an acceptable application,

and where the tax clearance certificate has been issued, the authorisation continued in force or issued temporarily under this subsection shall expire upon the grant of an authorisation under this section and the duty deposited shall be set against the appropriate duty payable on the grant of the authorisation.

(d) Where—

(i) a determination is made to refuse a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or

(ii) the final determination of an appeal under subparagraph (ii) of paragraph (a) is to the effect that the refusal of an application for a tax clearance certificate in relation to an authorisation is a valid refusal,

the authorisation continued in force or issued temporarily under this subsection shall expire not later than seven days after such refusal or after the determination of such appeal, and the amount of any duty deposited in excess of the proportion of that duty attributable to the period when the authorisation was temporarily in force shall be repaid.”,

and

(c) in section 144—

(i) by the substitution, in subsection (9), of the following for paragraph (d):

“(d) the applicant has failed to provide satisfactory evidence that a current tax clearance certificate issued in relation to the authorisation has been issued in accordance with the provisions of section 242 (as amended by the Finance Act, 1997) of the Finance Act, 1992,”,

(ii) by the insertion of the following after subsection (9):

“(9A) (a) Where in relation to an authorisation—

(i) an application in accordance with section 242 of the Finance Act, 1992, for a tax clearance certificate has been made—

(I) not less than four months prior to the commencement date of such an authorisation, and

(II) a tax clearance certificate has not yet been issued or refused,

or

(ii) a tax clearance certificate has been refused and an appeal against such refusal has been made and accepted in accordance with subsection (6) of the said section 242,

and in either case, the authorisation could, but for the provisions relating to a tax clearance certificate, have been issued, then—

(I) in a case where an authorisation has been granted in respect of the previous authorisation period, such authorisation may continue in force beyond its latest expiry date pending—

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal,

and

(II) in a case where an authorisation has not been granted in respect of the previous authorisation period, an authorisation may be issued temporarily and remain in force pending—

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal:

Provided that the amount of the fee that would be payable on the application for the authorisation is duly deposited with the Director.

(b) Every authorisation issued temporarily or continued in force in accordance with paragraph (a) shall, while it remains in force, be deemed to be an authorisation within the meaning of this section.

(c) Where—

(i) a determination is made to issue a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or

(ii) the final determination of an appeal referred to in subparagraph (ii) of paragraph (a) is to the effect that the application for a tax clearance certificate in relation to an authorisation is an acceptable application,

and where the tax clearance certificate has been issued, the authorisation continued in force or issued temporarily under this subsection shall expire upon the grant of an authorisation under this section and the duty deposited shall be set against the appropriate duty payable on the grant of the authorisation.

(d) Where—

(i) a determination is made to refuse a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or

(ii) the final determination of an appeal under subparagraph (ii) of paragraph (a) is to the effect that the refusal of an application for a tax clearance certificate in relation to an authorisation is a valid refusal,

the authorisation continued in force or issued temporarily under this subsection shall expire not later than seven days after such refusal or after the determination of such appeal, and the amount of any duty deposited in excess of the proportion of that duty attributable to the period when the authorisation was temporarily in force shall be repaid.”.

(3) This section shall apply and have effect in relation to an application under—

(a) section 93 of the Consumer Credit Act, 1995, for a moneylender's licence,

(b) section 116 of that Act, for a mortgage intermediaries authorisation,

(c) section 144 of that Act, for a credit intermediaries authorisation,

the commencement date of which is on or after the 1st day of January, 1998.

161 Amendment of section 54 (creation and issue of securities by Minister for Finance) of Finance Act, 1970, etc.

161.—(1) Section 54 of the Finance Act, 1970, is hereby amended by the insertion after subsection (9) (inserted by the Finance Act, 1993) of the following subsection:

“(10) (a) The Minister for Finance may, whenever and so often as the Minister thinks fit, nominate any securities issued under subsection (1) of this section as securities under which each obligation to make a payment whether of principal or of interest, may be separated and each such separated obligation (in this subsection referred to as ‘strips’) shall constitute securities for the purposes of this section.

(b) Strips created by virtue of paragraph (a) may be used to constitute securities fungible with the securities from which such strips were derived.

(c) The Minister may, whenever and so often as the Minister thinks fit, prescribe such terms and conditions for the purposes of implementing the provisions of paragraphs (a) and (b).”.

162 Advance of moneys to Post Office Savings Bank Fund by the Minister for Finance.

162.—(1) The Minister for Finance may advance moneys from the Central Fund or the growing produce thereof to the Post Office Savings Bank Fund on such terms and conditions as that Minister thinks fit for the purpose of the acquisition, holding or disposal of any rights or interests, direct or indirect, in any securities of the State to which section 138(1)(b)(i) of the Finance Act, 1993, relates.

(2) (a) In respect of any moneys advanced by virtue of subsection (1), such moneys shall, subject to paragraph (b), be repaid to the Minister for Finance at such time or in such circumstances as that Minister may specify, together with any interest thereon at such rate or rates as that Minister may fix.

(b) The Minister for Finance may, from time to time, alter the time or circumstances under which any moneys advanced by virtue of subsection (1) are to be repaid.

163 Amendment of National Treasury Management Agency Act, 1990.

163.—The National Treasury Management Agency Act, 1990, is hereby amended—

(a) in section 4 by the insertion of the following subsection after subsection (1):

“(1A) An additional function of the Agency shall be:

(a) to perform, on behalf of the Minister for Agriculture, Food and Forestry whenever requested by that Minister, the borrowing function set out in Regulation 11 of the European Communities (Common Agricultural Policy) (Market Intervention) Regulations, 1973 (S.I. No. 24 of 1973), and

(b) to exercise the function of that Minister in relation to the management of the indebtedness arising from such borrowing, on such terms and conditions as may be agreed by the Agency with that Minister.”,

and

(b) in the First Schedule, by the insertion of the following paragraph after paragraph (g):

“(gg) section 54(10) (inserted by section 161 of the Finance Act, 1997) of the Finance Act, 1970,”.

164 Capital Services Redemption Account.

164.—(1) In this section—

“the 1996 amending section” means section 138 of the Finance Act, 1996;

“capital services” has the same meaning as it has in the principal section;

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

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

(2) In relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of December, 1997, subsection (4) of the 1996 amending section shall have effect with the substitution of “£88,264,810” for “£83,599,421”.

(3) Subsection (6) of the 1996 amending section shall have effect with the substitution of “£66,821,199” for “£64,256,400”.

(4) A sum of £94,679,697 to redeem borrowings, and interest thereon, in respect of capital services shall be charged annually on the Central Fund or the growing produce thereof in the thirty successive financial years commencing with the financial year ending on the 31st day of December, 1997.

(5) The forty-seventh additional annuity shall be paid into the Capital Services Redemption Account in such manner and at such times in the relevant financial year as the Minister for Finance may determine.

(6) Any amount of the forty-seventh additional annuity, not exceeding £72,772,950 in any financial year, may be applied towards defraying the interest on the public debt.

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

165 Care and management of taxes and duties.

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

166 Short title, construction and commencement.

166.—(1) This Act may be cited as the Finance Act, 1997.

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

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

(4) Part III shall be construed together with the Value-Added Tax Acts, 1972 to 1996, and may be cited together therewith as the Value-Added Tax Acts, 1972 to 1997.

(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 Part.

(7) Part VI (so far as relating to capital acquisitions tax) shall be construed together with the Capital Acquisitions Tax Act, 1976, and the enactments amending or extending that Act.

(8) Part VIII (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 and (so far as relating to value-added tax) shall be construed together with the Value-Added Tax Acts, 1972 to 1996, and (so far as relating to Residential Property Tax) shall be construed together with Part VI of the Finance Act, 1983, and the enactments amending or extending that Act and (so far as relating to capital acquisitions tax) shall be construed together with the Capital Acquisitions Tax Act, 1976, and the enactments amending or extending that Act.

(9) Part I and VII 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, 1997.

(10) In relation to Part III:

(a) section 95, paragraphs (b) and (c) of section 107, section 108 and section 114 shall be deemed to have come into force and shall take effect as on and from the 7th day of November, 1996;

(b) paragraph (a) of section 103 and section 105 shall be deemed to have come into force and shall take effect as on and from the 1st day of March, 1997;

(c) paragraphs (a) and (b) of section 96, section 98, section 100, paragraphs (b), (e) and (f) of section 102 and section 104 shall be deemed to have come into force and shall take effect as on and from the 26th day of March, 1997;

(d) section 110 shall be deemed to have come into force and shall take effect as on and from the 1st day of May, 1997;

(e) paragraph (c) of section 96, section 99, section 106, paragraph (a) of section 107, section 109, section 111 and section 112 shall take effect as on and from the 1st day of July, 1997;

(f) sections 101 and 113 shall take effect as on and from such date as the Minister for Finance may by order, appoint;

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

(11) 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.

(12) 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.

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

FIRST SCHEDULE Amendments Consequential on Changes in Personal Reliefs

(a) in section 138 (inserted by the Finance Act, 1980)—

(i) in paragraph (a) (inserted by the Finance Act, 1996), by the substitution of “£5,800” for “£5,300”,

(ii) in paragraph (b)(as amended by the Finance Act, 1988), by the substitution of “£3,400” and “£5,800”, respectively, for “£3,150” and “£5,300” (inserted by the Finance Act, 1996), and

(iii) in paragraph (c), by the substitution of “£2,900” for “£2,650” (inserted by the Finance Act, 1996),

and

(b) in subsection (2) of section 138A (inserted by the Finance Act, 1985), by the substitution of “£2,400” and “£2,900”, respectively, for “£2,150” and “£2,650” (inserted by the Finance Act, 1996).

SECOND SCHEDULE Amendments Consequential on Changes in Amounts of Tax Credits in Respect of Distributions

(2) Section 28 (7) of the Finance Act, 1978, section 28 (3) of the Finance Act, 1983, paragraph 4 of Part I of the Second Schedule to the Finance Act, 1988, paragraph 3 of the First Schedule to the Finance Act, 1990, and paragraph 3 of the Second Schedule to the Finance Act, 1995, shall each not apply to a distribution to which this paragraph applies.

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

(a) as a reference to such tax credits multiplied by .4937 in so far as they are tax credits in respect of distributions which were made before the 6th day of April, 1978, or which were made after the 5th day of April, 1983, and before the 6th day of April, 1988,

(b) as a reference to such tax credits multiplied by .6203 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1978, and before the 6th day of April, 1983,

(c) as a reference to such tax credits multiplied by .5649 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1988, and before the 6th day of April, 1989,

(d) as a reference to such tax credits multiplied by .6835 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1989, and before the 6th day of April, 1991,

(e) as a reference to such tax credits multiplied by .7975 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1991, and before the 6th day of April, 1995, and

(f) as a reference to such tax credits multiplied by .8899 in so far as they are tax credits in respect of distributions made after the 5th day of April, 1995, and before the 6th day of April, 1997.

THIRD SCHEDULE Employee Share Ownership Trusts

Interpretation

“ordinary share capital” has the meaning assigned to it by section 155 of the Corporation Tax Act, 1976;

“securities” mean shares (including stock) and debentures.

(2) For the purposes of this Schedule, the question whether one company is controlled by another shall be construed in accordance with section 102 of the Corporation Tax Act, 1976.

(3) For the purposes of this Schedule a person shall be regarded as an employee or a director of a company falling within the founding company's group at a particular time if, at the time or within 18 months prior to the time, that person is or was an employee or director of—

(a) the founding company, being a company resident in the State,

(b) a company resident in the State and controlled by the founding company, or

(c) a company, being the founding company or a company controlled by the founding company, which carries on a trade in the State through a branch or agency in which that person is employed.

(4) (a) For the purposes of this Schedule a person shall be treated as having a material interest in a company if the person, either on his or her own or with any one or more of his or her associates, or if any associate of his or her with or without any such other associates is the beneficial owner of, or able directly or through the medium of other companies or by any other indirect means to control, more than 5 per cent. of the ordinary share capital of the company.

(b) In this subparagraph—

“associate” has the meaning given to it by section 103 of the Corporation Tax Act, 1976;

“control” has the same meaning as in section 102 of that Act.

(5) For the purposes of this Schedule a trust is established when the deed under which it is established is executed.

Approval of Qualifying Trusts

(a) there is, with respect to the operation of the trust, any contravention of the conditions set out in paragraphs 6 to 18, or

(b) any shares of a class of which shares have been acquired by the trustees receive different treatment in any respect from the other shares of that class, in particular, different treatment in respect of—

(i) the dividend payable,

(ii) repayment,

(iii) the restrictions attaching to the shares, or

(iv) any offer of substituted or additional shares, securities or rights of any description in respect of the shares,

the Revenue Commissioners may, subject to subparagraph (3), withdraw the approval with effect from that time or from such later time as they may specify.

(2) If, at any time after the Revenue Commissioners have approved of a trust, an alteration is made to the terms of the trust, the approval shall not have effect after the date of the alteration unless they have approved of the alteration.

(3) It shall not be a ground for withdrawal of approval of a trust that shares which have been newly issued receive, in respect of dividends payable with respect to a period beginning before the date on which the shares were issued, treatment which is less favourable than that accorded to shares issued before that date.

(4) The Revenue Commissioners may by notice in writing require any person to furnish to them, within such time as they may direct which is not less than 30 days, such information as they think necessary to enable them to either or both—

(a) determine whether to approve of an employee share ownership trust or withdraw an approval already given, and

(b) determine the liability to tax of any beneficiary under an approved employee share ownership trust.

(a) the failure of the Revenue Commissioners to approve of an employee share ownership trust,

(b) the failure of the Revenue Commissioners to approve of an alteration as mentioned in paragraph 3(2), or

(c) the withdrawal of approval,

the company may, by notice in writing given to the Revenue Commissioners within 30 days from the date on which it is notified of their decision, make an application to have its claim for relief heard and determined by the Appeal Commissioners.

(2) Where an application is made under subparagraph (1), the Appeal Commissioners shall hear and determine the claim in like manner as an appeal made to them against an assessment and all the provisions of the Income Tax Acts relating to such an appeal (including the provisions relating to the re-hearing of an appeal and to the statement of a case for the opinion of the High Court on a point of law) shall apply accordingly with any necessary modifications.

General

(2) The trust shall be established by the founding company which, at the time the trust is established, is not controlled by another company.

Trustees

(a) appoint the initial trustees;

(b) contain rules for the retirement and removal of trustees;

(c) contain rules for the appointment of replacement and additional trustees.

(2) The trust deed shall provide that at any time while the trust subsists (in this subparagraph referred to as “the relevant time”)—

(a) the number of trustees shall not be less than three;

(b) all the trustees shall be resident in the State;

(c) the trustees shall include one person who is a trust corporation, a solicitor, or a member of such other professional body as the Revenue Commissioners may from time to time allow for the purposes of this paragraph;

(d) the majority of the trustees must be persons who are not and have never been directors of any company which falls within the founding company's group at the relevant time;

(e) the majority of the trustees shall be representatives of the employees of the companies which fall within the founding company's group at the relevant time, and who do not have and have never had a material interest in any such company;

(f) the trustees to whom subparagraph (e) relates, shall, before being appointed as trustees, have been selected by a majority of the employees of the companies falling within the founding company's group at the time of the selection.

(a) appoint the initial trustees;

(b) contain rules for the retirement and removal of trustees;

(c) contain rules for the appointment of replacement and additional trustees.

(2) The trust deed shall be so framed that at any time while the trust subsists the conditions set out in subparagraph (3) are fulfilled as regards the persons who are then trustees, and in that subparagraph “the relevant time” means that time.

(3) The conditions referred to in subparagraph (2) are that—

(a) the number of trustees is not less than three;

(b) all the trustees are resident in the State;

(c) the trustees include at least one person who is a professional trustee and at least two persons who are non-professional trustees;

(d) at least half of the non-professional trustees were, before being appointed as trustees, selected in accordance with subparagraph (6) or (7);

(e) all the trustees so selected are persons who are employees of companies which fall within the founding company's group at the relevant time, and who do not have and have never had a material interest in any such company.

(4) For the purposes of this paragraph a trustee is a professional trustee at a particular time if—

(a) the trustee is then a trust corporation, a solicitor, or a member of such other professional body as the Revenue Commissioners allow for the purposes of this subparagraph,

(b) the trustee is not then an employee or director of any company then falling within the founding company's group, and

(c) the trustee meets the requirements of subparagraph (5),

and for the purposes of this paragraph a trustee is a non-professional trustee at a particular time if the trustee is not then a professional trustee for those purposes.

(5) A trustee meets the requirements of this subparagraph if—

(a) he or she was appointed as an initial trustee and, before being appointed as trustee, was selected by, and only by, the persons who later became the non-professional initial trustees, or

(b) he or she was appointed as a replacement or additional trustee and, before being appointed as trustee, was selected by, and only by, the persons who were the non-professional trustees at the time of the selection.

(6) Trustees are selected in accordance with this subparagraph if the process of selection is one under which—

(a) all the persons who are employees of the companies which fall within the founding company's group at the time of the selection, and who do not have and have never had a material interest in any such company, are, so far as is reasonably practicable, given the opportunity to stand for selection,

(b) all the employees of the companies falling within the founding company's group at the time of the selection are, so far as is reasonably practicable, given the opportunity to vote, and

(c) persons gaining more votes are preferred to those gaining less.

(7) Trustees are selected in accordance with this subparagraph if they are selected by persons elected to represent the employees of the companies falling within the founding company's group at the time of the selection.

(2) The trust deed shall—

(a) be so framed that at anytime while the trust subsists the trustee is a company which at that time is resident in the State and controlled by the founding company;

(b) appoint the initial trustee;

(c) contain rules for the removal of any trustee and for the appointment of a replacement trustee.

(3) The trust deed shall be so framed that at any time while the trust subsists the company which is then the trustee is a company so constituted that the conditions set out in subparagraph (4) are then fulfilled as regards the persons who are then directors of the company, and in that subparagraph “the relevant time” means that time and “the trust company” means that company.

(4) The conditions referred to in subparagraph (3) are that—

(a) the number of directors is not less than three;

(b) all the directors are resident in the State;

(c) the directors include at least one person who is a professional director and at least two persons who are non-professional directors;

(d) at least half of the non-professional directors were, before being appointed as directors, selected in accordance with subparagraph (7) or (8);

(e) all the directors so selected are persons who are employees of companies which fall within the founding company's group at the relevant time, and who do not have and have never had a material interest in any such company.

(5) For the purposes of this paragraph a director is a professional director at a particular time if—

(a) the director is then a solicitor or a member of such other professional body as the Revenue Commissioners may at that time allow for the purposes of this subparagraph,

(b) the director is not then an employee of any company then falling within the founding company's group,

(c) the director is not then a director of any such company other than the trust company, and

(d) the director meets the requirements of subparagraph (6),

and for the purposes of this paragraph a director is a non-professional director at a particular time if the director is not then a professional director for those purposes.

(6) A director meets the requirements of this subparagraph if—

(a) he or she was appointed as an initial director and, before being appointed as director, was selected by and only by the persons who later became the non-professional initial directors, or

(b) he or she was appointed as a replacement or additional director and, before being appointed as director, was selected by and only by the persons who were the non-professional directors at the time of the selection.

(7) Directors are selected in accordance with this subparagraph if the process of selection is one under which—

(a) all the persons who are employees of the companies which fall within the founding company's group at the time of the selection, and who do not have and have never had a material interest in any such company, are, so far as is reasonably practicable, given the opportunity to stand for selection,

(b) all the employees of the companies falling within the founding company's group at the time of the selection are, so far as is reasonably practicable, given the opportunity to vote, and

(c) persons gaining more votes are preferred to those gaining less.

(8) Directors are selected in accordance with this subparagraph if they are selected by persons elected to represent the employees of the companies falling within the founding company's group at the time of the selection.

Beneficiaries

(2) The trust deed shall provide that a person is a beneficiary at a particular time (in this subparagraph referred to as “the relevant time”) if—

(a) the person is at the relevant time an employee or director of a company which at that time falls within the founding company's group,

(b) at each given time in a qualifying period the person was such an employee or director of a company falling within the founding company's group at that given time, and

(c) in the case of a director, at that given time the person worked as a director of the company concerned at the rate of at least 20 hours a week (ignoring such matters as holidays and sickness).

(3) The trust deed may provide that a person is a beneficiary at a particular time (in this subparagraph referred to as “the relevant time”) if—

(a) the person has at each given time in a qualifying period been an employee or director of a company falling within the founding company's group at that given time,

(b) the person has ceased to be an employee or director of the company or the company has ceased to fall within that group, and

(c) at the relevant time a period of not more than 18 months has elapsed since the person so ceased or the company so ceased, as the case may be.

(4) The trust deed may provide for a person to be a beneficiary if the person is a charity and the circumstances are such that—

(a) there is no person who is a beneficiary within the rule which is included in the deed and conforms with subparagraph (2) or with any rule which is so included and conforms with subparagraph (3), and

(b) the trust is in consequence being wound up.

(5) For the purposes of subparagraph (2) a qualifying period is a period—

(a) whose length is not more than 5 years,

(b) whose length is specified in the trust deed, and

(c) which ends with the relevant time (within the meaning of that subparagraph).

(6) For the purposes of subparagraph (3) a qualifying period is a period—

(a) whose length is equal to that of the period specified in the trust deed for the purposes of a rule which conforms with subparagraph (2), and

(b) which ends when the person or company, as the case may be, ceased as mentioned in subparagraph (3)(b).

(7) The trust deed shall not provide for a person to be a beneficiary unless the person falls within the rule which is included in the deed and conforms with subparagraph (2) or any rule which is so included and conforms with subparagraph (3) or (4).

(8) The trust deed shall provide that, notwithstanding any other rule which is included in it, a person cannot be a beneficiary at a particular time (in this subparagraph referred to as “the relevant time”) by virtue of a rule which conforms with subparagraph (2), (3) or (4) if—

(a) at the relevant time the person has a material interest in the founding company, or

(b) at any time in the period of one year preceding the relevant time the person has had a material interest in that company.

(9) For the purposes of this paragraph “a charity” means any body of persons or trust established for charitable purposes only.

Trustees' functions

(2) The functions of the trustees shall be so expressed that it is apparent that their general functions are—

(a) to receive sums from the founding company and other sums, by way of loan or otherwise;

(b) to acquire securities;

(c) to grant rights to acquire shares to persons who are beneficiaries under the terms of the trust deed;

(d) to transfer either or both securities and sums to persons who are beneficiaries under the terms of the trust deed;

(e) to transfer securities to the trustees of profit sharing schemes approved under Part I of the Third Schedule to the Finance Act, 1982;

(f) pending transfer, to retain the securities and to manage them, whether by exercising voting rights or otherwise.

Sums

(a) shall be expended within the expenditure period,

(b) may be expended only for one or more of the qualifying purposes, and

(c) shall, while it is retained by them, be kept as cash, or be kept in an account with a relevant deposit taker (within the meaning of section 31 of the Finance Act, 1986).

(2) For the purposes of subparagraph (1) the expenditure period is the period of 9 months beginning with the day determined as follows:

(a) in a case where the sum is received from the founding company, or a company which is controlled by that company at the time the sum is received, the day following the end of the accounting period in which the sum is expended by the company from which it is received;

(b) in any other case, the day the sum is received.

(3) For the purposes of subparagraph (1) each of the following is a qualifying purpose—

(a) the acquisition of shares in the founding company;

(b) the repayment of sums borrowed;

(c) the payment of interest on sums borrowed;

(d) the payment of any sum to a person who is a beneficiary under the terms of the trust deed;

(e) the meeting of expenses.

(4) The trust deed shall provide that, in ascertaining for the purposes of a relevant rule (being a provision which is included in the trust deed and conforms with subparagraph (1)) whether a particular sum has been expended, sums received earlier by the trustees shall be treated as expended before sums received by them later.

(5) The trust deed shall provide that, where the trustees pay sums to different beneficiaries at the same time, all the sums shall be paid on similar terms.

(6) For the purposes of subparagraph (5), the fact that terms vary according to the levels of remuneration of beneficiaries, the length of their service, or similar factors, shall not be regarded as meaning that the terms are not similar.

Securities

(a) form part of the ordinary share capital of the company,

(b) are fully paid up,

(c) are not redeemable, and

(d) are not subject to any restrictions other than restrictions which attach to all shares of the same class or a restriction authorised by subparagraph (2).

(2) Subject to subparagraph (3), a restriction is authorised by this subparagraph if—

(a) it is imposed by the founding company's articles of association,

(b) it requires all shares held by directors or employees of the founding company, or of any other company which it controls for the time being, to be disposed of on ceasing to be so held, and

(c) it requires all shares acquired, in pursuance of rights or interests obtained by such directors or employees, by persons who are not, or have ceased to be, such directors or employees to be disposed of when they are acquired.

(3) A restriction is not authorised by subparagraph (2) unless—

(a) any disposal required by the restriction will be by way of sale for a consideration in money on terms specified in the articles of association, and

(b) the articles also contain general provisions by virtue of which any person disposing of shares of the same class (whether or not held or acquired as mentioned in subparagraph (2)) may be required to sell them on terms which are the same as those mentioned in clause (a).

(4) The trust deed shall provide that shares in the founding company may not be acquired by the trustees at a price exceeding the price they might reasonably be expected to fetch on a sale in the open market.

(5) The trust deed shall provide that shares in the founding company may not be acquired by the trustees at a time when that company is controlled by another company.

(a) if they are securities issued to the trustees in exchange in circumstances mentioned in paragraph 4 of Schedule 2 to the Capital Gains Tax Act, 1975, or

(b) if they are securities acquired by the trustees as a result of a reorganisation or reduction of share capital, and the original shares the securities represent are shares in the founding company (construing “reorganisation or reduction of share capital” and “original shares” in accordance with paragraph 2 of that Schedule).

(a) where the trustees transfer securities to a beneficiary, they shall do so on qualifying terms;

(b) the trustees shall transfer securities before the expiry of twenty years beginning with the date on which they acquired them.

(2) For the purposes of subparagraph (1) a transfer of securities is made on qualifying terms if—

(a) all the securities transferred at the same time are transferred on similar terms,

(b) securities have been offered to all the persons who are beneficiaries under the terms of the trust deed when the transfer is made, and

(c) securities are transferred to all such beneficiaries who have accepted.

(3) For the purposes of subparagraph (2), the fact that terms vary according to the levels of remuneration of beneficiaries, the length of their service, or similar factors, shall not be regarded as meaning that the terms are not similar.

(4) The trust deed shall provide that, in ascertaining for the purposes of a relevant rule (being a provision which is included in the trust deed and conforms with subparagraph (1)) whether particular securities are transferred, securities acquired earlier by the trustees shall be treated as transferred by them before securities acquired by them later.

Other features

(a) acquire securities when they become entitled to them;

(b) transfer securities to another person when that other becomes entitled to them;

(c) retain securities if they remain entitled to them.

(2) If the trust deed provides for the matter set out in paragraph 15, it shall provide for the following exceptions to any rule which is included in it and conforms with subparagraph (1)(a), namely, that—

(a) if securities are issued to the trustees in exchange in circumstances mentioned in paragraph 4 of Schedule 2 to the Capital Gains Tax Act, 1975, they shall be treated as having acquired them when they became entitled to the securities for which they are exchanged;

(b) if the trustees become entitled to securities as a result of a reorganisation or reduction of share capital, they shall be treated as having acquired them when they became entitled to the original shares which those securities represent (construing “reorganisation or reduction of share capital” and “original shares” in accordance with paragraph 2 of the said Schedule 2).

(3) The trust deed shall provide that—

(a) if the trustees agree to take a transfer of securities, for the purposes of the deed they become entitled to them when the agreement is made and not on a later transfer made pursuant to the agreement;

(b) if the trustees agree to transfer securities to another person, for the purposes of the deed the other person becomes entitled to them when the agreement is made and not on a later transfer made pursuant to the agreement.

FOURTH SCHEDULE Farm Buildings and Structures to Which Allowances for the Control of Pollution Apply

FIFTH SCHEDULE Replacement of Harbour Authorities by Port Companies

Interpretation

“relevant port company” means a company formed pursuant to section 7 or 87 of the Harbours Act, 1996;

“relevant transfer” means—

(a) the vesting in a relevant port company of assets in accordance with section 96 of the Harbours Act, 1996, and

(b) the transfer to a relevant port company of rights and liabilities in accordance with section 97 of the said Act of 1996.

Capital Allowances

(a) allowances and charges provided for in Parts XIII to XVIII of the Income Tax Act, 1967, or any other provision of the Income Tax Acts relating to the making of allowances or charges under or in accordance with any of those Parts, and

(b) allowances or charges provided for by section 14 of the Corporation Tax Act, 1976.

(2) The relevant transfer shall not be treated as giving rise to any such allowance or charge under any of the provisions referred to in subparagraph (1).

(3) There shall be made to or on the relevant port company in accordance with section 14 of the Corporation Tax Act, 1976, all such allowances and charges in respect of an asset acquired by it in the course of a relevant transfer as would have fallen to be made if—

(a) allowances in relation to the asset made to the person from whom the asset was acquired had been made to the relevant port company, and

(b) everything done to or by that person, in relation to the asset had been done to or by the relevant port company.

Capital Gains

(2) The disposal of an asset by a person in the course of a relevant transfer shall be deemed to be for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the person.

(3) Where subparagraph (2) has had effect in relation to a disposal of an asset, then in relation to any subsequent disposal of the asset by the relevant port company, the relevant port company shall be treated as if the acquisition or provision of the asset by the person from whom it was acquired by the said relevant port company was that company's acquisition or provision of it.

(4) For the purposes of section 28 of the Capital Gains Tax Act, 1975, the relevant port company and the person from whom an asset was acquired in the course of a relevant transfer, shall be treated as if they were the same person.

SIXTH SCHEDULE Change in Rate of Corporation Tax: Consequential Provisions

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

(a) the period beginning on the 1st day of January, 1996, and ending on the 31st day of March, 1997, and

(b) the period beginning on the 1st day of April, 1997, and ending on the 31st day of December, 1998,

were each a financial year.

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

(3) Section 182(3) and 184(3) of the said Act shall have effect for any accounting period beginning on or after the 1st day of April, 1997, as if the standard rate were 21 per cent., for the year of assessment 1997-98 and each subsequent year of assessment.

Amendment of Chapter VI (Corporation Tax: Relief in relation to Certain Income of Manufacturing Companies) of Part I of Finance Act, 1980

“shall be reduced—

(a) by twenty-eight-thirty-eighths, in so far as it is corporation tax charged on profits which, under section 6 (3) of the Corporation Tax Act, 1976, are apportioned to the period beginning on the 1st day of January, 1996, and ending on the 31st day of March, 1997, and

(b) by twenty-six-thirty-sixths, in so far as it is corporation tax charged on profits which, under the said section 6 (3), are apportioned to the period beginning on the 1st day of April, 1997, and ending on the 31st day of December, 1998,

and the corporation tax referable to the income from the sale of those goods—

(i) shall, for the purposes of paragraph (a), be such an amount as bears to the part of the relevant corporation tax charged on profits which, under the said section 6(3), are apportioned to the period beginning on the 1st day of January, 1996, and ending on the 31st day of March, 1997, the same proportion as the income from the sale of those goods bears to the total income brought into charge to corporation tax for the relevant accounting period, and

(ii) shall, for the purposes of paragraph (b), be such an amount as bears to the part of the relevant corporation tax charged on profits which, under the said section 6(3), are apportioned to the period beginning on the 1st day of April, 1997, and ending on the 31st day of December, 1998, the same proportion as the income from the sale of those goods bears to the total income brought into charge to corporation tax for the relevant accounting period.”.

(2) Section 41 (2) is hereby amended as respects any accounting period beginning on or after the 1st day of April, 1997, by substitution of “twenty-six-thirty-sixths” for “twenty-eight-thirty-eighths”.

(a) in paragraph (i) of section 47(2), by the substitution of “36/26” for “38/28”,

(b) in paragraph (ii) of the said section 47(2), by the substitution of “10/26” for “10/28”, and

(c) in paragraph (ii) of the said section 48(2), by the substitution of “10/26” for “10/28”.

(2) Where by virtue of paragraph 2 (1) of Part I a part of an accounting period is treated as a separate accounting period for the purposes of sections 182 and 184 of the Corporation Tax Act, 1976, that part shall also be treated as a separate accounting period for the purposes of this paragraph and for the purposes of sections 47(2) and 48(2) of the Finance Act, 1980, and the corporation tax charged for a part of an accounting period which is so treated shall, in so far as it is affected by the rate of corporation tax which is taken to have been charged, be taken for the purposes of the said sections 47(2) and 48(2), to be the corporation tax which would have been charged if that part were a separate accounting period.

SEVENTH SCHEDULE Rates of Excise Duty on Tobacco Products

Description of Product	Rate of Duty
Cigarettes	£62.64 per thousand together with an amount equal to 16.93 per cent. of the price at which the cigarettes are sold by retail
Cigars	£94.652 per kilogram
Fine-cut tobacco for the rolling of cigarettes	£79.872 per kilogram
Other smoking tobacco	£65.666 per kilogram

EIGHTH SCHEDULE Stamp Duty on Instruments

Conveyance or Transfer on Sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance

“CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance.

(1) Where the amount or value of the consideration for the sale does not exceed £5,000 and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds £5,000	Exempt
(2) Where paragraph (1) does not apply and the amount or value of the consideration for the sale does not exceed £10,000 and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds £10,000:
for every £100, or fractional part of £100, of the consideration	£1.00
(3) Where paragraphs (1) and (2) do not apply and the amount or value of the consideration for the sale does not exceed £15,000 and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds £15,000:
for every £100, or fractional part of £100, of the consideration	£2.00
(4) Where paragraphs (1) to (3) do not apply and the amount or value of the consideration for the sale does not exceed £25,000 and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds £25,000:
for every £100, or fractional part of £100, of the consideration	£3.00
(5) Where paragraphs (1) to (4) do not apply and the amount or value of the consideration for the sale does not exceed £50,000 and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds £50,000:
for every £100, or fractional part of £100, of the consideration	£4.00
(6) Where paragraphs (1) to (5) do not apply and the amount or value of the consideration for the sale does not exceed £60,000 and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds £60,000:
for every £100, or fractional part of £100, of the consideration	£5.00
(7) Where paragraphs (1) to (6) do not apply:
(a) if the instrument contains a statement—
(i) that the amount or value of the consideration for the sale does not exceed £150,000 and that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds £150,000, or
(ii) that no part of the consideration for the sale is attributable, or deemed to be attributable, to residential property:
for every £100, or fractional part of £100, of the consideration which is not deemed to be attributable to residential property	£6.00
(b) if the instrument contains a statement that the provisions of subsection (1A) of section 58 of this Act apply in relation to the sale:
for every £100, or fractional part of £100, of the consideration for the sale which is not deemed to be attributable to residential property	£6.00
(c) if the amount or value of the consideration for the sale which is attributable to residential property or which is deemed to be attributable to residential property:
(i) does not exceed £150,000 and the instrument contains a statement certifying that the provisions of subsection (1A) of section 58 of this Act apply in relation to that sale and that the amount or value of the aggregate consideration (within the meaning of that subsection) which is deemed to be attributable to residential property, or which would be deemed to be so attributable if the contents of residential property were considered to be residential property, does not exceed £150,000	£6.00 for every £100, or fractional part of £100, of the consideration
(ii) does not exceed £160,000 and the instrument contains a statement certifying that the provisions of subsection (1A) of section 58 of this Act do not apply in relation to the sale or that the provisions of that subsection do apply in relation to the sale and that the amount or value of the aggregate consideration (within the meaning of that subsection) which is deemed to be attributable to residential property, or which would be deemed to be so attributable if the contents of residential property were considered to be residential property, does not exceed £160,000, and subparagraphs (a)(i) and (c)(I) do not apply	£7.00 for every £100, or fractional part of £100, of the consideration
(iii) does not exceed £170,000 and the instrument contains a statement certifying that the provisions of subsection (1A) of section 58 of this Act do not apply in relation to that sale or that the provisions of that subsection do apply in relation to the sale and that the amount or value of the aggregate consideration (within the meaning of that subsection) which is deemed to be attributable to residential property, or which would be deemed to be so attributable if the contents of residential property were considered to be residential property, does not exceed £170,000, and subparagraphs (a)(i), (c)(i) and (c)(ii) do not apply	£8.00 for every £100, or fractional part of £100, of the consideration
(8) Of any other kind whatsoever not herein-before described:
for every £100, or fractional part of £100, of the consideration	£9.00
(9) Where in the case of a conveyance or transfer on sale or in the case of a conveyance or transfer operating as a voluntary disposition inter vivos the consideration for the sale or the value of the property exceeds £5,000 and the instrument contains a certificate by the party to whom the property is being conveyed or transferred to the effect that the person becoming) entitled to the entire beneficial interest in the property (or, where more than one person becomes entitled to a beneficial interest therein, each of them) is related to the person or each of the persons immediately theretofore entitled to the entire beneficial interest in the property in one or other of the following ways, that is to say, as a lineal descendant, parent, grand-parent, step-parent, husband or wife, brother or sister of a parent or brother or sister, or lineal descendant of a parent, husband or wife or brother or sister:
a duty of an amount equal to one-half of the ad valorem stamp duty which, but for the provisions of this paragraph, would be chargeable under this Heading.”.

PART II

Lease

“(a) where the consideration, or any part of the consideration (other than rent), moving either to the lessor or to any other person, consists of any money, stock or security, and—
(i) the amount or value of such consideration does not exceed £5,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or theaggregate amount or value, of the consideration other than rent exceeds £5,000	Exempt
(ii) the amount or value of such consideration does not exceed £10,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £10,000 and subparagraph (i) does not apply:
for every £100, or fractional part of £100, of the consideration	£1.00
(iii) the amount or value of such consideration does not exceed £15,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £15,000 and subparagraphs (i) and (ii) do not apply:
for every £100, or fractional part of £100, of the consideration	£2.00
(iv) the amount or value of such consideration does not exceed £25,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £25,000 and subparagraphs (i) to (iii) do not apply:
for every £100, or fractional part of £100, of the consideration	£3.00
(v) the amount or value of such consideration does not exceed £50,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £50,000 and subparagraphs (i) to (iv) do not apply:
for every £100, or fractional part of £100, of the consideration	£4.00
(vi) the amount or value of such consideration does not exceed £60,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £60,000 and subparagraphs (i) to (v) do not apply:
for every £100, or fractional part of £100, of the consideration	£5.00
(vii) where subparagraphs (i) to (vi) do not apply:
(I) if the instrument contains a statement—
(A) that the amount or value of the consideration other than rent does not exceed £150,000 and that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £150,000, or
(B) that no part of the consideration is attributable, or deemed to be attributable, to residential property	£6.00 for every £100, or fractional part of £100, of the consideration
(II) if the instrument contains a statement that the provisions of subsection (6) of section 77 of this Act apply in relation to the lease:
for every £100, or fractional part of £100, of the consideration which is not deemed to be attributable to residential property	£6.00
(III) if the amount or value of such consideration which is attributable to residential property or which is deemed to be attributable to residential property:
(A) does not exceed £150,000 and the instrument contains a statement certifying that the provisions of subsection (6) of section 77 of this Act apply in relation to that lease and that the amount or value of the aggregate consideration (within the meaning of that subsection) which is deemed to be attributable to residential property, or which would be deemed to be so attributable if the contents of residential property were considered to be residential property, does not exceed £150,000	£6.00 for every £100, or fractional part of £100, of the consideration
(B) does not exceed £160,000 and the instrument contains a statement certifying that the provisions of subsection (6) of section 77 of this Act do not apply in relation to that lease or that the provisions of that subsection do apply in relation to that lease and that the amount or value of the aggregate consideration (within the meaning of that subsection) which is deemed to be attributable to residential property, or which would be deemed to be so attributable if the contents of residential property were considered to be residential property, does not exceed £160,000, and clauses (I)(A) and (III)(A) do not apply	£7.00 for every £100, or fractional part of £100, of the consideration
(C) does not exceed £170,000 and the instrument contains a statement certifying that the provisions of subsection (6) of section 77 of this Act do not apply in relation to that lease or that the provisions of that subsection do apply in relation to that lease and that the amount or value of the aggregate consideration (within the meaning of that subsection) which is deemed to be attributable to residential property, or which would be deemed to be so attributable if the contents of residential property were considered to be residential property, does not exceed £170,000 and clauses (I)(A), (III)(A) and (III)(B) do not apply	£8.00 for every £100, or fractional part of £100, of the consideration
(viii) the case is of any other kind whatsoever not hereinbefore described:
for every £100, or fractional part of £100, of the consideration	£9.00.”.

NINTH SCHEDULE

Part I Pre-Consolidation Amendments

The Income Tax Act, 1967 (No. 6 of 1967)

(1) In section 1(1), after the definition of “the National Debt Commissioners” there shall be inserted the following:

“‘ordinary share capital’ has the same meaning as in section 155 of the Corporation Tax Act, 1976;”.

(2) In section 58(1), for “sections 59 and 60” there shall be substituted “sections 58A, 59 and 60”.

(3) In section 61, after “charged” there shall be inserted “to tax under Case I or Case II of Schedule D”.

(4) In section 76(1), for paragraph (c) there shall be substituted the following:

“(c) to a deduction on account of any annuity or other annual payment (apart from annual interest) payable out of the income to a person not resident in the State,”.

(5) In section 77(5), for “as if references therein to income which arises or which arose were references to income which is or was so received” there shall be substituted “as if the reference therein to income arising was a reference to income which is so received”.

(6) In section 81(5)(b), for “in respect of county rate, municipal rate or other rate” there shall be substituted “in respect of any rate levied by a local authority”.

(7) In section 89(2), for “the first subsequent assessment, and so far as it cannot be so given then from the next assessment” there shall be substituted “the assessment for the first subsequent year of assessment and, so far as it cannot be so given, from the assessment for the next year of assessment”.

(8) In section 137, in Part II of the Table, after “Section 5 of the Finance Act, 1996” there shall be inserted the following:

“Section 15 of the Finance Act, 1996

Section 145 of the Finance Act, 1997”.

(9) In section 138B, with effect as on and from the 6th day of April, 1996—

(a) in subsection (2), after the definition of “proprietary director” there shall be inserted the following:

“‘specified employed contributor’ means a person who is an employed contributor for the purposes of the Social Welfare (Consolidation) Act, 1993, but does not include a person—

(a) who is an employed contributor for those purposes by reason only of section 9(1)(b) of that Act, or

(b) to whom Article 81, 82 or 83 of the Social Welfare (Consolidated Contributions and Insurability) Regulations, 1996 (S.I. No. 312 of 1996), applies.”, and

(b) in subsection (2A)(a), for Clause (I) of subparagraph (i) there shall be substituted “(I) the individual is a specified employed contributor, or”.

(10) In section 142(1)(b), before “widowed mother” there shall be inserted “widowed father or”.

(11) In section 183, for subsection (7) there shall be substituted the following:

“(7) In this section, ‘personal reliefs’ means relief under any of the provisions specified in the Table to section 137.”.

(12) In section 197, for subsection (6) there shall be substituted the following:

“(6) In this section and in section 198, ‘personal reliefs’ means relief under any of the provisions specified in the Table to section 137 apart from relief under section 138A and section 4 of the Finance Act, 1991.”.

(13) In section 198, for paragraph (a) of subsection (1) there shall be substituted the following:

“(a) subject to subsection (2), the benefit flowing from the personal reliefs may be given either by means of reduction of the amount of the tax to be paid, or by repayment of any excess of tax which has been paid, or by both of those means, as the case requires, and shall be allocated to the husband and the wife—

(i) so far as it flows from relief under—

(I) sections 138 and 141 (other than subsection (2)),

(II) section 11 of the Finance Act, 1971, or

(III) section 8 of the Finance Act, 1974,

in the proportions of one-half and one-half,

(ii) so far as it flows from relief under section 138B, to the husband or to the wife according as the emoluments from which the deduction under that section is made are emoluments of the husband or of the wife,

(iii) so far as it flows from relief in respect of a child under section 141(2) or relief in respect of a dependent relative under section 142, to the husband or to the wife according as he or she maintains the child or relative,

(iv) so far as it flows from relief under section 142A or 145, to the husband or to the wife according as he or she made the payment giving rise to the relief,

(v) so far as it flows from relief under—

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

(II) section 8 of the Finance Act, 1979,

(III) section 12 of the Finance Act, 1986,

(IV) section 44 of the Finance Act, 1986,

(V) section 4 of the Finance Act, 1989,

(VI) section 46 of the Finance Act, 1994,

(VII) section 6 of the Finance Act, 1995,

(VIII) section 7 of the Finance Act, 1995,

(IX) section 5 of the Finance Act, 1996,

(X) section 15 of the Finance Act, 1996,

(XI) section 69 of the Finance Act, 1996,

(XII) section 57 of the Finance Act, 1997,

(XIII) section 145 of the Finance Act, 1997, or

(XIV) section 154 of the Finance Act, 1997,

in the proportions in which they incurred the expenditure giving rise to the relief,

(vi) so far as it flows from relief under section 3 of the Finance Act, 1969, in the proportions in which they bear the cost of employing the person in respect of whom the relief is given,

(vii) so far as it flows from relief under Chapter III of Part I of the Finance Act, 1984, in the proportions in which they subscribed for the eligible shares giving rise to the relief,

(viii) so far as it flows from relief under section 35 of the Finance Act, 1987, in the proportions in which they made the relevant investment giving rise to the relief,”.

(14) In section 225—

(a) for “is paid to him or to his widow or his child or any of his relatives or dependants” there shall be substituted “is paid to that person or to that person's widow or widower or that person's child or any of that person's relatives or dependants”, and

(b) for “under whom he held such office or by whom he was so employed,” there shall be substituted “under whom that person held such office or by whom that person was so employed,”.

(15) In section 239(4), for “the notice shall be conclusive” there shall be substituted “the notice shall be evidence until the contrary is proved”.

(16) In section 241(1)(b)(i), with effect as on and from the 6th day of April, 1996, for “15 per cent. of the capital expenditure incurred as aforesaid” there shall be substituted “15 per cent. of the actual cost of the machinery or plant, including in that actual cost any expenditure in the nature of capital expenditure on the machinery or plant by way of renewal, improvement or reinstatement”.

(17) In section 241A, after subsection (2) there shall be inserted the following:

“(3) The preceding provisions of this section shall, as respects chargeable periods ending on or after the 6th day of April, 1994, and with any necessary modifications, apply in relation to professions, employments and offices as they apply in relation to trades.”.

(18) In section 256—

(a) in subsection (1), after “structure” there shall be inserted “includes expenditure on the refurbishment of the building or structure but”, and

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

“(3) In this section, ‘refurbishment’, in relation to a building or structure, means any work of construction, reconstruction, repair or renewal, including the provision of water, sewerage or heating facilities carried out in the course of the repair or restoration, or maintenance in the nature of repair or restoration, of the building or structure.”.

(19) In section 284(3), for “section 130 of the Industrial and Commercial Property (Protection) Act, 1927” there shall be substituted “section 77 of the Patents Act, 1992”.

(20) In section 304—

(a) in subsection (2), for “this Part” there shall be substituted “this Part, or in Part XIII or Chapter I of Part XV”,

(b) in subsection (3), for “this Part” there shall be substituted “this Part, Part XIII and Chapter I of Part XV”, and

(c) in subsection (6), for “this Part” there shall be substituted “this Part, or in Part XIII or Chapter I or II of Part XV”.

(21) In section 309(2), for “the first subsequent assessment, and so far as it cannot be so given then from the next assessment” there shall be substituted “the assessment for the first subsequent year of assessment and, so far as it cannot be so given, from the assessment for the next year of assessment”.