FINANCE ACT, 1997

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

Part I

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.

Part II

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

Part I

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”.

• (22) In section 310(3), 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”.

• (23) In section 318, for subsection (1) there shall be substituted the following:

• “(1) Subject to this Chapter, any claim made under section 307 for relief in respect of a loss sustained in any trade in any year of assessment (in this Chapter referred to as ‘the year of the loss’) may require the amount of the loss to be determined as if an amount equal to the capital allowances for the year of the loss were to be deducted in computing the profits or gains or losses of the trade in the year of the loss, and a claim may be so made notwithstanding that, apart from those allowances, a loss had not been sustained in the trade in the year of the loss.”.

• (24) In section 319, for subsection (1) there shall be substituted the following:

• “(1) The capital allowances for any year of assessment shall be taken into account under section 318(1) only if and so far as such capital allowances are not required to offset balancing charges for the year; and relief shall not be given by reference to the capital allowances so taken into account in respect of an amount greater than the amount non-effective in the year of assessment for which the claim is made.”.

• (25) In section 349—

• (a) for subsection (1)(b) there shall be substituted the following:

• “(b) (i) any body of persons that, as respects the year 1983-84 or any earlier year of assessment, was granted exemption from income tax under the provisions of the Income Tax Act, 1967, for which this section was substituted, or

  • (ii) any company that, as respects any accounting period ending before the 6th day of April, 1984, was granted exemption from corporation tax under those provisions as applied for corporation tax by section 11(6) of the Corporation Tax Act, 1976,”,

• (b) in subsection (2), after “income tax” there shall be inserted “or, as the case may be, corporation tax”, and

• (c) in subsection (3), after “income tax” where it first occurs there shall be inserted “or, as the case may be, corporation tax”.

• (26) For section 354 there shall be substituted the following:

“Exemption of child benefit.

354.—Child benefit payable under Part IV of the Social Welfare (Consolidation) Act, 1993, or any subsequent Act together with which that Act may be cited, shall be exempt from tax and shall not be reckoned in computing income for the purposes of the Income Tax Acts.”.

• (27) In section 429(4), for the proviso there shall be substituted the following:

“Provided that where the amount of tax is altered by the determination of the judge or by giving effect to an agreement under subsection (6), then, if too much tax has been paid, the amount or amounts overpaid shall be repaid and (except where the interest amounts to less than £10) in so far as the amount to be repaid represents tax paid in accordance with this subsection it shall be repaid with interest at the rate of 0.6 per cent., or such other rate (if any) as stands prescribed by the Minister for Finance by regulations, for each month or part of a month from the date or dates of payment of the amount or amounts giving rise to the overpayment to the date on which the repayment is made.”.

• (28) In section 441(1), for “shall be conclusive evidence” there shall be substituted “shall be evidence until the contrary is proved”.

• (29) In section 446(1), for “shall be conclusive evidence” there shall be substituted “shall be evidence until the contrary is proved”.

• (30) In section 450(2)—

• (a) for the definition of “personal representatives” there shall be substituted the following:

“‘personal representative’, in relation to the estate of a deceased person, means his or her personal representative within the meaning of section 3(1) of the Succession Act, 1965, and includes any person who takes possession of or intermeddles with the property of the deceased and also includes any person having, in relation to the deceased, under the law of another country any functions corresponding to the functions for administration purposes under the law of the State of a personal representative within the meaning of that section, and references to personal representatives as such shall be construed as references to personal representatives in their capacity as having such functions as aforesaid;”,

and

• (b) for paragraph (ii) of the definition of “charges on residue” there shall be substituted the following:

• “(ii) general legacies, demonstrative legacies, and annuities and”.

• (31) In section 466(3)(b), for “the person” there shall be substituted “the name and address of the person”.

• (32) In section 474(1), for the words “in pursuance of” to the end of the subsection there shall be substituted the following:

“in pursuance of—

• (a) section 472,

• (b) section 59 of the Finance Act, 1970,

• (c) section 92 of the Finance Act, 1973,

• (d) section 161 of the Finance Act, 1994,

• (e) section 39 of the Finance Act, 1996, or

• (f) section 144 of the Finance Act, 1997.”.

• (33) In section 484—

• (a) in subsection (1), for “Schedule D or E” there shall be substituted “Schedule D, E or F”,

• (b) in subsection (2), for “the Accountant General of Revenue” there shall be substituted “the Collector-General”,

• (c) in subsection (3), for “the Accountant General of Revenue” there shall be substituted “the Collector-General”,

• (d) in subsection (6), for “to the Accountant General or to the Collector” there shall be substituted “to the Collector-General”, and

• (e) after subsection (6), there shall be inserted the following:

• “(7) The Revenue Commissioners may nominate any of their officers to perform any acts and discharge any functions authorised by this section to be performed or discharged by the Revenue Commissioners.”.

• (34) In section 492(1)(d), for “conclusive evidence” there shall be substituted “evidence until the contrary is proved”.

• (35) In section 525(5), for paragraph (a) there shall be substituted the following:

• “(a) In this section—

  • (i) ‘accounting period’ means an accounting period determined in accordance with section 9 of the Corporation Tax Act, 1976;

  • (ii) ‘basis period’ means the period on the profits or gains of which income tax falls to be finally computed under Schedule D or, where, by virtue of this Act, the profits or gains of any other period are to be taken to be the profits or gains of that period, that other period;

  • (iii) ‘office or employment’ means any office or employment whatever such that the emoluments of that office or employment, if any, are or would be chargeable to income tax under Schedule E, or under Case III of Schedule D, for any year of assessment.”.

• (36) In Schedule 6, Part III, paragraph 1(2), for “any annual interest or any annuity or other annual payment” there shall be substituted “any annuity or other annual payment (apart from annual interest)”.

The Finance Act, 1967 (No. 17 of 1967)

“‘hospital’ means—

• (a) any institution which is provided and maintained by a health board for the provision of services pursuant to the provisions of the Health Acts, 1947 to 1996,

• (b) any institution in which services are provided on behalf of a health board pursuant to the provisions of the Health Acts, 1947 to 1996,

• (c) any hospital, nursing home, maternity home or other institution approved of for the purposes of this section by the Minister for Finance after consultation with the Minister for Health;”,

“‘practitioner’ means any person who is registered in the register established under section 26 of the Medical Practitioners Act, 1978, or who is registered in the register established under section 26 of the Dentists Act, 1985, or, in relation to health care provided outside the State, any person who is entitled under the laws of the country in which the care is provided to practise medicine or dentistry there;”.

The Finance (Miscellaneous Provisions) Act, 1968 (No. 7 of 1968)

• (a) in subsection (1), for “any pension or similar benefit” there shall be substituted “any pension, benefit or allowance”, and

• (b) in subsection (2), for the words from the commencement of the subsection to the end of paragraph (a) there shall be substituted the following:

• “(2) This section shall apply to any pension, benefit or allowance which—

  • (a) is given in respect of past services in an office or employment or is payable under the provisions of the law of the country in which it arises which correspond to the provisions of Chapter 12, 16 or 17 of Part II of, or Chapter 4 or 6 of Part III of, the Social Welfare (Consolidation) Act, 1993, or any subsequent Act together with which that Act may be cited, and”.

The Finance Act, 1970 (No. 14 of 1970)

• (1) In section 14(2), for “subsections (6) and (7) of the said section 241” there shall, as respects chargeable periods ending on or after the 6th day of April, 1996, be substituted “subsections (1)(b)(ii), (1A)(a) and (6) of the said section 241”.

• (2) In section 19(2A), in the definition of “D”, for “section 256” there shall be substituted “section 256(1)”.

• (3) In section 59(1), for “(other than securities to which section 467, 468, 471 or 473 of the Income Tax Act, 1967, applies)” there shall be substituted “(other than securities specified in the Table to section 144 of the Finance Act, 1997)”.

The Finance Act, 1972 (No. 19 of 1972)

• (1) In section 15—

• (a) in subsection (2)—

• (i) in paragraph (a), for “the widow” there shall be substituted “the widow or the widower”, and

• (ii) in paragraph (b), for “which concern him” there shall be substituted “which concern the employee”;

• (b) in subsection (3)—

• (i) for paragraph (b) there shall be substituted:

• “(b) that any pension for any widow or widower of an employee who dies before retirement shall be a pension payable on the employee's death of an amount that does not exceed two-thirds of any pension or pensions which, consonant with the condition in paragraph (a), could have been provided for the employee on retirement on attaining the specified age, if the employee had continued to serve until he or she attained that age at an annual rate of remuneration equal to his or her final remuneration,”,

• (ii) in paragraph (c), for “widow” there shall be substituted “widow or widower”,

• (iii) for paragraph (d) there shall be substituted:

• “(d) that any benefit for any widow or widower of an employee payable on the employee's death after retirement is a pension such that the amount payable to the widow or widower does not exceed two-thirds of any pension or pensions payable to the employee,”,

• (iv) in paragraph (e), for “his death” there shall be substituted “his or her death”, and

• (v) in paragraph (f), for “by commutation of his pension, a lump sum or sums not exceeding in all three-eightieths of his final remuneration” there shall be substituted “by commutation of the employee's pension, a lump sum or sums not exceeding in all three-eightieths of his or her final remuneration”.

• (2) In section 18(5), for “that employee's wife or widow,” there shall be substituted “that employee's spouse or widow or widower,”.

• (3) In the First Schedule, Part III, for paragraph 4 there shall be substituted the following:

“4. (1) The repeal of Chapter II of Part XII of the Income Tax Act, 1967, by the Finance Act, 1972, shall, subject to subparagraph (2), not affect—

• (i) section 235(7) of the Income Tax Act, 1967,

• (ii) section 3(1)(b)(ii) of the Finance Act, 1968, or

• (iii) any other enactment which contains a reference to that Chapter or to any part of that Chapter.

• (2) In so far as any of the provisions of section 226 of the Income Tax Act, 1967, apply for the purposes of any of the enactments specified in subparagraph (1), the definition of ‘ordinary share capital’ in section 1 of that Act (inserted by the Finance Act, 1997) shall apply for the purposes of those enactments to the exclusion of the definition of that term in section 226 of that Act.”.

The Finance Act, 1973 (No. 19 of 1973)

• (1) In section 25(1), for “subsection (7) of that section” there shall, as respects chargeable periods ending on or after the 6th day of April, 1996, be substituted “subsection (1)(b)(ii) of that section”.

• (2) In section 34(3), for “section 92 of the Patents Act, 1964” there shall be substituted “section 77 of the Patents Act, 1992”.

The Finance (Taxation of Profits of Certain Mines) Act, 1974 (No. 17 of 1974)

• (1) In section 7, for subsection (4) there shall be substituted the following:

• “(4)

  • (a) Subsections (3) and (4) of section 22 and sections 24 and 25 of the Finance Act, 1971, shall, subject to paragraph (b), apply as if for subsections (1) and (2) of section 22 of that Act, in so far as they apply to a person carrying on the trade of working a qualifying mine, there were substituted subsection (3) of this section.

  • (b) For the purposes of paragraph (a), section 24 of the Finance Act, 1971, shall apply as if for subsection (1) of that section there were substituted the following:

  ‘(1) For the purposes of ascertaining the amount of any allowance to be made to any person under section 241 of the Income Tax Act, 1967, in respect of expenditure incurred during the chargeable period on any qualifying machinery or plant, no account shall be taken of an investment allowance made in respect of that expenditure.’.

  • (c) Subsections (2), (3) and (3A) of section 297 of the Income Tax Act, 1967, shall apply in determining the chargeable period (being a year of assessment) for which an allowance is to be made under subsection (3) of this section.”.

• (2) In section 8A(1), after paragraph (b), there shall be inserted the following:

• “(c) Paragraph 1 of the First Schedule to the Corporation Tax Act, 1976, shall have effect for the interpretation of this section.

• (d) Subsections (2), (3) and (3A) of section 297 of the Income Tax Act, 1967, shall apply in determining the chargeable period (being a year of assessment) for which an allowance is to be made under this section.”.

The Finance Act, 1974 (No. 27 of 1974)

• (1) In section 32(1)(c), for “repayment of tax under section 496 of the Income Tax Act, 1967, as amended by section 29,” there shall be substituted “a reduction in tax under section 145 of the Finance Act, 1997,”.

• (2) In section 59, for subsection (5) there shall be substituted the following:

• “(5) In this section, ‘settlement’ and ‘settlor’ have the same meanings respectively as in section 131 of the Finance Act, 1996.”.

The Capital Gains Tax Act, 1975 (No. 20 of 1975)

• (1) In section 2(1), for the definitions of “settlement” and “settlor” there shall be substituted the following:

“‘settlement’ and ‘settlor’ have the same meanings respectively as in section 131 of the Finance Act, 1996, and ‘settled property’ shall be construed accordingly;”.

• (2) In section 25(9A)(a), for “widowed mother (whether or not she is so incapacitated)” there shall be substituted “widowed father or widowed mother (whether or not he or she is so incapacitated)”.

• (3) In section 38(1), for “for references to income there shall be substituted references to capital gains” there shall be substituted “for references to income there shall be substituted references to chargeable gains, for references to this Act there shall be substituted refer-ences to the Capital Gains Tax Acts”.

The Corporation Tax Act, 1976 (No. 7 of 1976)

• (1) In section 76, after subsection (6), there shall be inserted the following:

• “(6A) For the purposes of subsection (6), the distributable income of a company for an accounting period shall be an amount determined by the formula—

(R - S) + T

where R, S and T have the same meanings respectively as in paragraph (a) of subsection (1) of section 45 of the Finance Act, 1980.”.

• (2)
• (a) In section 84A, as inserted by the Finance Act, 1984, in subsection (6), for the definitions of “agricultural society” and “fishery society” there shall be substituted the following:

“‘agricultural society’ and ‘fishery society’ have respectively the meanings assigned to them by sub-section (1CC8) (inserted by the Finance Act, 1992) of section 39 of the Finance Act, 1980;”, and

• (b) in section 84A, as substituted by the Finance Act, 1989, in subsection (9), for the definitions of “agricultural society” and “fishery society” there shall be substituted the following:

“‘agricultural society’ and ‘fishery society’ have respectively the meanings assigned to them by subsection (1CC8) (inserted by the Finance Act, 1992) of section 39 of the Finance Act, 1980;”.

• (3) In section 93(7), for “section 64(4)” there shall be substituted “section 76(6A)”.

• (4) In section 101, for subsection (6) there shall be substituted the following:

• “(6) The provisions of the Corporation Tax Acts relating to—

  • (a) assessments to corporation tax,

  • (b) appeals against such assessments (including the rehearing of appeals and the statement of a case for the opinion of the High Court), and

  • (c) the collection and recovery of corporation tax,

  shall apply in relation to a surcharge made under this section as they apply to corporation tax charged otherwise than under this section.”.

• (5) In section 103(3), for “section 96(3)(h) of the Income Tax Act, 1967,” there shall be substituted “section 131 of the Finance Act, 1996,”.

• (6) In section 124(6), for “Part XVI (Annual Allowances for Certain Capital Expenditure) of that Act” there shall be substituted “Parts XIII to XVI of that Act and in the Finance (Taxation of Profits of Certain Mines) Act, 1974,”.

• (7) In section 145, for subsection (3) there shall be substituted the following:

• “(3) Section 550 of the Income Tax Act, 1967, apart from the proviso to subsection (1), shall apply for the purposes of corporation tax as it applies for the purposes of income tax, and section 28 of the Finance Act, 1975, shall apply to interest which, under section 550 of the Income Tax Act, 1967, as applied by this section, is chargeable in respect of corporation tax.”.

• (8) In section 160, for “Part VI of the Income Tax Act, 1967, by virtue of section 153(2) of that Act” there shall be substituted “any of the provisions specified in the Table to section 137 of the Income Tax Act, 1967, by virtue of subsection (2) or (3) of section 153 of that Act”.

• (9) In section 162 (5), for “with the substitution in section 101(2)” there shall be substituted “with the substitution in subsections (2) and (3) of section 101”.

• (10) In section 170(7), for “section 64(4)” there shall be substituted “section 76(6A)”.

The Finance Act, 1980 (No. 14 of 1980)