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FINANCE ACT, 1997

Type Act

Publication 1997-05-10

Last updated 2015-12-24

State Partially repealed superseded text

Text As published

Source Irish Statute Book

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articles 166

This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.

15 amending acts · 2015-12-24, DUBLIN DOCKLANDS DEVELOPMENT AUTHORITY (DISSOLUTION) ACT 2015

Act to charge and impose certain duties of customs and inland revenue (including excise), to amend the law relating to customs and inland revenue (including excise) and to make further provisions in connection with finance

Reform history JSON API

11.

The Finance Act, 1980, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 39 (1CC), with effect from the 1st day of January, 1994, for subparagraph (I) there shall be substituted the following:

“(I) (A) an employment grant was made by the Industrial Development Authority under section 25 of the Industrial Development Act, 1986, or

(B) an employment grant was made by the Industrial Development Agency (Ireland) or Forbairt, as may be appropriate, under section 12(2) of the Industrial Development Act, 1993, or”.

(2) In section 45(1)(a), in the definition of “R”, for “or section 71 of the Corporation Tax Act, 1976” there shall be substituted “section 71 of the Corporation Tax Act, 1976, or section 25 of the Finance Act, 1996”.

The Finance Act, 1982 (No. 14 of 1982)

12.

The Finance Act, 1982, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 8—

(a) in subsection (1), for subparagraph (I) of paragraph (i) of the definition of “the specified rate” there shall be substituted the following:

“(I) the interest which is paid on the preferential loan qualifies for relief under section 145 of the Finance Act, 1997, or”, and

(b) in subsection (4), for “for the purposes of sections 76(1) and 496 of, and paragraph 1(2) of Part III of Schedule 6 to, the Income Tax Act, 1967” there shall be substituted “for the purposes of section 145 of the Finance Act, 1997”.

(2) For section 18 there shall be substituted the following:

“Exemption of employment grants.

18.—(1) This section shall apply to a grant made, whether before or after the passing of the Finance Act, 1997, being an employment grant under—

(a) section 25 of the Industrial Development Act, 1986, or

(b) section 12 of the Industrial Development Act, 1993.

(2) A grant to which this section applies shall be disregarded for all the purposes of the Tax Acts.”.

(3) In section 58(3), for “after any deduction or addition by virtue of section 31A of the Finance Act, 1975” there shall be substituted “after any deduction by virtue of section 134 of the Finance Act, 1996”.

The Finance Act, 1984 (No. 9 of 1984)

13.

The Finance Act, 1984, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 12(7)(b), for “as respects sections 15, 16 and 26” there shall be substituted “as respects sections 15, 16, 22 and 26”.

(2) In section 13A(1A)—

(a) after “relief shall not be given in respect of” there shall be inserted “the excess of”, and

(b) in the definition of “B”, after “the date of the relevant issue” there shall be inserted “(other than the amount raised through the relevant issue)”.

(3) In section 13B(1)—

(a) in the proviso, after “the date of the relevant issue” there shall be inserted “(other than the amount raised through the relevant issue)”, and

(b) in the definition of “A” in the Table, after “the date of the relevant issue” there shall be inserted “(other than the amount raised through the relevant issue)”.

(4) In section 14(1), for paragraph (a) there shall be substituted the following:

“(a) An individual qualifies for relief if he subscribes on his own behalf for eligible shares in a qualifying company and is not at any time in the relevant period connected with the company.”.

(5) In section 15(3C), for paragraph (b) there shall be substituted the following:

“(b) unless and until it shows to the satisfaction of the Revenue Commissioners that a certificate referred to in the said subsection (2D) has been given by the Minister for Arts, Culture and the Gaeltacht to the company in relation to such qualifying recording or qualifying recordings;

but, where a certificate referred to in the said subsection (2D) is revoked by the Minister for Arts, Culture and the Gaeltacht, the company shall not be a qualifying company.”.

The Finance Act, 1986 (No. 13 of 1986)

14.

In section 33A(3) of the Finance Act, 1986, for “apart from that subsection” there shall be substituted “apart from subsection (2)”.

The Finance Act, 1988 (No. 12 of 1988)

15.

In section 12 of the Finance Act, 1988—

(a) in subsection (7), for “at which it would carry interest if it were an amount of tax repaid under the provisions of section 30(4) of the Finance Act, 1976” there shall be substituted “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 for the period from the date or dates of the payment of the amount or amounts giving rise to the overpayment, as the case may require, to the date on which the repayment is made”, and

(b) after subsection (11), there shall be inserted the following:

“(12) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.”.

The Finance Act, 1992 (No. 9 of 1992)

16.

The Finance Act, 1992, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 45(1)(a), in the definitions of “base tax” and “tax liability” for “exclusive of the part of the company's profits attributable to chargeable gains” there shall be substituted “exclusive of the corporation tax on the part of the company's profits attributable to chargeable gains”.

(2) In section 84(11), for “Subsections (2) and (3)” there shall be substituted “Subsections (2), (3) and (3A)”.

The Finance Act, 1993 (No. 13 of 1993)

17.

The Finance Act, 1993, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 14—

(a) in subsection (1)(a), for the definition of “ordinary shares” there shall be substituted the following:

“‘ordinary shares’ means shares forming part of a company's ordinary share capital;”, and

(b) in subsection (5)(b), after “eligible shares” there shall be inserted “in qualifying companies”.

(2) In section 35(1)(a), for the definition of “society” there shall be substituted the following:

“‘society’ means a society registered under the Industrial and Provident Societies Acts, 1893 to 1978, which is an agricultural society or a fishery society within the meaning of subsection (1CC8) (inserted by the Finance Act, 1992) of section 39 of the Finance Act, 1980.”.

The Finance Act, 1994 (No. 13 of 1994)

18.

The Finance Act, 1994, is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 14(3)(b)(i), for “under that subsection” there shall be substituted “under subsection (5A) of that section”.

(2) In the proviso to section 45(2), after “where any premium or other sum which is payable (directly or indirectly),” there shall be inserted “under a qualifying lease, or otherwise under the terms subject to which the lease is granted,”.

(3) In section 66(7)(a), for “subsections (8) and (8A)” there shall be substituted “subsection (8)”.

The Finance Act, 1995 (No. 8 of 1995)

19.

In section 48(5) of the Finance Act, 1995, for “paragraph (a) of the definition of ‘qualifying premises’” there shall be substituted “paragraph (a) of the definition of ‘qualifying tourism facilities’”.

The Finance Act, 1996 (No. 9 of 1996)

20.

In the proviso to section 68(2) of the Finance Act, 1996, after “where any premium or other sum which is payable (directly or indirectly),” there shall be inserted “under a qualifying lease, or otherwise under the terms subject to which the lease is granted,”.

21.

The amendments in this Part of this Schedule shall not, except where otherwise expressly provided in those amendments, affect the liability to income tax or capital gains tax for years of assessment ending on or before the 5th day of April, 1997, or the liability to corporation tax for accounting periods ending on or before that date, or the assessment, collection or recovery of any of those taxes or of interest on those taxes or other proceedings relating to those taxes or that interest.

Part II Pre-Consolidation Repeals


Number and Year	Short Title	Extent of Repeal
(1)	(2)	(3)
No. 6 of 1967	Income Tax Act, 1967.	In section 1(1), the definitions of “county rate” and “municipal rate”.
		Section 46.
		Section 68(2).
		Section 82.
		Section 106.
		Section 177.
		In section 307(1), the words “other than farming” and the words “, or in farming in a case in which this section applies,”.
		Section 307(1A).
		In section 317(2), paragraph (a), and the matter from “In paragraph (a)” to the end.
		In section 340(2), paragraphs (e) and (f).
		Section 365.
		Section 366.
		Section 419.
		Section 467.
		Section 467A.
		Section 467B.
		Section 467C.
		Section 468(1) and (2).
		Section 469.
		Section 471.
		Section 472(2).
		Section 473.
		Section 484(5).
		Section 486(3).
		Section 496.
		Section 550(2A).
		Schedule 1, Part II.
		In Schedule 18, paragraph VIII, the first subparagraph.
No. 19 of 1972	Finance Act, 1972.	Section 11.
No. 27 of 1974	Finance Act, 1974.	In section 16(5), the definition of “ordinary share capital”.
		Section 38.
		Section 44.
		Section 52.
		Section 54.
No. 20 of 1975	Capital Gains Tax Act, 1975.	In section 32(4)(b), the words “, before any deduction under section 13(1) of the Corporation Tax Act, 1976,”.
		Section 49(7).
No. 7 of 1976	Corporation Tax Act, 1976.	Section 6(4) (including the proviso).
		In section 66A(3), the proviso. Section 66A(4).
		In section 76A(2), the proviso.
		In section 76(6), the words “(as defined in section 64(4))”.
		Section 76A(3).
		In section 152(3), the words “and subsections (2) and (2A)”.
No. 16 of 1976	Finance Act, 1976.	Section 25.
		Section 30.
No. 14 of 1980	Finance Act, 1980.	Section 7.
No. 16 of 1981.	Finance Act, 1981.	Section 6.
		Section 18.
No. 14 of 1982	Finance Act, 1982.	Section 21.
		Section 22.
No. 15 of 1983	Finance Act, 1983.	In section 50(11), in paragraph (d), the words “and subsections (2) and (2A)” and paragraph (e).
No. 13 of 1986	Finance Act, 1986.	Section 8.
		Part I, Chapter III.
		In section 33(9), in paragraph (d), the words “and subsections (2) and 2(A)” and paragraph (e).
		Section 46(4).
No. 10 of 1987	Finance Act, 1987.	Section 6.
		Section 35(22).
No. 12 of 1988	Finance Act, 1988.	Section 19(1).
		Section 21(6).
		Section 22.
No. 10 of 1989	Finance Act, 1989	Section 7.
		In the First Schedule, in paragraph 1(7)(d), the words “and subsections (2) and 2(A)” and paragraph 1(7)(e).
No. 13 of 1993	Finance Act, 1993	Section 5.
		Section 38.
		Section 49.
No. 13 of 1994	Finance Act, 1994	Section 6.
		Section 66(8A).
No. 9 of 1996	Finance Act, 1996.	Section 15(6).

The repeals in this Part of this Schedule shall not affect the liability to income tax or capital gains tax for years of assessment ending on or before the 5th day of April, 1997 or the liability to corporation tax for accounting periods ending on or before that date, or the assessment, collection or recovery of any of those taxes or of interest on those taxes or other proceedings relating to those taxes or that interest.

TENTH SCHEDULE Income Tax and Corporation Tax: Reliefs for Certain Enterprise Areas

Part I Interpretation

In this Schedule—

“thoroughfare” includes any canal, lane, motorway, railway line and road;

a reference to a line drawn along any thoroughfare is a reference to a line drawn along the centre of that thoroughfare;

a reference to the point where any thoroughfare intersects, joins or traverses any other thoroughfare is a reference to the point where a line drawn along the centre of one thoroughfare would be intersected, joined or traversed by a line drawn along the centre of the other thoroughfare; a reference to a point where any thoroughfare is intersected by the projection of a boundary is a reference to the point where a line drawn along the centre of such thoroughfare would be intersected by the projection of such boundary.

Part II Description of Cherry Orchard/Gallanstown Enterprise Area

That part of the county borough of Dublin and the administrative county of South Dublin bounded by a line commencing at the point (in this description referred to as “the first-mentioned point”) where the Grand Canal is traversed by the M50 motorway, then continuing in an easterly direction along the Grand Canal to the point where it is traversed by the unnamed road to the east of the Dublin Corporation Waterworks installation, then continuing in a north-westerly direction along the said unnamed road for a distance of 250 metres, then continuing in a straight undefined line in a north-easterly direction to a point on the South Western Railway Line which is 950 metres east of the point where the said railway line is traversed by the M50 motorway, then continuing in a westerly direction along the said railway line to the point where it is traversed by the M50 motorway, then continuing in a south-easterly direction along the said motorway to the first-mentioned point.

PART III Description of Finglas Enterprise Area

That part of the county borough of Dublin and the administrative county of Fingal bounded by a line commencing at the point (in this description referred to as “the first-mentioned point”) where Jamestown Road is intersected by the western projection of the northern boundary of Poppintree Industrial Estate, then continuing in a northerly direction along Jamestown Road to the point where it joins St. Margaret's Road, then continuing in an easterly direction along St. Margaret's Road for a distance of 110 metres, then continuing in a straight undefined line due north to the point where it intersects the M50 motorway, then continuing in an easterly direction along the M50 motorway to the point where it is traversed by the unnamed road immediately to the west of the playing fields on the northern side of St. Margaret's Road, then continuing in a southerly direction along the said unnamed road to the point where it joins St. Margaret's Road, then continuing in an easterly direction along St. Margaret's Road for a distance of 115 metres, then continuing in a straight undefined line in a southerly direction to the point where Balbutcher Lane is intersected by the eastern projection of the northern boundary of Poppintree Industrial Estate, then continuing in a westerly direction along the last-mentioned projection and boundary and the western projection of the last-mentioned boundary to the first-mentioned point.

Part IV Description of Rosslare Harbour Enterprise Area

Ballygerry Area

That part of the administrative county of Wexford bounded by a line commencing at the point where the N25 road intersects the Ballygerry Road at Kilrane (in this description referred to as “the first-mentioned point”), then continuing initially in a northerly direction along the said Ballygerry Road to the point where it next joins the N25 road, then continuing initially in a southerly direction along the said N25 road to the first-mentioned point.

Harbour Area

That part of the town of Rosslare Harbour in the administrative county of Wexford bounded by a line commencing at the point (in this description referred to as “the first-mentioned point”) where the high-water mark joins the south-eastern end of the pier wall to the north-west of the premises known locally as the Old Customs Shed, then continuing in a north-westerly direction along the said pier to the point where it intersects the eastern end of the new revetment, then continuing in a south-westerly direction along the said revetment to the point which is a distance of 150 metres from the western end of the said revetment, then continuing in a straight undefined line due south to the point where it intersects the railway track, then continuing in a north-easterly direction along the said railway track to the point where it is intersected by the southern projection of the western boundary of the said Old Customs Shed property, then continuing in a northerly direction along the last-mentioned projection and boundary to the point where it joins the north-western boundary of the said Old Customs Shed property, then continuing in a north-easterly direction in a straight undefined line to the first-mentioned point.

Footnotes

*OJ No. L218, 6 August 1991, page 1.

*O.J. No. L291 of 6th December 1995, page 40.

O.J. No. L145 of 13 June 1977, p. 1.

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