Amendment of section 28 (relief in relation to income from qualifying shipping trade) of Finance Act, 1987 .
\n42.—(1) Subsection (1) (as amended by the Finance Act, 1988 ) of section 28 of the Finance Act, 1987 , is hereby amended— (a) in the definition of “qualifying ship”, by the deletion of paragraph (iv), and (b) in the definition of “qualifying shipping activities”— (i) by the deletion of “and” in paragraph (d), (ii) by the substitution of “the company, or” for “the company;” in paragraph (e), and (iii) by the insertion, after paragraph (e), of the following paragraph: “(f) the use of a qualifying ship for the purposes of transporting supplies or personnel to, or providing services in respect of, a mobile or fixed rig, platform, vessel or installation of any kind at sea;”, and the said definitions, as so amended, are set out in the Table to this section.
\nTABLE “qualifying ship” means a sea-going vessel which— (a) is owned to the extent of not less than 51 per cent. by a person or persons ordinarily resident in the State, (b) is registered in the State under Part II of the Mercantile Marine Act, 1955 , (c) is of not less than 100 tons gross tonnage, and (d) is self-propelled, but notwithstanding anything in paragraphs (a), (b), (c) or (d) of this definition does not include— (i) a fishing vessel other than a vessel normally used for the purposes of an activity mentioned in paragraph (d) of the definition of qualifying shipping activities in this subsection, (ii) a tug, (iii) a vessel (including a dredger) used primarily as a floating platform for working machinery or as a diving platform, (v) any other vessel of a type which is not normally used for the purposes of qualifying shipping activities; “qualifying shipping activities” means activities carried on by a company in the course of a trade and which consist of— (a) the use of a qualifying ship for the purpose of carrying by sea passengers or cargo for reward, (b) the provision, on board the qualifying ship, of services ancillary to the said use of the qualifying ship, (c) the granting of rights by virtue of which another person provides, or will provide, the said services, on board the said qualifying ship, (d) the subjecting of fish to a manufacturing process on board a qualifying ship, (e) the letting on charter of a qualifying ship for use for the said purposes where the operation of the ship, and the crew of the ship, remain under the direction and control of the company, or (f) the use of a qualifying ship for the purposes of transporting supplies or personnel to, or providing services in respect of, a mobile or fixed rig, platform, vessel or installation of any kind at sea;
\nAmendment of section 10 (allowance of charges on income) of Corporation Tax Act, 1976 .
\n43.—
\nof the Corporation Tax Act, 1976 , is hereby amended, as respects payments made in any accounting period ending on or after the 6th day of April, 1990, by the substitution of the following subsection for subsection (4): “(4) No such payment as is mentioned in subsection (3) (a) made by a company to a person not resident in the State shall be treated as a charge on income unless it is a payment— (a) from which, in accordance with— (i) the provisions of section 434 of the Income Tax Act, 1967 (which relates to interest, etc., not payable out of taxed profits), or (ii) the said provisions as applied by section 31 of the Finance Act, 1974 , except where the company has been authorised by the Revenue Commissioners to do otherwise, the company deducts income tax which it accounts for under the said section 434 and section 151 of the Corporation Tax Act, 1976 , or under the said section 434 and section 51 of the Finance Act, 1990, as the case may be, or (b) which is payable out of income which is brought into charge to tax under Case III of Schedule D and which arises from securities and possessions outside the State.”.
\nAmendment of section 116 (kinds of group relief) of Corporation Tax Act, 1976 .
\n44.—(1)
\nof the Corporation Tax Act, 1976 , is hereby amended as respects any accounting period ending on or after the 1st day of June, 1990, by the addition of the following subsection after subsection (9): “(10) (a) References in the preceding subsections to a surrendering company do not include references to a company carrying on life business. (b) For the purposes of this section ‘life business’ shall be construed in accordance with section 50 (1).”.
\nTrust for Community Initiatives.
\n45.—(1) In this section “the Trust” means “The Trust for Community Initiatives” established by trust deed dated the 18th day of April, 1990, one of the trustees of which is a company incorporated on the 18th day of April, 1990, as the Trustee for Community Initiatives and to which a licence under section 24 of the Companies Act, 1963 , relates.
\nProvided that in determining the net amount of the gift, the amount or value of any consideration received by the said company as a result of making the gift, whether received directly or indirectly from the trustees of the Trust or any other person, shall be deducted from the amount of the gift.
\nAmendment of section 84A (limitation on meaning of “distribution”) of Corporation Tax Act, 1976 .
\n46.—Section 84A (as amended by the Finance Act, 1989 ) of the Corporation Tax Act, 1976 , is hereby amended— (a) by the insertion after subsection (3) of the following subsection: “(3A) (a) Notwithstanding subsection (2), where at any time on or after the 31st day of January, 1990, the total of the amounts of relevant principal (hereafter in this subsection referred to as the ‘current amounts of relevant principal’) advanced by a company in respect of relevant securities held, directly or indirectly, by the company at that time is in excess of a limit, being a limit equal to 75 per cent. of the total of the amounts of relevant principal advanced by the company in respect of relevant securities held, directly or indirectly, by the company on the 12th day of April, 1989, then any interest paid to the company in respect of relevant principal advanced by the company on or after the 31st day of January, 1990, which relevant principal is included in the current amounts of relevant principal, shall not be treated as a distribution for the purposes of this Act in the hands of the company:
\nProvided that where the total of the amounts of relevant principal advanced by a company in respect of relevant securities held, directly or indirectly, by the company on the 1st day of April, 1990, is less than the said limit, this paragraph shall have effect, in relation to interest paid to the company in the period from the 1st day of April, 1990, to the 31st day of December, 1991 (being interest paid in respect of relevant principal advanced by the company in that period), as if the said limit were the total of the amounts of relevant principal so advanced as of the 1st day of April, 1990, unless the company proves that it has, as far as possible, at all times on or after the 1st day of April, 1990, advanced to borrowers relevant principal in respect of the interest on which the provisions of paragraph (a) do not, or would not, apply by virtue of the provisions of paragraph (b). (b) Where, apart from this paragraph, any part of any interest paid to a company in respect of relevant principal advanced by the company in the period from the 31st day of January, 1990, to the 31st day of December, 1991, would not be treated as a distribution for the purposes of this Act in the hands of the company by virtue only of the provisions of paragraph (a), then the provisions of that paragraph shall not apply in relation to so much of that interest as is paid in that period if— (i) the relevant principal is advanced by the company to a borrower who was in negotiation, before the 31st day of January, 1990, with any company for an amount of relevant principal, (ii) the borrower had received before the 31st day of January, 1990, a written offer of grant aid from the Industrial Development Authority, the Shannon Free Airport Development Company Limited or Údarás na Gaeltachta in respect of a specified trade or a proposed specified trade for the purposes of which trade the relevant principal is borrowed, (iii) the specified trade is a trade which the borrower commenced to carry on after the 31st day of January, 1990, or is a specified trade of the borrower in respect of which he is committed, under a business plan approved by the Industrial Development Authority, the Shannon Free Airport Development Company Limited or Údarás na Gaeltachta, to the creation of additional employment, (iv) the specified trade of the borrower is selected by the Industrial Development Authority for inclusion in a list, approved by the Minister for Industry and Commerce and the Minister for Finance, which list specifies a particular amount of relevant principal in respect of each trade which amount is considered to be essential for the success of that trade, and
\n(v) the borrower, or a company connected (within the meaning of section 157 (5)) with the borrower, is not a company which commenced to carry on relevant trading operations (within the meaning of section 39B of the Finance Act, 1980 ) after the 20th day of April, 1990, or intends to commence to carry on such trading operations:
\nProvided that this paragraph shall not apply to any interest in respect of any relevant principal advanced after the time the total of the amounts of relevant principal to which this paragraph applies, advanced by all lenders who have made such advances, exceeds £170,000,000. (c) Notwithstanding section 21 (2) (b) of the Finance Act, 1989 , for the purposes of this subsection, relevant principal advanced by a company at any time on or after the 31st day of January, 1990, includes any relevant principal advanced on or after that day to a borrower under an agreement entered into before that day. (d) For the purposes of this subsection, where a company which has, on or after the 31st day of January, 1990, advanced relevant principal to a borrower under the terms of an agreement and, under the terms of that or any other agreement, the company assigns to another company part or all of its rights and obligations under the first-mentioned agreement in relation to the relevant principal, such assignment shall be deemed not to have taken place.”, (b) by the substitution in subsection (5) of “In subsections (2), (3), (3A) and (4),” for “In subsections (2), (3) and (4),”, and (c) by the substitution in subsection (6) of “in subsections (2) and (3A)” for “in subsection (2)”.
\nAmendment of section 101 (surcharge on close company's undistributed investment and estate income) of Corporation Tax Act, 1976 .
\n47.—
\nof the Corporation Tax Act, 1976 , is hereby amended, as respects accounting periods ending on or after the 1st day of April, 1990— (a) by the substitution, in subsection (1), of “there shall be charged on the company an additional duty” for “there shall be charged on the company for the accounting period an additional duty”, (b) by the substitution of the following subsection for subsection (5): “(5) A surcharge made under this section on a company in respect of an accounting period (in this subsection referred to as the first-mentioned accounting period) shall— (a) be charged on the company for the earliest accounting period which ends on or after a day which is twelve months after the end of the first-mentioned accounting period, and (b) be treated as corporation tax chargeable for that accounting period:
\nProvided that where there is no such accounting period so ending, the surcharge shall be charged for, and treated as corporation tax of, the accounting period in respect of which it is made.”, and the said subsection (1) (other than the proviso), as so amended, is set out in the Table to this section.
\nTABLE
\nAmendment of Section 162 (surcharge on undistributed income of service companies) of Corporation Tax Act, 1976 .
\n48.—
\nof the Corporation Tax Act, 1976 , is hereby amended, as respects accounting periods ending on or after the 1st day of April, 1990— (a) by the substitution, in subsection (4), of “there shall be charged on the company an additional duty” for “there shall be charged on the company for the accounting period an additional duty”, and (b) by the substitution, in subsection (5), of “subsections (2), (3) and (4), subsection (5) (as amended by section 47 of the Finance Act, 1990) and subsection (6) of section 101” for “section 101 (2) (3) (4) (5) (6)”, and the said subsections (4) (other than the proviso) and (5), as so amended, are set out in the Table to this section.
\nTABLE
\nAmendment of section 151 (income tax on payments) of Corporation Tax Act, 1976 .
\n49.—
\nof the Corporation Tax Act, 1976 , is hereby amended, as respects accounting periods ending on or after the 1st day of April, 1990— (a) by the substitution, in subsection (3), of “inspector” for “Collector-General”, (b) by the substitution, in subsection (4), of “nine months” for “six months”, (c) in subsection (5)— (i) by the substitution of “by which preliminary tax (if there were any) for the accounting period for which the return is required to be made under subsection (3) is due and payable” for “by which the return is to be made”, and (ii) by the deletion of “if that tax, or any part of it, is not paid on or before the due date”, (d) by the substitution of the following subsections for subsections (10), (11) and (12): “(10) (a) Where a company makes a relevant payment on a date which does not fall within an accounting period the company shall make a return of that payment within six months from that date, and the income tax for which the company is accountable in respect of that payment shall be due at the time by which the return is to be made. (b) Any assessment in respect of tax payable under this subsection shall be treated as relating to the year of assessment in which the payment is made. (c) Subsection (11) shall not apply to an assessment under this subsection.
\nProvided that the tax paid by a company which is treated as corporation tax by virtue of this subsection shall be repaid to the company if it would have been so repaid under subsection (7) had it been treated as income tax paid by the company. (b) Any tax assessable under one or more of the provisions of this section may be included in one assessment if the tax so included is all due on the same date.
\nTABLE
\nAmendment of section 152 (provisions as to tax under section 151) of Corporation Tax Act, 1976 .
\n50.—
\nof the Corporation Tax Act, 1976 , is hereby amended by the insertion after subsection (4) (inserted by the Finance Act, 1981 ) of the following subsection: “(5) Subsections (1), (2) and (3) shall have effect only in respect of a company to which the provisions of subsection (10) of section 151 relates.”.
\nIncome tax on payments made by non-resident companies.
\n51.—(1) Subject to subsection (4), the provisions of subsection (2) shall have effect as respects an accounting period of a company which is not resident in the State if the company is— (a) required, by virtue of the provisions of section 434
\n(3)
\nof the Income Tax Act, 1967 , is hereby amended by the substitution for subsection (5A) (inserted by section 151 of the Corporation Tax Act, 1976 ) of the following subsection: “(5A) Subsections (2), (3) and (5) have effect subject to the provisions of section 151 of the Corporation Tax Act, 1976 , and section 51 of the Finance Act, 1990, with respect to the time and manner in which certain companies are to account for and pay income tax in respect of— (a) payments from which tax is deductible, and (b) any amount which is deemed to be an annual payment.”.
\nAmendment of section 41 (basis of relief from corporation tax) of Finance Act, 1980 .
\n52.—
\nof the Finance Act, 1980 , is hereby amended by the insertion, in subsection (1), after “means the corporation tax” of “(other than an amount which, by virtue of sections 101, 151 and 162 of the Corporation Tax Act, 1976 , as amended, respectively, by sections 47 , 49 and 48 of the Finance Act, 1990, and of section 51 of the Finance Act, 1990, falls to be treated as corporation tax of an accounting period)”.
\nAmendment of section 58 (basis of relief from corporation tax) of Corporation Tax Act, 1976 .
\n53.—
\n(as amended by section 42 of the Finance Act, 1980 ) of the Corporation Tax Act, 1976 , is hereby amended by the insertion, in subsection (10), after “means the corporation tax” of “(other than an amount which, by virtue of sections 101, 151 and 162, as amended, respectively, by sections 47 , 49 and 48 of the Finance Act, 1990, and of section 51 of the Finance Act, 1990, falls to be treated as corporation tax of an accounting period)”.
\nAmendment of section 143 (return of profits) of Corporation Tax Act, 1976 .
\n54.—
\n(as amended by section 16 of the Finance Act, 1981 ) of the Corporation Tax Act, 1976 , is hereby amended by the substitution of the following subsection for subsection (1): “(1) A company may be required by a notice served on it by an inspector or other officer of the Revenue Commissioners to deliver to the officer within the time limited by the notice a return of— (a) the profits of the company computed in accordance with this Act— (i) specifying the income taken into account in computing those profits, with the amount from each source, (ii) giving particulars of all disposals giving rise to chargeable gains or allowable losses under the provisions of the Capital Gains Tax Acts and this Act and particulars of those chargeable gains or allowable losses, and (iii) giving particulars of all charges on income to be deducted against those profits for the purpose of the assessment to corporation tax other than those included in paragraph (c), (b) the distributions received by the company from companies resident in the State and the tax credits to which the company is entitled in respect of those distributions, (c) payments made from which income tax is deductible and to which the provisions of subsections (2) to (5) of section 434 (interest, etc., not payable out of taxed profits) of the Income Tax Act, 1967 , apply, and (d) all amounts which under section 98 (loans to participators etc.) of the Corporation Tax Act, 1976 , are deemed to be annual payments.”.
\nAmendment of section 50 (returns and collection of advance corporation tax) of Finance Act, 1983 .
\n55.—
\nof the Finance Act, 1983 , is hereby amended, as respects accounting periods ending on or after the 1st day of April, 1990— (a) by the substitution, in subsection (2), of “inspector” for “Collector-General”, (b) by the substitution, in subsection (3), of “nine months” for “six months”, and (c) in subsection (6)— (i) by the substitution of “within six months from the end of the accounting period for which the return is required to be made under subsection (3)” for “at the time by which the return is to be made”, and (ii) by the deletion of “if that tax, or any part of it, is not paid on or before the due date”, and the said subsections (2), (3) and (6), as so amended, are set out in the Table to this section.
\nTABLE
\nExemption of certain income of Housing Finance Agency p.l.c.
\n56.—Chapter IV of Part I of the Finance Act, 1985 , is hereby amended by the substitution of the following section for section 24: “24.— Notwithstanding any provision of the Corporation Tax Acts, income arising to the Housing Finance Agency p.l.c.— (a) in any accounting period ending after the 8th day of February, 1982, from the business of making loans and advances under section 5 of the Housing Finance Agency Act, 1981 , which income would, but for this section, have been chargeable to corporation tax under Case I of Schedule D, and (b) in any accounting period ending after the 5th day of April, 1990, which income would, but for this section, have been chargeable to corporation tax under Case III of Schedule D, shall be exempt from corporation tax.”.
\nTaxation of Building Societies Building societies: change of status.
\n57.—(1) The provisions of the Third Schedule shall apply and have effect where a society converts in accordance with the provisions of Part XI of the Building Societies Act, 1989 , into a successor company within the meaning of that Part.
\nAmendment of section 129 (groups of companies: definitions) of Corporation Tax Act, 1976 .
\n58.—
\nof the Corporation Tax Act, 1976 , is hereby amended in subsection (2) by the substitution of the following paragraphs for paragraph (c): “(c) a registered industrial and provident society within the meaning of section 218 of the Income Tax Act, 1967 , and (d) a building society incorporated or deemed by virtue of section 124
\nTABLE
\nTaxation of Trustee Savings Banks Amalgamation of trustee savings banks.
\n59.—(1) Where any assets or liabilities of a trustee savings bank are transferred or deemed to be transferred to another trustee savings bank in accordance with the provisions of Part VI (which relates to amalgamation of trustee savings banks) of the Trustee Savings Banks Act, 1989 , those banks shall be treated for the purposes of the Tax Acts, and the Capital Gains Tax Acts, as if they were the same person.
\nReorganisation of trustee savings banks into companies.
\n60.—The provisions of the Fourth Schedule shall apply to the reorganisation— (a) of one or more trustee savings banks into a company, or (b) of a company referred to in subparagraph (i) of subsection (3) (c) of section 57 of the Trustee Savings Banks Act, 1989 , into a company referred to in subparagraph (ii) of that subsection, in accordance with the provisions of the said section 57.
\nAmendment of section 337 (savings banks) of Income Tax Act, 1967 .
\n61.—
\nof the Income Tax Act, 1967 , is hereby amended— (a) by the substitution of the following subsection for subsection (1): “(1) Any savings bank licensed under section 10 of the Trustee Savings Banks Act, 1989 , and any company to which section 57 (3) (c) (i) of that Act relates, shall be entitled to exemption from tax— (a) in respect of its interest and dividends arising from— (i) investments of moneys to the credit of the special account opened in pursuance of section 31
\nOffshore Funds Interpretation (Chapter VII, etc.).
\n62.—In this Chapter and the Fifth and Sixth Schedules— “account period” shall be construed in accordance with subsections (8), (9) and (10) of section 66 ; “disposal” shall be construed in accordance with section 63
\nDisposal of material interests in non-qualifying offshore funds.
\n63.—(1) This Chapter applies to a disposal by any person of an asset if— (a) at the time of the disposal, the asset constitutes a material interest in an offshore fund which is or has at any material time been a non-qualifying offshore fund, or (b) at the time of the disposal, the asset constitutes an interest in a company resident in the State or in a unit trust scheme, the trustees of which are at that time resident in the State and at a material time on or after the 1st day of January, 1991, the company or unit trust scheme was a non-qualifying offshore fund and the asset constituted a material interest in that fund, and for the purpose of determining whether the asset disposed of falls within paragraph (b) above, paragraph 2 (2) of Schedule 2 to the Principal Act shall have effect as it has effect for the purposes of that Act.
\nProvided that nothing in this subsection shall affect the determination, in accordance with subsection (1), of the question whether that deemed disposal is one to which this Chapter applies.
\nOffshore funds operating equalisation arrangements.
\n64.—(1) For the purposes of this Chapter, an offshore fund operates equalisation arrangements if, and at a time when, arrangements are in existence which have the result that where— (a) a person acquires by way of initial purchase a material interest in the fund at some time during a period relevant to the arrangements, and (b) the fund makes a distribution for a period which begins before the date of his acquisition of that interest, the amount of that distribution which is paid to him (assuming he still is retaining that interest) will include a payment of capital which is debited to an account (hereafter in this Chapter and the Fifth and Sixth Schedules referred to as “the equalisation account”) maintained under the arrangements and which is determined by reference to the income which had accrued to the fund at the date of his acquisition.
\nMaterial interests in offshore funds.
\n65.—(1) In this Chapter references to a material interest in an offshore fund are references to such an interest in any of the following, namely— (a) a company which is resident outside the State, (b) a unit trust scheme the trustees of which are not resident in the State, and (c) any arrangements which do not fall within paragraph (a) or (b), which take effect by virtue of the law of a territory outside the State and which, under that law, create rights in the nature of co-ownership (without restricting that expression to its meaning in the law of the State), and any reference in this Chapter to an offshore fund is a reference to any such company, unit trust scheme or arrangements in which any person has an interest which is a material interest.
\nNon-qualifying offshore funds.
\n66.—(1) For the purposes of this Chapter, an offshore fund is a non-qualifying fund except during an account period of the fund in respect of which the fund is certified by the Revenue Commissioners as a distributing fund.
\nof the Fifth Schedule .
\nof the Fifth Schedule , an offshore fund shall not be certified as a distributing fund in respect of any account period if, at any time during that period— (a) more than 5 per cent. by value of the assets of the fund consists of interests in other offshore funds, or (b) subject to subsections (4) and (5), more than 10 per cent. by value of the assets of the fund consists of interests in a single company, or (c) the assets of the fund include more than 10 per cent. of the issued share capital of any company or of any class of that share capital, or (d) subject to subsection (6), there is more than one class of material interest in the offshore fund and they do not all receive proper distribution benefits, within the meaning of subsection (7).
\nof the Fifth Schedule .
\n, and the supplementary provisions contained in
\n, of the Fifth Schedule shall have effect with respect to the procedure for and in connection with the certification of an offshore fund as a distributing fund.
\nCharge to income tax or corporation tax of offshore income gain.
\n67.—(1) If a disposal to which this Chapter applies gives rise, in accordance with the Sixth Schedule , to an offshore income gain, then, subject to the provisions of this section, the amount of that gain shall be treated for all the purposes of the Tax Acts as— (a) income arising at the time of the disposal to the person making the disposal, and (b) constituting profits or gains chargeable to tax under Case IV of Schedule D for the chargeable period (within the meaning of paragraph 1 (2) of the First Schedule to the Corporation Tax Act, 1976 ) in which the disposal is made.
\nOffshore income gains accruing to persons resident or domiciled abroad.
\n68.—(1) Section 36 of the Principal Act shall, in relation to its application to offshore income gains, have effect as if— (a) for any reference to a chargeable gain there were substituted a reference to an offshore income gain, (b) for the reference in subsection (6) to capital gains tax there were substituted a reference to income tax or corporation tax, and (c) paragraphs (b) and (c) of subsection (4) and subsection (7) were omitted.
\nDeduction of offshore income gain in determining capital gain.
\n69.—(1) The provisions of this section shall apply where a disposal (being a disposal to which this Chapter applies) gives rise to an offshore income gain and, if that disposal also constitutes the disposal of the interest concerned for the purposes of the Principal Act, then that disposal is in this section referred to as “the disposal for the purposes of the Principal Act”.
\nof the Sixth Schedule ) subsections (3) and (4) shall have effect in relation to the disposal for the purposes of the Principal Act in substitution for paragraph 2 (1) of Schedule 1 to that Act.
\nof the Sixth Schedule ) to an offshore income gain, then, for the purposes of the Tax Acts, the amount of the first distribution falling within paragraph (b) shall be taken to be reduced or, as the case may be, extinguished by deducting therefrom an amount equal to the offshore income gain referred to in paragraph (c) and, if that amount exceeds the amount of that first distribution, the balance shall be set against the second and, where necessary, any subsequent distribution falling within paragraph (b), until the balance is exhausted.
\n(8)
\nof the Corporation Tax Act, 1976 , shall apply for the purposes of subsection (7) (b).
\nCapital Allowances Amendment of section 241 (wear and tear of machinery, plant, etc.) of Income Tax Act, 1967 .
\n70.—
\nof the Income Tax Act, 1967 , is hereby amended in relation to machinery or plant provided for use for the purposes of a trade on or after the 1st day of April, 1990, by the insertion in subsection (1), after “chargeable period or its basis period” of “, and which, while used for the purposes of the trade, is wholly and exclusively so used,”.
\nAmendment of section 11 (wear and tear allowances for certain machinery and plant in undeveloped areas) of Finance Act, 1967 .
\n71.—
\n(as amended by section 46 of the Finance Act, 1988 ) of the Finance Act, 1967 , is hereby amended— (a) by the substitution, for subparagraph (ii) of paragraph (b) of subsection (2), of the following subparagraphs: “(ii) if the machinery or plant is provided for use on or after the 1st day of April, 1989, and before the 1st day of April, 1991, 50 per cent., or (iii) if the machinery or plant is provided for use on or after the 1st day of April, 1991, and before the 1st day of April, 1992, 25 per cent.,”, and (b) by the insertion after subsection (2) of the following subsection: “(2A) Notwithstanding subsection (2), no allowance made under section 241 of the Income Tax Act, 1967 , for wear and tear of any qualifying machinery or plant provided for use on or after the 1st day of April, 1992, shall be increased under this section.”.
\nAmendment of section 26 (increase of wear and tear allowances for certain machinery and plant) of Finance Act, 1971 .
\n72.—
\n(as amended by section 47 of the Finance Act, 1988 ) of the Finance Act, 1971 , is hereby amended— (a) by the substitution, for subparagraph (ii) of paragraph (b) of subsection (2), of the following subparagraphs: “(ii) if the machinery or plant is provided for use on or after the 1st day of April, 1989, and before the 1st day of April, 1991, 50 per cent., or (iii) if the machinery or plant is provided for use on or after the 1st day of April, 1991, and before the 1st day of April, 1992, 25 per cent.,”, and (b) by the insertion after subsection (2) of the following subsection: “(2A) Notwithstanding subsection (2), no allowance made under section 241 of the Income Tax Act, 1967 , for wear and tear of any qualifying machinery or plant provided for use on or after the 1st day of April, 1992, shall be increased under this section.”.
\nAmendment of section 251 (initial allowances for machinery and plant) of Income Tax Act, 1967 .
\n73.—
\nof the Income Tax Act, 1967 , is hereby amended— (a) in relation to capital expenditure incurred on or after the 1st day of April, 1990, by the insertion in subsection (1), after “or the haulage by road of other vehicles,” of “and that machinery or plant, while used for the purposes of that trade, is wholly and exclusively so used,”, (b) by the insertion in subsection (3) after “1956” of “or on or after the 1st day of April, 1992”, and (c) by the insertion in subsection (4), after paragraph (bb) (inserted by section 43 of the Finance Act, 1988 ), of the following paragraph: “(bbb) in relation to capital expenditure incurred on or after the 1st day of April, 1991, and before the 1st day of April, 1992, as if ‘one-quarter’ were substituted for ‘one-fifth’ in subsection (1),”.
\nAmendment of section 254 (industrial building allowance) of Income Tax Act, 1967 .
\n74.—Section 254 (as amended by section 21
\nAmendment of section 19 (industrial building allowance in relation to buildings and structures bought unused) of Finance Act, 1970 .
\n75.—
\n(as amended by section 86 of the Finance Act, 1974 ) of the Finance Act, 1970 , is hereby amended by the insertion after subsection (2) of the following subsection: “(2A) For the purposes of subsections (1) and (2)— ‘expenditure incurred on the construction of a building or structure’ excludes any expenditure within the meaning of section 256 of the Income Tax Act, 1967 , ‘the net price paid’ means the amount represented by A in the equation— C A = B × ______ C + D where B is the amount paid by a person on the purchase of the relevant interest in a building or structure;
\nC is the amount of the expenditure actually incurred on the construction of the building or structure;
\nD is the amount of any expenditure actually incurred which is expenditure for the purposes of paragraph (a), (b) or (c) of section 256 of the Income Tax Act, 1967 .”.
\nAmendment of section 25 (increase of writing-down allowances for certain industrial buildings) of Finance Act, 1978 .
\n76.—
\n(as amended by section 48 of the Finance Act, 1988 ) of the Finance Act, 1978 , is hereby amended— (a) by the substitution, for subparagraph (ii) of paragraph (b) of subsection (2), of the following subparagraphs: “(ii) if the qualifying expenditure is incurred on or after the 1st day of April, 1989, and before the 1st day of April, 1991, 50 per cent., or (iii) if the qualifying expenditure is incurred on or after the 1st day of April, 1991, and before the 1st day of April, 1992, 25 per cent.,”, and (b) by the insertion after subsection (2) of the following subsection: “(2A) Notwithstanding subsection (2), no allowance made under section 264 of the Income Tax Act, 1967 , in respect of qualifying expenditure incurred on or after the 1st day of April, 1992, shall be increased under this section.”.
\nAmendment of section 22 (farming: allowances for capital expenditure on construction of buildings and other works) of Finance Act, 1974 .
\n77.—
\nof the Finance Act, 1974 , is hereby amended— (a) by the substitution, for subparagraph (ii) of paragraph (b) of the proviso to subsection (2), of the following subparagraphs: “(ii) in relation to capital expenditure incurred on or after the 1st day of April, 1989, and before the 1st day of April, 1991, whether claimed in one chargeable period or more than one such period, shall not, in the aggregate, exceed one-half of that capital expenditure, and (iii) in relation to capital expenditure incurred on or after the 1st day of April, 1991, and before the 1st day of April, 1992, whether claimed in one chargeable period or more than one such period, shall not, in the aggregate, exceed one-quarter of that capital expenditure.”, and (b) by the insertion after subsection (2B) of the following subsection: “(2C) Notwithstanding any other provision of this section, no farm buildings allowance made in relation to capital expenditure incurred on or after the 1st day of April, 1992, shall be increased under this section.”.
\nAmendment of section 265 (balancing allowances and balancing charges) of Income Tax Act, 1967 .
\n78.—
\n(as amended by section 45 of the Finance Act, 1988 ) of the Income Tax Act, 1967 , is hereby amended by the substitution in subsection (1) of “in respect of which an allowance has been made under Chapter II of Part XV or under this Chapter, and any of the following events occurs” for “and any of the following events occurs while the building or structure is an industrial building or structure”.
\nAmendment of section 276 (machinery or plant used partly for non-trading purposes) of Income Tax Act, 1967 .
\n79.—
\nof the Income Tax Act, 1967 , is hereby amended in relation to machinery or plant provided for use for the purposes of a trade on or after the 1st day of April, 1990, by the insertion after “used by that person for the purposes of a trade carried on by him and” of “, while so used, was used wholly and exclusively for that purpose and otherwise”.
\nAmendment of section 51 (application of certain allowances in relation to certain areas and certain expenditure) of Finance Act, 1988 .
\n80.—
\nof the Finance Act, 1988 , is hereby amended by the substitution for subsections (2), (3) and (4) of the following subsections: “(2)
\n(as amended by the Finance Act, 1990) of the Income Tax Act, 1967 , shall have effect in relation to capital expenditure incurred on the provision of machinery or plant to which this section applies as if— (a) in subsection (3), ‘or on or after the 1st day of April, 1992’ were deleted, (b) paragraphs (bb) and (bbb) of subsection (4) were deleted, (c) the following provision were substituted for paragraph (d) of subsection (4): ‘(d) in relation to capital expenditure incurred on or after the 1st day of April, 1971, as if “five-fifth” were substituted for “one-fifth” in subsection (1).’, and (d) subsection (7) were deleted.
\n(3)
\nof the Finance Act, 1967 , and section 26 of the Finance Act, 1971 , shall have effect in relation to an allowance which falls to be made under section 241 of the Income Tax Act, 1967 , for wear and tear of any machinery or plant to which this section applies as if— (a) paragraph (b) of subsection (2) (as amended by the Finance Act, 1990) and subsection (2A) (inserted by the Finance Act, 1990) of the said section 11, and (b) paragraph (b) of subsection (2) (as amended by the Finance Act, 1990) and subsection (2A) (inserted by the Finance Act, 1990) of the said section 26, were deleted.
\n(4)
\nof the Income Tax Act, 1967 , and section 25 of the Finance Act, 1978 , shall have effect in relation to capital expenditure on the construction of an industrial building or a premises to which this section applies as if— (a) paragraph (aa) (inserted by the Finance Act, 1990) of subsection (2A) and subsections (2B) (as so inserted) and (7) (inserted by the Finance Act, 1988 ) of the said section 254, and (b) paragraph (b) of subsection (2) (as amended by the Finance Act, 1990) and subsection (2A) (inserted by the Finance Act, 1990) of the said section 25, were deleted.”.
\nApplication of certain allowances in relation to certain expenditure.
\n81.—(1) This section applies to— (a) machinery or plant or an industrial building or structure which is provided for the purposes of a project approved for grant assistance by the Industrial Development Authority, the Shannon Free Airport Development Company Limited or Údarás na Gaeltachta on or before the 31st day of December, 1990, and (b) (i) a building or structure which is to be an industrial building or structure within the meaning of section 255 (1) (d) of the Income Tax Act, 1967 , and which is to be registered in a register kept by Bord Fáilte Éireann under the Tourist Traffic Acts, 1939 to 1987, and (ii) machinery or plant which is provided for the purposes of a trade or part of a trade of hotel keeping carried on in the said building or structure, where a binding contract for the provision of the building or structure was entered into before the 31st day of December, 1990:
\nProvided that this section shall not apply if the said building or structure is not registered, within 6 months after the date of the completion of the said building or structure, in a register kept by Bord Fáilte Éireann under the Tourist Traffic Acts, 1939 to 1987, and where by virtue of this section any allowance or increased allowance has been granted any necessary additional assessments may be made to give effect to this proviso.
\n(2)
\nof the Income Tax Act, 1967 , shall have effect in relation to capital expenditure incurred on the provision of machinery or plant to which this section applies as if— (a) in subsection (3), “or on or after the 1st day of April, 1992” (inserted by this Act) were deleted, (b) in subparagraph (ii) of paragraph (bb) (inserted by the Finance Act, 1988 ) of subsection (4), “and before the 1st day of April, 1991,” were deleted, and (c) paragraph (bbb) (inserted by this Act) of subsection (4) were deleted.
\n(3)
\nof the Finance Act, 1967 , and section 26 of the Finance Act, 1971 , shall have effect in relation to an allowance which falls to be made under section 241 of the Income Tax Act, 1967 , for wear and tear of any machinery or plant to which this section applies as if— (a) in relation to the said section 11, the provisions of section 71 had not been enacted, and (b) in relation to the said section 26, the provisions of section 72 had not been enacted.
\n(4)
\nof the Income Tax Act, 1967 , shall have effect in relation to capital expenditure incurred on the construction of a building or structure which is to be an industrial building or structure to which this section applies as if— (a) the following provision were substituted for paragraph (a) of subsection (2A): “(a) in relation to capital expenditure incurred on or after the 16th day of January, 1975, on the construction of a building or structure in respect of which an allowance under this Chapter falls to be made by reason of its use for a purpose specified in paragraph (a) or (b) of section 255 (1), as if ‘one-half’ were substituted for ‘one-tenth’, and”, (b) paragraph (aa) (inserted by this Act) of subsection (2A) were deleted, and (c) subsection (2B) (inserted by this Act) were deleted.
\n(5)
\nof the Finance Act, 1978 , shall have effect in relation to capital expenditure incurred on the construction of a building or structure which is to be an industrial building or structure to which this section applies as if the provisions of section 76 had not been enacted.
\nCapital Gains Tax Amendment of section 3 (taxation of capital gains and rate of charge) of Capital Gains Tax Act, 1975 .
\n82.—Subsection (3) (as amended by section 60 of the Finance Act, 1986 ) of section 3 of the Capital Gains Tax Act, 1975 , is hereby amended as respects chargeable gains accruing on any disposal made on or after the 6th day of April, 1990— (a) by the deletion of paragraph (a), and (b) by the deletion in paragraph (b) of “more than one year but” and the said subsection, as so amended, is set out in the Table to this section.
\nTABLE
\nAmendment of section 36 (chargeable gains on disposals of development land) of Finance Act, 1982 .
\n83.—
\nof the Finance Act, 1982 , is hereby amended— (a) by the insertion in subsection (3) after “the 26th day of March, 1982,” of “and before the 6th day of April, 1990,”, and (b) by the insertion of the following subsection after subsection (3): “(3A) As respects chargeable gains accruing on relevant disposals made on or after the 6th day of April, 1990, section 3 (3) of the Principal Act (as amended by the Finance Act, 1990) shall have effect as if, in lieu of the rates of capital gains tax specified in paragraphs (b), (c) and (d) of that subsection, the following rates of capital gains tax applied: (i) 50 per cent., or (ii) in the case of such a relevant disposal which is a compulsory disposal by a person whose period of ownership of the asset is more than three years, 40 per cent.”, and the said subsection (3), as so amended, is set out in the Table to this section.
\nTABLE
\nAmendment of section 26 (disposal of business or farm on retirement) of Capital Gains Tax Act, 1975 .
\n84.—
\nof the Capital Gains Tax Act, 1975 , is hereby amended— (a) by the insertion in subsection (3), after “family company”, of “other than a holding company,”, (b) by the insertion of the following subsection after subsection (3): “(3A) Where a disposal of qualifying assets includes a disposal of shares or securities of the individual's family company which is a holding company, the amount of the consideration to be taken into account for the purposes of subsection (1) in respect of those shares or securities shall be the proportion of the consideration for such shares or securities which is equal to the proportion which the part of the value of the assets (including cash) of the trading group (excluding shares or securities of one member of the group held by another member of the group) at the time of the disposal which is attributable to the value of the chargeable business assets of the trading group bears to the value of the total assets of the trading group.”, and (c) in subsection (6) (a)— (i) by the insertion, before the definition of “chargeable business asset”, of the following: “a company shall be deemed to be a ‘100 per cent. subsidiary’ of another company if and so long as not less than 100 per cent. of its ordinary share capital is owned directly or indirectly by that other company;”, (ii) by the insertion, in the definition of “chargeable business asset”, after “family company” of “or by a company which is a member of a trading group of which the holding company is that individual's family company”, (iii) by the insertion after the definition of “full-time working director” of the following: “‘holding company’ means a company whose business (disregarding any trade carried on by it) consists wholly or mainly of the holding of shares or securities of one or more companies which are its 100 per cent. subsidiaries;”, (iv) by the insertion, in the definition of “qualifying assets”, after “family company” of “or a member of a trading group of which the holding company is that individual's family company”, and (v) by the insertion after the definition of “trading company” of the following: “‘trading group’ means a group of companies consisting of the holding company and its 100 per cent. subsidiaries, the business of whose members, taken together, consists wholly or mainly of the carrying on of a trade or trades.”.
\nAmendment of section 27 (disposal within the family of business or farm) of Capital Gains Tax Act, 1975 .
\n85.—Section 27 (as amended by section 8 of the Capital Gains Tax (Amendment) Act, 1978 ) of the Capital Gains Tax Act, 1975 , is hereby amended by the substitution, in subsection (3), of “Subsection (3) or (3A), as the case may be, of section 26” for “Section 26 (3)”.
\nAmendment of Schedule 1 (computational rules) to Capital Gains Tax Act, 1975 .
\n86.—As respects appropriations to stock in trade on or after the passing of this Act, paragraph 15 of Schedule 1 to the Capital Gains Tax Act, 1975 , is hereby amended by the insertion, after the proviso to subparagraph (3), of the following additional proviso: “Provided also that an election under this subparagraph shall not be made in any case where application of the provisions of subparagraph (1) would give rise to an allowable loss.”.
\nApplication to unit trusts of paragraph 2 (reorganisation or reduction of share capital) of Schedule 2 to Capital Gains Tax Act, 1975 .
\n87.—Schedule 2 to the Capital Gains Tax Act, 1975 , is hereby amended by the insertion after paragraph 2 of the following paragraph: “2A.— (1) In this paragraph, references to a reorganisation of units in a trust scheme include— (a) any case where persons are, whether for payment or not, allotted units in the scheme in respect of and in proportion to (or as nearly as may be in proportion to) their holdings of units in the scheme or of any class of units in the scheme, and (b) any case where there are more than one class of units and the rights attached to units of any class are altered.
\nProvided that, where, but for this proviso, this paragraph would apply to any reorganisation or reduction, in a year of assessment, of units in a unit trust scheme so that units which are deemed not to be chargeable assets for that year for the purposes of this Act would be treated as ‘original shares’ or a ‘new holding’ within the meaning of paragraph 2 (1), then paragraph 2 shall not apply to that reorganisation or reduction of units in the unit trust scheme.
\nCustoms and Excise Interpretation (Part II).
\n88.—In this Part— “the Order of 1975” means the Imposition of Duties (No. 221) (Excise Duties) Order, 1975 ( S.I. No. 307 of 1975 ); “the Order of 1979” means the Imposition of Duties (No. 236) (Excise Duties on Motor Vehicles, Televisions and Gramophone Records) Order, 1979 ( S.I. No. 57 of 1979 ).
\nHydrocarbons.
\n89.—(1) The rebate of duty on mineral hydrocarbon light oil provided for in section 56
\nTable waters.
\n90.—The duty of excise on table waters imposed by paragraph 9 (2) of the Order of 1975 (inserted by section 37
\nTelevisions.
\n91.—The duty of excise on televisions imposed by paragraph 5 (1) of the Order of 1979, shall be charged, levied and paid, as on and from the 1st day of February, 1990, in accordance with the Seventh Schedule in lieu of the Schedule to the Imposition of Duties (No. 274) (Televisions) Order, 1985 ( S.I. No. 41 of 1985 ).
\nVideo players.
\n92.—The duty of excise on video players imposed by paragraph 4 of the Imposition of Duties (No. 260) (Excise Duty on Video Players) Order, 1982 ( S.I. No. 49 of 1982 ), shall be charged, levied and paid, as on and from the 1st day of February, 1990, at the rate of £20 for each video player in lieu of the rate specified in section 59 of the Finance Act, 1983 .
\nGramophone records.
\n93.—The duty of excise on gramophone records imposed by paragraph 5 (1) of the Order of 1979, shall not be charged or levied on or after the 1st day of February, 1990.
\nMatches.
\n94.—The duty of excise on matches imposed by paragraph 13 (2) of the Order of 1975, shall not be charged or levied on or after the 1st day of February, 1990.
\nMechanical lighters.
\n95.—The duty of excise on mechanical lighters imposed by section 75
\nTobacco products.
\n96.—(1) In this section and in the Eighth Schedule “cigarettes”, “cigars”, “sweetened pipe tobacco”, “hard pressed tobacco”, “other pipe tobacco”, “smoking tobacco”, “chewing tobacco” and “tobacco products” have the same meanings as they have in the Finance (Excise Duty on Tobacco Products) Act, 1977 , as amended by the Imposition of Duties (No. 243) (Excise Duty on Tobacco Products) Order, 1979 ( S.I. No. 296 of 1979 ), and the Finance Act, 1988 .
\nValue-Added Tax Interpretation (Part III).
\n97.—In this Part— “the Principal Act” means the Value-Added Tax Act, 1972 ; “the Act of 1978” means the Value-Added Tax (Amendment) Act, 1978 ; “the Act of 1985” means the Finance Act, 1985 ; “the Act of 1986” means the Finance Act, 1986 ; “the Act of 1989” means the Finance Act, 1989 .
\nAmendment of section 1 (interpretation) of Principal Act.
\n98.—Section 1 of the Principal Act is hereby amended in subsection (1) by the insertion in the definition of “livestock” of “horses,” after “cattle,”.
\nAmendment of section 3 (delivery of goods) of Principal Act.
\n99.—Section 3 of the Principal Act is hereby amended in subsection (3) (inserted by the Finance Act, 1982 ) by the deletion of “, live horses” from paragraphs (a) and (b).
\nAmendment of section 5 (supply of services) of Principal Act.
\n100.—Section 5 (inserted by the Act of 1978) of the Principal Act is hereby amended in subsection (6)— (a) by the addition to clause (II) of subparagraph (ii) of paragraph (e) (inserted by the Act of 1986) of “or” after “supplied,”, and (b) by the insertion after clause (II) of subparagraph (ii) of paragraph (e) (inserted by the Act of 1986) of the following clause: “(III) who has an establishment in the State and his principal establishment in the country in which, but for this subparagraph, the services would be deemed to be supplied,”.
\nAmendment of section 8 (accountable persons) of Principal Act.
\n101.—Section 8 of the Principal Act is hereby amended in subsection (9) (inserted by the Act of 1978), in the definition of “agricultural produce”, by the deletion of “live horses and”.
\nAmendment of section 11 (rates of tax) of Principal Act.
\n102.—Section 11 of the Principal Act is hereby amended in subsection (1) (inserted by the Act of 1985)— (a) in paragraph (a)— (i) by the substitution of “23 per cent.” for “25 per cent.” (inserted by the Act of 1986), and (ii) by the deletion of “, (bb)” (inserted by the Finance Act, 1988 ), (b) by the deletion of paragraph (bb) (inserted by the Act of 1989), and (c) in paragraph (d)— (i) by the substitution of “2.3 per cent.” for “2 per cent.” (inserted by the Act of 1989), and (ii) by the insertion after “livestock” of “and live greyhounds, and to the hire of horses”.
\nAmendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.
\n103.—Section 12A (inserted by the Act of 1978) of the Principal Act is hereby amended by the substitution in subsection (1) of “2.3 per cent.” for “2 per cent.” (inserted by the Act of 1989).
\nAmendment of section 15 (charge of tax on imported goods) of Principal Act.
\n104.—Section 15 (inserted by the Act of 1978) of the Principal Act is hereby amended— (a) by the insertion in paragraph (b) of subsection (1) (inserted by the Act of 1985) after “livestock” of “and live greyhounds”, and (b) by the substitution in subsection (2) of “paragraph (xviii)” for “paragraphs (xviii), (xx) and (xxi)”.
\nNon-application, for a limited period, of section 17 (invoices) of Principal Act in respect of certain services.
\n105.—In respect of the period from the 1st day of October, 1990, to the 31st day of December, 1990, the provisions of section 17 of the Principal Act shall not apply in the case of the supply of services specified in paragraph (va) (inserted by this Act) of the Sixth Schedule (inserted by the Act of 1985) to the Principal Act.
\nAmendment of First Schedule to Principal Act.
\n106.—The First Schedule (inserted by the Act of 1978) to the Principal Act is hereby amended— (a) by the insertion in paragraph (ii) after “kind” of “, excluding instruction in the driving of mechanically propelled road vehicles other than vehicles designed or constructed for the conveyance of goods with a capacity of 1.5 tonnes or more,”, (b) by the insertion after paragraph (viii) (inserted by the Act of 1985) of the following paragraph: “(viiia) supply of cultural services and of goods closely linked thereto by any cultural body, whether established by or under statute or otherwise, which is recognised as such a body by the Revenue Commissioners for the purposes of this paragraph, not being services to which paragraph (viii) relates;”, (c) by the deletion of paragraphs (xx) and (xxi), and (d) by the insertion after paragraph (xxii) of the following paragraph: “(xxiia) supply of services by an independent group of persons (being a group which is an independent entity established for the purpose of administrative convenience by persons whose activities are exempt from or are not subject to tax) for the purpose of rendering its members the services directly necessary for the exercise of their activities and where the group only recovers from its members the exact reimbursement of each member's share of the joint expenses;”.
\nAmendment of Sixth Schedule to Principal Act.
\n107.—The Sixth Schedule (inserted by the Act of 1985) to the Principal Act is hereby amended— (a) by the insertion in paragraph (i), after subparagraph (a), of the following subparagraph: “(aa) electricity:
\nProvided that this subparagraph shall not apply to the distribution of any electricity where such distribution is wholly or mainly in connection with the distribution of communications signals,”, (b) by the insertion of the following paragraph after paragraph (v): “(va) telecommunications services (including the supply of goods and services incidental thereto) supplied by Bord Telecom Éireann or by any person licensed in accordance with subsection (1) of section 111 of the Postal and Telecommunications Services Act, 1983 , other than services of the kind specified in paragraph (d), (e) or (f) of subsection (3) of section 87 of the said Act;”, (c) by the substitution of the following paragraph for paragraph (x) (inserted by the Act of 1986): “(x) newspapers and periodicals, normally published at least fortnightly, the contents of each issue of which consist, wholly or mainly, as regards the quantity of printed matter contained in them, of information on the principal current events and topics of general public interest;”, and (d) by the insertion in paragraph (xiiih) (inserted by the Finance Act, 1987 ) after “interest” of “, not being services of the kind specified in paragraph (viiia) of the First Schedule”.
\nStamp Duties Levy on banks.
\n108.—(1) In this section— “assessable amount” means the amount arrived at by dividing the specified amount by twelve and deducting £15,000,000 from the quotient; “bank” means a person who, on the 1st day of September, 1989, was the holder of a licence granted under section 9 of the Central Bank Act, 1971 ; “relevant sum”, in relation to a return, means a sum shown in the return other than a sum shown in respect of foreign currency; “returns”, in relation to a bank, means the returns (being returns relating to resident branches) furnished to the Central Bank of Ireland by the bank in respect of the assets and liabilities of the bank as on the 18th day of January, 1989, the 15th day of February, 1989, the 31st day of March, 1989, the 28th day of April, 1989, the 31st day of May, 1989, the 30th day of June, 1989, the 31st day of July, 1989, the 31st day of August, 1989, the 29th day of September, 1989, the 31st day of October, 1989, the 30th day of November, 1989, and the 29th day of December, 1989; “specified amount”, in relation to a bank, means the amount obtained by deducting the aggregate amount of the relevant sums shown in respect of Item 302.2 in supplement 1 of the returns of the bank from the aggregate amount of the relevant sums shown in the returns in respect of Government deposits and non-Government deposits and shown as liabilities of the bank in such returns.
\nProvided that in the case where the assessable amount shown in the statement does not exceed £130,000,000 stamp duty of an amount equal to 0.3 per cent. of the assessable amount shown therein shall be charged.
\nLevy on investments in collective investment undertakings.
\n109.—(1) In this section— “accountable person”, in relation to an undertaking, means a person in whom is vested the legal ownership of the assets of the undertaking and also includes any unit holder and any management company, agent, intermediary, broker, or any other person who is engaged in the marketing of units to residents in the State or who is a party to a transaction involving the purchase of units in an undertaking by a unit holder; “the airport” has the same meaning as it has in the Customs-free Airport Act, 1947 ; “the Area” has the same meaning as it has for the purposes of section 39B (inserted by the Finance Act, 1987 ) of the Finance Act, 1980 ; “assessable amount”, in relation to an undertaking and in relation to the period from the 1st day of February, 1990, to the 30th day of June, 1990, and thereafter each quarter, means the amount or value of capital invested by or on behalf of unit holders in an undertaking in that period or quarter, without deduction for any commissions paid or other expenses incurred in relation to that investment, in consideration of the purchase by or on behalf of such unit holders of units in that undertaking but without regard to capital invested in consideration of the purchase by or on behalf of unit holders of excluded units; “Commissioners” means the Revenue Commissioners; “company” means any body incorporated in the State with limited liability or, if incorporated or otherwise formed under the law of any other jurisdiction, which corresponds under that law to a body so incorporated in the State; “declaration”, in relation to the purchase of units by persons who are not resident in the State, means a written declaration which— (a) is made in such form as may be prescribed or authorised by the Commissioners, (b) declares that at the time when the declaration is made the person who is beneficially entitled to the interest in relation to such units is not, or, as the case may be, all of the persons who are so entitled are not, resident in the State, (c) contains as respects the person, or, as the case may be, each of the persons, mentioned in paragraph (b)— (i) the name of the person, (ii) the address of his principal place of residence, and (iii) the name of the country in which he is resident at the time the declaration is made, and (d) contains such other information as the Commissioners may reasonably require for the purposes of this section; “distribution” has the same meaning as it has for the purposes of the Corporation Tax Acts;
\n“excluded units” means— (a) units in which the persons who hold the beneficial interest are not resident, as provided for in the Income Tax Acts, in the State and in respect of which a declaration was made, at the time of purchase by those persons, to the person from whom such units were purchased; (b) units of an undertaking repurchased or redeemed from a unit holder by a management company at the request of that unit holder; (c) units in an undertaking purchased by or on behalf of a unit holder from undistributed profits or income arising from units already held by that unit holder in that undertaking; (d) units purchased by or on behalf of a body of persons established for charitable purposes only or by the trustees of a trust so established acting on behalf of that trust and where that body or that trust is a charity for the purposes of the Income Tax Acts; (e) units purchased by or on behalf of an insurer acting in the course of his business as an insurer; (f) units in an undertaking purchased by or on behalf of a unit holder in exchange for units held by him in another undertaking provided that both such undertakings are sub-funds in an umbrella fund; (g) units purchased by or on behalf of an occupational pension scheme; (h) units purchased by or on behalf of a person acting in the course of his business in the airport or in the Area; (i) units purchased by or on behalf of an undertaking, being an undertaking to which this section applies; “insurer” means the holder of an authorisation under the European Communities (Non-Life Insurance) Regulations, 1976 ( S.I. No. 115 of 1976 ), or the European Communities (Life Assurance) Regulations, 1984 ( S.I. No. 57 of 1984 ); “intermediary” means any person who provides relevant facilities in relation to an undertaking; “management company”, in relation to an undertaking, means a company which, in the course of trading operations carried on by the company, manages the whole or any part of the investments and other activities of the business of the undertaking; “occupational pension scheme” means any scheme or arrangement— (a) which is comprised in one or more instruments or agreements, and (b) which provides or is capable of providing benefits in relation to employees in any description of employment who reside within the State, and (c) (i) which has been approved of by the Revenue Commissioners for the purpose of Chapter II of the Finance Act, 1972 , or (ii) the application for approval of which under Chapter II of the Finance Act, 1972
\n, is being considered, or (iii) being a statutory scheme to which section 17 of the Finance Act, 1972 , applies; “quarter” means a period of three months after the passing of this Act ending on the 31st day of March, the 30th day of June (other than the 30th day of June, 1990), the 30th day of September and the 31st day of December; “relevant facilities”, in relation to an undertaking, means— (a) the marketing in the State of the units of the undertaking, (b) the acting in the State as an intermediary in the purchase of the units of the undertaking by or on behalf of persons resident in the State or in the sale to such persons of such units, and (c) the provision in the State on behalf of the undertaking of facilities for the making of payments to holders of its units, or the repurchase or redemption of its units; “relevant gains”, in relation to an undertaking, means gains accruing to the undertaking being gains which would constitute chargeable gains in the hands of a person resident in the State; “relevant income”, in relation to an undertaking, means any amounts of income, profits or gains which arise to or are receivable by the undertaking being amounts of income, profits or gains— (a) which are or are to be paid to unit holders as relevant payments, or (b) out of which relevant payments are, or are to be, made to unit holders, or (c) which are or are to be accumulated for the benefit of, or invested in any property for the benefit of, unit holders, and which if they arose to an individual resident in the State would, in the hands of the individual, constitute income for the purposes of income tax; “relevant payment” means, a payment made to a unit holder by an undertaking by reason of rights conferred on the unit holder as a result of holding a unit or units in the undertaking, other than a payment made in respect of the cancellation, redemption or repurchase of a unit; “relevant profits” means, in relation to an undertaking, the relevant income and relevant gains of the undertaking; “umbrella fund” means an undertaking which is divided into a number of sub-funds and in which unit holders are entitled to exchange rights in one sub-fund for rights in another sub-fund; “undertaking” means an undertaking the main objects of which include the collective investment, in any property, of capital raised from the public and the units of which may, at the request of the unit holders, be repurchased or redeemed, directly or indirectly out of the assets of the undertaking, and includes a unit trust, UCITS or other similar investment undertaking which, in the case of a similar investment undertaking is, in the opinion of the Commissioners, an undertaking to which this section applies notwithstanding that such undertaking is a company which issues shares to the public, whether or not those shares may be repurchased or redeemed directly or indirectly out of the assets of the undertaking;
\n“units” includes shares and any other instruments granting an entitlement to share in the investments or income of, or receive a distribution from, an undertaking; “UCITS” has the meaning assigned to it by section 19 of the Finance Act, 1989 ; “unit holder”, in relation to an undertaking, means any person who by reason of the holding of a unit, or under the terms of a unit, in the undertaking is entitled to a share of any of the investments or relevant profits of, or to receive a distribution from, the undertaking; “unit trust” means a registered unit trust scheme within the meaning of the Unit Trusts Act, 1972 ;
\nProvided that where it is expedient to do so and the Commissioners have agreed, a person, who is an accountable person in relation to an undertaking, may deliver a statement as required under the foregoing provisions of this subsection and make a payment as required under subsection (4) on behalf of one or more other persons, who are also accountable persons in respect of that undertaking, and any such delivery or payment on behalf of one or more accountable persons shall be deemed to be a delivery and a payment by each of them for the purposes of this section.
\nProvided that any unit holder to whom this subsection applies may, within 30 days of acquiring such units, deliver such statement as is referred to in subsection (2) and pay such duty as is referred to in subsection (3).
\nAmendment of First Schedule to Stamp Act, 1891.
\n110.—(1) In this section “the First Schedule” means the First Schedule (as amended by the Finance Act, 1970 , and subsequent enactments) to the Stamp Act, 1891.
\nof the Ninth Schedule to this Act is hereby substituted for the Heading “BOND, COVENANT, or INSTRUMENT of any kind whatsoever” in the First Schedule.
\nof the Ninth Schedule to this Act is hereby substituted for the Heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities” in the First Schedule.
\nof the Ninth Schedule to this Act is hereby substituted for the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities” in the First Schedule.
\nof the Ninth Schedule to this Act is hereby substituted for the Heading “DUPLICATE or COUNTERPART of any instrument chargeable with any duty” in the First Schedule.
\nof the Ninth Schedule to this Act is hereby substituted for the Heading “LEASE” in the First Schedule.
\nof the Ninth Schedule to this Act is hereby substituted for the Heading “MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) and WARRANT OF ATTORNEY to confess and enter up judgment” in the First Schedule.
\nof the Ninth Schedule to this Act is hereby substituted for the Heading “RELEASE or RENUNCIATION of any property, or of any right or interest in any property” in the First Schedule.
\nof the Ninth Schedule to this Act is hereby substituted for the Heading “SURRENDER of any property, or of any right or interest in any property” in the First Schedule.
\nof the Ninth Schedule to this Act is hereby substituted for the Heading “SHARE WARRANT issued under the provisions of the Companies Acts, and STOCK CERTIFICATE to bearer” in the First Schedule.
\nAmendment of section 58 (directions as to duty in certain cases) of Stamp Act, 1891.
\n111.—Section 58 (as amended by section 47 of the Finance Act, 1981 ) of the Stamp Act, 1891, is hereby amended by the substitution in subsection (8) of “paragraph 8” for “paragraph 4”.
\nStamp duty on transfers of building land.
\n112.—(1) Notwithstanding the provisions of section 77 (2) of the Stamp Act, 1891, and of section 10 of the Finance Act, 1900 , where, in connection with, or as part of any arrangement involving, a sale or a lease of any land, a dwellinghouse or apartment has been built, or is in the course of being built, or is to be built, on that land, any instrument whereby such sale or lease is effected shall be chargeable to stamp duty— (a) in the case of such sale, under the heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities” in the First Schedule (as amended by the Finance Act, 1970