Finance Act, 1977

Finance Act, 1977 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1977 Finance Act, 1977 Finance Act, 1977 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Print Full ActPriontáil an tAcht Iomlán Number 18 of 1977 FINANCE ACT, 1977 ARRANGEMENT OF SECTIONS

PART I

Income Tax, Corporation Tax, Corporation Profits Tax and Capital Gains Tax

Chapter I

Income Tax Section

Section 1

Amendment of section 142 (dependent relatives) of Income Tax Act, 1967.

Section 2

Amendment of section 236 (retirement annuities—nature and amount of relief for qualifying premiums) of Income Tax Act, 1967.

Section 3

Amendment of section 59 (power to obtain information) of Finance Act, 1974.

Section 4

Amendment of provisions relating to time for payment of tax.

Section 5

Charge of income tax for 1977-78 and subsequent years.

Section 6

Personal reliefs.

Section 7

Age exemption.

Section 8

Charge to tax in respect of certain distributions deemed to be emoluments.

Chapter II

Taxation of Farming Profits

Section 9

Amendment of section 15 (farming profits to be charged under Schedule D) of Finance Act, 1974.

Section 10

Amendment of section 16 (farming carried on by certain persons) of Finance Act, 1974.

Section 11

Limit on amount of tax to be charged on certain farming profits.

Section 12

Assessment of farming profits for 1977–78.

Section 13

Application of section 30 (appeals against assessments and payments on account) of Finance Act, 1976, to assessments under section 21 (notional basis of assessment) of Finance Act, 1974.

Section 14

Increase of allowances for certain capital expenditure.

Chapter III

Corporation Tax

Section 15

Charge of corporation tax for financial year 1977 and subsequent financial years.

Section 16

Amendment of sections 13 and 37 (chargeable gains of companies) of Corporation Tax Act, 1976.

Section 17

Amendment of section 28 (reduction of corporation tax liability of small companies) of Corporation Tax Act, 1976.

Section 18

Amendment of section 79 (reduced rate of corporation tax for certain income) of Corporation Tax Act, 1976.

Section 19

Application of sections 182 and 184 (relief in respect of certain losses and capital allowances) of Corporation Tax Act, 1976.

Chapter IV

Corporation Tax in Relation to Certain Manufacturing Companies

Section 20

Definitions.

Section 21

Standard year.

Section 22

Apportionments arising from transfer of part of trade.

Section 23

Corresponding part of standard year.

Section 24

Rate of corporation tax for certain manufacturing companies.

Section 25

Determination of volume of sales.

Section 26

Succession to trade.

Section 27

Exclusion of duties and value-added tax.

Section 28

Transactions between associated persons.

Section 29

Separate accounting periods for small companies, etc..

Section 30

Exclusion of mining and construction operations.

Section 31

Application of section 63 (production of documents and records) of Corporation Tax Act, 1976.

Section 32

Appeals.

Chapter V

Taxation of Chargeable Gains

Section 33

Amendment of section 3 (taxation of capital gains and rate of charge) of Capital Gains Tax Act, 1975.

Section 34

Amendment of section 31 (unit trusts) of Capital Gains Tax Act, 1975.

Section 35

Unit trusts: relief in certain cases.

Chapter VI

Income Tax, Corporation Tax, Corporation Profits Tax and Capital Gains Tax

Section 36

Construction of references to child, son and daughter in Tax Acts and Capital Gains Tax Act, 1975.

Section 37

Continuation of certain capital allowances for period to 1st April, 1979.

Section 38

Amendment of section 8 (suspension of shipping investment allowance) of Finance Act, 1973.

Section 39

Provisions in relation to Convention for reciprocal avoidance of double taxation in the State and the United Kingdom of income and capital gains.

Section 40

Application of section 31 (building societies) of Corporation Tax Act, 1976, for certain years of assessment.

Section 41

Amendment of section 171 (construction of references to income tax paid by deduction and to repayment) of Corporation Tax Act, 1976.

Section 42

Miscellaneous amendments in relation to corporation tax.

Section 43

Amendment of provisions relating to relief in respect of increase in stock values.

PART II

Excise

Section 44

Variation of excise duty on distillers' licences and brewers' licences.

Section 45

Reduction of rebate on beer brewed from home malted cereals.

Section 46

Drawback on beer.

PART III

Stamp Duties

Section 47

Relief from stamp duty on certain contracts.

Section 48

Exemption from stamp duty of certain instruments.

PART IV

Wealth Tax

Section 49

Amendment of section 1 (interpretation) of Wealth Tax Act, 1975.

Section 50

Amendment of section 6 (taxable wealth of private non-trading company) of Wealth Tax Act, 1975.

Section 51

Amendment of section 28 (agreements for relief of double taxation) of Wealth Tax Act, 1975.

PART V

Miscellaneous

Section 52

Capital Services Redemption Account.

Section 53

Residence treatment of donors of gifts to the State.

Section 54

Repeals.

Section 55

Care and management of taxes and duties.

Section 56

Short title, construction and commencement.

FIRST SCHEDULE PARTI PARTII PARTIII PARTIV PARTV SECOND SCHEDULE PARTI PARTII PARTIII PARTIV Number 18 of 1977 FINANCE ACT, 1977 AN 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. [1st June, 1977] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

PART I

Income Tax, Corporation Tax, And Corporation Profits Tax and Capital Gains Tax

Chapter I

Income Tax Amendment of section 142 (dependent relatives) of Income Tax Act, 1967.

1.—

Section 142

of the Income Tax Act, 1967 , is hereby amended, with effect as on and from the 6th day of April, 1976, by the substitution for subsection (1) of the following subsections: “(1) If for any year of assessment the claimant proves that he maintains at his own expense any person being— (a) a relative of his, or of his wife, who is incapacitated by old age or infirmity from maintaining himself, or (b) his or his wife's widowed mother, whether incapacitated or not, or (c) a son or daughter of his who resides with him and on whose services he, by reason of old age or infirmity, is compelled to depend, and being a person whose total income from all sources for that year of assessment does not exceed, or does not exceed by £95 or more, a sum equal to the specified amount, he shall be entitled in respect of each such person whom he so maintains to a deduction of £95 reduced, if the total income of the person so maintained exceeds the specified amount, by the amount of the excess. (1A) for the purposes of this section ‘specified amount’ means the aggregate of the payments to which a person is entitled in that year of assessment in respect of an old age pension at the maximum rate under the Old Age Pension Acts, 1908 to 1977, if, throughout that year of assessment— (a) he is unmarried and has no qualified children within the meaning of those Acts, (b) he is over the age of 80 years (or such other age as may stand specified in those Acts for the time being in lieu of the said age of 80 years), and (c) he does not qualify for the increase of such pension payable in certain circumstances for any period during which he is so incapacitated as to require full-time care and attention.”.

Amendment of section 236 (retirement annuities—nature and amount of relief for qualifying premiums) of Income Tax Act, 1967.

2.—(1)

Section 236

of the Income Tax Act, 1967 , is hereby amended— (a) by the substitution of “£2,000” for “£1,500” in each place where it occurs in subsections (1A) (a) and (IC) (which were inserted by the Finance Act, 1974 ), and (b) by the substitution of “£650” for “£500” in each place where it occurs in subsection (1B) (a) (inserted by the said Finance Act, 1974 ) and in the said subsection (1C), and the said subsections (1A) (a), (1B) (a) and (1C), as so amended, are set out in the Table to this section.

(2)

Part I

of the First Schedule shall have effect for the purpose of supplementing this section.

TABLE (1A) (a) shall not be more than the sum of £2,000, and (1B) (a) shall not be more than the sum of £650, and (1C) Where the condition in section 235 (1) (a) is satisfied as respects part only of the year, then for the said sums of £2,000 and £650 mentioned in subsections (1A) and (1B) there shall be substituted sums which respectively bear to £2,000 and £650 the same proportion as that part bears to the whole year.

Amendment of section 59 (power to obtain information) of Finance Act, 1974.

3.—

Section 59

of the Finance Act, 1974 , is hereby amended as on and from the 31st day of March, 1976, by the substitution in the last paragraph of subsection (3) of “if resident in the State would be, close companies within the meaning of the Corporation Tax Act, 1976 ” for “if incorporated in the State would be, companies within the meaning of section 530

TABLE The bodies corporate mentioned in the preceding provisions of this section are bodies corporate resident or incorporated outside the State which are, or if resident in the State would be, close companies within the meaning of the Corporation Tax Act, 1976 .

Amendment of provisions relating to time for payment of tax.

4.—In relation to any assessment to income tax for the year 1977-78 or any subsequent year of assessment, “September” shall be substituted for “July”— (a) in subsections (1) and (2) (inserted by the Finance Act, 1976 ) of section 477 of the Income Tax Act, 1967 , in each place where it occurs, and (b) in section 6

TABLE 477.—(1) Subject to the provisions of this section, tax contained in an assessment for any year shall be payable on or before the 1st day of September in that year, except that tax included in an assessment for any year which is made on or after the 1st day of September shall be deemed to be due and payable on the day next after the day on which the assessment is made.

Provided that where the assessment is not made until after the said following 1st day of January, this subsection shall not have effect and the tax shall be due and payable as provided in subsection (1).

Charge of income tax for 1977-78 and subsequent years.

5.—(1) Where a person who is charged to income tax for the year 1977-78 or any subsequent year of assessment is an individual (other than an individual acting in a fiduciary or representative capacity), he shall, notwithstanding anything in the Income Tax Acts but subject to section 5

TABLE Part of taxable income Rate of tax Description of rate

(1)

(2)

(2)

Part II

of the First Schedule shall have effect for the purpose of supplementing subsection (1).

Personal reliefs.

6.—(1) Where a deduction falls to be made from the total income of an individual for the year 1977-78 or any subsequent year of assessment in respect of relief to which the individual is entitled under the provision mentioned in column (1) of the Table to this subsection and the amount of the deduction would, but for this section, be an amount specified in column (2) of the said Table, the amount of the deduction shall, in lieu of being the amount specified in the said column (2), be the amount specified in column (3) of the said Table opposite the mention of the amount in the said column (2).

TABLE Statutory provision Amount to be deducted from total income for 1976-77 Amount to be deducted from total income for 1977-78 and subsequent years

(1)

(2)

(2)

Section 10

of the Finance Act, 1976 , shall have effect subject to the provisions of this section.

(3)

Part III

of the First Schedule shall have effect for the purpose of supplementing subsection (1).

Age exemption.

7.—(1) In this section “the specified amount” means— (a) in the case of a married man whose wife is living with him, £1,800, (b) in the case of any other individual, £1,000:

Provided that in any case where section 28 of the Finance Act, 1974 , applies “the specified amount”, in relation to any year of assessment, means the amount specified in paragraph (a) or (b), as may be appropriate, reduced by the amount by which it would be reduced by virtue of the said section 28 if the specified amount was the aggregate amount of the deductions to be made from the total income of the individual concerned in respect of personal reliefs claimed by him for that year of assessment.

Provided that this subsection shall not apply in any case in which the total income of the individual exceeds £2,500.

Charge to tax in respect of certain distributions deemed to be emoluments.

8.—The Finance Act, 1974 , is hereby amended by the substitution for section 54 of the following section— “54.—(1) In this section— ‘associate’ has the same meaning as in section 103

Part IV

or V of the Corporation Tax Act, 1976 .

Section 66

and subsections (6) and (7) of section 82 of the Corporation Tax Act, 1976 , shall not apply in relation to the relevant part of the distribution but there shall be allowed as a credit against the tax chargeable for any year of assessment or accounting period for which the relevant part of the distribution or any part thereof is chargeable to tax under subsection (3) an amount which bears to the tax credit, determined in accordance with paragraph (c) of the said subsection (3), the same proportion as the amount chargeable to tax by virtue of this section for the year of assessment or accounting period bears to the aggregate of the relevant part of the distribution and the tax credit appropriate thereto. (b) Subject to the provisions of sections 211

Chapter II

Taxation of Farming Profits Amendment of section 15 (farming profits to be charged under Schedule D) of Finance Act, 1974.

9.—

Section 15

of the Finance Act, 1974 , is hereby amended by the substitution in subsection (3) of “£75” for “£100”, and the said subsection (3) (apart from the proviso), as so amended, is set out in the Table to this section.

TABLE

Amendment of section 16 (farming carried on by certain persons) of Finance Act, 1974.

10.—

Section 16

of the Finance Act, 1974 , is hereby amended by the deletion in subsection (1) of “(other than an individual who shows that the rateable valuation of all farm land occupied by him did not, at any time during the relevant year of assessment, exceed £50)” (inserted by the Finance Act, 1975 ), and the part of the subsection, as so amended, preceding paragraph (b) is set out in the Table to this section.

TABLE 16.—(1) In this Chapter “an individual to whom section 16 applies” means an individual who is carrying on farming in a year of assessment and— (a) who at any time in that year of assessment is also carrying on either solely or in partnership another trade or profession, Limit on amount of tax to be charged on certain farming profits.

11.—The following section shall be substituted for section 19 of the Finance Act, 1974 : “19.—(1) Where for any year of assessment an individual, other than an individual to whom section 16 applies, is chargeable to tax in respect of profits or gains from farming, the amount of tax so chargeable for that year of assessment shall not exceed— (a) where the rateable valuation of the farm land occupied by him for that year of assessment does not exceed £75, one-tenth of the tax appropriate to the profits or gains from farming; (b) where the rateable valuation of the farm land occupied by him for that year of assessment exceeds £75, the amount arrived at by multiplying the tax appropriate to the profits or gains from farming by a fraction the denominator of which is ten and the numerator of which is the number equivalent to the amount by which the rateable valuation of the land so occupied exceeds £74.

Assessment of farming profits for 1977-78.

12.—The Finance Act, 1974 , is hereby amended— (a) by the substitution for subsections (1), (2), (3) and (4) of section 21, of the following subsections: “(1) Where, for the year 1977-78, an individual, other than an individual to whom section 16 applies, is, by virtue of section 15, chargeable to tax in respect of profits or gains from farming, he shall be charged to tax for that year in accordance with the provisions of this section and, subject to section 21A, not by reference to the provisions of section 58

Appeals against assessments under section 21. “21A.—(1) An individual aggrieved by an assessment made upon him under section 21 shall be entitled to appeal against that assessment on the grounds that he elects to be charged to tax for the year 1977-78 in respect of his profits or gains from farming on an amount— (a) determined in accordance with the provisions of section 58

Provided that, in the case of an individual who elects to be charged to tax in accordance with paragraph (b) and who, for the year 1976-77, has been charged to tax in respect of his profits or gains from farming, section 11 of the Finance Act, 1967, and section 26 of the Finance Act, 1971 , shall not apply for the year 1977-78, in relation to any qualifying machinery or plant (within the meaning of those sections) provided for use for the purposes of farming in the interval between the basis period (within the meaning of Part XV of the Income Tax Act, 1967 ) for the year 1976-77 and the basis period (within the meaning aforesaid) for the year 1977-78.

Application of section 30 (appeals against assessments and payments on account) of Finance Act, 1976, to assessments under section 21 (notional basis of assessment) of Finance Act, 1974.

13.—

Section 30

of the Finance Act, 1976 , shall have effect in relation to an assessment made by virtue of section 21 of the Finance Act, 1974 , as if the following proviso were added to the definition of “the specified amount of tax”— “Provided that, and notwithstanding the provisions of subsection (2), in the case of an assessment to tax which consists of tax, or includes any amount of tax, applicable to the profits or gains from farming, charged in accordance with the provisions of section 21 of the Finance Act, 1974 , ‘the specified amount of tax’, in relation to any instalment of tax payable on a date prior to the 1st day of January, 1978, means the tax assessed which is payable in that instalment;”.

Increase of allowances for certain capital expenditure.

14.—(1) Where, on or after the 6th day of April, 1977, a person to whom section 22 of the Finance Act, 1974 (inserted by the Corporation Tax Act, 1976 ) applies, incurs capital expenditure to which this section applies, being expenditure in respect of which he is entitled to claim an allowance under that section, the allowance to be granted for the chargeable period related to the expenditure or any subsequent chargeable period shall be increased by such amount as is specified by the person to whom the allowance is to be made in making his claim for the allowance, and in relation to a case in which this subsection has had effect, any reference in the Tax Acts to a farm buildings allowance made under the said section 22 shall be construed as a reference to that allowance as increased under this section.

Chapter III

Corporation Tax Charge of corporation tax for financial year 1977 and subsequent financial years.

15.—

Section 1

Amendment of sections 13 and 37 (chargeable gains of companies) of Corporation Tax Act, 1976.

16.—(1) Sections 13

Amendment of section 28 (reduction of corporation tax liability of small companies) of Corporation Tax Act, 1976.

17.—(1)

Section 28

of the Corporation Tax Act, 1976 , shall have effect for the financial year 1977 and each subsequent financial year as if— (a) in subsection (1) for “40 per cent.” there were substituted “35 per cent.”, (b) in subsection (2) for “10 per cent.” there were substituted “20 per cent.” and (c) in subsection (3) for each reference to £5,000 there were substituted a reference to £10,000 and for each reference to £10,000 there were substituted a reference to £15,000.

Section 28

TABLE

Amendment ofsection 79 (reduced rate of corporation tax for certain income) of Corporation Tax Act, 1976.

18.—

Section 79

Application of sections 182 and 184 (relief in respect of certain losses and capital allowances) of Corporation Tax Act, 1976.

19.—(1) Where an accounting period falls partly in the financial year 1976 and partly in the financial year 1977, the two parts of the accounting period shall be treated, for the purposes of sections 182 and 184 of the Corporation Tax Act, 1976 , as if they were separate accounting periods.

Chapter IV

Corporation Tax in Relation to Certain Manufacturing Companies Definitions.

20.—In this Chapter— “employed contributor” and “employment contributions” have the same meanings as in the Social Welfare Act, 1952 ; “relevant period” means an accounting period or part of an accounting period of a company falling within the period from the 1st day of January, 1977, to the 31st day of December, 1979; “1977 period” means an accounting period or part of an accounting period of a company falling within the financial year 1977 and any corresponding expression in which a reference to 1978 or 1979 is followed by the word “period” means an accounting period or part of an accounting period of a company falling within the financial year 1978 or 1979, as the case may be; “specified trade” means a trade which, in each relevant period for which a claim is made under this Chapter, consists wholly of the manufacture of goods in the State:

Provided that— (a) a trade shall be regarded as consisting wholly of the manufacture of goods in the State in a relevant period if the amount receivable by the person carrying on the trade from the sale in the period of goods manufactured in the State in the course of the trade is not less than 90 per cent. of the total amount receivable by the person from all sales made in the course of the trade in the period, and (b) where— (i) there are two companies one of which manufactures goods in the State and the other of which sells them in the course of its trade, and (ii) one of the companies holds more than 90 per cent. of the ordinary shares in the other company or persons who have a controlling interest in one company hold, either directly or indirectly, more than 90 per cent. of the ordinary shares in the other company, the goods manufactured in the State by one of the companies shall, when sold in the course of its trade by the other company, be deemed to be manufactured in the State by that other company.

Standard year.

21.—The standard year in relation to a specified trade means the financial year 1976, and the standard year shall be applicable in relation to the specified trade whether or not during the whole or part of the standard year the specified trade was carried on by a person other than the company by which it is carried on in the relevant period or separate parts of the specified trade were carried on by different persons.

Apportionments arising from transfer of part of trade.

22.—Where, on or after the 1st day of January, 1976, any change takes place whereby a part of a trade becomes transferred to any person— (a) the amount receivable from the sale in the standard year in relation to the specified trade of goods manufactured in the State, and (b) the number of employment contributions payable in respect of all employed contributors engaged directly or indirectly in the manufacture of goods in the State in the standard year in relation to the specified trade, shall, as respects any relevant period in which, or prior to which, the change occurs, be apportioned for the purposes of paragraph (c) and (d) of section 24, and every such apportionment shall be made in such manner as the Revenue Commissioners consider just, having regard to all the circumstances.

Corresponding part of standard year.

23.—Where a 1977 period is less than twelve months, the corresponding part of the standard year in relation to a specified trade is the period which begins twelve months before the date on which that 1977 period begins and which ends twelve months before the date on which that 1977 period ends.

Rate of corporation tax for certain manufacturing companies.

24.—Where a company which carried on a trade on the 31st day of December, 1976, claims and proves as respects a 1977 period— (a) that it carries on a specified trade, (b) that its income as computed for the purposes of corporation tax from the specified trade for the accounting period which coincides with or includes the 1977 period is not less than 95 per cent. of the total amount of its income as so computed for that accounting period, (c) that the volume of sales (being the amount determined in accordance with section 25) by the company in the 1977 period of goods manufactured in the State, and sold, in the course of the specified trade is not less than 105 per cent. of the amount receivable from the sale, in the standard year in relation to that trade, or, where the 1977 period is less than twelve months, in the corresponding part of the standard year in relation to that trade, of goods manufactured in the State in the course of that trade, and (d) that the number of employment contributions payable in respect of all employed contributors engaged directly or indirectly in the manufacture of goods in the State in the course of the specified trade of the company in the 1977 period is not less than 103 per cent. of the number of employment contributions payable in respect of all employed contributors engaged directly or indirectly in the manufacture of goods in the State in the course of that trade, in the standard year in relation to that trade, or, where the 1977 period is less than twelve months, in the corresponding part of the standard year in relation to that trade, the corporation tax charged on the income of the company for the accounting period which coincides with or includes the 1977 period shall, notwithstanding the provisions of sections 1 and 79 of the Corporation Tax Act, 1976 , be calculated as if the rate of corporation tax for the financial year 1977 were 25 per cent. and for this purpose the income of the company for that accounting period shall be its income for that period as defined in section 28 of the Corporation Tax Act, 1976 , for the purposes of that section.

Determination of volume of sales.

25.—For the purposes of section 24 (c) the volume of sales by a company in the 1977 period of goods manufactured in the State, and sold, in the course of a specified trade carried on by it shall be the amount which would have been receivable from the sale of those goods if the company and the buyer of the goods were independent parties dealing at arm's length and the goods were sold at the average of the prices at which they could have been sold in the course of that trade in the standard year in relation to that trade, or, where the 1977 period is less than twelve months, in the corresponding part of the standard year in relation to that trade.

Succession to trade.

26.—Where a company (referred to subsequently in this section as “the successor company”) which did not carry on a trade on the 31st day of December, 1976, succeeds to a trade or part of a trade which was carried on by another company on that date, the successor company shall, for the purposes of this Chapter, be deemed to have carried on a trade on that date.

Exclusion of duties and value-added tax.

27.—(1) For the purposes of this Chapter, except where subsection (2) applies, the amount receivable by a person from the sale of goods in any period— (a) shall be deemed to be reduced by the amount of any duty paid or payable by the person in respect of the goods or the materials used in their manufacture, and (b) shall not include any amount in respect of value-added tax chargeable on the sale of the goods.

Transactions between associated persons.

28.—(1) Where a company making a claim under this Chapter (referred to subsequently in this subsection as “the buyer”) buys goods from another person (referred to subsequently in this subsection as “the seller”) and— (a) the seller has control over the buyer or, the seller being a body corporate or partnership, the buyer has control over the seller or some other person has control over both the seller and the buyer, and (b) the goods are sold at a price less than the price which they might have been expected to fetch if the parties to the transaction had been independent parties dealing at arm's length, then the income or losses of the buyer and the seller shall be computed, for any purpose of the Tax Acts, as if the goods had been sold by the seller to the buyer for the price which they would have fetched if the transaction had been a transaction between independent persons dealing as aforesaid.

Separate accounting periods for small companies, etc.

29.—(1) Where for an accounting period— (a) corporation tax is charged at the rate of 25 per cent. on any part of a company's income, and (b) the accounting period falls partly in the financial year 1977 and partly in the financial year 1978, the two parts of the accounting period shall be treated, for the purposes of sections 28 , 182 and 184 of the Corporation Tax Act, 1976 , as if they were separate accounting periods.

Exclusion of mining and construction operations.

30.—Section 24 shall not apply in relation to corporation tax charged on the income of a company which carries on a trade consisting wholly or partly of— (a) any mining operations for the purpose of obtaining, whether by underground or surface working, any scheduled mineral, mineral compound or mineral substance, within the meaning of section 2 of the Minerals Development Act, 1940 , or (b) any construction operations within the meaning of section 17 of the Finance Act, 1970 (inserted by the Finance Act, 1976 ).

Application of section 63 (production of documents and records) of Corporation Tax Act, 1976.

31.—

Section 63

of the Corporation Tax Act, 1976 , shall, with any necessary modifications, apply for the purposes of this Chapter as it applies for the purposes of Part IV of the said Act.

Appeals.

32.—An appeal to the Appeal Commissioners shall lie on any question arising under this Chapter in like manner as an appeal would lie against an assessment to corporation tax and the provisions of the Tax Acts relating to appeals shall apply and have effect accordingly.

Chapter V

Taxation of Chargeable Gains Amendment of section 3 (taxation of capital gains and rate of charge) of Capital Gains Tax Act, 1975.

33.—With effect as on and from the 6th day of April, 1976, section 3

TABLE

Amendment of section 31 (unit trusts) of Capital Gains Tax Act, 1975.

34.—With effect as on and from the 6th day of April, 1976, section 31 of the Capital Gains Tax Act, 1975 , is hereby amended— (a) by the insertion, after subsection (5), of the following subsection— “(5A) Gains accruing on the disposal of units in a unit trust shall not be chargeable gains where— (a) the trustees of the unit trust have at all times (but not taking into account any time prior to the 6th day of April, 1974) been resident and ordinarily resident in the State, and (b) the unit trust is a scheme which is established for the purpose or has the effect, solely or mainly, of providing facilities for the participation by the public, as beneficiaries, under a trust, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property whatsoever and which is administered by the holder of a licence under the Insurance Act, 1936 , and for participation in which, in respect of units first issued after the 14th day of June, 1973, a policy of assurance upon human life is required to be effected (but so that the units do not become the property of the owner of the policy either as benefits or otherwise).”, and (b) by the deletion in subsection (6) of the words from “and in section 32” to the end of that subsection, and the said subsection (6), as so amended, is set out in the Table to this section.

TABLE

Unit trusts: relief in certain cases.

35.—With effect as on and from the 6th day of April, 1976, the following section shall be substituted for section 32 of the Capital Gains Tax Act, 1975 : “32.—(1) This section shall apply— (a) to a unit trust (referred to subsequently in this section as a ‘qualifying unit trust’)— (i) which is a registered unit trust scheme within the meaning of section 3 of the Unit Trusts Act, 1972 , (ii) the trustees of which are resident and ordinarily resident in the State, (iii) the prices of units in which are published regularly by the managers, (iv) all the units in which are of equal value and carry the same rights, and (v) which, at all times since it was registered in the register established under the Unit Trusts Act, 1972 , but subject to subsection (6), satisfied the conditions specified in subsection (5), and (b) to disposals of assets which are units in a qualifying unit trust (referred to subsequently in this section as ‘qualifying units’).

Chapter VI

Income Tax, Corporation Tax, Corporation Profits Tax and Capital Gains Tax Construction of references to child, son and daughter in Tax Acts and Capital Gains Tax Act, 1975.

36.—For the purposes of the Tax Acts and the Capital Gains Tax Act, 1975 , unless the contrary intention appears— (a) references in any of those Acts to a child (including references to a son or a daughter) include references to— (i) a stepchild, and (ii) a child adopted— (I) under the Adoption Acts, 1952 to 1976, or (II) under an adoption law, other than the Adoption Acts, 1952 to 1976, being an adoption that has, in the place where the law applies, substantially the same effect as an adoption under the Adoption Acts, 1952 to 1976, has in the State, and (b) the relationship between a child referred to in paragraph (a) (ii) and any other person, or between other persons, that would exist if such child had been born to his adopter or adopters in lawful wedlock, shall be deemed to exist between such child and that other person, or between those other persons, and the relationship of any such child and any person that existed prior to his being so adopted shall be deemed to have ceased, and “adopted child” shall be construed in accordance with this section.

Continuation of certain capital allowances for period to 1st April, 1979.

37.—For the purpose of continuing, in respect of the period from the 1st day of April, 1977, to the 1st day of April, 1979, the capital allowances provided for by the sections specified in the Table to this section, the said sections (which were inserted by the Corporation Tax Act, 1976 ) shall have effect as if each reference therein to the 1st day of April, 1977, were a reference to the 1st day of April, 1979.

TABLE

Section 251

, Income Tax Act, 1967

Section 254

, Income Tax Act, 1967

Section 264

, Income Tax Act, 1967

Section 265

, Income Tax Act, 1967

Section 22

, Finance Act, 1971

Section 26

, Finance Act, 1971 .

Amendment of section 8 (suspension of shipping investment allowance) of Finance Act, 1973.

38.—

Section 8

TABLE 8.—(1)

Section 246

of the Income Tax Act, 1967 , shall not apply to any expenditure incurred on or after the 24th day of July, 1973, and before the 1st day of April, 1979, on the purchase of a new ship.

Provisions in relation to Convention for reciprocal avoidance of double taxation in the State and the United Kingdom of income and capital gains.

39.—(1) (a) Subject to the provisions of sections 76 and 77 of the Income Tax Act, 1967 , as modified by Part III of Schedule 6 to that Act, where a person is chargeable to income tax or corporation tax under Case III of Schedule D on income which is a dividend in respect of which the person is entitled to a tax credit under Article 11 (2) (b) of the Convention, the income so chargeable shall include the amount of the tax credit. (b) In this subsection “dividend” means a dividend within the meaning of Article 11 (4) of the Convention paid on or after the 6th day of April, 1976.

Provided that the relief shall not exceed the amount of United Kingdom income tax referred to in paragraph (a) (iii). (c) Paragraphs (a) and (b)— (i) shall apply in relation to income tax on salaries, wages and other similar remuneration to which Article 15 of the Convention applies subject to the modification that references to 1976-77 shall be construed as references to 1977-78, and (ii) shall not apply in relation to remuneration or pensions to which Article 18 of the Convention applies.

Provided that this paragraph shall not affect the proportion by reference to which relief under section 33 of the Corporation Tax Act, 1976 , in respect of expenses of management is to be computed by virtue of section 47 (2) of the said Act. (c) This subsection shall be construed as one with

Part III

of the Corporation Tax Act, 1976 .

Application of section 31 (building societies) of Corporation Tax Act, 1976, for certain years of assessment.

40.—(1) Notwithstanding the proviso to section 31

Amendment of section 171 (construction of references to income tax paid by deduction and to repayment) of Corporation Tax Act, 1976.

41.—(1)

Section 171

of the Corporation Tax Act, 1976 , is hereby amended by the insertion after “Tax Acts” of “(other than in sections 3, 8 and 151)”.

Miscellaneous amendments in relation to corporation tax.

42.—With effect for all relevant financial years from the beginning of the financial year 1974 onwards— (a) the enactments specified in paragraphs 1, 2 and 5 of

Part IV

of the First Schedule are herby amended as specified in that Part, and (b) the other enactments specified in that Part are hereby amended for corporation tax, as so specified, and paragraph 50 of

Part I

of the Second Schedule to the Corporation Tax Act, 1976 , shall apply to the amendments so specified as it applies to the amendments referred to in that paragraph.

Amendment of provisions relating to relief in respect of increase in stock values.

43.—The provisions of

Part V

of the First Schedule shall have effect for the purpose of amending sections 31 and 31A of and the Third and Fifth Schedules to the Finance Act, 1975 and section 12 of the Finance Act, 1976 .

PART II

Excise Variation of excise duty on distillers' licences and brewers' licences.

44.—(1) Notwithstanding anything in Scale 1 of the First Schedule to the Finance (1909-10) Act, 1910 , the duty imposed by section 43 of that Act on the licence to be taken out annually by a distiller of spirits shall be charged, levied and paid at the rate of £50.

Reduction of rebate on beer brewed from home malted cereals.

45.—

Section 41

of the Finance Act, 1932 , shall have effect in relation to beer brewed in the year beginning on the 1st day of July, 1977, as if the reference contained in that section (by virtue of section 6 of the Finance Act, 1955 ) to a rate of two pounds per standard barrel were a reference to a rate of one pound per standard barrel.

Drawback on beer.

46.—The drawback on beer provided for in paragraph 7 (3) of the Imposition of Duties (No. 221) (Excise Duties) Order, 1975 (S.I. No. 307 of 1975) shall, as on and from the 1st day of September, 1977, be calculated according to the original specific gravity of the beer at the rate of £60.595 on every thirty-six gallons of beer of which the original specific gravity was 1,055 degrees in lieu of the rate mentioned in section 36

PART III

Stamp Duties Relief from stamp duty on certain contracts.

47.—(1) In this section “contract” means a contract made before the 1st day of January, 1979, for the construction, alteration or enlargement of a building in respect of which stamp duty has been duly paid under the provisions of section 50 of the Finance Act, 1969 .

Exemption from stamp duty of certain instruments.

48.—Stamp duty shall not be chargeable or payable in respect of any conveyance, transfer or letting made by Alfred Lane Beit and Clementine Mabel Beit, or either of them, to The Alfred Beit Foundation (which was incorporated under the Companies Act, 1963 , on the 23rd day of March, 1976).

PART IV

Wealth Tax Amendment of section 1 (interpretation) of Wealth Tax Act, 1975.

49.—

Section 1

of the Wealth Tax Act, 1975 , is hereby amended by the substitution of the following definition for the definition of “discretionary trust” in subsection (1)— “‘discretionary trust’ means any disposition whereby, or by virtue or in consequence of which, property is held on trust to accumulate the income or part of the income of the property, or any disposition whereby, or by virtue or in consequence of which, property is held on trust to apply, or with a power to apply, the income or capital or part of the income or capital of the property to or for the benefit of any person or persons or of any one or more of a number or of a class of persons whether at the discretion of trustees or any other person and notwithstanding that there may be a power to accumulate all or any part of the income or that the income or capital or part of the income or capital of the property is limited to any person for any period of time other than the life of such person and for the purposes of this definition ‘disposition’ includes any disposition whether by deed or will and any covenant, agreement or arrnagement whether effected with or without writing;”.

Amendment of section 6 (taxable wealth of private non-trading company) of Wealth Tax Act, 1975.

50.—

Section 6

of the Wealth Tax Act, 1975 , is hereby amended by the substitution for subsection (5) of the following subsection— “(5) (a) A body corporate to which this subsection applies shall not be a private non-trading company for the purposes of this Act. (b) This subsection applies to a body corporate (in this paragraph referred to as the first body corporate)— (i) of which a body corporate which is not a private non-trading company has control, or (ii) in respect of which the market value on the valuation date of the property to which it is beneficially entitled in possession on that date is represented as to not less than 90 per cent. thereof by the market value of shares in or debentures of a body corporate which is not a private non-trading company and of which the first body corporate has control.”.

Amendment of section 28 (agreements for relief of double taxation) of Wealth Tax Act, 1975.

51.—(1)

Section 28

of the Wealth Tax Act, 1975 , is hereby amended by the addition of the following subsection— “(6) (a) Where the Commissioners are satisfied that a tax of a similar character to wealth tax was paid in a territory outside the State in respect of any property (other than real property in the State) by reference to any date prior to but within twelve months of a valuation date, they may make an allowance by way of credit against the wealth tax due and payable on that date in respect of such property or grant exemption in respect of such property for that valuation date. (b) This subsection shall have effect in respect of wealth tax due and payable on a valuation date but it shall not have effect in relation to a foreign tax in respect of which there is, for the time being, an order in force under this section providing for double taxation relief.”.

PART V

Miscellaneous Capital Services Redemption Account.

52.—(1) In this section— “the principal section” means section 22 of the Finance Act, 1950 ; “the 1976 amending section” means section 80 of the Finance Act, 1976 ; “the twenty-seventh additional annuity” means the sum charged on the Central Fund under subsection (4) of this section; “the Minister”, “the Account” and “capital services” have the same meanings respectively as they have in the principal section.

Residence treatment of donors of gifts to the State.

53.—(1) In this section— “the Acts” means— (a) the Tax Acts, (b) the Capital Gains Tax Act, 1975 , (c) the Wealth Tax Act, 1975 , and (d) the Capital Acquisitions Tax Act, 1976 ; “donor” means an individual who makes a gift to the State; “gift” means a gift of property to the State which, upon acceptance of the gift by the Government pursuant to the State Property Act, 1954 , becomes vested, pursuant to that Act, in a State authority within the meaning of that Act; “Irish tax” means any tax imposed by the Acts; “property” includes interests and rights of any description; “relevant date”, in relation to an individual (being a donor or spouse of a donor), means the date (being a date not earlier than the 1st day of September, 1974) on which he leaves the State for the purpose of residence (other than occasional residence) outside the State; “tax in that country” means any tax imposed in that country which is identical with or substantially similar to Irish tax; “visits” means— (a) in relation to a donor, visits by him to the State after the relevant date for the purpose of advising on the management of the property which is the subject of the gift, being visits that are, in the aggregate, less than 182 days in any year of assessment in which they are made, and (b) in relation to the spouse of a donor, visits by the said spouse when accompanying the donor on visits of the kind referred to in paragraph (a).

Repeals.

54.—(1) (a) Each enactment mentioned in column (2) of

Part I

of the Second Schedule to this Act is hereby repealed to the extent specified in column (3) of that Schedule and the Order mentioned in the said column (2) is hereby revoked to the extent specified in the said column (3). (b) The enactment mentioned in column (2) of

Part II

of the Second Schedule to this Act is hereby repealed to the extent specified in column (3) of that Schedule. (c) (i) Subject and without prejudice to so much of the Convention (within the meaning of section 39 of this Act) as retains any of the former Agreements (within the said meaning) in force for years of assessment ending on or before the 5th day of April, 1977, paragraph (a) of this subsection shall be deemed to have come into operation on the 6th day of April, 1976. (ii) Paragraph (b) of this subsection shall be deemed to have come into operation on the 6th day of April, 1977.

Part III

of the Second Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part.

Part IV

of the Second Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part in relation to a gift or inheritance in respect of which the date of the gift or the date of the inheritance, as the case may be, is on or after the date of the passing of this Act. (b) In paragraph (a) “gift”, “inheritance”, “date of the gift” and “date of the inheritance” have the meanings assigned to them by section 2 of the Capital Acquisitions Tax Act, 1976 .

Care and management of taxes and duties.

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

Short title, construction and commencement.

56.—(1) This Act may be cited as the Finance Act, 1977.

(3)

Part II

of this Act shall be construed together with the Statutes which relate to the duties of excise and the management of those duties.

(4)

Part III

of this Act shall be construed together with the Stamp Act, 1891, and the enactments amending or extending that Act.

(5)

Part IV

of this Act and

Part V

of this Act (so far as relating to wealth tax) shall be construed together with the Wealth Tax Act, 1975 .

(6)

Part V

of this Act (so far as relating to capital acquisitions tax) shall be construed together with the Capital Acquisitions Tax Act, 1976 .

(7)

Part I

of this Act shall, save as is otherwise expressly provided therein, be deemed to have come into force and shall take effect as on and from the 6th day of April, 1977, and

Part IV

of this Act shall, save as is otherwise expressly provided therein, be deemed to have come into force and shall take effect as on and from the 5th day of April, 1977.

FIRST SCHEDULE Amendment of Enactments

PART I

Amendments Consequential on Amendment of Section 236 of Income Tax Act, 1967

Section 2

.

PART II

Amendments Consequential on Changes in Rates of Tax

Section 5

.

PART III

Amendments Consequential on Changes in Personal Reliefs

Section 6

.

Section 138

of the Income Tax Act, 1967 , is hereby amended in accordance with the following provisions: (a) in subsection (1), for “£1,010” in each place where it occurs, there shall be substituted “£1,100”, for “£620” there shall be substituted “£665” and for “£1,125” there shall be substituted “£1,215”, and (b) in subsection (2), for “£620” in each place where it occurs, there shall be substituted “£665”, and for “£685” there shall be substituted “£735”.

PART IV

Miscellaneous Amendments in Relation to Corporation Tax

Section 42

.

PART V

Amendment of Provisions Relating to Relief in respect of Increase in Stock Values

Section 43

.

Provided that— (a) where the amount of a company's decrease in stock value in an accounting period exceeds the amount of the company's increase in stock value in the next succeeding accounting period in which such an increase occurs, the excess shall, for the purposes of this section, be deemed to be a decrease in stock value in that next succeeding accounting period and shall be deducted from the amount of the company's increase in stock value in the next succeeding accounting period in which such an increase occurs, and so on; (b) the provisions of this subsection shall not apply so as to affect the amount of any assessment for the year 1974-75; (c) where a deduction (in this paragraph referred to subsequently as ‘the lesser deduction’) to which a company is entitled under this section in the computation of its trading profits for an accounting period which ends on a date in the year 1975-76 is less than the amount of the deduction (in this paragraph referred to subsequently as ‘the greater deduction’) to which the company would have been entitled under this section in the computation of its trading profits for that accounting period but for the foregoing provisions of this subsection, the company may claim, not later than the 31st day of December, 1977, that the greater deduction shall be made in the computation of its trading profits for that accounting period, but in that case the value of its trading stock at the beginning of the period of account immediately following the period of account the end of which coincides with the end of that accounting period or which is current at the end of that accounting period shall for the purposes of the Tax Acts and of the enactments relating to corporation profits tax, other than this section, be treated as reduced by an amount equal to the excess of the greater deduction over the lesser deduction, and that amount shall, for the purposes of section 31A (8) (a), be regarded as an amount which has been deducted from the company's increase in stock value in that accounting period.”, (iii) the following subsection shall be added: “(9) Where in any accounting period which ends on or after the 6th day of April, 1973, a company carries on a trade which consists partly of trading operations of any of the classes mentioned in the definition of ‘trade’ in subsection (1) (hereinafter referred to as ‘qualifying trading operations’) and partly of other trading operations, the company shall be regarded as carrying on a trade which consists wholly or mainly of qualifying trading operations if, but only if, the total amount receivable by the company from sales made in the course of the qualifying trading operations in the accounting period is not less than 75 per cent. of the total amount receivable by the company from all sales made in the course of its trade in the accounting period.”,

(b) in section 31A (inserted by section 26 of the Finance Act, 1976 )— (i) in the definition of “accounting period” in subsection (1) “, which ends on a date in the period from the 6th day of April, 1975, to the 5th day of April, 1976” shall be deleted, (ii) the following proviso shall be substituted for the proviso to subsection (4) (a): “Provided that— (i) in no case shall the amount of the deduction as so computed exceed— (I) where the accounting period of the company ends before the 6th day of April, 1976, the amount of the company's trading income for that period, and (II) where the accounting period of the company ends on or after the 6th day of April, 1976, the amount of the company's trading income for that period after all reductions of income for that period by virtue of sections 16 and 18 of the Corporation Tax Act, 1976 , and after all deductions and additions for that period by virtue of section 14 of that Act, (ii) the company's trading income to be taken into account in computing a deduction shall be that income before any deduction is made under this section or the Fifth Schedule, and (iii) a deduction shall not be allowed under the provisions of this section in computing a company's trading income for any accounting period which ends on or after the 6th day of April, 1977.”, (iii) the following paragraph shall be substituted for paragraph (b) of subsection (4): “(b) There shall be made such assessments, additional assessments, reductions of assessments or repayments of tax as may in any case be required in order to give effect to this section.”, (iv) in relation to accounting periods which end on or after the 6th day of April, 1975, the following subsections shall be substituted for subsection (7): “(7) Where in relation to an accounting period a company's opening stock value exceeds its closing stock value, the amount of the excess (in this section referred to as the company's ‘decrease in stock value’) shall, if the accounting period ends on a date before the 6th day of April, 1977, be treated in the computation of the company's trading income for the purposes of corporation tax, as a trading receipt of the company's trade for that accounting period:

Provided that the amount which is treated as a trading receipt of the company's trade for any accounting period shall not exceed an amount determined by the formula A+B − C where— A is the aggregate amount of the deductions which, under the provisions of this section, the company was entitled to make in computing its trading income for the preceding accounting periods, B is the aggregate amount of the deductions which, by virtue of the provisions of section 26

Provided that— (I) where any amount to which this subsection applies exceeds the amount of the increase in stock value from which it is to be deducted, the excess shall be deemed to be a decrease in stock value in the accounting period in which such increase occurs and shall be deducted from the amount of the company's increase in stock value in the next succeeding accounting period in which there is an increase in stock value and so on; (II) where a deduction (in this paragraph referred to subsequently as ‘the lesser deduction’) to which a company is entitled under this section in the computation of its trading income for an accounting period which ends before the 6th day of April, 1976, is less than the amount of the deduction (in this paragraph referred to subsequently as ‘the greater deduction’) to which the company would have been entitled under this section in the computation of its trading profits for that accounting period but for the foregoing provisions of this subsection, the company may claim, not later than the 31st day of December, 1977, that the greater deduction shall be made in the computation of its trading income for that accounting period, but in that case the value of its trading stock at the beginning of the period of account immediately following the period of account the end of which coincides with the end of that accounting period or which is current at the end of that accounting period shall, for the purposes of the Tax Acts, other than this section, be treated as reduced by an amount equal to the excess of the greater deduction over the lesser deduction, and that amount shall, for the purposes of paragraph (b) of this subsection, be regarded as an amount which has been deducted from the company's increase in stock value in that accounting period.

Provided that the amount which, by virtue of this subsection, is treated as a trading receipt of the company's trade for any accounting period shall not exceed an amount determined by the formula D+E − F where— D is the aggregate amOunt of the deductions which, under the provisions of this section, the company was entitled to make in computing its trading income, E is the aggregate amount of the deductions which, under the provisions of section 26

Provided that in any case where the accounting period mentioned in section 12

Provided that in any case where the accounting period mentioned in section 31A (10) is comprised in the company's reference period, the decrease in stock value in any accounting period which is comprised in that reference period shall be determined as if N (instead of being the number of months in the reference period) were the number of months in the period from the beginning of the reference period to the end of the accounting period so mentioned.”, and (II) “or, as the case may be, where a company's decrease in stock value in an accounting period falls to be determined in accordance with subparagraph (1A),” shall be inserted in subparagraph (2) after “in accordance with subparagraph (1),”.

2.

Section 12

of the Finance Act, 1976 , shall be amended in accordance with the following provisions of this paragraph: (a) in subsection (3) “1977-78” shall be substituted for “1976-77”, (b) with effect as on and from the 6th day of April, 1976, the following subsections shall be substituted for subsection (5)— “(5) In the computation of a person's trading income for an accounting period in which there is a decrease in stock value and which ends on a date in the year 1976-77, the amount of that decrease shall be treated as a trading receipt of the trade for that accounting period:

Provided that the amount which is so treated shall not exceed the aggregate amount of the deductions which the person was entitled to make under this section in computing his trading income for accounting periods which ended on a date in the year 1975-76.

Provided that the amount which, by virtue of this subsection, is treated as a trading receipt of the person's trade for any accounting period shall not exceed an amount determined by the formula D−E where— D is the aggregate amount of the deductions which, under the provisions of this section, the person was entitled to make in computing his trading income for accounting periods which ended on or after the 6th day of April, 1975, and E is the aggregate of the amounts which under the provisions of this section, were treated as trading receipts of the trade for preceding accounting periods.

SECOND SCHEDULE ENACTMENTS REPEALED

Section 54

.

PART I

Number and Year Short Title Extent of Repeal

(1)

(2)

Section 21

and the Fifth Schedule so far as it is unrepealed.

No. 17 of 1966 Finance Act, 1966 .

Section 22

.

No. 6 of 1967 Income Tax Act, 1967 .

Sections 355 , 357 and 369

No. 33 of 1968 Finance Act, 1968 .

In section 35

No. 19 of 1973 Finance Act, 1973 .

Sections 32 and 38 and the Second and Fourth Schedules.

No. 20 of 1975 Capital Gains Tax Act, 1975 .

The proviso to section 4

No. 7 of 1976 Corporation Tax Act, 1976 .

Subsections (6) and (7) of section 42 .

S.I. No. 143 of 1975 Double Taxation Relief (Taxes on Income) (United Kingdom) Order, 1975.

The whole Order.

PART II

Number and Year Short Title Extent of Repeal

(1)

(2)

Section 356

.

PART III

Number and Year Short Title Extent of Repeal

(1)

(2)

Section 17

.

PART IV

Number and Year Short Title Extent of Repeal

(1)

(2)

Section 67

Acts Referred to Capital Acquisitions Tax Act, 1976 1976, No. 8.

Capital Gains Tax Act, 1975 1975, No. 20.

Companies Act, 1963 1963, No. 33.

Corporation Tax Act, 1976 1976, No. 7.

Finance (1909-1910) Act, 1910 1910, c. 8.

Finance Act, 1920 1920, c. 18.

Finance Act, 1932 1932, No. 20.

Finance Act, 1938 1938, No. 25.

Finance Act, 1949 1949, No. 13.

Finance Act, 1950 1950, No. 18.

Finance Act, 1955 1955, No. 13.

Finance Act, 1966 1966, No. 17.

Finance Act, 1968 1968, No. 33.

Finance Act, 1969 1969, No. 21.

Finance Act, 1970 1970, No. 14.

Finance Act, 1971 1971, No. 23.

Finance Act, 1972 1972, No. 19.

Finance Act, 1973 1973, No. 19.

Finance Act, 1974 1974, No. 27.

Finance Act, 1975 1975, No. 6.

Finance Act, 1976 1976, No. 16.

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

Income Tax Act, 1967 1967, No. 6.

Insurance Act, 1936 1936, No. 45.

Minerals Development Act, 1940 1940, No. 31.

Social Welfare Act, 1952 1952, No. 11.

Stamp Act, 1891 1891, c. 39.

State Property Act, 1954 1954, No. 25.

Unit Trusts Act, 1972 1972, No. 17.

Wealth Tax Act, 1975 1975, No. 25.

Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais