Finance Act, 1941

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FINANCE ACT, 1941.

ARRANGEMENT OF SECTIONS

PART I.

Income Tax.

Section

Section 1

Income tax and sur-tax for the year 1941-42.

Section 2

Extension of relief under section 2 of the Finance Act, 1933.

Section 3

Relief in respect of foreign income tax in certain cases.

PART II.

Excess Sur-Tax.

Section 4

Definitions in this Part of this Act.

Section 5

Imposition of excess sur-tax.

Section 6

Trades and businesses to which this Part of this Act applies.

Section 7

Computation of standard profits.

Section 8

Computation of standard total income.

Section 9

Relief from excess sur-tax in certain cases.

Section 10

Provision for losses in certain cases.

Section 11

Computation of profits.

PART III.

Customs and Excise.

Section 12

Alteration of rates of duty on tobacco.

Section 13

Alteration of rates of duty on hydrocarbon oil.

Section 14

Alteration of rates of duty on mineral hydrocarbon light oil.

Section 15

Alteration of rates of duties on matches.

Section 16

Exemption of certain tractors from motor car duty.

Section 17

Exemption of certain tractors from steam car duty.

Section 18

Increase of rate of duty on bets.

Section 19

Exemption from excise duty on mineral hydrocarbon light oil.

Section 20

Amendment of section 21 of the Finance Act, 1936.

Section 21

Repayment in certain cases of excise duty on mechanically propelled vehicles.

Section 22

Relief from excise duty in respect of trailer drawn by mechanically propelled vehicle where goods conveyed consist of turf.

Section 23

Relief from excise duty in respect of trailer drawn by mechanically propelled vehicle where trailer used for conveying petrol substitute or apparatus for making petrol substitute.

Section 24

Relief from excise duty on mechanically propelled vehicle canteens.

Section 25

Repayment in certain cases of fees on licences on petrol pumps.

Section 26

Increase of penalty in case of failure to pay dog duty.

PART IV.

Death Duties.

Section 27

Definitions in respect of this Part of this Act.

Section 28

Alteration of rates of estate duty.

Section 29

Effect of increase of rates on certain sales and mortgages.

Section 30

Disposition or determination of life interests etc.

Section 31

Purchases of annuities, etc., from relatives.

Section 32

Gifts by way of creation of burdens or release of right.

Section 33

Construction of references to an interest limited to cease on a death.

PART V.

Corporation Profits Tax.

Section 34

Definitions in this Part of this Act.

Section 35

Amendments of enactments relating to corporation profits tax.

Section 36

Provisions in respect of certain accounting periods.

Section 37

Excess corporation profits tax.

Section 38

Definition of standard profits.

Section 39

Definition of the substituted standard.

Section 40

Relief in respect of losses in certain cases.

Section 41

Calculation of profits in certain cases.

Section 42

Provisions in respect of a company which succeeded to an unincorporated business.

Section 43

Provisions in respect of deductions for the remuneration of directors.

Section 44

Continuance of certain exemptions.

Section 45

Power to assess tax notwithstanding previous assessment.

Section 46

Construction of this Part of this Act.

PART VI.

Stamp Duties.

Section 47

Exemption from stamp duty of certain documents relating to legal tender or consolidated bank notes.

Section 48

Stamp duty on certain receipts, etc., under the Local Registration of Title (Ireland) Act, 1891.

PART VII.

Miscellaneous And General.

Section 49

The foreign exchange account.

Section 50

Reduction of certain sums payable to the Irish Land Commission.

Section 51

Transfer of money from the Road Fund to the Exchequer.

Section 52

Repeals.

Section 53

Care and management of taxes and duties.

Section 54

Short title, construction, and commencement.

FIRST SCHEDULE.

Duties on Tobacco.

SECOND SCHEDULE.

Duties on Matches.

THIRD SCHEDULE.

Scale of Rates of Estate Duty.

FOURTH SCHEDULE.

Enactments Repealed.

Acts Referred to Finance Act, 1933 No. 15 of 1933 Finance Act, 1928 No. 11 of 1928 Finance Act, 1929 No. 32 of 1929 Finance Act, 1932 No. 20 of 1932 Finance (No. 2) Act, 1939 No. 33 of 1939 Finance Act, 1934 No. 31 of 1934 Finance Act, 1935 No. 28 of 1935 Finance Act, 1939 No. 18 of 1939 Finance (Customs Duties) (No. 4) Act, 1931 No. 43 of 1931 Finance (Miscellaneous Provisions) Act, 1935 No. 7 of 1935 Finance Act, 1926 No. 35 of 1926 Finance Act, 1936 No. 31 of 1936 Local Government Act, 1925 No. 5 of 1925 Finance Act, 1927 No. 18 of 1927 Finance Act, 1931 No. 31 of 1931 Finance Act, 1925 No. 28 of 1925 Finance Act, 1938 No. 25 of 1938 Currency Act, 1927 No. 32 of 1927 Emergency Powers Act, 1939 No. 28 of 1939 Land Law (Commission) Act, 1923 No. 27 of 1923 Number 14 of 1941.

FINANCE ACT, 1941.

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. [24th July, 1941.] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

PART I.

Income Tax.

Income tax and sur-tax for the year 1941-42 1.—(1) Income tax shall be charged for the year beginning on the 6th day of April, 1941, at the rate of seven shillings and sixpence in the pound.

Extension of relief under section 2 of the Finance Act, 1933 .

2.—(1) Where the Revenue Commissioners are satisfied in respect of any person that, but for circumstances arising out of the war in which the United Kingdom of Great Britain and Northern Ireland is now engaged, the conditions set out in section 2 of the Finance Act, 1933 (No. 15 of 1933), would, in any particular year to which this section applies, have been complied with by or in respect of such person and he would thereby have become eligible for relief under that section, the Revenue Commissioners may grant to such person in respect of the said year such relief as is in their opinion just, but not exceeding the relief which they could lawfully have granted under the said section 2 to the said person if he had complied in the said year with the said conditions.

Relief in respect of foreign income tax in certain cases.

3.—(1) Where an individual has paid under the Income Tax Acts by deduction or otherwise, or is liable under those Acts to pay, income tax, or income tax and sur-tax, for any year of assessment in respect of any part of his income arising in a country to which this section applies and shows to the satisfaction of the Revenue Commissioners— (a) that he has paid external income tax in the said country in respect of the said part of his income, and (b) that he was, prior to the said year of assessment, resident in the said country to which this section applies for a continuous period of not less than ten years or for a number of discontinuous periods amounting in the aggregate to not less than ten years, and (c) that for the said year of assessment he was or is domiciled, resident, and ordinarily resident in the State, and (d) that, in respect of the said year of assessment, he is not entitled to claim relief from double taxation under Article 2 of the Agreement set out in the First Schedule to the Finance Act, 1928 (No. 11 of 1928), and is not eligible for relief under the next preceding section of this Act, the Revenue Commissioners may grant to such person in respect of the said year of assessment such relief as is in their opinion just, but not exceeding whichever of the following amounts is the lesser, that is to say, one-half of the amount of his Irish income tax for the said year of assessment or the amount of external income tax paid or payable by him in the said country in respect of the said part of his income after deduction of any relief to which he may be entitled in that country.

PART II.

Excess Sur-Tax.

Definitions in this Part of this Act.

4.—In this Part of this Act— the expression “accounting year” means the period of twelve months for which the accounts of the trade or business in relation to which the said expression is used are customarily made up or, where in any year beginning on a 6th day of April no accounts have been made up for a period of twelve months ending on a day in that year, such period of twelve months as the Revenue Commissioners shall determine; the expression “total income” means (save as is otherwise provided in this Part of this Act) the total income from all sources without regard to the provisions of section 34 of the Income Tax Act, 1918, and as if the profits from a trade or business to which this Part of this Act applies included in such total income from all sources were computed without regard to the provisions of paragraph (3) of Rule 6 of the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918, or the provisions of section 14 of the Finance Act, 1929 (No. 32 of 1929).

Imposition of excess sur-tax.

5.—(1) Notwithstanding anything contained in sub-section (2) of section 1 of this Act, and subject to the provisions of this Part of this Act, where the total income of any individual for the year beginning on the 6th day of April, 1941, exceeds one thousand five hundred pounds and includes profits from any trade or business to which this Part of this Act applies carried on by him either solely or in partnership with another person or other persons, an additional duty of sur-tax (in this Part of this Act referred to as excess sur-tax) shall be charged for that year at the rate of seven shillings and sixpence in the pound in respect of so much of the said income as is equal to whichever of the following amounts is the lesser, that is to say:— (a) the amount by which the said profits exceed the standard profits calculated in accordance with this Part of this Act, or (b) the amount by which the said total income exceeds the standard total income calculated in accordance with this Part of this Act.

Trades and businesses to which this Part of this Act applies.

6.—This Part of this Act applies to every trade or business carried on (whether continuously or discontinuously) in the State, either solely or in partnership with another person or other persons, by an individual resident in the State, excepting and excluding husbandry and any office or employment, and also excepting and excluding any profession the profits of which are dependent wholly or mainly on the personal qualifications of the person or persons by whom the profession is carried on and in which either no capital expenditure or only capital expenditure of a comparatively small amount is required, but including the business of a person taking commissions in respect of transactions effected or services rendered, and also including the business of an agent of any description other than a commercial traveller or other agent whose remuneration consists wholly of a fixed and definite sum not depending on the amount of business done or any other contingency.

Computation of standard profits.

7.—(1) The standard profits of an individual from a trade or business to which this Part of this Act applies carried on by him during the whole of the year beginning on the 6th day of April, 1941, either solely or in partnership with another person or other persons shall (subject to the subsequent provisions of this section) be computed for the purposes of this Part of this Act in accordance with whichever of the following paragraphs is' applicable, that is to say:— (a) if the said trade or business has been so carried on for three or more complete accounting years ending on or before the 5th day of April, 1939, the standard profits of such individual shall be the amount of his profits from the said trade or business for one (to be selected by him or (in default of such selection) by the Revenue Commissioners) of the last three accounting years so ending or the sum of two thousand five hundred pounds, whichever is the greater; (b) if the said trade or business has been so carried on for two but not for three complete accounting years ending on or before the 5th day of April, 1939, the standard profits of such individual shall be the amount of his profits from the said trade or business for one (to be selected by him or (in default of such selection) by the Revenue Commissioners) of those two accounting years or the sum of two thousand five hundred pounds, whichever is the greater; (c) if the said trade or business has been so carried on for one complete accounting year ending on or before the 5th day of April, 1939, but not for two complete accounting years so ending, the standard profits of such individual shall be the amount of his profits from the said trade or business for that accounting year or the sum of two thousand five hundred pounds, whichever is the greater; (d) in any other case, the standard profits of such individual shall be the sum of two thousand five hundred pounds.

Computation of standard total income.

8.—(1) The standard total income of an individual who has carried on during the whole of the year beginning on the 6th day of April, 1941, either solely or in partnership with another person or other persons, a trade or business to which this Part of this Act applies shall be computed for the purposes of this Part of this Act in accordance with whichever of the following paragraphs is applicable, that is to say:— (a) if such individual has, for three or more consecutive years ending on the 5th day of April, 1940, been in receipt of income chargeable to income tax, the standard total income of such individual shall be the amount of his total income for one (to be selected by him or (in default of such selection) by the Revenue Commissioners) of the last three of those years or the sum of two thousand five hundred pounds, whichever is the greater; (b) if such individual has, for two but not for three consecutive years ending on the 5th day of April, 1940, been in receipt of income chargeable to income tax, the standard total income of such individual shall be the amount of his total income for one (to be selected by him or (in default of such selection) by the Revenue Commissioners) of those two years or the sum of two thousand five hundred pounds, whichever is the greater; (c) if such individual has not been in receipt of income chargeable to income tax for two consecutive years ending on the 5th day of April, 1940, but has been in receipt of income chargeable to income tax for the year ending on the said 5th day of April, 1940, the standard total income of such individual shall be his total income for the said year ending on the 5th day of April, 1940, or the sum of two thousand five hundred pounds, whichever is the greater; (d) in any other case the standard total income of such individual shall be the sum of two thousand five hundred pounds.

Relief from excess sur-tax in certain cases.

9.—(1) Where an individual is chargeable to excess sur-tax, the following provisions shall apply and have effect, that is to say:— (a) there shall be deemed to have been included in the total income from all sources of such individual for the year beginning on the 6th day of April, 1941, a sum (in this section referred to as the added sum) equal to whichever of the following amounts is the lesser, that is to say:— (i) an amount equal to the portion of the income of the said individual on which excess sur-tax is chargeable, or (ii) the amount of income from the profits of a trade or business to which this Part of this Act applies which would fall to be included in a statement of the total income from all sources of the said individual for the said year; (b) there shall be deducted from the excess sur-tax payable by the said individual a sum equal to whichever of the following sums is the lesser, that is to say:— (i) a sum equal to so much of the sur-tax (other than excess sur-tax), if any, payable by the said individual for the year beginning on the 6th day of April, 1941, as is applicable to the added sum, or (ii) a sum equal to five shillings in the pound on the added sum; (c) the added sum shall be treated for the purposes of this section as the highest part of the total income from all sources of the said individual.

Provision for losses in certain cases.

10.—Where the net result of the carrying on of a trade or business to which this Part of this Act applies in the accounting year or the two or three accounting years by reference to the profits for which or for one of which (as the case may be) the standard profits of an individual from such trade or business are computed has been a loss, such loss shall, to the extent to which it exceeds the profits of such individual from the said trade or business for the accounting year next following the said accounting year or the last of the said two or three accounting years (as the case may be), be carried forward and, so far as it will extend, be deducted from or set-off against the profits of such individual from the said trade or business in respect of which he is chargeable with excess sur-tax.

Computation of profits.

11.—(1) The profits from a trade or business to which this Part of this Act applies shall (save as is otherwise provided in this Part of this Act) be computed for the purposes of this Part of this Act without regard to the provisions of paragraph (3) of Rule 6 of the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918, or the provisions of section 14 of the Finance Act, 1929 (No. 32 of 1929).

PART III.

Customs and Excise.

Alteration of rates of duty on tobacco.

12.—(1) The duty of customs on tobacco imposed by section 20 of the Finance Act, 1932 (No. 20 of 1932), shall, in respect of tobacco imported on or after the 8th day of May, 1941, be charged, levied, and paid at the several rates specified in Part I of the First Schedule to this Act in lieu of the rates at which the said duty is now chargeable by virtue of section 4 of the Finance (No. 2) Act, 1939 (No. 33 of 1939).

Part I

of the Sixth Schedule to the said Finance Act, 1934 , shall be construed and have effect as references to Part II of the First Schedule to this Act.

Alteration of rates of duty on hydrocarbon oil.

13.—(1) The duty of customs imposed by section 21 of the Finance Act, 1935 (No. 28 of 1935), shall, in respect of hydrocarbon oil chargeable with that duty which is imported on or after the 8th day of May, 1941, be charged, levied, and paid at the rate of one shilling and three pence the gallon in lieu of the rate now chargeable by virtue of sub-section (1) of section 11 of the Finance Act, 1939 (No. 18 of 1939).

Alteration of rates of duty on mineral hydrocarbon light oil.

14.—(1) The duty of customs imposed by section 1 of the Finance (Customs Duties) (No. 4) Act, 1931 (No. 43 of 1931), as amended by subsequent enactments, shall, in respect of mineral hydrocarbon light oil chargeable with that duty which is imported on or after the 8th day of May, 1941, be charged, levied, and paid at the rate of one shilling and three pence the gallon in lieu of the rate now chargeable by virtue of sub-section (1) of section 10 of the Finance Act, 1939 (No. 18 of 1939).

Alteration of rates of duties on matches.

15.—(1) In lieu of the present duty of customs in respect of matches, there shall be charged, levied, and paid on all matches imported on or after the 8th day of May, 1941, a duty of customs at the several rates specified in Part I of the Second Schedule to this Act.

Exemption of certain tractors from motor car duty.

16.—Neither the duty imposed by section 11 of the Finance Act, 1928 (No. 11 of 1928), nor the motor car duty imposed by section 12 of the Finance Act, 1934 (No. 31 of 1934), shall be charged or levied on any motor tractor (within the meaning of the said section 12) imported on or after the 8th day of May, 1941, which is, in the opinion of the Revenue Commissioners, designed and constructed for use for agricultural purposes or on any article so imported which is, in the opinion aforesaid, a component part or an accessory of a motor tractor (within the meaning of the said section 12) designed and constructed as aforesaid.

Exemption of certain tractors from steam car duty.

17.—The steam car duty imposed by section 13 of the Finance Act, 1934 (No. 31 of 1934), shall not be charged or levied on any steam tractor (within the meaning of the said section 13) imported on or after the 8th day of May, 1941, which is, in the opinion of the Revenue Commissioners, designed and constructed for use for agricultural purposes or on any article so imported which is, in the opinion aforesaid, a component part or an accessory of a steam tractor (within the meaning of the said section 13) designed and constructed as aforesaid.

Increase of rate of duty on bets.

18.—The duty on bets imposed by section 24 of the Finance Act, 1926 (No. 35 of 1926), shall (subject and without prejudice to the provisions of section 20 of the Finance Act, 1931 (No. 31, of 1931) ) be charged, levied, and paid on bets entered into on or after the 1st day of July, 1941, at the rate of seven and one-half per cent. of the amount of the bet in lieu of the rate of five per cent. mentioned in the said section 24.

Exemption from excise duty on mineral hydrocarbon light oil.

19.—(1) The duty of excise imposed by section 1 of the Finance (Miscellaneous Provisions) Act, 1935 (No. 7 of 1935), as amended by subsequent enactments, shall not be charged or levied on any mineral hydrocarbon light oil in respect of which it is shown, to the satisfaction of the Revenue Commissioners, that such oil is not of the character of petrol and is not a blend of petrol with another article or other articles and is intended for use in internal combustion engines as a substitute for petrol.

Amendment of section 21 of the Finance Act, 1936.

20.—For the purposes of section 21 of the Finance Act, 1936 (No. 31 of 1936), an air service between an airport in the State and an airport in Spain, Portugal, or the continent of Africa shall be deemed to be and always to have been a transatlantic air service.

Repayment in certain cases of excise duty on mechanically propelled vehicles.

21.—(1) In this section— the expression “the Minister” means the Minister for Local Government and Public Health; the word “licence” means a licence taken out, either before or after the passing of this Act, under section 13 of the Finance Act, 1920 , in respect of a mechanically propelled vehicle; the expression “restricted period” means any period commencing on a date after the 31st day of December, 1940, (whether such period is wholly before, or partly before and partly after, or wholly after the passing of this Act) during which, in the opinion of the Minister, the use of mechanically propelled vehicles is restricted by reason of a general scarcity of petrol.

Relief from excise duty in respect of trailer drawn by mechanically propelled vehicle where goods conveyed consist of turf.

22.—(1) Where— (a) a mechanically propelled vehicle is a vehicle on which excise duty is payable under section 13 of the Finance Act, 1920 , at a rate mentioned in paragraph 5 of the Third Schedule to the Finance Act, 1926 (No. 35 of 1926), and (b) such vehicle is used for drawing a trailer, and (c) while so used, the goods conveyed by such vehicle and trailer consist solely of turf, the additional duty in respect of a vehicle used for drawing a trailer referred to in the said paragraph 5 shall not be charged or levied on such vehicle in respect of the use thereof for drawing such trailer.

Relief from excise duty in respect of trailer drawn by mechanically propelled vehicle where trailer used for conveying petrol substitute or apparatus for making petrol substitute.

23.—(1) Where— (a) a mechanically propelled vehicle, designed for using petrol as its fuel, is a vehicle on which excise duty is payable under section 13 of the Finance Act, 1920 , at a rate mentioned in paragraph 5 of the Third Schedule to the Finance Act, 1926 (No. 35 of 1926), and (b) such vehicle is used for drawing a trailer, and (c) such trailer, while being so drawn, is used solely for conveying, for the propulsion of such vehicle, a substitute for petrol or apparatus for making a substitute for petrol, the additional duty in respect of a vehicle used for drawing a trailer referred to in the said paragraph 5 shall not be charged or levied on such vehicle in respect of the use thereof for drawing such trailer.

Relief from excise duty on mechanically propelled vehicle canteens.

24.—(1) The excise duty chargeable under section 13 of the Finance Act, 1920 , as amended by section 20 of the Finance Act, 1926 (No. 35 of 1926), shall not be charged or levied on any mechanically propelled vehicle which is a mobile canteen so long as— (a) this section is in force, and (b) such canteen is not conducted for the purpose of obtaining profit for any person concerned in the operation thereof, and (c) such canteen is operated solely for the conveyance, preparation and supply of food and other necessaries for or to persons for whom the obtaining of such food and necessaries has become impossible or difficult owing to circumstances referable to the war in which the United Kingdom of Great Britain and Northern Ireland is now engaged.

Repayment in certain cases of fees on licences on petrol pumps.

25.—(1) In this section— the expression “the final date” means the date when the Emergency Powers Act, 1939 (No. 28 of 1939), ceases to be in force; the expression “petrol pump” has the same meaning as it has in section 35 of the Local Government Act, 1925 (No. 5 of 1925); the word “licence” means a licence under the said section 35; the expression “appropriate authority” means the authority which issued a licence; the expression “the terminating date” when used in relation to a petrol pump which has been taken over or sealed up in the manner specified in sub-section (2) of this section means the date when such petrol pump ceases to be so taken over or sealed up;

Increase of penalty in case of failure to pay dog duty.

26.—

Section 18

of the Finance Act, 1927 (No. 18 of 1927), is hereby repealed and in lieu thereof it is hereby enacted that any person guilty of an offence under section 37 of the Finance Act, 1925 (No. 28 of 1925), shall be liable on summary conviction thereof to an excise penalty of two pounds.

PART IV.

Death Duties.

Definitions in respect of this Part of this Act.

27.—In this Part of this Act— the word “disposition” includes any trust, covenant, agreement, or arrangement, whether made by a single operation or by associated operations; the word “annuity” includes any series of payments, whether inter-connected or not so connected and whether of the same or of varying amounts and whether payable at regular intervals or not so payable; references to an annuity or other interest limited to cease on a death shall be construed as also referring to an annuity or other interest subject to a limitation (in whatsoever form) having the effect of providing in the alternative for the cesser of such annuity or interest on a death or on the occurence of some event or expiration of some period before such death; the expression “associated operations” means operations (whether effected by the same person or by different persons and whether connected otherwise than as hereinafter mentioned or not so connected and whether contemporaneous or not contemporaneous) which are— (a) operations affecting the same property, or (b) operations one of which affects some property and the other or others of which affect property representing (directly or indirectly) that property or income arising from that property or accumulations of such income, or (c) two operations of which one is effected with reference to the other or with a view to enabling such other to be effected or to facilitating the effecting of such other and any third operation having a like relation to either of the said two operations, and any fourth operation having a like relation to any of those three operations, and so on; the word “payment” includes a transfer of property and also a set-off or release of an obligation; references to the amount of a payment shall be construed as including references to the value of property transferred and to the value of an obligation set-off or released.

Alteration of rates of estate duty.

28.—In the case of persons dying after the 7th day of May, 1941, the scale set out in the Third Schedule to this Act shall be, and shall have effect as, the scale of rates of estate duty in lieu of the scale set out in the Second Schedule to the Finance Act, 1931 (No. 31 of 1931), as modified by section 8 of the Finance (No. 2) Act, 1939 (No. 33 of 1939).

Effect of increase of rates on certain sales and mortgages.

29.—(1) Where an interest in expectancy within the meaning of Part I of the Finance Act, 1894 , in any property (other than property deemed, by virtue of section 26 of the Finance Act, 1931 (No. 31 of 1931), as amended by sections 29 and 30 of the Finance Act, 1934 (No. 31 of 1934), to pass on a death occurring before the 8th day of May, 1941) has, whether before or after the passing of this Act, been bona fide sold or mortgaged for full consideration in money or money's worth and the rates of estate duty having effect in the case of a person dying when the said interest falls into possession are higher than the rates of estate duty having effect in the case of a person dying on the date of the said sale or mortgage, the following provisions shall have effect, that is to say:— (a) no other estate duty shall be payable on the said property by the purchaser or mortgagee when the said interest falls into possession than would have been payable by him if the rates of estate duty having effect in the case of a person dying on the date of the said sale or mortgage were the rates of estate duty having effect in the case of a person dying when the said interest falls into possession; (b) in the case of any such mortgage as aforesaid, any higher estate duty payable by the mortgagor shall rank as a charge subsequent to the said mortgage.

Disposition or determination of life interests etc.

30.—(1) Subject to the subsequent provisions of this section, where an interest in property limited to cease on a death has, after it has become an interest in possession, been disposed of or has determined (whether by surrender, assurance, divesting, forfeiture or any other means except the expiration of a fixed period at the expiration whereof such interest was limited to cease) either wholly or partly and either for valuable consideration or otherwise, whichever of the following provisions is applicable shall apply and have effect, that is to say:— (a) if in the absence of such disposition or determination the whole of the said property would, by virtue of section 1 of the Finance Act, 1894 , have passed on the said death on which it was limited to cease, then and in such case the whole of the said property shall be deemed by virtue of this section to be included in the property passing on the said death, or (b) if in the absence of such disposition or determination the said property would, by virtue of paragraph (b) of sub-section (1) of section 2 of the Finance Act, 1894 , have passed to a particular or limited extent on the said death on which it was limited to cease, then and in such case the said property shall be deemed by virtue of this section to be included to that particular or limited extent in the property passing on the said death.

Purchases of annuities, etc., from relatives.

31.—(1) Where a person (in this sub-section referred to as the deceased) who dies after the 7th day of May, 1941, has made (whether before or after the passing of this Act) a disposition of property in favour of a relative, the creation or disposition in favour of the deceased of an annuity or other interest limited to cease on the death of the deceased or of any other person shall not be treated for the purposes of either section 3 of the Finance Act, 1894 , or of sub-section (1) of section 7 of that Act as consideration for the said disposition so made by the deceased.

Gifts by way of creation of burdens or release of right.

32.—(1) The creation (whether before or after the passing of this Act) by a person or with his consent of a debt or other right enforceable against him personally or against property which he is or may become competent to dispose of, charge, or burden for his own benefit shall be deemed for the purposes of the enactments relating to estate duty (including this Part of this Act) to be a disposition made by that person, and in every such enactment the word “property” shall, in relation to any such disposition, be construed as including the debt or right so created.

Construction of references to an interest limited to cease on a death.

33.—References in the enactments relating to estate duty to an interest limited to cease on a death shall be construed as also referring to an interest subject to a limitation (in whatsoever form) having the effect of providing in the alternative for the cesser of such interest on a death or on the occurrence of some event or expiration of some period before such death.

PART V.

Corporation Profits Tax.

Definitions in this Part of this Act.

34.—In this Part of this Act— the expression “fixed rate”, when used in relation to a dividend, includes a rate varying with variations in the standard rate of income tax; references to the preference stock or shares of a company shall be construed as referring to all the issued stock or share capital of the company which carries a right to dividends at a fixed rate payable in priority to all dividends on another part of the capital of the company, whether it does or does not carry a right to some further participation in the profits of the company; references to the ordinary stock or shares of a company shall be construed as referring to all the issued capital of the company except the preference stock or shares of the company; references to the debentures or debenture stock of a company shall be construed as referring only to debentures or debenture stock issued in consideration of the payment of money; the expression “trade year” means a period of twelve months ending either on the date which is the relevant date for the company in relation to which the said expression is used or on a date which is twelve months or a multiple of twelve months prior to that date; the expression “relevant date” in the next preceding definition means, in relation to any company, the date in the year ended on the 31st day of August, 1939, to which the accounts of such company were last made up or, if the accounts of such company were not made up to any date in the said year, such date in that year as the Revenue Commissioners shall determine to be the relevant date for such company.

Amendments of enactments relating to corporation profits tax.

35.—(1) Paragraphs (c), (d), and (e) of sub-section (1) of section 47 of the Finance Act, 1932 (No. 20 of 1932), shall not apply or have effect in respect of any accounting period ending on or after the 1st day of January, 1941, and in lieu thereof the following provisions shall (subject to the next following section) apply and have effect in respect of every accounting period so ending, that is to say:— (a) sub-section (1) of section 52 of the Finance Act, 1920 , shall be construed and have effect as if for the words “five per cent.” contained therein there were substituted the words “ten per cent.”; (b) section 31 of the Finance Act, 1928 (No. 11 of 1928), shall be construed and have effect as if for the words “seven and one-half per cent.” contained therein there were substituted the words “twelve and one-half per cent.”; (c) sub-section (2) of section 30 of the Finance Act, 1926 (No. 35 of 1926), shall not apply and in lieu thereof sub-section (2) of section 45 of the Finance Act, 1925 (No. 28 of 1925), shall apply and accordingly the proviso to sub-section (1) of section 52 of the Finance Act, 1920 , shall be construed and have effect as if for the words “five hundred pounds” wherever those words occur in that paragraph there were substituted the words “two thousand five hundred pounds”.

Provisions in respect of certain accounting periods.

36.—(1) Paragraph (g) of the proviso to sub-section (2) of section 53 of the Finance Act, 1920 , shall not apply or have effect in relation to the ascertainment of profits in an accounting period ending on or after the 1st day of April, 1939.

(i) the amount represented by ten per cent of the balance of the said profits apportioned to the said earlier part of the said accounting period remaining after allowing such proportion of the deductions specified in paragraph (b) of the proviso to sub-section (1) of section 52 of the Finance Act, 1920 , as would be appropriate to the said earlier part of the said accounting period if such deductions were apportioned in the same manner as the said profits are required by this sub-section to be apportioned, and (ii) the amount represented by fifteen per cent of the balance of the said profits apportioned to the said later part of the said accounting period remaining after allowing such proportion of the said deductions as would be appropriate to the said later part of the said accounting period if the said deductions were apportioned as aforesaid.

Excess corporation profits tax.

37.—(1) In addition to the corporation profits tax otherwise chargeable by law, there shall be charged, levied, and paid on the profits mentioned in the next following sub-section of this section corporation profits tax (referred to in this Part of this Act as excess corporation profits tax) at the rate of fifty per cent. of those profits.

Definition of standard profits.

38.—(1) The standard profits of a company shall be computed in accordance with whichever of the following paragraphs is applicable to the company, that is to say:— (a) if there have been, in respect of the company, three or more consecutive trade years the last of which ended in the year ended on the 31st day of August, 1939, the standard profits of the company shall be the amount of the company's profits for one (to be selected by the company or (in default of such selection) by the Revenue Commissioners) of the last three of the said trade years or the sum of two thousand five hundred pounds, whichever is the greater; (b) if there have been, in respect of the company, two and only two consecutive trade years the later of which ended in the year ended on the 31st day of August, 1939, the standard profits of the company shall be the amount of the company's profits for one (to be selected by the company or (in default of such selection) by the Revenue Commissioners) of those two trade years or the sum of two thousand five hundred pounds, whichever is the greater; (c) if there has been, in respect of the company, one and only one trade year and that trade year ended in the year ended on the 31st day of August, 1939, the standard profits of the company shall be the amount of the company's profits for that trade year or the sum of two thousand five hundred pounds, whichever is the greater; (d) if one of the foregoing paragraphs of this sub-section is applicable to the company and, when excess corporation profits tax is being assessed on the company for a particular accounting period or part of an accounting period, it is found that the standard profits of the company as calculated in accordance with that paragraph is less than the substituted standard as defined in this Part of this Act applicable to the company in respect of the said particular accounting period or part of an accounting period, the standard profits of the company shall be taken for the purpose of that particular assessment to be the said substituted standard; (e) if there has not been, in respect of the company, any trade year ending in the year ended on the 31st day of August, 1939, the standard profits of the company shall, for the purpose of the assessment of excess corporation profits tax on the company for any particular accounting period or part of an accounting period, be taken to be whichever of the following amounts is the greater that is to say:— (i) the substituted standard as so defined as aforesaid applicable to the company for that particular accounting period or part of an accounting period, or

(ii) the sum of two thousand five hundred pounds or, where the said particular accounting period or part of an accounting period is less than twelve months, the sum which bears to two thousand five hundred pounds the same proportion as the said accounting period or part of an accounting period bears to twelve months.

Definition of the substituted standard.

39.—(1) The substituted standard applicable to a company in respect of any particular accounting period or part of an accounting period shall be:— (a) in the case of a company incorporated by or under the laws of the State, the standard payments of such company for dividends and interest (as defined in the next following sub-section of this section) in respect of the said accounting period or part of an accounting period, or (b) in the case of a foreign company, an amount which bears to the standard payments of the company for dividends and interest (as defined as aforesaid) in respect of the said accounting period or part of an accounting period the same proportion as the amount of the turnover of the trade or business carried on by the company in the State during such accounting period or part of an accounting period bears to the total turnover of all the trade or business carried on wheresoever by the company during such accounting period or part of an accounting period.

Relief in respect of losses in certain cases.

40.—(1) In this section and the next following section the expression “interim period” means, in relation to any company, the period from the expiration of the last or only trade year of such company ending in the year ended on the 31st day of August, 1939, up to and including the 31st day of December, 1940.

Calculation of profits in certain cases.

41.—(1) Where— (a) a company (other than a company to which the next following section applies) is assessed to excess corporation profits tax for any accounting period or part of an accounting period, and (b) the standard profits of such company are, for the purpose of such assessment, computed otherwise than by reference to the substituted standard, and (c) such company has, since the expiration of the trade year which ended in the year ended on the 31st day of August, 1939, issued stock or share capital or debentures or debenture stock (in this section referred to as the said new issue), and (d) either the said new issue was made consequent on an invitation to the public to subscribe therefor or the Revenue Commissioners are satisfied that no part of such issue was paid for or satisfied by the utilisation, directly or indirectly, of assets which were in the hands of the company on the last day (in this paragraph referred to as the said day) of the trade year which ended in the year ended on the 31st day of August, 1939 (excluding from such assets a sum equal to the amount (if any) of dividends distributed and directors' remuneration paid within six months after the said day in respect of a period ending on or before the said day) or by the utilisation, directly or indirectly, of profits of the company made after the said day (excluding from such profits so much thereof as was applied in the payment of dividends or of directors' remuneration to an extent not exceeding in rate the average amount of the dividends distributed or directors' remuneration paid (as the case may be) not later than six months after the said day in respect of the three, two, or one years or year by reference to the profits in one of which the standard profits of the company are computed), then and in every such case, for the purpose of ascertaining the profits on which the said tax is to be assessed as aforesaid, there shall be deducted from the profits on which the said tax would, but for this section, be so assessed an amount, if such company is incorporated by or under the laws of the State, equal to the standard payments (as defined in this section) in respect of the said new issue or, if such company is a foreign company, equal to the amount which bears to the standard payments (defined as aforesaid) in respect of the said new issue the same proportion as the amount of the turnover of the trade or business carried on by the company in the State during the said accounting period or part of an accounting period bears to the total turnover of all the trade or business carried on by such company wheresoever during that accounting period or part of an accounting period.

Provisions in respect of a company which succeeded to an unincorporated business.

42.—Where a company has succeeded to a trade or business which, immediately before such succession was carried on by an individual or by two or more individuals in partnership, and such company carries on a trade or business substantially the same as the trade or business so carried on by such individual or such individuals, and such company is a company the directors whereof have a controlling interest therein, and such company has not had three consecutive trade years the last of which ended in the year ended on the 31st day of August, 1939, then and in such case, if the said individual or all of the said individuals is or are a director or directors of such company, the following provisions shall have effect, that is to say:— (a) the following profits may, on the application of the company, be treated as profits of the company for the purpose of computing the standard profits of the company, that is to say, the profits of any trade year or trade years which, if the said succession had not occurred and excess corporation profits tax had been chargeable on the profits of such individual or individuals from the said trade or business carried on by him or them, might have been brought into account for the purpose of ascertaining the standard profits of such individual or individuals; (b) the amount of any profits of such individual or individuals which, under the foregoing paragraph of this section, are treated as profits of the company shall be determined on the same principles as those on which the profits of a company are required by law to be determined for the purpose of a charge to corporation profits tax and the enactments for the time being regulating the determination of the profits for the said purpose shall apply and have effect accordingly; (c) in the ascertainment of the profits of the company for any accounting period or part of an accounting period for the purpose of a charge to excess corporation profits tax, no deduction shall be allowed in respect of sums paid by the company by way of remuneration to such individual or individuals.

Provisions in respect of deductions for the remuneration of directors.

43.—The following provisions shall apply and have effect in relation to the ascertainment, for the purpose of a charge to excess corporation profits tax, of the amount of the profits of a company the directors whereof have a controlling interest therein, that is to say:— (a) in the case of a company the standard profits of which are computed otherwise than by reference to the substituted standard, no deduction shall be allowed in respect of remuneration paid to a director in excess of whichever of the following amounts is the greater, that is to say:— (i) an amount calculated at the rate of one thousand pounds per annum, or (ii) the amount of the remuneration paid by the company to such director in respect of the trade year by reference to the profits in which the standard profits of the company are computed or would be computed if the said profits of the company were not less than two thousand five hundred pounds; (b) in the case of a company the standard profits of which are computed by reference to the substituted standard, no deduction shall be allowed in respect of remuneration paid to a director in excess of an amount calculated in accordance with whichever of the following provisions is applicable, that is to say:— (i) if there have been, in respect of the company, three or more consecutive trade years the last of which ended in the year ended on the 31st day of August, 1939, the average amount of the remuneration paid to such director by the company in respect of the three last of the said trade years or an amount calculated at the rate of one thousand pounds per annum, whichever is the greater, or (ii) if there have been, in respect of the company, two and only two consecutive trade years the later of which ended in the year ended on the 31st day of August, 1939, an amount equal to half the total remuneration paid to such director by the company in respect of those two trade years or an amount calculated at the rate of one thousand pounds per annum, whichever is the greater, or (iii) if there has been, in respect of the company, one and only one trade year and that trade year ended in the year ended on the 31st day of August, 1939, the amount of the remuneration paid to such director by the company in respect of that trade year or an amount calculated at the rate of one thousand pounds per annum, whichever is the greater, or (iv) if there has been, in respect of the company, no trade year ending in the year ended on the 31st day of August, 1939, an amount calculated at the rate of one thousand pounds per annum;

(c) in any case, no deduction shall be allowed in respect of remuneration paid to a director appointed after the end of the trade year which ended in the year ended on the 31st day of August, 1939,— (i) if such director was so appointed to fill the place of another director, in excess of the maximum amount which would be allowed to be deducted under the foregoing provisions of this section in respect of the remuneration of such other director if he had continued in office, and for that purpose, where such other director was himself appointed during the three consecutive trade years the last of which ended in the year ended on the 31st day of August, 1939, to fill the place of a predecessor or successive predecessors, the remuneration paid to such predecessor or successive predecessors respectively shall be deemed to be remuneration of such former director, or (ii) in any other case, in excess of an amount calculated at the rate of one thousand pounds per annum; (d) in the application of the provisions of the foregoing paragraphs of this section to the assessment of excess corporation profits tax in respect of an accounting period or part of an accounting period which is less than twelve months, the maximum amount which may be allowed to be deducted under those provisions in respect of the remuneration of a director shall be reduced to a sum which bears to the maximum amount specified in whichever of those provisions is applicable the same proportion as the said accounting period or part of an accounting period bears to twelve months; (e) in the case of a company which did not begin to carry on trade or business until on or after the 1st day of September, 1939, no deduction shall be allowed in respect of the remuneration of a director in excess of an amount calculated at the rate of one thousand pounds per annum; (f) none of the foregoing provisions of this section shall apply or have effect in relation to the remuneration of a director who is required to devote substantially the whole of his time to the service of the company in a managerial or technical capacity and is not the beneficial owner of or able (directly or through the medium of other companies or by any other indirect means) to control more than five per cent. of the ordinary stock or shares of the company.

Continuance of certain exemptions.

44.—The exemptions from corporation profits tax given by section 33 of the Finance Act, 1929 (No. 32 of 1929), as amended by section 30 of the Finance Act, 1931 (No. 31 of 1931), and paragraph (b) of sub-section (1) of section 47 of the Finance Act, 1932 (No. 20 of 1932), and continued until the 31st day of December, 1940, by section 29 of the Finance Act, 1938 (No. 25 of 1938), shall be and are hereby continued until the 31st day of December, 1943.

Power to assess tax notwithstanding previous assessment.

45.—(1) Excess corporation profits tax payable under or by virtue of this Part of this Act in respect of profits arising in an accounting period or part of an accounting period may be assessed and recovered notwithstanding that corporation profits tax has already been assessed in respect of those profits.

Construction of this Part of this Act.

46.—This Part of this Act shall be read and construed together with Part V of the Finance Act, 1920 , as amended or extended by subsequent enactments.

PART VI.

Stamp Duties.

Exemption from stamp duty of certain documents relating to legal tender or consolidated bank notes.

47.—The following documents shall be exempt from any stamp duty chargeable under the Stamp Act, 1891, or any Act amending that Act, that is to say:— (a) a document requesting the Currency Commission to give a new legal tender note in exchange for a mutilated such note and undertaking, in the event of the missing portion of the said mutilated note being presented and paid, to pay to the Currency Commission the value of such note; (b) a document requesting a Shareholding Bank within the meaning of the Currency Act, 1927 (No. 32 of 1927), to give a new consolidated bank note in exchange for a mutilated such note and undertaking in the event of the missing portion of the said mutilated note being presented and paid, to pay to the said Bank the value of such note.

Stamp duty on certain receipts, etc., under the Local Registration of Title (Ireland) Act, 1891.

48.—(1) Every request, receipt, and other document made on or after the 6th day of August, 1941, which is accepted, under section 42 of the Local Registration of Title (Ireland) Act, 1891, or rules made under that Act, by the registering authority as proof of the satisfaction of a charge or any part of a charge on land or of the release of any part of registered land from a registered charge shall be a release or discharge of a security within the meaning of the Stamp Act, 1891, and shall be chargeable with stamp duty accordingly.

PART VII.

Miscellaneous and General.

The foreign exchange account.

49.—(1) In this section— the expression “the Minister” means the Minister for Finance; the word “gold” means gold coin and gold bullion; the expression “foreign exchange” means any currency other than Irish currency and any credit or balance not in Irish currency; the word “security” includes shares, stock, bonds, debentures, and debenture stock and also deposit receipts in respect of the deposit of any shares, stock, bonds, debentures, or debenture stock; the expression “foreign security” means a security which confers the right to receive a payment otherwise than in Irish currency.

Reduction of certain sums payable to the Irish Land Commission.

50.—The Minister for Finance may determine that the sum to be paid to the Irish Land Commission in any particular financial year (including the financial year beginning on the 1st day of April, 1941) under sub-section (1) of section 35 of the Purchase of Land (Ireland) Act, 1891 , as amended by sub-section (3) of section 9 of the Land Law (Commission) Act, 1923 (No. 27 of 1923), shall be reduced by such amount as the said Minister shall specify in that behalf, and, whenever the said Minister so determines, the said sum payable as aforesaid in the financial year to which such determination relates shall be reduced accordingly.

Transfer of money from the Road Fund to the Exchequer.

51.—With a view to providing moneys to meet general charges which will fall upon the Central Fund, the sum of one hundred thousand pounds shall be transferred and paid from the Road Fund to the Exchequer at such time or times in the financial year ending on the 31st day of March, 1942, and in such manner as the Minister for Finance shall direct.

Repeals.

52.—The enactments specified in the Fourth Schedule to this Act are hereby repealed to the extent mentioned in the third column of the said Schedule and are so repealed as on and from the 8th day of May, 1941, save as is otherwise stated in the said third column.

Care and management of taxes and duties.

53.—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.

54.—(1) This Act may be cited as the Finance Act, 1941.

Part III

of this Act, so far as it relates to duties of customs, shall be construed together with the Customs Acts and, so far as it relates to duties of excise, shall be construed together with the statutes which relate to the duties of excise and the management of those duties.

FIRST SCHEDULE.

Duties on Tobacco.

Part I.

Customs. £ s. d.

Unmanufactured:

If Stripped or Stemmed:— Containing 10 lbs. or more of moisture in every 100 lbs. weight thereof the lb.

0 18 10½ Containing less than 10 lbs. of moisture in every 100 lbs. weight thereof ”

1 0 11½ If Unstripped or Unstemmed:— Containing 10 lbs. or more of moisture in every 100 lbs. weight thereof ”

0 18 10 Containing less than 10 lbs. of moisture in every 100 lbs. weight thereof ”

1 0 11 Full Preferential £ s. d. £ s. d.

Manufactured, viz.:— Cigars the lb.

1 10 0 1 5 0 Cigarettes ”

1 8 11 1 4 1⅙ Cavendish or Negrohead ”

1 7 7 1 5 11⅚ Cavendish or Negrohead Manufactured in Bond ”

1 3 11 0 19 11⅙ Other Manufactured Tobacco ”

1 3 11 0 19 11⅙ Snuff containing more than 13 lbs. of moisture in every 100 lbs. weight thereof ”

1 2 9 0 18 11½ Snuff not containing more than 13 lbs. of moisture in every 100 lbs. weight thereof ”

1 7 7 1 2 11⅚

Part II.

Excise.

Unmanufactured, viz.:— £ s. d.

Containing 10 lbs. or more of moisture in every 100 lbs. weight thereof the lb 0 17 9 Containing less than 10 lbs. of moisture in every 100 lbs. weight thereof ”

0 19 8 Manufactured, viz.:— Cavendish or Negrohead Manufactured in Bond ”

1 3 0 SECOND SCHEDULE.

Duties on Matches.

Part I.

Customs. £ s. d. (a) On all wooden matches in boxes or other containers:— Containing not more than 10 matches. Per 1,000 containers 0 13 0 Containing more than 10 but not more than 20 matches. Per 1,000 containers 1 6 0 Containing more than 20 but not more than 50 matches. Per gross (144) containers 0 9 5 Containing more than 50 but not more than 75 matches. Per gross (144) containers 0 14 1 For every additional 25 or part of 25 matches over 75. Per gross (144) containers 0 3 3 (b) On all other matches in boxes or other containers:— Containing not more than 20 matches. Per 1,000 containers 2 12 0 Containing more than 20 but not more than 50 matches. Per gross (144) containers 0 18 10 Containing more than 50 but not more than 75 matches. Per gross (144) containers 1 8 2 For every additional 25 or part of 25 matches over 75. Per gross (144) containers 0 6 6

Part II.

Excise. £ s. d.

Boxes or other containers:— Containing not more than 10 matches. Per 1,000 containers 0 11 4 Containing more than 10 but not more than 20 matches. Per 1,000 containers 1 2 8 Containing more than 20 but not more than 50 matches. Per gross (144) containers 0 8 4 Containing more than 50 but not more than 75 matches. Per gross (144) containers 0 12 6 For every additional 25 or part of 25 matches over 75. Per gross (144) containers 0 2 10 and so in proportion for any less quantity of containers.

THIRD SCHEDULE.

Scale of Rates of Estate Duty.

Principal Value of the Estate Rate per cent. of Duty £ £ Exceeding 100 and not exceeding 500 1 ”

500 ” ”

1,000 2 ”

1,000 ” ”

5,000 3 ”

5,000 ” ”

10,000 4 ”

10,000 ” ”

12,500 6 ”

12,500 ” ”

15,000 7.2 ”

15,000 ” ”

18,000 8.4 ”

18,000 ” ”

21,000 9.6 ”

21,000 ” ”

25,000 10.8 ”

25,000 ” ”

30,000 12 ”

30,000 ” ”

35,000 13.2 ”

35,000 ” ”

40,000 14.4 ”

40,000 ” ”

45,000 15.6 ”

45,000 ” ”

50,000 16.8 ”

50,000 ” ”

55,000 19.5 ”

55,000 ” ”

65,000 20.8 ”

65,000 ” ”

75,000 22.1 ”

75,000 ” ”

85,000 23.4 ”

85,000 ” ”

100,000 24.7 ”

100,000 ” ”

120,000 26 ”

120,000 ” ”

150,000 28.6 ”

150,000 ” ”

200,000 31.2 ”

200,000 ” ”

250,000 33.8 ”

250,000 ” ”

300,000 36.4 ”

300,000 ” ”

400,000 39 ”

400,000 41.6 FOURTH SCHEDULE.

Enactments Repealed.

Session and Chapter or Number and Year Short title Extent of repeal 63 Vic., c. 7.

The Finance Act, 1900 .

Section 11, save as regards persons dying on or before the 7th day of May, 1941.

No. 11 of 1928.

The Finance Act, 1928 .

So much of sub-section (1) of section 13 as relates to motor tractors or to component parts or accessories of motor tractors.

No. 31 of 1931.

The Finance Act, 1931 .

Section 26

, save as regards persons dying on or before the 7th day of May, 1941.

No. 15 of 1933.

The Finance Act, 1933 .

Section 15

, as from the passing of this Act.

No. 31 of 1934.

The Finance Act, 1934 .

Paragraph (b) of sub-section (7) of section 12 , and so much of paragraph (c) of the said sub-section (7) as relates to component parts or accessories of any such tractor as is mentioned in the said paragraph (b); paragraph (b) of sub-section (5) of section 13 , and so much of paragraph (c) of the said sub-section (5) as relates to component parts or accessories of any such tractor as is mentioned in the said paragraph (b); sections 29 and 30 , save as regards persons dying on or before the 7th day of May, 1941.

No. 28 of 1935.

The Finance Act, 1935 .

Section 32

, save as regards persons dying on or before the 7th day of May, 1941.

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