Finance Act, 1968

Finance Act, 1968 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 1968 Finance Act, 1968 Finance Act, 1968 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 33 of 1968 FINANCE ACT, 1968 ARRANGEMENT OF SECTIONS PART I Income Tax Section 1. Income tax and sur-tax for the year 1968–69. 2. Allowance for know-how. 3. Relief for certain sums chargeable under Schedule E. 4. Amount of diminished value of machinery and plant by reason of wear and tear. 5. Ownership or occupation of lands. 6. Obligation to keep certain records. 7. Estimation of tax due for income tax months. 8. Estimation of tax due for year. 9. Interest on tax recoverable under section 7 or 8. 10. Appeals under section 7 or 8. 11. Priority in bankruptcy, etc., of sums recoverable under section 7 or 8. 12. Amendment of section 138 of Income Tax Act, 1967. 13. Amendment of section 175 of Income Tax Act, 1967. 14. Amendment of section 244 of Income Tax Act, 1967. 15. Amendment of section 416 of Income Tax Act, 1967. 16. Amendment of section 421 of Income Tax Act, 1967. 17. Amendment of section 523 of Income Tax Act, 1967. PART II Customs and Excise 18. Beer. 19. Spirits. 20. Hydrocarbon oils. 21. Tobacco. 22. Tobacco (excise duty on certain stocks). 23. Wine. 24. Irish wine. PART III Death Duties 25. Abatement of estate duty. 26. Amendment of section 10 of Finance Act, 1894. PART IV Corporation Profits Tax 27. Investment trust companies. 28. Deductions for directors' remuneration. 29. Continuance of certain exemptions from corporation profits tax. 30. Amendment of section 69 of Finance Act, 1959. PART V Turnover Tax 31. Amendment of sections 50 and 58 of Finance Act, 1963. PART VI Wholesale Tax 32. Amendment of section 5 of Finance (No. 2) Act, 1966. PART VII Miscellaneous 33. Capital Services Redemption Account. 34. Relief on engineering services in relation to works outside State. 35. Relief to certain companies liable to foreign tax. 36. Relief in relation to transactions t between associated companies. 37. Relief for payments in respect of redundancy. 38. Amendment of section 251 of Income Tax Act, 1967. 39. Amendment of section 254 of Income Tax Act, 1967. 40. Repeal of Corporation Duty. 41. Investment accounts in trustee savings banks. 42. Provisions in relation to schemes for free television and radio licences. 43. Restriction of Finance (Excise Duties) (Vehicles) Act, 1952. 44. Amendment of Part II of Schedule to Finance (Excise Duties) (Vehicles) Act, 1952. 45. Repeal. 46. Provisions in relation to imposition of Duties (No. 170) (Excise Duties) (Vehicles) Order, 1968. 47. Care and management of taxes and duties. 48. Short title, construction and commencement. FIRST SCHEDULE Spirits (Rates of Ordinary Customs Duty) Part I and Part II SECOND SCHEDULE Duties on Tobacco Part I Part II Part III Part IV THIRD SCHEDULE Rates of Customs Duty on Wine Part I and Part II FOURTH SCHEDULE Rates of Excise Duty on Irish Wine Part I and Part II Acts Referred to Income Tax Act, 1967 1967, No. 6. Companies Act, 1963 1963, No. 33. Finance Act, 1967 1967, No. 17. Finance Act, 1920 1920, c. 18. Finance Act, 1966 1966, No. 17. Imposition of Duties (No. 159) (Customs Duties and Form of Customs Tariff) Order, 1966 S.I. No. 132 of 1966 . Finance Act, 1919 1919, c. 32. Finance Act, 1926 1926, No. 35. Finance Act, 1935 1935, No. 28. Finance (Customs Duties) (No. 4) Act, 1931 1931, No. 43. Finance (Miscellaneous Provisions) Act, 1935 1935, No. 7. Imposition of Duties (No. 84) (Hydrocarbon Oils) (Customs Duties) Order, 1959 S.I. No. 219 of 1959 . Finance Act, 1957 1957, No. 20. Finance Act, 1932 1932, No. 20. Finance Act, 1933 1933, No. 15. Finance Act, 1940 1940, No. 14. Finance Act, 1934 1934, No. 31. Finance Act, 1948 1948, No. 12. Finance Act, 1949 1949, No. 13. Finance Act, 1965 1965, No. 22. Imposition of Duties (No. 164) (Customs Duties and Form of Customs Tariff) Order, 1967 S.I. No. 156 of 1967 . Imposition of Duties (No. 163) (Duty on Wine) Order, 1967 S.I. No. 155 of 1967 . Finance Act, 1941 1941, No. 14. Finance Act, 1959 1959, No. 18. Finance (Miscellaneous Provisions) Act, 1956 1956, No. 47. Customs-free Airport Act, 1947 1947, No. 5. Finance (Miscellaneous Provisions) Act, 1958 1958, No. 28. Redundancy Payments Act, 1967 1967, No. 21. Trustee Savings Banks Act, 1965 1965, No. 11. Wireless Telegraphy Act, 1926 1926, No. 45. Broadcasting Authority (Amendment) Act, 1966 1966, No. 7. Finance (Excise Duties) (Vehicles) Act, 1952 1952, No. 24. Imposition of Duties (No. 170) (Excise Duties) (Vehicles) Order, 1968 S.I No. 68 of 1968 . Customs and Inland Revenue Act, 1885 1885, c. 51. Number 33 of 1968 FINANCE ACT, 1968 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. [29th July, 1968.] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:— PART I Income Tax Income tax and sur-tax for the year 1968-69. 1.—(1) Income tax shall be charged for the year beginning on the 6th day of April, 1968, at the rate of seven shillings in the pound. (2) Sur-tax for the year beginning on the 6th day of April, 1968, shall be charged in respect of the income of any individual the total of which from all sources exceeds two thousand five hundred pounds and shall be so charged at the following rates, that is to say: In respect of the first two thousand five hundred pounds of the income Nil In respect of the excess over two thousand five hundred pounds, for every pound of the first two thousand pounds of the excess three shillings for every pound of the next two thousand pounds of the excess six shillings for every pound of the remainder of the excess nine shillings. Allowance for know-how. 2.—(1) In this section “know-how” means industrial information and techniques likely to assist in the manufacture or processing of goods or materials, or in the carrying out of any agricultural, forestry, fishing, mining or other extractive operations. (2) (a) Where on or after the 6th day of April, 1968, a person incurs expenditure on know-how for use in a trade carried on by him or, having incurred expenditure on know-how, sets up and commences a trade in which it is used, there shall, subject to the provisions of this section, be allowed to be deducted as expenses, in computing for the purposes of Case I of Schedule D the profits or gains of the trade, such part of the expenditure as would, but for this section, not be allowed to be deducted. (b) For the purposes of this subsection, a person incurring expenditure on know-how before the setting up and commencement of the trade in which it is used shall be treated as incurring it on that setting up and commencement. (3) Where on or after the 6th day of April, 1968, a person acquires a trade or part of a trade and, together therewith, know-how used therein, no amount shall be allowed to be deducted under this section in respect of expenditure incurred on the acquisition of the know-how. (4) (a) Subsection (2) shall not apply on any sale of know-how where the buyer is a body of persons over whom the seller has control, or the seller is a body of persons over whom the buyer has control, or both the seller and the buyer are bodies of persons and some other person has control over both of them. (b) In this subsection— (i) “control” has the same meaning as in section 299 (6) of the Income Tax Act, 1967 , and (ii) references to a body of persons include references to a partnership. Relief for certain sums chargeable under Schedule E. 3.—(1) (a) Subject to paragraph (b), this section applies to any payment which is chargeable to tax under Schedule E and which is made to the holder of an office or employment to compensate for— (i) a reduction or a possible reduction of future remuneration arising from a reorganisation of the business of the employer under whom the office or employment is held or a change in the working procedures, working methods, duties or rates of remuneration of such office or employment, or (ii) a change in the place where the duties of the office or employment are performed. (b) This section does not apply to— (i) a payment to which section 114 of the Income Tax Act, 1967 , applies, or (ii) a payment to any of the persons specified in paragraphs (i) to (iii) of the proviso to section 228 (1) of the Income Tax Act, 1967 , or to a person who is a part-time employee by reason of not being required to devote substantially the whole of his time to the service of his employer. (2) Where an individual has received a payment to which this section applies, he shall be entitled, on making a claim in that behalf and on proof of the relevant facts to the satisfaction of the inspector, to have the total amount of income tax and sur-tax payable by him for the year of assessment for which the payment is chargeable reduced to the total of the two following amounts: (a) the aggregate of the amounts of income tax and sur-tax which would have been payable by him for that year if he had not received the payment, and (b) income tax and sur-tax on the whole of the payment at rates respectively ascertained in the manner specified in subsection (3). (3) There shall be ascertained the additional amounts of income tax and sur-tax respectively, over and above the amounts referred to in subsection (2) (a), which would have been payable by the holder of the office or employment if his total income for the year of assessment referred to in subsection (2) had included one-third only of the payment and the rates of income tax and sur-tax respectively for the purposes of subsection (2) (b) shall then be ascertained by dividing the additional amounts of income tax and sur-tax respectively computed in accordance with this subsection by an amount equal to one-third of the payment. (4) (a) Relief from tax under this section shall, in all cases, be given by way of repayment. (b) A claimant shall not be entitled to relief under this section in respect of any income the tax on which he is entitled to charge against any other person, or to deduct, retain, or satisfy out of any payment which he is liable to make to any other person. Amount of diminished value of machinery and plant by reason of wear and tear. 4.—(1) In this section— “qualifying machinery or plant” means machinery or plant (other than vehicles suitable for the conveyance by road of persons or goods or the haulage by road of other vehicles) which on or after the 1st day of April, 1968, is provided for use for the purposes of a trade, profession, employment or office and which, at the time it is so provided, is unused and not secondhand, and includes any such machinery or plant notwithstanding any sale of it or other change of circumstances, but does not include ships and machinery or plant in respect of which an election has been made under the first proviso to section 241 (1) of the Income Tax Act, 1967 ; “value at the commencement of the year of assessment of machinery or plant” has the same meaning as in section 241 (7) of the Income Tax Act, 1967 . (2) Subject to the provisions of this subsection, where for any year of assessment a deduction falls to be allowed under section 241 of the Income Tax Act, 1967 , on account of wear and tear of any qualifying machinery or plant, the amount considered by the Appeal Commissioners to be just and reasonable under that section as representing the diminished value by reason of wear and tear during the year of that machinery or plant shall— (a) where it is an amount which does not exceed 8¾ per cent. of the value at the commencement of the year of assessment of such machinery or plant, be taken to be 10 per cent. of that value; (b) where it is an amount which exceeds 8¾ per cent. but is less than 15 per cent. of the value at the commencement of the year of assessment of such machinery or plant, be taken to be 12½ per cent. of that value; (c) where it is an amount which is 15 per cent. or more of the value at the commencement of the year of assessment of such machinery or plant, be taken to be 25 per cent. of that value. (3) Section 241 (1) of the Income Tax Act, 1967 , is hereby amended, in respect of qualifying machinery or plant, by the substitution for “a sum equal to five-fourths of the amount” of “a sum equal to the amount”. (4) In relation to a case in which subsection (2) has had effect, any reference in the Income Tax Acts to a deduction allowed under the said section 241 shall be construed as a reference to that deduction as determined pursuant to that section, as amended by this section, and subsection (2). Ownership or occupation of lands. 5.—In respect of any year of assessment commencing on or after the 6th day of April, 1969, and notwithstanding anything in the Income Tax Acts— (a) no assessments under Schedule A or Schedule B of the Income Tax Act, 1967 , shall be made, (b) the income arising from the ownership or occupation of lands, tenements or hereditaments shall not be taken into account for the purposes of estimating total income for the purposes of tax to the extent that such income was measured by the annual value estimated in accordance with the provisions applicable to Schedule A, or the assessable value estimated in accordance with the provisions applicable to Schedule B, of the lands, tenements or hereditaments. Obligation to keep certain records. 6.—(1) In this section “records” includes books of account relating to— (a) all sums of money received and expended in the course of the carrying on or exercising of a trade, profession or other activity and the matters in respect of which the receipt and expenditure takes place, and (b) all sales and purchases of goods and services where the carrying on or exercising of a trade, profession or other activity involves the purchase or sale of goods or services. (2) (a) Every person who, on his own behalf or on behalf of any other person, carries on or exercises any trade, profession or other activity the profits or gains of which are chargeable under Schedule D shall keep such records as will enable true returns to be made, for the purposes of income tax and sur-tax, of such profits or gains. (b) Where any such trade, profession or other activity is carried on in partnership, the precedent partner, within the meaning of section 69 of the Income Tax Act, 1967 , shall, for the purposes of this section, be deemed to be the person carrying on that trade, profession or other activity. (3) Subsection (2) shall— (a) in the case of a trade, profession or other activity which is commenced after the passing of this Act, have effect on and from the date of such commencement, and (b) in any other case, have effect on and from the 1st day of September, 1968. (4) Records kept pursuant to the preceding provisions of this section shall be retained by the person required to keep the records for a period of six years after the completion of the transactions, acts or operations to which they relate: Provided that this subsection shall not require the retention of records in respect of which the inspector notifies the person who is required to keep them that retention is not required, nor shall it apply to the books and papers of a company which have been disposed of in accordance with section 305 (1) of the Companies Act, 1963 . (5) Any person who contravenes subsection (2) in respect of any records in relation to a return for any year of assessment or contravenes subsection (4) in relation to those records shall be liable to a penalty of £100: Provided that a penalty shall not be imposed under this subsection if it is proved that no person is chargeable to tax in respect of the said profits or gains for that year of assessment. (6) Section 508 of the Income Tax Act, 1967 , is hereby amended by the insertion in subsection (1) after “240 or 296” of “or section 6 of the Finance Act, 1968”. Estimation of tax due for income tax months. 7.—(1) Where the Revenue Commissioners have reason to believe that a person was liable under the regulations to remit tax in relation to any income tax month, and the person has not remitted any tax in relation to that income tax month, they may estimate the amount of tax which should have been remitted by the person within the period specified in the regulations for the payment of such tax and serve notice on him of the amount estimated. (2) Where a notice is served under subsection (1) on a person, the following provisions shall apply— (a) the person may, if he claims that he is not liable to remit any tax for the income tax month to which the notice relates, by giving notice in writing to the Revenue Commissioners within the period of fourteen days from the service of the notice, require the claim to be referred for decision to the Appeal Commissioners and their decision shall be final and conclusive, (b) on the expiration of the said period, if no such claim is required to be so referred, or if such claim is required to be referred, on final determination by the Appeal Commissioners against the claim, the estimated tax specified in the notice shall be recoverable in the same manner and by the like proceedings as if the person were an employer and the amount specified in the notice were the amount of tax which he was liable under the regulations to deduct from emoluments paid by him during the income tax month specified in the notice reduced by any amounts which he was liable under the regulations to repay during that income tax month, (c) if at any time after the service of the notice the person furnishes a declaration of the amount which he is liable under the regulations to remit in respect of the income tax month specified in the notice and pays the tax in accordance with the declaration together with any interest and costs which may have been incurred in connection with the default, the notice shall, subject to paragraph (d), stand discharged and any excess of tax which may have been paid shall be repaid, (d) where action for the recovery of tax specified in a notice under subsection (1), being action by way of the institution of proceedings in any court or the issue of a certificate under section 485 of the Income Tax Act, 1967 , has been taken, paragraph (c), shall not, unless the Revenue Commissioners otherwise direct, apply in relation to that notice until the said action has been completed. (3) In a case in which a part of a stamp book required by the regulations to be sent to the Revenue Commissioners with the appropriate stamps affixed thereto during a particular period is not sent, the tax for which the means of payment is stamps affixed to that part of the stamp book shall be regarded for the purposes of subsection (1) as tax which a person was liable to remit by reference to the relevent income tax month or months to which the part of the stamp book relates. (4) A notice given by the Revenue Commissioners under subsection (1) may extend to two or more consecutive income tax months. (5) The Revenue Commissioners may nominate any of their officers to perform any acts and discharge any functions authorised by this section or section 8 to be performed or discharged by the Revenue Commissioners. (6) In this section “emoluments” means anything assessable to income tax under Schedule E and references to payments of emoluments include references to payments on account of emoluments. (7) In this section and in section 8 “employer” means any person paying emoluments. (8) In this section and in sections 8 and 9— “income tax month” means a month beginning on the 6th day of any of the months of April to March in any year of assessment whether occurring before or after the commencement of this Part; “the regulations” means any regulations under section 127 of the Income Tax Act, 1967 . Estimation of tax due for year. 8.—(1) Where the Revenue Commissioners have reason to believe that the total amount of tax which an employer was liable under the regulations to remit in respect of the respective income tax months comprised in any year of assessment was greater than the amount of tax (if any) paid by the employer in respect of the said months then, without prejudice to any other action which may be taken, they may make an estimate in one sum of the total amount of tax which in their opinion should have been paid in respect of the income tax months comprised in that year and may serve notice on the employer specifying— (a) the total amount of tax so estimated, (b) the total amount of tax (if any) remitted by the employer in relation to the income tax months comprised in the said year, and (c) the balance of tax remaining unpaid. (2) Where notice is served on an employer under subsection (1)— (a) the employer may, if he claims that the total amount of tax or the balance of tax remaining unpaid is excessive, on giving notice in writing to the Revenue Commissioners within the period of fourteen days from the service of the notice, appeal to the Appeal Commissioners, (b) on the expiration of the said period, if no notice of appeal is received or, if notice of appeal is received, on determination of the appeal by agreement or otherwise, the balance of tax remaining unpaid as specified in the notice or the amended tax as determined in relation to the appeal shall become due and be recoverable in the same manner and by the like proceedings as if the said balance of tax or amended tax had been charged on the employer under Schedule E. (3) The provisions of this section shall apply to an employer authorised under the regulations to make payment of tax by means of stamps as if the tax for which the means of payment is stamps affixed to a book were tax which he was liable to remit to the Revenue Commissioners and as if the value of stamps (if any) which he affixed to books were tax paid to the Revenue Commissioners. (4) A notice given by the Revenue Commissioners under subsection (1) may extend to two or more years of assessment. Interest on tax recoverable under section 7 or 8. 9.—The provisions of section 129 of the Income Tax Act, 1967 , shall apply— (a) to tax recoverable by virtue of a notice under section 7 as if the tax were tax which the person was liable under the regulations to pay for the respective income tax month or months comprised in the notice: Provided that, where the notice relates to tax for which the means of payment is stamps affixed to a part of a stamp book which is required by the regulations to be sent to the Revenue Commissioners during a particular period, the interest shall be calculated as from the expiration of that period, and (b) to tax recoverable by virtue of a notice under section 8 as if the tax were tax which the person was liable under the regulations to remit for the income tax month during which the period of fourteen days from the service of the notice expired or the appeal was determined by agreement or otherwise, whichever month is the later. Appeals under section 7 or 8. 10.—The provisions of the Income Tax Acts relating to appeals shall with any necessary modifications apply to claims and appeals under section 7 (2) and section 8 (2) as if those claims or appeals were appeals against assessments to income tax, but, in relation to claims under section 7 (2) only in so far as those provisions apply to appeals to the Appeal Commissioners. Priority in bankruptcy, etc., of sums recoveable under section 7 or 8. 11.—For the purposes of section 132 of the Income Tax Act, 1967 , and section 285 of the Companies Act, 1963 , the sums referred to in subsection (2) of the said section 132 and subsection (2) (a) (iii) of the said section 285 shall be deemed to include sums recoverable under section 7 or section 8 which relate to a period or periods falling in whole or part within that period of twelve months and, in the case of any sum recoverable for a period falling partly within and partly outside that period of twelve months, it shall be lawful to apportion the total amount of the sum according to the respective lengths of the periods falling within that period and outside that period in order to arrive at the amount of tax which relates to that period. Amendment of section 138 of Income Tax Act, 1967. 12.— Section 138 of the Income Tax Act, 1967 , is hereby amended by the addition of the following proviso to subsection (1): “Provided that, where, but for this proviso, the claimant would be entitled to a deduction of £394 under the foregoing provisions of this subsection, he shall, if he proves that his marriage took place in the year of assessment, be entitled to a deduction of £494 in lieu of the deduction of £394.”. Amendment of section 175 of Income Tax Act, 1967. 13.—Paragraph (a) of the proviso to subsection (1) of section 175 of the Income Tax Act, 1967 , shall have effect, where the return is of interest paid or credited during a year beginning on or after the 6th day of April, 1968, as if the reference to £50 were a reference to £70. Amendment of section 244 of Income Tax Act, 1967. 14.— Section 244 of the Income Tax Act, 1967 , is hereby amended— (a) by the insertion, after subsection (2), of the following subsection— “(2A) Where, on or after the 6th day of April, 1968, a person carrying on a trade— (a) incurs non-capital expenditure on scientific research or pays any sum to a body or university referred to in subsection (2) (b) in order that the body or university may undertake scientific research, and (b) the expenditure so incurred or the sum so paid is not deductible as an expense under subsection (2) because the scientific research is not related to any trade being carried on by the person, then, the expenditure so incurred or the sums so paid shall be deducted as an expense in computing the profits or gains of the person's trade.”, and (b) by the addition to subsection (3) of the following proviso— “Provided that, where, on or after the 6th day of April, 1968, a person carrying on a trade incurs capital expenditure on scientific research which is not allowable as a deduction under the foregoing provisions of this subsection because the scientific research is not related to any trade being carried on by that person, there shall be allowed as a deduction in charging the profits or gains of that person's trade for the year of assessment in which the expenditure was incurred a sum equal to the amount of the expenditure.”. Amendment of section 416 of Income Tax Act, 1967. 15.— Section 416 of the Income Tax Act, 1967 , is hereby amended by the insertion after subsection (8) of the following subsection: “(8A) Where— (a) a person who has given notice of appeal does not attend before the Appeal Commissioners at the time and place appointed for the hearing of the appeal, (b) an application for the postponement of the hearing is made by a person who attends before the Appeal Commissioners on behalf of the appellant at the time and place aforesaid, and (c) the application is refused by the Appeal Commissioners, subsection (6) shall not have effect and the said Commissioners shall thereupon proceed to determine the appeal.”. Amendment of section 421 of Income Tax Act, 1967. 16.— Section 421 (3) of the Income Tax Act, 1967 , is hereby amended by the substitution of “the Commissioners shall determine the appeal by ordering that the assessment shall stand good” for “the assessment shall stand good”. Amendment of section 523 of Income Tax Act, 1967. 17.—Subsection (1) (b) of section 523 (inserted by section 10 of the Finance Act, 1967 ) of the Income Tax Act, 1967 , is hereby amended by the substitution of “£2,000” for “£1,250” in both places where it occurs. PART II Customs and Excise Beer. 18.—(1) In lieu of the duty of excise imposed by section 13 (1) of the Finance Act, 1967 , there shall be charged, levied and paid on all beer brewed within the State on or after the 24th day of April, 1968, a duty of excise at the rate of twenty-one pounds and eleven pence for every thirty-six gallons of worts of a specific gravity of one thousand and fifty-five degrees. (2) In lieu of the duty of customs imposed by section 13 (2) of the Finance Act, 1967 , there shall, as on and from the 24th day of April, 1968, be charged, levied and paid on all beer of any description imported into the State, a duty of customs at the rate of twenty-one pounds, one shilling and five pence for every thirty-six gallons of beer of which the worts were before fermentation of a specific gravity of one thousand and fifty-five degrees. (3) There shall be allowed and paid on the exportation as merchandise or the shipment for use as stores of beer on which it is shown, to the satisfaction of the Revenue Commissioners, that the duty imposed by subsection (1) or subsection (2) of this section has been paid, a drawback calculated according to the original specific gravity of the beer, at the rate of twenty-one pounds, one shilling and two pence on every thirty-six gallons of beer of which the original specific gravity was one thousand and fifty-five degrees. (4) Where, in the case of beer which is chargeable with the duty imposed by subsection (1) or subsection (2) of this section or in the case of beer on which drawback under subsection (3) of this section is payable, the specific gravity of the beer is not one thousand and fifty-five degrees, the duty or drawback shall be varied proportionately. (5) Section 24 of the Finance Act, 1933 , shall not apply or have effect in relation to the duty of customs imposed by this section. Spirits. 19.—(1) The Finance Act, 1920 , shall, as on and from the 24th day of April, 1968, be amended by the substitution in Part I of the First Schedule thereto of the matter set out in Part I of the First Schedule to this Act for the matter inserted in the said Part of the said First Schedule by section 9 of the Finance Act, 1966 , and section 3 (1) of the said Finance Act, 1920 , shall have effect accordingly. (2) The customs duty on spirits to which section 9 (2) of the Finance Act, 1966 , applies shall continue to be charged, levied and paid at the rate of eleven pounds, fifteen shillings and eleven pence the gallon (computed at proof) imposed by that subsection in lieu of the rate chargeable under subsection (1) of this section. (3) (a) This subsection applies to spirits, other than spirits mentioned in subsection (2) of this section, which at importation are shown to the satisfaction of the Revenue Commissioners to have been manufactured in, and consigned from, the United Kingdom and to have been manufactured therein from materials other than materials falling within Tariff Heading number 22.08 or Tariff Heading number 22.09 in the Schedule to the Imposition of Duties (No. 159) (Customs Duties and Form of Customs Tariff) Order, 1966 . (b) The duties of customs to which subsection (1) of this section relates shall, as on and from the 24th day of April, 1968, continue to be charged, levied and paid on spirits to which this subsection applies at the rates set out in Part II of the First Schedule to this Act in lieu of the rates chargeable under subsection (1) of this section. (c) The provisions of section 8 of the Finance Act, 1919 , shall not apply to the duties imposed by this subsection. (d) In this subsection the expression “the United Kingdom” means Great Britain, Northern Ireland, the Isle of Man and the Channel Islands. (4) Nothing in this section shall operate to relieve from or to prejudice or affect the additional customs duties in respect of immature spirits imposed by section 9 of the Finance Act, 1926 . Hydrocarbon oils. 20.—(1) In this section— “the Act of 1935” means the Finance Act, 1935 ; “the Act of 1966” means the Finance Act, 1966 . (2) The duty of customs imposed by section 1 of the Finance (Customs Duties) (No. 4) Act, 1931 , shall, in respect of mineral hydrocarbon light oil chargeable with that duty, be charged, levied and paid as on and from the 24th day of April, 1968, at the rate of 3s. 11·9d. the gallon in lieu of the rate specified in section 10 (2) (b) of the Act of 1966. (3) The duty of excise imposed by section 1 of the Finance (Miscellaneous Provisions) Act, 1935 , shall, in respect of mineral hydrocarbon light oil chargeable with that duty which is sent out, on or for sale or otherwise, from the premises of the manufacturer thereof on or after the 24th day of April, 1968, or is used by such manufacturer on or after that date for any purpose other than the manufacture or production of mineral hydrocarbon oil, be charged, levied and paid at the rate of 3s. 10·9d. the gallon in lieu of the rate specified in section 10 (3) (b) of the Act of 1966. (4) The duty of customs imposed by section 21 of the Act of 1935 shall, in respect of hydrocarbon oil chargeable with that duty, be charged, levied and paid as on and from the 24th day of April, 1968, at the rate of 3s. 4·65d. the gallon in lieu of the rate specified in section 10 (4) (b) of the Act of 1966. (5) As on and from the 24th day of April, 1968, the rate of any rebate allowed under section 21 (2) of the Act of 1935 shall— (a) in respect of hydrocarbon oil on which such rebate is allowable and on which the duty of customs mentioned in subsection (4) of this section was paid at the rate of 3s. 4·65d. the gallon, be 3s. 4·65d. the gallon, and (b) in respect of hydrocarbon oil on which such rebate is allowable and on which the duty of customs mentioned in subsection (4) of this section was, by virtue of paragraph 6 of the Imposition of Duties (No. 84) (Hydrocarbon Oils) (Customs Duties) Order, 1959 , paid at the rate of 3s. 3·65d. the gallon, be 3s. 3·65d. the gallon, in lieu of the rate allowable immediately before the 24th day of April, 1968, by virtue of section 10 (5) (b) of the Act of 1966. (6) The duty of excise imposed by section 21 of the Act of 1935 shall, in respect of hydrocarbon oil chargeable with that duty which is sent out, on or for sale or otherwise, from the premises of the manufacturer thereof on or after the 24th day of April, 1968, or is used by such manufacturer on or after that date for any purpose other than the manufacture or production of hydrocarbon oil, be charged, levied and paid at the rate of 3s. 3·65d. the gallon in lieu of the rate specified in section 10 (6) (b) of the Act of 1966. (7) As on and from the 24th day of April, 1968, the rate of any rebate allowed under section 21 (4) of the Act of 1935, in respect of hydrocarbon oil on which such rebate is allowable and on which the excise duty mentioned in subsection (6) of this section was paid at the rate of 3s. 3·65d. the gallon, shall be 3s. 3·65d. the gallon in lieu of the rate allowable immediately before the 24th day of April, 1968, by virtue of section 10 (7) (b) of the Act of 1966. (8) As on and from the 24th day of April, 1968, the rate of any repayment allowed under section 10 (8) of the Finance Act, 1957 , in respect of hydrocarbon oil on which such repayment is allowable and on which either— (a) the excise duty mentioned in subsection (6) of this section was paid at the rate of 3s. 3·65d. the gallon, or (b) the customs duty mentioned in subsection (4) of this section was paid at the rate of 3s. 3·65d. the gallon or 3s. 4·65d. the gallon, shall be 1s. 8d. the gallon in lieu of the rate allowable immediately before the 24th day of April, 1968. Tobacco. 21.—(1) Subject to subsections (2) and (3) of this section, the duty of customs on tobacco imposed by section 20 of the Finance Act, 1932 , shall, as on and from the 24th day of April, 1968, be charged, levied and paid at the several rates specified in Part I of the Second Schedule to this Act in lieu of the several rates specified in Parts I, II and III of the First Schedule to the Finance Act, 1967 . (2) The provisions of section 8 of the Finance Act, 1919 , shall apply to the duty mentioned in subsection (1) of this section— (a) with the substitution of “the area of application of the Acts of the Oireachtas” for “Great Britain and Ireland”, and (b) as though the descriptions of manufactured tobacco mentioned in Part I of the Second Schedule to this Act were included in the first column of the Second Schedule to that Act after the expression “manufactured tobacco” and the appropriate preferential rates mentioned in that Part were mentioned in the second column of the said Second Schedule opposite the mention of those goods in the first column thereof in lieu of the rate mentioned in the said second column opposite the mention of manufactured tobacco in the said first column. (3) (a) This subsection applies to manufactured tobacco which was manufactured in, and consigned from, the United Kingdom and was manufactured therein from materials other than materials falling within Tariff Heading number 24.02 in the Schedule to the Imposition of Duties (No. 159) (Customs Duties and Form of Customs Tariff) Order, 1966 . (b) The customs duty on tobacco mentioned in subsection (1) of this section shall, as on and from the 24th day of April, 1968, and before the 1st day of July, 1968, be charged, levied and paid on manufactured tobacco to which this subsection applies at the several rates specified in Part II of the Second Schedule to this Act in lieu of the several rates specified in Part I thereof and shall, as on and from the 1st day of July, 1968, be charged, levied and paid on manufactured tobacco to which this subsection applies at the several rates specified in Part III of the Second Schedule to this Act in lieu of the several rates specified in Parts I and II thereof. (c) The provisions of section 8 of the Finance Act, 1919 , shall apply to the duties imposed by this subsection— (i) with the substitution of “the area of application of the Acts of the Oireachtas” for “Great Britain and Ireland” and as though the expression “manufactured tobacco” in the first column of the Second Schedule to that Act did not include manufactured tobacco to which this subsection applies, (ii) as though manufactured tobacco to which this subsection applies, together with the descriptions of such manufactured tobacco in Part II or III (as may be appropriate) of the Second Schedule to this Act, were mentioned separately in the said first column and the appropriate preferential rates specified in that Part were mentioned in the second column of the said Second Schedule opposite the mention of those goods in the first column thereof, and (iii) subject to the last paragraph (beginning with “Goods shall not be deemed”) of subsection (1) of the said section 8 being disregarded. (d) In this subsection the expression “the United Kingdom” means Great Britain, Northern Ireland, the Isle of Man and the Channel Islands. (e) The expression “hard pressed tobacco” mentioned in Parts II and III of the Second Schedule to this Act and the next paragraph of this subsection has the same meaning as it has in section 17 of the Finance Act, 1940 . (f) The expression “other pipe tobacco” mentioned in Parts II and III of the Second Schedule to this Act means manufactured tobacco of kinds normally intended to be used in pipes, not being hard pressed tobacco. (4) The duty of excise on tobacco imposed by section 19 of the Finance Act, 1934 , shall, as on and from the 24th day of April, 1968, be charged, levied and paid at the several rates specified in Part IV of the Second Schedule to this Act in lieu of the several rates specified in Part IV of the First Schedule to the Finance Act, 1967 . Tobacco (excise duty on certain stocks). 22.—(1) Subject to the provisions of subsection (2) of this section there shall be charged, levied and paid on all stocks of tobacco of every description which at five o'clock in the afternoon of the 23rd day of April, 1968, are in the ownership or possession of a licensed manufacturer of tobacco and in any place in the State other than a bonded warehouse, a duty of excise, payable by the manufacturer, at the following rate, that is to say: (a) so far as the stocks consist of unmanufactured tobacco, three shillings and five pence for every pound weight of the stocks, and (b) so far as the stocks consist of tobacco (including snuff) other than unmanufactured tobacco, three shillings and five pence for every pound weight of unmanufactured tobacco from which, in the opinion of the Revenue Commissioners, the stocks were derived. (2) The duty imposed by subsection (1) of this section shall not be chargeable on any manufactured tobacco (including cigarettes, cigars and snuff other than offal snuff) as to which it is shown to the satisfaction of the Revenue Commissioners that it was at five o'clock in the afternoon of the 23rd day of April, 1968, fully prepared for sale by retail and that either— (i) it was not the product of any operation carried out by any manufacturer in whose ownership or possession it was at that time; or (ii) it was at that time held as retail stock in premises used for selling tobacco by retail; or (iii) it was at that time in transit from seller to buyer under a contract of sale: Provided that no tobacco shall be deemed for the purposes of this subsection to have been fully prepared for sale by retail if, according to the ordinary course of business of the person in whose ownership or possession it was or to whom it was in transit, it had still to be subjected to some further process (other than packing) before being sold by him. (3) Every licensed manufacturer of tobacco shall not later than the 30th day of April, 1968, make a return to the Revenue Commissioners in a form approved by them giving such information as they may thereby require and, in particular, showing the quantities by weight of tobacco of every description in his ownership or possession at five o'clock in the afternoon of the 23rd day of April, 1968, in any place in the State other than a bonded warehouse. (4) Every licensed manufacturer of tobacco shall— (a) produce, if so required, to any officer of Customs and Excise the trade books and all accounts and documents belonging to or in the possesion of such manufacturer which are necessary for verifying the return made in pursuance of subsection (3) of this section, and (b) render all reasonable assistance to such officer in the taking of an account of the tobacco which was in the ownership or possession of such manufacturer at five o'clock in the afternoon of the 23rd day of April, 1968. (5) Every licensed manufacturer of tobacco shall, immediately upon making the return required by subsection (3) of this section or on the 30th day of April, 1968, whichever is the earlier, pay to the Revenue Commissioners the full amount of the duty imposed by subsection (1) of this section on any tobacco which was in his ownership or possession at five o'clock in the afternoon of the 23rd day of April, 1968, and was chargeable with the said duty, and the Revenue Commissioners may, if they think fit, defer the payment of the duty to a date not later than the 1st day of November, 1968, upon the manufacturer giving security by bond or otherwise to their satisfaction that such duty will be paid. (6) Every manufacturer required by subsection (3) of this section to make such return as is mentioned in that subsection who either fails to make such return or makes a return which is incomplete, false or misleading in any material respect or fails or refuses to do anything which he is required by subsection (4) of this section to do shall be guilty of an offence under the statutes relating to duties of excise and shall for every such offence incur an excise penalty of fifty pounds, and all tobacco in relation to which such offence was committed shall be forfeited. (7) Where drawback is payable in respect of tobacco on which the excise duty imposed by subsection (1) of this section has been paid, such drawback shall, to the extent of the duty paid in pursuance of the said subsection (1) as determined by the Revenue Commissioners, be a drawback of excise. Wine. 23.—(1) Subject to subsections (2) and (3) of this section, there shall be charged, levied and paid, as on and from the 24th day of April, 1968, a duty of customs on all wine imported into the State at the several rates specified in Part I of the Third Schedule to this Act in lieu of the rates specified in section 5 of the Finance Act, 1948 , section 14 of the Finance Act, 1949 , section 16 of the Finance Act, 1965 and paragraph 23 (2) of the Imposition of Duties (No. 159) (Customs Duties and Form of Customs Tariff) Order, 1966 , as amended by paragraph 4(vii) of the Imposition of Duties (No. 164) (Customs Duties and Form of Customs Tariff) Order, 1967 . (2) The provisions of section 8 of the Finance Act, 1919 , shall apply to the duty imposed by subsection (1) of this section— (a) with the substitution of “the area of application of the Acts of the Oireachtas” for “Great Britain and Ireland” and (b) as though the references to wine, sparkling wine in bottle and still wine in bottle in the first column of the Second Schedule to that Act together with the corresponding rates in the second column thereof were deleted and there were substituted therefor, respectively, the descriptions of wine mentioned in Part I of the Third Schedule to this Act and the appropriate preferential rates specified in that Part. (3) (a) This subsection applies to still wine in bottle which at importation is shown to the satisfaction of the Revenue Commissioners to have been manufactured in, and consigned from, the United Kingdom. (b) The customs duty on wine imposed by subsection (1) of this section shall, as on and from the 24th day of April, 1968, and before the 1st day of July, 1968, be charged, levied and paid on wine to which this subsection applies at the several rates specified in column 2 of Part II of the Third Schedule to this Act in lieu of the several rates chargeable under subsection (1) of this section and shall, as on and from the 1st day of July, 1968, be charged, levied and paid on wine to which this subsection applies at the several rates specified in column (3) of Part II of the Third Schedule to this Act in lieu of the several rates specified in column (2) of the said Part II. (c) In this subsection the expression “the United Kingdom” means Great Britain, Northern Ireland, the Isle of Man and the Channel Islands. (4) Section 24 of the Finance Act, 1933 , shall not apply or have effect in relation to the duty of customs imposed by this section. Irish wine. 24.—The duty of excise on Irish wine imposed by section 15 of the Finance Act, 1966 , shall, as on and from the 24th day of April, 1968, and before the 1st day of July, 1968, be charged, levied and paid at the several rates specified in Part I of the Fourth Schedule to this Act in lieu of the several rates specified in paragraph 3 of the Imposition of Duties (No. 163) (Duty on Wine) Order, 1967 , and shall, as on and from the 1st day of July, 1968, be charged, levied and paid at the several rates specified in Part II of the Fourth Schedule to this Act in lieu of the several rates specified in Part I thereof. PART III Death Duties Abatement of estate duty. 25.—(1) Section 29 of the Finance Act, 1965 , is hereby amended by— (a) the substitution of “£1,000” for “£350” and of “£500” for “£250” in each place where they respectively occur in subsections (2), (3) and (4) (which subsections were inserted by the Finance Act, 1966 ), and (b) the substitution of “£100,000” for “£25,000” (inserted by the Finance Act, 1966 ) in subsection (6). (2) Section 19 of the Finance Act, 1966 , is hereby amended by the substitution of “£100,000” for “£25,000” in subsection (1) (c). (3) This section shall have effect only in relation to benefits (within the meaning of the said section 29) accruing on or after the 1st day of April, 1968. Amendment of section 10 of Finance Act, 1894. 26.—Section 10 of the Finance Act, 1894, is hereby amended by the substitution of “fifty thousand” for “ten thousand” in subsection (5). PART IV Corporation Profits Tax Investment trust companies. 27.—(1) In this section— “company” means any body corporate; “corporation tax” means the tax in Northern Ireland and Great Britain known as corporation tax; “investment trust company” means a company which complies with the following conditions: (a) it is incorporated and resident in the State, (b) it has issued for public subscription not less than eighty per cent. in nominal value of its shares carrying voting rights, whether immediate or to arise in certain future circumstances, (c) its business consists mainly in the making of investments, (d) the distribution as dividend of surpluses arising from the realisation of investments is prohibited by the company's memorandum or articles of association; “Irish securities” means securities of the Government, securities guaranteed by the Minister for Finance and any stocks, shares, debentures, bonds or obligations of any municipal corporation in the State, or any company or other body corporate incorporated in the State; “securities” includes stocks, shares, bonds and obligations of any Government, municipal corporation, company or other body corporate. (2) In respect of any accounting period ending after the 31st day of December, 1967, the profits of an investment trust company shall not, for the purposes of corporation profits tax, include dividends and other distributions received from a company liable to corporation tax to the extent that such dividends and distributions have been paid out of profits which have borne that tax: Provided that— (a) throughout the accounting period the following conditions are satisfied: (i) the value of the Irish securities held by the investment trust company was not less than fifteen per cent. of the value of the securities held by the investment trust company, (ii) the securities (whether of one class or more than one class) held by the investment trust company in any one company, other than an investment trust company, did not represent more than fifteen per cent. by value of the first-mentioned investment trust company's securities, (iii) the number of shareholders was not less than fifty and no one shareholder was the beneficial owner of more than forty-nine per cent. of the shares of the investment trust company, (iv) the value of the securities quoted on a recognised stock exchange which were held by the investment trust company was not less than eighty-five per cent. of the value of the securities held by the investment trust company, and (b) the investment trust company did not retain in respect of any accounting period ending on or after the passing of this Act more than fifteen per cent. of its actual profits in that accounting period. (3) The Minister for Finance may, after consultation with the Revenue Commissioners, authorise in respect of any accounting period the relief provided by this section notwithstanding that one or more of the conditions stated in subsection (2) (a) was or were not complied with and notification of any authorisation under this subsection shall be published in Iris Oifigiúil as soon as may be after it is given. Deductions for directors' remuneration. 28.—In respect of every accounting period ending after the 31st day of December, 1967, proviso (c) to section 53 (2) of the Finance Act, 1920 , and section 36 (4) of the Finance Act, 1941 , shall be construed and have effect as if for “two thousand five hundred pounds” there were substituted “four thousand pounds”. Continuance of certain exemptions from corporation profits tax. 29.—The exemptions from corporation profits tax specified in section 33 (1) of the Finance Act, 1929 , shall be given in respect of the period beginning on the 1st day of January, 1968, and ending on the 31st day of December, 1970. Amendment of section 69 of Finance Act, 1959. 30.—(1) Any reference in section 69 of the Finance Act, 1959 , to a deduction allowed under section 241 of the Income Tax Act, 1967 , shall be construed as including a reference to that deduction as determined pursuant to that section and section 4 (2). (2) Section 69 of the Finance Act, 1959 , is hereby amended by the addition to subsection (2) of the following proviso: “Provided that in relation to an allowance made by virtue of the proviso to section 244 (3) of the Income Tax Act, 1967 , this subsection shall have effect as if the following paragraph were inserted after paragraph (a)— ‘(aa) it is made in charging the profits or gains of a trade a part of which is, or is comprised in, that business,’”. PART V Turnover Tax Amendment of sections 50 and 58 of Finance Act, 1963. 31.—(1) Subsection (2) of section 50 of the Finance Act, 1963, is hereby amended by the addition thereto of “in writing at or before the time he is sold or hired goods or provided with services”. (2) Subsection (4) of section 58 of the Finance Act, 1963, is hereby amended by the insertion after “seller or provider” where it first occurs of “in writing at or before the time he is supplied with the goods or provided with the services”. PART VI Wholesale Tax Amendment of section 5 of Finance (No. 2) Act, 1966. 32.—Section 5 of the Finance (No. 2) Act, 1966, is hereby amended by the addition thereto of “if (but only if) he has in accordance with regulations given to the person by whom the goods were so sold a statement in writing quoting his wholesale tax registration number”. PART VII Miscellaneous Capital Services Redemption Account. 33.—(1) In this section— “the principal section” means section 22 of the Finance Act, 1950; “the 1967 amending section” means section 24 of the Finance Act, 1967 ; “the eighteenth 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. (2) Subsection (4) of the 1967 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1969, have effect with the substitution of “£2,000,850” for “£1,880,083”. (3) Subsection (6) of the 1967 amending section shall have effect with the substitution of “£1,269,345” for “£1,216,320”. (4) A sum of £2,453,200 to redeem borrowings, and interest thereon, in respect of capital services shall be charged annually on the Central Fund or the growing produce thereof in the thirty successive financial years commencing with the financial year ending on the 31st day of March, 1969. (5) The eighteenth additional annuity shall be paid into the Account in such manner and at such times in the relevant financial year as the Minister may determine. (6) Any amount of the eighteenth additional annuity, not exceeding £1,586,900 in any financial year, may be applied towards defraying the interest on the public debt. (7) The balance of the eighteenth additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section. Relief on engineering services in relation to works outside State. 34.—(1) In this section “engineering services” means design and planning services the work on the rendering of which is carried out in the State in connection with chemical, civil, electrical or mechanical engineering works executed outside the State. (2) In the case of a body corporate carrying on a trade which consists of or includes the rendering to another person of engineering services, the following provisions shall, if the body corporate so elects, apply for the purposes of relief from income tax under Chapter IV of Part XXV of the Income Tax Act, 1967 , and for the purposes of relief from corporation profits tax under Part III of the Finance (Miscellaneous Provisions) Act, 1956 : (a) the body corporate shall be regarded as being a company where it would not otherwise be so regarded, (b) the rendering of such services shall be regarded as the manufacture of goods and any amount receivable in payment therefor shall be regarded as an amount receivable from the sale of goods, and (c) where such services are rendered to a person who is not resident in the State, the body corporate shall be regarded as having exported goods out of the State and any payment receivable by it for the services shall be regarded as an amount receivable from the sale of goods so exported. (3) Any election under subsection (2) shall be made by notice in writing delivered to the inspector and shall have effect as respects every year of claim not being a year earlier than the year of assessment commencing on the 6th day of April, 1968, and every accounting period or part of an accounting period subsequent to the 5th day of April, 1968, for which relief under Chapter IV of Part XXV of the Income Tax Act, 1967 , or Part III of the Finance (Miscellaneous Provisions) Act, 1956 , is claimed by the body corporate by which it is made. (4) The Revenue Commissioners may by notice in writing require a body corporate claiming relief from tax by virtue of subsection (2) to furnish them with such information or particulars as may be necessary for the purpose of giving effect to that subsection, and section 404 (1) of the Income Tax Act, 1967 , and section 13 (1) of the Finance (Miscellaneous Provisions) Act, 1956 , shall have effect as if the matters of which proof is required thereby included the information or particulars specified in a notice under this subsection. (5) Subsection (2) shall have effect as on and from the 6th day of April, 1968, and, in the case of corporation profits tax, the Revenue Commissioners may, for the purposes of this section, make such apportionments as they consider appropriate where part of an accounting period is before and part on or after the 6th day of April, 1968: Provided that where, before an election was made by it under this section, a body corporate has paid a dividend and the amount of income tax which it was entitled to deduct from the dividend exceeds the amount which, under section 410 (2) of the Income Tax Act, 1967 , it would have been entitled to deduct if the election had been made before the dividend was paid, any relief from income tax which would otherwise have been allow …