Finance (No. 2) Act, 1970

Finance (No. 2) Act, 1970 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 1970 Finance (No. 2) Act, 1970 Finance (No. 2) Act, 1970 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 25 of 1970 FINANCE (No. 2) ACT, 1970 ARRANGEMENT OF SECTIONS Section 1. Termination of deductions for certain taxes. 2. Amendment of Finance (Excise Duties) (Vehicles) Act, 1952. 3. Rates of wholesale tax. 4. Additions to certain payments. 5. Payment of interest on certain redemption moneys. 6. Amendment of section 54 of Finance Act, 1970. 7. Care and management of taxes and duties. 8. Short title, construction and commencement. Acts Referred to Income Tax Act, 1967 1967, No. 6 Finance (Excise Duties) (Vehicles) Act, 1952 1952, No. 24 Road Traffic Act, 1961 1961, No. 24 Roads Act, 1920 1920, c. 72 Finance (No. 2) Act, 1966 1966, No. 22 Finance Act, 1970 1970, No. 14 Part VI of the Finance Act, 1963 1963, No. 23 Number 25 of 1970 FINANCE (No. 2) ACT, 1970 AN ACT TO CHARGE AND IMPOSE CERTAIN DUTIES OF INLAND REVENUE (INCLUDING EXCISE), TO AMEND THE LAW RELATING TO INLAND REVENUE (INCLUDING EXCISE) AND TO MAKE FURTHER PROVISIONS IN CONNECTION WITH FINANCE. [26th December, 1970.] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: Termination of deductions for certain taxes. 1.—With respect to the computation of income for the purposes of income tax for the year 1970-71 or for any subsequent year of assessment— (a) section 64 (1) of the Income Tax Act, 1967 , so far as it provides that corporation profits tax paid by a company in respect of any accounting period is to be allowed to be deducted as an expense incurred in that accounting period in computing the profits or gains of the company for purposes of income tax, shall not apply; (b) paragraph 4 of Schedule 7 to that Act shall have effect as if clause (ii) of subparagraph (c) were deleted; (c) paragraph 8 of Schedule 10 to that Act shall have effect as if, in clause (c) of subparagraph (3), “either falls to be allowed as a credit against corporation profits tax, or”, where occurring before “cannot be allowed as a credit”, were deleted. Amendment of Finance (Excise Duties) (Vehicles) Act, 1952. 2.—(1) The Finance (Excise Duties) (Vehicles) Act, 1952 , shall, as on and from the 1st day of November, 1970, be amended by the substitution in paragraph 1 of Part I of the Schedule thereto of “£1 10s.”, “£3”, “£4 10s.”, “£7”, “£9 10s.”, “£2 10s.”, “£12 10s.”, “£9 10s.” and “£3” as the rates of duty in lieu of “£1 5s.”, “£2 10s.”, “£3 15s.”, “£5 12s. 6d.”, “£7 10s.”, “£1 17s. 6d.”, “£10”, “£7 10s.” and “£2 10s.” respectively. (2) Subject to subsection (3) of this section, the Finance (Excise Duties) (Vehicles) Act, 1952 , shall, as on and from the 1st day of November, 1970, be amended by the substitution in Part I of the Schedule thereto of the following subparagraph for subparagraph (d) of paragraph 6: “(d) other vehicles to which this paragraph applies— £ not exceeding 8 horse-power or electrically propelled 20 exceeding 8 horse-power but not exceeding 9 horse-power 23 exceeding 9 horse-power but not exceeding 10 horse-power 26 exceeding 10 horse-power 26 plus £4 for each unit or part of a unit of horse-power in excess of 10 horse-power, subject to a maximum of £50 for the total duty.” (3) Subsection (2) of this section shall not have effect in relation to any vehicle— (a) which is used as a small public service vehicle within the meaning of the Road Traffic Act, 1961 , and for no other purpose, (b) which is fitted with a taximeter and is lawfully used as a street service vehicle within the meaning of the Road Traffic Act, 1961 , or for purposes incidental to such user and for no other purpose, or (c) which is used as a hearse and for no other purpose. (4) Proceeds of the increases of duties effected by this section, calculated in such manner as the Minister for Finance may direct, shall, notwithstanding section 3 of the Finance (Excise Duties) (Vehicles) Act, 1952 , be disregarded in any determination of a sum to be issued out of the Central Fund under section 2 (1) of the Roads Act, 1920 . Rates of wholesale tax. 3.—With effect on and from the 1st day of November, 1970, wholesale tax imposed by section 2 of the Finance (No. 2) Act, 1966 , shall, in the case of the goods specified in the Table to section 7 (1) of that Act, be charged, levied and paid at the rate of twenty per cent, and, accordingly, “twenty per cent.” is hereby substituted for “fifteen per cent.” in the said section 7 (1) with effect on and from that date, and “twenty per cent.” is hereby substituted for “fifteen per cent.” in section 11 (1) of that Act in respect of articles imported on or after that date. Additions to certain payments. 4.—Where the whole or part of the taxable turnover of an accountable person consists of moneys paid under a contract entered into on or after the 1st day of October, 1966, and before the 1st day of November, 1970, the accountable person may, in the absence of agreement to the contrary, recover as an addition to the payment specified in the contract a sum equal to any additional amount payable by him in respect of the moneys on account of the increase in the rate of wholesale tax effected by section 3 of this Act. Payment of interest on certain redemption moneys. 5.—(1) The Minister for Finance may, with respect to the redemption moneys to which this section applies, pay interest thereon for the period beginning on the 1st day of July, 1970, and ending on the 30th day of November, 1970, at the rate of eight per cent. per annum and the payments shall be made to the persons who were the registered holders of the relevant bonds on the 1st day of May, 1970. (2) The redemption moneys to which this section applies are the moneys payable on redemption of the land bonds which were drawn for redemption at the draw for redemption of land bonds which began on the 27th day of October, 1970. (3) The moneys required for the payment of interest under this section shall be paid out of the Central Fund or the growing produce thereof. Amendment of section 54 of Finance Act, 1970. 6.— Section 54 of the Finance Act, 1970 , is hereby amended by the addition of the following subsection: “(4) Expenses incurred by the Minister in arranging that money shall be available for borrowing by him at such time as he may think fit shall be charged on the Central Fund or the growing produce thereof.” Care and management of taxes and duties. 7.—All taxes and duties (except the excise duties on mechanically propelled vehicles) imposed by this Act are hereby placed under the care and management of the Revenue Commissioners. Short title, construction and commencement. 8.—(1) This Act may be cited as the Finance (No. 2) Act, 1970. (2) Section 1 of this Act shall be construed together with the Income Tax Acts. (3) Section 2 of this Act shall be construed together with the Statutes which relate to the duties of excise and the management of those duties. (4) Sections 3 and 4 of this Act shall be construed together with Part VI of the Finance Act, 1963 , the Finance (No. 2) Act, 1966 , and the enactments amending or extending that Part and the last mentioned Act. (5) Section 1 of this Act shall be deemed to have come into force and shall take effect as on and from the 6th day of April, 1970. (6) Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended by or under any other enactment, including this Act. 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