(1)For the purpose of making an assessment on a chargeable person for a relevant chargeable period or for the purpose of amending such an assessment, the inspector may accept either in whole or in part any statement or other particular contained in a return delivered by the chargeable person for that chargeable period and he may assess any amount of income, profits or gains or, as respects capital gains tax, chargeable gains, or allow any deduction, allowance or relief by reference to such statement or particular; but the making of an assessment or the amendment of an assessment by reference to any such statement or particular contained in the chargeable person's return shall not preclude the inspector from making suchenquiries or taking such actions, within his powers, as he considers necessary to satisfy himself as to the accuracy or otherwise of that statement or particular and, subject to section 14 (2), shall not preclude the inspector from amending or further amending an assessment in such manner as he considers appropriate:
\n
Provided that any such enquiries and any such actions shall not be made in the case of any chargeable person for any relevant chargeable period at any time after the expiry of the period of 6 years commencing at the end of the chargeable period in which the chargeable person has delivered a return for the relevant chargeable period unless at that time the inspector has reasonable grounds for believing that the return is insufficient due to its having been completed in a fraudulent or negligent manner.
\n
Amendment of section 17 (appeals) of Finance Act, 1988.
\n
51.—
\n
Section 17
\n
of the Finance Act, 1988 , is hereby amended by the insertion in paragraphs (b) and (c) of subsection (1) of “or, as respects capital gains tax, chargeable gains,” after “income, profits or gains” in each place where it occurs, and the said paragraphs (b) and (c), as so amended, are set out in the Table to this section.
\n
TABLE (b) the amount of any income, profits or gains or, as respects capital gains tax, chargeable gains, or the amount of any allowance, deduction or relief specified in an assessment or an amended assessment made on a chargeable person for a relevant chargeable period where the inspector has determined that amount by accepting without the alteration of and without departing from the statement or statements or the particular or particulars with regard to income, profits or gains or, as respects capital gains tax, chargeable gains, or allowances, deductions or reliefs specified in the return delivered by the chargeable person for that chargeable period, or (c) the amount of any income, profits or gains or, as respects capital gains tax, chargeable gains, or the amount of any allowance, deduction or relief specified in an assessment or an amended assessment made on a chargeable person for a relevant chargeable period where that amount had been agreed between the inspector and the chargeable person, or any person authorised by the chargeable person in that behalf, prior to the making of the assessment or the amendment of the assessment, as the case may be.
\n
Amendment of section 18 (date for payment of tax) of Finance Act, 1988.
\n
52.—
\n
Section 18
\n
(as amended by section 24 of the Finance Act, 1990 ) of the Finance Act, 1988 , is hereby amended— (a) by the substitution of the following subsection for subsection (1)— “(1) Preliminary tax appropriate to a relevant chargeable period shall be due and payable— (a) where the chargeable period is a year of assessment for income tax, on or before the 1st day of November in that year of assessment, (b) where the chargeable period is a year of assessment for capital gains tax, on or before the 1st day of November next following that year of assessment, or (c) where the chargeable period is an accounting period of a company, within the period of 7 months from the end of the accounting period, and references in this Chapter to the due date for the payment of an amount of preliminary tax shall, accordingly, be construed as references to the 1st day of November in the relevant year of assessment, the 1st day of November next following that year ofassessment or the last day of that period of 7 months, as the case may be.”, and (b) in subsection (3), by the insertion of the following additional proviso after paragraph (II) of the proviso to subparagraph (ii) of paragraph (b): “Provided also that, for the purpose of this subparagraph, where the chargeable person is chargeable to income tax for a chargeable period being the year of assessment 1991-92 or any subsequent year of assessment, the tax payable for the immediately preceding chargeable period shall be determined without regard to any relief to which the chargeable person is, or may become, entitled for that immediately preceding chargeable period under
\n
Chapter III
\n
of
\n
Part I
\n
of the Finance Act, 1984 .”.
\n
Amendment of section 21 (miscellaneous) of Finance Act, 1988.
\n
53.—
\n
Section 21
\n
of the Finance Act, 1988 , is hereby amended— (a) by the insertion in subsection (3), after “the inspector causes to issue”, of “manually or”, and the said subsection (3), as so amended, is set out in the Table to this section, and (b) by the addition of the following subsections after subsection (6): “(7) The provisions of this Chapter as respects due dates for payment of tax shall apply subject to the provisions of sections 37
\n
(4)(b) (which provides for the postponement, in certain circumstances, of the payment of capital gains tax in the case of certain beneficiaries of a non-resident trust) and 44 (which provides for the payment of tax on certain chargeable gains by instalment, in certain circumstances) of the Capital Gains Tax Act, 1975 .
\n
(8)With effect for the year of assessment 1990-91 and subsequent years of assessment, references in this Chapter to any provision of the Income Tax Acts shall, where appropriate for capital gains tax and unless the contrary intention appears, be construed as a reference to the said provisions as applied in relation to capital gains tax by paragraphs 2 and 3 of the Fourth Schedule to the Capital Gains Tax Act, 1975 .”.
\n
TABLE
\n
(3)Where the inspector or any other officer of the Revenue Commissioners acting with the knowledge of the inspector causes to issue, manually or by any electronic, photographic or other process, a notice of preliminary tax bearing the name of the inspector or a notice of assessment or a notice of an amendment of an assessment bearing the name of the inspector, the said notice of preliminary tax shall, for all the purposes of the Tax Acts, be deemed to have been given by the inspector to the best of his opinion and the said assessment or amended assessment to which the notice of assessment or notice of amended assessment relates, as the case may be, shall, for those purposes, be deemed to have been made by the inspector to the best of his judgement.
\n
Chapter VII
\n
Urban Renewal: Temple Bar and Other Areas Preliminary and general (
\n
Chapter VII
\n
) 54.—(1) In this Chapter— “the Temple Bar Area” means the area described in
\n
Part II
\n
of the Second Schedule ;
\n
(2)The Second Schedule shall have effect for the purposes of supplementing this Chapter.
\n
(3)Subject to subsection (4), the provisions of the Finance Act, 1986 , which are specified in section 55 as having effect in relation to the Temple Bar Area shall have such effect, as appropriate, subject to any necessary modifications— (a) as if the Temple Bar Area were an area described in an order made by the Minister for Finance under section 27 of the Finance Act, 1987 , (b) as if the reference in paragraph (a) (ii) of subsection (1) of the said section 27 to the “31st day of May, 1991,” were a reference to the “5th day of April, 1996,”, and (c) as if the order referred to in paragraph (a) directed that in sections 42 , 44 and 45 of the Finance Act, 1986 , the definition of “qualifying period” is to be construed as a reference to the period from the 6th day of April, 1991, to the 5th day of April, 1996, in relation to the Temple Bar Area.
\n
(4)The provisions which are specified in this Chapter as having effect in relation to capital, or other, expenditure incurred or rent payable in relation to any building or premises however described in this Chapter in the Temple Bar Area shall have such effect only if the relevant building or premises in relation to which the said capital, or other, expenditure was incurred or rent is so payable, is approved for the purposes of this Chapter by the company known as Temple Bar Renewal Limited.
\n
Temple Bar reliefs.
\n
55.—(1) (a) In this subsection— “multi-storey car-park” means a building or structure consisting of three or more storeys wholly or mainly in use for the purpose of providing, for members of the public generally without preference for any particular class of person, upon payment of an appropriate charge, parking for mechanically propelled vehicles; “qualifying building” means a dwelling-house or other building or structure— (i) which is constructed in the Temple Bar Area in the period from the 6th day of April, 1991, to the 5th day of April, 1996, and (ii) which would be qualifying premises for the purposes of section 42 , 44 or 45 of the Finance Act, 1986 , as the case may be, in the circumstancesdescribed in section 54
\n
(3), if paragraph (a) of the definition of “qualifying premises” in subsection (1) of the said section 42 had not been enacted. (b) As respects any qualifying building, the following provisions shall have effect, as appropriate, in the following manner, that is to say— (i) section 42 of the Finance Act, 1986 , other than paragraph (a) of the definition of “qualifying premises” in subsection (1) of that section, shall have effect in its entirety as respects capital expenditure incurred on the construction of any such building and on the basis that subsection (4) of that section has effect as respects any qualifying building to which that section applies other than a multi-storey car-park; (ii) section 44 of the Finance Act, 1986 , shall have effect as respects any qualifying expenditure (being qualifying expenditure for the purposes of that section) incurred on the construction but not on the refurbishment of any such building; (iii) section 45 of the Finance Act, 1986 , shall have effect as respects rent payable for any such building.
\n
(2)(a) In this subsection— “qualifying building” means an existing dwelling-house or other building or structure in the Temple Bar Area as on the 1st day of January, 1991, which would be qualifying premises for the purposes of section 42 , 44 or 45 of the Finance Act, 1986 , as the case may be, in the circumstances described in section 54
\n
(3), if paragraph (a) of the definition of “qualifying premises” in subsection (1) of the said section 42 had not been enacted; “refurbishment” means any work of construction, reconstruction, repair or renewal, including the provision or improvement of water, sewerage or heating facilities, carried out in the course of repair or restoration, or maintenance in the nature of repair or restoration, of a building, which is consistent with the original character or fabric of the building. (b) As respects any qualifying building, the following provisions shall have effect, as appropriate, in the following manner, that is to say— (i) section 42 of the Finance Act, 1986 , other than paragraph (a) of the definition of “qualifying premises” in subsection (1) and subsection (4), shall have effect as respects capital expenditure incurred on the refurbishment of any such building; (ii) section 44 of the Finance Act, 1986 , shall have effect as respects qualifying expenditure (being qualifying expenditure for the purposes of that section) incurred on the refurbishment of any such building— (I) as if the definition of “refurbishment” in this subsection were substituted for the definition of“refurbishment” provided for in the said section 44, and (II) as if the reference in subsection (2) of the said section 44 to “5 per cent.” were a reference to “10 per cent.”, and (iii) section 45 of the Finance Act, 1986 , shall have effect as respects rent payable in respect of any such building:
\n
Provided that capital expenditure for the purposes of subparagraph (i) and expenditure for the purposes of subparagraph (ii) of this paragraph shall be deemed to include— (I) any expenditure incurred on the purchase of the qualifying building which is the subject of the capital expenditure referred to in the said subparagraph (i) or the expenditure on refurbishment referred to in the said subparagraph (ii), as the case may be, other than expenditure incurred on the acquisition of, or of rights in or over, any land, or (II) an amount which is equal to the amount of the value of the said building as on the 1st day of January, 1991, other than any amount of such value as is attributable to, or to rights in or over, any land, whichever is the lesser, if the expenditure specified at clause (I) of this proviso or the amount specified at clause (II) of this proviso, as the case may be, is not greater than the amount of the capital expenditure referred to in the said subparagraph (i) or the amount of expenditure on refurbishment referred to in the said subparagraph (ii), as the case may be.
\n
(3)Notwithstanding any other provision of the Tax Acts, where part of a qualifying building, within the meaning of subsection (1) (a) or (2) (a), is used for commercial purposes and part is used for residential purposes, the total amount of the expenditure incurred on the construction or refurbishment of the building shall be apportioned as between the respective parts of the building in such manner as is just and reasonable for the purpose of giving effect to the provisions of this section.
\n
Application of section 23 (deduction for certain expenditure on construction of rented residential accommodation) of Finance Act, 1981.
\n
56.—(1) As respects relevant expenditure to which this section applies, section 23 of the Finance Act, 1981 , shall have effect— (a) as if for the definition of “qualifying period” (as provided for by section 27 of the Finance Act, 1988 ) in subsection (1) (a), there were substituted— (i) where relevant expenditure is incurred in the designated area known as the Custom House Docks Area (as provided for by section 41 of the Finance Act, 1986 ), the following definition: “‘qualifying period’ means the period commencing on the 30th day of January, 1991, and ending on the last day of the specified period (being the specified period within the meaning of section 41 of the Finance Act, 1986 );”, (ii) where relevant expenditure is incurred in any other designated area (as so provided for and subject to section 27 of the Finance Act, 1987 ), the following definition: “‘qualifying period’ means the period commencing on the 30th day of January, 1991, and ending on the 31st day of May, 1993;”, (iii) where relevant expenditure is incurred in the area known as the Temple Bar Area, the following definition: “‘qualifying period’ means the period commencing on the 30th day of January, 1991, and ending on the 5th day of April, 1996;”, or (iv) where relevant expenditure is incurred in any other area, the following definition: “‘qualifying period’ means the period commencing on the 1st day of April, 1991, and ending on the 31st day of March, 1992;”, (b) as if in the definition of “qualifying premises” in the said subsection (1) (a) “90 square metres” were substituted for “75 square metres”, and (c) where relevant expenditure is incurred in any area to which subparagraph (i), (ii) or (iii) of paragraph (a) of subsection (1) relates, as if section 30 of the Finance Act, 1983 , were deleted.
\n
(2)In this section “relevant expenditure” means expenditure on the construction of a qualifying premises (being a qualifying premises within the meaning of subsection (1) (a) of section 23 of the Finance Act, 1981 ) incurred in the qualifying period (being the qualifying period within the meaning of subsection (1) (a) of the said section 23, subject to the provisions of subsection (1) (a) of this section):
\n
Provided that expenditure to which section 24 of the Finance Act, 1981 , applies which is incurred in the Temple Bar Area shall be construed as expenditure on refurbishment (being refurbishment within the meaning of paragraph (a) of section 55
\n
(2)) in the course of the conversion into two or more houses of a building which, prior to the conversion, had not been in use as a dwelling or had been in use as a single dwelling.
\n
Application of section 21 (rented residential accommodation: deduction for expenditure on refurbishment) of Finance Act, 1985.
\n
57.—(1) This section applies to— (a) expenditure incurred on refurbishment (being refurbishment within the meaning of paragraph (a) of section 55
\n
(2)) of a specified building (being a specified building within the meaning of subsection (1) (a) of section 21 of the Finance Act, 1985 ) in the Temple Bar Area; (b) relevant expenditure within the meaning of subsection (1) (a) of section 21 of the Finance Act, 1985 , incurred— (i) in the designated area known as the Custom House Docks Area (as provided for by section 41 of the Finance Act, 1986 ) in the period commencing on the 30th day of January, 1991, and ending on the last day of the specified period (being the specified period within the meaning of the said section 41), (ii) in any other designated area (as so provided for and subject to section 27 of the Finance Act, 1987 ) in the period commencing on the 30th day of January, 1991, and ending on the 31st day of May, 1993, and (iii) in any other area, in the period commencing on the 1st day of April, 1991, and ending on the 31st day of March, 1992.
\n
(2)As respects expenditure to which subsection (1) (a) applies, section 21 of the Finance Act, 1985 , shall be deemed to have effect— (a) as if for the definition of “refurbishment” in paragraph (1) (a) of the said section 21, there were substituted the definition of “refurbishment” in paragraph (a) of section 55
\n
(2), (b) as if for the definition of “qualifying period” (as provided for by section 28 of the Finance Act, 1988 ) in subsection (2) (a) (iii) there were substituted the following definition: “‘qualifying period’ means the period commencing on the 6th day of April, 1991, and ending on the 5th day of April, 1996;”, and (c) as if the proviso to subsection (2) of section 29, and subsections (3) and (4) of that section, of the Finance Act, 1983 , were deleted.
\n
(3)As respects relevant expenditure to which subsection (1) (b) applies, section 21 of the Finance Act, 1985 , shall have effect— (a) as if for the definition of “qualifying period” (as provided for by section 28 of the Finance Act, 1988 ) in subsection (2) (a) (iii) there were substituted— (i) in the case of relevant expenditure within the meaning of subparagraph (i) of the said subsection (1) (b), the following definition: “‘qualifying period’ means the period commencing on the 30th day of January, 1991, and ending on the last day of the specified period (being the specified period within the meaning of section 41 of the Finance Act, 1986 );”, (ii) in the case of relevant expenditure within the meaning of subparagraph (ii) of the said subsection (1) (b), the following definition: “‘qualifying period’ means the period commencing on the 30th day of January, 1991, and ending on the 31st day of May, 1993;”, and (iii) in the case of relevant expenditure within the meaning of subparagraph (iii) of the said subsection (1) (b), the following definition: “‘qualifying period’ means the period commencing on the 1st day of April, 1991, and ending on the 31st day of March, 1992;”, (b) as if the proviso to section 29
\n
(2)of the Finance Act, 1983 , were deleted, and (c) in the case of relevant expenditure within the meaning of subparagraphs (i) and (ii) of the said subsection (1) (b), as if subsections (3) and (4) of section 29 of the Finance Act, 1983 , were deleted.
\n
Application of section 22 (extension of application of relief for conversion of certain buildings) of Finance Act, 1985.
\n
58.—(1) This section applies to— (a) expenditure incurred on refurbishment (being refurbishment within the meaning of paragraph (a) of section 55
\n
(2)) in the course of conversion into a house of a building in the Temple Bar Area not previously in use as a dwelling; (b) expenditure within the meaning of section 22 of the Finance Act, 1985 , incurred— (i) in the designated area known as the Custom House Docks Area (as provided for by section 41 of the Finance Act, 1986 ) in the period commencing on the 30th day of January, 1991, and ending on the last day of the specified period (being the specified period within the meaning of the said section 41), (ii) in any other designated area (as so provided and subject to section 27 of the Finance Act, 1987 ) in the period commencing on the 30th day of January, 1991, and ending on the 31st day of May, 1993, and (iii) in any other area in the period commencing on the 1st day of April, 1991, and ending on the 31st day of March, 1992.
\n
(2)As respects expenditure to which subsection (1) (a) applies, section 22 of the Finance Act, 1985 , shall be deemed to have effect, subject to any necessary modifications— (a) in subsections (1) and (2) of the said section 22, as if for “commencing on the 27th day of January, 1988, and ending on the 31st day of March, 1991,” (as provided for by section 29 of the Finance Act, 1988 ) there were substituted “commencing on the 6th day of April, 1991, and ending on the 5th day of April, 1996,”, (b) as if subsection (2) of the said section 22 were deleted, (c) in subsection (4) of the said section 22, as if for the definition of “qualifying period” (as so provided for) there were substituted the following definition: “‘qualifying period’ means the period commencing on the 6th day of April, 1991, and ending on the 5th day of April, 1996;”, (d) as if the proviso to section 29 (2) and section 30 of the Finance Act, 1983 , were deleted, and (e) as if the said expenditure were expenditure within the meaning of subsection (1) of section 24 of the Finance Act, 1981 .
\n
(3)(a) As respects expenditure to which subsection (1) (b) (i) applies, section 22 of the Finance Act, 1985 , shall have effect— (i) in subsections (1) and (2) of the said section 22, as if for “commencing on the 27th day of January, 1988, and ending on the 31st day of March, 1991,” (as provided for by section 29 of the Finance Act, 1988 ) there were substituted “commencing on the 30th day of January, 1991, and ending on the last day of the specified period (being the specified period within the meaning of section 41 of the Finance Act, 1986 ),”, (ii) in subsection (4) of the said section 22, as if for the definition of “qualifying period” (as so provided for) there were substituted the following definition: “‘qualifying period’ means the period commencing on the 30th day of January, 1991, and ending on the last day of the specified period (being the specified period within the meaning of section 41 of the Finance Act, 1986 );”, and (iii) as if the proviso to section 29 (2) and section 30 of the Finance Act, 1983 , were deleted; (b) as respects expenditure to which subsection (1) (b) (ii) applies, section 22 of the Finance Act, 1985 , shall have effect— (i) in subsections (1) and (2) of the said section 22, as if for “commencing on the 27th day of January, 1988, and ending on the 31st day of March, 1991,” (as provided for by section 29 of the Finance Act, 1988 ) there were substituted “commencing on the 30th day of January, 1991, and ending on the 31st day of May, 1993,”, (ii) in subsection (4) of the said section 22, as if for the definition of “qualifying period” (as so provided for) there were substituted the following definition: “‘qualifying period’ means the period commencing on the 30th day of January, 1991, and ending on the 31st day of May, 1993;”, and (iii) as if the proviso to section 29 (2) and section 30 of the Finance Act, 1983 , were deleted; (c) as respects expenditure to which subsection (1) (b) (iii) applies, section 22 of the Finance Act, 1985 , shall have effect— (i) in subsections (1) and (2) of the said section 22 , and section 30 (2) of the Finance Act, 1983 , as if for “commencing on the 27th day of January, 1988, and ending on the 31st day of March, 1991,” (as provided for by section 29 of the Finance Act, 1988 ) there were substituted “commencing on the 1st day of April, 1991, and ending on the 31st day of March, 1992,”, (ii) in subsection (4) of the said section 22, as if for the definition of “qualifying period” (as so provided for) there were substituted the following definition: “‘qualifying period’ means the period commencing on the 1st day of April, 1991, and ending on the 31st day of March, 1992;”,
\n
and (iii) as if the proviso to section 29
\n
(2)of the Finance Act, 1983 , were deleted.
\n
Chapter VIII
\n
Taxation of Acquisition by a Company of its Own Shares Interpretation (
\n
Chapter VIII
\n
).
\n
59.—(1) In this Chapter— “the Act of 1975” means the Capital Gains Tax Act, 1975 ; “the Act of 1976” means the Corporation Tax Act, 1976 ; “chargeable period” means an accounting period of a company or a year of assessment; “control” has the meaning given by section 158 of the Act of 1976; “holding company” means a company whose business, disregarding any trade carried on by it, consists wholly or mainly of the holding of shares or securities of one or more companies which are its 51 per cent. subsidiaries; “inspector”, in relation to any matter, means an inspector of taxes appointed under section 161 of the Income Tax Act, 1967 , and includes such other officer as the Revenue Commissioners shall appoint in that behalf; “personal representatives” has the meaning assigned to it by section 450
\n
(2)(a) of the Income Tax Act, 1967 ; “quoted company” means a company whose shares, or any class of whose shares, are listed in the official list of a stock exchange or dealt in on an unlisted securities market; “relevant day” means the day on which
\n
Part XI
\n
of the Companies Act, 1990 , comes into operation by order of the Minister for Industry and Commerce under section 2 of that Act; “shares” includes stock; “trade” does not include dealing in shares, securities, land, futures or traded options and “trading activities” shall be construed accordingly; “trading company” means a company whose business consists wholly or mainly of the carrying on of a trade or trades; “trading group” means a group the business of whose members, taken together, consists wholly or mainly of the carrying on of a trade or trades, and for this purpose “group” means a company which has one or more 51 per cent. subsidiaries together with those subsidiaries.
\n
(2)References in this Chapter to the owner of shares are references to the beneficial owner except where the shares are held on trusts, other than bare trusts, or are comprised in the estate of a deceased person, and in such a case are references to the trustees or, as the case may be, to the deceased's personal representatives.
\n
(3)References in this Chapter to a payment made by a company include references to anything else that is, or would but for section 61 be, a distribution.
\n
(4)References in this Chapter to a company being unquoted shall be treated as references to a company which is neither a quoted company nor a 51 per cent. subsidiary of a quoted company.
\n
Taxation of dealer's receipts on purchase of shares by issuing company or by its subsidiary.
\n
60.—(1) Where on or after the relevant day— (a) a company purchases its own shares from a dealer, or (b) a company, which is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of another company, purchases the other company's shares from a dealer, the purchase price shall be taken into account in computing the profits of the dealer chargeable to tax under Case I or II of Schedule D, and accordingly— (i) tax shall not be chargeable under Schedule F in respect of any distribution represented by any part of the price, (ii) the dealer shall not be entitled in respect of the distribution to a tax credit under section 88 of the Act of 1976, and (iii) sections 2, 5 and 83 (5) of the Act of 1976 shall not apply to the distribution.
\n
(2)For the purposes of subsection (1) a person is a dealer in relation to shares of a company if the price received on their sale by him otherwise than to the company, or to a company which is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of the company, would be taken into account in computing his profits chargeable to tax under Case I or II of Schedule D.
\n
(3)Subject to subsection (4), in subsection (1)— (a) the reference to the purchase of shares includes a reference to the redemption or repayment of shares and the purchase of rights to acquire shares, and (b) the reference to the purchase price includes a reference to any sum payable on redemption or repayment.
\n
(4)Subsection (1) shall not apply in relation to— (a) the redemption of fixed-rate preference shares, or (b) the redemption, on binding terms settled before the 18th day of April, 1991, of other preference shares issued before that date, if in either case the shares were issued to and continuously held by the person from whom they are redeemed.
\n
(5)In this section— “fixed-rate preference shares” means shares which— (a) were issued wholly for new consideration, and (b) do not carry any right either to conversion into shares or securities of any other description or to the acquisition of any additional shares or securities, and (c) do not carry any right to dividends other than dividends which are of a fixed amount or at a fixed rate per cent. of the nominal value of the shares, and (d) carry rights in respect of dividends and capital which are comparable with those general for fixed-dividend shares quoted on a stock exchange in the State; “new consideration” has the meaning given by section 87 of the Act of 1976.
\n
Purchase of unquoted shares by issuing company or its subsidiary.
\n
61.—(1) Notwithstanding any provision of Part IX of the Act of 1976, references in the Tax Acts to distributions of a company, other than any such references in sections 101 and 162 of the Act of 1976, shall be construed so as not to include references to a payment made on or after the relevant day by a company on the redemption, repayment or purchase of its own shares if the company is an unquoted trading company or the unquoted holding company of a trading group and either— (a) (i) the redemption, repayment or purchase— (I) is made wholly or mainly for the purpose of benefiting a trade carried on by the company or by any of its 51 per cent. subsidiaries, and (II) does not form part of a scheme or arrangement the main purpose or one of the main purposes of which is to enable the owner of the shares to participate in the profits of the company or of any of its 51 per cent. subsidiaries without receiving a dividend, and (ii) the conditions specified in sections 62 to 66 , so far as applicable, are satisfied in relation to the owner of the shares, or (b) the person to whom the payment is made— (i) applies the whole, or substantially the whole, of the payment (apart from any sum applied in discharging his liability to capital gains tax, if any, in respect of the redemption, repayment or purchase) to discharging, (I) within 4 months of the valuation date of a taxable inheritance of the company's shares taken by him, a liability to inheritance tax in respect of that inheritance, or (II) within one week of the day on which the payment is made, a debt incurred by him for the purpose of discharging the said liability to inheritance tax, and (ii) could not, without undue hardship, have otherwise discharged that liability to inheritance tax and, where appropriate, the debt so incurred.
\n
(2)Where subsection (1) would apply to a payment, made on or after the relevant day by a company which is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of another company on the acquisition of shares of the other company, if, for all the purposes of the Tax Acts other than this subsection— (a) the payment were to be treated as a payment by the other company on the purchase of its own shares, and (b) the acquisition by the subsidiary of the shares were to be treated as a purchase by the other company of its own shares, then, notwithstanding any provision of Part IX of the Act of 1976, references in the Tax Acts to distributions of a company, other than references in sections 101 and 162 of the Act of 1976, shall be construed so as not to include references to the payment made by the subsidiary.
\n
(3)In subsection (1) (b) (i) “valuation date” has the meaning assigned to it by section 21 of the Capital Acquisitions Tax Act, 1976 .
\n
Conditions as to residence and period of ownership.
\n
62.—(1) In this section and sections 63 to 66 — “the purchase” means the redemption, repayment or purchase referred to in section 61
\n
(1)(a); “the vendor” means the owner of the shares immediately before the purchase, so defined, is made.
\n
(2)The vendor shall be resident and ordinarily resident in the State for the chargeable period in which the purchase is made and, if the shares are held through a nominee, the nominee shall also be so resident and ordinarily resident.
\n
(3)The residence and ordinary residence of trustees shall be determined for the purposes of this section as they are determined under section 15 of the Act of 1975 for the purposes of that Act.
\n
(4)The residence and ordinary residence of personal representatives shall be taken for the purposes of this section to be the same as the residence and ordinary residence of the deceased immediately before his death.
\n
(5)The references in this section to a person's ordinary residence shall be disregarded in the case of a company.
\n
(6)The shares shall have been owned by the vendor throughout the period of 5 years ending with the date of the purchase.
\n
(7)If at any time during that period the shares were transferred to the vendor by a person who was then his spouse living with him then, unless that person is alive at the date of the purchase but is no longer the vendor's spouse living with him, any period during which the shares were owned by that person shall be treated for the purposes of subsection (6) as a period of ownership by the vendor.
\n
(8)Where the vendor became entitled to the shares under the will or on the intestacy of a previous owner or is the personal representative of a previous owner— (a) any period during which the shares were owned by the previous owner or his personal representatives shall be treated for the purposes of subsection (6) as a period of ownership by the vendor, and (b) that subsection shall have effect as if it referred to 3 years instead of 5 years.
\n
(9)In determining whether the condition in subsection (6) is satisfied in a case where the vendor acquired shares of the same class at different times— (a) shares acquired earlier shall be taken into account before shares acquired later, and (b) any previous disposal by him of shares of that class shall be assumed to be a disposal of shares acquired later rather than of shares acquired earlier.
\n
(10)If for the purposes of capital gains tax the time when a person acquired shares would be determined under any provision of Schedule 2 to the Act of 1975, then unless the person is to be treated under subparagraph (3) of paragraph 2 of the said Schedule as giving or becoming liable to give any consideration, other than the old holding, for his acquisition of those shares it shall be determined in the same way for the purposes of this section.
\n
Reduction of vendor's interest as shareholder.
\n
63.—(1) If immediately after the purchase the vendor owns shares in the company, then, subject to section 66 , the vendor's interest as a shareholder must be substantially reduced.
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(2)If immediately after the purchase any associate of the vendor owns shares in the company then, subject to section 66 , the combined interests as shareholders of the vendor and his associates must be substantially reduced.
\n
(3)The question whether the combined interests as shareholders of the vendor and his associates are substantially reduced shall be determined in the same way as is (under the following subsections of this section) the question whether a vendor's interest as a shareholder is substantially reduced, except that the vendor shall be assumed to have the interests of his associates as well as his own.
\n
(4)Subject to subsection (5), the vendor's interest as a shareholder shall be taken to be substantially reduced if and only if the total nominal value of the shares owned by him immediately after the purchase, expressed as a fraction of the issued share capital of the company at that time, does not exceed 75 per cent. of the corresponding fraction immediately before the purchase.
\n
(5)The vendor's interest as a shareholder shall not be taken to be substantially reduced where— (a) he would, if the company distributed all its profits available for the distribution immediately after the purchase, be entitled to a share of those profits, and (b) that share, expressed as a fraction of the total of those profits, exceeds 75 per cent. of the corresponding fraction immediately before the purchase.
\n
(6)In determining for the purposes of subsection (5) the division of profits among the persons entitled to them, a person entitled to periodic distributions calculated by reference to fixed rates or amounts shall be regarded as entitled to a distribution of the amount or maximum amount to which he would be entitled for a year.
\n
(7)In subsection (5) “profits available for distribution” has the same meaning as it has for the purposes of
\n
Part IV
\n
of the Companies (Amendment) Act, 1983 , except that for the purposes of that subsection the amount of the profits available for distribution (whether immediately before or immediately after the purchase) shall be treated as increased— (a) in the case of every company, by £100, and (b) in the case of a company from which any person is entitled to periodic distributions of the kind mentioned in subsection (6), by a further amount equal to that required to make the distribution to which he is entitled in accordance with that subsection, and where the aggregate of the sums payable by the company on the purchase and on any contemporaneous redemption, repayment or purchase of other shares of the company exceeds the amount of the profits available for distribution immediately before the purchase, that amount shall be treated as further increased by an amount equal to the excess.
\n
(8)References in this section to entitlement are, except in the case of trustees and personal representatives, references to beneficial entitlement.
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Conditions applicable where purchasing company is member of group.
\n
64.—(1) Subject to section 66 , where the company making the purchase is immediately before the purchase a member of a group and immediately after the purchase— (a) the vendor owns shares in one or more other members of the group, whether or not he then owns shares in the company making the purchase, or (b) the vendor owns shares in the company making the purchase and immediately before the purchase he owned shares in one or more other members of the group, the vendor's interest as a shareholder in the group shall be substantially reduced.
\n
(2)Subject to subsection (4), in subsections (5) to (7) “relevant company” means the company making the purchase and any other company— (a) in which the vendor owns shares, and (b) which is a member of the same group as the company making the purchase, immediately before or immediately after the purchase.
\n
(3)Subject to section 66 , where the company making the purchase is immediately before the purchase a member of a group, and at that time an associate of the vendor owns shares in any member of the group, the combined interests as shareholders in the group of the vendor and his associates shall be substantially reduced.
\n
(4)The question whether the combined interests as shareholders in the group of the vendor and his associates are substantially reduced shall be determined in the same way as is (under the following subsections of this section) the question whether a vendor's interest as a shareholder in a group is substantially reduced, except that the vendor shall be assumed to have the interests of his associates as well as his own, and references in subsections (5) to (7) to a relevant company shall be construed accordingly.
\n
(5)The vendor's interest as a shareholder in the group shall be ascertained by— (a) expressing the total nominal value of the shares owned by him in each relevant company as a fraction of the issued share capital of the company, (b) adding together the fractions so obtained, and (c) dividing the result by the number of relevant companies (including any in which he owns no shares).
\n
(6)Subject to subsection (7), the vendor's interest as a shareholder in the group shall be taken to be substantially reduced if and only if it does not exceed 75 per cent. of the corresponding interest immediately before the purchase.
\n
(7)The vendor's interest as a shareholder in the group shall not be taken to be substantially reduced if— (a) he would, if every member of the group distributed all its profits available for distribution immediately after the purchase (including any profits received by it on a distribution by another member), be entitled to a share of the profits of one or more of them, and (b) that share, or the aggregate of those shares, expressed as a fraction of the aggregate of the profits available for distribution of every member of the group which is— (i) a relevant company, or (ii) a 51 per cent. subsidiary of a relevant company, exceeds 75 per cent. of the corresponding fraction immediately before the purchase.
\n
(8)Subsections (6) and (7) of section 63 shall apply for the purposes of subsection (7) as they apply for the purposes of subsection (5) of that section.
\n
(9)Subject to subsections (10) to (12), in this section “group” means a company which has one or more 51 per cent. subsidiaries, but is not itself a 51 per cent. subsidiary of any other company, together with those subsidiaries.
\n
(10)Where the whole or a significant part of the business carried on by an unquoted company (hereafter in this section referred to as “the successor company”) was previously carried on by— (a) the company making the purchase, or (b) a company which is, apart from this subsection, a member of a group to which the company making the purchase belongs, the successor company and any company of which it is a 51 per cent. subsidiary shall be treated as being a member of the same group as the company making the purchase, whether or not, apart from this subsection, the company making the purchase is a member of a group.
\n
(11)Subsection (10) shall not apply if the successor company first carried on the business there referred to more than three years before the time of the purchase.
\n
(12)For the purposes of this section a company which has ceased to be a 51 per cent. subsidiary of another company before the time of the purchase shall be treated as continuing to be such a subsidiary if at that time there exist arrangements under which it could again become such a subsidiary.
\n
Additional conditions to those otherwise provided for.
\n
65.—(1) Subject to section 66 the vendor shall not immediately after the purchase be connected with the company making the purchase or with any company which is a member of the same group as that company.
\n
(2)In subsection (1) “group” has the same meaning as it has for the purposes of section 64 .
\n
(3)Subject to section 66 , the purchase shall not be part of a scheme or arrangement which is designed or likely to result in the vendor or any associate of his having interests in any company such that, if he had those interests immediately after the purchase, any of the conditions in sections 63 and 64 and subsection (1) could not be satisfied.
\n
(4)A transaction occurring within one year after the purchase shall be deemed for the purposes of subsection (3) to be part of a scheme or arrangement of which the purchase is also part.
\n
Relaxation of conditions in certain cases.
\n
66.—Where— (a) any of the conditions in sections 63 to 65 which are applicable are not satisfied in relation to the vendor, but (b) the vendor proposed or agreed to the purchase in order to produce the result that the condition in section 63
\n
(2)or 64
\n
(3), which could not otherwise be satisfied in respect of the redemption, repayment or purchase of shares owned by a person of whom he is an associate, could be satisfied in that respect, then, if that result is produced by virtue of the purchase, section 61
\n
(1)(a) shall have effect, as respects so much of the purchase as was necessary to produce the said result, as if the conditions in sections 63 to 65 were satisfied in relation to the vendor.
\n
Returns.
\n
67.—(1) (a) Where a company makes a payment which it treats as one to which subsection (1) or (2) of section 61 applies, it shall make a return in a prescribed form to the appropriate inspector of the payment, the circumstances by reason of which that subsection is regarded as applying to it and such further particulars as may be required by the prescribed form. (b) In this subsection “appropriate inspector” and “prescribed form” shall have the meanings which are assigned to them, respectively, in Chapter II of the Finance Act, 1988 .
\n
(2)A company shall make a return under this section— (a) within 9 months from the end of the accounting period in which it makes the payment, or (b) if at any time after the payment is made the inspector by notice in writing requests such a form, within the time, which shall not be less than 30 days, limited by such notice.
\n
(3)The provisions of subsection (8) of section 143 of the Act of 1976 shall, with any necessary modifications, apply in relation to a return under the provisions of this section, as they apply in relation to a return under the provisions of the said section 143.
\n
Information.
\n
68.—(1) Where a company treats a payment made by it as one to which subsection (1) (a) or (2) of section 61 applies, any person connected with the company who knows of any such scheme or arrangement affecting the payment as is mentioned in section 65
\n
(3)shall, within 60 days after he first knows of both the payment and the scheme or arrangement, give a notice to the inspector containing particulars of the scheme or arrangement.
\n
(2)Where the inspector has reason to believe that a payment treated by the company making it as one to which subsection (1) (a) or (2) of section 61 applies may form part of a scheme or arrangement of the kind referred to therein or in section 65
\n
(3), he may by notice require the company or any person who is connected with the company to furnish him within such time, not being less than 60 days, as may be specified in the notice with— (a) a declaration in writing stating whether or not, according to information which the company or that person has or can reasonably obtain, any such scheme or arrangement exists or has existed, and (b) such other information as the inspector may reasonably require for the purposes of the provision in question and the company or that person has or can reasonably obtain.
\n
(3)The recipient of a payment treated by the company making it as one to which subsection (1) (a) or (2) of section 61 applies, and any person on whose behalf such a payment is received, shall if so required by the inspector state whether the payment received by him or on his behalf is received on behalf of any person other than himself and, if so, the name and address of that person.
\n
(4)Schedule 15 to the Income Tax Act, 1967 , is hereby amended by the insertion in column 2 of “Finance Act, 1991, section 68”.
\n
Advance corporation tax.
\n
69.—Chapter VII of Part I of the Finance Act, 1983 , is hereby amended, as respects distributions made on or after the relevant day, (a) by the insertion after subsection (8) of section 45 of the following subsection: “(9) References in this section to dividends shall be construed as including references to distributions on the redemption, repayment or purchase by a company of its own shares or on the acquisition of those shares by another company which is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of the company, and references to the payment of dividends shall be construed accordingly.”, and (b) by the addition to subsection (1) of section 47 of the following paragraph after paragraph (b): “(c) For the purposes of paragraph (a) the reference to a dividend paid by a company shall be construed as including a reference to a distribution made by the company on the redemption, repayment or purchase of its own shares or by another company which is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of the company on the acquisition of those shares.”.
\n
Treasury shares.
\n
70.—(1) For all the purposes of the Tax Acts and the Capital Gains Tax Acts— (a) any shares which are— (i) held by the company as treasury shares, and (ii) not cancelled by the company, shall be deemed to be cancelled immediately upon their acquisition by the company, (b) a deemed or actual cancellation of shares shall be treated as giving rise to neither a chargeable gain nor an allowable loss, and (c) a re-issue by the company of treasury shares shall be treated as an issue of new shares by it.
\n
(2)For the purposes of this section a reference to treasury shares shall be a reference to treasury shares within the meaning of section 209 of the Companies Act, 1990 .
\n
Associated persons.
\n
71.—(1) Any question whether a person is an associate of another in relation to a company shall be determined for the purposes of sections 61 to 68 and section 72 in accordance with the following provisions, that is to say: (a) a husband and wife living together shall be associates of one another, a person under the age of 18 shall be an associate of his parents, and his parents are his associates; (b) a person who has control of a company shall be an associate of the company and the company shall be his associate; (c) where a person who has control of one company has control of another company, the second company shall be an associate of the first; (d) where shares in a company are held by trustees (other than bare trustees) then in relation to that company, but subject to subsection (2), the trustees shall be associates of— (i) any person who directly or indirectly provided property to the trustees or has made a reciprocal arrangement for another to do so, (ii) any person who is, by virtue of paragraph (a), an associate of a person within subparagraph (i), and (iii) any person who is or may become beneficially entitled to a material interest in the shares, and any such person shall be an associate of the trustees; (e) where shares in a company are comprised in the estate of a deceased person, then in relation to that company the deceased's personal representatives shall be associates of any person who is or may become beneficially entitled to a material interest in the shares, and any such person shall be an associate of the personal representatives; (f) where one person is accustomed to act on the directions of another in relation to the affairs of a company, then in relation to that company, the two persons shall be associates of one another.
\n
(2)Subsection (1) (d) shall not apply to shares held on trusts which— (a) relate exclusively to an exempt approved scheme as defined in Chapter II of Part I of the Finance Act, 1972 , or (b) are exclusively for the benefit of the employees, or the employees and directors, of the company referred to in the said subsection (1) (d) or of companies in a group to which that company belongs, or their dependants, and are not wholly or mainly for the benefit of directors or their relatives, and for the purposes of this subsection “group” means a company which has one or more 51 per cent. subsidiaries, together with those subsidiaries.
\n
(3)For the purposes of paragraphs (d) and (e) of subsection (1), a person's interest is a material interest if its value exceeds 5 per cent. of the value of all the property held on the trusts or, as the case may be, comprised in the estate concerned, excluding any property in which he is not and cannot become beneficially entitled to an interest.
\n
Connected persons.
\n
72.—(1) Any question whether a person is connected with a company shall, notwithstanding section 33 of the Act of 1975 and section 157 of the Act of 1976, be determined for the purposes of sections 61 to 68 in accordance with the following provisions, that is to say: (a) a person shall, subject to subsection (2), be connected with a company if he directly or indirectly possesses or is entitled to acquire more than 30 per cent. of— (i) the issued ordinary share capital of the company, or (ii) the loan capital and issued share capital of the company, or (iii) the voting power in the company; (b) a person shall be connected with a company if he directly or indirectly possesses or is entitled to acquire such rights as would, in the event of the winding up of the company or in any other circumstances, entitle him to receive more than 30 per cent. of the assets of the company which would then be available for distribution to equity holders of the company, and for the purposes of this paragraph— (i) the persons who are equity holders of the company, and (ii) the percentage of the assets of the company to which a person would be entitled, shall be determined in accordance with sections 109 and 111 of the Act of 1976, but construing references in the said section 111 to the first company as references to an equity holder and references to a winding up as including references to other circumstances in which assets of the company are available for distribution to its equity holders; (c) a person shall be connected with a company if he has control of it.
\n
(2)Where a person— (a) acquired or became entitled to acquire loan capital of a company in the ordinary course of a business carried on by him, being a business which includes the lending of money, and (b) takes no part in the management or conduct of the company, his interest in that loan capital shall be disregarded for the purposes of subsection (1) (a).
\n
(3)References in this section to the loan capital of a company are references to any debt incurred by the company— (a) for any money borrowed or capital assets acquired by the company, or (b) for any right to receive income created in favour of the company, or (c) for consideration the value of which to the company was, at the time when the debt was incurred, substantially less than the amount of the debt, including any premium thereon.
\n
(4)For the purposes of this section a person shall be treated as entitled to acquire anything which he is entitled to acquire at a future date or will at a future date be entitled to acquire.
\n
(5)For the purposes of this section a person shall be assumed to have the rights or powers of his associates as well as his own.
\n
PART II
\n
Customs and Excise Tobacco products.
\n
73.—(1) In this section and in the Third Schedule “cigarettes”, “cigars”, “sweetened pipe tobacco”, “hard pressed tobacco”, “other pipe tobacco”, “smoking tobacco”, “chewing tobacco” and “tobacco products” have the same meanings as they have in the Finance (Excise Duty on Tobacco Products) Act, 1977 , as amended by the Imposition of Duties (No. 243) (Excise Duty on Tobacco Products) Order, 1979 ( S.I. No. 296 of 1979 ), and the Finance Act, 1988 .
\n
(2)The duty of excise on tobacco products imposed by section 2 of the Finance (Excise Duty on Tobacco Products) Act, 1977 , shall, in lieu of the several rates specified in the Eighth Schedule to the Finance Act, 1990 , be charged, levied and paid, as on and from— (a) the 31st day of January, 1991, at the several rates specified in
\n
Part I
\n
of the Third Schedule , and (b) the 1st day of March, 1991, at the several rates specified in
\n
Part II
\n
of the Third Schedule .
\n
Hydrocarbons.
\n
74.—(1) The duty of excise on gaseous hydrocarbons in liquid form imposed by section 41
\n
(1)of the Finance Act, 1976 , shall be charged, levied and paid, as on and from the 1st day of March, 1991, at the rate of £0.313 per gallon in lieu of the rate specified in section 89
\n
(2)of the Finance Act, 1990 .
\n
(2)(a) In this subsection— “duty” means the duty of excise imposed on gaseous hydrocarbons in liquid form by section 41
\n
(1)of the Finance Act, 1976 ; “glasshouse” means any building or structure made of glass or other transparent or translucent material, which is used for growing horticultural produce and is artificially heated from a heating unit permanently installed solely for the purpose of heating the building or structure for such use; “horticultural produce” means fruit, vegetables (including fungi) of a kind grown for human consumption, flowers, pot plants, herbs, seeds, bulbs, trees and shrubs, and “horticultural producer” shall be construed accordingly. (b) This subsection shall apply to gaseous hydrocarbons in liquid form delivered to a horticultural producer on or after the 1st day of July, 1991. (c) Where a horticultural producer shows, to the satisfaction of the Revenue Commissioners, that gaseous hydrocarbons in liquid form to which this subsection applies and on which duty has been paid were used by him either— (i) in the production of horticultural produce in one or more than one glasshouse of a total area of not less than a quarter of an acre, or (ii) in the cultivation of mushrooms in one or more than one building or structure of a total area of not less than 3,000 square feet, the Revenue Commissioners shall repay the duty so paid on the quantity of gaseous hydrocarbons in liquid form so used, less the sum of any rebate of duty allowed and an amount calculated at the rate of £0.02 per gallon. (d) Except where the Revenue Commissioners otherwise allow, an application by a horticultural producer for repayment of duty under this subsection shall be in respect of deliveries of gaseous hydrocarbons in liquid form received by that producer within a period of 6 months and shall be made not later than 3 months following the end of each such period.
\n
(3)(a)
\n
Section 21
\n
of the Finance Act, 1935 , is hereby amended in subsection (11) (inserted by section 18 of the Finance Act, 1940 ) by the addition thereto of the following paragraph after paragraph (l) (inserted by section 20 of the Finance Act, 1960 ): “(m) prohibiting the addition to or mixing with any hydrocarbon oil of any substance and prohibiting the importation, keeping for sale, sale, transportation or delivery of any hydrocarbon oil in which such substance is present.”. (b) Regulations made under the said section 21 shall apply and have effect as if they had been made under that section as amended by this section.
\n
(4)Section 21 (15) (as amended by section 70
\n
(2)of the Finance Act, 1983 ) of the Finance Act, 1935 , is hereby amended in the definition of “motor vehicle” by the substitution of “or a vehicle referred to in paragraph 2 (b) of Part I (inserted by the Finance Act, 1991) of the Schedule to the Finance (Excise Duties) (Vehicles) Act, 1952 ” for “or a vehicle referred to in paragraph 4B (inserted by the Finance Act, 1983 ) of Part I of the Schedule to the Finance (Excise Duties) (Vehicles) Act, 1952 ”, and the said definition, as so amended, is set out in the Table to this subsection.
\n
TABLE the expression “motor vehicle” means a mechanically propelled vehicle which is designed, constructed, and suitable for use on roads, but does not include a tractor which is designed and constructed for use for agricultural purposes or a road roller or a vehicle referred to in paragraph 2 (b) of Part I (inserted by the Finance Act, 1991) of the Schedule to the Finance (Excise Duties) (Vehicles) Act, 1952 .
\n
Excise duty on mechanically propelled vehicles.
\n
75.—(1) In this section “the Act of 1952” means the Finance (Excise Duties) (Vehicles) Act, 1952 .
\n
(2)Subject to subsection (4), the Act of 1952, shall, as respects licences under section 1 thereof taken out for periods beginning on or after the 1st day of April, 1991, be amended— (a) by the substitution of “£70 or less” for “forty pounds or less” (inserted by the Finance Act, 1983 ) in subparagraph (b) of subsection (2) of section 1, (b) by the addition of the following paragraph after paragraph (e) of subsection (4) of section 1: “(f) vehicles (including any cycle with an attachment for propelling it by mechanical power) not exceeding 400 kilograms in weight unladen adapted and used for invalids.”, (c) by the substitution of the following Part for Part I of the Schedule thereto: “PART I Description of Vehicle Rate of Duty 1. Vehicles of the following descriptions not exceeding 500 kilograms in weight unladen: (a) bicycles or tricycles (other than tricycles neither constructed nor adapted for use nor used for the carriage of a passenger) of which the cylinder capacity of the engine— (i) does not exceed 75 cubic centimeters £10 (ii) exceeds 75 cubic centimetres but does not exceed 200 cubic centimeters. £20 (iii) exceeds 200 cubic centimetres £40 (b) bicycles or tricycles which are electrically propelled £10 (c) vehicles with 3 or more wheels neither constructed nor adapted for use nor used for the carriage of a driver or passenger £40.
\n
2.(a) Vehicles (commonly known as dumpers) not exceeding 3 metres cubed in capacity, level loaded, designed and constructed for use on sites of construction works (including road construction and house and other building works) for the purpose of conveying concrete, rubble, earth or other like material where the person taking out the licence shows to the satisfaction of the licensing authority that the vehicle is used mainly on such sites, and on public roads only— (i) for the purpose of proceeding to and from the site where it is to be used, and when so proceeding neither carries nor hauls any load other than such as is necessary for its propulsion or equipment, or (ii) for the purpose of conveying concrete, rubble, earth or like material for a distance of not more than one kilometre to and from any such site £40. (b) Vehicles (commonly known as off-road dumpers) exceeding 3 metres cubed in capacity, level loaded, designed and constructed primarily for use on sites of construction works (including road construction and house and other building works) for the purpose of conveying concrete, rubble, earth or other like materials and incapable by reason of their design and construction of exceeding a speed of 50 kilometres per hour on a level road under their own power and which are the subject of special permits under article 17 of the Road Traffic (Construction, Equipment and Use of Vehicles) Regulations, 1963, ( S.I. No. 190 of 1963 ) £300. (c) Any vehicle (other than a vehicle constructed or adapted for use and used for the conveyance of a machine, workshop, contrivance or implement, by or in which goods being conveyed by such vehicle are processed or manufactured while the vehicle is in motion) constructed or adapted for use and used only for the conveyance of a machine, workshop, contrivance or implement (being a machine, workshop, contrivance or implement which is built in as part of the vehicle or otherwise permanently attached thereto) and no other load except articles used in connection with such machine, workshop, contrivance or implement or goods processed or manufactured therein £40. (d) Vehicles (commonly known as forklift trucks) designed and constructed for the purpose of loading and unloading goods where the person taking out the licence shows to the satisfaction of the licensing authority that the vehicle is used on public roads only— (i) for the purpose of proceeding to and from the site where it is to be used for loading and unloading, and when so proceeding neither carries nor hauls any load other than such as is necessary for its propulsion or equipment, or
\n
(ii) as part of the process of loading or unloading, for the purpose of conveying goods for a distance of not more than one kilometre to and from the site where it is loading or unloading £40.
\n
3.(a) Vehicles constructed or adapted for the carriage of more than 8 persons which are owned by a youth or community organisation and which are used exclusively by the organisation solely for the purpose of conveying persons on journeys directly related to the activities of the organisation and which have seating capacity for— (i) more than 8 persons but not more than 20 persons £100 (ii) more than 20 persons but not more than 40 persons £160 (iii) more than 40 persons but not more than 60 persons £220 (iv) more than 60 persons £280. (b) Vehicles (other than those referred to in subparagraph (c) of this paragraph) used as large public service vehicles within the meaning of the Road Traffic Act, 1961 , and having seating capacity for— (i) more than 8 persons but not more than 20 persons £100 (ii) more than 20 persons but not more than 40 persons £160 (iii) more than 40 persons but not more than 60 persons £220 (iv) more than 60 persons £280. (c) Vehicles which are large public service vehicles within the meaning of the Road Traffic Act, 1961 , and which are used only for the carriage of children, or children and teachers, being carried to or from school or to or from school-related physical education activities, and are either licensed under Article 60 of the Road Traffic (Public Service Vehicles) Regulations, 1963 ( S.I. No. 191 of 1963 ), as amended, or owned or operated by a statutory transport undertaking £50.
\n
4.Vehicles of the following descriptions: (a) vehicles designed, constructed and used for the purpose of trench digging or any kind of excavating or shovelling work which— (i) are used on public roads only for that purpose or the purpose of proceeding to and from the place where they are to be used for that purpose, and (ii) when so proceeding neither carry nor haul any load other than such as is necessary for their propulsion or equipment £35 (b) tractors (being tractors designed and constructed primarily for use otherwise than on roads and incapable by reason of their construction of exceeding a speed of 50 kilometres per hour on a level road under their own power) and agricultural engines, not being tractors or engines used for hauling on roads any objects except their own necessary gear, threshing appliances, farming implements or supplies of fuel or water required for the purposes of the vehicles or agricultural purposes £35 (c) tractors (being tractors designed and constructed primarily for use otherwise than on roads and incapable by reason of their construction of exceeding a speed of 50 kilometres per hour on a level road under their own power and not being tractors in respect of which a duty is chargeable at the rate specified in subparagraph (b) of this paragraph) which are used for haulage in connection with agriculture and for no other purpose £35 Where a tractor is fitted with a detachable platform, container or implement (being a platform, container or implement used primarily for farm work), goods or burden of any other description conveyed on or in the platform, container or implement shall be regarded for the purposes of this subparagraph as being hauled by the tractor; (d) tractors of any other description £90.
\n
5.Vehicles (including tricycles weighing more than 500 kilograms unladen) constructed or adapted for use and used for the conveyance of goods or burden of any other description in the course of trade or business (including agriculture and the performance by a local or public authority of its functions) and vehicles constructed or adapted for use and used for the conveyance of a machine, workshop, contrivance or implement by or in which goods being conveyed by such vehicles are processed or manufactured while the vehicles are in motion: (a) being vehicles which are electrically propelled and which do not exceed 1,500 kilograms in weight unladen £40 (b) being vehicles which are not such electrically propelled vehicles as aforesaid and which have a weight unladen— (i) not exceeding 3,000 kilograms £100 (ii) exceeding 3,000 kilograms but not exceeding 4,000 kilograms £140 (iii) exceeding 4,000 kilograms but not exceeding 5,000 kilograms £180 (iv) exceeding 5,000 kilograms but not exceeding 6,000 kilograms £250 (v) exceeding 6,000 kilograms but not exceeding 7,000 kilograms £340 (vi) exceeding 7,000 kilograms but not exceeding 8,000 kilograms £430 (vii) exceeding 8,000 kilograms £430 plus £100 for each 1,000 kilograms or part thereof in excess of 8,000 kilograms.
\n
6.Vehicles other than those charged with duty under the foregoing provisions of this Part of this Schedule: (a) any vehicle which is used as a hearse and for no other purpose £50 (b) any vehicle (excluding a taxi) which is used as a small public service vehicle within the meaning of the Road Traffic Act, 1961 , and for no other purpose £50 (c) any vehicle which is fitted with a taximeter and is lawfully used as a street service vehicle within the meaning of the Road Traffic Act, 1961 , and for purposes incidental to such user and for no other purpose £50 (d) other vehicles to which this paragraph applies— (i) with an engine cylinder capacity not exceeding 1,000 cubic centimeters £77 (ii) with an engine cyclinder capacity exceeding 1,000 cubic centimetres but not exceeding 1,500 cubic centimetres £10.50 per 100 cubic centimetres or part thereof (iii) with an engine cylinder capacity exceeding 1,500 cubic centimetres but not exceeding 1,700 cubic centimetres £12 per 100 cubic centimetres or part thereof (iv) with an engine cylinder capacity exceeding 1,700 cubic centimetres but not exceeding 2,000 cubic centimetres £13 per 100 cubic centimetres or part thereof (v) with an engine cylinder capacity exceeding 2,000 cubic centimetres but not exceeding 2,500 cubic centimetres £16 per 100 cubic centimetres or part thereof (vi) with an engine cylinder capacity exceeding 2,500 cubic centimetres £18 per 100 cubic centimetres or part thereof (vii) electrically propelled £77:
\n
Provided that where the rate of duty so specified in any case equals a number of whole pounds and a fraction of a pound, the fraction of a pound shall be regarded as a whole pound.”.
\n
(3)(a) Part II of the Schedule to the Act of 1952 is hereby amended by the deletion of paragraph 4 and by the substitution of the following paragraph for paragraph 5: “5. (a) Where the applicant for a licence under section 1 of this Act satisfies the licensing authority that the vehicle in respect of which the licence is sought was constructed more than 30 years prior to the commencement of the period in respect of which the licence is sought the annual rate of duty shall, notwithstanding Part I of this Schedule, be— (i) £10 where, apart from this paragraph, paragraph 1 of Part I of this Schedule would apply to the vehicle, and (ii) £25 in respect of any other vehicle. (b) This paragraph shall not be construed so as to affect the application of the provisions of section 94
\n
(2)(inserted by the Finance Act, 1991) of the Finance Act, 1973 , to vehicles to which this paragraph relates.”. (b) This subsection shall come into operation on the 1st day of July, 1991.
\n
(4)In respect of the provisions of Part I of the Schedule to the Act of 1952 (as amended by this section) the numeric references to volume and speed in paragraph 2 (b) thereof and to speed in paragraph 4 thereof shall, until the 1st day of July, 1991, be construed as if they were the respective numeric references in the corresponding paragraphs of that Part immediately before the 1st day of April, 1991.
\n
(5)The Finance Act, 1973 , is hereby amended, with effect from the 1st day of April, 1991, by the substitution of the following subsection for subsection (2) of section 94: “(2) The duty imposed by subsection (1) of this section shall be at the following rates: (a) £10 in relation to a vehicle to which paragraph 1 of Part I of the Schedule to the said Act applies; (b) £20 in relation to a vehicle to which subparagraph (b), (c) or (d) of paragraph 6 of Part I of the Schedule to the said Act applies and which is electrically propelled or has an engine capacity not exceeding 2,000 cubic centimetres; (c) £40 in relation to any vehicle to which paragraph (a) or (b) of this subsection does not relate:
\n
Provided that the duty imposed by subsection (1) of this section shall not be chargeable or leviable in relation to a vehicle in respect of which a duty of excise under section 1 of the said Act is not chargeable or leviable.”.
\n
(6)
\n
Section 43
\n
of the Finance Act, 1968 , is hereby repealed.
\n
PART III
\n
Value-Added Tax Interpretation (
\n
Part III
\n
).
\n
76.—In this Part— “the Principal Act” means the Value-Added Tax Act, 1972 ; “the Act of 1978” means the Value-Added Tax (Amendment) Act, 1978 ; “the Act of 1985” means the Finance Act, 1985 ; “the Act of 1986” means the Finance Act, 1986 ; “the Act of 1987” means the Finance Act, 1987 .
\n
Amendment of section 1 (interpretation) of Principal Act.
\n
77.—Section 1 of the Principal Act is hereby amended in subsection (1) by the deletion of the definition of “hotel”.
\n
Amendment of section 7 (waiver of exemption) of Principal Act.
\n
78.—Section 7 of the Principal Act is hereby amended in subsection (1) by the substitution of “to which paragraph (iv) of the First Schedule relates” for “specified in paragraphs (iv) and (x) of the First Schedule” and of “services to which the said paragraph (iv) relates” for “services specified in the paragraph or paragraphs”.
\n
Amendment of section 8 (accountable persons) of Principal Act.
\n
79.—Section 8 of the Principal Act is hereby amended— (a) in subsection (1) (inserted by the Act of 1978) by the substitution of “subsections (2), (2A) and (8)” for “subsections (2) and (2A)”, and (b) by the substitution of the following subsection for subsection (8) (inserted by the Act of 1978): “(8) (a) Where the Revenue Commissioners are satisfied that two or more persons established in the State are closely bound by financial, economic and organisational links and that it would be expedient in the interest of efficient administration of the tax to do so then, subject to such conditions as they may impose by regulations, the said Commissioners, for the purpose of this Act, may— (i) by notice in writing to each of the persons concerned, deem the activities relating to those links to be carried on by any one of the persons, and all transactions by or between such persons shall be deemed, for that purpose, to be transactions by that one person and all rights and obligations under this Act shall be determined accordingly, and (ii) make each such person jointly and severally liable to comply with all the provisions of this Act and regulations (including the provisions requiring the payment of tax) that apply to each of those persons and subject to the penalties under this Act to which they would be subject if each such person was liable to pay to the Revenue Commissioners the whole of the tax chargeable, apart from regulations under this subsection, in respect of each such person:
\n
Provided that this subsection shall not apply in the case of: (I) the supply of immovable goods by any such person to any other such person, or (II) the transfer of ownership of goods specified in section 3 (5) (b) (iii) from any such person to any other such person, except where, apart from the provisions of this subsection, each of the persons whose activities are deemed to be carried on by that one person is a taxable person. (b) The Revenue Commissioners may by notice in writing to each of the persons whose activities are, by virtue of a notification issued in accordance with paragraph (a) (i), deemed to be carried on by one of those persons, and as on and from the date specified in the notice (which date shall not be earlier than the date of issue of the notice) cancel the notification under the said paragraph; and as on and from the date specified in the said notice the provisions of the Act and regulations shall apply to all the persons as aforesaid as if a notification under the said paragraph had not been issued, but without prejudice to the liability of any of the persons for tax or penalties in respect of anything done or not done during the period for which the said notification was in force. (c) The Revenue Commissioners may, for the purpose of this subsection, deem a person engaged in the supply of non-taxable goods or services in the course or furtherance of business to be a taxable person.”.
\n
Amendment of section 11 (rates of tax) of Principal Act.
\n
80.—Section 11 of the Principal Act is hereby amended— (a) in subsection (1) (inserted by the Act of 1985): (i) in paragraph (a)— (I) by the substitution of “21 per cent.” for “23 per cent.” (inserted by the Finance Act, 1990 ), and (II) by the insertion after “in paragraphs (b)” of “, (bi)”, (ii) by the insertion of the following paragraph after paragraph (b): “(bi) 10 per cent. of the amount on which tax is chargeable in relation to goods or services of a kind specified in the Third Schedule,”, and (iii) in paragraph (c), by the substitution of “12.5 per cent.” for “10 per cent.”, and (b) in subsection (8), by the substitution in paragraph (a) (inserted by the Finance Act, 1973 ) of “Second, Third or Sixth Schedule” for “Second or Sixth Schedule”.
\n
Amendment of section 12 (deduction for tax borne or paid) of Principal Act.
\n
81.—Section 12 of the Principal Act is hereby amended in paragraph (a) of subsection (1) (inserted by the Act of 1987) by the insertion of the following subparagraph after subparagraph (iii): “(iiia) the tax charged to him during the period by other taxable persons in respect of services directly related to the transfer of ownership of goods specified in section 3 (5) (b) (iii),”.
\n
Amendment of section 15 (charge of tax on imported goods) of Principal Act.
\n
82.—Section 15 (inserted by the Act of 1978) of the Principal Act is hereby amended in subsection (1) (inserted by the Act of 1985) by the insertion of the following paragraph after paragraph (a): “(aa) on goods of a kind specified in the Third Schedule at the rate specified in section 11 (1) (bi) of the value of the goods,”.
\n
Amendment of section 20 (refund of tax) of Principal Act.
\n
Section 83
\n
83.—Section 20 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (1A) (inserted by the Act of 1986): “(1A) Where the Revenue Commissioners apply the provisions of section 8 (8) to a number of persons they may defer repayment of all or part of any tax refundable under subsection (1) to any one or more of the said persons prior to the application of those provisions, where any one or more of the said persons have not furnished all returns and remitted all amounts of tax referred to in section 19 (3) at the time of such application.”.
\n
Amendment of section 25 (appeals) of Principal Act.
\n
Section 84
\n
84.—Section 25 of the Principal Act is hereby amended in subsection (1) by the insertion of the following paragraph after paragraph (a): “(aa) the treatment of one or more persons as a single taxable person in accordance with section 8 (8),”.
\n
Amendment of First Schedule to Principal Act.
\n
Section 85
\n
85.—The First Schedule (inserted by the Act of 1978) to the Principal Act is hereby amended— (a) in paragraph (i) (inserted by the Act of 1987)— (i) by the insertion in subparagraph (c) after “account” of “and the negotiation of, or any dealings in, payments, transfers, debts, cheques and other negotiable instruments excluding debt collection and factoring”, (ii) by the substitution of the following subparagraph for subparagraph (g) (inserted by the Act of 1987): “(g) the management of an undertaking which is— (I) a collective investment undertaking within the meaning of section 18 of the Finance Act, 1989 , or (II) administered by the holder of an authorisation granted pursuant to the European Communities (Life Assurance) Regulations, 1984 ( S.I. No. 57 of 1984 ), or by a person who is deemed, pursuant to Article 6 of those Regulations, to be such a holder, the criteria in relation to which are the criteria specified in relation to an arrangement administered by the holder of a licence under the Insurance Act, 1936 , in section 9
\n
(2)of the Unit Trusts Act, 1990 , or (III) a unit trust scheme established solely for the purpose of superannuation fund schemes or charities, or (IV) determined by the Minister for Finance to be a collective investment undertaking to which the provisions of this subparagraph apply;”, (iii) by the deletion of subparagraph (gg) (inserted by the Finance Act, 1989 ), and (iv) by the substitution in paragraph (ix) (inserted by the Act of 1978) of “(g)” for “(g) or (gg)”, (b) by the substitution in paragraph (iv) of the following subparagraph for subparagraph (b): “(b) letting of the kind to which paragraph (vi) of the Third Schedule refers;”, (c) by the deletion of paragraph (x) (inserted by the Finance Act, 1982 ), and (d) by the insertion of the following paragraph after paragraph (xi): “(xia) public postal services (including the supply of goods and services incidental thereto) supplied by An Post including postmasters, or by persons licensed in accordance with section 73 or subsection (1) of section 111 of the Postal and Telecommunications Services Act, 1983 ;”.
\n
Insertion of Third Schedule in Principal Act.
\n
Section 86
\n
86.—(1) The Principal Act is hereby amended by the insertion after the Second Schedule (inserted by the Finance Act, 1976 ) of the following Schedule: “THIRD SCHEDULE Goods and Services Chargeable at the Rate Specified in Section 11 (1) (bi) (i) immovable goods; (ii) services, other than services specified in paragraph (xiv) of the Sixth Schedule, consisting of the development of immovable goods and the maintenance and repair of immovable goods including the installation of fixtures, where the value of movable goods (if any) provided in pursuance of an agreement in relation to such services does not exceed two-thirds of the total amount on which tax is chargeable in respect of the agreement; (iii) concrete ready to pour; (iv) blocks, of concrete, of a kind which comply with the specification contained in the Standard Specification (Concrete Building Blocks) Declaration, 1974 (Irish Standard 20: 1974); (v) newspapers and periodicals, normally published at least fortnightly, the contents of each issue of which consist, wholly or mainly, as regards the quantity of printed matter contained in them, of information on the principal current events and topics of general public interest; (vi) letting of the kind to which paragraph (iv) (b) of the First Schedule refers; (vii) tour guide services; (viii) the hiring (in this paragraph referred to as ‘the current hiring’) to a person of— (a) a vehicle designed and constructed, or adapted, for the conveyance of persons by road, (b) a ship, boat or other vessel designed and constructed for the conveyance of passengers and not exceeding 15 tons gross, (c) a sports or pleasure craft of any description including a yacht, cabin cruiser, dinghy, canoe, skiff or racing boat, or (d) a caravan, mobile home, tent or trailer tent, under an agreement, other than an agreement of the kind referred to in section 3 (1) (b), for any term or part of a term which, when added to the term of any such hiring (whether of the same goods or of other goods of the same kind) to the same person during the period of 12 months ending on the date of the commencement of the current hiring, does not exceed 5 weeks.”.
\n
(2)The Third Schedule (inserted by subsection (1)) to the Principal Act is hereby amended— (a) in paragraph (ii) by the substitution of “paragraph (xiib) (b) or (xiv)” for “paragraph (xiv)”, and (b) by the substitution of the following paragraph for paragraph (vi): “(vi) (a) letting of immovable goods— (I) by a hotel or guesthouse, or by a similar establishment which provides accommodation for visitors or travellers, (II) in a house, apartment or other similar establishment which is advertised or held out as being holiday accommodation or accommodation for visitors or travellers, or (III) in a caravan park, camping site or other similar establishment, or (b) the provision of accommodation which is advertised or held out as holiday accommodation in any caravan, mobile home, tent, trailer tent or houseboat.”.
\n
Amendment of Sixth Schedule to Principal Act.
\n
Section 87
\n
87.—(1) The Sixth Schedule (inserted by the Act of 1985) to the Principal Act is hereby amended— (a) by the deletion of paragraphs (ii), (iii), (iv), (v), (x) (inserted by the Act of 1986), (xi), (xig) (inserted by the Act of 1987) and (xii), (b) in paragraph (xiib), (inserted by the Act of 1986) by the substitution of “paragraph (ii) of the Third Schedule” for “paragraph (iii)”, (c) by the insertion of the following paragraph after paragraph (xiic) (inserted by the Act of 1986): “(xiid) services supplied in the course of their profession by jockeys;”, (d) by the insertion of the following paragraph after paragraph (xiiih) (inserted by the Act of 1987): “(xiiij) services supplied in the course of their profession by veterinary surgeons;”, and (e) in paragraph (xiv), by the deletion of “and” in subparagraph (d) and by the deletion of subparagraph (e).
\n
(2)The Sixth Schedule (inserted by the Act of 1985) to the Principal Act is hereby amended by the substitution of the following paragraph for paragraph (xiib) (inserted by the Act of 1986): “(xiib) (a) services consisting of work on immovable goods, other than services specified in— (i) subparagraph (b) or paragraph (xiv), or (ii) paragraph (ii) of the Third Schedule, or (b) services consisting of the routine cleaning of immovable goods;”.
\n
PART IV
\n
Stamp Duties Definition (
\n
Part IV
\n
).
\n
Section 88
\n
88.—In this Part— “the Act of 1891” means the Stamp Act, 1891; “the Commissioners” means the Revenue Commissioners.
\n
Levy on banks.
\n
Section 89
\n
89.—(1) In this section— “assessable amount” means the amount arrived at by dividing the specified amount by twelve and deducting £15,000,000 from the quotient; “bank” means a person who, on the 1st day of September, 1990, was the holder of a licence granted under section 9 of the Central Bank Act, 1971 ; “relevant sum”, in relation to a return, means a sum shown in the return other than a sum shown in respect of foreign currency; “returns”, in relation to a bank, means the returns (being returns relating to resident offices) furnished to the Central Bank of Ireland by the bank in respect of the assets and liabilities of the bank as on the 31st day of January, 1990, the 28th day of February, 1990, the 30th day of March, 1990, the 30th day of April, 1990, the 31st day of May, 1990, the 29th day of June, 1990, the 31st day of July, 1990, the 31st day of August, 1990, the 28th day of September, 1990, the 31st day of October, 1990, the 30th day of November, 1990, and the 31st day of December, 1990; “specified amount”, in relation to a bank, means the amount obtained by deducting the aggregate amount of the relevant sums shown in respect of Item 302.4 in supplement 1 of the returns of the bank from the aggregate amount of the relevant sums shown in the returns in respect of Items 104, 105.1, 107 and 108 and shown as liabilities of the bank in such returns.
\n
(2)A bank shall, not later than the 12th day of September, 1991, deliver to the Commissioners a statement in writing showing the assessable amount for that bank, the specified amount for that bank and the sums referred to in the definition of “specified amount” in subsection (1) by reference to which that specified amount was calculated.
\n
(3)There shall be charged on every statement delivered pursuant to subsection (2) a stamp duty of an amount equal to the sum of the following: (a) 0.26 per cent. of that part of the assessable amount shown therein that does not exceed £135,000,000 and (b) 0.3865 per cent. of that part of the assessable amount shown therein that exceeds £135,000,000:
\n
Provided that in the case where the assessable amount shown in the statement does not exceed £135,000,000 stamp duty of an amount equal to 0.26 per cent. of the assessable amount shown therein shall be charged.
\n
(4)The duty charged by subsection (3) upon a statement delivered by a bank pursuant to subsection (2) shall be paid by the bank upon delivery of the statement.
\n
(5)There shall be furnished to the Commissioners by a bank such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by the bank.
\n
(6)In the case of failure by a bank to deliver any statement required by subsection (2) within the time provided for in that subsection or of failure to pay the duty chargeable on any such statement on the delivery thereof, the bank shall, from the date of the passing of this Act until the day on which the duty is paid, be liable to pay, by way of penalty, in addition to the duty, interest thereon at the rate of 15 per cent. per annum and also from the 12th day of September, 1991, by way of further penalty, a sum equal to 1 per cent. of the duty for each day the duty remains unpaid and each penalty shall be recoverable in the same manner as if the penalty were part of the duty.
\n
(7)The delivery of any statement required by subsection (2) may be enforced by the Commissioners under section 47 of the Succession Duty Act, 1853 , in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.
\n
(8)The stamp duty charged by this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty under the care and management of the Commissioners payable by the bank.
\n
Amendment of First Schedule to Act of 1891.
\n
Section 90
\n
90.—(1) In this section “the First Schedule” means the First Schedule (as amended by the Finance Act, 1970 , and subsequent enactments) to the Act of 1891.
\n
(2)The Heading set out in
\n
Part I
\n
of the Fifth Schedule to this Act is hereby substituted for the Heading “BOND, COVENANT, or INSTRUMENT of any kind whatsoever” in the First Schedule.
\n
(3)The Heading set out in
\n
Part II
\n
of the Fifth Schedule to this Act is hereby substituted for the Heading “LEASE” in the First Schedule.
\n
(4)The Heading set out in
\n
Part III
\n
of the Fifth Schedule to this Act is hereby substituted for the Heading “MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) and WARRANT OF ATTORNEY to confess and enter up judgment” in the First Schedule.
\n
Repeal of section 78 of Act of 1891.
\n
Section 91
\n
91.—Section 78 of the Act of 1891 is hereby repealed.
\n
Amendment of section 88 of Act of 1891.
\n
Section 92
\n
92.—Section 88 of the Act of 1891 is hereby amended by the substitution in subsection (2) (inserted by section 63 of the Finance Act, 1973 ), of “£20,000” for “£10,000” wherever it occurs.
\n
Exemption from stamp duty.
\n
Section 93
\n
93.—Stamp duty shall not be chargeable on— (a) a licence granted under section 8 , 9 or 19 of the Petroleum and Other Minerals Development Act, 1960 , or (b) a lease granted under section 13 of that Act, or (c) an instrument for the sale, assignment or transfer of any such licence or lease or any right or interest therein.
\n
Charge of duty upon instruments.
\n
Section 94
\n
94.—The Act of 1891 is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the substitution of the following section for section 1: “1. (1) Any instrument which— (a) is specified in the First Schedule to this Act, and (b) is executed in the State or, wheresoever executed, relates to any property situate in the State or any matter or thing done or to be done in the State, shall be chargeable with stamp duty.
\n
(2)The stamp duties to be charged for the benefit of the Central Fund upon the several instruments specified in the First Schedule to this Act shall be the several duties in the said schedule specified, which duties shall be subject to the exemptions contained in this Act and in any other enactment for the time being in force.
\n
(3)(a) Any instrument chargeable with stamp duty shall, unless it is written upon duly stamped material, be duly stamped with the proper stamp duty before the expiration of 30 days after it is first executed, unless the opinion of the Commissioners with respect to the amount of duty with which the instrument is chargeable, has, before such expiration, been required under the provisions of this Act. (b) If the opinion of the Commissioners with respect to any instrument chargeable with stamp duty has been required, the instrument shall be stamped in accordance with the assessment of the Commissioners within 14 days after notice of the assessment.
\n
(4)Where any instrument chargeable with stamp duty is not stamped or is insufficiently stamped— (a) the accountable person shall be liable, and (b) where there is more than one such accountable person they shall be liable jointly and severally, for the payment of the stamp duty or, where the instrument is insufficiently stamped, then additional stamp duty and such duty, additional duty and any penalty relating to any such duty shall be deemed to be a debt due by the accountable person to the Minister for Finance for the benefit of the Central Fund and shall be payable to the Commissioners and may (without prejudice to any other mode of recovery thereof) be sued for and recovered by action, or other appropriate proceedings, at the suit of the Attorney General or the Minister for Finance or the Commissioners in any court of competent jurisdiction, notwithstanding anything to the contrary contained in the Inland Revenue Regulation Act, 1890 .
\n
(5)The provisions of section 39 of the Finance Act, 1926 , shall apply in any proceedings in the Circuit Court or the District Court for or in relation to the recovery of stamp duty, additional stamp duty or penalty relating to any such duty.”.
\n
Variation of certain rates of duty by order.
\n
Section 95
\n
95.—(1) Subject to the other provisions of this section, the Minister for Finance may— (a) by order vary the rate of duty chargeable on any instrument specified in the First Schedule to the Act of 1891 or may exempt such instrument from duty, and (b) make such order in respect of any particular class of instrument, but no order shall be made under this section for the purpose of increasing any of the rates of duty.
\n
(2)No order shall be made under this section for the purpose of varying the duty on any instrument or class of instrument where— (a) such instrument or class of instrument relates to— (i) any immovable property situated in the State or any rights or interest in such property, or (ii) any stock or share of a company having a register in the State, or (iii) any risk situated in the State in relation to the Heading “INSURANCE” in the First Schedule to the Act of 1891, or (b) such instrument or class of instrument is a bill of exchange or a promissory note.
\n
(3)Notwithstanding anything to the contrary contained in subsection (2), the Minister for Finance may make an order in respect of an instrument which is executed for the purposes of debt factoring.
\n
(4)The Minister for Finance may by order amend or revoke an order under this section, including an order under this subsection.
\n
(5)An order under this section shall be laid before Dáil Éireann as soon as may be after it has been made and, if a resolution annulling the order is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.
\n
(6)Every order under this section shall have statutory effect upon the making thereof and, subject to subsection (5), unless the order either is confirmed by Act of the Oireachtas passed not later than the end of the year following that in which the order is made, or, is an order merely revoking wholly an order previously made under that subsection, the order shall cease to have statutory effect at the expiration of that period but without prejudice to the validity of anything previously done thereunder.
\n
Amendment of section 122 of Act of 1891.
\n
Section 96
\n
96.—Section 122 of the Act of 1891 is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the insertion of the following definition before the definition of “Commissioners”: “the expression ‘accountable person’ means— (a) the person referred to in column (2) of the Table to this definition in respect of the corresponding instruments set out in column (1) of that Table by reference to the appropriate Heading in the First Schedule to this Act, (b) in the case of an instrument which operates, or is deemed to operate, as a voluntary disposition inter vivos under the provisions of section 74 of the Finance (1909-10) Act, 1910, or section 24 of the Finance Act, 1949 , the parties to such instrument, (c) in the case of any other instrument, the parties to that instrument:
\n
Provided that, in the case of any person who would be an accountable person if alive, the accountable person shall be the personal representative of such person:
\n
TABLE Instrument Heading specified in the First Schedule Accountable Person
\n
(1)
\n
(2)BOND, COVENANT or INSTRUMENT of any kind whatsoever.
\n
The obligee, covenantee, or other person taking the security.
\n
CONVEYANCE or TRANSFER on sale of any stocks or marketable securities.
\n
The vendee or transferee.
\n
CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities.
\n
The vendee or transferee.
\n
LEASE.
\n
The lessee.
\n
MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) and WARRANT OF ATTORNEY to confess and enter up judgement.
\n
The mortgagee or obligee; in the case of a transfer, the transferee.
\n
SETTLEMENT.
\n
The settlor.
\n
DUPLICATE or COUNTERPART of any instrument chargeable with any duty.
\n
Any of the persons specified in this column, as appropriate. ”.
\n
Facts and circumstances affecting duty to be set forth in instruments, etc.
\n
Section 97
\n
97.—The Act of 1891 is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the substitution of the following section for section 5: “5. (1) Except as hereinafter provided, all the facts and circumstances affecting the liability of any instrument to duty, or the amount of the duty with which any instrument is chargeable, are to be fully and truly set forth in the instrument.
\n
(2)Where it is not practicable to set out all the facts and circumstances, to which subsection (1) refers, in an instrument, additional facts and circumstances which— (a) affect the liability of such instrument to duty, or (b) affect the amount of the duty with which such instrument is chargeable, or (c) may from time to time be required by the Commissioners, are to be fully and truly set forth in a statement which shall be delivered to the Commissioners together with such instrument and the form of any such statement may from time to time be prescribed by the Commissioners.
\n
(3)Any person who— (a) fraudulently or negligently executes any instrument, or (b) being employed or concerned in or about the preparation of any instrument, fraudulently or negligently prepares any such instrument, in which all the facts and circumstances affecting the liability of such instrument to duty, or the amount of the duty with which such instrument is chargeable, are not fully and truly set forth in the instrument or in any statement to which subsection (2) relates, shall incur a fine of— (i) £1,000, and (ii) the amount, or in the case of fraud, twice the amount, of the difference between— (A) the amount of duty payable in respect of the instrument based on the facts and circumstances set forth and delivered, and (B) the amount of duty which would have been the amount so payable if the instrument and any accompanying statement had fully and truly set forth all the facts and circumstances referred to in subsections (1) and (2).
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(4)Where any instrument was executed neither fraudulently nor negligently by a person and it comes to his notice, or it would have come to his notice, if he had taken reasonable care, that such instrument or any statement to which subsection (2) relates does not fully and truly set forth all the said facts and circumstances then, unless the Commissioners are informed of the error without unreasonable delay, such matter shall be treated, for the purposes of subsection (3), as having been negligently done by him.
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(5)Where an instrument operates, or is deemed to operate, as a voluntary disposition inter vivos under the provisions of section 74 of the Finance (1909-10) Act, 1910 , or section 24 of the Finance Act, 1949 , such fact shall be brought to the attention of the Commissioners in the statement delivered under the provisions of subsection (2) and such statement shall contain a statement of the value of the property, or in the case of a lease the minimum amount or value referred to in the said section 24, and where the requirements of this subsection are not complied with any person who executes such instrument shall for the purposes of subsection (3) be presumed, until the contrary is proven, to have acted negligently.
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(6)Where such person as may be liable to a fine under subsection (3) is in doubt as to the application of law to, or the treatment for tax purposes of, any matter to be contained in an instrument, or in a statement to which subsection (2) relates, to be delivered by him to the Commissioners, he may deliver the instrument and, where applicable, the statement to the best of his belief as to the application of law to, or the treatment for the purposes of stamp duty of, that matter but he shall draw the attention in writing of the Commissioners to the matter in question in the instrument or statement, as appropriate, by specifying the doubt and, if he so does, he shall be treated as making a full and true disclosure with regard to that matter:
\n
Provided that this subsection shall not apply where the Commissioners are not satisfied that the doubt was genuine and are of the opinion that such person was acting with a view to the evasion or avoidance of tax and in such a case the person shall be deemed not to have made a full and true disclosure with respect to the matter in question.”.
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Amendment of section 12 of Act of 1891.
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Section 98
\n
98.—Section 12 of the Act of 1891 is hereby amended as respects instruments executed on or after the 1st day of November, 1991— (a) in subsection (1), by the insertion of “, or may express their opinion,” after “may be required by any person to express their opinion”, (b) by the insertion of the following subsection after subsection (1): “(1A) Where an instrument which is chargeable with stamp duty has not been delivered to the Commissioners for assessment of duty or impressing of stamps, the Commissioners shall make an assessment of such amount of stamp duty as, to the best of their knowledge, information and belief, ought to be charged, levied and paid thereon; and the accountable person shall be liable for the payment of the stamp duty so assessed unless, upon delivery of the instrument to them, the Commissioners make another assessment to be substituted for such assessment.”, (c) in subsection (6), by the deletion in paragraph (c) of all the words from “; and every person” to the words “stated therein”, and (d) by the addition of the following subsections after subsection (6): “(7) If at any time it appears that for any reason an assessment is incorrect the Commissioners shall make such other assessment as they consider appropriate, which assessment shall be substituted for the first-mentioned assessment.
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(8)If at any time it appears, in respect of an instrument which has been stamped in accordance with an assessment, that for any reason the assessment was an underassessment the Commissioners shall make such additional assessment as they consider appropriate.”.
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Amendment of section 14 of Act of 1891.
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Section 99
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99.—Section 14 of the Act of 1891 is hereby amended, as respects instruments executed after the 1st day of November, 1991, by the insertion in subsection (4) after “proceedings” of “or in civil proceedings by the Commissioners to recover stamp duty”.
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Penalty upon stamping instruments after execution.
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Section 100
\n
100.—The Act of 1891 is hereby amended by the substitution of the following section for section 15: “15. (1) Save where other express provision is in this Act made, any instrument which is unstamped or insufficiently stamped may be stamped after the expiration of the time for stamping provided for in subsection (3) of section 1, on payment of the unpaid duty and on payment of a penalty of £20 and also by way of further penalty, where the unpaid duty exceeds £20, of interest on such duty, at the rate of 1.25 per cent. per month or part of a month from the day upon which the said instrument was first executed to the day of payment of the unpaid duty.
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(2)Where— (a) any instrument referred to in column (1) of the Table to the definition of ‘accountable person’ in section 122, or (b) any instrument which operates, or is deemed to operate, as a voluntary disposition inter vivos, has not been or is not duly stamped in conformity with the provisions of subsection (3) of section 1, the accountable person shall, in addition to the penalties provided for in subsection (1), be liable to pay an amount by way of further penalty as follows: (i) an amount equivalent to 10 per cent. of the unpaid duty thereon, where such instrument is stamped not later than 6 months after the day upon which such instrument was first executed; (ii) an amount equivalent to 20 per cent. of the unpaid duty thereon, where such instrument is stamped more than 6 months but not later than 12 months after the day upon which such instrument was first executed; (iii) an amount equivalent to 30 per cent. of the unpaid duty thereon, where such instrument is stamped more than 12 months after the day upon which such instrument was first executed.
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(3)Subject to any other express provision in this Act in relation to any particular instrument, the Commissioners may, if they think fit, remit any penalty payable on stamping.
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(4)The payment of any penalty payable on stamping shall be denoted on the instrument by a particular stamp.
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(5)Any penalty payable by operation of this section shall be chargeable and recoverable in the same manner as if it were part of the duty on the instrument to which it relates.
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(6)The provisions of this section shall apply with effect as on and from the 1st day of November, 1991, to any instrument, whenever executed, which is unstamped or insufficiently stamped.”.
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Rolls, books, etc., to be open to inspection.
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Section 101
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101.—(1) The Act of 1891 is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the substitution of the following section for section 16: “16. (1) Subject to subsection (2), any person who is a party to any instrument, or who has in his custody or under his control any document, the inspection whereof may tend to secure any duty, or to prove or lead to the discovery of any fraud, negligence, or omission in relation to any duty shall, within 14 days of a request by way of a notice in writing from the Commissioners— (a) provide such information as the Commissioners deem necessary, and (b) permit any person authorised by the Commissioners, to inspect any such document and to take such notes, extracts, prints, printouts and copies as he may deem necessary, and in case of refusal to so provide or permit by the first-mentioned person, he shall be guilty of an offence and shall be liable to a fine not exceeding £1,000, and if the refusal continues after conviction he shall be guilty of a further offence on every day on which the refusal continues and for each such offence he shall be liable to a fine not exceeding £100.
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(2)It shall be a good defence in a prosecution for an offence under subsection (1) for the accused to show that he is required or entitled by law to refuse the request of the Commissioners.
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(3)In this section ‘document’ includes— (a) any instrument, roll, book or record, (b) any record of an entry in a document, and (c) any information stored, maintained or preserved by means of any mechanical or electronic device, whether or not stored, maintained or preserved in a legible form.”.
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(2)Notwithstanding anything to the contrary contained in subsection (1) the provisions of that subsection shall apply to any instrument, the date of first execution of which appears from that instrument or otherwise to be prior to the 1st day of November, 1991, and where the Commissioners wish to verify that date to their satisfaction.
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Alteration of stamp duties on leases.
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Section 102
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102.—The Finance Act, 1949 , is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the substitution of the following section for section 24: “24. (1) Any lease (not being executed in good faith and for valuable consideration) shall, for the purposes of this section, be deemed to be a lease operating as a voluntary disposition inter vivos, and the consideration for any lease shall not, for this purpose, be deemed to be valuable consideration where the Commissioners are of opinion that, by reason of the inadequacy of consideration or other circumstances, the lease confers a substantial benefit on the lessee.
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(2)Where by operation of the provisions of this section any lease is deemed to operate as a voluntary disposition inter vivos the reference to consideration (other than rent) in the heading of charge entitled ‘LEASE’, which is set out in the First Schedule to the Stamp Act, 1891, shall be construed in relation to duty chargeable on such lease as a reference to the minimum amount or value that would be necessary in order that the lease, any rent thereunder remaining unchanged, would not be a lease operating as a voluntary disposition inter vivos.
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(3)Subsection (2) of section 74 of the Finance (1909-10) Act, 1910 , shall, with any necessary modifications, apply to a lease operating as a voluntary disposition inter vivos in the same manner as to a conveyance or transfer operating as a voluntary disposition inter vivos.”.
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Provision relating to voluntary disposition inter vivos, etc.
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Section 103
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103.—(1) Where an instrument operates or is deemed to operate as a voluntary disposition inter vivos by operation of the provisions of section 74 of the Finance (1909-10) Act, 1910 , or section 24 of the Finance Act, 1949 , and the statement of value of such property, or in the case of a lease the minimum amount or value referred to in the said section 24, provided to the Commissioners under subsection (5) of section 5 of the Act of 1891 (hereafter in this section referred to as the “submitted value”) is less than the value of the property as agreed with, or ascertained by, the Commissioners (hereafter in this section referred to as the “ascertained value”) then, as a penalty, the duty chargeable upon the conveyance or transfer, or lease, shall be increased by an amount (hereafter in this section referred to as the “surcharge”) calculated according to the following provisions: (a) where the submitted value is less than the ascertained value by an amount which is greater than 10 per cent. of the ascertained value but not greater than 30 per cent. of the ascertained value, a surcharge equal to 50 per cent. of the total duty chargeable on the instrument:
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Provided that no surcharge shall be chargeable where the difference between the submitted value and the ascertained value is less than £5,000; (b) where the submitted value is less than the ascertained value by an amount which is greater than 30 per cent. of the ascertained value but not greater than 50 per cent. of the ascertained value, a surcharge equal to the total duty chargeable on the instrument; (c) where the submitted value is less than the ascertained value by an amount which is greater than 50 per cent. of the ascertained value, a surcharge equal to double the total duty chargeable on the instrument.
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(2)Where a statement of value, or in the case of a lease the minimum amount or value referred to in section 24 of the Finance Act, 1949 , is not provided in accordance with the provisions of subsection (5) of section 5 of the Act of 1891, then the liability of an instrument to a surcharge under this section may be ascertained by the Commissioners by the substitution of the consideration, other than rent in the case of lease, stated in the instrument for the submitted value.
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(3)Any surcharge payable by operation of this section shall be chargeable and recoverable in the same manner as if it were part of the duty on the instrument to which it relates.
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(4)Notwithstanding the provisions of subsection (4) of section 15 of the Act of 1891, any surcharge imposed by operation of this section shall not be denoted on an instrument to which it relates by impressed stamps or otherwise.
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(5)Subsection (3) of section 74 of the Finance (1909-10) Act, 1910 , is hereby repealed.
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(6)This section shall have effect as respects instruments executed on or after the 1st day of November, 1991.
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Procedure to apply where consideration etc., cannot be ascertained.
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Section 104
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104.—(1) Where in the case of any instrument which, except for the fact that the amount or value of the consideration or the average annual rent cannot be ascertained at the date of execution thereof, would otherwise be chargeable with ad valorem duty on such consideration or rent as a conveyance or transfer on sale or as a lease, the Commissioners may charge ad valorem duty on such instrument as if— (a) in the case of a conveyance or transfer on sale, the value of the property conveyed or transferred was substituted for the amount or value of the consideration chargeable under the appropriate heading of charge under the Heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities” or the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities” in the First Schedule to the Act of 1891; (b) in the case of a lease, the amount or value of the consideration, other than rent, which could be obtained from a tenant leasing the property for full consideration under the terms created by the lease (but disregarding the amount or value of any rent or consideration other than rent payable thereunder) was substituted for the amount or value of the consideration, other than rent, chargeable under the heading of charge entitled “LEASE” in the First Schedule to the Act of 1891.
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(2)(a) For the purposes of subsection (1) the provisions of subsections (2) and (3) of section 56 of the Act of 1891 shall be disregarded and those provisions shall not apply to any instrument in relation to which subsection (1) applies. (b) Subsection (1) shall not apply to any instrument in relation to which subsection (3) (a) of section 112 of the Finance Act, 1990 , applies.
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(3)This section shall have effect as respects instruments executed after the passing of this Act.
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Valuation of property chargeable with stamp duty.
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Section 105
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105.—(1) The Commissioners shall ascertain the value of property the subject of an instrument chargeable with stamp duty in the same manner, subject to any necessary modification, as is provided for in sections 15 , 16 and 17 of the Capital Acquisitions Tax Act, 1976 .
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(2)This section shall have effect as respects instruments executed on or after the 1st day of November, 1991.
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Amendment of certain provisions relating to fines.
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Section 106
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106.—(1) Where an act or omission occurs in respect of which a person would, but for this section, have incurred the fine provided for in any provision of the Acts specified in column (2) of the Table to this section at any reference number, the person shall, in lieu of the fine so provided for, be liable to the fine specified in column (3) of the said Table at that reference number and that provision shall be construed and have effect accordingly.
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TABLE Reference Number Provision of the Acts Fine
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(1)
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(2)
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(3)£ 1
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Section 8 (3) of the Act of 1891.
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500 2
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Section 9 of the Act of 1891.
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1,000 3
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Section 17 of the Act of 1891.
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500 4
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Section 83 of the Act of 1891.
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500 5
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Section 100 of the Act of 1891.
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500 6
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Section 107 of the Act of 1891.
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500 7
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Section 109 (2) of the Act of 1891.
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500 8
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Section 20 of the Stamp Duties Management Act, 1891.
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500 9
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Section 21 of the Stamp Duties Management Act, 1891.
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1,000 10
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Section 4
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(2)of the Finance (1909-10) Act, 1910 .
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500 11
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Section 41
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(3)of the Finance Act, 1970 .
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500
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(2)This section shall have effect as respects an act or omission which occurs on or after the 1st day of November, 1991.
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Amendment of section 4 of Stock Transfer Act, 1963.
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Section 107
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Section 4
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of the Stock Transfer Act, 1963 , is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the substitution in subsection (1) of “a penalty of £500” for “a penalty of one hundred pounds”.
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Application of section 485 of Income Tax Act, 1967.
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Section 108
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108.—(1) The provisions of section 485 of the Income Tax Act, 1967 , shall, subject to any necessary modifications, apply to stamp duty in the same manner as they apply to income tax and where the provisions therein provided are exercised with regard to stamp duty they shall be exercised as if stamp duty was a tax to be collected and levied by the Collector-General.
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(2)This section shall have effect as respects instruments executed on or after the 1st day of November, 1991.
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Application of certain provisions relating to penalties under Income Tax Act, 1967.
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Section 109
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Sections 128 (4) , 507 , 508 , 510 , 511 , 512 , 517 and 518 of the Income Tax Act, 1967 , shall, with any necessary modifications, apply to a fine under— (a) the Act of 1891, or (b) any other enactment providing for fines in relation to stamp duty, as if the fine were a penalty under the Income Tax Acts, and the provisions of section 22 of the Inland Revenue Regulation Act, 1890 , shall not apply in a case to which any of the said sections of the Income Tax Act, 1967 , apply by virtue of this section.
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(2)This section shall have effect as respects instruments executed on or after the 1st day of November, 1991.
\n
Amendment of Chapter II (stamp duty on capital companies) of Part IV of Finance Act, 1973.
\n
Section 110
\n
110.—Chapter II of Part IV of the Finance Act, 1973 , is hereby amended by the insertion of the following section after section 67A: “Restriction of application (Chapter II).
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67B. This Chapter shall not apply to any investment company to which the provisions of
\n
Part XIII
\n
of the Companies Act, 1990 , relate.”.
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Amendment of section 92 (levy on certain premiums of insurance) of Finance Act, 1982.
\n
Section 111
\n
Section 92
\n
of the Finance Act, 1982 , is hereby amended in subsection (8) (inserted by the Finance Act, 1984 ) by the addition of the following proviso to the definition of “relevant premium”: