Finance Act, 1983

Finance Act, 1983 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1983 Finance Act, 1983 Finance Act, 1983 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Print Full ActPriontáil an tAcht Iomlán Number 15 of 1983 FINANCE ACT, 1983 ARRANGEMENT OF SECTIONS

PART I

Income Tax, Income Levy, Corporation Tax and Capital Gains Tax

Chapter I

Income Tax Section

Section 1

Amendment of section 1 (exemption from income tax) of Finance Act, 1980.

Section 2

Alteration of rates of income tax.

Section 3

Maintenance in the case of separated spouses.

Section 4

Separated spouses: adaptation of special provisions as to married persons.

Section 5

Amendment of section 6 (special allowance in respect of P.R.S.I. for 1982-83) of Finance Act, 1982.

Section 6

Amendment of Part IX (special provisions relating to year of marriage) of Income Tax Act, 1967.

Section 7

Cesser of Part XX (relief to investors in Irish securities) of Income Tax Act, 1967.

Section 8

Amendment of section 344 (exemption of interest on certain deposits) of Income Tax Act, 1967.

Section 9

Amendment of Part XXVI (appeals) of Income Tax Act, 1967.

Section 10

Amendment of section 496 (repayment for interest paid to banks, discount houses, etc.) of Income Tax Act, 1967.

Chapter II

Taxation of Farming Profits

Section 11

Charge of farming profits under Schedule D.

Section 12

Application for 1983-84 of section 20A (optional basis of assessment) of Finance Act, 1974.

Section 13

Farming: provision relating to relief in respect of increase in stock values.

Section 14

Amendment of section 307 (relief for losses) of Income Tax Act, 1967.

Section 15

Amendment of section 22 (farm buildings: capital allowances) of Finance Act, 1974.

Chapter III

Income Levy

Section 16

Income levy.

Chapter IV

Anti-avoidance and Anti-evasion

Section 17

Amendment of section 175 (power to obtain information as to interest paid or credited without deduction of tax) of Income Tax Act, 1967.

Section 18

Information to be furnished by financial institutions.

Section 19

Chargeability of certain profits or gains.

Section 20

Return of property.

Section 21

Return by nominee holders of securities.

Section 22

Obligation to show tax reference number on receipts, etc.

Section 23

Publication of names of tax defaulters.

Chapter V

Income Tax and Corporation Tax

Section 24

Amendment of section 58 (Schedule D deduction of payments to trustees) of Finance Act, 1982.

Section 25

Amendment of provisions relating to restriction of relief for interest.

Section 26

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

Section 27

Application of section 31 (building societies) of Corporation Tax Act, 1976, for 1983-84.

Section 28

Distributions: increase in tax credits, etc.

Section 29

Application of section 23 (deduction for certain expenditure on construction of rented residential accommodation) of Finance Act, 1981.

Section 30

Application of section 24 (provisions supplementary to section 23) of Finance Act, 1981.

Chapter VI

Corporation Tax

Section 31

Continuance of relief in respect of increase in employment.

Section 32

Exemption from corporation tax of profits of Bord Gáis Éireann.

Section 33

Amendment of section 56 (export of certain goods) of Corporation Tax Act, 1976.

Section 34

Extension of exempted transactions in relation to agricultural societies.

Section 35

Amendment of section 98 (loans to participators, etc.) of Corporation Tax Act, 1976.

Section 36

Amendment of section 143 (return of profits) of Corporation Tax Act, 1976.

Section 37

Amendment of section 146 (appeals) of Corporation Tax Act, 1976.

Chapter VII

Advance Corporation Tax

Section 38

Liability for advance corporation tax.

Section 39

Set-off of advance corporation tax.

Section 40

Rectification of excessive set-off of advance corporation tax.

Section 41

Calculation of advance corporation tax where company receives distributions.

Section 42

Tax credit recovered from company.

Section 43

Restriction as to payment of tax credit.

Section 44

Group dividends.

Section 45

Surrender of advance corporation tax.

Section 46

Change in ownership of company: calculation and treatment of advance corporation tax.

Section 47

Distributions to certain non-resident companies.

Section 48

Interest in respect of certain securities.

Section 49

Dividends paid before 1st July, 1983.

Section 50

Returns and collection of advance corporation tax.

Section 51

Cesser of certain provisions.

Section 52

Transitional reduction of advance corporation tax.

Section 53

Application of Corporation Tax Acts.

Chapter VIII

Capital Gains Tax

Section 54

Extension of section 19 (Government and other securities) of Capital Gains Tax Act, 1975.

Section 55

Amendment of Schedule 4 (administration) to Capital Gains Tax Act, 1975.

Section 56

Chargeable gains accruing on disposals by certain persons.

PART II

Customs and Excise

Section 57

Foreign travel.

Section 58

Televisions.

Section 59

Video players.

Section 60

Hydrocarbons.

Section 61

Motor Vehicles.

Section 62

Gaming licences.

Section 63

Gaming machine licences.

Section 64

Firearm certificates.

Section 65

Dogs.

Section 66

Auctioneers and house agents.

Section 67

Bookmakers.

Section 68

Repayment of excise duty on licences not used.

Section 69

Amendment of section 50 (penalty for the wholesale dealing in or the sale by retail of intoxicating liquor without a licence) of Finance (1909-10) Act, 1910.

Section 70

Amendment of section 21 (duties on hydrocarbon oils) of Finance Act, 1935.

Section 71

Amendment of section 23 (forfeiture) of Finance Act, 1946.

Section 72

Amendment of section 34 (amendments relative to penalties) of Finance Act, 1963.

Section 73

Excise duties on licences for mechanically propelled vehicles.

Section 74

Increase of excise duty on driving licences.

Section 75

Increase of excise duties on motor vehicle trade licences.

Section 76

Confirmation of Orders.

PART III

Value-Added Tax

Section 77

Interpretation (Part III).

Section 78

Amendment of section 3 (delivery of goods) of Principal Act.

Section 79

Amendment of section 8 (accountable persons) of Principal Act.

Section 80

Amendment of section 9 (registration) of Principal Act.

Section 81

Amendment of section 11 (rates of tax) of Principal Act.

Section 82

Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.

Section 83

Amendment of section 15 (charge of tax on imported goods) of Principal Act.

Section 84

Amendment of section 19 (tax due and payable) of Principal Act.

Section 85

Amendment of section 25 (appeals) of Principal Act.

Section 86

Amendment of Second Schedule to Principal Act.

Section 87

Amendment of Third Schedule to Principal Act.

Section 88

Insertion of Sixth Schedule in Principal Act.

Section 89

Relief for hotels etc.

PART IV

Stamp Duties

Section 90

Levy on banks.

Section 91

Amendment of section 17 (stamp duty in respect of credit cards and charge cards) of Finance (No. 2) Act, 1981.

Section 92

Amendment of section 74 (stamp duty on gifts inter vivos) of Finance (1909-10) Act, 1910.

Section 93

Amendment of section 92 (levy on certain premiums of insurance) of Finance Act, 1982.

PART V

Revenue Offences

Section 94

Revenue offences.

PART VI

Residential Property Tax

Section 95

Interpretation (Part VI).

Section 96

Charge of residential property tax.

Section 97

Taxable residential property of a person.

Section 98

Market value of property.

Section 99

Apportionment of market values.

Section 100

Market value exemption limit.

Section 101

Income exemption limit.

Section 102

Marginal reliefs.

Section 103

Delivery of returns.

Section 104

Assessment and payment of tax.

Section 105

Interest on tax.

Section 106

Payment to Collector.

Section 107

Overpayment of tax.

Section 108

Appeals regarding value of residential property.

Section 109

Appeals in other cases.

Section 110

Recovery of tax.

Section 111

Evidence in proceedings for recovery.

Section 112

Penalties.

Section 113

Relief from double taxation.

Section 114

Extension of certain Acts.

Section 115

Regulations.

Section 116

Authorisation of officers.

PART VII

Miscellaneous

Section 117

Capital Services Redemption Account.

Section 118

Amendment of section 54 of Finance Act, 1970.

Section 119

Payments from Central Fund to Post Office Savings Bank Fund.

Section 120

Repeals.

Section 121

Care and management of taxes and duties.

Section 122

Short title, construction and commencement.

FIRST SCHEDULE Rates of Excise Duty on Televisions SECOND SCHEDULE Rates of Excise Duty on Gaming Licences THIRD SCHEDULE Rates of Excise Duty on Firearm Certificates FOURTH SCHEDULE Enactments Repealed Acts Referred to Auctioneers and House Agents Act, 1947 1947, No. 10 Bankers' Books Evidence Acts, 1879 and 1959 Betting Act, 1931 1931, No. 27 Capital Acquisitions Tax Act, 1976 1976, No. 8 Capital Gains Tax Act, 1975 1975, No. 20 Capital Gains Tax (Amendment) Act, 1978 1978, No. 33 Central Bank Act, 1971 1971, No. 24 Central Fund (Permanent Provisions) Act, 1965 1965, No. 26 Corporation Tax Act, 1976 1976, No. 7 Criminal Procedure Act, 1967 1967, No. 12 Finance (1909-10) Act, 1910 1910, c. 8 Finance Act, 1922 1922, c. 17 Finance Act, 1925 1925, No. 28 Finance Act, 1926 1926, No. 35 Finance Act, 1931 1931, No. 31 Finance Act, 1933 1933, No. 15 Finance Act, 1935 1935, No. 28 Finance Act, 1940 1940, No. 14 Finance Act, 1946 1946, No. 15 Finance Act, 1947 1947, No. 15 Finance Act, 1950 1950, No. 18 Finance Act, 1956 1956, No. 22 Finance Act, 1961 1961, No. 23 Finance Act, 1963 1963, No. 23 Finance Act, 1964 1964, No. 15 Finance Act, 1967 1967, No. 17 Finance Act, 1968 1968, No. 33 Finance Act, 1970 1970, No. 14 Finance Act, 1971 1971, No. 23 Finance Act, 1972 1972, No. 19 Finance Act, 1973 1973, No. 19 Finance Act, 1974 1974, No. 27 Finance Act, 1975 1975, No. 6 Finance Act, 1976 1976, No. 16 Finance Act, 1977 1977, No. 18 Finance Act, 1978 1978, No. 21 Finance Act, 1979 1979, No. 11 Finance Act, 1980 1980, No. 14 Finance Act, 1981 1981, No. 16 Finance (No. 2) Act, 1981 1981, No. 28 Finance Act, 1982 1982, No. 14 Finance (Excise Duties) (Vehicles) Act, 1952 1952, No. 24 Firearms Act, 1964 1964, No. 1 Gaming and Lotteries Act, 1956 1956, No. 2 Income Tax Act, 1967 1967, No. 6 Inland Revenue Regulation Act, 1890 1890, c. 21 Official Secrets Act, 1963 1963, No. 1 Probation of Offenders Act, 1907 1907, c. 17 Provisional Collection of Taxes Act, 1927 1927, No. 7 Road Traffic Act, 1961 1961, No. 24 Succession Duty Act, 1853 1853, c. 51 Value-Added Tax Act, 1972 1972, No. 22 Value-Added Tax (Amendment) Act, 1978 1978, No. 34 Youth Employment Agency Act, 1981 1981, No. 32 Number 15 of 1983 FINANCE ACT, 1983 AN ACT TO CHARGE AND IMPOSE CERTAIN DUTIES OF CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE), TO AMEND THE LAW RELATING TO CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE) AND TO MAKE FURTHER PROVISIONS IN CONNECTION WITH FINANCE. [8th June, 1983] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

PART I

Income Tax, Income Levy, Corporation Tax and Capital Gains Tax

Chapter I

Income Tax Amendment of section 1 (exemption from income tax) of Finance Act, 1980.

1.—

Section 1

of the Finance Act, 1980 , is hereby amended, as respects the year 1983-84 and subsequent years of assessment, by the substitution in subsection (2) of “£4,800” for “£4,400” (inserted by the Finance Act, 1982 ) and of “£2,400” for “£2,200” (inserted by the Finance Act, 1982 ), and the said subsection (2), as so amended, is set out in the Table to this section.

TABLE

Alteration of rates of income tax.

2.—

Section 8

of the Finance Act, 1980 , is hereby amended, as respects the year 1983-84 and subsequent years of assessment, by the substitution of the following Table for the Table to the said section: “TABLE

PART I

Part of taxable income Rate of tax Description of rate

(1)

(2)

The remainder 65 per cent.

PART II

Part of taxable income Rate of tax Description of rate

(1)

(2)

The remainder 65 per cent. ”

Maintenance in the case of separated spouses.

3.—(1) (a) (i) In this section— “maintenance arrangement” means an order of a court, rule of court, deed of separation, trust, covenant, agreement, arrangement, or any other act, giving rise to a legally enforceable obligation and made or done in consideration or in consequence of the dissolution or annulment of a marriage or of such separation of the parties to a marriage as is referred to in section 192

Provided that this section shall not apply to such payments made under a maintenance arrangement made before the passing of this Act unless and until such time as one of the following events occurs, or the earlier of such events occurs where both occur, that is to say— (A) the maintenance arrangement is replaced by another maintenance arrangement or varied, (B) both parties to the marriage to which the maintenance arrangement relates, by notice in writing to the inspector, jointly elect that this section shall apply, and where such an event occurs in either of the circumstances aforesaid, this section shall apply to all such payments made after the date on which it occurs. (ii) For the purposes of this section and of section 4 , a payment, whether conditional or not, which is made, directly or indirectly, by a party to a marriage under or pursuant to a maintenance arrangement relating to the marriage (other than a payment of which the amount, or the method of calculating the amount, is specified in the maintenance arrangement and from which, or from the consideration for which, neither a child of the party to the marriage making the payment nor the other party to the marriage derives any benefit) shall be deemed to be made for the benefit of the other party to the marriage:

Provided that, where the payment, in accordance with the maintenance arrangement, is made or directed to be made for the use and benefit of a child of the party to the marriage making the payment, or for the maintenance, support, education or other benefit of such a child, or in trust for such a child, and the amount, or the method of calculating the amount, of such payment so made or directed to be made is specified in the maintenance arrangement, the said payment shall be deemed to be made for the benefit of such child, and not for the benefit of any other person.

Separated spouses: adaptation of special provisions as to married persons.

4.—(1) Where a payment to which section 3 applies is made in a year of assessment by a party to a marriage (being a marriage which has not been dissolved or annulled) and both parties to the marriage are resident in the State for that year, section 195 (inserted by the Finance Act, 1980 ) of the Income Tax Act, 1967 , shall have effect in relation to the parties to the marriage for that year of assessment as if— (a) in subsection (1), “, where the wife is living with the husband,” were deleted, and (b) subsection (4) were deleted.

Amendment of section 6 (special allowance in respect of P.R.S.I. for 1982-83) of Finance Act, 1982.

5.—

Section 6

of the Finance Act, 1982 , shall have effect, for the purpose of ascertaining the amount of income on which an individual referred to therein is to be charged to income tax for the year 1983-84, as if in subsection (2)— (a) “1983-84” were substituted for “1982-83”, and (b) “£286” were substituted for “£312”, in each place where it occurs.

Amendment of Part IX (special provisions relating to year of marriage) of Income Tax Act, 1967.

6.—

Part IX

of the Income Tax Act, 1967 , is hereby amended in Chapter I (inserted by the Finance Act, 1980 ) by the insertion after section 195 of the following section: “Special provisions relating to year of marriage.

195A.—(1) In this section— ‘income tax month’ has the meaning assigned to it by section 124; ‘year of marriage’, in relation to a husband and his wife, means the year of assessment in which their marriage took place.

Cesser of Part XX (relief to investors in Irish securities) of Income Tax Act, 1967.

7.—Part XX of the Income Tax Act, 1967 , shall not apply or have effect in relation to any distribution or payment of interest referred to in that Part that is made on or after the 9th day of February, 1983.

Amendment of section 344 (exemption of interest on certain deposits) of Income Tax Act, 1967.

8.—

Section 344

of the Income Tax Act, 1967 , is hereby amended, as respects the year 1983-84 and subsequent years of assessment— (a) by the substitution in subsection (1) (inserted by the Finance Act, 1980 ) of “£120” for “£150”, in each place where it occurs, and of “£50” for “£70”, (b) by the substitution in subsection (2) (inserted by the Finance Act, 1980 ) of “£120” for “£150” and of “£50” for “£70”, and (c) by the substitution in subsection (4) of the following definition for the definition of “the commercial banks”: “‘the commercial banks’ means Allied Irish Banks Limited, the Bank of Ireland, the Northern Bank Limited, the Ulster Bank Limited, Ansbacher & Company Limited, Barclays Commercial Bank Limited, Guinness & Mahon Limited, Chase Bank (Ireland) Limited and the Agricultural Credit Corporation, Limited;”, and the said subsections (1) and (2), as so amended, are set out in the Table to this section.

TABLE

Provided that the total sums to be so disregarded shall not exceed £120:

Provided also that the provisions of this Act as regards the making by the individual of a return of his total income shall apply as if this section had not been enacted.

Amendment of Part XXVI (appeals) of Income Tax Act, 1967.

9.—Part XXVI of the Income Tax Act, 1967 , is hereby amended— (a) as respects appeals against assessments made after the passing of this Act— (i) in section 416— (I) by the substitution of the following subsection for subsection (6): “(6) (a) In default of notice of appeal by a person to whom notice of assessment has been given the assessment made on him shall be final and conclusive. (b) Where a person who has given notice of appeal against an assessment does not attend before the Appeal Commissioners at the time and place appointed for the hearing of his appeal, the assessment made on him shall, subject to subsection (8), have the same force and effect as if it were an assessment in respect of which no notice of appeal had been given. (c) Where on the hearing of an appeal against an assessment— (i) no application is or has been made to the Appeal Commissioners before or during the hearing of the appeal by or on behalf of the appellant for an adjournment of the proceedings on the appeal or such an application is or has been made and is or was refused (but such an application shall not be refused before the expiration of a period of 9 months from the end of the year of assessment to which the assessment appealed against relates or from the date on which the notice of the assessment was given to the appellant, whichever is the earlier) and (ii) (A) a return of his income for the relevant year of assessment has not been made by the appellant, or (B) such a return has been made but all the statements of profits and gains, schedules and other evidence relating to such return have not been furnished by or on behalf of the appellant, the Appeal Commissioners shall make an order dismissing the appeal against the assessment and thereupon the assessment shall have the same force and effect as if it were an assessment in respect of which no notice of appeal had been given:

Provided that this paragraph shall not apply if, on the hearing of the appeal, the Appeal Commissioners are satisfied that sufficient information has been furnished by or on behalf of the appellant to enable them to determine the appeal at that hearing.”, (II) in subsection (7)— (A) by the insertion in paragraph (a) after “behalf” of “within 12 months after the date of the notice of assessment”, and (B) by the insertion of the following paragraphs after paragraph (c): “(d) Notwithstanding the provisions of paragraph (a), an application made after the expiration of the time specified in that paragraph which, but for that expiration, would have been allowed under the said paragraph (a) may be allowed under that paragraph if at the time of the application— (i) there has been submitted to the inspector or other officer a return of income, statements of profits and gains and such other information as in his opinion would enable the appeal to be settled by agreement under subsection (3), and (ii) the tax charged by the assessment in respect of which the application is made has been paid together with any interest thereon chargeable under the provisions of section 550. (e) If on an application referred to in paragraph (d) the inspector or other officer is not satisfied that the information submitted would be sufficient to enable the appeal to be settled by agreement under subsection (3) or if the tax and interest mentioned in paragraph (d) (ii) have not been paid, he shall by notice in writing inform the applicant that his application has been refused. (f) Within 15 days after the date of a notice under paragraph (e) the applicant may by notice in writing require the inspector or other officer to refer his application to the Appeal Commissioners and, in relation to an application so referred, if— (i) the application is one which, but for the expiration of the period specified in paragraph (a), would have been allowed under paragraph (c) if the application had been referred to the Appeal Commissioners under that paragraph, (ii) at the time the application is referred to the Appeal Commissioners the tax charged by the assessment in respect of which the application is made, together with any interest thereon chargeable under section 550, has been paid, and (iii) the information submitted to the inspector or other officer is such that in the opinion of the Appeal Commissioners the appeal is likely to be determined on the first occasion on which it comes before them for hearing, the Appeal Commissioners may allow the application.

(g) Where an application in relation to an appeal against an assessment has been allowed under paragraph (d) or (f) and an overpayment of tax arises by reason of the determination of the appeal, the provisions of section 30

TABLE

Amendment of section 496 (repayment for interest paid to banks, discount houses, etc.) of Income Tax Act, 1967.

10.—

Section 496

of the Income Tax Act, 1967 , is hereby amended, as respects the year 1983-84 and subsequent years of assessment, in subsection (2A) (inserted by the Finance Act, 1980 )— (a) by the substitution of “the 6th day of April, 1983” for “the 6th day of April, 1980”, and (b) by the substitution of “£4,000” for “£4,800”, of “£2,900” for “£3,500” and of “£2,000” for “£2,400”, and the said subsection (2A), as so amended, is set out in the Table to this section.

TABLE (2A) In relation to any interest paid in respect of any period beginning on or after the 6th day of April, 1983, notwithstanding the provisions of subsection (1), no repayment of tax shall be made under this section for any year of assessment— (a) in the case of a husband, who is assessed to tax for the year of assessment in accordance with the provisions of section 194, on the excess of the interest over £4,000, (b) in the case of a widowed person, on the excess of the interest over £2,900, or (c) in any other case, on the excess of the interest over £2,000.

Chapter II

Taxation of Farming Profits Charge of farming profits under Schedule D.

11.—

Part I

of the Finance Act, 1974 , is hereby amended, as respects the year 1983-84 and subsequent years of assessment, by the substitution for section 15 of the following section: “Farming profits to be charged under Schedule D.

15.—(1) All farming in the State shall be treated as the carrying on of a trade or, as the case may be, of part of a trade, and the profits or gains thereof shall be charged to tax under Case I of Schedule D accordingly.

Provided that this subsection shall not prejudice or restrict the operation of section 58 of the Income Tax Act, 1967 , where a partnership trade of farming is set up and commenced or is permanently discontinued.”.

Application for 1983-84 of section 20A (optional basis of assessment) of Finance Act, 1974.

12.—Section 20A (inserted by the Finance Act, 1978 ) of the Finance Act, 1974 , shall have effect for the year 1983-84 as if— (a) in paragraph (a)— (i) “1983-84” were substituted for “1978-79” in each place where it occurs, (ii) “ section 15 of the Finance Act, 1974 (inserted by section 11 of the Finance Act, 1983)” were substituted for “ section 13 of the Finance Act, 1978 ” in subparagraph (ii), and (iii) “1983” were substituted for “1978” in subparagraph (II), and (b) in paragraph (b), “1983-84” were substituted for “1978-79” in each place where it occurs.

Farming: provision relating to relief in respect of increase in stock values.

13.—

Section 13

TABLE

Amendment of section 307 (relief for losses) of Income Tax Act, 1967.

14.—

Section 307

of the Income Tax Act, 1967 , is hereby amended, as respects the year 1983-84 and subsequent years of assessment, by the substitution of the following subsection for subsection (1A) (inserted by the Finance Act, 1974 ): “(1A) This section applies in any case where farming is carried on other than in the case of an individual who has sustained a loss in the carrying on of farming and who is not chargeable to tax in respect of profits or gains from farming for the year of assessment in which the loss is sustained.”.

Amendment of section 22 (farm buildings: capital allowances) of Finance Act, 1974.

15.—

Section 22

(inserted by the Corporation Tax Act, 1976 ) of the Finance Act, 1974 , is hereby amended, as respects the year 1983-84 and subsequent years of assessment,— (a) in subsection (1), by the substitution of “section 15” for “section 15(1)”, and (b) by the substitution of the following subsection for subsection (2B): “(2B) Where, for any year of assessment, an individual is not chargeable to tax in respect of profits or gains from farming in accordance with the provisions of section 58 of the Income Tax Act, 1967 , and that year is a year of assessment in respect of which, if he had been so chargeable, he could have claimed a farm buildings allowance under this section, that allowance shall, for the purposes of this section, be deemed to have been made for that year of assessment and shall not be carried forward and set off against profits or gains chargeable for any subsequent year of assessment.”, and the said subsection (1), as so amended, is set out in the Table to this section.

TABLE

Chapter III

Income Levy Income levy.

16.—(1) With effect from the 6th day of April, 1983, there shall be paid, subject to and in accordance with the provisions of subsection (2), by or in respect of an individual who is over the age of sixteen years, a levy (which shall be known as “income levy”).

Chapter IV

Anti-avoidance and Anti-evasion Amendment of section 175 (power to obtain information as to interest paid or credited without deduction of tax) of Income Tax Act, 1967.

17.—For the purpose of preventing the evading by persons ordinarily resident in the State of liability to tax— (a) by the placing of money on deposit with different branches or offices maintained by or in connection with a trade or business in the ordinary course of which interest becomes payable or creditable in respect of that money and which is carried on by a person who is required by notice from the inspector given under section 175 of the Income Tax Act, 1967 , to make a return of interest paid or credited by him in respect of money received or retained by him, or (b) by the making of false declarations under subsection (4) of the said section 175, it is hereby enacted as follows:—

(1)

Section 13

of the Finance Act, 1968 , shall not apply or have effect, in relation to any return of interest paid or credited referred to in the said section 175, where the return is of interest paid or credited during a year beginning on or after the 10th day of February, 1982.

Provided that: (i) if the person on whom the notice is served is not satisfied that the person who served the notice was ordinarily resident outside the State when the interest was paid or credited— (A) there shall be given to the person on whom the notice is served an affidavit, made by the person who served the notice, stating his name and address and the country in which he was ordinarily resident when the interest was paid or credited, and (B) if the person who served the notice was not beneficially entitled to that interest when it was paid or credited, the affidavit shall state, in addition to the particulars specified in paragraph (A), the name and address of the person who was so entitled and the country in which he was ordinarily resident when the interest was paid or credited, and (ii) if the person on whom the notice is served is satisfied that the person who served the notice was not ordinarily resident in the State when the interest was paid or credited and, if the latter person declares in the notice, or in a subsequent notice served on the person on whom the first-mentioned notice was served, that he was not beneficially entitled to the interest when it was paid or credited, he shall, if the person so entitled (hereafter referred to as the ‘beneficial owner’) is ordinarily resident in the State, state in one of the notices aforesaid, or in a subsequent notice served on the person on whom the first-mentioned notice was served, the name and address of the beneficial owner.”, and (b) by the insertion after the said subsection (4) of the following subsection: “(5) A person to whom subsection (1) applies— (a) shall keep and retain any notice served upon him in accordance with subsection (4), and any affidavit that accompanied the notice, for a period of six years from the date of the service of the notice, (b) shall, if requested in writing by the Revenue Commissioners to do so, inform the Revenue Commissioners, within the time specified in the request, whether a notice has been served upon him in accordance with subsection (4) by such person as is named, and whose address is stated, in the request, and (c) shall, if requested in writing by the Revenue Commissioners to do so, furnish to the Revenue Commissioners, within the time specified in the request, such notice served upon him in accordance with subsection (4) as is specified in the request and the affidavit that accompanied that notice.”, and the said subsection (4), as so amended, is set out in the Table to this subsection.

TABLE

Provided that: (i) if the person on whom the notice is served is not satisfied that the person who served the notice was ordinarily resident outside the State when the interest was paid or credited— (A) there shall be given to the person on whom the notice is served an affidavit, made by the person who served the notice, stating his name and address and the country in which he was ordinarily resident when the interest was paid or credited, and (B) if the person who served the notice was not beneficially entitled to that interest when it was paid or credited, the affidavit shall state, in addition to the particulars specified in paragraph (A), the name and address of the person who was so entitled and the country in which he was ordinarily resident when the interest was paid or credited, and (ii) if the person on whom the notice is served is satisfied that the person who served the notice was not ordinarily resident in the State when the interest was paid or credited and, if the latter person declares in the notice, or in a subsequent notice served on the person on whom the first-mentioned notice was served, that he was not beneficially entitled to the interest when it was paid or credited, he shall, if the person so entitled (hereafter referred to as the “beneficial owner”) is ordinarily resident in the State, state in one of the notices aforesaid, or in a subsequent notice served on the person on whom the first-mentioned notice was served, the name and address of the beneficial owner.

Information to be furnished by financial institutions.

18.—(1) In this section— “authorised officer” means an inspector or other officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section; “books” means— (a) bankers' books, within the meaning of the Bankers' Books Evidence Acts, 1879 and 1959, and (b) records and documents of persons referred to in section 7

Chargeability of certain profits or gains.

19.—(1) Profits or gains shall be chargeable to tax notwithstanding that at the time an assessment to tax in respect of those profits or gains was made— (a) the source from which those profits or gains arose was not known to the inspector, (b) the profits or gains were not known to him to have arisen wholly or partly from a lawful source or activity, or (c) the profits or gains arose and were known to him to have arisen from an unlawful source or activity, and any question whether those profits or gains arose wholly or partly from an unknown or unlawful source or activity shall be disregarded in determining the chargeability to tax of the said profits or gains.

Return of property.

20.—(1) (a) In this section— “asset” includes any interest in an asset; “limited interest” means— (i) an interest (other than a leasehold interest) for the duration of a life or lives or for a period certain; or (ii) any other interest which is not an absolute interest; “minor child” means a child who has not attained the age of 21 years on the specified date and who has not married on or before that date; “prescribed” means prescribed by the Revenue Commissioners; “property” includes interests and rights of any description, and, without prejudice to the generality of the foregoing, includes— (i) in the case of a limited interest, the property in which the limited interest subsists or on which it is charged or secured or on which there exists a right to have it charged or secured, (ii) an interest in expectancy, (iii) an interest or share in a partnership, joint tenancy or estate of a deceased person, (iv) stock or shares in a company which is in course of liquidation, (v) an annuity, and (vi) property comprised in a settlement which the person concerned is empowered to revoke; “settlement” has the meaning assigned to it by section 447 of the Income Tax Act, 1967 ; “specified date”, in relation to a notice under subsection (2), means the date specified in the notice; “tax” means income tax. (b) For the purposes of this section the cost of acquisition to a person of an asset shall include— (i) the amount or value of the consideration, in money or money's worth, given by him or on his behalf for the acquisition of the asset, together with the incidental costs to him of the acquisition or, if the asset was not acquired by him, any expenditure incurred by him in providing the asset, and (ii) the amount of any expenditure incurred on the asset by him or on his behalf for the purpose of enhancing the value of the asset, being expenditure reflected in the state or nature of the asset at the specified date and any expenditure incurred by him in establishing, preserving or defending his title to, or to a right over, the asset.

Return by nominee holders of securities.

21.—(1) If, for any purpose of the Tax Acts, any person in whose name any securities are registered is so required by notice in writing given to him by an inspector, he shall, within the time specified in the notice, state whether or not he is the beneficial owner of the securities and, if he is not the beneficial owner of the securities or any of them, he shall furnish in respect of each person on whose behalf the securities are registered in his name— (a) the name and address of such person, (b) the nominal value of the securities so registered on behalf of the person and, in so far as the securities consist of shares in a company, the number and class of such shares, and (c) the date on which each security was so registered in his name on behalf of the person.

Obligation to show tax reference number on receipts, etc.

22.—(1) In this section— “business” means— (a) a profession, or (b) a trade consisting solely of the supply (which word has in this paragraph the same meaning as in the Value-Added Tax Acts, 1972 to 1983) of a service and includes, in the case of a trade part of which consists of the supply of a service, that part, and also includes, in the case of a trade the whole or part of which consists of the supply of a service which incorporates the supply of goods in the course of the supply of that service, that trade or that part, as the case may be; “specified person”, in relation to a business, means— (a) in case the business is carried on by an individual, that individual, and (b) in case the business is carried on by a partnership, the precedent partner; “tax reference number”, in relation to a specified person, means each of the following: (a) the Revenue and Social Insurance (RSI) Number stated on any certificate of tax-free allowances issued to that person by an inspector, not being a certificate issued to an employer in respect of an employee of that employer, (b) the reference number stated on any return of income form or notice of assessment issued to that person by an inspector, and (c) the registration number of that person for the purposes of value-added tax.

Publication of names of tax defaulters.

23.—(1) In this section “the Acts” means— (a) the Tax Acts, (b) the Capital Gains Tax Acts, (c) the Value-Added Tax Act, 1972 , and the enactments amending or extending that Act, (d) the Capital Acquisitions Tax Act, 1976 , and the enactments amending or extending that Act, (e) the statutes relating to stamp duty and to the management of that duty, and (f)

Part VI

, and any instruments made thereunder.

Chapter V

Income Tax and Corporation Tax Amendment of section 58 (Schedule D deduction of payments to trustees) of Finance Act, 1982.

24.—

Section 58

TABLE 58.—(1) As respects any accounting period, any sum expended in that accounting period by the company concerned or, in the case of a group scheme, by a participating company in making a payment or payments to the trustees of an approved scheme shall be included— Amendment of provisions relating to restriction of relief for interest.

25.—(1)

Section 21

of the Finance Act, 1982 , is hereby amended by the substitution of the following subsection for subsection (3)— “(3) (a) Notwithstanding the provisions of subsection (2), the principal sections shall apply— (i) in relation to a loan or loans made after the operative date but on or before the 9th day of February, 1983, to interest paid or payable on such loan or loans on or before the 5th day of April, 1985, and (ii) in relation to a loan or loans made after the 9th day of February, 1983, to interest paid or payable on such loan or loans on or before the 5th day of April, 1983, to the extent that the amount of the loan or the aggregate amount of the loans on which such interest is paid or payable in a year of assessment does not exceed the specified limit for the year of assessment and, if the said amount or the said aggregate amount on which interest is paid or payable on the loan or loans exceeds the specified limit for the year of assessment, the principal sections shall apply only to so much of that interest as bears to the whole of that interest the same proportion as that part of the said amount or the said aggregate amount which does not exceed the specified limit bears to the whole of the said amount or the said aggregate amount. (b) In this subsection ‘specified limit’, in relation to a year of assessment, means— (i) in the case of a husband who is assessed to tax for the year of assessment in accordance with the provisions of section 194 of the Income Tax Act, 1967 , £5,000, (ii) in the case of a widowed person, £3,600, or (iii) in any other case, £2,500.”.

(2)

Section 23

of the Finance Act, 1982 , is hereby amended by the substitution of the following subsection for subsection (3)— “(3) In relation to— (a) relevant interest paid on or before the 5th day of April, 1985, on all loans made after the operative date but on or before the 9th day of February, 1983, (b) relevant interest paid on or before the 5th day of April, 1983, on all loans made after the 9th day of February, 1983, (c) interest— (i) paid on or after the 6th day of April, 1983, on all loans made after the 9th day of February, 1983, (ii) paid on or after the 6th day of April, 1985, on all loans whenever made, (iii) paid after the operative date on an overdraft which was not in existence on that date, (iv) paid on or after the 6th day of April, 1983, on an overdraft which was in existence on the operative date, and (d) interest on an overdraft referred to in paragraph (c) (iv) where that interest is paid in the year ending on the 5th day of April, 1983, in so far as the amount of the interest exceeds the amount of the interest which would have been payable for that year on the amount of the overdraft on the operative date at the rate at which interest on that amount was chargeable on the operative date, section 10 of the Corporation Tax Act, 1976 , shall have effect as if the following subsection were substituted for subsection (6)— ‘(6) Subject to subsection (7), interest shall not be treated as a charge on income.’.”.

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

26.—(1) Section 31A (inserted by the Finance Act, 1976 ) of the Finance Act, 1975 , is hereby amended by the substitution of “1983” for “1982” (inserted by the Finance Act, 1982 )— (a) in paragraph (iv) (inserted by the Finance Act, 1979 ) of the proviso (inserted by the Finance Act, 1977 ) to subsection (4) (a), (b) in subsection (7) (inserted by the Finance Act, 1977 ), and (c) in subsection (9) (inserted by the Finance Act, 1977 ) in each place where it occurs, and the said paragraph, the said subsection (7) (other than the proviso) and the said subsection (9) (other than the proviso), as so amended, are set out in the Table to this subsection.

TABLE (iv) a deduction shall not be allowed under the provisions of this section in computing a company's trading income for any accounting period which ends on or after the 6th day of April, 1983.

(2)

Section 12

of the Finance Act, 1976 , is hereby amended— (a) by the substitution in subsection (3) of “1983-84” for “1982-83” (inserted by the Finance Act, 1982 ), and (b) by the substitution of “1983” for “1982” (inserted by the Finance Act, 1982 ) in each place where it occurs in subsection (5) (inserted by the Finance Act, 1978 ) and subsection (6) (inserted by the Finance Act, 1977 ), and the said subsection (3), the said subsection (5) (other than the proviso) and the said subsection (6) (other than the proviso), as so amended, are set out in the Table to this subsection.

TABLE

Application of section 31 (building societies) of Corporation Tax Act, 1976, for 1983-84.

27.—(1)

Section 40

Distributions: increase in tax credits, etc.

28.—(1)

Section 28

(2)

Section 45

Section 28

Application of section 23 (deduction for certain expenditure on construction of rented residential accommodation) of Finance Act, 1981.

29—(1)

Section 23

(hereafter in this section and in section 30 referred to as “the principal section”) of the Finance Act, 1981 , is hereby amended by the substitution in subsection (1) (a), in the definition of “qualifying period”, of “1987” for “1984”, and the said definition, as so amended, is set out in the Table to this subsection.

TABLE “qualifying period” means the period commencing on the 29th day of January, 1981, and ending on the 31st day of March, 1987;

Provided that a house (being a flat or maisonette of the kind mentioned in the definition) the total floor area of which is more than 75 square metres shall not be a qualifying premises by virtue of this subsection unless it contains three or more bedrooms; and, for the purposes of this proviso, “bedroom” means a room which is certified by the Minister for the Environment— (a) to have been designed and constructed for use as a bedroom, and (b) to be suitable for such use.

Application of section 24 (provisions supplementary to section 23) of Finance Act, 1981.

30.—(1) Subsections (2), (3) and (4) of section 29 shall, with any necessary modifications, apply to expenditure to which this section applies as they apply to expenditure to which that section applies.

Chapter VI

Corporation Tax Continuance of relief in respect of increase in employment.

31.—

Chapter VII

of

Part I

of the Finance Act, 1982 , shall have effect as respects an accounting period or part of an accounting period of a company falling within the year ending on the 30th day of June, 1984, as it has effect as respects an accounting period or part of an accounting period of a company falling within the year ending on the 30th day of June, 1983, subject to the modifications that— (a) in section 43 of that Act, in the definition of “relevant period”, “1984” shall be substituted for “1983”, (b) in sections 44 and 45 of that Act, “1983” shall be substituted for “1982” in each place where it occurs, and (c) in section 46 of that Act, “1982” shall be substituted for “1981”.

Exemption from corporation tax of profits of Bord Gáis Éireann.

32.—Notwithstanding any provision of the Corporation Tax Acts, profits arising to Bord Gáis Éireann in any accounting period ending after the 31st day of December, 1982, shall be exempt from corporation tax.

Amendment of section 56 (export of certain goods) of Corporation Tax Act, 1976.

33.—

Section 56

of the Corporation Tax Act, 1976 , is hereby amended, as respects sales (whether made before or after the passing of this Act) of any pigmeat product, by the substitution in subsection (1) for the definition of “the Commission” of the following definition: “‘the Commission’ means the Pigs and Bacon Commission or the Pigs and Bacon Commission Limited, as the case may be;”.

Extension of exempted transactions in relation to agricultural societies.

34.—The Second Schedule to the Finance Act, 1978 , is hereby amended by the insertion in paragraph 2 of Part I before “warble fly eradication” of “services provided in the course of promoting the breeding, registration and sale of pedigree breeds of farm livestock”.

Amendment of section 98 (loans to participators, etc.) of Corporation Tax Act, 1976.

35.—

Section 98

of the Corporation Tax Act, 1976 , is hereby amended by the insertion after subsection (8) of the following subsection: “(9) For the purposes of this section and in relation to any loan or advance made on or after the 23rd day of May, 1983, section 94 (1) shall have effect as if the reference in paragraph (b) to a registered industrial and provident society were deleted.”.

Amendment of section 143 (return of profits) of Corporation Tax Act, 1976.

36.—

Section 143

of the Corporation Tax Act, 1976 , is hereby amended by the substitution of the following subsection for subsection (7): “(7) (a) Where a company which has been duly required to deliver a return under this section fails to deliver the return, or where the inspector is not satisfied with the return delivered by any such company, an authorised officer may serve on that company a notice in writing or notices in writing requiring it to do any of the following things, that is to say— (i) to deliver to the inspector or to the authorised officer copies of such accounts (including balance sheets) of the company as may be specified or described in the notice, within such period as may be therein specified, including, where the accounts have been audited, a copy of the auditor's certificate; (ii) to make available, within such time as may be specified in the notice, for inspection by an inspector or by an authorised officer, all such books, accounts and documents in the possession or power of the company as may be specified or described in the notice, being books, accounts and documents which contain information as to profits, assets or liabilities of the company. (b) The inspector or authorised officer may take copies of, or extracts from, any books, accounts or documents made available for his inspection under this subsection. (c) The reference in subsection (8) (a) to the delivery of a return shall be deemed to include a reference to the doing of any of the things specified in subparagraphs (i) and (ii) of paragraph (a) of this subsection. (d) In this subsection ‘an authorised officer’ means an inspector or other officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this subsection.”.

Amendment of section 146 (appeals) of Corporation Tax Act, 1976.

37.—

Section 146

of the Corporation Tax Act, 1976 , is hereby amended by the substitution of the following subsection for subsection (1): “(1) The provisions of Part XXVI (Appeals) of the Income Tax Act, 1967 , shall apply for the purposes of corporation tax as they apply for the purposes of income tax and, accordingly, in those provisions— (a) any reference to income tax shall be taken as including a reference to corporation tax, (b) any reference to a year of assessment shall be taken as including a reference to an accounting period, (c) any reference to a return of income shall be taken as including a reference to a return under section 143, and (d) any reference to the Income Tax Acts shall be taken as including a reference to the Corporation Tax Acts.”.

Chapter VII

Advance Corporation Tax Liability for advance corporation tax.

38.—Save as is otherwise provided for in this Chapter, where a company resident in the State makes a distribution on or after the 9th day of February, 1983, it shall be liable to make a payment of corporation tax (to be known as “advance corporation tax”) in accordance with this Chapter and, subject to section 41 , the amount of that payment shall, whether or not the recipient of the distribution is a person entitled to a tax credit in respect thereof, be equal to the amount of the tax credit to which a recipient who is such a person is entitled in respect thereof.

Set-off of advance corporation tax.

39.—(1) Advance corporation tax paid by a company (and not repaid) in respect of any distribution made by it in an accounting period shall be set, so far as possible, against its liability to corporation tax on any income charged to corporation tax for that accounting period and shall accordingly discharge a corresponding amount of that liability.

Rectification of excessive set-off of advance corporation tax.

40.—If an inspector discovers that any set-off of advance corporation tax under section 39 ought not to have been made, or is or has become excessive, the inspector may make any such assessments as may in his judgment be required for recovering any tax that ought to have been paid and generally for securing that the resulting liabilities to tax (including interest on unpaid tax) of the persons concerned are what they would have been if only such set-offs had been made as ought to have been made.

Calculation of advance corporation tax where company receives distributions.

41.—(1) Where in any accounting period a company receives a distribution, the company shall not be liable to pay advance corporation tax in respect of distributions made by it in that period unless the aggregate amount of the tax credits in respect of the distributions made by it in the period exceeds the aggregate amount of the tax credits in respect of distributions received by it in the period.

Tax credit recovered from company.

42.—(1) Where under any provision of the Corporation Tax Acts a company obtains payment of a tax credit in respect of a distribution received by it on or after the 9th day of February, 1983, and that tax credit or any part thereof is subsequently recovered from the company by an assessment on it to income tax under Case IV of Schedule D, then the amount of the tax credit so recovered shall be treated for the purposes of section 41 as if it were a tax credit in respect of a distribution received by the company in the accounting period in which the amount is so recovered.

Restriction as to payment of tax credit.

43.—(1) Where— (a) by virtue of section 41 the amount of advance corporation tax payable by a company in respect of distributions made by it in an accounting period is less than the amount of advance corporation tax which would have been payable by the company in respect of those distributions if that section had not been enacted, and (b) either— (i) no amount is treated under section 41

Group-dividends.

44.—(1) Where a company receives dividends from another company (both being companies resident in the State) and the company paying the dividends is— (a) a 51 per cent. subsidiary of the other or of a company so resident of which the other is a 51 per cent. subsidiary, or (b) a trading or holding company owned by a consortium the members of which include the company receiving the dividends, then, subject to the following provisions of this section, the company receiving the dividends and the company paying them may jointly elect that this subsection shall apply to the dividends received from the latter by the former, and so long as the election is in force— (i) any such dividends shall be treated as not being distributions for the purposes of either section 38 or 41 , and (ii) the tax credits in respect of those dividends shall not be available for payment, under any provision of the Corporation Tax Acts, to the company by which the dividends are received.

Surrender of advance corporation tax.

45.—(1) Where a company (hereafter in this section referred to as “the surrendering company”) has paid an amount of advance corporation tax in respect of a dividend or dividends paid by it in an accounting period and the advance corporation tax has not been repaid, and if throughout the accounting period the surrendering company would be treated as a member of a group of companies for the purposes of group relief under Part XI of the Corporation Tax Act, 1976 , it may, on making a claim to the inspector, surrender the benefit of the whole or any part of that amount to any company (hereafter in this section referred to as “the recipient company”) which for the purposes of the said group relief would be treated as a member of the same group of companies throughout that accounting period or (in such proportions as the surrendering company may determine) to any two or more such companies.

Change in ownership of company: calculation and treatment of advance corporation tax.

46.—(1) This section applies if— (a) within any period of three years there is both a change in the ownership of a company and (either earlier or later in that period, or at the same time) a major change in the nature or conduct of a trade or business carried on by the company, or (b) at any time after the scale of the activities in a trade or business carried on by a company has become small or negligible, and before any considerable revival of the trade or business, there is a change in ownership of the company.

(8)

Section 149

of the Corporation Tax Act, 1976 , shall apply in relation to a notice given under paragraph 9 of Part I of the Fifth Schedule to the Finance Act, 1973 (as applied for the purposes of this section by subsection (7)) as it applies in relation to such a notice given for the purposes of section 27 of the Corporation Tax Act, 1976 .

Distributions to certain non-resident companies.

47.—(1) (a) This section applies to any distribution which— (i) is a distribution by virtue only of section 84

TABLE 361. (1) If the Government by order declare that arrangements specified in the order have been made with the government of any territory outside the State in relation to affording relief from double taxation in respect of income tax or corporation tax and any taxes of a similar character, imposed by the laws of the State or by the laws of that territory, and that it is expedient that those arrangements should have the force of law, then, subject to the provisions of this Part and section 47 of the Finance Act, 1983, the arrangements shall, notwithstanding anything in any enactment, other than the said section 47 , have the force of law.

Interest in respect of certain securities.

48.—(1) Subject to subsection (2), this section applies to any interest which is a distribution and which is paid by a company in respect of a security of the company falling within subparagraph (ii), (iii) (I) or (v) of section 84

Provided that an obligation shall be treated for the purposes of paragraph (b) as having been entered into before a particular date if, but only if, before that date, there was in existence a binding contract in writing under which that obligation arose and, where that contract was subject to the execution of a loan agreement, that the loan agreement was duly executed before the 9th day of June, 1983.

Dividends paid before 1st July, 1983.

49.—(1) This section applies to a dividend which is paid by a company on or after the 9th day of February, 1983, and before the 1st day of July, 1983, and which— (a) was declared by the company in general meeting before the first-mentioned date, or (b) was declared in general meeting on or after the first-mentioned date, but in accordance with a recommendation of the directors, and the directors' decision to make that recommendation was, with the authority of the directors, publicly announced before that date, or (c) was paid in accordance with a decision of the directors, and that decision was, with their authority, publicly announced before the first-mentioned date.

Returns and collection of advance corporation tax.