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 1. Amendment of section 1 (exemption from income tax) of Finance Act, 1980. 2. Alteration of rates of income tax. 3. Maintenance in the case of separated spouses. 4. Separated spouses: adaptation of special provisions as to married persons. 5. Amendment of section 6 (special allowance in respect of P.R.S.I. for 1982-83) of Finance Act, 1982. 6. Amendment of Part IX (special provisions relating to year of marriage) of Income Tax Act, 1967. 7. Cesser of Part XX (relief to investors in Irish securities) of Income Tax Act, 1967. 8. Amendment of section 344 (exemption of interest on certain deposits) of Income Tax Act, 1967. 9. Amendment of Part XXVI (appeals) of Income Tax Act, 1967. 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 11. Charge of farming profits under Schedule D. 12. Application for 1983-84 of section 20A (optional basis of assessment) of Finance Act, 1974. 13. Farming: provision relating to relief in respect of increase in stock values. 14. Amendment of section 307 (relief for losses) of Income Tax Act, 1967. 15. Amendment of section 22 (farm buildings: capital allowances) of Finance Act, 1974. Chapter III Income Levy 16. Income levy. Chapter IV Anti-avoidance and Anti-evasion 17. Amendment of section 175 (power to obtain information as to interest paid or credited without deduction of tax) of Income Tax Act, 1967. 18. Information to be furnished by financial institutions. 19. Chargeability of certain profits or gains. 20. Return of property. 21. Return by nominee holders of securities. 22. Obligation to show tax reference number on receipts, etc. 23. Publication of names of tax defaulters. Chapter V Income Tax and Corporation Tax 24. Amendment of section 58 (Schedule D deduction of payments to trustees) of Finance Act, 1982. 25. Amendment of provisions relating to restriction of relief for interest. 26. Amendment of provisions relating to relief in respect of increase in stock values. 27. Application of section 31 (building societies) of Corporation Tax Act, 1976, for 1983-84. 28. Distributions: increase in tax credits, etc. 29. Application of section 23 (deduction for certain expenditure on construction of rented residential accommodation) of Finance Act, 1981. 30. Application of section 24 (provisions supplementary to section 23) of Finance Act, 1981. Chapter VI Corporation Tax 31. Continuance of relief in respect of increase in employment. 32. Exemption from corporation tax of profits of Bord Gáis Éireann. 33. Amendment of section 56 (export of certain goods) of Corporation Tax Act, 1976. 34. Extension of exempted transactions in relation to agricultural societies. 35. Amendment of section 98 (loans to participators, etc.) of Corporation Tax Act, 1976. 36. Amendment of section 143 (return of profits) of Corporation Tax Act, 1976. 37. Amendment of section 146 (appeals) of Corporation Tax Act, 1976. Chapter VII Advance Corporation Tax 38. Liability for advance corporation tax. 39. Set-off of advance corporation tax. 40. Rectification of excessive set-off of advance corporation tax. 41. Calculation of advance corporation tax where company receives distributions. 42. Tax credit recovered from company. 43. Restriction as to payment of tax credit. 44. Group dividends. 45. Surrender of advance corporation tax. 46. Change in ownership of company: calculation and treatment of advance corporation tax. 47. Distributions to certain non-resident companies. 48. Interest in respect of certain securities. 49. Dividends paid before 1st July, 1983. 50. Returns and collection of advance corporation tax. 51. Cesser of certain provisions. 52. Transitional reduction of advance corporation tax. 53. Application of Corporation Tax Acts. Chapter VIII Capital Gains Tax 54. Extension of section 19 (Government and other securities) of Capital Gains Tax Act, 1975. 55. Amendment of Schedule 4 (administration) to Capital Gains Tax Act, 1975. 56. Chargeable gains accruing on disposals by certain persons. PART II Customs and Excise 57. Foreign travel. 58. Televisions. 59. Video players. 60. Hydrocarbons. 61. Motor Vehicles. 62. Gaming licences. 63. Gaming machine licences. 64. Firearm certificates. 65. Dogs. 66. Auctioneers and house agents. 67. Bookmakers. 68. Repayment of excise duty on licences not used. 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. 70. Amendment of section 21 (duties on hydrocarbon oils) of Finance Act, 1935. 71. Amendment of section 23 (forfeiture) of Finance Act, 1946. 72. Amendment of section 34 (amendments relative to penalties) of Finance Act, 1963. 73. Excise duties on licences for mechanically propelled vehicles. 74. Increase of excise duty on driving licences. 75. Increase of excise duties on motor vehicle trade licences. 76. Confirmation of Orders. PART III Value-Added Tax 77. Interpretation (Part III). 78. Amendment of section 3 (delivery of goods) of Principal Act. 79. Amendment of section 8 (accountable persons) of Principal Act. 80. Amendment of section 9 (registration) of Principal Act. 81. Amendment of section 11 (rates of tax) of Principal Act. 82. Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act. 83. Amendment of section 15 (charge of tax on imported goods) of Principal Act. 84. Amendment of section 19 (tax due and payable) of Principal Act. 85. Amendment of section 25 (appeals) of Principal Act. 86. Amendment of Second Schedule to Principal Act. 87. Amendment of Third Schedule to Principal Act. 88. Insertion of Sixth Schedule in Principal Act. 89. Relief for hotels etc. PART IV Stamp Duties 90. Levy on banks. 91. Amendment of section 17 (stamp duty in respect of credit cards and charge cards) of Finance (No. 2) Act, 1981. 92. Amendment of section 74 (stamp duty on gifts inter vivos) of Finance (1909-10) Act, 1910. 93. Amendment of section 92 (levy on certain premiums of insurance) of Finance Act, 1982. PART V Revenue Offences 94. Revenue offences. PART VI Residential Property Tax 95. Interpretation (Part VI). 96. Charge of residential property tax. 97. Taxable residential property of a person. 98. Market value of property. 99. Apportionment of market values. 100. Market value exemption limit. 101. Income exemption limit. 102. Marginal reliefs. 103. Delivery of returns. 104. Assessment and payment of tax. 105. Interest on tax. 106. Payment to Collector. 107. Overpayment of tax. 108. Appeals regarding value of residential property. 109. Appeals in other cases. 110. Recovery of tax. 111. Evidence in proceedings for recovery. 112. Penalties. 113. Relief from double taxation. 114. Extension of certain Acts. 115. Regulations. 116. Authorisation of officers. PART VII Miscellaneous 117. Capital Services Redemption Account. 118. Amendment of section 54 of Finance Act, 1970. 119. Payments from Central Fund to Post Office Savings Bank Fund. 120. Repeals. 121. Care and management of taxes and duties. 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 (2) In this section “the specified amount” means— (a) in a case where the individual would, apart from this section, be entitled to a deduction specified in section 138 (a) of the Income Tax Act, 1967 , £4,800, and (b) in any other case, £2,400. 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) (3) The first £1,000 25 per cent. the reduced rate The next £3,000 35 per cent. the standard rate The next £2,000 45 per cent. } The next £2,000 55 per cent. the higher rates The next £2,000 60 per cent. The remainder 65 per cent. PART II Part of taxable income Rate of tax Description of rate (1) (2) (3) The first £2,000 25 per cent. the reduced rate The next £6,000 35 per cent. the standard rate The next £4,000 45 per cent. } The next £4,000 55 per cent. the higher rates The next £4,000 60 per cent. 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 (1) (inserted by the Finance Act, 1980 ) of the Income Tax Act, 1967 , and a maintenance arrangement relates to the marriage in consideration or in consequence of the dissolution or annulment of which or of the separation of the parties to which the maintenance arrangement was made or arises; “payment” means a payment or part of a payment, as the case may be. (ii) A reference in this section to a child of a person includes a child in respect of whom the person was, at any time before the making of the maintenance arrangement concerned, entitled to a deduction under section 141 of the Income Tax Act, 1967 . (b) (i) This section applies to payments made, directly or indirectly, by a party to a marriage under or pursuant to a maintenance arrangement relating to the marriage for the benefit of a child of his, or for the benefit of the other party to the marriage, being payments— (I) which are made at a time on or after the passing of this Act when the wife is not living with the husband, (II) the making of which is legally enforceable, and (III) which are annual or periodical: 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. (2) Notwithstanding anything contained in the Income Tax Acts, but subject to section 4 , as respects any payment to which this section applies which is made directly or indirectly by one party to the marriage to which the maintenance arrangement concerned relates for the benefit of the other party to the marriage— (a) the person making the payment shall not be entitled, on making the payment, to deduct and retain thereout any sum representing any amount of income tax thereon, (b) the payment shall be deemed for all purposes of the Income Tax Acts to be profits or gains arising to the said other party to the marriage and income tax shall be charged on that other party under Case IV of Schedule D in respect of those profits or gains, and (c) the party to the marriage by whom the payment is made, having made a claim in that behalf in the manner prescribed by the Income Tax Acts, shall be entitled for all purposes of the Income Tax Acts to deduct the payment in computing his total income for the year of assessment in which the payment is made. (3) Notwithstanding anything in the Income Tax Acts, as respects any payment to which this section applies which is made directly or indirectly by a party to the marriage to which the maintenance arrangement concerned relates for the benefit of any child of his— (a) the person making the payment shall not be entitled on making the payment, to deduct and retain thereout any sum representing any amount of income tax thereon, (b) the payment shall be deemed for all purposes of the Income Tax Acts not to be income of the child, (c) the total income for any year of assessment of the party to the marriage who makes the payment shall be computed for all purposes of the Income Tax Acts as if the payment had not been made, and (d) for the purposes of section 141 (6) of the Income Tax Act, 1967 , the payment shall be deemed to be an amount expended on the maintenance of the child by the party to the marriage who makes the payment and, notwithstanding that the payment is made to the other party to the marriage to be applied for or towards the maintenance of the child and is so applied, it shall be deemed for the aforementioned purposes not to be an amount expended by that other party on the maintenance of the child. (4) (a) The provisions of sections 146 and 149 of the Income Tax Act, 1967 , shall apply to a deduction under subsection (2) (c) as they apply to any allowance, deduction or relief under sections 138 to 145 of that Act. (b) The provisions of Schedule 4 to the Income Tax Act, 1967 , and of paragraph IX of Schedule 18 to that Act shall, with any necessary modifications, apply in relation to a deduction under subsection (2) (c). 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. (2) Where, by virtue of subsection (1), the parties to a marriage elect as provided for in section 195 (1) of the Income Tax Act, 1967 , then, as respects any year of assessment for which the election has effect— (a) subject to subsection (1) and paragraphs (b) and (c), all the provisions of the Income Tax Acts shall apply in the case of the parties to the marriage as they apply in the case of a husband and wife who have elected under the said section 195 (1) and whose election has effect for that year of assessment, (b) the total income or incomes of the parties to the marriage shall be computed for all purposes of the Income Tax Acts as if any payments to which section 3 applies made in that year of assessment by one party to the marriage for the benefit of the other party to the marriage had not been made, and (c) income tax shall be assessed, charged and recovered on the total income or incomes of the parties to the marriage as if an application under section 197 (inserted by the Finance Act, 1980 ) of the Income Tax Act, 1967 , had been made by one of the parties and that application had effect for that year of assessment. 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. (2) Section 195 shall not apply or have effect in relation to a husband and his wife for the year of marriage. (3) Where, on making a claim in that behalf, a husband and his wife prove that the amount equal to the aggregate of the tax paid and payable by the husband on his total income for the year of marriage and the tax paid and payable by his wife on her total income for the year of marriage is in excess of the tax which would have been payable by the husband on his total income and the total income of his wife for the year of marriage if— (a) he had been charged to tax for the year of marriage in accordance with section 194, and (b) he and his wife had been married to each other throughout the year of marriage, they shall be entitled, subject to subsection (4), to repayment of tax of an amount determined by the formula— B A ×__ 12 Where— A is the amount of the aforementioned excess, and B is the number of income tax months in the period between the date on which the marriage took place and the end of the year of marriage, part of an income tax month being treated for this purpose as an income tax month in a case where the period consists of part of an income tax month or of one or more income tax months and part of an income tax month. (4) Any repayment of tax under subsection (3) shall be allocated to the husband and to the wife concerned in proportion to the amounts of tax paid and payable by them, having regard to subsection (2), on their respective total incomes for the year of marriage. (5) Any claim for a repayment of tax under the provisions of subsection (3) shall be made in writing to the inspector after the end of the year of marriage and shall be made by the husband and wife concerned jointly. (6) All such provisions of the Income Tax Acts as apply in relation to deductions specified in sections 138 to 143 shall apply in relation to any repayment of tax under this section. (7) This section shall have effect in relation to tax for the year 1983-84 and subsequent years of assessment.”. 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 (1) Where the total income of an individual for the year of assessment includes, or would but for this section include, any sums (in this section referred to as “the said sums”) paid or credited in respect of interest on— (a) deposits with a trustee savings bank or with the Post Office Savings Bank, or (b) deposits with any of the commercial banks, the said sums shall be disregarded for all the purposes of the Income Tax Acts if or in so far as the said sums do not exceed— (i) in the case of sums representing interest on deposits mentioned in paragraph (a), £120, or (ii) in the case of sums representing interest on deposits mentioned in paragraph (b), £50: 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. (2) For the purposes of subsection (1) the question whether or how far the said sums exceed £120 or £50, as the case may be, shall, where by virtue of section 194, a woman's income is deemed to be her husband's, be determined separately as regards the part of his income which is his by virtue of that section and the part which is his apart from that section. 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 (4) of the Finance Act, 1976 , shall not apply to the amount or amounts giving rise to the overpayment.”, (III) in subsection (8), by the insertion before “subsection (6)” of “paragraph (b) of”, (IV) by the deletion of subsection (8A) (inserted by the Finance Act, 1968 ), and (V) in subsection (9), by the deletion in paragraph (a) of “unless the Revenue Commissioners otherwise direct”, (ii) in section 421, by the insertion of the following subsection after subsection (6): “(7) Every determination of an appeal by the Commissioners shall be recorded by them in the prescribed form at the time the determination is made and the Commissioners shall, within 10 days after the determination, transmit that form to the inspector or other officer.”, (iii) in section 428, by the substitution in subsection (3) of “£20” for “twenty shillings”, (iv) in section 429, by the insertion of the following subsection after subsection (1): “(1A) At or before the time of the rehearing of the appeal by the said judge the inspector or other officer shall transmit to the judge the prescribed form in which the Appeal Commissioners' determination of the appeal is recorded.”, and (v) in section 430, by the insertion in subsection (1) after “Commissioners” of “and any case stated by a judge pursuant to the said section 428 shall set forth the facts, the determination of the Appeal Commissioners and the determination of the judge”, and (b) as respects every hearing after the passing of this Act by the High Court or Supreme Court of a case stated under section 428 or 430— (i) in section 416 (10), by the deletion of “, and every hearing by the High Court or the Supreme Court of a case stated under section 428 or 430 shall, if the person whose chargeability to tax is the subject of the case stated so desires, be held in camera”, and (ii) by the deletion of section 420, and the said subsections (7)(a), (8), (9)(a) and (10) of section 416, the said subsection (3) of section 428 and the said subsection (1) of section 430, as so amended, are set out in the Table to this section. TABLE (7) (a) A notice of appeal not given within the time limited by subsection (1) shall be regarded as having been so given where, on an application in writing having been made to him in that behalf within 12 months after the date of the notice of assessment, the inspector or such other officer as aforesaid, being satisfied that, owing to absence, sickness or other reasonable cause, the applicant was prevented from giving notice of appeal within the time limited and that the application was made thereafter without unreasonable delay, notifies the applicant in writing that his application has been allowed. (8) In a case in which a person who has given notice of appeal does not attend before the Appeal Commissioners at the time and place appointed for the hearing of his appeal, paragraph (b) of subsection (6) shall not have effect if— (a) at the said time and place another person attends on behalf of the appellant and the Appeal Commissioners consent to hear that person, or (b) on an application in that behalf having been made to them in writing or otherwise at or before the said time, the Appeal Commissioners postpone the hearing, or (c) on an application in writing having been made to them after the said time the Appeal Commissioners being satisfied that, owing to absence, sickness or other reasonable cause, the appellant was prevented from appearing before them at the said time and place and that the application was made without unreasonable delay, direct that the appeal be treated as one the time for the hearing of which has not yet been appointed. (9) (a) Where action for the recovery of tax charged by an assessment, being action by way of the institution of proceedings in any court or the issue of a certificate under section 485 has been taken, neither subsection (7) nor subsection (8) shall apply in relation to that assessment until the said action has been completed. (10) Every rehearing of an appeal by the Circuit Court under section 429 shall be held in camera. (3) The party requiring the case shall pay to the Clerk to the Commissioners a fee of £20 for and in respect of the same, before he is entitled to have the case stated. (1) Section 428 shall, subject to the provisions of this section, apply to a determination given by a judge pursuant to section 429 in like manner as it applies to a determination by the Appeal Commissioners and any case stated by a judge pursuant to the said section 428 shall set forth the facts, the determination of the Appeal Commissioners and the determination of the judge. 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. (2) Notwithstanding anything to the contrary in Chapter III of Part IV of the Income Tax Act, 1967 , all farming carried on by any person whether solely or in partnership shall be treated as the carrying on of a single trade: 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 (1) of the Finance Act, 1982 , is hereby amended by the substitution of “1982-83 or any subsequent year of assessment” for “1982-83”, and the said section 13 (1), as so amended, is set out in the Table to this section. TABLE (1) Where, in computing profits from the trade of farming for an accounting period, a deduction allowed by virtue of section 12 of the Finance Act, 1976 , has effect for the year 1982-83 or any subsequent year of assessment— (a) section 31 (4) (a) of the Finance Act, 1975 (as applied by section 12 (2) (a) of the Finance Act, 1976 ), shall apply and have effect as if “less 20 per cent. of its trading profits for that period” were deleted, (b) the said section 12 shall have effect as if subsection (2) (c) (inserted by the Finance Act, 1979 ) had not been enacted, and (c) the amount of the said deduction shall, subject to the provisions of subparagraph (i) of the said section 31 (4) (a), be eleven-tenths of the amount of the deduction for that accounting period computed in accordance with paragraphs (a) and (b) of this subsection. 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 (1) This section applies to any person carrying on farming, the profits or gains of which are chargeable to tax in accordance with the provisions of section 15. 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”). (2) The provisions of— (a) sections 1 , 16 to 18 , 20 to 23 , 25 , 26 , 27 (2), 28 and 30 of the Youth Employment Agency Act, 1981 (referred to in this subsection as “the Act”), and (b) the Youth Employment Levy Regulations, 1982 (S.I. No. 84 of 1982), and the Youth Employment Levy (Amendment) Regulations, 1983 (S.I. No. 52 of 1983), (referred to in this subsection as “the Regulations”), shall, with the following modifications and with any other necessary modifications, apply in relation to income levy as they apply in relation to Youth Employment Levy— (i) in section 1(1) of the Act, the definition of “the Agency” shall be deleted, (ii) in sections 16, 17 and 18 of the Act, references to an individual referred to in section 15 of the Act shall be construed as references to an individual mentioned in subsection (1) of this section, (iii) references in the Act and in the Regulations (other than Regulation 21 of the Youth Employment Levy Regulations, 1982) to the Minister for Labour shall be construed as references to the Revenue Commissioners, (iv) references in the Act and in the Regulations to Youth Employment Levy shall be construed as references to income levy, (v) references in the Act and in the Regulations to a contribution year shall be construed as references to the year beginning on the 6th day of April, 1983, and ending on the 5th day of April, 1984, and (vi) in Regulation 21 of the Youth Employment Levy Regulations, 1982, the reference to the Minister for Labour shall be construed as a reference to the Collector-General, and Regulation 22 of those Regulations shall be deleted. 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. (2) The said section 175 is hereby amended, as respects any interest paid or credited at any time after the passing of this Act— (a) by the substitution in subsection (4) for “the person paying or crediting the interest shall not be required to include the interest in any such return.” of “the person paying or crediting the interest shall not be required to include the interest in any such return: 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 (4) The foregoing provisions of this section shall apply to interest paid or credited on or at any time after the 6th day of April, 1962, and only to money received or retained in the State, and, if a person to whom any interest is paid or credited in respect of any money received or retained in the State by notice in writing served on the person paying or crediting the interest— (a) declares that the person who was beneficially entitled to that interest when it was paid or credited was not then ordinarily resident in the State, and (b) requests that the interest shall not be included in any return under this section, the person paying or crediting the interest shall not be required to include the interest in any such return: 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 (4) of the Central Bank Act, 1971 ; “financial institution” means— (a) a person who holds or has held a licence under section 9 of the Central Bank Act, 1971 , and (b) a person referred to in section 7 (4) of that Act; “judge” means a judge of the High Court; “person” (other than in the definition of “financial institution”) means an individual who is ordinarily resident in the State. (2) Where— (a) a person who, for the purposes of tax, has been duly required by an inspector to deliver a statement of the profits or gains arising to him from any trade or profession or to deliver to the inspector a return of income, fails to deliver that statement or that return to the inspector, or (b) the inspector is not satisfied with such a statement or return so delivered, an authorised officer may, if he is of opinion that that person maintains or maintained an account or accounts, the existence of which has not been disclosed to the Revenue Commissioners, with a financial institution or that there is likely to be information in the books of that institution indicating that the said statement of profits or gains or the said return of income is false to a material extent, apply to a judge for an order requiring that financial institution to furnish the authorised officer— (i) with full particulars of all accounts maintained by that person, either solely or jointly with any other person or persons, in that institution during a period not exceeding ten years immediately preceding the date of the application, and (ii) with such information as may be specified in the order relating to the financial transactions of that person, being information recorded in the books of that institution which would be material in determining the correctness of the statement of profits or gains or the return of income delivered by that person or, in the event of failure to deliver such statement or return, would be material in determining the liability of that person to tax. (3) Where the judge to whom an application is made under subsection (2) is satisfied that there are reasonable grounds for making the application, he may, subject to such conditions as he may consider proper and specify in the order, make an order requiring the financial institution to furnish the authorised officer with such particulars and information as may be specified in the order. (4) Where a judge makes an order under this section, he may also, upon the application of the authorised officer concerned, make a further order prohibiting for such period as the judge may consider proper and specify in the order, any transfer of, or any dealing with, without the consent of the judge, any assets or moneys of the person to whom the order relates that are in the custody of the financial institution at the time the order is made. (5) Every hearing of an application for an order under this section and of any appeal in connection therewith shall be held in camera. 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. (2) Notwithstanding anything in the Tax Acts, any profits or gains which are charged to tax by virtue of subsection (1)— (a) shall be charged under Case IV of Schedule D, and (b) shall be described in the assessment to tax concerned as “miscellaneous income”, and the assessment shall not be discharged by the Appeal Commissioners or by a court by reason only of the fact that the income should, apart from this section, have been described in some other manner or by reason only of the fact that the profits or gains arose wholly or partly from an unknown or unlawful source or activity. (3) In this section “tax” means income tax, corporation tax or corporation profits tax, as appropriate. (4) This section shall apply and have effect in respect of assessments to tax made on or after the passing of this Act. 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. (2) Where, for the purposes of tax, a person delivers to an inspector a return of income and the inspector is not satisfied with that return of income, the inspector may require— (a) that person, by notice in writing given to him, and (b) where that person and his spouse are, for the year of assessment to which the return of income relates, treated as living together for the purpose of section 192 of the Income Tax Act, 1967 , his spouse, by notice in writing given to the spouse, to deliver to the inspector, within the period specified in the notice or within such further period as the inspector may allow, a return in the prescribed form of property which on the date specified in the notice is relevant property in relation to that notice and that person or his spouse shall, if required by further notice or notices in writing by the inspector, deliver to the inspector within such time, not being less than 30 days, as may be specified in such further notice or notices, a statement verifying such return of property together with such evidence, statement or documents required by the inspector in respect of such property or in respect of any property which the inspector has reason to believe to form part of the relevant property. (3) (a) Relevant property in relation to a notice under subsection (2) means where the person to whom the notice is given— (i) is an individual and the return of income concerned relates to income in respect of which he is chargeable to tax otherwise than in a representative capacity or as a trustee, all the property to which that individual is beneficially entitled on the specified date, (ii) is the spouse of an individual by whom the return of income concerned was delivered, all the property to which the said spouse is beneficially entitled on the specified date, (iii) is a person chargeable to tax in a representative capacity and the return of income concerned relates to income of a person in respect of which he is so chargeable, all the property to which that last-mentioned person is beneficially entitled and which gives rise to income in respect of which the first-mentioned person is chargeable to tax in a representative capacity or is property in relation to which the first-mentioned person performs functions or duties in such a capacity on the specified date, and (iv) is a person chargeable as a trustee of a trust and the return of income concerned relates to income of the trust, all the property comprised in the trust on the specified date. (b) Property to which a minor child of an individual referred to in subparagraph (i) or (ii) of paragraph (a) is beneficially entitled shall be included in that individual's return under this section where— (i) the said property at any time prior to its acquisition by the minor child was disposed of by that individual whether to the m …