“(1A) (a) A person who, by election or in accordance with the provisions of section 8 (4) is deemed to become an accountable person, shall, in accordance with regulations, be entitled, in computing the amount of tax payable by him in respect of the first taxable period for which he is so deemed to be an accountable person, to treat as tax deductible under subsection (1) such part of the value of the stock-in-trade (within the meaning of section 34) held by him immediately before the commencement of that taxable period as could reasonably be regarded as the amount which he would be entitled to claim under the said subsection (1) if he had been an accountable person at the time of the delivery to him of such stock-in-trade. (b) No claim shall lie under this subsection for a deduction for the tax relating to any stock-in-trade (within the meaning of section 34) if, and to the extent that, a deduction under subsection (1) could be claimed apart from this subsection. (c) This subsection shall have effect in relation to taxable periods commencing on or after the 3rd day of September, 1973.”, and (b) by the deletion in subsection (1) of paragraph (e).
\nAmendment of section 19 of Principal Act.
\n82.—Section 19 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (3): “(3) (a) Within nine days immediately after the tenth day of the month immediately following a taxable period, an accountable person shall furnish to the Collector-General a true and correct return prepared in accordance with regulations of the amount of tax which became due under section 2 (1) (a) by him during the taxable period and the amount, if any, which may be deducted in accordance with section 12 in computing the amount of tax payable by him in respect of such taxable period, and shall at the same time remit to the Collector-General the amount of tax, if any, payable by him in respect of such taxable period. (b) Paragraph (a) shall be construed in relation to the taxable period commencing on the first day of July, 1973, as if the reference therein to nine days immediately after the tenth day of the month immediately following a taxable period were a reference to nine days immediately after the tenth day of the month in which the taxable period ends.”.
\nAmendment of section 26 of Principal Act.
\n83.—Section 26 of the Principal Act is hereby amended— (a) by the substitution in subsection (1) of “18 (2)” for “18”, and (b) by the insertion after subsection (3) of the following subsection: “(3A) A person who does not comply with section 18 (3) shall be liable to a penalty of £100.”.
\nAmendment of section 27 of Principal Act.
\n84.—Section 27 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (5): “(5) A person who fraudulently or negligently— (a) issues an invoice in which an amount of tax is stated, in such circumstances that, apart from his liability under subsection (5) or (6) of section 17, the said amount does not represent the amount of tax (if any) which becomes due by him in respect of the transaction to which the invoice relates, or (b) issues a credit note showing an amount of tax other than that properly applicable to the transaction to which the credit note relates, shall be liable to a penalty of— (i) £100, and (ii) the amount, or, in the case of fraud, twice the amount of his liability under the said subsection (5) or (6), as the case may be, in respect of the issue of any such invoice or credit note.”.
\nAmendment of section 32 of Principal Act.
\n85.—Section 32 (1) of the Principal Act is hereby amended by the insertion of the following paragraphs after paragraph (x): “(xx) the relief (if any) to be given to an accountable person in respect of tax borne or paid by him on stock-in-trade held by him immediately before the commencement of the first taxable period for which he is deemed to become an accountable person; (xxx) the manner in which a determination may be made for the purposes of section 11 (1B);”.
\nAmendment of section 35 of Principal Act.
\n86.—Section 35 of the Principal Act is hereby amended by the insertion after subsection (1) of the following subsection: “(1A) (a) Where, after the making of an agreement for the delivery of goods or the rendering of services and before the date on which under subsection (1) or (2), as may be appropriate, of section 19 any tax in respect of the transaction would, if the proviso to the said subsection (1) were disregarded, fall due, there is a change in the amount of tax chargeable on the delivery or rendering in question, then, in the absence of agreement to the contrary, there shall be added to or deducted from the total amount of the consideration and any tax stated separately under the agreement an amount equal to the amount of the change in the tax chargeable. (b) References in this subsection to a change in the amount of tax chargeable on the delivery of goods or the rendering of services include references to a change to or from a situation in which no tax is being charged on the delivery or rendering.”.
\nAmendment of First Schedule to Principal Act.
\n87.—The First Schedule to the Principal Act is hereby amended— (a) by the substitution for paragraph (ix) of the following paragraph: “(ix) services of a medical or educational nature rendered by hospitals, nursing homes, schools and similar establishments; and catering services rendered— (a) to patients of a hospital or nursing home in the hospital or nursing home, and (b) to students of a school in the school;” and (b) by the insertion after paragraph (xxiii) of the following paragraphs: “(xxiv) delivery of live horses; (xxv) delivery of live greyhounds; (xxvi) the natural or artificial insemination of livestock.”.
\nAmendment of Second Schedule to Principal Act.
\n88.—The Second Schedule to the Principal Act is hereby amended— (a) by the substitution of the following paragraph for paragraph (vii): “(vii) animal feeding stuff, excluding feeding stuff which is packaged, sold or otherwise designated for the use of dogs, cats, cage birds or domestic pets;”, and (b) by the insertion of the following paragraphs after paragraph (x) “(xi) life saving services provided by the Royal National Lifeboat Institution including the organisation and maintenance of the lifeboat service; (xii) food and drink of a kind used for human consumption, excluding— (a) beverages chargeable with any duty of customs or excise specifically charged on spirits, beer, wine, cider, perry or Irish wine, and preparations thereof, (b) other manufactured beverages, including fruit juices and bottled waters, and syrups, concentrates, essences, powders, crystals or other products for the preparation of beverages, but not including— (I) tea and preparations thereof, (II) cocoa, coffee and chicory and other roasted coffee substitutes, and preparations and extracts thereof, (III) preparations and extracts of meat, yeast, egg or milk, (c) ice cream, ice lollipops, water ices and similar frozen products, and prepared mixes and powders for making such products, (d) (I) chocolates, sweets and similar confectionery (including drained, glacé or crystallised fruits), biscuits, crackers and wafers of all kinds, and all confectionery and bakery products other than bread, (II) for the purposes of this paragraph “bread” means food for human consumption manufactured by baking dough composed exclusively of a mixture of cereal flour and any one or more of the ingredients mentioned in the following subclauses in quantities not exceeding the limitation, if any, specified for each ingredient—
\nAmendment of Third Schedule to Principal Act.
\n89.—The Third Schedule to the Principal Act is hereby amended— (a) by the substitution in Part I of the Schedule of the following paragraph for paragraph (i): “(i) Animal medicine excluding medicine— (a) of a kind specified in paragraph (xiv) of the Second Schedule, or (b) which is packaged, sold or otherwise designated for the use of dogs, cats, cage birds or domestic pets;”, (b) by the addition to Part I of the Schedule of the following paragraph: “(xxxii) goods of different kinds which are packaged for sale as a unit (hereinafter in this paragraph referred to as the package) and in relation to which all the following conditions are satisfied: (a) the package consists of goods in relation to the delivery of some of which for a separate consideration tax would be chargeable at the rate specified in section 11 (1) (a), and in relation to the delivery of the remainder of which for such a consideration, tax would be chargeable at any other rate or rates, (b) the consideration for delivery is referable to the package as a whole and not to the different kinds of goods included therein, and (c) the total tax-exclusive value of the goods included in the package, in relation to the delivery of which for a separate consideration or separate considerations tax would be chargeable at a rate or rates other than the rate specified in the said section 11 (1) (a), does not exceed 50 per cent. of the total tax-exclusive consideration for the package or 2½ new pence, whichever is the lesser,”, and (c) by the addition to Part II of the Schedule of the following paragraph: “(vii) the hiring to a person under a contract in writing, other than a contract of a kind referred to in section 3 (1) (b), entered into before the 24th day of October, 1972, of movable goods in the possession of the person on the 1st day of November, 1972, of a kind on the delivery of which, if paragraph (xxviii) of Part I of this Schedule were disregarded, tax would be chargeable at the rate specified in section 11 (1) (e).”.
\nMiscellaneous amendments of Principal Act.
\n90.—The Principal Act is hereby amended as specified in column (3) of the Tenth Schedule to this Act.
\nMiscellaneous Capital Services Redemption Account.
\n91.—(1) In this section— “the principal section” means section 22 of the Finance Act, 1950; “the 1972 amending section” means section 40 of the Finance Act, 1972 ; “the twenty-third additional annuity” means the sum charged on the Central Fund under subsection (4) of this section; “the Minister”, “the Account” and “capital services” have the same meanings respectively as they have in the principal section.
\nSecurities of certain European bodies.
\n92.—(1) This section applies to any stock or other form of security issued in the State by the European Coal and Steel Community, the European Atomic Energy Community or the European Investment Bank.
\n(3)
\nof the Finance Act, 1956 , is hereby amended by the addition to subsection (1) of “, or of section 92 of the Finance Act, 1973.”.
\n(4)
\nof the Income Tax Act, 1967 , is hereby amended by the addition to subsection (1) of “or section 92 of the Finance Act, 1973.”.
\nAmendment of Finance (Excise Duties) (Vehicles) Act, 1952.
\n93.—(1) The Finance (Excise Duties) (Vehicles) Act, 1952 , shall, as respects licences under section 1 of that Act for periods beginning on or after the 1st day of June, 1973, be amended by the substitution in paragraph 1 (a) of Part I of the Schedule thereto of £2, £5, £8, £12 and £15 as the rates of duty in lieu of £1.50, £3, £4.50, £7.00 and £9.50
\nWhere a tractor is fitted with a detachable platform, container or implement (being a platform, container or implement used primarily for farm work), goods or burden of any other description conveyed on or in the platform, container or implement shall be regarded for the purposes of this subparagraph as being hauled by the tractor. (d) tractors of any other description £50.”
\n£42 (VI) where the vehicle exceeds 6 tons in weight unladen £54.”
\nCharge on first licensing of mechanically propelled vehicles.
\n94.—(1) Subject to the provisions of this section, as on and from the 1st day of June, 1973, before a person proposing to do so takes out a licence under section 1 of the Finance (Excise Duties) (Vehicles) Act, 1952 , in respect of a mechanically propelled vehicle specified in subsection (2) of this section not previously the subject of a licence under that section, a duty of excise shall, in addition to the duty of excise chargeable in respect of the vehicle under that section, be charged, levied and paid on and by the person at the appropriate rate specified in the said subsection (2).
\nIncrease of driving licence duty.
\n95.—The Finance (Excise Duties) (Vehicles) Act, 1952 , shall, as on and from the 1st day of June, 1973, be amended by the substitution in section 4 (1A) (inserted by the Finance Act, 1961 ) of the following paragraphs for paragraphs (a) and (b): “(a) two pounds if the period of the licence is one year, and (b) two pounds for each year of the period of the licence if that period is two or more years.”.
\nRepeals.
\n96.—(1) Each enactment mentioned in column (2) of the Eleventh Schedule to this Act is hereby repealed to the extent specified in column (3) of that Schedule.
\nProvided that, for the purposes of subsections (1) and (3) of section 71 of this Act, this section shall be deemed to have come into operation on the 1st day of January, 1973.
\nCare and management of taxes and duties.
\n97.—All taxes and duties (except the excise duties on mechanically propelled vehicles) imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.
\nShort title, construction and commencement.
\n98.—(1) This Act may be cited as the Finance Act, 1973.
\n(2)
\nand section 92 of this Act (so far as relating to income tax, including sur-tax) shall be construed together with the Income Tax Acts and (so far as relating to corporation profits tax) shall be construed together with Part V of the Finance Act, 1920 , and the enactments amending or extending that Part.
\n(3)
\nof this Act, so far as it relates to customs, shall be construed together with the Customs Acts and the said
\nand sections 93 and 95 of this Act, so far as they relate to duties of excise, shall be construed together with the Statutes which relate to the duties of excise and the management of those duties.
\n(4)
\nof this Act and (so far as relating to stamp duties) section 92 of this Act shall be construed together with the Stamp Act, 1891, and the enactments amending or extending that Act.
\n(5)
\nof this Act shall be construed together with the Value-Added Tax Act, 1972 .
\n(6)
\nof this Act shall, save as is otherwise expressly provided therein, be deemed to have come into force and shall take effect as on and from the 6th day of April, 1973.
\nFIRST SCHEDULE Policies of Life Insurance
\n.
\nRules applicable to endowment policies 1. An endowment policy is a qualifying policy if it satisfies the following conditions: (a) the term specified in the policy in relation to survival must be a term ending not earlier than ten years after the making of the insurance, (b) premiums must be payable under the policy at yearly intervals or at intervals of six months, three months, two months or one month, and— (i) until the happening of the event upon which the capital sum secured is payable, or (ii) until the happening of that event, or the earlier expiry of a specified period shorter than the term specified but also ending not earlier than ten years after the making of the insurance, or (iii) if the policy is to lapse on the death of a specified person, until one of those times or the policy's earlier lapse, (c) the total amount of the premiums payable under the policy in any period of twelve months must not exceed— (i) twice the total amount of the premiums payable in any other such period, or (ii) one-eighth of the total amount of the premiums which would be payable if the policy were to continue in force for the specified term, (d) the policy must guarantee that the capital sum payable on death will be equal to three-fourths at least of the total premiums which would be payable if the policy were to continue in force for that term, disregarding any amounts included in those premiums by reason of their being payable otherwise than annually, and (e) the policy must not secure the provision (except by surrender) at any time before the happening of the event aforesaid of any benefit of a capital nature other than benefits attributable to a right to participate in profits or arising by reason of a person's disability.
\nExceptional mortality risk 4. For the purpose of determining whether any policy is a qualifying policy, there shall be disregarded— (a) so much of any premium thereunder as is charged on the grounds that an exceptional risk of death is involved, and (b) any provision under which, on those grounds, any sum may become chargeable as a debt against the capital sum guaranteed by the policy on death.
\nConnected policies 5. Where the terms of any policy provide that it is to continue in force only so long as another policy does so, neither policy is a qualifying policy unless, if they had constituted together a single policy issued in respect of an insurance made at the time of the insurance in respect of which the first-mentioned policy was issued, that single policy would have been a qualifying policy.
\nPremiums paid out of sums due under previous policies 6. (1) Where, in the case of a policy under which a single premium only is payable, liability for the payment of that premium is discharged in accordance with subparagraph (2), the policy is a qualifying policy notwithstanding anything in paragraph 1 (b) or paragraph 1 (c) and where, in the case of any other policy, liability for the payment of the first premium thereunder, or of any part of that premium, is so discharged, the premium or part shall be disregarded for the purposes of paragraph 1 (c).
\nSubstitution, variations, etc.
\nSECOND SCHEDULE Agreement between the Government of Ireland and the Government of the United Kingdom with respect to certain exemptions from tax
\n.
\nThe Government of Ireland and the Government of the United Kingdom;
\nWith a view to making such alterations in the Agreement made the 14th April 1926, between the Government of the Irish Free State and the British Government in respect of Double Income Tax as may be necessary in consequence of the alterations in the British Income Tax Acts effected by the British Finance Acts 1971 and 1972;
\nHave agreed as follows:
\nProvided that there shall be no such entitlement to the tax credit where the recipient of the dividend is a company which either alone or together with one or more associated companies controls directly or indirectly not less than 10 per cent. of the voting power in the company paying the dividend. For the purpose of this paragraph two companies shall be deemed to be associated if one is controlled directly or indirectly by the other, or both are controlled directly or indirectly by a third company.
\nThe term ‘dividend’ includes any item which under the law of the United Kingdom is treated as a distribution of a company.”.
\n“Where the income is a dividend paid by a company which is resident in Ireland to a company which is resident in the United Kingdom and which controls directly or indirectly not less than 10 per cent. of the voting power in the former company, the exemption shall apply only to income tax in excess of 5 per cent. of the dividend.
\nThe term ‘dividend’ includes any payment or other transaction which under the law of Ireland is deemed to be a dividend.”.
\nIn Article 2 of the said Agreement, as amended by Article 2 of the Agreement of 25th April 1928, any reference to the standard rate of British income tax shall be construed as meaning the basic rate of British income tax and any reference to British surtax shall be construed as meaning the excess of liability to British income tax over what it would be if all British income tax were charged at the basic rate only.
\nThis Agreement shall enter into force on the exchange of Notes confirming that the necessary steps have been taken to give it the force of law in Ireland and the United Kingdom, and shall thereupon have effect: (a) as respects dividends paid on or after 6th April 1973 and not later than 5th April 1975; and (b) in other respects for any year of assessment beginning on or after 6th April 1973.
\nIn witness whereof the undersigned, duly authorised thereto by their respective Governments, have signed this Agreement.
\nDone in two originals at London this 2nd day of May, 1973.
\nFor the Government of Ireland:
\nDONAL O'SULLIVAN.
\nFor the Government of the United Kingdom:
\nANTHONY KERSHAW.
\nTHIRD SCHEDULE Extension of Charge to Tax to Profits and Income Derived from Activities Carried on and Employments Exercised on the Continental Shelf—Supplementary Provisions
\n.
\nInformation 1. The holder of a licence granted under the Petroleum and Other Minerals Development Act, 1960 , shall, if required to do so by a notice served on him by an inspector, give to the inspector within the time limited by the notice (which shall not be less than thirty days) such particulars as may be required by the notice of— (a) transactions in connection with activities authorised by the licence as a result of which any person is or might be liable to tax by virtue of section 33; and (b) emoluments paid or payable in respect of duties performed in an area in which those activities may be carried on under the licence and the persons to whom they were paid or are payable; and shall take reasonable steps to obtain the information necessary to enable him to comply with the notice.
\nCollection 3. (1) Subject to the following provisions of this Schedule, where any tax is assessed by virtue of section 33 on a person not resident in the State in respect of profits or gains from activities authorised, or carried on in connection with activities authorised, by a licence granted under the Petroleum and Other Minerals Development Act, 1960 , or in respect of profits or gains arising from exploration or exploitation rights connected with activities so authorised or carried on, and any of the tax remains unpaid later than thirty days after it has become due and payable, the Revenue Commissioners may serve a notice on the holder of the licence stating particulars of the assessment, the amount of tax remaining unpaid and the date when it became payable, and requiring the holder of the licence to pay that amount, together with any interest due thereon under section 14 of the Finance Act, 1962 , or under section 550 of the Income Tax Act, 1967 , within thirty days of the service of the notice.
\nFOURTH SCHEDULE Protocol
\n.
\nBetween the Government of Ireland and the Government of the United Kingdom Amending the Agreement for the Reciprocal Relief of Double Taxation in Respect of Irish Corporation Profits Tax and United Kingdom Profits Tax, Signed on 18th May 1949 The Government of Ireland and the Government of the United Kingdom;
\nDesiring to conclude a Protocol to amend the Agreement between the Contracting Parties for the reciprocal relief of double taxation in respect of Irish Corporation Profits Tax and United Kingdom Profits Tax, signed on 18th May 1949 (hereinafter referred to as “the Agreement”);
\nHave agreed as follows:
\nIn Article VII (1) and (2) of the Agreement for the words “beneficially owns, directly or indirectly, not less than three-quarters of the ordinary share capital of” there shall be substituted the words “controls, directly or indirectly, not less than 10 per cent. of the voting power in”.
\nThis Protocol, which shall form an integral part of the Agreement, shall come into force when the last of all such things shall have been done in Ireland and the United Kingdom as are necessary to give the Protocol the force of law in Ireland and the United Kingdom respectively, and shall thereupon have effect in respect of dividends paid on or after 6th April 1973.
\nIn witness whereof the undersigned, duly authorised thereto by their respective Governments, have signed this Protocol.
\nDone in two originals at London this 2nd day of May, 1973.
\nFor the Government of Ireland:
\nDONAL O'SULLIVAN.
\nFor the Government of the United Kingdom:
\nANTHONY KERSHAW.
\nFIFTH SCHEDULE
\n.
\nDisallowance of Trading Losses and Restriction of Capital Allowances Change in ownership of company 1. For the purposes of section 39 there is a change in the ownership of a company— (a) if a single person acquires more than half of the ordinary share capital of a company, or (b) if two or more persons each acquire a holding of 5 per cent. or more of the ordinary share capital of the company and those holdings together amount to more than half of the ordinary share capital of the company, or (c) if two or more persons each acquire a holding of the ordinary share capital of the company, and the holdings together amount to more than half of the ordinary share capital of the company, but disregarding a holding of less than 5 per cent. unless it is an addition to an existing holding and the two holdings together amount to 5 per cent. or more of the ordinary share capital of the company.
\nGroups of companies 5. (1) A change in the ownership of a company shall be disregarded for the purposes of section 39 if— (a) immediately before the change, the company is the 75 per cent. subsidiary of another company, and (b) that other company continues after the change, despite a change in the direct ownership of the first-mentioned company, to own that first-mentioned company as a 75 per cent. subsidiary.
\nProvisions as to ownership 6. For the purposes of section 39 and this Schedule— (a) references to ownership shall be construed as references to beneficial ownership, and references to acquisition shall be construed accordingly, (b) the expression “ordinary share capital” has the meaning assigned to it by section 226
\nTime of change in ownership 7. If any acquisition of ordinary share capital or other property or rights taken into account in determining that there has been a change in ownership of a company was made in pursuance of a contract of sale or option or other contract, or the acquisition was made by a person holding such a contract, and the contract was made on or after the 16th day of May, 1973, the time when the change in ownership took place shall be determined as if the acquisition had been made when the contract was made with the holder or when the benefit of it was assigned to him so that, in the case of a person exercising an option to purchase shares, he shall be regarded as having purchased the shares when he acquired the option.
\nTime allowed for making assessments 8. Where the operation of section 39 depends on circumstances or events at a time after the change in ownership, but not more than three years after, an assessment to give effect to the provisions of the said section 39 shall not be out of time if it is made— (a) in case it is an assessment to income tax, within ten years from the end of the year of assessment within which that time or the latest of those times occurs, or (b) in case it is an assessment to corporation profits tax, within ten years from the end of the accounting period within which that time or the latest of those times occurs.
\nInformation 9. Any person in whose name any shares, or securities of a company are registered shall, if required by notice in writing by an inspector given for the purposes of section 39 state whether or not he is the beneficial owner of those shares or securities or any of them and, if he is not the beneficial owner of those shares or securities or any of them, shall furnish the name and address of the person or persons on whose behalf those shares or securities are registered in his name.
\nProvisions for Determining the Amount of Capital held in a Company Through other Companies 1. Where, in the case of a number of companies, the first company directly owns ordinary share capital of the second and the second directly owns ordinary share capital of the third, then, for the purposes of this Schedule, the first company shall be deemed to own ordinary share capital of the third through the second, and, if the third directly owns ordinary share capital of a fourth, the first shall be deemed to own ordinary share capital of the fourth through the second and third, and the second shall be deemed to own ordinary share capital of the fourth through the third, and so on.
\nSIXTH SCHEDULE Spirits (Rates of Ordinary Customs Duty)
\n.
\nDescription of Spirits Preferential Rates Full Rates
\n(1)
\n(2)
\nDescription of Spirits United Kingdom Rate £ For every gallon of Perfumed Spirits entered in such manner as to indicate that the strength is not to be tested 28.765 For every gallon of liqueurs, cordials, mixtures and other preparations in bottle entered in such manner as to indicate that the strength is not to be tested 24.270 For every gallon computed at proof of spirits of any description not heretofore mentioned and mixtures and preparations containing spirits 17.978 SEVENTH SCHEDULE Duties on Tobacco
\nCustoms Unmanufactured: £ if stripped or stemmed: containing 10 per cent. or more by weight of moisture the lb.
\n5.045 containing less than 10 per cent. by weight of moisture ” ”
\n5.245 if unstripped or unstemmed: containing 10 per cent. or more by weight of moisture ” ”
\n5.043 containing less than 10 per cent. by weight of moisture ” ”
\n5.243 Full Preferential £ £ Manufactured: cigars the lb.
\n5.985 5.193 cigarettes ” ”
\n5.870 5.097 cavendish or negrohead ” ”
\n5.955 5.168 cavendish or negrohead manufactured in bond ” ”
\n5.925 5.143 reconstituted or homogenised tobacco containing 10 per cent. or more by weight of moisture ” ”
\n5.043 5.043 reconstituted or homogenised tobacco containing less than 10 per cent. by weight of moisture the lb.
\n5.243 5.243 other manufactured tobacco ” ”
\n5.855 5.085 snuff containing more than 13 per cent. by weight of moisture ” ”
\n5.835 5.068 snuff containing 13 per cent. or less by weight of moisture ” ”
\n5.955 5.168
\nCustoms Unmanufactured: £ if stripped or stemmed: containing 10 per cent. or more by weight of moisture the lb.
\n5.043 containing less than 10 per cent by weight of moisture ” ”
\n5.243 if unstripped or unstemmed: containing 10 per cent. or more by weight of moisture ” ”
\n5.043 containing less than 10 per cent. by weight of moisture ” ”
\n5.243
\nCustoms Full Preferential £ £ Manufactured: cigars the lb.
\n5.400 5.193 cigarettes ” ”
\n5.298 5.097 cavendish or negrohead ” ”
\n5.374 5.168 cavendish or negrohead manufactured in bond ” ”
\n5.348 5.143 reconstituted or homogenised tobacco containing 10 per cent. or more by weight of moisture ” ”
\n5.043 5.043 reconstituted or homogenised tobacco containing less than 10 per cent. by weight of moisture ” ”
\n5.243 5.243 other manufactured tobacco: hard pressed tobacco ” ”
\n4.455 4.254 other pipe tobacco ” ”
\n5.129 4.928 other manufactured tobacco ” ”
\n5.286 5.085 snuff containing more than 13 per cent. by weight of moisture ” ”
\n5.268 5.068 snuff containing 13 per cent. or less by weight of moisture ” ”
\n5.374 5.168
\nExcise £ Unmanufactured: containing 10 per cent. or more by weight of moisture the lb.
\n5.043 containing less than 10 per cent. by weight of moisture ” ”
\n5.243 Manufactured: cavendish or negrohead manufactured in bond ” ”
\n5.143 EIGHTH SCHEDULE Scale of Rates of Estate Duty
\nPrincipal Value of the Estate Rate per cent. of duty £ £ Exceeding 10,000 and not exceeding 11,000 4 ”
\n11,000 ” ” ”
\n12,500 6 ”
\n12,500 ” ” ”
\n15,000 8 ”
\n15,000 ” ” ”
\n17,500 10 ”
\n17,500 ” ” ”
\n20,000 12 ”
\n20,000 ” ” ”
\n25,000 14 ”
\n25,000 ” ” ”
\n30,000 16 ”
\n30,000 ” ” ”
\n35,000 18 ”
\n35,000 ” ” ”
\n40,000 21 ”
\n40,000 ” ” ”
\n45,000 24 ”
\n45,000 ” ” ”
\n50,000 27 ”
\n50,000 ” ” ”
\n55,000 30 ”
\n55,000 ” ” ”
\n60,000 33 ”
\n60,000 ” ” ”
\n75,000 37 ”
\n75,000 ” ” ”
\n100,000 41 ”
\n100,000 ” ” ”
\n150,000 45 ”
\n150,000 ” ” ”
\n200,000 50 ”
\n200,000 55 NINTH SCHEDULE Stamp Duties on Instruments
\n.
\nBond, Covenant or Instrument of any kind whatsoever.
\nFor a definite and certain period, so that the total amount to be ultimately payable can be ascertained.
\nWhere the total amount does not exceed ten thousand pounds Exempt Where the total amount exceeds ten thousand pounds For every £200 or any fractional part of £200 of the amount secured 25p For the term of life or any other indefinite period. For every £10, and also for any fractional part of £10, of the annuity or sum periodically payable 25p
\nWhere the amount secured does not exceed ten thousand pounds Exempt Where the total amount to be ultimately payable can be ascertained and exceeds ten thousand pounds 50p In any other case:
\nFor every £10, and also for any fractional part of £10, of the annuity or sum periodically payable 5p
\nFor every £10, and also for any fractional part of £10, of the annuity 5p
\nConveyance or Transfer on sale of any property other than stocks or marketable securities.
\nFor every £50, or fractional part of £50, of the amount or value £1.00 (f) The amount or value of such consideration exceeds ten thousand pounds but does not exceed fifty thousand pounds and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds fifty thousand pounds:— For every £50, or fractional part of £50, of the amount or value £1.50 (g) The case is of any other kind whatsoever not hereinbefore described:— For every £50, or fractional part of £50, of the amount or value £2.50 Where the consideration or any part of the consideration is any rent:
\nIn respect of such consideration:
\nIf the rent, whether reserved as a yearly rent or otherwise, is at a rate or average rate:
\nIf the term does not exceed 35 years, or is indefinite.
\nIf the term exceeds 35 years, but does not exceed 100 years.
\nIf the term exceeds 100 years.
\nNot exceeding £5 per annum 5p 30p 60p Exceeding— £5 and not exceeding £10 10p 60p £1.20 £10 ” ” ” £15 15p 90p £1.80 £15 ” ” ” £20 20p £1.20 £2.40 £20 ” ” ” £25 25p £1.50 £3.00 £25 ” ” ” £50 50p £3.00 £6.00 £50 ” ” ” £75 75p £4.50 £9.00 £75 ” ” ” £1.00 £1.00 £6.00 £12.00 £100 For every full sum of £50, and also for any fractional part of £50 thereof 50p £3.00 £6.00
\nMortgage, Bond, Debenture, Covenant (except a marketable security) and Warrant of Attorney to confess and enter up judgment.
\nWhere the amount secured does not exceed ten thousand pounds Exempt Where the amount secured exceeds ten thousand pounds:
\nFor every one hundred pounds, and also for any fractional part of one hundred pounds 5p
\nWhere the amount secured does not exceed ten thousand pounds Exempt Where the amount secured exceeds ten thousand pounds:
\nFor every two hundred pounds, and also for any fractional part of two hundred pounds, of the amount transferred, assigned, or disposed, exclusive of interest which is not in arrear 5p And also where any further money is added to the money already secured The same duty as a principal security for such further money.
\nWhere the amount secured does not exceed ten thousand pounds Exempt Where the amount secured exceeds ten thousand pounds:
\nFor every two hundred pounds, and also for any fractional part of two hundred pounds of the total amount or value of the money at any time secured 5p TENTH SCHEDULE Amendment of Enactments
\n.
\nNumber and Year Short Title Amendment
\n(1)
\n(2)
\nIn section 3, in subsection (1), “, subject to subsection (1A),” shall be inserted after “in relation to goods, shall”; and in subsection (5) (b) “for the time being specified in section 11 (1) (c)” shall be substituted for “of 30.26 per cent.”.
\nIn section 5 (1), “not being a delivery deemed in accordance with section 3 (1 A) to be a rendering of services”, shall be inserted after “goods”.
\nIn section 8, the following subsection shall be substituted for subsection (1) “(1) In this section references to a farming business do not include references to fur farming.”; and in subsection (3), in paragraph (a) (i), “paragraphs (vii), (xii), (xiv) and (xv) of the Second Schedule,” shall be inserted after “specified in”; in paragraph (b) (ii), “or which are goods of a kind specified in paragraphs (vi) to (viii) or (xii) to (xv) of the Second Schedule, delivered to him by persons other than accountable persons” shall be inserted after “accountable persons”; and “either of the rates for the time being specified in paragraphs (a) or (d) of subsection (1) of section 11” shall be substituted for “the rate of 5.26 per cent.”.
\nIn section 10, in subsection (7), “14.81” shall be substituted for “19.20”; in subsection (8) (b) “45” shall be substituted for “60”.
\nIn section 11, in subsection (1) (d), “, other than consideration to which paragraph (b) applies,” shall be inserted after “consideration”, “, (v) or (xvi)” shall be substituted for “or(v)” and “and (xii) to (xv)” shall be inserted after “(viii)”; in subsection (2), “for the time being specified in subsection (1) (c)” shall be substituted for “of 30.26 per cent.” and “for the time being specified in subsection (1) (a) on” shall be substituted for “of 5.26 per cent. of”; and in subsection (3), “paragraph (xvi) of the Second Schedule and paragraph (xxxii) of Part I of the Third Schedule,” shall be inserted after “10 (8) (c),”.
\nIn section 12, in subsection (1), “tax at the rate specified in section 11 (1) (a) on” shall be substituted for “5.26 per cent. of” in both places where it occurs; in subsection (3) (a), “except to the extent that such provision constitutes a rendering of services in respect of which he is accountable for tax,” shall be added.
\nIn section 13, in subsection (2) (b), “, tax were chargeable in respect of the delivery or rendering” shall be inserted after “another accountable person”; and the following subsection shall be substituted for subsection (4) — “(4) For the purposes of this section farming does not include fur farming by a person other than a person to whom paragraph (c) or (d) of section 8 (3) applies.”
\nIn section 15, in subsection (1), “specified in section 11 (1) (a) on” shall be substituted for “of 5.26 per cent. of”; “specified in section 11 (1) (c) on” shall be substituted for “of 30.26 per cent. of” and “specified in section 11 (1) (e) on” shall be substituted for “of 16.37 per cent. of”; in subsection (2), “and (xii) to (xv)” shall be inserted after “(viii)” and in subsection (4) (b), “14.81” shall be substituted for “19.20”.
\nIn section 17 (1), “at any of the rates specified in section 11 (1), including the rate of zero per cent.,” shall be inserted after “chargeable”.
\nIn section 25(2), “11 (1B) or” shall be inserted before “23”.
\nIn section 32 (1) (b), “by a person of a service which is connected with any” shall be substituted for “of a service by a person for the purpose of a”.
\nIn the Third Schedule, in Part I, “other than horses and greyhounds” shall be added to paragraph (iv); “for a purpose other than the production of food” shall be added to paragraph (vi); “including textile” shall be substituted in paragraph (xi) for “excluding”; “other than food and drink of a kind specified in paragraph (xii) of the Second Schedule” shall be added to paragraph (xv); and “other than by oral consumption” shall be inserted in paragraph (xvi), after “use”.
\nELEVENTH SCHEDULE Enactments Repealed
\n.
\nSession and Chapter or Number and Year Short Title Extent of Repeal
\n(1)
\n(2)
\n59 & 60 Vict., c.28 Finance Act, 1896
\n62 & 63 Vict., c. 9 Finance Act, 1899
\n3 Edw. VII, c. 46 Revenue Act, 1903
\n7 Edw. VII, c. 13 Finance Act, 1907
\n7 Edw. VII, c. 24 Limited Partnerships Act, 1907
\nNo. 22 of 1965 Finance Act, 1965 Paragraph (A) of subsection (1) and subsection (4) of section 31 .
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