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14 1942

FINANCE ACT, 1942

PART V.

Miscellaneous and General.

Stamp duty on banker's licence.

21. —(1) A stamp duty of one pound shall be charged and paid on every banker's licence.

(2) In this section the expression “banker's licence” means a licence to carry on banking business issued by the Revenue Commissioners under an Act passed or to be passed by the Oireachtas in the financial year beginning on the 1st day of April, 1942.

Amendment of section 29 of the Finance Act, 1940 .

22. —(1) In order to remove doubts, it is hereby declared and enacted that the application by section 29 of the Finance Act, 1940 (No. 14 of 1940) to the Irish Post Office Savings Bank of the statutes and statutory orders and regulations mentioned in that section operated to authorise the investment (whether before or after the passing of this Act) of moneys of the said Bank in any one or more of the stocks, funds, and securities which are, at the passing of this Act, prescribed by law for the investment of balances to the credit of the Savings Certificates (Interest Charge Equalisation) Fund.

(2) In this section the expression “the Irish Post Office Savings Bank” has the same meaning as it has in the said section 29 of the Finance Act, 1940 (No. 14 of 1940).

Amendment of section 31 of the Finance Act, 1940 .

23. —(1) Sub-section (3) of section 31 of the Finance Act, 1940 (No. 14 of 1940), is hereby amended and modified as follows, that is to say:—

(a) the cesser of section 3 of the Savings Banks Act, 1880, effected by paragraph (c) of the said sub-section (3) shall apply and be deemed always to have applied to that section in so far as it relates to the investment of deposits and no further;

(b) the powers conferred on the Minister for Finance by paragraphs (e), (f), and (g) of the said sub-section (3) are hereby transferred to and shall henceforth be exercisable (subject to the next following paragraph of this sub-section) by the Minister for Posts and. Telegraphs, and the expression “the Minister” wherever it occurs in any of those paragraphs shall be construed and have effect accordingly;

(c) no regulations shall be made by the Minister for Posts and Telegraphs under the said paragraph (f) of the said sub-section (3) without the consent of the Minister for Finance.

(2) In order to remove doubts, it is hereby declared and enacted that the several statutes and statutory orders, rules, and regulations in relation to trustee savings banks which were in force immediately before the establishment of Saorstát Eireann continued to be in force on and after the day appointed under section 31 of the Finance Act, 1940 (No. 14 of 1940), to be the appointed day for the purposes of that section, but subject to the provisions of the said section 31 as amended by this section.

(3) The Minister for Posts and Telegraphs may from time to time, by order made with the consent of the Minister for Finance, make such adaptations and modifications (whether by way of addition, omission, or variation) of the several statutes and statutory orders, rules, and regulations referred to in the next preceding sub-section of this section as shall appear to him to be necessary or expedient for the convenient and efficient administration of those statutes, orders, rules, and regulations or for giving to them full force and effect having regard to the provisions of the Constitution and of section 31 (as amended by this section) of the Finance Act, 1940 (No. 14 of 1940), but not so as to prejudice or affect any tax or duty payable to or for the benefit of the Central Fund.

(4) The exemption from tax given by paragraph (a) of sub-section (3) of section 39 of the Income Tax Act, 1918, to savings banks certified under the Savings Bank Act, 1863, shall extend and apply to interest and dividends arising from investments of moneys to the credit of the special account opened in pursuance of sub-section (3) of section 31 of the Finance Act, 1940 (No. 14 of 1940), and shall be deemed to have so extended and applied as on and from the day appointed under the said section 31 to be the appointed day for the purposes of that section.

Transfer of money from the Road Fund to the Exchequer.

24. —With a view to providing moneys to meet general charges which will fall upon the Central Fund, the sum or one hundred thousand pounds shall be transferred and paid from the Road Fund to the Exchequer at such time or times in the financial year ending on the 31st day of March, 1943, and in such manner as the Minister for Finance shall direct.

Termination of assessments to excess profits duty.

25. —Notwithstanding anything contained in any enactment now in force, no assessment or additional assessment to excess profits duty shall be made after the date of the passing of this Act.

Care and management of taxes and duties.

26. —All taxes and duties imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.

Short title, construction, and commencement.

27. —(1) This Act may be cited as the Finance Act, 1942.

(2) Part I of this Act shall be construed together with the Income Tax Acts, and Part II of this Act, so far as it relates to duties of customs, shall be construed together with the Customs Acts and, so far as it relates to duties of excise, shall be construed together with the statutes which relate to the duties of excise and the management of those duties.

(3) Part I of this Act shall be deemed to come into force on and shall take effect as on and from the 6th day of April, 1942.