Number 15 of 1962.
FINANCE ACT, 1962.
ARRANGEMENT OF SECTIONS
Income Tax.
Section | |
Customs and Excise.
Initial Allowances, Exemption from Tax, Payments to Associated Companies, Interest on Unpaid Tax: Income Tax, Sur-tax and Corporation Profits Tax.
Stamp Duties.
Miscellaneous.
Continuance of certain exemptions from corporation profits tax. | |
Spirits (Rates of Ordinary Customs Duty).
Duties On Tobacco.
Part I
Part II
Part III
Part IV
Enactments Repealed.
Part I
Part II
Acts Referred to | |
1929, No. 32 | |
Income Tax Act, 1918 | 1918, c. 40 |
1957, No. 20 | |
1933, No. 15 | |
Finance Act, 1920 | 1920, c. 18 |
1952, No. 14 | |
1926, No. 35 | |
1932, No. 20 | |
1934, No. 31 | |
1940, No. 14 | |
Finance (New Duties) Act, 1916 | 1916, (Sess. 2), c. 11 |
1924, No. 27 | |
1937, No. 18 | |
1938, No. 12 | |
Schedule to the Finance (Excise Duties) (Vehicles) Act, 1952 | 1952, No. 24 |
Imposition of Duties (No. 108) (Used Omnibuses) Order, 1961 | S.I. No. 124 of 1961 |
Imposition of Duties (No. 123) (Tobacco) Order, 1962 | S.I. No. 104 of 1962 |
1956, No. 22 | |
1960, No. 19 | |
1956, No. 47 | |
1946, No. 15 | |
1956, No. 47 | |
1959, No. 18 | |
1958, No. 25 | |
1947, No. 33 | |
1949, No. 13 | |
1961, No. 23 | |
1950, No. 18 | |
Local Government (Ireland) Act, 1898 | 1898, c. 37 |
Purchase of Land (Ireland) Act, 1891 | 1891, c. 48 |
Estate Duty Grant Order, 1927 | S. R. & O., No. 94 of 1927 |
1924, No. 50 | |
1957, No. 7 | |
No. 28 of 1935. | |
Number 15 of 1962.
FINANCE ACT, 1962.
PART I.
Income Tax.
Income tax and sur-tax for the year 1962-63.
1.—(1) Income tax shall be charged for the year beginning on the 6th day of April, 1962, at the rate of six shillings and four pence in the pound.
(2) Sur-tax for the year beginning on the 6th day of April, 1962, shall be charged in respect of the income of any individual the total of which from all sources exceeds two thousand five hundred pounds and shall be so charged at the same rates as those at which it is charged for the year beginning on the 6th day of April, 1961.
(3) The several statutory and other provisions which were in force on the 5th day of April, 1962, in relation to income tax and sur-tax shall, subject to the provisions of this Act, have effect in relation to the income tax and sur-tax to be charged as aforesaid for the year beginning on the 6th day of April, 1962.
Securities of Agricultural Credit Corporation, Limited.
2.—(1) Subsections (1) and (2) of section 2 of the Finance Act, 1929, shall apply to securities issued by The Agricultural Credit Corporation, Limited, other than the debentures, debenture stock and certificates of charge referred to in those subsections in like manner as they apply to those debentures, debenture stock and certificates of charge.
(2) Clause (h) of Rule I of Case III of Schedule D of the Income Tax Act, 1918, is hereby amended by the insertion of “or other securities” after “debentures, debenture stock or certificates of charge”.
PART II.
Customs and Excise.
Beer.
3.—(1) In lieu of the duty of excise imposed by subsection (2) of section 9 of the Finance Act, 1957, there shall be charged, levied and paid on all beer brewed within the State on or after the 11th day of April, 1962, a duty of excise at the rate of eleven pounds, sixteen shillings and sixpence for every thirty-six gallons of worts of a specific gravity of one thousand and fifty-five degrees.
(2) In lieu of the duty of customs imposed by subsection (3) of section 9 of the Finance Act, 1957, there shall, as on and from the 11th day of April, 1962, be charged, levied and paid, on mum, spruce or black beer, Berlin white beer, and other preparations (whether fermented or not fermented) of a similar character imported into the State, a duty of customs at the following rates:
(a) for every thirty-six gallons of beer of which the worts are, or were before fermentation, of a specific gravity not exceeding one thousand, two hundred and fifteen degrees—forty-seven pounds, eight shillings;
(b) for every thirty-six gallons of beer of which the worts are, or were before fermentation, of a specific gravity exceeding one thousand, two hundred and fifteen degrees—fifty-five pounds, eleven shillings.
(3) In lieu of the duty of customs imposed by subsection (4) of section 9 of the Finance Act, 1957, there shall, as on and from the 11th day of April, 1962, be charged, levied and paid on all beer of any description (other than beer chargeable with the duty imposed by subsection (2) of this section) imported into the State, a duty of customs at the rate of eleven pounds, seventeen shillings for every thirty-six gallons of beer of which the worts were before fermentation of a specific gravity of one thousand and fifty-five degrees.
(4) There shall be allowed and paid on the exportation as merchandise or the shipment for use as stores of beer on which it is shown to the satisfaction of the Revenue Commissioners, that the duty imposed by subsection (1), subsection (2) or subsection (3) of this section has been paid, a drawback calculated according to the original specific gravity of such beer, at the rate of eleven pounds, sixteen shillings and ninepence on every thirty-six gallons of beer of which the original specific gravity was one thousand and fifty-five degrees.
(5) Where, in the case of beer which is chargeable with the duty imposed by subsection (1) or subsection (3) of this section or in the case of beer on which drawback under subsection (4) of this section is payable, the specific gravity of such beer is not one thousand and fifty-five degrees, the said duty or the said drawback (as the case may be) shall be varied proportionately.
(6) Section 24 of the Finance Act, 1933, shall not apply or have effect in relation to either of the duties of customs to which this section refers.
Spirits.
4.—(1) The Finance Act, 1920, as amended by section 8 of the Finance Act, 1952, shall, as on and from the 11th day of April, 1962, be amended by the substitution in Part I of the First Schedule to the said Finance Act, 1920, of the matter set out in the First Schedule to this Act for the matter inserted therein by the said section 8, and subsection (1) of section 3 of the said Finance Act, 1920, shall have effect accordingly.
(2) The duty of excise imposed by subsection (2) of section 3 of the Finance Act, 1920, shall, as on and from the 11th day of April, 1962, be charged, levied and paid at the rate of nine pounds, eleven shillings and twopence the gallon (computed at proof) in lieu of the rate chargeable by virtue of subsection (2) of section 8 of the Finance Act, 1952.
(3) Section 4 of the Finance Act, 1920, shall, as on and from the 11th day of April, 1962, be amended by the deletion of:
“the amount of duty which was payable immediately before the increase of duties on spirits provided for by the Finance Act, 1918.”
and the substitution therefor of:
“whichever of the following amounts may be applicable in each case:
(a) as regards excise duty— | |
for every gallon of spirits computed at proof | 14s. 9d. |
(b) as regards customs duty— | |
in the case of any mixture, compound or preparation in bottle which is entered in such manner as to indicate that the strength is not to be tested, for every gallon of such mixture | £1 0s. 5d. |
in any other case, for every gallon of spirits computed at proof | 15s. 2d.” |
(4) Nothing in this section shall operate to relieve from or to prejudice or affect the additional customs duties or the additional excise duty in respect of immature spirits imposed by section 9 of the Finance Act, 1926.
Tobacco.
5.—(1) The duty of customs on tobacco imposed by section 20 of the Finance Act, 1932, shall, during the period beginning on the 11th day of April, 1962, and ending on the 9th day of August, 1962, be charged, levied and paid at the several rates specified in Part I of the second Schedule to this Act in lieu of any other rates.
(2) The duty of excise on tobacco imposed by section 19 of the Finance Act, 1934, shall, during the period beginning on the 11th day of April, 1962, and ending on the 9th day of August, 1962, be charged, levied and paid at the several rates specified in Part II of the second Schedule to this Act in lieu of any other rates.
(3) The rebate on hard pressed tobacco mentioned in subsection (2) of section 17 of the Finance Act, 1940, shall, in respect of any such tobacco sold and sent out for use within the State by any licensed manufacturer during the period beginning on the 11th day of April, 1962, and ending on the 9th day of August, 1962, be at the rate of sixteen shillings and fivepence per pound.
(4) The rebates on unmanufactured tobacco mentioned in subsection (3) of section 20 of the Finance Act, 1932, and subsection (5) of section 19 of the Finance Act, 1934, shall not be payable in respect of any unmanufactured tobacco received by a licensed manufacturer of tobacco on or after the 11th day of April, 1962.
(5) Every licensed manufacturer of tobacco shall, on and after the 11th day of April, 1962, be entitled to receive a rebate as follows in respect of unmanufactured tobacco received by him upon which the duty of customs imposed by section 20 of the Finance Act, 1932, or the duty of excise imposed by section 19 of the Finance Act, 1934, has been paid:—
Rate of Rebate | |
Where the quantity received in any year commencing on the 11th day of April— | |
does not exceed 50,000 lbs. | 1s. 6d. per lb. for each lb. thereof |
exceeds 50,000 lbs. | 1s. 6d. per lb. for each of the first 50,000 lbs. |
(6) The duty of customs on tobacco imposed by section 20 of the Finance Act, 1932, shall, as on and from the 10th day of August, 1962, be charged, levied and paid at the several rates specified in Part III of the second Schedule to this Act in lieu of any other rates.
(7) The duty of excise on tobacco imposed by section 19 of the Finance Act, 1934, shall, as on and from the 10th day of August, 1962, be charged, levied and paid at the several rates specified in Part IV of the second Schedule to this Act in lieu of any other rates.
(8) The rebate on hard pressed tobacco mentioned in subsection (2) of section 17 of the Finance Act, 1940, shall, in respect of any such tobacco sold and sent out for use within the State by any licensed manufacturer on or after the 10th day of August, 1962, be at the rate of seventeen shillings and elevenpence per pound.
Termination of entertainments duty.
6.—Entertainments duty within the meaning of and chargeable under section 1 of the Finance (New Duties) Act, 1916, shall not be charged or levied on payments for admission to any entertainment held on or after the 1st day of October, 1962.
Waiver of small amounts of customs duty.
7.—(1) Subject to subsection (2) of this section, where the customs duty on the goods contained in one consignment or parcel imported on or after the 1st day of August, 1962, or the date of the passing of this Act (whichever is the later) would, when computed according to the laws for the time being in force in relation to customs duties, amount to a sum not exceeding two shillings and sixpence, the duty shall be waived.
(2) The duties chargeable on tobacco, spirits and wine shall not be waived under this section.
Termination of minimum charge of customs duty.
8.—(1) The enactments mentioned in subsection (2) of this section shall not apply to any goods imported on or after the 1st day of August, 1962, or the date of the passing of this Act (whichever is the later).
(2) The enactments referred to in subsection (1) of this section are:
(a) section 25 of the Finance Act, 1924,
(b) section 8 of the Finance Act, 1937,
(c) section 9 of the Finance (Agreement with United Kingdom) Act, 1938.
Amendment of Finance (Excise Duties) (Vehicles) Act, 1952.
9.—(1) Subparagraph (c) of paragraph 4 of Part I of the Schedule to the Finance (Excise Duties) (Vehicles) Act, 1952, is hereby amended by the substitution of “£2 10s.” for “£8”.
(2) If this Act is passed before or on the 1st day of July, 1962, subsection (1) of this section shall come into operation on that day and, if it is passed after that day, the said subsection shall be deemed to have come into operation on that day.
(3) The appropriate repayments shall be made having regard to the foregoing provisions of this section and the repayments shall be made in accordance with such directions as may be given by the Minister for Local Government.
Confirmation of Orders.
10.—The Imposition of Duties (No. 108) (Used Omnibuses) Order, 1961, and the Imposition of Duties (No. 123) (Tobacco) Order, 1962, are hereby confirmed.
PART III.
Initial Allowances, Exemption from Tax, Payments to Associated Companies, Interest on Unpaid Tax: Income Tax, Sur-tax and Corporation Profits Tax.
Amendment of Part V of Finance Act, 1956, and Part IV of Finance (Miscellaneous Provisions) Act, 1956.
11.—(1) In relation to capital expenditure incurred within the period beginning on the 14th day of December, 1961, and ending on the 31st day of March, 1965, Part V of the Finance Act, 1956, shall have effect as if “two-fifths” were substituted for “one-fifth” in subsection (1) of section 23 of that Act.
(2) In relation to capital expenditure incurred within the period beginning on the 14th day of December, 1961, and ending on the 31st day of March, 1965 (other than capital expenditure to which section 41 of the Finance Act, 1960, applies), Part IV of the Finance (Miscellaneous Provisions) Act, 1956, shall have effect as if “one-fifth” were substituted for “one-tenth” in subsection (1) of section 16 of that Act.
Exemption from tax in respect of interest on certain securities.
12.—(1) Income tax, sur-tax or corporation profits tax shall not be chargeable in respect of the interest on securities which are issued by the Minister for Finance for the purpose of being used in payment of income tax, sur-tax or corporation profits tax, and such interest shall not be reckoned in computing income for the purposes of the Income Tax Acts.
(2) Section 159 of the Income Tax Act, 1918, shall not have effect as respects tax for the year 1963-64 or any subsequent year of assessment.
Payments by companies to associated companies in respect of losses.
13.—(1) In this section—
“accounting period” means, in relation to a company, a period for which the accounts of the company have been made up;
“auxiliary company” means a company incorporated not earlier than the 14th day of December, 1961, and not later than the 31st day of March, 1965, being a company—
(a) of whose ordinary share capital—
(i) a part is held beneficially by each of two or more companies, and
(ii) not less than ninety-five per cent. is held beneficially by companies, and
(b) which does not hold any stock, share or security issued by a company holding beneficially a part of such ordinary share capital;
“capital allowances” means allowances, other than allowances falling to be made in computing profits or gains, under Rule 6 of the Rules applicable to Cases I and II of Schedule D, section 5 or section 6 of the Finance Act, 1946, Part V of the Finance Act, 1956, Part IV of the Finance (Miscellaneous Provisions) Act, 1956, Part V of the Finance Act, 1957, or Part V or section 74 of the Finance Act, 1959;
“company” means a body corporate resident in the State and carrying on a trade;
“deficiency payment” means a payment made to an auxiliary company by one of its principal companies under an agreement providing for the principal company to bear, or share in, losses, or a particular loss, sustained by the auxiliary company in a trade carried on by it, not being a payment which, apart from this section, would fall to be taken into account in computing profits or gains or losses of either company or would fall to be treated as income of the auxiliary company;
“ordinary share capital” means, in relation to a company, all the issued capital (by whatever name called) of the company, other than capital the holders whereof have a right to a dividend at a fixed rate or a rate fluctuating in accordance with the rate of income tax, but have no other right to share in the profits of the company;
“principal company” means, in relation to an auxiliary company, a company which holds beneficially a part of the ordinary share capital of that company;
“trade” means a trade carried on wholly or partly in the State.
(2) Subject to the provisions of this section, where an auxiliary company—
(a) has a deficiency in a trade for an accounting period, and
(b) receives in relation to the trade a deficiency payment in respect of that period, being a deficiency payment in relation to which this subsection applies,
then, in computing for the purposes of income tax the profits or gains or losses of the company and of the principal company from which the payment was received, the payment shall be treated as a trading receipt of the auxiliary company, receivable by that company on the last day of the period, and shall be allowed as a deduction to the principal company as if it were a trading expense incurred on that day.
(3) A deficiency payment in respect of an accounting period shall be a deficiency payment in relation to which subsection (2) of this section applies if (but only if)—
(a) at all times during the period—
(i) the payee company was an auxiliary company, and
(ii) the paying company was, in relation to the payee company, a principal company, and
(b) the payment is made not later than three years after the end of the period.
(4) If an auxiliary company receives in respect of an accounting period a deficiency payment or deficiency payments from one or more principal companies and the payment or the aggregate of the payments exceeds the deficiency in its relevant trade for that period, the excess shall be disregarded for the purposes of this section; and, where payments by more than one principal company are in question, the payments shall be treated as abating in such manner as may be agreed between all the companies concerned or, in default of agreement, as may be determined by the Revenue Commissioners.
(5) Where a deficiency payment is made to an auxiliary company in respect of more than one accounting period of that company or is made by a principal company carrying on more than one trade, the apportioned part of the payment to be attributed for the purposes of this section to any period or trade shall be determined by the Revenue Commissioners.
(6) For the purposes of this section—
(a) a company has a deficiency in a trade for an accounting period if (but only if) the aggregate amount of—
(i) any loss sustained in the trade in the period (computed in like manner as profits or gains under the provisions, other than this section, applicable to Case I of Schedule D),
(ii) any amounts referable to the period of capital allowances falling to be made in charging the profits or gains of the trade for any year of assessment of which the whole or a part is within the period, and
(iii) any payments to which Rule 19 or Rule 21 of the General Rules applies (other than payments to which the said Rule 21 applies by virtue of section 50 of the Finance Act, 1959), being payments made wholly and exclusively for the purposes of the trade and not deductible in computing the profits or gains or losses of the trade,
exceeds the aggregate amount of—
(I) any profits or gains arising from the trade in the period (computed in accordance with the provisions, other than this section, applicable to Case I of Schedule D), and
(II) any amounts referable to the period of balancing charges under Part V of the Finance Act, 1959, falling to be made in charging the profits or gains of the trade for any year of assessment of which the whole or a part is within the period, and
(b) if there is such an excess, the amount of the deficiency shall be taken as being equal to the amount of the excess.
For the purposes of this subsection the amount of an allowance or charge referable to a period shall be taken to be the amount thereof to be taken into account in computing for the purposes of corporation profits tax the profits of the company for that period.
(7) Where under the foregoing provisions of this section a deficiency payment, or part of a deficiency payment, made by a principal company falls to be treated as an expense of a trade incurred in an accounting period of which the whole or a part—
(a) falls within the company's basis periods for more than one year of assessment, or
(b) does not fall within the company's basis period for any year of assessment,
then, such adjustments, if any, shall be made—
(i) in a case within paragraph (a) of this subsection, of the assessment for any year mentioned in that paragraph other than the first, or
(ii) in a case within paragraph (b) of this subsection, of the assessment for the year next following the end of the said accounting period or, where the trade has been permanently discontinued before the beginning of that year, for the year in which the said accounting period ends,
as may be necessary to secure that, so far as may be, the aggregate of the amounts which, disregarding this section, would be the final assessments on the company is reduced by an amount neither more nor less than the amount of the deficiency payment.
For the purposes of this subsection a company's basis period for a year of assessment is the period on the profits or gains of which income tax for that year falls to be finally computed under Case I of Schedule D in respect of the trade in question.
(8) There shall be made such additional assessments, reductions of assessments or repayments of tax as may in any case be required in order to give effect to this section; and where a deficiency payment reduces or extinguishes a loss in respect of which a company has received repayment of tax under section 34 of the Income Tax Act, 1918, or section 4 of the Finance Act, 1960, so much of the repayment as would not have been made if the deficiency payment had been taken into account shall, if not otherwise made good, be recovered from the company by assessment under Case VI of Schedule D; and for the purpose of such assessment the deficiency payment, or an appropriate part thereof, shall be deemed to be income chargeable under the said Case VI for the year of assessment for which the repayment was made.
(9) This section shall not have effect in relation to a loss sustained by an auxiliary company during an accounting period beginning more than five years after the date on which the company first commenced to trade; and where, after a trade has been set up or commenced by an auxiliary company, the trade, or a part of the trade, becomes carried on by any other company, the other company shall, for the purposes of this subsection, be deemed to have first commenced to trade on the same day as the first-mentioned company.
(10) Where under the provisions of this section an amount is treated as a trading receipt or as a trading expense of an accounting period for the purposes of income tax, it shall be similarly treated for the purposes of corporation profits tax.
Interest on unpaid income tax, sur-tax and corporation profits tax.
14.—(1) Subject to the provisions of this section, any tax charged by any assessment to income tax, to sur-tax or to corporation profits tax shall carry interest at the rate of one-half per cent. for each month or part of a month from the date when the tax becomes due and payable until payment.
(2) Interest shall not begin to run under this section from any date before the 1st day of January, 1963.
(3) Where any tax is paid not later than three months from the date on which it becomes due and payable, the interest thereon under this section shall be remitted.
(4) Interest shall not be payable under this section on the tax charged by any assessment unless the total amount of the interest is not less than one pound.
(5) The interest payable under this section—
(a) shall be payable without any deduction of income tax and shall not be allowed as a deduction in computing any income, profits or losses for any of the purposes of the Income Tax Acts or of the enactments relating to corporation profits tax, and
(b) shall be deemed to be a debt due to the Minister for Finance for the benefit of the Central Fund and shall be payable to the Revenue Commissioners,
and, subject to subsection (6) of this section, the provisions of every enactment relating to the recovery of any tax charged by an assessment shall apply to the recovery of any amount of interest payable on that tax as if the said amount of interest were a part of that tax.
(6) In proceedings instituted by virtue of subsection (5) of this section—
(a) a certificate by a collector certifying that a stated amount of interest is due and payable by the person against whom the proceedings were instituted shall be evidence until the contrary is proved that that amount is so due and payable, and
(b) a certificate certifying as aforesaid and purporting to be signed by a collector may be tendered in evidence without proof and shall be deemed until the contrary is proved to have been signed by a collector.
In this subsection “collector” means, where the tax concerned is income tax, the person duly authorised to collect the tax or, where the tax concerned is sur-tax or corporation profits tax, the Accountant General of Revenue.
(7) (a) Subject to paragraph (b) of this subsection—
(i) where relief from tax charged by any such assessment as is referred to in subsection (1) of this section is given to any person by a discharge of any of that tax, such adjustment shall be made of the amount payable under this section in relation to the assessment, and such repayment shall be made of any amounts previously paid under this section in relation thereto, as are necessary to secure that the total sum, if any, paid or payable under this section in relation to the assessment is the same as it would have been if the tax discharged had never been charged, and
(ii) where relief from tax paid for any year of assessment or accounting period is given to any person by repayment, he shall be entitled to require that the amount repaid shall be treated for the purposes of this subsection, so far as it will go, as if it were a discharge of the tax charged on him (whether alone or together with other persons) by any assessment for the same year or period, so, however, that it shall not be applied to any assessment made after the relief was given and it shall not be applied to more than one assessment so as to reduce, without extinguishing, the amount of tax charged thereby.
(b) Notwithstanding anything in paragraph (a) of this subsection, no relief, whether by way of discharge or repayment, shall be treated as—
(i) affecting tax charged by any assessment to income tax unless it is a relief from income tax,
(ii) affecting tax charged by any assessment to sur-tax unless it is a relief from sur-tax, or
(iii) affecting tax charged by any assessment to corporation profits tax unless it is a relief from corporation profits tax.
(8) Section 10 of the Finance Act, 1958, is hereby amended—
(a) by the addition of “with or without interest” at the end of paragraph (a) of subsection (2),
(b) by the addition of “and, where the tax charged by the original assessment carried interest under section 14 of the Finance Act, 1962, such adjustment shall be made of the amount payable under that section in relation to that assessment, and such repayment shall be made of any amounts previously paid under that section in relation thereto, as are necessary to secure that the total sum, if any, paid or payable under that section in relation to that assessment is the same as it would have been if the amount which ceases to be recoverable had never been charged” at the end of subsection (3).
(9) This section extends to assessments notwithstanding that they were made before the passing of this Act or were made for years of assessment or accounting periods which have ended before the passing thereof.
PART IV.
Stamp Duties.
Amendment of section 13 of Finance (No. 2) Act, 1947.
15.—Subsection (4) of section 13 of the Finance (No. 2) Act, 1947, is hereby amended—
(i) by the insertion at the end of paragraph (a) after “or” of “in the case of property which is being acquired for private residential purposes and which does not include land exceeding five acres in extent, there is a recommendation (which shall be an excepted matter for the purposes of section 12 of the Land Act, 1950) of any two Lay Commissioners of the Land Commission to the Revenue Commissioners for their application in relation to the conveyance or transfer, or”; and
(ii) by the deletion of subparagraph (ii) of paragraph (b).
Amendment of section 24 of Finance Act, 1949.
16.—Subsection (4) of section 24 of the Finance Act, 1949, is hereby amended—
(i) by the insertion at the end of paragraph (a) after “or” of “in a case in which the lessee's interest under the lease is being acquired for private residential purposes and does not include an interest in land exceeding five acres in extent, there is a recommendation (which shall be an excepted matter for the purposes of section 12 of the Land Act, 1950) of any two Lay Commissioners of the Land Commission to the Revenue Commissioners for their application in relation to the lease, or”; and
(ii) by the deletion of subparagraph (ii) of paragraph (b).
Termination of certain stamp duties.
17.—(1) Stamp duties shall not be charged on—
(a) admission of any person to the degree of barrister-at-law,
(b) admission of any person as a student of the Society of King's Inns in Dublin, or
(c) articles of clerkship whereby any person becomes bound to serve as a clerk in order to his admission as a solicitor.
(2) This section shall come into operation on such day as the Minister for Finance may by order appoint.
Amendment of section 32 (2) of Finance Act, 1961.
18.—Subsection (2) of section 32 of the Finance Act, 1961, is hereby amended by the substitution of “eight months” for “four months”.
PART V.
Miscellaneous.
Capital Services Redemption Account.
19.—(1) In this section—
“the principal section” means section 22 of the Finance Act, 1950;
“the 1961 amending section” means section 36 of the Finance Act, 1961;
“the twelfth 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.
(2) Subsection (4) of the 1961 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1963, have effect with the substitution of “£1,299,628” for “£1,134,682”.
(3) Subsection (6) of the 1961 amending section shall have effect with the substitution of “£824,486” for “£733,991”.
(4) A sum of £1,334,935 to redeem borrowings, and interest thereon, in respect of capital services shall be charged annually on the Central Fund or the growing produce thereof in the thirty successive financial years commencing with the financial year ending on the 31st day of March, 1963.
(5) The twelfth additional annuity shall be paid into the Account in such manner and at such times in the relevant financial year as the Minister may determine.
(6) Any amount of the twelfth additional annuity, not exceeding £863,530 in any financial year, may be applied towards defraying the interest on the public debt.
(7) The balance of the twelfth additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section.
Termination of Local Taxation Account.
20.—(1) The Local Taxation Account is hereby terminated and no further payments shall be made into or out of that Account.
(2) Moneys which, but for subsection (1) of this section, would be paid into the Account terminated by that subsection from the Guarantee Fund shall be dealt with as follows:
(a) moneys in respect of the agricultural grant (including the supplementary grants) payable under the Rates on Agricultural Land (Relief) Acts, 1939 to 1959, and under section 48 of the Local Government (Ireland) Act, 1898, shall be paid directly from the Guarantee Fund,
(b) other moneys shall be applied to meet charges on the Guarantee Fund.
(3) In subsection (2) of this section “the Guarantee Fund” means the Fund established by section 5 of the Purchase of Land (Ireland) Act, 1891.
(4) Article 2 of the Estate Duty Grant Order, 1927, is hereby revoked.
(5) Any allowance which, in accordance with the Local Officers' Compensation (War Period) Act, 1924, was, immediately before the 1st day of April, 1962, payable out of the Account terminated by subsection (1) of this section shall, on and after that day, be payable out of the Central Fund.
(6) This section shall be deemed to have come into operation on the 1st day of April, 1962.
Continuance of certain exemptions from corporation profits tax.
21.—The exemptions from corporation profits tax specified in subsection (1) of section 33 of the Finance Act, 1929, shall be given in respect of the period beginning on the 1st day of January, 1962, and ending on the 31st day of December, 1964.
Orders under Imposition of Duties Act, 1957.
22.—(1) The power of the Government to make orders under section 1 of the Imposition of Duties Act, 1957, shall include power—
(a) to make orders prescribing a form of customs tariff in accordance with which goods may be classified for the purpose of customs duties and for any other purpose, and to provide accordingly for goods to be classified in any way appearing to the Government to be convenient, having regard to the customs duties imposed or to be imposed under that Act, to other customs duties, to any exemption from, or qualification or limitation of, customs duty provided for by or under any Act, and to any international agreement relating to customs matters, and
(b) to place any form of customs tariff prescribed by virtue of this subsection under the care and management of the Revenue Commissioners,
and the power of the Government to revoke or amend orders under the said section 1 shall include power to revoke or amend orders made by virtue of this subsection.
(2) The power of the Minister for Finance to make orders under section 3 of the said Imposition of Duties Act, 1957, shall include power to make orders (without the consent provided for in that section)—
(a) amending or revoking orders made by virtue of subsection (1) of this section where the amendments or revocations are for the purpose of amending any classification of goods (whether subject or not subject to a duty to which the said section 3 applies) in a form of customs tariff prescribed by virtue of the said subsection (1) and do not impose a customs duty on an article not otherwise subject to duty or vary in any manner or respect whatsoever the rate at which customs duty is chargeable on an article or provide, as respects an article not otherwise subject thereto, for any qualification, limitation, drawback, allowance, exemption or preferential rate in relation to customs duty or terminate or vary in any manner or respect whatsoever, as respects an article, any such qualification, limitation, drawback, allowance, exemption or preferential rate, and
(b) providing for any consequential amendments of an order made by virtue of the said subsection (1) necessitated by the making of orders under the said section 3,
and the power of the Minister for Finance to revoke or amend orders under the said section 3 shall include power to revoke or amend (without the consent provided for in that section) orders made by virtue of this subsection.
(3) (a) The power of the Government to make orders under paragraphs (b), (e) and (g) of section 1 of the said Imposition of Duties Act, 1957, shall include power to make orders applying qualifications, limitations, allowances, exemptions or preferential rates in relation to any customs duty, excise duty or stamp duty, in force at the passing of this Act or imposed by any Act passed or order made after the passing of this Act, and the power of the Government to make orders under the said paragraphs (b) and (e) shall include power to make orders applying drawbacks in relation to any such customs duty or excise duty, and the power of the Government to revoke or amend orders under the said section 1 shall include power to revoke or amend orders made by virtue of this subsection.
(b) Section 1 of the said Imposition of Duties Act, 1957, is hereby amended by—
(i) the insertion in paragraph (d) after “limitations,” of “drawbacks,”, and
(ii) the insertion in paragraph (e) after “limitation,” of “drawback,”.
Repeals.
23.—(1) (a) The enactment specified in column (2) of Part I of the Third Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part.
(b) Paragraph (a) of this subsection shall be deemed to have come into operation on the 1st day of April, 1962.
(2) The enactment specified in column (2) of Part II of the Third Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part.
Care and management of taxes and duties.
24.—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.
25.—(1) This Act may be cited as the Finance Act, 1962.
(2) Part I of this Act shall be construed together with the Income Tax Acts.
(3) 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.
(4) Part III of this Act shall, so far as it relates to income tax (including sur-tax), be construed together with the Income Tax Acts and shall, so far as it relates to corporation profits tax, be construed together with Part V of the Finance Act, 1920, and the enactments amending or extending that Part.
(5) Part I of this Act shall be deemed to come into force and shall take effect as on and from the 6th day of April, 1962.
(6) Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended by or under any other enactment, including this Act.
FIRST SCHEDULE.
Spirits (Rates of Ordinary Customs Duty).
Description of Spirits | Preferential Rates | Full Rates | ||||
(1) | (2) | (3) | ||||
£ | s. | d. | £ | s. | d. | |
For every gallon of perfumed spirits | 15 | 5 | 10 | 15 | 9 | 10 |
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 | 12 | 18 | 1 | 13 | 1 | 5 |
For every gallon computed at proof of spirits of any description not heretofore mentioned, including naphtha and methylic alcohol purified so as to be potable, and mixtures and preparations containing spirit | 9 | 11 | 7 | 9 | 14 | 1 |
SECOND SCHEDULE.
Duties on Tobacco.
Part I.
Customs.
£ | s. | d. | |||||
Unmanufactured:— | |||||||
if stripped or stemmed:— | |||||||
containing 10 lbs. or more of moisture in every 100 lbs. weight thereof | the lb. | 2 | 13 | 2 | |||
containing less than 10 lbs. of moisture in every 100 lbs. weight thereof | ” | 2 | 19 | 1 | |||
if unstripped or unstemmed:— | |||||||
containing 10 lbs. or more of moisture in every 100 lbs. weight thereof | ” | 2 | 13 | 1½ | |||
containing less than 10 lbs. of moisture in every 100 lbs. weight thereof | ” | 2 | 19 | 0½ | |||
Full | Preferential | ||||||
£ | s. | d. | £ | s. | d. | ||
Manufactured:— | |||||||
cigars | the lb. | 3 | 7 | 6 | 2 | 16 | 3 |
cigarettes | ” | 3 | 5 | 6 | 2 | 14 | 7 |
Cavendish or Negrohead | ” | 3 | 7 | 0 | 2 | 15 | 10 |
Cavendish or Negrohead manufactured in bond | ” | 3 | 6 | 6 | 2 | 15 | 5 |
other manufactured tobacco | ” | 3 | 5 | 0 | 2 | 14 | 2 |
snuff containing more than 13 lbs. of moisture in every 100 lbs. weight thereof | ” | 3 | 4 | 6 | 2 | 13 | 9 |
snuff not containing more than 13 lbs. of moisture in every 100 lbs. weight thereof | ” | 3 | 7 | 0 | 2 | 15 | 10 |
Part II.
Excise.
£ | s. | d. | ||
Unmanufactured:— | ||||
containing 10 lbs. or more of moisture in every 100 lbs. weight thereof | the lb. | 2 | 12 | 0½ |
containing less than 10 lbs. of moisture in every 100 lbs. weight thereof | ” | 2 | 17 | 10 |
Manufactured:— | ||||
Cavendish or Negrohead manufactured in bond | ” | 2 | 14 | 0½ |
Part III.
Customs.
£ | s. | d. | |||||
Unmanufactured:— | |||||||
if stripped or stemmed:— | |||||||
containing 10 lbs. or more of moisture in every 100 lbs. weight thereof | the lb. | 2 | 14 | 11 | |||
containing less than 10 lbs. of moisture in every 100 lbs. weight thereof | ” | 3 | 1 | 0 | |||
if unstripped or unstemmed:— | |||||||
containing 10 lbs. or more of moisture in every 100 lbs. weight thereof | ” | 2 | 14 | 10½ | |||
containing less than 10 lbs. of moisture in every 100 lbs. weight thereof | ” | 3 | 0 | 11½ | |||
Full | Preferential | ||||||
£ | s. | d. | £ | s. | d. | ||
Manufactured:— | |||||||
cigars | the lb. | 3 | 9 | 6 | 2 | 17 | 11 |
cigarettes | ” | 3 | 7 | 6 | 2 | 16 | 3 |
Cavendish or Negrohead | ” | 3 | 9 | 0 | 2 | 17 | 6 |
Cavendish or Negrohead manufactured in bond | ” | 3 | 8 | 6 | 2 | 17 | 1 |
other manufactured tobacco | ” | 3 | 7 | 0 | 2 | 15 | 10 |
snuff containing more than 13 lbs. of moisture in every 100 lbs. weight thereof | ” | 3 | 6 | 6 | 2 | 15 | 5 |
snuff not containing more than 13 lbs. of moisture in every 100 lbs. weight thereof | ” | 3 | 9 | 0 | 2 | 17 | 6 |
Part IV.
Excise.
£ | s. | d. | ||
Unmanufactured:— | ||||
containing 10 lbs. or more of moisture in every 100 lbs. weight thereof | the lb. | 2 | 13 | 9½ |
containing less than 10 lbs. of moisture in every 100 lbs. weight thereof | ” | 2 | 19 | 9 |
Manufactured:— | ||||
Cavendish or Negrohead manufactured in bond | ” | 2 | 15 | 9½ |
THIRD SCHEDULE.
Enactments Repealed.
Part I.
Session and Chapter | Short Title | Extent of Repeal |
(1) | (2) | (3) |
54 & 55 Vic., c. 48. | Purchase of Land (Ireland) Act, 1891. | Subparagraph (ii) of paragraph (a) of subsection (1) of section 5. |
Part II.
Number and Year | Short Title | Extent of Repeal |
(1) | (2) | (3) |
No. 28 of 1935. | Paragraph (c) of subsection (7) of section 21. |