Number 19 of 1972
FINANCE ACT, 1972
ARRANGEMENT OF SECTIONS
Income Tax
General
Section | |
Payment of interest on Central Bank Reserve Bonds without deduction of tax. | |
Occupational Pension Schemes
Death Duties
Provisions consequential on alteration of rates of estate duty. | |
Appeals in certain cases to Appeal Commissioners against valuation of property for estate duty. |
Stamp Duties
Appeals in certain cases to Appeal Commissioners against valuation of property for stamp duty. |
Corporation Profits Tax
Continuance of certain exemptions from corporation profits tax. | |
Miscellaneous
Exemption of credit unions from income tax and corporation profits tax. | |
Part I
Part II
Part III
Acts Referred to | |
1967, No. 6 | |
1970, No. 14 | |
1971, No. 23 | |
1969, No. 21 | |
1967, No. 17 | |
1970, No. 25 | |
1971, No. 24 | |
1961, No. 23 | |
1931, No. 31 | |
1960, No. 19 | |
1965, No. 22 | |
Finance Act, 1894 | 1894, c. 30 |
Finance (1909-10) Act, 1910 | 1910, c. 8 |
1940, No. 14 | |
1935, No. 38 | |
Finance Act, 1899 | 1899, c. 9 |
1950, No. 18 | |
Stamp Act, 1891 | 1891, c. 39 |
1923, No. 21 | |
1929, No. 32 | |
Finance Act, 1920 | 1920, c. 18 |
Finance Act, 1922 | 1922, c. 17 |
1963, No. 33 | |
1937, No. 38 | |
1968, No. 33 | |
1936, No. 31 | |
1931, No. 13 | |
Regulations made on the 10th day of November,: 1921 | 1921, S.R. & O., No. 1699 |
Finance Act, 1921 | 1921, c. 32 |
Number 19 of 1972
FINANCE ACT, 1972
PART I
Income Tax
Chapter I
General
Charge of income tax and sur-tax.
1.—(1) Income tax shall be charged for the year beginning on the 6th day of April, 1972, and for each subsequent year beginning on the 6th day of April, and shall be so charged at the rate of 35 per cent.
(2) The following subsections are hereby substituted for subsection (1) of section 522 of the Income Tax Act, 1967:
“(1) In addition to the income tax charged by section 1 (1) of the Finance Act, 1972, an additional duty of income tax (in this Act referred to as sur-tax) shall be charged for the year beginning on the 6th day of April, 1972, and for each subsequent year beginning on the 6th day of April.
(IA) Sur-tax shall be charged in respect of the income for any such year of any individual the total of which from all sources for that year exceeds the aggregate of—
(a) £2,500, and
(b) the amount of any deductions to which the individual is entitled for that year under section 523,
and shall be so charged in respect of the excess at the following rates, that is to say:
for every pound of the first £2,000 of the excess | 15 per cent. |
for every pound of the next £2,000 of the excess | 30 per cent. |
for every pound of the remainder of the excess | 45 per cent.”. |
Amendment of sections 127 and 128 of Income Tax Act, 1967.
2.—(1) Section 127 (1) of the Income Tax Act, 1967, is hereby amended by the insertion, after paragraph (e), of the following paragraph:
“(ee) for requiring any employer making any payment of emoluments to which this Chapter applies, when making a deduction or repayment of tax in accordance with this Chapter and the regulations thereunder, to make such deduction or repayment as would require to be made if the amount of the emoluments were the emoluments reduced by the amount of any contributions payable by the employee and deductible by the employer from the emoluments being paid and which, by virtue of Chapters I and II of Part XII of the Income Tax Act, 1967, or Chapter II of Part I of the Finance Act, 1972, are for the purposes of assessment under Schedule E allowed as a deduction from the emoluments;”.
(2) Section 128 (1) of the Income Tax Act, 1967, is hereby amended by the insertion, after “documents”, of “or fails to make any deduction or repayment in accordance with any regulation made pursuant to section 127 (1) (ee)”.
Amendment of section 135 of Income Tax Act, 1967.
3.—Section 135 of the Income Tax Act, 1967, is hereby amended—
(a) by the substitution in paragraph (d) of the proviso (inserted by the Finance Act, 1970) to subsection (1) of “£299” for “£249”, of “£324” for “£274”, of “£700” for “£600” (inserted by the Finance Act, 1971) in both places where it occurs and of “£175” for “£150” (inserted by the said Finance Act, 1971) in both places where it occurs,
(b) by the substitution in paragraph (e) of the said proviso of “£494” for “£424”, of “£594” for “£524”, of “£1,200” for “£1,000” (inserted by the said Finance Act, 1971) in both places where it occurs and of “£300” for “£250” (inserted by the said Finance Act, 1971) in both places where it occurs, and
(c) by the addition to the said proviso of the following paragraph:
“(f) where the income of an individual is wholly earned income, he shall be entitled to claim under this section such a deduction as will, when added to the deduction to which he is entitled under section 134, be not less in the aggregate than the deduction to which he would have been entitled under this section if his income were wholly unearned income.”.
Amendment of section 138 of Income Tax Act, 1967.
4.—Section 138 of the Income Tax Act, 1967, is hereby amended—
(a) by the substitution in subsection (1) of “£494” for “£424” (inserted by the Finance Act, 1969) in each place where it occurs, of “£299” for “£249” (inserted by the said Finance Act, 1969) and of “£594” for “£524” (inserted by the said Finance Act, 1969); and
(b) by the substitution in subsection (2) of “£299” for “£249” (inserted by the said Finance Act, 1969) in both places where it occurs and of “£324” for “£274” (inserted by the said Finance Act, 1969).
Amendment of section 141 of Income Tax Act, 1967.
5.—Section 141 of the Income Tax Act, 1967, is hereby amended—
(a) by the insertion in subsection (1) (inserted by the Finance Act, 1969) after paragraph (a) of the following paragraph:
“(aa) who is under the age of 16 years and is permanently incapacitated by reason of mental or physical infirmity, or”,
(b) by the substitution for the portion of paragraph (a) of subsection (1A) (inserted by the said Finance Act, 1969) that precedes the proviso to the said paragraph (a) of the following:
“(a) (i) in the case of a child to whom paragraph (a) of that subsection applies and who is shown by the claimant to have been over the age of 11 years at the commencement of the year of assessment, £170, and in the case of any other such child, £155, or
(ii) in the case of a child to whom paragraph (aa) of that subsection applies and who is shown by the claimant to have been over the age of 11 years at the commencement of the year of assessment, £220, and in the case of any other such child, £205,”,
(c) by the substitution in paragraph (b) of the said subsection (1A) of “£170” for “£150”, and
(d) by the substitution in paragraph (c) of the said subsection (1A) of “£220” for “£150” in each place where it occurs.
Amendment of section 142 of Income Tax Act, 1967.
6.—Section 142 (1) of the Income Tax Act, 1967, is hereby amended by the substitution of “£355” for “£303” (inserted by the Finance Act, 1971) in both places where it occurs and by the substitution of “£295” for “£243” (inserted by the said Finance Act, 1971).
Amendment of section 485 of Income Tax Act, 1967.
7.—Section 485 (5) of the Income Tax Act, 1967, is hereby amended—
(a) by the substitution in paragraphs (a) and (b) of “£2,000” for “£600”, and
(b) by the substitution in paragraphs (b) and (c) of “£250” for “£50”.
Amendment of section 486 of Income Tax Act, 1967.
8.—Section 486 of the Income Tax Act, 1967, is hereby amended—
(a) by the substitution in subsection (1) of “£2,000” for “£600”, and
(b) by the substitution in subsection (2) of “£250” for “£50”.
Amendment of section 12 of Finance Act, 1967.
9.—Section 12 (2) of the Finance Act, 1967, is hereby amended—
(a) by the substitution in paragraph (a) of “the amount of which in the aggregate exceeds £50” for “which amount in the aggregate to more than £50” and of “the amount of the excess” for “the appropriate amount”,
(b) by the deletion of paragraph (b), and
(c) by the deletion in paragraph (c) (inserted by the Finance Act, 1969) of “but excluding from the computation of that aggregate any such expenses in excess of £500 for any one qualified person,”.
Cesser of section 1 of Finance (No. 2) Act, 1970.
10.—Section 1 of the Finance (No. 2) Act, 1970, shall cease to have effect with respect to the computation of income for the purposes of income tax for the year 1972-73 or for any subsequent year.
Payment of interest on Central Bank Reserve Bonds without deduction of tax.
11.—Central Bank Reserve Bonds issued under section 48 of the Central Bank Act, 1971, shall be deemed to be securities issued under the authority of the Minister for Finance within the meaning of section 466 of the Income Tax Act, 1967, and that section shall apply accordingly.
Amendment of certain enactments.
12.—Each enactment mentioned in column (2) of the Third Schedule is, in relation to tax for the year 1973-74 and subsequent years, hereby amended as specified in column (3) of that Schedule.
Chapter II
Occupational Pension Schemes
Interpretation and supplemental.
13.—(1) In this Chapter, except where the context otherwise requires—
“administrator” in relation to a retirement benefits scheme means the person or persons having the management of the scheme, and references to the administrator of a scheme shall be deemed to include the person mentioned in section 15 (2) (c);
“approved scheme” means a retirement benefits scheme for the time being approved by the Commissioners for the purposes of this Chapter;
“the Commissioners” means the Revenue Commissioners;
“company” includes any body corporate or unincorporated body of persons other than a partnership;
“director”, in relation to a company, includes—
(a) in the case of a company the affairs whereof are managed by a board of directors or similar body, a member of that board or similar body,
(b) in the case of a company the affairs whereof are managed by a single director or similar person, that director or person,
(c) in the case of a company the affairs whereof are managed by the members themselves, a member of that company,
and includes a person who is to be or has been a director;
“employee”—
(a) in relation to a company, includes any officer of the company, any director of the company and any other person taking part in the management of the affairs of the company, and
(b) in relation to any employer, includes a person who is to be or has been an employee,
and “employer” and other cognate expressions shall be construed accordingly;
“exempt approved scheme” has the meaning assigned to it by section 16;
“final remuneration” means the average annual remuneration of the last three years' service;
“ordinary share capital”, in relation to a company, means all the issued share 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;
“pension” includes annuity;
“proprietary director” means a director of a company who is the beneficial owner of, or able, either directly or through the medium of other companies or by any other indirect means, to control, more than 15 per cent. of the ordinary share capital of the company;
“proprietary employee” means, in relation to a company, an employee who is the beneficial owner of, or able, either directly or through the medium of other companies or by any other indirect means, to control more than 15 per cent. of the ordinary share capital of the company;
“relevant benefits” means any pension, lump sum, gratuity or other like benefit given or to be given on retirement or on death, or in anticipation of retirement, or, in connection with past service, after retirement or death, or to be given on or in anticipation of or in connection with any change in the nature of the service of the employee in question, except that it does not include any benefit which is to be afforded solely by reason of the death or disability of a person resulting from an accident arising out of or in the course of his office or employment and for no other reason;
“service” means service as an employee of the employer in question and other expressions, including “retirement”, shall be construed accordingly;
“statutory scheme” means a retirement benefits scheme established by or under any enactment.
(2) Any reference in this Chapter to the provision of relevant benefits, or of a pension, for employees of an employer includes a reference to the provision thereof by means of a contract between the administrator or the employer and a third person.
(3) For the purposes of the definitions in subsection (1) of “proprietary director” and “proprietary employee”, ordinary share capital which is owned or controlled as referred to in the definitions by a person being a spouse or an infant child of a director or of an employee, or by the trustee of a trust for the benefit of a person or persons being or including any such person or such director or employee, shall be deemed to be owned or controlled by such director or employee and not by any other person.
(4) The First Schedule shall have effect for supplementing this Chapter and that Schedule shall be construed as one with this Chapter.
Definition of retirement benefits scheme.
14.—(1) In this Chapter “retirement benefits scheme” means, subject to the provisions of this section, a scheme for the provision of benefits consisting of or including relevant benefits, but does not include any scheme under the Social Welfare Acts, 1952 to 1971, providing such benefits.
(2) References in this Chapter to a scheme include references to a deed, agreement, series of agreements, or other arrangements providing for relevant benefits notwithstanding that it or they relates or relate only to—
(a) a small number of employees, or to a single employee, or
(b) the payment of a pension starting immediately on the making of the arrangements.
(3) The Commissioners may, if they think fit, treat a retirement benefits scheme relating to employees of two or more different classes or descriptions as being for the purposes of this Chapter two or more separate retirement benefits schemes relating respectively to such one or more of those classes or descriptions of those employees as the Commissioners think fit.
(4) For the purposes of this section, and of any other provision of this Chapter—
(a) employees may be regarded as belonging to different classes or descriptions if they are employed by different employers, and
(b) a particular class or description of employee may consist of a single employee, or any number of employees, however small.
Conditions for approval of schemes and discretionary approval.
15.—(1) Subject as hereinafter provided, the Commissioners shall approve any retirement benefits scheme for the purposes of this Chapter if it satisfies all of the prescribed conditions, that is to say the conditions set out in subsection (2), and the conditions as respects benefits set out in subsection (3).
(2) The said conditions are—
(a) that the scheme is bona fide established for the sole purpose of providing relevant benefits in respect of service as an employee, being benefits payable to, or to the widow, children or dependants or personal representatives of, the employee,
(b) that the scheme is recognised by the employer and employees to whom it relates, and that every employee who is, or has a right to be, a member of the scheme has been given written particulars of all essential features of the scheme which concern him,
(c) that there is a person resident in the State who will be responsible for the discharge of all duties imposed on the administrator of the scheme under this Chapter,
(d) that the employer is a contributor to the scheme,
(e) that the scheme is established in connection with some trade or undertaking carried on in the State by a person resident in the State,
(f) that, where the employer is a company, no service of a person, in whatever capacity, rendered by him while he is a proprietary director or a proprietary employee of the company is taken into account for any of the purposes of the scheme,
(g) that no amount can be paid, whether during the subsistence of the scheme or later, by way of repayment of an employee's contributions under the scheme.
(3) The said conditions as respects benefits are—
(a) that any benefit for an employee is a pension on retirement at a specified age not earlier than 60 (or, if the employee is a woman, 55) and not later than 70, or on earlier retirement through incapacity, which does not exceed one-sixtieth of the employee's final remuneration for each year of service up to a maximum of 40,
(b) that any pension for any widow of an employee who dies before retirement shall be a pension payable on his death of an amount that does not exceed two-thirds of any pension or pensions which, consonant with the condition in paragraph (a), could have been provided for the employee on retirement on attaining the specified age, if he had continued to serve until he attained that age at an annual rate of remuneration equal to his final remuneration,
(c) that any lump sums provided for any widow, children, dependants or personal representatives of an employee who dies before retirement shall not exceed, in the aggregate, four times the employee's final remuneration,
(d) that any benefit for any widow of an employee payable on his death after retirement is a pension such that the amount payable to the widow does not exceed two-thirds of any pension or pensions payable to the employee,
(e) that any pensions for the children or dependants of an employee who dies before retirement or on his death after retirement shall not exceed, in the aggregate, one-half of the pension specified in paragraph (b) or (d) as the case may be,
(f) that no pension is capable in whole or in part of surrender, commutation or assignment except so far as the scheme allows an employee on retirement to obtain, by commutation of his pension, a lump sum or sums not exceeding in all three-eightieths of his final remuneration for each year of service up to a maximum of 40,
(g) that no other benefits are payable under the scheme.
(4) The Commissioners may, if they think fit, having regard to the facts of a particular case, and subject to such conditions, if any, as they think proper to attach to the approval, approve a retirement benefits scheme for the purposes of this Chapter notwithstanding that it does not satisfy one or more of the prescribed conditions. The Commissioners may in particular approve by virtue of this subsection a scheme—
(a) which exceeds the limits imposed by the prescribed conditions as respects benefits for less than forty years' service, or
(b) which allows benefits to be payable on retirement within ten years of the specified age or on earlier incapacity, or
(c) which provides for the return in certain contingencies of employees' contributions and payment of interest (if any) on the contributions, or
(d) which relates to a trade or undertaking carried on only partly in the State and by a person not resident in the State.
In applying this subsection to an existing scheme the Commissioners shall exercise their discretion, in such cases as appear to them appropriate, so as—
(i) to preserve benefits earned or rights arising out of service before approval under this Chapter or before the commencement of section 18, whichever is the earlier, and
(ii) to preserve any rights to death-in-service benefits conferred by rules of the scheme in force on the 19th day of April, 1972.
(5) If in the opinion of the Commissioners the facts concerning any scheme or its administration cease to warrant the continuance of their approval of the scheme, they may at any time by notice in writing to the administrator withdraw their approval on such grounds, and from such date, as may be specified in the notice.
(6) Where an alteration has been made in a retirement benefits scheme, no approval given as regards the scheme before the alteration shall apply after the date of the alteration unless the alteration has been approved by the Commissioners.
(7) For the purpose of determining whether a retirement benefits scheme, so far as it relates to a particular class or description of employees, satisfies or continues to satisfy the prescribed conditions, that scheme shall be considered in conjunction with any other retirement benefits scheme or schemes relating to employees of that class or description, and, if those conditions are satisfied in the case of both or all of those schemes taken together, they shall be taken to be satisfied in the case of each of them but otherwise those conditions shall be taken to be satisfied in the case of none of them.
(8) No approval shall be given as respects any period before the 6th day of April, 1972.
Certain approved schemes: exemptions and reliefs.
16.—(1) This section has effect as respects—
(a) any approved scheme which is shown to the satisfaction of the Commissioners to be established under irrevocable trusts, or
(b) any other approved scheme as respects which the Commissioners, having regard to any special circumstances, direct that this section shall apply,
and any scheme which is for the time being within paragraph (a) or (b) is in this Chapter referred to as an “exempt approved scheme”.
(2) Exemption from income tax shall, on a claim being made in that behalf, be allowed in respect of income derived from investments or deposits of a scheme if, or to such extent as the Commissioners are satisfied that, it is income from investments or deposits held for the purposes of the scheme.
(3) Exemption from income tax shall, on a claim being made in that behalf, be allowed in respect of underwriting commissions if, or to such extent as the Commissioners are satisfied that, the underwriting commissions are applied for the purposes of the scheme, and in respect of which the trustees of the scheme would, but for this subsection, be chargeable to tax under Case IV of Schedule D.
(4) Any sum paid by an employer by way of contribution under the scheme shall, for the purposes of Case I or II of Schedule D and of the provisions of section 214 of the Income Tax Act, 1967, relating to expenses of management, be allowed to be deducted as an expense or expense of management incurred in the year in which the sum is paid:
Provided that—
(a) the amount of an employer's contributions which may be so deducted shall not exceed the amount contributed by him under the scheme in respect of employees in a trade or undertaking in respect of the profits of which the employer is assessable to income tax,
(b) a sum not paid by way of an ordinary annual contribution shall for the purposes of this subsection be treated, as the Commissioners may direct, either as an expense incurred in the year in which the sum is paid, or as an expense to be spread over such period of years as the Commissioners think proper.,
(5) (a) Any ordinary annual contribution paid under the scheme by an employee shall, in assessing tax under Schedule E, be allowed to be deducted as an expense incurred in the year in which the contribution is paid.
(b) Any contribution, which is not an ordinary annual contribution, paid or borne by an employee under the scheme may, as the Commissioners think proper—
(i) be treated, as respects the year in which it is paid, as an ordinary annual contribution paid in that year, or
(ii) be apportioned among such years as the Commissioners direct and the amount of the contribution attributed thereby to any year shall be treated as an ordinary annual contribution paid in that year.
(c) The aggregate amount of any contributions (whether ordinary annual contributions or contributions treated as ordinary annual contributions) allowed to be deducted in any year shall not exceed 15 per cent. of the remuneration for that year of the office or employment in respect of which the contributions are paid.
(6) Relief shall not be given under section 143 or 151 of the Income Tax Act, 1967, in respect of any payment in respect of which an allowance can be made under subsection (5).
(7) This section has effect only as respects income arising or contributions paid at a time when the scheme is an exempt approved scheme.
Certain statutory schemes: exemptions and reliefs.
17.—(1) This section has effect as respects any statutory scheme established under a public statute.
(2) (a) Any ordinary annual contribution paid under the scheme by any officer or employee shall, in assessing tax under Schedule E, be allowed to be deducted as an expense incurred in the year in which the contribution is paid.
(b) Any contribution, which is not an ordinary annual contribution, paid or borne by any officer or employee under the scheme may, as the Commissioners think proper—
(i) be treated, as respects the year in which it is paid, as an ordinary annual contribution paid in that year, or
(ii) be apportioned among such years as the Commissioners direct and the amount of the contribution attributed thereby to any year shall be treated as an ordinary annual contribution paid in that year.
(c) The aggregate amount of any contributions (whether ordinary annual contributions or contributions treated as ordinary annual contributions) allowed to be deducted in any year shall not exceed 15 per cent, of the remuneration for that year of the office or employment in respect of which the contributions are paid.
(3) Relief shall not be given under section 143 or 151 of the Income Tax Act, 1967, in respect of any payment in respect of which an allowance can be made under subsection (2).
(4) This section shall come into operation on the 6th day of April, 1973.
Charge to tax in respect of certain relevant benefits provided for employees.
18.—(1) Subject to the provisions of this Chapter, where pursuant to a retirement benefits scheme, the employer in any year of assessment pays a sum with a view to the provision of any relevant benefits for any employee of that employer, then (whether or not the accrual of the benefits is dependent on any contingency)—
(a) the sum paid, if not otherwise chargeable to income tax as income of the employee, shall be deemed for all the purposes of the Income Tax Acts to be income of that employee for that year of assessment and assessable to tax under Schedule E, and
(b) where the payment is made under such an insurance or contract as is mentioned in section 143 or 151 of the Income Tax Act, 1967, relief, if not otherwise allowable, shall be given to that employee under the said section 143 or 151 in respect of the payment to the extent, if any, to which such relief would have been allowable to him if the payment had been made by him and the insurance or contract under which the payment is made had been made with him.
(2) Subject to the provisions of this Chapter, where—
(a) the circumstances in which any relevant benefits under a retirement benefits scheme are to accrue are not such as will render the benefits assessable to income tax as emoluments of the employee in respect of whom the benefits are paid, and
(b) the provision of those benefits is not, or is not fully, secured by the payment of sums by the employer with a view to the provision of those benefits,
then, (whether or not the accrual of the benefits is dependent on any contingency) an amount equal to the cost, estimated in accordance with subsection (3), of securing the provision by a third person of the benefits or, as the case may be, of the benefits so far as not already secured by the payment of such sums as are mentioned in subsection (1), shall be deemed for all purposes of the Income Tax Acts to be income of the employee for the year or years of assessment specified in the said subsection (3) and assessable to income tax under Schedule E.
(3) The cost referred to in subsection (2) shall be estimated either—
(a) as an annual sum payable in each year of assessment in which the scheme in question is in force or the employee is serving, up to and including the year of assessment in which the benefits accrue or there ceases to be any possibility of the accrual thereof, or
(b) as a single sum payable in the year of assessment in which falls the date when the employee acquired the right to the relevant benefits, or the date when he acquired the right to any increase in the relevant benefits,
as may be more appropriate in the circumstances of the case.
(4) Where the employer pays any sum as mentioned in subsection (1) in relation to more than one employee the sum so paid shall, for the purpose of that subsection, be apportioned among those employees by reference to the separate sums which would have had to be paid to secure the separate benefits to be provided for them respectively, and the part of the sum apportioned to each of them shall be deemed for that purpose to have been paid separately in relation to that one of them.
(5) Any reference in this section to the provision for an employee of relevant benefits includes a reference to the provision of benefits payable to that employee's wife or widow, children, dependants or personal representatives.
(6) Section 2 (2) of the Income Tax Act, 1967, is hereby amended by the insertion, after paragraph (c), of the following paragraph:
“(cc) any payment which is chargeable to tax under Schedule E by virtue of section 18 of the Finance Act, 1972;”.
(7) This section shall come into force—
(a) as respects a scheme which comes into being at a time on or after the 6th day of April, 1974, but before the 6th day of April, 1980, or which comes or came into being before the said 6th day of April, 1974, and is made the subject of an alteration (other than an alteration which, in the opinion of the Revenue Commissioners, is immaterial) at a time after that date but before the said 6th day of April, 1980, at that time, and
(b) as respects any other scheme, on the said 6th day of April, 1980.
Exceptions from charge to tax under section 18.
19.—(1) Neither subsection (1) nor subsection (2) of section 18 shall apply where the retirement benefits scheme in question is—
(a) an approved scheme, or
(b) a statutory scheme, or
(c) a scheme set up by a Government outside the State for the benefit, or primarily for the benefit, of its employees.
(2) Neither subsection (1) nor subsection (2) of section 18 shall apply for any year of assessment where, apart from those subsections, the employee is, under the provisions of the Income Tax Acts, either not assessable to income tax in respect of the emoluments of his employment or is so assessable in respect thereof on the basis of the amount received in the State.
(3) Where, in respect of the provision for an employee of any relevant benefits, a sum has been deemed to be income of his by virtue either of subsection (1) or subsection (2) of section 18, and subsequently the employee proves to the satisfaction of the Commissioners that no payment in respect of, or in substitution for, the benefits has been made and that some event has occurred by reason of which no such payment will be made, and makes application for relief under this subsection within six years from the time when that event occurred, the Commissioners shall give relief in respect of tax on that sum by repayment or otherwise as may be appropriate; and if the employee satisfies the Commissioners as aforesaid in relation to some particular part of the benefits but not the whole thereof, the Commissioners may give such relief as may seem to them just and reasonable.
Charge to tax of pensions under Schedule E.
20.—(1) Subject to subsection (2), all pensions paid under any scheme which is approved or is being considered for approval under this Chapter shall be charged to tax under Schedule E, and Chapter IV of Part V of the Income Tax Act, 1967, shall apply accordingly.
(2) In respect of any scheme which is approved or is being considered for approval under this Chapter, the Commissioners may direct that, until such date as they may specify, pensions under the scheme shall be charged to tax as annual payments under Case III of Schedule D, and tax shall be deductible under Part XXVII of the Income Tax Act, 1967, accordingly.
Charge to tax on repayment of employee's contributions.
21.—(1) Subject to the provisions of this section, tax shall be charged under this section on any repayment to an employee during his lifetime of any contributions (including interest on contributions, if any) if the payment is made under—
(a) a scheme which is or has at any time been an exempt approved scheme, or
(b) a statutory scheme established under a public statute.
(2) Where any payment is chargeable to tax under this section, the administrator of the scheme shall be charged to income tax under Case IV of Schedule D, and subject to subsection (3), the rate of the tax shall be 10 per cent.
(3) (a) The Minister for Finance may by order from time to time increase or decrease the rate of tax under subsection (2).
(b) Every order under paragraph (a) shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the order is passed by Dáil Éireann within the next twenty-one days on which Dáil Éireann has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.
(4) The tax shall be charged on the amount paid or, if the rules of the relevant scheme permit its administrator to deduct the tax before payment, on the amount before deduction of tax, and the amount so charged to tax shall not be treated as income for any other purpose of the Income Tax Acts.
(5) (a) Subsection (1) (a) shall not apply in relation to a contribution made after the scheme ceases to be an exempt approved scheme (unless it again becomes an exempt approved scheme).
(b) Subsection (1) (b) shall not apply to any payment made before the 6th day of April, 1973.
(6) This section shall not apply where the employee's employment was carried on outside the State.
(7) In this section and in section 22, “employee”, in relation to a statutory scheme, includes an officer.
Charge to tax: commutation of entire pension in special circumstances.
22.—(1) Where—
(a) a scheme which is or has at any time been an approved scheme, or
(b) a statutory scheme established under a public statute,
contains a rule allowing, in special circumstances, a payment in commutation of an employee's entire pension, and any pension is commuted, whether wholly or not, under the rule, tax shall be charged on the amount by which the sum receivable exceeds—
(i) the largest sum which would have been receivable in commutation of any part of the pension if the scheme had contained a rule providing that the aggregate value of the relevant benefits payable to an employee on or after retirement, excluding any pension which was not commutable, should not exceed three-eightieths of his final remuneration for each year of service up to a maximum of 40, or
(ii) the largest sum which would have been receivable in commutation of any part of the pension under any rule of the scheme authorising the commutation of part (but not the whole) of the pension, or which would have been so receivable but for the said circumstances,
whichever gives the lesser amount chargeable to tax.
(2) Where any amount is chargeable to tax under this section the administrator of the scheme shall be charged to income tax under Case IV of Schedule D on that amount, and subsections (2), (3) and (4) of section 21 shall apply as they apply to tax chargeable under that section.
(3) This section shall not apply where the employee's employment was carried on outside the State.
(4) In applying subparagraph (i) or (ii) of subsection (1)—
(a) the same considerations shall be taken into account, including the provisions of any other relevant scheme, as would have been taken into account by the Commissioners in applying section 15, and
(b) where the scheme has ceased to be an approved scheme, account shall only be taken of the rules of the scheme at the date of the cesser.
(5) Subsection (1) (b) shall not apply to any payment made before the 6th day of April, 1973.
Charge to tax: repayments to employer.
23.—(1) Where any payment is made or becomes due to an employer out of funds which are or have been held for the purposes of a scheme which is or has at any time been an exempt approved scheme, then—
(a) if the scheme relates to a trade or profession carried on by the employer, the payment shall be treated for the purposes of the Income Tax Acts as a receipt of that trade or profession receivable when the payment falls due or on the last day on which the trade or profession is carried on by the employer, whichever is the earlier,
(b) if the scheme does not relate to such a trade or profession, the employer shall be charged to tax on the amount of the payment under Case IV of Schedule D, but only in proportion to the extent that the payment represents contributions by the employer under the scheme which were allowable as deductions for tax purposes.
(2) This section shall not apply to a payment which fell due before the scheme became an exempt approved scheme.
(3) References in this section to any payment include references to any transfer of assets or other transfer of money's worth.
Amendments of schemes.
24.—(1) This section applies to any amendment of a retirement benefits scheme proposed in connection with an application for the approval of the Commissioners for the purposes of this Chapter which is needed in order to ensure that approval is so given, or designed to enhance the benefits under the scheme up to the limits suitable in a scheme for which approval is sought.
(2) A provision, however expressed, designed to preclude any amendment of a scheme which would prejudice its approval under section 222 or 229 of the Income Tax Act, 1967, shall not prevent any amendment to which this section applies.
(3) In the case of a scheme which contains no power of amendment, the administrator of the scheme may, with the consent of all the members of the scheme and of the employer (or of each of the employers), make in the scheme any amendment to which this section applies.
Relief for certain payments.
25.—(1) Section 223 of the Income Tax Act, 1967, is hereby amended, with effect from the 6th day of April, 1968, by the substitution in subsection (1) of “, on their death, to their legal personal representatives, widows, children or dependants” for “to their legal representatives on their death.”
(2) Where, on or after the 6th day of April, 1968, a contribution which is not an ordinary annual contribution was or is paid under any scheme with respect to which section 223 of the Income Tax Act, 1967, as amended by subsection (1), has effect, relief may be given in respect of the payment in accordance with the provisions of section 17 (2).
(3) Where, on or after the 6th day of April, 1968, a contribution which is not an ordinary annual contribution was or is paid to a fund or scheme approved under section 222 or 229 of the Income Tax Act, 1967, relief may be given in respect of the payment in accordance with the provisions of section 16 (5).
PART II
Death Duties
Alteration of rates of estate duty.
26.—In the case of persons dying on or after the 19th day of April, 1972, the scale of rates set out in the Second Schedule to this Act shall be, and shall have effect as, the scale of rates of estate duty in lieu of the scale set out in the Second Schedule to the Finance Act, 1971, and appropriate repayments shall be made accordingly.
Provisions consequential on alteration of rates of estate duty.
27.—(1) Section 26 (1) of the Finance Act, 1961, is hereby amended by the substitution of “seven thousand five hundred pounds” for “five thousand pounds”.
(2) Section 29 of the Finance Act, 1931, is hereby amended by the substitution of “seven thousand five hundred pounds” for “five thousand pounds” (inserted by the Finance Act, 1960).
(3) Where the net value of the property, real and personal, in respect of which estate duty is payable, exclusive of property settled otherwise than by the will of the deceased, exceeds seven thousand five hundred pounds, the amount of legacy and succession duty payable in respect of the property shall not exceed the amount by which the net value of the property as estimated for the purpose of estate duty exceeds seven thousand five hundred pounds.
(4) This section shall have effect only in relation to persons dying on or after the 19th day of April, 1972, and appropriate repayments shall be made accordingly.
Amendment of section 24 of Finance Act, 1965.
28.—In the case of persons dying on or after the 19th day of April, 1972, section 24 (1) of the Finance Act, 1965, is hereby amended—
(a) by the substitution for paragraph (d) (i) of the following paragraph:
“(d) (i) Where the aggregate value of all death benefits payable on a death to or for the benefit of the widow or dependent children of the deceased does not exceed £7,500, the benefits so payable shall be exempt from estate duty.”,
and
(b) by the substitution of “£7,500” for “£5,000” in both places where it occurs in paragraph (d) (ii),
and appropriate repayments shall be made accordingly.
Abatement of estate duty.
29.—(1) Section 45 of the Finance Act, 1969, is hereby amended by the substitution of “£2,000” for “£1,500” (inserted by the Finance Act, 1971) and of “£1,000” for “£750” (inserted by the said Finance Act, 1971) in each place where they respectively occur in subsections (2), (3), (4) and (5).
(2) This section shall have effect only in relation to benefits (within the meaning of the said section 45) accruing on or after the 19th day of April, 1972, and appropriate repayments shall be made accordingly.
Amendment of section 7 of Finance Act, 1894
30.—(1) Section 7 (2) of the Finance Act, 1894, is hereby amended by the deletion of “personal” in both places where it occurs.
(2) This section shall have effect only in cases in which the deceased dies after the passing of this Act.
Amendment of section 33 of Finance (1909-10) Act, 1910.
31.—Section 33 of the Finance (1909-10) Act, 1910, is hereby amended by the substitution of “fifty thousand” for “five hundred” in the proviso to subsection (4).
Discretionary trusts.
32.—(1) In this section—
“deceased” has the meaning specified in subsection (2) of this section;
“payment” includes, in relation to a deceased, any disposition of property in favour of the deceased or in favour of any other person on behalf of or for the benefit of the deceased or in consequence of which the deceased received directly or indirectly a benefit and also includes a set-off or release of an obligation;
“relevant period” means, in relation to a deceased, the period of five years ending at his death or the period from the date of the commencement of the trust up to the date of his death, whichever is the shorter;
“market value” means the price which, in the opinion of the Revenue Commissioners, the property to which subsection (6) of this section relates would fetch if sold in the open market at the time of the death of the deceased;
“trustee” includes any person who, whether the property the subject of the trust is vested in him or not, exercises or has a discretion to exercise a power or make a decision in relation to the nature or extent of, or any matter affecting, a payment under a trust of the kind referred to in subsection (2) of this section.
(2) Where—
(a) property is or has been at any time vested in a trustee upon trusts under which the income or capital, or part of the income or capital, of the property may, at his discretion, be paid to or applied for the benefit of—
(i) any person, or
(ii) any one or more of a number or class of persons, as the trustee may, at his discretion, decide,
with or without a trust or power to accumulate income, and
(b) (i) that person or any one or more of those persons dies or die, or,
(ii) if a body corporate is or was an object of the trust, a person who was a member, a director or an employee of the body, dies,
after the passing of this Act,
any person so dying who at any time during the relevant period received a payment either directly or indirectly out of the property or out of the income of the property (in this section referred to as the deceased), shall, for all purposes of estate duty, be deemed to have had an interest ceasing on his death in the property and that interest shall be deemed to have been an interest in possession.
(3) The interest of the deceased to which subsection (2) of this section refers shall be deemed to have been an annuity equivalent to the average annual amount of the aggregate of all payments made out of the income or capital of the trust property to the deceased during the relevant period or received or enjoyed by him during that period or made to or received by or disposed of by any other person on his behalf during that period, and the annuity shall be deemed to have been paid each year during the relevant period and the property or a proportion of the property which would be required to provide the annuity shall be deemed to have been set aside and retained to meet the annuity during the relevant period:
Provided that a payment out of the capital of the property shall not be treated as a payment for the purposes of this subsection save where there is a trust or power to accumulate income as an addition to the property and then only to the extent to which the payment does not exceed the amount of income accumulated to the date of such payment.
(4) The value of the benefit accruing or arising from the cesser of the deceased's interest shall be the principal value of the property or of the proportion of the property deemed to have been set aside and retained to meet the annuity.
(5) Where property passes on the death of the deceased by reason of his failure to attain a certain age or where a person becomes entitled to property by reason of the failure of the deceased to attain a certain age, the interest of the deceased shall be deemed to have ceased on his death and his interest shall be deemed to have been an interest in possession in the property:
Provided that where the property is held by the trustee on trust for minor children subject only to their interests or the interest of any one of them being divested or defeated on his or their failure to attain full age, estate duty shall not be payable under this subsection on the death under age of any such child other than the last of such children to die without attaining full age.
(6) If at any time during the relevant period the deceased had been in occupation or possession of land or chattels subject to the trust, the following provision shall have effect for the purpose of determining the amount of the annuity referred to in subsection (3) of this section.
For each year or part of a year during which the deceased was the only object of the trust in occupation or possession, the occupation or possession shall be deemed to have been a payment of income at the annual rate of six per cent. of the market value of the land or chattels (as the case may be) at the date of the termination of the occupation or possession.
For each year or part of a year during which a number of objects of the trust including the deceased was in occupation or possession, the deceased's occupation or possession shall be deemed to have been a payment of income at an annual rate of six (divided by the number of individuals who are objects of the trust of full age including the deceased) per cent. of such market value.
(7) The estate duty payable on the death of the deceased by virtue of this section shall be a first charge on the property comprised in the trust at any time during the relevant period, and the provisions of section 8 (4) of the Finance Act, 1894, shall apply to that property in the same manner as they apply to the property referred to in that section.
(8) The settlor or the person who was the financial source of the property the subject of the trust shall be deemed, for the purposes of section 24 of the Finance Act, 1940, to be the disponer in relation to the trust.
(9) In relation to property in which an interest is by this section deemed to have subsisted, section (2) (1) (b) of the Finance Act, 1894, shall have effect as if “holder of an office, or” were omitted.
(10) Where—
(a) the trustee may become accountable for estate duty payable by virtue of this section, and
(b) it is intended that the property or any part thereof shall cease to be subject to the trust,
then, if the trustee obtains from the Revenue Commissioners a certificate of the amount which, in the opinion of the Revenue Commissioners, may properly be treated as the prospective amount of any duty which may be payable by virtue of this section and gives the Revenue Commissioners all the information and evidence required by the Revenue Commissioners in connection with the application for the certificate, he shall not be accountable as trustee for the duty to which the certificate relates, to an amount in excess of the amount certified.
Appeals in certain cases to Appeal Commissioners against valuation of property for estate duty.
33.—(1) In this section—
“account” includes an affidavit;
“assessable property” means any stocks, shares or other securities which are not dealt in on a stock exchange and includes the benefit accruing by the cesser of an interest under section 20 (4) of the Finance Act, 1965;
“accountable person” has the meaning assigned to it by subsection (2) of this section;
“Appeal Commissioners” means the persons appointed in accordance with section 156 of the Income Tax Act, 1967, to be Appeal Commissioners for the purposes of the Income Tax Acts;
“appellant” means a person who appeals to the Appeal Commissioners under subsection (3) of this section.
(2) A person who is accountable for the payment of estate duty in respect of assessable property and who has delivered to the Revenue Commissioners an account for the assessment of the duty (in this section referred to as an accountable person) may, in accordance with the provisions of this section, appeal to the Appeal Commissioners against a decision of the Revenue Commissioners as to the principal value of the assessable property and the appeal shall be heard and determined by the Appeal Commissioners whose determination shall be final and conclusive unless the appeal is required to be reheard by a judge of the Circuit Court or a case is required to be stated in relation to it for the opinion of the High Court.
(3) Notice in such form as may be prescribed by the Revenue Commissioners of a decision of the Revenue Commissioners as to the principal value of assessable property shall be served by the Revenue Commissioners upon the accountable person concerned and, if the accountable person intends to appeal against the decision, he shall give notice in writing of his intention to the Revenue Commissioners within 21 days after the date of the notice aforesaid.
(4) (a) Subject to the provisions of this section, the provisions of the Income Tax Acts relating to—
(i) the appointment of times and places for the hearing of appeals;
(ii) the giving of notice to each person who has given notice of appeal of the time and place appointed for the hearing of his appeal;
(iii) the determination of an appeal by agreement between the appellant and an inspector of taxes or other officer appointed by the Revenue Commissioners in that behalf;
(iv) the determination of an appeal by the appellant giving notice of his intention not to proceed with the appeal;
(v) the hearing and determination of an appeal by the Appeal Commissioners, including the hearing and determination of an appeal by one Appeal Commissioner;
(vi) the determination of an appeal through the neglect or refusal of a person who has given notice of appeal to attend before the Appeal Commissioners at the time and place appointed;
(vii) the extension of the time for giving notice of appeal, and the readmission of appeals by the Appeal Commissioners;
(viii) the rehearing of an appeal by a judge of the Circuit Court and the statement of a case for the opinion of the High Court on a point of law;
(ix) the procedures for appeal,
shall, with any necessary modifications, apply to an appeal under this section as if the appeal were an appeal against an assessment to income tax.
(b) The Revenue Commissioners shall, subject to their giving notice in writing in that behalf to the appellant within ten days after the determination of an appeal by the Appeal Commissioners, have the same right as the appellant to have the appeal reheard by a judge of the Circuit Court.
(c) The rehearing of an appeal under this section by a judge of the Circuit Court shall be by the judge of the Circuit Court in whose circuit the appellant or one of the appellants resides or (in the case of a body corporate) has its principal place of business:
Provided that—
(i) in any case where no appellant is resident in, or (in the case of a body corporate) has a place of business in, the State, or
(ii) in any case in which there is a doubt or dispute as to the circuit,
the appeal shall be reheard by a judge of the Circuit Court assigned to the Dublin Circuit.
(5) The right of an appellant to require the Appeal Commissioners to state a case for the opinion of the High Court or to have an appeal reheard by a judge of the Circuit Court may be exercised only on payment of the estate duty on the account delivered by him to the Revenue Commissioners and such duty shall be calculated on the principal value which is not in dispute of the property included in the account and on the value as determined by the Appeal Commissioners of the assessable property:
Provided that—
(a) if too much duty has been paid, the excess shall be repaid with interest at the rate of nine per cent. per annum for such period as appears to the Court just, or
(b) if too little duty has been paid, the additional duty shall be payable and be treated as duty in arrear.
(6) (a) Where a notice or other document which is required or authorised to be served by this section falls to be served on a body corporate, such notice shall be served on the secretary or other officer of the body corporate who has delivered to the Revenue Commissioners the account relating to the assessable property referred to in the notice.
(b) Any notice or other document which is required or authorised by this section to be served by the Revenue Commissioners or by an appellant may be served by post, and—
(i) in the case of a notice or other document addressed to the Revenue Commissioners, shall be sent to The Secretaries, Revenue Commissioners, Estate Duty Branch, Dublin, 2, and
(ii) in the case of a notice or other document addressed to the appellant, shall be sent to the address of the appellant shown on the account delivered by him to the Revenue Commissioners.
(c) Any notice or other document which is required or authorised to be served by the Revenue Commissioners on an appellant under this section may be sent to the solicitor, accountant or other agent of the appellant and a notice thus served shall be deemed to have been served on the appellant unless the appellant proves to the satisfaction of the Appeal Commissioners or the Circuit Court, as the case may be, that he had, before the notice or other document was served, withdrawn the authority of such solicitor, accountant or other agent to act on his behalf.
(7) (a) Any act or thing authorised or required to be done by the Revenue Commissioners under this section may be done by an officer of the Revenue Commissioners authorised by them for the purpose and any notice required by this section to be given by the Revenue Commissioners may be signed and given by an officer of the Revenue Commissioners authorised by them for the purpose and any act done or notice signed and given by such authorised officer shall be as valid and effectual as if done or signed and given by the Revenue Commissioners.
(b) Prima facie evidence of any notice given under this section by the Revenue Commissioners or by an officer of the Revenue Commissioners may be given in any proceedings by production of a document purporting to be a copy of the notice and it shall not be necessary to prove the official position of the person by whom the notice purports to be given or, if it is signed, the signature, or that the person signing and giving it was authorised so to do.
(8) Every person accountable for the payment of any estate duty in connection with a particular death and every person from whom a rateable part of any such estate duty may be recovered in connection with that death shall be bound by the value of the property as determined under this section in connection with that death.
(9) Where the Revenue Commissioners make an assessment of estate duty under the provisions of section 30 or 31 of the Finance Act, 1935, and any assessable property is included in the property in respect of which the assessment is made, the person from whom it is sought to recover the duty so assessed shall have the same right of appeal under this section in relation to the assessable property as he would have if the assessment had been made on an account delivered by him unless the principal value of such property has already been determined in an appeal under this section in relation to the relevant death.
(10) An appeal shall not lie under section 10 of the Finance Act, 1894, where the question in dispute is a question of the principal value of any assessable property.
(11) This section shall have effect in relation to any death occurring on or after the date of the passing of this Act.
PART III
Stamp Duties
Stamp duty on loan capital.
34.—(1) Section 8 of the Finance Act, 1899, shall not operate so as to require a company registered or established in the State or a board established by or under an Act of the Oireachtas or the Oireachtas of Saorstát Éireann to deliver to the Revenue Commissioners any statement or to pay any stamp duty under that section in respect of loan stock that is issued by the company or board, as the case may be, and the payment of the interest on which is guaranteed by the Minister for Finance.
(2) This section shall have and be deemed to have had effect as on and from the 1st day of April, 1972.
Amendment of section 19 of Finance Act, 1950.
35.—(1) Section 19 (1) of the Finance Act, 1950, is hereby amended by the insertion after “policies of insurance” of “or a business of granting life annuities”.
(2) This section shall come into operation on the 1st day of August, 1972, or the date of the passing of this Act, whichever is the later.
Appeals in certain cases to Appeal Commissioners against valuation of property for stamp duty.
36.—(1) A person who is dissatisfied with a decision of the Revenue Commissioners on any question relating to the value, for the purposes of the Stamp Act, 1891, of any stocks, shares or other securities which are not dealt in on a stock exchange may appeal to the Appeal Commissioners (within the meaning of section 33 of this Act) against the decision and the said section 33 shall, with any necessary modifications, apply to an appeal under this section as if the appeal were an appeal under that section.
(2) An appeal shall not lie under section 13 of the said Stamp Act, 1891, or section 19 of the Finance Act, 1923, on any question relating to the value of any such stocks, shares or other securities as aforesaid.
(3) This section shall come into operation on the date of the passing of this Act and shall not have effect with respect to any instrument it executed before that date.
PART IV
Corporation Profits Tax
Continuance of certain exemptions from corporation profits tax.
37.—The exemptions from corporation profits tax specified in section 33 (1) of the Finance Act, 1929, shall be given in respect of the period beginning on the 1st day of January, 1972, and ending on the 31st day of December, 1972.
Amendment of section 52 of Finance Act, 1920.
38.—With effect as on and from the 19th day of April, 1972, section 52 (3) of the Finance Act, 1920, is hereby amended by the deletion, in the definition of “company” contained in the said section 52 (3), of “nor any corporate body which by its constitution is precluded from distributing any profits amongst its members”.
Amendment of section 43 of Finance Act, 1922.
39.—Section 43 of the Finance Act, 1922, is hereby amended by the addition thereto of the following subsections:
“(3) Corporation profits tax shall not be charged on the profits of a company which is precluded by its constitution from distributing any part of its profits amongst its members.
(4) For the purpose of subsection (3) of this section, a company shall be regarded as being precluded by its constitution from distributing any part of its profits amongst its members if, but only if—
(a) it is a company within the meaning of the Companies Act, 1963, and its memorandum or articles of association contain provisions—
(i) prohibiting the distribution of any part of its profits amongst its members by way of dividend, bonus or otherwise, and
(ii) securing that if, after the satisfaction of all the debts and liabilities of the company on its winding-up or dissolution, any property of the company is undisposed of, it shall not be given to or distributed amongst its members but shall be—
(I) given to the Minister for Finance for the benefit of the Central Fund, or
(II) given to a body of persons (within the meaning of the Income Tax Acts) selected by the members of the company at or before the time of the winding-up or dissolution aforesaid the objects of which or of each of which are similar to the objects of the company, and the constitution or other governing rules of which or of each of which contains or contain provisions prohibiting (to an extent at least as great as the extent of the prohibitions referred to in relation to the company in this and the other subparagraphs of this paragraph) the distribution of any part of its income or property amongst its members or proprietors, or
(III) given to a body of persons (within the meaning of the Income Tax Acts) or trust established for charitable purposes only,
and
(iii) securing that the aforementioned provisions may not be altered or deleted without the previous consent or approval of the Minister for Finance, or the previous consent or approval of any other Minister of State given after consultation with the Minister for Finance; or
(b) it is a company, established by or under a statute (within the meaning of section 3 of the Interpretation Act, 1937) and named therein, or incorporated by or under a charter, and—
(i) is prohibited by or under the statute or charter, as the case may be, from distributing any part of its profits amongst its members by way of dividend, bonus or otherwise or, if not so prohibited, is not authorised by or under the statute or charter to distribute any part of its profits amongst its members, or
(ii) is required to apply its income and property as directed by or under the statute or charter or by a Minister of State.
(5) Where provisions of the kind specified in paragraph (a) of subsection (4) of this section are contained in the memorandum or articles of association of a company and those provisions are altered or deleted without the previous consent or approval of the Minister for Finance, or the previous consent or approval of any other Minister of State given after consultation with the Minister for Finance, as the case may be, the company shall be deemed, for the purposes of Part V of the Finance Act, 1920, and the enactments amending or extending that Part, not to be and not to have been, at any time as on and from the 19th day of April, 1972, a company which is or was precluded by its constitution from distributing any part of its profits amongst its members.
(6) Where, immediately before the 19th day of April, 1972, a company was a company which was precluded by its constitution from distributing any part of its profits amongst its members, and within one year after that date the company, by effecting a change in its constitution, becomes or became a company of a kind to which subsection (3) of this section refers, then the company shall be deemed to have been, as on and from the said date, a company to which the said subsection (3) refers.”.
PART V
Miscellaneous
Capital Services Redemption Account.
40.—(1) In this section—“the principal section” means section 22 of the Finance Act, 1950;
“the 1971 amending section” means section 51 of the Finance Act, 1971;
“the twenty-second 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 1971 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1973, have effect with the substitution of “£4,405,171” for “£3,815,802”.
(3) Subsection (6) of the 1971 amending section shall have effect with the substitution of “£2,780,773” for “£2,456,314”.
(4) A sum of £4,650,815 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, 1973.
(5) The twenty-second 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 twenty-second additional annuity, not exceeding £2,993,830 in any financial year, may be applied towards defraying the interest on the public debt.
(7) The balance of the twenty-second additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section.
Winding up of Capital Fund.
41.—(1) The Capital Fund is hereby wound up.
(2) Any assets of the Fund shall be transferred to the Exchequer.
Amendment of sections 246 and 251 of Income Tax Act, 1967.
42.—(1) Section 251 (4) of the Income Tax Act, 1967 (inserted by the Finance Act, 1968) is hereby amended by the substitution of the following paragraphs for paragraphs (b) and (c):
“(b) in relation to capital expenditure incurred on or after the 1st day of April, 1967, and before the 1st day of April, 1968, as if one-half’ were substituted for ‘one-fifth’ in subsection (1),
(c) in relation to capital expenditure incurred on or after the 1st day of April, 1968, and before the 1st day of April, 1971, as if ‘three-fifths’ were substituted for ‘one-fifth’ in subsection (1), and
(d) in relation to capital expenditure incurred on or after the 1st day of April, 1971, and before the 1st day of April, 1973, as if ‘five-fifths’ were substituted for ‘one-fifth’ in subsection (1).”.
(2) Section 246 of the Income Tax Act, 1967, is hereby amended by the insertion in subsection (1) after “Part XV” of “other than an initial allowance made by virtue of section 251 (4) (d) of this Act”.
Exemption of credit unions from income tax and corporation profits tax.
43.—With effect from the date of its registration under the Industrial and Provident Societies Acts, 1893 to 1971, a credit union shall be entitled to exemption from income tax and corporation profits tax.
Relief from certain duties (illegitimate children).
44.—(1) Where—
(a) an illegitimate child or the spouse or issue of an illegitimate child takes any interest in any property under the intestacy or partial intestacy of the mother of the child or under a disposition made by her, or
(b) the mother of an illegitimate child takes any interest in any property under the intestacy or partial intestacy of the child or under a disposition made by him or by his issue,
then, for all purposes of death duties, the child shall be considered as the legitimate child of his mother.
(2) For the purposes of—
(a) the stamp duties chargeable on conveyances or transfers of land, and
(b) exemption from customs duty under section 18 (b) of the Finance Act, 1936,
an illegitimate child shall be considered as the legitimate child of his mother.
(3) In this section—
“disposition” includes any assurance or transfer of any interest in property by any instrument inter vivos or by will or codicil or by delivery and also includes a payment of money;
“illegitimate child” does not include a person legitimated whether by the Legitimacy Act, 1931, or otherwise.
(4) This section shall have effect—
(a) in so far as it relates to estate duty, in respect of any person dying after the passing of this Act,
(b) in so far as it relates to legacy and succession duties, in respect of such duties leviable after the passing of this Act, and
(c) in so far as it relates to stamp duties and customs duty, in respect of any transaction effected or event occurring after the passing of this Act.
Relief from certain duties (adopted children).
45.—(1) Where it is proved to the satisfaction of the Revenue Commissioners that—
(a) a child has been adopted under an adoption law other than the Adoption Acts, 1952 and 1964, and
(b) the adoption has, in the place where that law applies, substantially the same effect in relation to property rights (including the law of succession) as an adoption made under the Adoption Acts, 1952 and 1964, has in the State in relation to such rights,
then, for the purposes of—
(i) death duties,
(ii) the stamp duties chargeable on conveyances or transfers of land, and
(iii) the exemption from customs duty under section 18 (b) of the Finance Act, 1936,
the child shall be deemed to be related to any other person as if he were the child of the adopter or adopters born to him or them in lawful wedlock and not to be the child of any other person.
(2) This section shall have effect—
(a) in so far as it relates to estate duty, in respect of any person dying after the passing of this Act,
(b) in so far as it relates to legacy and succession duties, in respect of such duties leviable after the passing of this Act, and
(c) in so far as it relates to stamp duties and customs duty, in respect of any transaction effected or event occurring after the passing of this Act.
Repeals.
46.—(1) (a) Each enactment mentioned in column (2) of Part I of the Fourth Schedule is hereby repealed to the extent specified in column (3) of that Part.
(b) Paragraph (a) of this subsection shall come into operation on the 6th day of April, 1973.
(2) (a) The enactment mentioned in column (2) of Part II of the Fourth Schedule is hereby repealed to the extent mentioned in column (3) of that Part.
(b) Paragraph (a) of this subsection shall come into operation on the 6th day of April, 1980.
(3) (a) The enactment mentioned in column (2) of Part III of the Fourth Schedule is hereby repealed to the extent mentioned in column (3) of that Part.
(b) Paragraph (a) of this subsection shall have effect only in relation to persons dying after the passing of this Act.
Care and management of taxes and duties.
47.—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.
48.—(1) This Act may be cited as the Finance Act, 1972.
(2) Part I of this Act and (so far as relating to income tax, including sur-tax) sections 42 and 43 of this Act shall be construed together with the Income Tax Acts.
(3) Part III of this Act and (so far as relating to stamp duties) sections 44 and 45 of this Act shall be construed together with the Stamp Act, 1891, and the enactments amending or extending that Act.
(4) Part IV of this Act and (so far as relating to corporation profits tax) sections 42 and 43 of this Act shall 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, 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, 1972.
(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
Occupational Pension Schemes
PART I
General
Application for approval of a scheme
1. An application for the approval for the purposes of Chapter II of Part I (in this Schedule referred to as Chapter II) of any retirement benefits scheme shall be made in writing by the administrator of the scheme to the Commissioners before the end of the first year of assessment for which approval is required, and shall be supported by—
(a) a copy of the instrument or other document constituting the scheme; and
(b) a copy of the rules of the scheme and, except where the application is being made on the setting up of the scheme, a copy of the accounts of the scheme for the last year for which such accounts have been made up; and
(c) such other information and particulars (including copies of any actuarial report or advice given to the administrator or employer in connection with the setting up of the scheme) as the Commissioners may consider relevant.
Information about payments under approved schemes
2. In the case of every approved scheme, the administrator of the scheme, and every employer who pays contributions under the scheme, shall, within thirty days from the date of a notice from the inspector requiring them so to do—
(a) furnish to the inspector a return containing such particulars of contributions paid under the scheme as the notice may require;
(b) prepare and deliver to the inspector a return containing particulars of all payments under the scheme, being—
(i) payments by way of return of contributions (including interest on contributions, if any),
(ii) payments by way of commutation of, or in lieu of, pensions, or other lump sum payments,
(iii) other payments made to an employer;
(c) furnish to the inspector a copy of the accounts of the scheme to the last date previous to the notice to which such accounts have been made up together with such other information and particulars (including copies of any actuarial report or advice given to the administrator or employer in connection with the conduct of the scheme in the period to which the accounts relate) as the inspector considers relevant.
Information about schemes, other than approved or statutory schemes
3. (1) This paragraph has effect as respects a retirement benefits scheme which is neither an approved scheme nor a statutory scheme.
(2) It shall be the duty of every employer—
(a) if there subsists in relation to any of his employees any such scheme, to deliver particulars of that scheme to the inspector within three months beginning with the date on which the scheme first comes into operation in relation to any of his employees, or the date of the coming into force of this paragraph, whichever is the later, and
(b) when required to do so by notice given by the inspector to furnish within the time limited by the notice such particulars as the inspector may require with regard to—
(i) any retirement benefits scheme relating to the employer; or
(ii) the employees of his to whom any such scheme relates.
(3) It shall be the duty of the administrator of any such scheme, when required to do so by notice given by the inspector, to furnish within the time limited by the notice such particulars as the inspector may require with regard to the scheme.
(4) This paragraph shall, as respects a particular scheme, come into force on the same date as section 18 comes into force as respects that scheme.
Responsibility of administrator of a scheme
4. (1) If the administrator of a retirement benefits scheme defaults or cannot be traced or dies, the employer shall be responsible in his place for the discharge of all duties imposed on the administrator under Chapter II with this Schedule, and shall be liable for any tax due from him in his capacity as administrator.
(2) No liability incurred under Chapter II or this Schedule by the administrator of a scheme, or by an employer, shall be affected by the termination of the scheme or by its ceasing to be an approved scheme or an exempt approved scheme, or by the termination of the appointment of the person mentioned in section 15 (2) (c).
(3) References in this paragraph to the employer include, where the employer is resident outside the State, references to any factor, agent, receiver, branch or manager of the employer in the State.
Regulations
5. (1) The Commissioners may make regulations generally for the purpose of carrying Chapter II and this Schedule into effect.
(2) Every regulation under this paragraph shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next twenty-one days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.
PART II
Tax Treatment of Life Assurance Business
1. (1) Section 237 (7) of the Income Tax Act, 1967, is hereby amended by the insertion after paragraph (a) of the following paragraph:
“(aa) any contract (including a contract of insurance) entered into for the purposes of, and made with the persons having the management of, an exempt approved scheme as defined in Chapter II of Part I of the Finance Act, 1972, being a contract so framed that the liabilities undertaken by the insurance company under the contract correspond with liabilities against which the contract is intended to secure the scheme; and”.
(2) In relation to an exempt approved scheme the said paragraph (aa) shall apply, so long as the scheme is an exempt approved scheme, whether or not the premiums were paid, or any other part of the business was transacted, before the scheme became an approved scheme, and in the said section 237 (7) “(at the time when the premium is payable)” shall cease to have effect.
(3) Business formerly called “pension annuity business” shall in future be called pension business and the following provisions are hereby amended by the substitution of “pension business” for “pension annuity business” in each place where it occurs:
Section 237 (1), (2), (4), (5), (7) of the Income Tax Act, 1967.
Section 5 (2) of the Finance Act, 1969.
(4) Section 237 of the Income Tax Act, 1967, is hereby amended—
(a) in subsection (1) (a), by the substitution, for “annuity fund”, of “life assurance fund and separate annuity fund, if any”;
(b) at the end of subparagraph (i) of the proviso to subsection (2), by the insertion of “other than holders of policies referable to pension business”;
(c) by the substitution for subparagraph (iii) of that proviso of:
“(iii) there may be set off against the profits any loss, to be computed on the same basis as the profits, which—
(I) in the case of general annuity business, was sustained in that class of business in any previous year, not being a year prior to the year 1958-59,
and
(II) in the case of pension business, was sustained in that class of business in any previous year, not being a year prior to the year 1972-73, or in any previous year, not being a year prior to the year 1958-59, at a time when that class of business was called pension annuity business,
but no such loss shall be taken into account more than once for the purposes of this paragraph.”;
(d) by the substitution for subsection (6) of the following subsection:
“(6) Any division to be made between general annuity business, pension business and other life assurance business shall be made on the principle of—
(a) referring to pension business any premiums falling within subsection (7), together with the incomings, outgoings and liabilities referable to those premiums, and the policies and contracts under which they are or have been paid,
(b) allocating to general annuity business all other annuity business,
and references to pension fund and general annuity fund shall be construed accordingly, whether or not any such funds are kept separate from the insurance company's life assurance fund.”; and
(e) by the substitution for subsection (8) of the following subsection:
“(8) This section shall be construed in accordance with section 1; and for the purposes of this section—
‘annuity business’ means the business of granting annuities on human life;
‘general annuity business’ means any annuity business which is not pension business;
‘premium’ includes any consideration for an annuity;
‘pension business’ shall be construed in accordance with subsections (6) and (7).”.
(5) Section 215 (1) of the Income Tax Act, 1967, is hereby amended by the substitution for “(excluding the annuity fund, if any)” of “(excluding the pension fund and general annuity fund, if any)”.
PART III
Consequential Amendments of Income Tax Acts
1. Section 63 of the Income Tax Act, 1967, is hereby amended—
(a) by the insertion after paragraph (b) of the following paragraph:
“(bb) approved by the Revenue Commissioners under section 15 of the Finance Act, 1972, or”
(b) by the substitution for “(a) or (b)” in the proviso of “(a), (b) or (bb)”.
2. Section 115 (1) of the Income Tax Act, 1967, is hereby amended—
(a) by the insertion after paragraph (c) of the following paragraph:
“(cc) a benefit provided in pursuance of any retirement benefits scheme where under section 18 of the Finance Act, 1972, the employee (as defined for the purposes of that section) was chargeable to tax in respect of sums paid, or treated as paid, with a view to the provision of the benefit;”,
(b) by the addition at the end of paragraph (d) of “or in section 19 (1) of the Finance Act, 1972”.
3. Schedule 15 to the Income Tax Act, 1967, is hereby amended—
(a) by the insertion in column 2 of “Finance Act, 1972, First Schedule, Part I, paragraph 2 and subparagraphs (2) (b) and (3) of paragraph 3”, and
(b) by the insertion in column 3 of “Finance Act, 1972, First Schedule, Part I, paragraph 3 (2) (a)”.
4. With effect as on and from the 6th day of April, 1980, section 235 (7) of the Income Tax Act, 1967, and the proviso to paragraph 4 of Schedule 3 to that Act are hereby amended by the substitution for “section 226” of “section 13 of the Finance Act, 1972”.
PART IV
Transitional Provisions
1. Section 222 of the Income Tax Act, 1967—
(a) shall not apply to a retirement benefits scheme which is or has at any time been approved for the purposes of Chapter II, and
(b) shall not apply to a scheme which comes into being after the 5th day of April, 1974, or which is altered after that date.
2. Section 223 of the Income Tax Act, 1967, shall not apply as respects a payment or repayment of contributions or a payment of interest on any returned contributions, at a time when the relevant scheme is an exempt approved scheme, and the repeal by this Act of the said section 223 shall not apply as respects a payment or repayment of contributions or a payment of interest on any returned contributions, at a time before the repeal takes effect.
3. (1) Chapter II of Part XII of the Income Tax Act, 1967, shall not apply to an approved scheme or to a scheme as respects which section 18 is in force.
(2) Subparagraph (1), and the repeal by this Act of the said Chapter II of Part XII of the Income Tax Act, 1967, shall not affect any liability to tax, or the giving of any relief under that Chapter, in respect of a scheme for any period before the time when that Chapter, or any provision of that Chapter, ceases to apply to the scheme.
4. (1) This paragraph has effect as respects any retirement benefits scheme which authorises the employer to determine individual by individual which employees are subject to the scheme.
(2) For the purposes of—
(a) Chapter II of Part XII of the Income Tax Act, 1967, and
(b) Chapter II,
the Commissioners may, if they think fit, distinguish between employees who become subject to any such scheme at a time before the 6th day of April, 1974, on the one hand and those who become subject to the scheme at any later time on the other hand, and may treat the scheme as being, in relation to those two classes of employees, two different schemes of which the one relating to employees becoming subject to the scheme on or after the 6th day of April, 1974, is a scheme coming into being on that date.
(3) Where the Commissioners exercise their powers under this paragraph, the provisions of Chapter II and this Schedule distinguishing between schemes coming into being before the 6th day of April, 1974, and schemes coming into being on or after that date shall apply accordingly to the schemes treated as different schemes by virtue of this paragraph.
(4) The provisions of this paragraph are without prejudice to the powers of the Commissioners as respects the treatment of schemes conferred by section 14.
(5) References in Chapter II and in this Part to the alteration of a scheme do not include references to any alteration which, in the opinion of the Commissioners, is immaterial.
PART V
Miscellaneous Provisions
Schemes approved under section 222, Income Tax Act, 1967
Taxation of refunds of contributions and commutation payments
1921, S.R. &O., No. 1699.
1. This Part has effect as respects any payment chargeable to tax for the year 1972-73 or any later year of assessment under Regulation 7, 8 or 13 of the Regulations made on the 10th day of November, 1921, under section 32 of the Finance Act, 1921, and continued in force by section 560 (2) of the Income Tax Act, 1967.
2. Where tax is chargeable under the said Regulation 7 (or Regulation 13 with that Regulation) then—
(a) if the scheme relates to a trade or profession carried on by the employer, the payment shall be treated for the purposes of the Income Tax Acts as a receipt of that trade or profession receivable when the payment falls due or on the last day on which the trade or profession is carried on by the employer, whichever is the earlier;
(b) if the scheme does not relate to such a trade or profession, the employer shall be charged to tax on the amount of the payment under Case IV of Schedule D, but only in proportion to the extent that the payment represents contributions by the employer under the scheme which were allowable as deductions for tax purposes.
3. Where tax is chargeable under the said Regulation 8 (or Regulation 13 with that Regulation), subsections (2), (3) and (4) of section 21 shall apply as they apply to tax chargeable under that section.
4. If at any time the scheme becomes an approved scheme, no tax shall be chargeable under the said Regulations on any payment made under the scheme after that time.
5. The provisions of this Part shall have effect in substitution for the provisions of the said Regulations as to the rate of tax and the manner of charging tax, and the said Regulations 7, 8 and 13 shall not cease to be in force by reason of the provisions of this Act repealing section 222 of the Income Tax Act, 1967, or of the provisions of this Act under which in certain cases the said section 222 ceases to apply to a scheme before the date of that repeal.
PART VI
Charge to Tax in respect of Unauthorised and Certain Other Payments
1. This Part applies to any payment to or for the benefit of an employee, otherwise than in course of payment of a pension, being a payment made out of funds which are or have been held for the purposes of a scheme which is or has at any time been approved for the purposes of—
(a) Chapter II, or
(b) section 222 of the Income Tax Act, 1967, or
(c) Chapter II of Part XII of the Income Tax Act, 1967.
2. If the payment—
(a) is not expressly authorised by the rules of the scheme, or
(b) is made at a time when the scheme is not approved for the purposes of any of the enactments mentioned in paragraph I and would not have been expressly authorised by the rules of the scheme when it was last so approved,
the employee (whether or not he is the recipient of the payment) shall be chargeable to tax on the amount of the payment under Schedule E for the year of assessment in which the payment is made.
3. Any payment chargeable to tax under this Part shall not be chargeable to tax under section 21 or 22, or under the Regulations mentioned in paragraph 1 of Part V.
4. References in this Part to any payment include references to any transfer of assets or other transfer of money's worth.
5. Section 2 (2) of the Income Tax Act, 1967, is hereby amended by the insertion, after paragraph (d) of:
“(dd) any payment which is chargeable to tax under Schedule E by virtue of Part VI of the First Schedule to the Finance Act, 1972;”.
SECOND SCHEDULE
Scale of Rates of Estate Duty
Principal Value of the Estate | Rate per cent. of duty | |||||
£ | £ | |||||
Exceeding | 7,500 | and | not | exceeding | 8,000 | 1 |
” | 8,000 | ” | ” | ” | 9,000 | 2 |
” | 9,000 | ” | ” | ” | 10,000 | 3 |
” | 10,000 | ” | ” | ” | 11,000 | 4 |
” | 11,000 | ” | ” | ” | 12,500 | 6 |
” | 12,500 | ” | ” | ” | 15,000 | 8 |
” | 15,000 | ” | ” | ” | 17,500 | 10 |
” | 17,500 | ” | ” | ” | 20,000 | 12 |
” | 20,000 | ” | ” | ” | 25,000 | 14 |
” | 25,000 | ” | ” | ” | 30,000 | 16 |
” | 30,000 | ” | ” | ” | 35,000 | 18 |
” | 35,000 | ” | ” | ” | 40,000 | 21 |
” | 40,000 | ” | ” | ” | 45,000 | 24 |
” | 45,000 | ” | ” | ” | 50,000 | 27 |
” | 50,000 | ” | ” | ” | 55,000 | 30 |
” | 55,000 | ” | ” | ” | 60,000 | 33 |
” | 60,000 | ” | ” | ” | 75,000 | 37 |
” | 75,000 | ” | ” | ” | 100,000 | 41 |
” | 100,000 | ” | ” | ” | 150,000 | 45 |
” | 150,000 | ” | ” | ” | 200,000 | 50 |
” | 200,000 | 55 | ||||
THIRD SCHEDULE
Amendment of Enactments
Number and Year | Short Title | Amendment |
(1) | (2) | (3) |
No. 12 of 1942 | Taxes and Duties (Special Circumstances) Act, 1942. | In section 3 (1), “varying the rate of income tax or the rates of sur-tax” shall be substituted for “imposing income tax and sur-tax”. |
In section 6— | ||
(i) “charged at an increased rate” shall be substituted for “imposed” where it firstly occurs; | ||
(ii) “so charged” shall be substituted for “so imposed”; | ||
(iii) “an Act increasing the rate of tax” shall be substituted in paragraph (a) for “the Act imposing the tax”; | ||
(iv) “so increasing the rate of tax” shall be substituted in paragraph (a) for “so imposing the tax”; | ||
(v) “increasing the rate of tax” shall be substituted in paragraph (b) for “imposing tax”. | ||
No. 6 of 1967 | In section 1 (1), in the definition of “year of assessment”, “a year” shall be substituted for “the year”. | |
In section 8 (1), “an Act increasing the rate of tax” shall be substituted for “the Act imposing the tax”, and “the increased rate of tax” shall be substituted for “the rate ultimately imposed”. | ||
In section 8 (2) “an Act increasing the rate of tax” shall be substituted for “the Act imposing the tax”; “so increasing the rate of tax” shall be substituted for “so imposing the tax” and “increasing the rate of tax” shall be substituted for “imposing tax”. |
FOURTH SCHEDULE
Enactments Repealed
Part I
Number and Year | Short Title | Extent of Repeal |
(1) | (2) | (3) |
No. 12 of 1942 | In section 6, the words “whether directly or”. | |
No. 6 of 1967 | In section 126, the words “the tax has not been imposed for the year or”. |
Part II
Number and Year | Short Title | Extent of Repeal |
(1) | (2) | (3) |
No. 6 of 1967 | Paragraphs (a), (b) and (c) of section 63 and the proviso thereto, and sections 152 (5) and 222 and Chapter II of Part XII. |
Part III
Number and Year | Short Title | Extent of Repeal |
(1) | (2) | (3) |
No. 22 of 1965 |