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12 1948

FINANCE ACT, 1948

PART IV.

Miscellaneous and General.

Transfer of money from the Road Fund to the Exchequer.

13. —With a view to providing moneys to meet general charges which will fall upon the Central Fund, the sum of three hundred thousand pounds shall be transferred and paid from the Road Fund to the Exchequer at such time or times in the financial year ending on the 31st day of March, 1949, and in such manner as the Minister for Finance shall direct.

Interest on deposits in Post Office Savings Bank.

14. —(1) In this section, the word “deposit” means the total amount for the time being standing to the credit of a depositor's account in the Post Office Savings Bank, but does not include moneys standing to the credit of a trustee savings bank in the name of the Minister for Finance in the Post Office Savings Bank.

(2) On and after the 1st day of July, 1948, the rate of interest on a deposit shall be two and one-half per cent. per annum.

(3) (a) The minimum period for which interest on a deposit shall be calculated shall be a month, and the interest shall be calculated by reference to the amount maintained continuously on deposit during each month.

(b) For the purposes of this paragraph—

(i) the word “month” means any of the months January to December,

(ii) an amount shall not be regarded as maintained continuously on deposit during a month unless it was on deposit on the last day of the immediately preceding month.

(4) The minimum amount of a deposit in respect of which interest is to be calculated shall be one pound and any part of a deposit less than one pound shall be disregarded.

(5) For the purposes of this section, a deposit or part of a deposit shall be deemed to be withdrawn on the date of issue of the warrant by means of which payment is intended to be effected.

(6) Subject to the foregoing provisions, interest on a deposit shall be calculated to the 31st day of December in every year and shall then be added to and form part of the principal money.

Transition Development Fund.

15. —The latest date for winding-up the Transition Development Fund shall be the 31st day of March, 1949, in lieu of the date, the 31st day of December, 1948, stipulated in subsection (4) of section 30 of the Finance Act, 1946 (No. 15 of 1946).

Repeals.

16. —Each enactment specified in column (2) of the Third Schedule to this Act is hereby repealed to the extent specified in column (3) as on and from the date mentioned in column (4).

Orders to cease to have effect.

17. —Each order specified in column (2) of the Fourth Schedule to this Act shall cease to have effect on the date mentioned in column (3).

Care and management of taxes and duties.

18. —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.

19. —(1) This Act may be cited as the Finance Act, 1948.

(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 I of this Act shall be deemed to come into force on and shall take effect as on and from the 6th day of April, 1948.