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18 1950

FINANCE ACT, 1950

PART VII.

Miscellaneous and General.

The Foreign Exchange Account.

20. —(1) In this section, the expressions “the Minister”, “the Account”, “foreign exchange” and “foreign security” and the words “gold” and “security” have the same meanings respectively as they have in section 49 of the Finance Act, 1941 (No. 14 of 1941).

(2) The Minister may invest any foreign exchange for the time being held for the credit of the Account by placing such exchange on interest-bearing deposit with a banking institution or purchasing securities which have been issued or guaranteed by the government of the country in which such exchange is held.

(3) Income arising from any investment under subsection (2) of this section shall be held for the credit of the Account.

(4) The Minister may, if he thinks proper, pay into the Account any sum received by him in respect of the net proceeds of any sale or disposal of any gold, foreign exchange or foreign security effected on his behalf or by his direction or authority in accordance with any provision made by or under statute.

(5) Each of the references in subsection (10) of section 49 of the Finance Act, 1941 , to the foregoing provisions of that section shall be construed as including a reference to the foregoing provisions of this section.

(6) Subsections (1) to (5) of this section shall be deemed to have come into operation on the establishment of the Account.

Transition Development Fund.

21. —(1) The latest date for winding-up the Transition Development Fund shall be the 31st day of March, 1951, in lieu of the date, the 31st day of March, 1950, stipulated in section 29 of the Finance Act, 1949 (No. 13 of 1949).

(2) There shall be paid into the Transition Development Fund, out of moneys provided by the Oireachtas, in the financial year ending on the 31st day of March, 1951, a sum not exceeding two million pounds.

(3) Subsection (1) of this section shall be deemed to have come into operation on the 31st day of March, 1950.

Capital Services Redemption Account.

22. —(1) In this section—

the expression “the Minister” means the Minister for Finance;

the expression “the Account” means the Capital Services Redemption Account established pursuant to subsection (2) of this section;

the expression “the annuity” means the sum charged on the Central Fund under subsection (3) of this section;

the expression “capital services” means voted services which are to be met out of borrowings.

(2) There shall be established an account under the control of the Minister to be known as the Capital Services Redemption Account.

(3) A sum of £655,432 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, 1951.

(4) The annuity shall be paid into the Account in equal half-yearly instalments.

(5) Any amount of the annuity, not exceeding £423,979 in any financial year, may be applied towards defraying the interest on the public debt.

(6) The balance of the annuity shall be applied in any one or more of the following ways:

(a) application towards the purchase of government stock for cancellation,

(b) repayment of ways and means advances or other temporary borrowings of the Exchequer,

(c) payment into the Principal Reserve Account of the Savings Certificates Reserve Fund,

(d) application in any other way towards meeting the principal liability in respect of the public debt,

(e) investment in government securities or in any other manner in which moneys of the Post Office Savings Bank may be invested.

(7) Investments held for the Account may be sold or otherwise disposed of and the net proceeds of the sale or disposal shall be applied in any one or more of the ways specified in subsection (6) of this section.

(8) Income arising from any investment held for the Account shall be applied in any one or more of the ways specified in subsection (6) of this section.

(9) As soon as may be after each financial year, an account of the Account in respect of that year shall be prepared and shall be audited by the Comptroller and Auditor General and laid by the Minister before each House of the Oireachtas.

Transfer of money from the Road Fund to the Exchequer.

23. —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, 1951, and in such manner as the Minister for Finance shall direct.

Care and management of taxes and duties.

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

Short title, construction and commencement.

25. —(1) This Act may be cited as the Finance Act, 1950.

(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 VI of this Act shall be construed together with the Stamp Act, 1891, and the enactments amending or extending that Act.

(5) 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, 1950.