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14 1970

FINANCE ACT, 1970

PART VI

Miscellaneous

Capital Services Redemption Account.

52. —(1) In this section—

the principal section” means section 22 of the Finance Act, 1950 ;

the 1969 amending section” means section 61 of the Finance Act, 1969 ;

the twentieth 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 1969 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1971, have effect with the substitution of “£3,291,553” for “£3,000,128”.

(3) Subsection (6) of the 1969 amending section shall have effect with the substitution of “£2,088,170” for “£1,904,575”.

(4) A sum of £3,590,509 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, 1971.

(5) The twentieth 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 twentieth additional annuity, not exceeding £2,322,880 in any financial year, may be applied towards defraying the interest on the public debt.

(7) The balance of the twentieth additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section.

Instalment savings schemes.

53. —(1) In this section—

instalment savings scheme” means a scheme of saving that—

(a) (i) is established and administered by the Minister, or

(ii) is established and administered by a bank, a trustee savings bank or a building society and is approved by the Minister,

(b) is certified by the Minister as qualifying for exemption under section 18 of this Act, and

(c) provides for the payment of periodical contributions for a specified period by individuals to the person administering the scheme and the repayment of the contributions and, subject to specified conditions, the payment of additional amounts by way of bonus or interest;

the Minister” means the Minister for Finance;

trustee savings bank” means a trustee savings bank certified under the Trustee Savings Banks Acts, 1863 to 1965.

(2) The Minister may raise moneys for the Exchequer by means of an instalment savings scheme and shall have all such powers as are necessary for that purpose.

(3) All moneys raised by the Minister or a trustee savings bank by means of an instalment savings scheme shall be placed to the credit of the Exchequer and shall form part of the Central Fund and be available in any manner in which that Fund is available.

(4) The contributions paid under an instalment savings scheme established by the Minister or a trustee savings bank and any bonus or interest payable under such a scheme shall be charged on the Central Fund or the growing produce thereof.

(5) The expenses incurred by the Minister or a trustee savings bank in the administration of an instalment savings scheme shall be charged on the Central Fund or the growing produce thereof.

Creation and issue of securities by Minister for Finance.

54. —(1) For the purpose of raising money for the Exchequer, the Minister for Finance may, whenever and so often as he thinks fit, create and issue securities bearing interest at such rate as he thinks fit or no interest and subject to such conditions as to repayment, redemption or any other matter as he thinks fit.

(2) The principal of, the interest (if any) and the premium on redemption (if any) on securities issued under this section and the expenses incurred in connection with the issue thereof shall be charged on the Central Fund or the growing produce thereof.

(3) Moneys borrowed under this section shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which that Fund is available.

Postponement of redemption of certain Government loans.

55. —(1) (a) If the Minister for Finance is of opinion that, owing to the closure of the Bank of Ireland, the redemption on the 15th day of July, 1970, of the outstanding stock of the 3½% Exchequer Bonds 1965/70, the 3½% Fourth National Loan 1960/70 and the 3% Exchequer Bonds 1965/70 cannot be effected, he may by order made before that day, or if this Act is passed after that day, by order made as soon as reasonably may be after such passing, postpone such redemption.

(b) If an order is made under this subsection after the 15th day of July, 1970, it shall have and be deemed to have had effect as on and from that day.

(2) As soon as reasonably may be after the closure aforesaid ceases, the Minister shall by order fix a date, not being more than three months after such cesser, for the redemption of the stock aforesaid, and that stock shall, subject to the provisions of the Government Loans (Conversion) Act, 1951 , be redeemed on that date.

(3) Where an order is made under subsection (2) of this section, interest at such rate as may be specified in the order, shall be paid on the outstanding stock aforesaid in respect of the period from the 15th day of July, 1970, to the date of redemption, fixed under this section, of such stock.

(4) The Minister may by order revoke or amend an order under this section including an order under this subsection.

(5) Every order under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either House within the next twenty-one days on which that House has sat after the order has been laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

Levy on pigs.

56. —(1) In this section—

the Commission” means the Pigs and Bacon Commission;

licence” means a licence within the meaning of section 23 of the Pigs and Bacon Act, 1935 , or a pork exporter's licence within the meaning of section 12 (2) of the Agricultural Produce (Fresh Meat) Act, 1930 .

(2) The Minister for Finance, after consultation with the Minister for Agriculture and Fisheries, may by order do any one or more of the following:

(a) impose a levy of such amount as he thinks proper on every pig brought on to premises to which a licence relates and provide that the holder of a licence shall pay to the Commission the amount of any such levies on any pigs brought on to the premises to which the licence relates,

(b) provide for the payment of levies imposed under this section at specified intervals and in a specified manner,

(c) impose different rates of levy on pigs of different classes and provide that levies shall not be payable on pigs of a specified class or classes,

(d) authorise the Commission—

(i) to grant exemption, if and whenever it so thinks fit, from payment of levies under this section (either for a specified period or without limit as to time) on a specified number of pigs or on pigs of a class or classes specified under paragraph (e) of this subsection or on pigs of any category or categories specified by the Commission (by reference to such matters as it thinks fit) in the exemption, and

(ii) to revoke, if and whenever it so thinks fit, an exemption granted by virtue of this paragraph,

(e) specify, for the purposes of paragraphs (c) and (d) of this subsection, different classes of pigs (by reference to such matters as the Minister thinks fit),

(f) apply the provisions of section 38 and section 39 of the Pigs and Bacon (Amendment) Act, 1939 , to levies payable under this section,

(g) revoke or amend an order under this section.

(3) Any levy payable pursuant to an order under this section shall be in addition to and not in substitution for any levy payable under the Pigs and Bacon Acts, 1935 to 1961.

(4) All moneys received by the Commission in respect of levies under this section shall be paid into or disposed of for the benefit of the Exchequer in accordance with the directions of the Minister for Finance.

(5) Every order under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution is passed by either House within the next twenty-one days upon which that House has sat after the order has been laid before it annulling the order, the order shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder.

Treatment for double taxation relief purposes of foreign tax incentive reliefs.

57. —(1) In this section “Corporation Profits Tax Acts” means Part V of the Finance Act, 1920, and the enactments amending or extending that Part.

(2) For the purposes of section 361 of and Schedule 10 to the Income Tax Act, 1967 , and of the definition of “double taxation relief” in section 363 of the said Act, any amount of tax under the law of a territory outside the State which would have been payable but for a relief to which this section applies given under the said law (being a relief with respect to which provision is made in arrangements for double taxation relief which are the subject of an order under the said section 361) shall be treated as having been payable; and references in the said sections and Schedule to double taxation, tax payable or chargeable or tax not chargeable directly or by deduction shall be construed accordingly.

(3) The Revenue Commissioners may make regulations generally for carrying out the provisions of this section or any arrangements having the force of law under the said section 361 and may, in particular, but without prejudice to the generality of the foregoing, provide in the regulations—

(a) for the purposes of this section or of the regulations, for the application (with or without modifications) of any provision of the Income Tax Acts or any regulations made thereunder or the Corporation Profits Tax Acts or any regulations made thereunder, including the provisions relating to the rehearing of an appeal and the statement of a case for the opinion of the High Court on a point of law, and

(b) that the whole or any part of a dividend paid out of profits or gains which consist of or include profits or gains in relation to which double taxation relief is given by virtue of this section is not to be regarded as income or profits for any purpose of the Income Tax Acts or of the Corporation Profits Tax Acts.

(4) This section applies to any relief given with a view to promoting industrial, commercial, scientific, educational or other development in a territory outside the State.

(5) For the purposes of any arrangements having the force of law under the said section 361 which apply to any period before the passing of this Act, this section shall have effect as respects that period.

Amendment of section 35 of Finance Act, 1968.

58. —(1) Section 35 (3) (b) of the Finance Act, 1968 , is hereby amended—

(a) by the insertion in subparagraph (ii) after “so reduced,” of “or”, and

(b) by the insertion of the following subparagraph after subparagraph (ii)—

“(iii) profits arising from exempted trading operations which by virtue of Chapter I of Part XXV of the Income Tax Act, 1967 , or Parts I and II of the Finance (Miscellaneous Provisions) Act, 1958 , are, in relation to the company by which such operations are carried on, not taken into account for any purpose of the Income Tax Acts or for any purpose of Part V of the Finance Act, 1920, and the enactments amending or extending the said Part V.”.

(2) This section shall have effect in relation to income tax for the year beginning on the 6th day of April, 1970, and subsequent years of assessment and in relation to corporation profits tax for any accounting period beginning on or after the 6th day of April, 1970, and for the unexpired portion of any accounting period current at that date.

Payment of interest on State-guaranteed securities without deduction of tax.

59. —(1) This section applies to any securities (other than securities to which section 467 , 468 , 471 or 473 of the Income Tax Act, 1967 , applies) which are issued by a body corporate and in respect of which the payment of interest and the repayment of principal is guaranteed by a Minister of State under statutory authority.

(2) Any securities to which this section applies 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.

(3) Notwithstanding anything contained in the Income Tax Acts, in computing for the purposes of assessment under Case I of Schedule D the amount of the profits or gains of a body corporate by which the securities to which this section applies are issued, for any period for which accounts are made up, there shall be allowed as a deduction the amount of the interest on such securities which, by direction of the Minister for Finance under section 466 of the Income Tax Act, 1967 , as applied by this section, is paid by the body corporate without deduction of tax for such period.

(4) Section 34 of the Finance Act, 1956 , is hereby amended by the insertion at the end of subsection (1) of “or of section 59 of the Finance Act, 1970.”.

(5) Section 474 of the Income Tax Act, 1967 , is hereby amended by the insertion at the end of subsection (1) of “or section 59 of the Finance Act, 1970.”.

(6) Section 63 of the Finance Act, 1969 , shall apply to securities to which this section applies.

Repeals.

60. —(1) Each enactment mentioned in column (2) of the Second Schedule to this Act is hereby repealed to the extent specified in column (3) of that Schedule.

(2) This section shall come into operation on the 1st day of August, 1970, or the date of the passing of this Act, whichever is the later.

Care and management of taxes and duties.

61. —All taxes and duties imposed by this Act (other than a levy under section 56 of this Act) are hereby placed under the care and management of the Revenue Commissioners.

Short title, construction and commencement.

62. —(1) This Act may be cited as the Finance Act, 1970.

(2) Chapter I of Part I and (so far as relating to income tax, including sur-tax) Chapter II of Part I , and sections 57 to 59 of this Act shall be construed together with the Income Tax Acts.

(3) So far as relating to corporation profits tax, Chapter II of Part I and sections 57 to 59 of this Act shall be construed together with Part V of the Finance Act, 1920, and the enactments amending or extending that Part.

(4) Part II of this Act, so far as it relates to 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.

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

(6) Part V of this Act shall be construed together with Part VI of the Finance Act, 1963 , and the enactments amending or extending that Part.

(7) Part I and sections 57 to 59 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, 1970.

(8) 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.