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22 1997

FINANCE ACT, 1997

PART VIII

Miscellaneous

Amendment of section 162 (Collector-General) of Income Tax Act, 1967 .

157. —As on and from the passing of this Act, section 162 of the Income Tax Act, 1967 , is hereby amended, in subsection (3), by the deletion, in both paragraphs (a) and (b) (inserted by the Finance Act, 1987 ), of the words “and at his direction”.

Amendment of section 23 (publication of names of defaulters) of Finance Act, 1983 .

158. —As respects the year 1997 and subsequent years, section 23 of the Finance Act, 1983 , is hereby amended—

(a) by the substitution of the following subsection for subsection (2):

“(2) The Revenue Commissioners shall, as respects each relevant period (being the period beginning on the 1st day of January, 1997, and ending on the 30th day of June, 1997, and each subsequent period of three months beginning with the period ending on the 30th day of September, 1997), compile a list of names and addresses and the occupations or descriptions of every person—

(a) upon whom a fine or other penalty was imposed by a court under any of the Acts during that relevant period,

(b) upon whom a fine or other penalty was otherwise imposed by a court during that relevant period in respect of an act or omission by the person in relation to tax, or

(c) in whose case the Revenue Commissioners, pursuant to an agreement made with the person in that relevant period, refrained from initiating proceedings for recovery of any fine or penalty of the kind mentioned in paragraphs (a) and (b) and, in lieu of initiating such proceedings, accepted, or undertook to accept, a specified sum of money in settlement of any claim by the Revenue Commissioners in respect of any specified liability of the person under any of the Acts for—

(i) payment of any tax,

(ii) payment of interest thereon, and

(iii) a fine or other monetary penalty in respect thereof.”,

and

(b) by the substitution of the following subsection for subsection (3):

“(3) Notwithstanding any obligation as to secrecy imposed on them by the Acts or the Official Secrets Act, 1963

(a) the Revenue Commissioners shall, before the expiration of three months from the end of each relevant period, cause each such list referred to in subsection (2) in relation to that period to be published in Iris Oifigiúil, and

(b) the Revenue Commissioners may, at any time, cause any such list referred to in subsection (2) to be publicised in such manner as they shall consider appropriate.”.

Evidence of authorisation.

159. —(1) In this section, except where the context otherwise requires—

the Acts” means—

(a) (i) the Customs Acts,

(ii) the statutes relating to the duties of excise and to the management of those duties,

(iii) the Tax Acts,

(iv) the Capital Gains Tax Acts,

(v) the Value-Added Tax Act, 1972 , and the enactments amending or extending that Act,

(vi) the Capital Acquisitions Tax Act, 1976 , and the enactments amending or extending that Act,

(vii) the statutes relating to stamp duty and to the management of that duty,

and any instruments made thereunder or under any other enactment and relating to tax, and

(b) the European Communities (Intrastat) Regulations, 1993 (S.I. No. 136 of 1993);

authorised officer” means an officer of the Revenue Commissioners who is authorised, nominated or appointed under any provision of the Acts, to exercise or perform any functions under any of the specified provisions, and “authorised” and “authorisation” shall be construed accordingly;

functions” includes powers and duties;

identity card”, in relation to an authorised officer, means a card which is issued to the officer by the Revenue Commissioners and which contains—

(a) a statement to the effect that the officer—

(i) is an officer of the Revenue Commissioners, and

(ii) is an authorised officer for the purposes of the specified provisions,

(b) a photograph and signature of the officer,

(c) a hologram showing the logo of the Office of the Revenue Commissioners,

(d) the facsimile signature of a Revenue Commissioner, and

(e) particulars of the specified provisions under which the officer is authorised;

specified provisions”, in relation to an authorised officer, means either or both the provisions of the Acts under which the authorised officer—

(a) is authorised and which are specified on his or her identity card, and

(b) exercises or performs functions under the Customs Acts or any statutes relating to the duties of excise and to the management of those duties;

tax” means any tax, duty, levy, charge under the care and management of the Revenue Commissioners.

(2) Where, in the exercise or performance of any functions under any of the specified provisions in relation to him or her, an authorised officer is requested to produce or show his or her authorisation for the purposes of that provision, the production by the authorised officer of his or her identity card—

(a) shall be taken as evidence of authorisation under that provision, and

(b) shall satisfy any obligation under that provision which requires the authorised officer to produce such authorisation on request.

(3) This section shall come into operation on such day as the Minister for Finance may appoint by order.

Tax clearance for moneylenders, mortgage intermediaries and credit intermediaries.

160. —(1) Section 242 (1) of the Finance Act, 1992 , is hereby amended in the definition of “licence” (as amended by the Finance Act, 1993 )—

(a) by the substitution of “‘licence’ means a licence or authorisation, as the case may be, of the kind referred to—” for “‘licence’ means a licence of the kind referred to—”, and

(b) by the insertion of the following paragraph after paragraph (g):

“(gg) in section 93, 116 or 144 of the Consumer Credit Act, 1995;”.

(2) The Consumer Credit Act, 1995, is hereby amended—

(a) in section 93—

(i) by the substitution, in subsection (10), of the following for paragraph (d):

“(d) the applicant has failed to provide satisfactory evidence that a current tax clearance certificate in relation to the licence has been issued in accordance with the provisions of section 242 (as amended by the Finance Act, 1997) of the Finance Act, 1992 ,”,

and

(ii) by the insertion of the following after subsection (10):

“(10A) (a) Where in relation to a moneylender's licence—

(i) an application in accordance with section 242 of the Finance Act, 1992 , for a tax clearance certificate has been made—

(I) not less than four months prior to the commencement date of such licence, and

(II) a tax clearance certificate has not yet been issued or refused,

or

(ii) a tax clearance certificate has been refused and an appeal against such refusal has been made and accepted in accordance with subsection (6) of the said section 242,

and in either case, the licence could, but for the provisions relating to a tax clearance certificate, have been issued, then—

(I) in a case where a licence has been granted in respect of the previous licensing period, such licence may continue in force beyond its latest expiry date pending—

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal,

and

(II) in a case where a licence has not been granted in respect of the previous licensing period, a licence may be issued temporarily and remain in force pending—

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal:

Provided that the amount of the fee that would be payable on the application for the licence is duly deposited with the Director.

(b) Every licence issued temporarily or continued in force in accordance with paragraph (a) shall, while it remains in force, be deemed to be a licence within the meaning of this section.

(c) Where—

(i) a determination is made to issue a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or

(ii) the final determination of an appeal referred to in subparagraph (ii) of paragraph (a) is to the effect that the application for a tax clearance certificate in relation to a licence is an acceptable application,

and where the tax clearance certificate has been issued; the licence continued in force or issued temporarily under this subsection shall expire upon the grant of a licence under this section and the duty deposited shall be set against the appropriate duty payable on the grant of the licence.

(d) Where—

(i) a determination is made to refuse a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or

(ii) the final determination of an appeal under subparagraph (ii) of paragraph (a) is to the effect that the refusal of an application for a tax clearance certificate in relation to a licence is a valid refusal,

the licence continued in force or issued temporarily under this subsection shall expire not later than seven days after such refusal or after the determination of such appeal, and the amount of any duty deposited in excess of the proportion of that duty attributable to the period when the licence was temporarily in force shall be repaid,”,

(b) in section 116—

(i) by the substitution, in subsection (9), of the following for paragraph (d);

“(d) the applicant has failed to provide satisfactory evidence that a current tax clearance certificate in relation to the authorisation has been issued in accordance with the provisions of section 242 (as amended by the Finance Act, 1997) of the Finance Act, 1992 ,”,

and

(ii) by the insertion of the following after subsection (9):

“(9A) (a) Where in relation to an authorisation—

(i) an application in accordance with section 242 of the Finance Act, 1992 , for a tax clearance certificate has been made—

(I) not less than four months prior to the commencement date of such authorisation, and

(II) a tax clearance certificate has not yet been issued or refused,

or

(ii) a tax clearance certificate has been refused and an appeal against such refusal has been made and accepted in accordance with subsection (6) of the said section 242,

and in either case, the authorisation could, but for the provisions relating to a tax clearance certificate, have been issued, then—

(I) in a case where an authorisation has been granted in respect of the previous authorisation period, such authorisation may continue in force beyond its latest expiry date pending—

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal,

and

(II) in a case where an authorisation has not been granted in respect of the previous authorisation period, an authorisation may be issued temporarily and remain in force pending—

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal:

Provided that the amount of the fee that would be payable on the application for the authorisation is duly deposited with the Director.

(b) Every authorisation issued temporarily or continued in force in accordance with paragraph (a) shall, while it remains in force, be deemed to be an authorisation within the meaning of this section.

(c) Where—

(i) a determination is made to issue a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or

(ii) the final determination of an appeal referred to in subparagraph (ii) of paragraph (a) is to the effect that the application for a tax clearance certificate in relation to an authorisation is an acceptable application,

and where the tax clearance certificate has been issued, the authorisation continued in force or issued temporarily under this subsection shall expire upon the grant of an authorisation under this section and the duty deposited shall be set against the appropriate duty payable on the grant of the authorisation.

(d) Where—

(i) a determination is made to refuse a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or

(ii) the final determination of an appeal under subparagraph (ii) of paragraph (a) is to the effect that the refusal of an application for a tax clearance certificate in relation to an authorisation is a valid refusal,

the authorisation continued in force or issued temporarily under this subsection shall expire not later than seven days after such refusal or after the determination of such appeal, and the amount of any duty deposited in excess of the proportion of that duty attributable to the period when the authorisation was temporarily in force shall be repaid.”,

and

(c) in section 144—

(i) by the substitution, in subsection (9), of the following for paragraph (d):

“(d) the applicant has failed to provide satisfactory evidence that a current tax clearance certificate issued in relation to the authorisation has been issued in accordance with the provisions of section 242 (as amended by the Finance Act, 1997) of the Finance Act, 1992 ,”,

(ii) by the insertion of the following after subsection (9):

“(9A) (a) Where in relation to an authorisation—

(i) an application in accordance with section 242 of the Finance Act, 1992 , for a tax clearance certificate has been made—

(I) not less than four months prior to the commencement date of such an authorisation, and

(II) a tax clearance certificate has not yet been issued or refused,

or

(ii) a tax clearance certificate has been refused and an appeal against such refusal has been made and accepted in accordance with subsection (6) of the said section 242,

and in either case, the authorisation could, but for the provisions relating to a tax clearance certificate, have been issued, then—

(I) in a case where an authorisation has been granted in respect of the previous authorisation period, such authorisation may continue in force beyond its latest expiry date pending—

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal,

and

(II) in a case where an authorisation has not been granted in respect of the previous authorisation period, an authorisation may be issued temporarily and remain in force pending—

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal:

Provided that the amount of the fee that would be payable on the application for the authorisation is duly deposited with the Director.

(b) Every authorisation issued temporarily or continued in force in accordance with paragraph (a) shall, while it remains in force, be deemed to be an authorisation within the meaning of this section.

(c) Where—

(i) a determination is made to issue a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or

(ii) the final determination of an appeal referred to in subparagraph (ii) of paragraph (a) is to the effect that the application for a tax clearance certificate in relation to an authorisation is an acceptable application,

and where the tax clearance certificate has been issued, the authorisation continued in force or issued temporarily under this subsection shall expire upon the grant of an authorisation under this section and the duty deposited shall be set against the appropriate duty payable on the grant of the authorisation.

(d) Where—

(i) a determination is made to refuse a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or

(ii) the final determination of an appeal under subparagraph (ii) of paragraph (a) is to the effect that the refusal of an application for a tax clearance certificate in relation to an authorisation is a valid refusal,

the authorisation continued in force or issued temporarily under this subsection shall expire not later than seven days after such refusal or after the determination of such appeal, and the amount of any duty deposited in excess of the proportion of that duty attributable to the period when the authorisation was temporarily in force shall be repaid.”.

(3) This section shall apply and have effect in relation to an application under—

(a) section 93 of the Consumer Credit Act, 1995, for a moneylender's licence,

(b) section 116 of that Act, for a mortgage intermediaries authorisation,

(c) section 144 of that Act, for a credit intermediaries authorisation,

the commencement date of which is on or after the 1st day of January, 1998.

Amendment of section 54 (creation and issue of securities by Minister for Finance) of Finance Act, 1970 , etc.

161. —(1) Section 54 of the Finance Act, 1970 , is hereby amended by the insertion after subsection (9) (inserted by the Finance Act, 1993 ) of the following subsection:

“(10) (a) The Minister for Finance may, whenever and so often as the Minister thinks fit, nominate any securities issued under subsection (1) of this section as securities under which each obligation to make a payment whether of principal or of interest, may be separated and each such separated obligation (in this subsection referred to as ‘strips’) shall constitute securities for the purposes of this section.

(b) Strips created by virtue of paragraph (a) may be used to constitute securities fungible with the securities from which such strips were derived.

(c) The Minister may, whenever and so often as the Minister thinks fit, prescribe such terms and conditions for the purposes of implementing the provisions of paragraphs (a) and (b).”.

Advance of moneys to Post Office Savings Bank Fund by the Minister for Finance.

162. —(1) The Minister for Finance may advance moneys from the Central Fund or the growing produce thereof to the Post Office Savings Bank Fund on such terms and conditions as that Minister thinks fit for the purpose of the acquisition, holding or disposal of any rights or interests, direct or indirect, in any securities of the State to which section 138 (1)(b)(i) of the Finance Act, 1993 , relates.

(2) (a) In respect of any moneys advanced by virtue of subsection (1), such moneys shall, subject to paragraph (b), be repaid to the Minister for Finance at such time or in such circumstances as that Minister may specify, together with any interest thereon at such rate or rates as that Minister may fix.

(b) The Minister for Finance may, from time to time, alter the time or circumstances under which any moneys advanced by virtue of subsection (1) are to be repaid.

Amendment of National Treasury Management Agency Act, 1990 .

163. —The National Treasury Management Agency Act, 1990 , is hereby amended—

(a) in section 4 by the insertion of the following subsection after subsection (1):

“(1A) An additional function of the Agency shall be:

(a) to perform, on behalf of the Minister for Agriculture, Food and Forestry whenever requested by that Minister, the borrowing function set out in Regulation 11 of the European Communities (Common Agricultural Policy) (Market Intervention) Regulations, 1973 (S.I. No. 24 of 1973), and

(b) to exercise the function of that Minister in relation to the management of the indebtedness arising from such borrowing, on such terms and conditions as may be agreed by the Agency with that Minister.”,

and

(b) in the First Schedule, by the insertion of the following paragraph after paragraph (g):

“(gg) section 54(10) (inserted by section 161 of the Finance Act, 1997) of the Finance Act, 1970 ,”.

Capital Services Redemption Account.

164. —(1) In this section—

the 1996 amending section” means section 138 of the Finance Act, 1996;

capital services” has the same meaning as it has in the principal section;

the forty-seventh additional annuity” means the sum charged on the Central Fund under subsection (4);

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

(2) In relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of December, 1997, subsection (4) of the 1996 amending section shall have effect with the substitution of “£88,264,810” for “£83,599,421”.

(3) Subsection (6) of the 1996 amending section shall have effect with the substitution of “£66,821,199” for “£64,256,400”.

(4) A sum of £94,679,697 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 December, 1997.

(5) The forty-seventh additional annuity shall be paid into the Capital Services Redemption Account in such manner and at such times in the relevant financial year as the Minister for Finance may determine.

(6) Any amount of the forty-seventh additional annuity, not exceeding £72,772,950 in any financial year, may be applied towards defraying the interest on the public debt.

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

Care and management of taxes and duties.

165. —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.

166. —(1) This Act may be cited as the Finance Act, 1997.

(2) Parts I and VII (so far as relating to income tax) shall be construed together with the Income Tax Acts and (so far as relating to corporation tax) shall be construed together with the Corporation Tax Acts and (so far as relating to capital gains tax) shall be construed together with the Capital Gains Tax Acts.

(3) Part II (so far as relating to customs) shall be construed together with the Customs Acts and (so far as relating to duties of excise) shall be construed together with the statutes which relate to the duties of excise and to the management of those duties.

(4) Part III shall be construed together with the Value-Added Tax Acts, 1972 to 1996, and may be cited together therewith as the Value-Added Tax Acts, 1972 to 1997.

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

(6) Part V shall be construed together with Part VI of the Finance Act, 1983 , and the enactments amending or extending that Part.

(7) Part VI (so far as relating to capital acquisitions tax) shall be construed together with the Capital Acquisitions Tax Act, 1976 , and the enactments amending or extending that Act.

(8) Part VIII (so far as relating to income tax) shall be construed together with the Income Tax Acts and (so far as relating to corporation tax) shall be construed together with the Corporation Tax Acts and (so far as relating to capital gains tax) shall be construed together with the Capital Gains Tax Acts and (so far as relating to value-added tax) shall be construed together with the Value-Added Tax Acts, 1972 to 1996, and (so far as relating to Residential Property Tax) shall be construed together with Part VI of the Finance Act, 1983 , and the enactments amending or extending that Act and (so far as relating to capital acquisitions tax) shall be construed together with the Capital Acquisitions Tax Act, 1976 , and the enactments amending or extending that Act.

(9) Part I and VII 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, 1997.

(10) In relation to Part III :

(a) section 95 , paragraphs (b) and (c) of section 107 , section 108 and section 114 shall be deemed to have come into force and shall take effect as on and from the 7th day of November, 1996;

(b) paragraph (a) of section 103 and section 105 shall be deemed to have come into force and shall take effect as on and from the 1st day of March, 1997;

(c) paragraphs (a) and (b) of section 96 , section 98 , section 100 , paragraphs (b), (e) and (f) of section 102 and section 104 shall be deemed to have come into force and shall take effect as on and from the 26th day of March, 1997;

(d) section 110 shall be deemed to have come into force and shall take effect as on and from the 1st day of May, 1997;

(e) paragraph (c) of section 96, section 99, section 106, paragraph (a) of section 107, section 109, section 111 and section 112 shall take effect as on and from the 1st day of July, 1997;

(f) sections 101 and 113 shall take effect as on and from such date as the Minister for Finance may by order, appoint;

(g) the provisions of this Part, other than those specified in paragraphs (a), (b), (c), (d), (e) and (f), shall have effect as on and from the date of passing of this Act.

(11) 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.

(12) In this Act, a reference to a Part, section or Schedule is to a Part or section of, or Schedule to, this Act, unless it is indicated that reference to some other enactment is intended.

(13) In this Act, a reference to a subsection, paragraph, subparagraph, clause or subclause is to the subsection, paragraph, subparagraph, clause or subclause of the provision (including a Schedule) in which the reference occurs, unless it is indicated that reference to some other provision is intended.