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27 1974

FINANCE ACT, 1974

PART IV

Miscellaneous

Capital Services Redemption Account.

84. —(1) (a) In this section—

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

the 1973 amending section” means section 91 of the Finance Act, 1973 ;

the twenty-fourth 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,

(b) references in this section to the financial year ending on the 31st day of December, 1974, are references to the period beginning on the 1st day of April, 1974, and ending on the 31st day of December, 1974.

(2) In relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of December, 1974, subsection (4) of the 1973 amending section shall, subject to subsection (8) of this section, have effect with the substitution of “£5,315,286” for “£5,452,955”.

(3) Subsection (6) of the 1973 amending section shall, subject to subsection (8) of this section, have effect with the substitution of “£3,355,284” for “£3,510,185”.

(4) A sum of £4,373,032 to redeem borrowings, and interest thereon, in respect of capital services shall, subject to subsection (8) of this section, 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, 1974.

(5) The twenty-fourth 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-fourth additional annuity not exceeding £2,815,015 in any financial year, may, subject to subsection (8) of this section, be applied towards defraying the interest on the public debt.

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

(8) Where, by virtue of this section or of any other enactment, an annuity to redeem borrowings, and interest thereon, in respect of capital services is charged on the Central Fund or on the growing produce thereof and an amount of that annuity may be applied towards defraying the interest on the public debt, then—

(a) only three-fourths of that annuity shall be so charged, and only three-fourths of that amount may be so applied, in the financial year ending on the 31st day of December, 1974, and

(b) one-fourth of that annuity shall be so charged, and one-fourth of that amount may be so applied, in the financial year next following the last financial year in which such annuity would, apart from this subsection, be charged,

and this section and the enactment shall be construed and shall have effect accordingly.

Amendment of Provisional Collection of Taxes Act, 1927.

85. —(1) The Provisional Collection of Taxes Act, 1927 , is hereby amended—

(a) by the substitution of “Dáil Éireann” for “the Committee on Finance” in section 2,

(b) by the substitution of the following section for section 4:

“4.—A resolution under this Act shall cease to have statutory effect upon the happening of whichever of the following events first occurs, that is to say:

(a) if a Bill containing provisions to the same effect (with or without modifications) as the resolution is not read a second time by Dáil Éireann within the next twenty days on which Dáil Éireann sits after the resolution is passed by Dáil Éireann;

(b) if those provisions of the said Bill are rejected by Dáil Éireann during the passage of the Bill through the Oireachtas;

(c) the coming into operation of an Act of the Oireachtas containing provisions to the same effect (with or without modification) as the resolution;

(d) the expiration of a period of four months from the date on which the resolution is expressed to take effect or, where no such date is expressed, from the passing of the resolution by Dáil Éireann.”,

(c) by the deletion of subsection (2) of section 5, and

(d) by the substitution of “Dáil Éireann” for “the Committee on Finance” in section 6 (1) (a),

and the said sections 2 and 6 (1) (a), as so amended, are set out in the Table to this section.

(2) This section shall come into operation on such day as the Minister for Finance appoints by order.

TABLE

2.—Whenever a resolution (in this Act referred to as a resolution under this Act) is passed by Dáil Éireann resolving—

(a) that a new tax specified in the resolution be imposed, or

(b) that a specified permanent tax in force immediately before the end of the previous financial year be increased, reduced, or otherwise varied, or be abolished, or

(c) that a specified temporary tax in force immediately before the end of the previous financial year be renewed (whether at the same or a different rate and whether with or without modification) as from the date of its normal expiration or from an earlier date or be discontinued on a date prior to the date of its normal expiration,

and the resolution contains a declaration that it is expedient in the public interest that the resolution should have statutory effect under the provisions of this Act, the resolution shall, subject to the provisions of this Act, have statutory effect as if contained in an Act of the Oireachtas.

(1) (a) if a resolution under this Act renewing the tax (with or without modification) is not passed by Dáil Éireann within two months after the expiration of the tax, the amount of such payment or deduction shall be repaid or made good on the expiration of such two months, and

Repeals.

86. —Each enactment mentioned in column (2) of the Second Schedule to this Act is hereby repealed as on and from the 6th day of April, 1974, to the extent specified in column (3) of that Schedule.

Care and management of taxes and duties.

87. —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.

88. —(1) This Act may be cited as the Finance Act, 1974.

(2) Part I of this Act (so far as relating to income tax, including sur-tax) shall be construed together with the Income Tax Acts and (so far as relating to corporation profits tax) shall be construed together with Part V of the Finance Act, 1920, and the enactments amending or extending that Part.

(3) Part II of this Act, so far as it relates to customs, shall be construed together with the Customs Acts and the said Part II, 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 III 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, 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, 1974.

(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.