PART V

Miscellaneous

52. —(1) In this section—

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

“the 1976 amending section” means section 80 of the Finance Act, 1976 ;

“the twenty-seventh 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) In relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of December, 1977, subsection (4) of the 1976 amending section shall have effect with the substitution of “£8,033,711” for “£9,472,954”.

(3) Subsection (6) of the 1976 amending section shall have effect with the substitution of “£5,071,333” for “£6,097,945”.

(4) A sum of £10,985,618 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, 1977.

(5) The twenty-seventh 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-seventh additional annuity not exceeding £7,071,680 in any financial year, may be applied towards defraying the interest on the public debt.

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

53. —(1) In this section—

“the Acts” means—

(a) the Tax Acts,

(b) the Capital Gains Tax Act, 1975 ,

(c) the Wealth Tax Act, 1975 , and

(d) the Capital Acquisitions Tax Act, 1976 ;

“donor” means an individual who makes a gift to the State;

“gift” means a gift of property to the State which, upon acceptance of the gift by the Government pursuant to the State Property Act, 1954 , becomes vested, pursuant to that Act, in a State authority within the meaning of that Act;

“Irish tax” means any tax imposed by the Acts;

“property” includes interests and rights of any description;

“relevant date”, in relation to an individual (being a donor or spouse of a donor), means the date (being a date not earlier than the 1st day of September, 1974) on which he leaves the State for the purpose of residence (other than occasional residence) outside the State;

“tax in that country” means any tax imposed in that country which is identical with or substantially similar to Irish tax;

“visits” means—

(a) in relation to a donor, visits by him to the State after the relevant date for the purpose of advising on the management of the property which is the subject of the gift, being visits that are, in the aggregate, less than 182 days in any year of assessment in which they are made, and

(b) in relation to the spouse of a donor, visits by the said spouse when accompanying the donor on visits of the kind referred to in paragraph (a).

(2) Where, for any year of assessment, a person (being a donor or the spouse of a donor) is resident in a country outside the State for the purposes of tax in that country and is chargeable to that tax without any limitation as to chargeability, then, notwithstanding anything to the contrary in the Tax Acts—

(a) as respects the year of assessment in which the relevant date occurs, that person shall not, as from the relevant date, be regarded as ordinarily resident in the State for the purposes of Irish tax, and

(b) as respects any subsequent year of assessment, in determining whether that person is resident or ordinarily resident in the State for the purposes of Irish tax, visits shall be disregarded.

54. —(1) (a) Each enactment mentioned in column (2) of Part I of the Second Schedule to this Act is hereby repealed to the extent specified in column (3) of that Schedule and the Order mentioned in the said column (2) is hereby revoked to the extent specified in the said column (3).

(b) The enactment mentioned in column (2) of Part II of the Second Schedule to this Act is hereby repealed to the extent specified in column (3) of that Schedule.

(c) (i) Subject and without prejudice to so much of the Convention (within the meaning of section 39 of this Act) as retains any of the former Agreements (within the said meaning) in force for years of assessment ending on or before the 5th day of April, 1977, paragraph (a) of this subsection shall be deemed to have come into operation on the 6th day of April, 1976.

(ii) Paragraph (b) of this subsection shall be deemed to have come into operation on the 6th day of April, 1977.

(2) The enactment mentioned in column (2) of Part III of the Second Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part.

(3) (a) The enactment mentioned in column (2) of Part IV of the Second Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part in relation to a gift or inheritance in respect of which the date of the gift or the date of the inheritance, as the case may be, is on or after the date of the passing of this Act.

(b) In paragraph (a) “gift”, “inheritance”, “date of the gift” and “date of the inheritance” have the meanings assigned to them by section 2 of the Capital Acquisitions Tax Act, 1976 .

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

56. —(1) This Act may be cited as the Finance Act, 1977.

(2) Parts I and V of this Act (so far as relating to income 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 and (so far as relating to corporation tax) shall be construed together with the Corporation Tax Act, 1976 , and the enactments amending or extending that Act and (so far as relating to capital gains tax) shall be construed together with the Capital Gains Tax Act, 1975 , and the enactments amending or extending that Act.

(3) Part II of this Act 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 IV of this Act and Part V of this Act (so far as relating to wealth tax) shall be construed together with the Wealth Tax Act, 1975 .

(6) Part V of this Act (so far as relating to capital acquisitions tax) shall be construed together with the Capital Acquisitions Tax Act, 1976 .

(7) 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, 1977, and Part IV 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 5th day of April, 1977.

(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.