PART V

Residential Property Tax

218. —This Part shall apply and have effect where tax is chargeable on a valuation date (as defined by section 95 (1) of the Finance Act, 1983 ) in relation to any year commencing with the year 1992.

219. — Section 100 of the Finance Act, 1983 , is hereby amended in subsection (1) (as amended by the Finance Act, 1990 )—

(a) by the substitution in the definition of “general exemption limit” of “£90,000” for “£65,000” and of “1992” for “1983”, and

(b) by the substitution in the definition of “the new house price index number” of “1980” for “1973”,

and the said definitions, as so amended, are set out in the Table to this section.

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“general exemption limit” means the general market value exemption limit applying on a valuation date, that is to say, the amount obtained by multiplying £90,000 by the new house price index number relevant to that valuation date and dividing the product by the new house price index number relevant to the valuation date falling on the 5th day of April, 1992:

Provided that the amount so obtained shall be rounded up to the next £1,000;

“the new house price index number” means the Trends in Private New House Price Index Number compiled by the Department of the Environment and the new house price index number relevant to any valuation date means the new house price index number for the three months ended on the 31st day of December next before that valuation date expressed on the basis that the new house price index number for the three months ended on the 31st day of March, 1980, is 100.

220. — Section 101 of the Finance Act, 1983 , is hereby amended—

(a) by the substitution in subsection (2) (inserted by the Finance Act, 1990 ) of “£27, 500” for “£20,000” and of “1992” for “1983”, and

(b) by the substitution in subsection (3) of “1989” for “1982”,

and the said subsections (2) and (3), as so amended, are set out in the Table to this section.

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(2) The income exemption limit applying on a valuation date is the amount obtained by multiplying £27,500 by the consumer price index number relevant to that valuation date and dividing the product by the consumer price index number relevant to the valuation date falling on the 5th day of April, 1992:

Provided that the amount so obtained shall be rounded up to the next £100.

(3) In this section “the consumer price index number” means the All Items Consumer Price Index Number compiled by the Central Statistics Office and the consumer price index number relevant to any valuation date means the consumer price index number at the mid-February next before the valuation date expressed on the basis that the consumer price index at mid-November, 1989, is 100.

221. — Section 102 of the Finance Act, 1983 , is hereby amended by the substitution in subsection (4) (inserted by the Finance Act, 1990 ) of the following paragraph for paragraph (b) of the interpretation of the word “child”:

“(b) a child—

(i) adopted under the Adoption Acts, 1952 to 1991, or

(ii) adopted under a foreign adoption which by virtue of section 2 , 3 , 4 or 5 of the Adoption Act, 1991 , is deemed to have been effected by a valid adoption order within the meaning of section 1 of that Act,

and”,

and the said interpretation, as so amended, is set out in the Table to this section.

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“child”, in relation to an assessable person, includes—

(a) a stepchild,

(b) a child—

(i) adopted under the Adoption Acts, 1952 to 1991, or

(ii) adopted under a foreign adoption which by virtue of section 2 , 3 , 4 or 5 of the Adoption Act, 1991 , is deemed to have been effected by a valid adoption order within the meaning of section 1 of that Act,

and

(c) a person who, for the year of assessment ending on the valuation date, is in the custody, and maintained at the expense, of either or both the assessable person and the spouse of that assessable person;