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3 2000

FINANCE ACT, 2000

PART 7

Miscellaneous

Interpretation (Part7).

154. —In this Part “Principal Act” means the Taxes Consolidation Act, 1997 .

Capital Services Redemption Account.

155. —(1) In this section—

“1999 amending section” means section 215 of the Finance Act, 1999 ;

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

“fiftieth additional annuity” means the sum charged on the Central Fund under subsection (4);

“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 31 December 2000, subsection (4) of the 1999 amending section shall have effect with the substitution of “£155,132,708” for “£142,789,461”.

(3) Subsection (6) of the 1999 amending section shall have effect with the substitution of “£117,443,787” for “£109,751,200”.

(4) A sum of £198,742,933 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 31 December 2000.

(5) The fiftieth 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 fiftieth additional annuity, not exceeding £152,758,300 in any financial year, may be applied towards defraying the interest on the public debt.

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

Amendment of section 138 (holding and investment of moneys of Post Office Saving Bank Fund, etc.) of Finance Act, 1993.

156. —Section 138(1) (b) of the Finance Act, 1993 , is hereby amended by the substitution of the following subparagraph for subparagraph (iv):

“(iv) any financial futures or options traded on an exchange which is a regulated market that has been notified to the Commission of the European Communities by a Member State of those Communities under Article 16 of Council Directive 93/22/EEC of 10 May 1993,”.

Deposit accounts for Exchequer moneys.

157. —(1) In this section “Minister” means the Minister for Finance.

(2) The Minister may, whenever he or she considers it appropriate, establish deposit accounts denominated in the currency of the State under such terms and conditions as he or she deems fit.

(3) The Minister may, from time to time, pay moneys out of the Exchequer accounts at the Central Bank of Ireland into the accounts established under subsection (2).

(4) The Minister shall, from time to time, make disbursements out of amounts credited to accounts established under subsection (2) into and only into the Exchequer accounts at the Central Bank of Ireland.

(5) Where the functions of the Minister under this section stand duly delegated to the National Treasury Management Agency under section 5 of the National Treasury Management Agency Act, 1990 , any balance in accounts established under subsection (2) shall be consolidated with the balances in the Exchequer accounts for the purpose of the accounts prepared under section 12 of that Act, at the close of the financial year of the Agency.

(6) The First Schedule to the National Treasury Management Agency Act, 1990 , is hereby amended by the addition of the following paragraph:

(p) subsections (2) to (4) of section 157 of the Finance Act, 2000.”.

Amendment of section 63 of Central Bank Act, 1997.

158. —Section 63 of the Central Bank Act. 1997, is amended by the substitution of the following subsection for subsection (1):

“(1) Notwithstanding anything to the contrary contained in any enactment, or in any prospectus or other document relating to the terms of issue, holding or transfer of any securities or other instruments the issue or the transfer of such securities or other instruments may be made and shall be effective if instructions for the issue or transfer are communicated by electronic means and any issue or transfer of securities shall be deemed to be effective if recorded in a computerised system selected by the Bank following consultation with the National Treasury Management Agency, without the need for instructions in writing.”.

Payment to Temporary Holding Fund for Superannuation Liabilities.

159. —The Temporary Holding Fund for Superannuation Liabilities Act, 1999 , is amended in section 1 by the insertion of the following after subsection (3):

“(3A) The Minister shall pay into the Fund, in the financial year 2000, out of the Central Fund or the growing produce thereof, a sum not exceeding £1,850,000,000.”.

Amendment of section 824 (appeals) of Principal Act.

160. —Section 824 of the Principal Act is amended in subsection (1) by the substitution of “Part” for “Chapter”.

Amendment of section 1003 (payment of tax by means of donation of heritage items) of Principal Act.

161. —As respects each year (being the calendar year 2000 and subsequent calendar years) section 1003 of the Principal Act is amended in subsection (2)(c) by the substitution in subparagraph (ii) of “£3,000,000” for “£750,000”, and that subparagraph, as so amended, is set out in the Table to this section.

TABLE

(ii) exceeds an amount (which shall not be less than £75,000) determined by the formula—

£3,000,000 — M

where M is an amount (which may be nil) equal to the market value of the heritage item (if any) or the aggregate of the market values at the respective valuation dates of all the heritage items (if any), as the case may be, in respect of which a determination or determinations, as the case may be, under this subsection has been made by the selection committee in any one calendar year and not revoked in that year.

Amendment of section 1086 (publication of names of tax defaulters) of Principal Act.

162. —(1) Section 1086 of the Principal Act is amended—

(a) in subsection (2)—

(i) by the substitution in paragraph (b) of “tax,” for “tax, or” and the substitution in paragraph (c) (iii) of “tax, or” for “tax.”, and

(ii) by the insertion after paragraph (c) of the following:

“(d) in whose case the Revenue Commissioners, having initiated proceedings for the recovery of any fine or penalty of the kind mentioned in paragraphs (a) and (b), and whether or not a fine or penalty of the kind mentioned in those paragraphs has been imposed by a court, accepted or undertook to accept, in that relevant period, 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 on that tax, and

(iii) a fine or other monetary penalty in respect of that tax.”,

(b) by the insertion after subsection (2) of the following:

“(2A) For the purposes of subsection (2), the reference to a specified sum in paragraphs (c) and (d) of that subsection includes a reference to a sum which is the full amount of the claim by the Revenue Commissioners in respect of the specified liability referred to in those paragraphs.”,

(c) in subsection (4)—

(i) by the substitution of “Paragraphs (c) and (d)” for “Paragraph (c)”, and

(ii) by the substitution, in paragraph (c) of “paragraph (c) or (d), as the case may be,” for “paragraph (c)”,

and

(d) by the insertion after subsection (5) of the following:

“(5A) Without prejudice to the generality of paragraph (a) of subsection (5), such particulars as are referred to in that paragraph may include—

(a) in a case to which paragraph (a) or (b) of subsection (2) applies, a description, in such summary form as the Revenue Commissioners may think fit, of the act, omission or offence (which may also include the circumstances in which the act or omission arose or the offence was committed) in respect of which the fine or penalty referred to in those paragraphs was imposed, and

(b) in a case to which paragraph (c) or (d) of subsection (2) applies, a description, in such summary form as the Revenue Commissioners may think fit, of the matter occasioning the specified liability (which may also include the circumstances in which that liability arose) in respect of which the Revenue Commissioners accepted, or undertook to accept, a settlement, in accordance with those paragraphs.”

(2) This section shall apply—

(a) as respects fines or other penalties, as are referred to in paragraphs (a) and (b) of section 1086(2), which are imposed by a court, and

(b) as respects specified sums, as are referred to in paragraphs (c) and (d) of section 1086(2), which the Revenue Commissioners accepted, or undertook to accept, in settlement of a specified liability,

on or after the passing of this Act.

Amendment of section 1094 (tax clearance in relation to certain licences) of Principal Act.

163. —Section 1094 of the Principal Act is amended in subsection (1), in the definition of “licence” by the addition of the following paragraph after paragraph (j):

“(k) subsection (2A) (inserted by section 106 of the Finance Act, 2000) of section 62 of the National Cultural Institutions Act, 1997 ;”.

Amendment of Capter 5 (miscellaneous provisions) of Part 42 (collection and recovery) of Principal Act.

164. —Part 42 of the Principal Act is amended in Chapter 5 by the insertion after section 1006 of the following:

“Offset between taxes.

1006A.—(1) In this section—

‘Acts’ means—

(a) the Tax Acts,

(b) the Capital Gains Tax Acts,

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

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

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

(f) the Stamp Duties Consolidation Act, 1999 ,

(g) Part VI of the Finance Act, 1983 , and the enactments amending or extending that Part,

(h) Chapter IV of Part II of the Finance Act, 1992 ,

and any instrument made thereunder;

‘claim’ means a claim that gives rise to a repayment of tax under any of the Acts and includes part of such a claim;

‘liability’ means any tax, duty, levy or other charge due or estimated to be due under the Acts for a taxable period, income tax month, income tax year, chargeable period or chargeable event, as appropriate;

‘overpayment’ means a payment or remittance under the Acts (including part of such a payment or remittance) which is in excess of the amount of the liability against which it is credited.

(2) Notwithstanding any other provision of the Acts, where the Revenue Commissioners are satisfied that a person has not complied with all the obligations imposed on the person by the Acts, in relation to—

(a) the payment of a liability required to be paid, and

(b) the delivery of returns required to be made,

they may instead of making a repayment to the person in respect of any claim or overpayment made by the person set the amount of the claim or overpayment against any liability due under the Acts.

(3) The Revenue Commissioners shall make regulations for the purpose of giving effect to this section and, without prejudice to the generality of the foregoing, such regulations shall provide for the order of priority of liabilities due under the Acts against which any claim or overpayment is to be set in accordance with subsection (2).

(4) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sa\ill\ after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

Appropriation of payments.

1006B.—(1) In this section—

‘Acts’ means—

(a) the Tax Acts.

(b) the Capital Gains Tax Acts,

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

and any instruments made thereunder;

‘payment’ means a payment or a remittance of a liability under the Acts and includes part of such a payment or remittance;

‘liability’ means any tax or charge due under the Acts for a taxable period, income tax month, income tax year or chargeable period, as appropriate.

(2) Notwithstanding any other provision of the Acts, where a payment is received by the Revenue Commissioners from a person and it cannot reasonably be determined by the Revenue Commissioners from the instructions, if any, which accompanied the payment which liabilities the person wishes the payment to be set against, the Revenue Commissioners may set the payment against any liability due by the person under the Acts.

(3) The Revenue Commissioners shall make regulations for the purpose of giving effect to this section and, without prejudice to the generality of the foregoing, such regulations shall provide for the order of priority of liabilities due under the Acts against which a payment is to be set in accordance with subsection (2).

(4) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.”.

Care and management of taxes and duties

165. — All taxes and duties imposed by this Act are by virtue of this section 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, 2000 .

(2) Part 1 (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 2 (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 3 shall be construed together with the Value-Added Tax Acts, 1972 to 1999, and may be cited together with those Acts as the Value-Added Tax Acts, 1972 to 2000.

(5) Part 4 shall be construed together with the Stamp Duties Consolidation Act, 1999 .

(6) Part 5 shall be construed together with Part VI of the Finance Act, 1983 , and the enactments amending or extending that Part.

(7) Part 6 (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 7 (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 customs) shall be construed with the Customs Acts and (so far as relating to duties of excise) shall be construed together with the statutes which relate to duties of excise and the management of those duties and (so far as relating to value-added tax) shall be construed together with the Value-Added Tax Acts, 1972 to 2000, and (so far as relating to stamp duty) shall be construed together with the Stamp Duties Consolidation Act, 1999 , 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 Part and (so far as relating to gift tax or inheritance tax) shall be construed together with the Capital Acquisitions Tax Act, 1976 , and the enactments amending or extending that Act.

(9) Except where otherwise expressly provided in Part 1, that Part shall apply as on and from 6 April 2000.

(10) In relation to Part 3:

(a) sections 107 and 121 and paragraphs (a) and (b) of section 123 shall be deemed to have come into force and shall take effect as on and from the 1 July 1999;

(b) sections 111 and 113 shall be deemed to have come into force and shall take effect as on and from the 1 March 2000;

(c) the provisions of this Part, other than those specified in paragraphs (a) and (b), 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.