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18 1959

FINANCE ACT, 1959

PART VIII.

Miscellaneous and General.

Capital Services Redemption Account.

77. —(1) In this section—

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

the 1958 amending section” means section 61 of Finance Act, 1958 ;

the ninth 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) Subsection (4) of the 1958 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1960, have effect with the substitution of “£645,872 ” for “£717,012”.

(3) Subsection (6) of the 1958 amending section shall have effect with the substitution of “£409,742” for “£528,332”.

(4) A sum of £780,192 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 March, 1960.

(5) The ninth 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 ninth additional annuity, not exceeding £504,682 in any financial year, may be applied towards defraying the interest on the public debt.

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

Amendment of section 31 (3) of Finance Act, 1940.

78. —Subsection (3) of section 31 of Finance Act, 1940 , is hereby amended by the substitution in paragraph (d) of “three per cent, per annum ” for “two and seven-eighths per cent, per annum”.

Amendment of section 2 of Finance (Profits of Certain Mines) (Temporary Relief from Taxation) Act, 1956.

79. Section 2 of Finance (Profits of Certain Mines) (Temporary Relief from Taxation) Act, 1956 , is hereby amended by the substitution therein of “within the period of ten years” for “within the period of five years”.

Repeals,

80. —(1) The enactments specified in the Fourth Schedule to this Act are hereby repealed to the extent specified in the third column of that Schedule.

(2) Subsection (1) of this section—

(a) in the case of the enactments specified in Part I of the Fourth Schedule to this Act, shall come into operation on the 1st day of August, 1959,

(b) in the case of the enactments specified in Part II of that Schedule, shall come into operation on the 1st day of August, 1959, and shall not have effect with respect to instruments executed before that day, and

(c) in the case of the enactments specified in Part III of that Schedule, shall come into operation on the 1st day of April, 1960.

Care and management of taxes and duties.

81. —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.

82. — (1) This Act may be cited as the Finance Act, 1959.

(2) Parts I and IV of this Act and the First Schedule thereto shall be construed together with the Income Tax Acts.

(3) Part II of this Act, so far as it relates to duties of customs, shall be construed together with the Customs Acts and, 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) Parts V and VI of this Act shall, so far as they relate to income tax (including sur-tax), be construed together with the Income Tax Acts and shall, so far as they relate to corporation profits tax, be construed together with Part V of the Finance Act, 1920, and the enactments amending or extending that Part.

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

(6) Parts I and IV of this Act and the First and Second Schedules thereto shall be deemed to come into foree and shall take effect as on and from the 6th day of April, 1959.

(7) Part V of this Act shall come into operation on the 6th day of April, 1960.

(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.