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19 1960

FINANCE ACT, 1960

PART VII.

Miscellaneous and General.

Capital Services Redemption Account.

38. —(1) In this section—

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

the 1959 amending section” means section 77 of the Finance Act, 1959 ;

the tenth 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 1959 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1961, have effect with the substitution of “£991,095” for “£780,192”.

(3) Subsection (6) of the 1959 amending section shall have effect with the substitution of “£628,753” for “£504,682”.

(4) A sum of £951,035 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, 1961.

(5) The tenth 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 tenth, additional annuity, not exceeding £615,195 in any financial year, may be applied towards defraying the interest on the public debt.

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

Relief from certain duties.

39. —(1) (a) Where a person was of or over the age of twenty-one years on the 1st day of January, 1953, and it is proved by him or on his behalf to the satisfaction of the Revenue Commissioners that as from the age of seven years or earlier, he was, during the appropriate period, under the care of and maintained at their own expense by a married couple (not being his parents in a case in which he was born to his parents in lawful wedlock) as a member of their family and household, then, for the purposes of—

(i) succession duty and legacy duty,

(ii) the stamp duties chargeable on conveyances or transfers of land, and

(iii) exemption from customs duty under paragraph (b) of section 18 of the Finance Act, 1936 ,

he shall be considered as the child of that married couple born to them in lawful wedlock and not to be the child of any other person.

(b) In paragraph (a) of this subsection “the appropriate period” means—

(i) in case, during the period of seven years from the time when the person in question began to be under the care of and maintained by the married couple as a member of their family and household, one (but not both) of the married couple died—the period from the said time until the death,

(ii) in case, during the period of seven years from the said time, both of the married couple died—the period from the said time until the death of that one of the married couple who died first, and

(iii) in any other case—seven years.

(2) Subsection (1) of this section does not apply to acquisitions of property which occurred before the 1st day of January, 1953, but, subject to that exception, it applies to acquisitions of property which occurred either before or after the passing of this Act.

(3) Where—

(a) there has been, before the passing of this Act and not earlier than the 1st day of January, 1953, an acquisition of property,

(b) duty was paid before the passing of this Act in relation to the acquisition, and

(c) the duty either—

(i) would not have been payable, or

(ii) exceeded the duty which would have been payable,

if this section had been passed before the acquisition took place,

the duty or the excess (as the case may be) shall be repaid provided that application for repayment is made to the Revenue Commissioners within one year from the passing of this Act.

Amendment of section 11 of the Finance (Profits of Certain Mines) (Temporary Relief from Taxation) Act, 1956.

40. Section 11 of the Finance (Profits of Certain Mines) (Temporary Relief from Taxation) Act, 1956 , is hereby amended, with effect as from the passing of that Act, by the insertion in paragraph (a) of subsection (2) of “or the 6th day of April, 1954 (whichever is the later)” before “shall”.

Amendment of Part V of Finance Act, 1959.

41. —(1) In relation to a building or structure the capital expenditure on the construction of which has been incurred on or after the 1st day of January, 1960, and which falls to be regarded as an industrial building or structure by reason of its use for the purposes of the trade of hotel-keeping, Part V of the Finance Act, 1959 , shall have effect as if—

(a) “one-tenth” were substituted for “one-fiftieth” in subsection (1) of section 25 and subsection (4) of section 27 of that Act, and

(b) “tenth year” were substituted for “fiftieth year” in subsection (3) of section 25 and subsection (1) of section 26 of that Act.

(2) For the purposes of Part V of the Finance Act, 1959 , and subsection (1) of this section a building or structure in use as a holiday camp shall be deemed to be a building or structure in use for the purposes of the trade of hotel-keeping.

Repeals.

42. —(1) Each enactment specified in column (2) of Part I of the Fourth Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part as on and from the date specified in column (4) of that Part.

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

(b) Paragraph (a) of this subsection shall have effect only in relation to persons dying after the 27th day of April, 1960.

Care and management of taxes and duties.

43. —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.

44. —(1) This Act may be cited as the Finance Act, 1960.

(2) Parts I and V of this Act and the Third 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) Part IV of this Act shall, so far as it relates to income tax (including sur-tax), be construed together with the Income Tax Acts and shall, so far as it relates 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 VI of this Act shall be construed together with the Stamp Act, 1891, and the enactments amending or extending that Act.

(6) Part I of this Act shall be deemed to come into force and shall take effect as on and from the 6th day of April, 1960.

(7) 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.