PART VI.

Miscellaneous and General.

15. —(1) In this section—

“the principal section” means section 22 of the Finance Act, 1950 (No. 18 of 1950);

“the 1952 amending section” means section 23 of the Finance Act, 1952 (No. 14 of 1952);

“the third 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 1952 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1954, have effect with the substitution of “£463,805” for “£501,922”.

(3) Subsection (6) of the 1952 amending section shall have effect with the substitution of “£292,755” for “£323,127”.

(4) A sum of £767,274 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, 1954.

(5) The third 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 third additional annuity, not exceeding £493,955 in any financial year, may be applied towards defraying the interest on the public debt.

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

16. —(1) In this section—

“the Minister” means the Minister for Finance;

“the Loan” means 5% National Loan, 1962/72;

“the Account” means such account as is prescribed pursuant to subsection (3) of this section.

(2) The Minister may by regulations provide that stock of the Loan shall, subject to the regulations, be accepted in payment of any death duty.

(3) Where regulations are made under subsection (2) of this section, a person from whom any sum is due on account of any death duty may, subject to the regulations, pay the sum or any part thereof by means of a transfer, to such account of the Minister as is prescribed by the regulations, of so much of the stock of the Loan as is equal in value at the date of the transfer to the sum or part.

(4) Holdings of stock of the Loan transferred to the Account may be held therein or sold, cancelled or otherwise dealt with as the Minister directs.

(5) The transfer of a holding of stock of the Loan to the Account shall be accepted by the Revenue Commissioners as a cash payment to them of a sum equal to the value of the holding at the date of the transfer.

(6) The Minister shall pay out of the Account to the Revenue Commissioners the values at the dates of transfer of holdings of stock of the Loan transferred to the Account.

(7) Sums paid by way of interest on or redemption of holdings of stock of the Loan held in the Account and sums derived from sales of or other dealings with such holdings shall be paid into the Account.

(8) Sums paid into the Account pursuant to subsection (7) of this section shall be applied in or towards meeting payments which the Minister is required by this section to make to the Revenue Commissioners out of the Account, and any balance shall, as and when the Minister directs, be paid into the Exchequer in repayment of moneys advanced to the Account from the Central Fund or the growing produce thereof, and, if the balance is in excess of the sum required for repaying moneys advanced to the Account from the Central Fund or the growing produce thereof, the excess amount shall be disposed of for the benefit of the Exchequer in such manner as the Minister directs.

(9) There shall be advanced out of the Central Fund or the growing produce thereof to the Account such sums as may be required to meet any payments under this section by the Minister to the Revenue Commissioners out of the Account which are not met under subsection (8) of this section.

(10) For the purpose of providing for advances out of the Central Fund or the growing produce thereof under this section, the Minister may borrow from any person any sum or sums, and for the purpose of such borrowing he may create and issue securities bearing such rates of interest and subject to such conditions as to repayment, redemption or any other matter as he thinks fit, and he shall pay any moneys so borrowed into the Exchequer.

(11) The principal of and interest on any securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.

(12) For the purposes of this section—

(a) the value at the date of transfer of any holding of stock of the Loan transferred to the Account shall be the nominal face value with the addition of any interest accrued due at the date of the transfer but then remaining unpaid, after deducting any interest which may be receivable by the transferor after that date, and

(b) interest on any such holding of stock of the Loan shall be deemed to accrue from day to day.

17. —Section 2 of the Public Revenue and Consolidated Fund Charges Act, 1854, is hereby amended by the substitution of the words “the thirtieth day of September” for the words “the thirtieth day of June, if Parliament be sitting, or if Parliament be not sitting then within fourteen days after the next meeting of Parliament”.

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

19. —(1) This Act may be cited as the Finance Act, 1953.

(2) Part I of this Act shall be construed together with the Income Tax Acts.

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

(5) Part I of this Act shall, save as is otherwise expressly provided therein, be deemed to come into force on and shall take effect as on and from the 6th day of April, 1953.