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13 1955

FINANCE ACT, 1955

PART VI.

Miscellaneous and General.

Capital Services Redemption Account.

18. —(1) In this section—

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

the 1954 amending section” means section 28 of the Finance Act, 1954 (No. 22 of 1954);

the fifth 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 1954 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1956, have effect with the substitution of “£802,363” for “£777,094”.

(3) Subsection (6) of the 1954 amending section shall have effect with the substitution of “£509,021” for “£500,278”.

(4) A sum of £688,618, 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, 1956.

(5) The fifth 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 fifth additional annuity, not exceeding £445,446 in any financial year, may be applied towards defraying the interest on the public debt.

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

Repeals.

19. —The enactments specified in the Third Schedule to this Act are hereby repealed to the extent mentioned in the third column of that Schedule.

Care and management of taxes and duties.

20. —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.

21. —(1) This Act may be cited as the Finance Act, 1955.

(2) Part I of this Act 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 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 be deemed to come into force on and shall take effect as on and from the 6th day of April, 1955.