PART VII.

Miscellaneous and General.

32. —The sum of £500,000 shall be transferred and paid from the Road Fund to the Capital Fund at such time or times in the financial year ending on the 31st day of March, 1957, and in such manner as the Minister for Finance shall direct.

33. —(1) In this section—

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

“the 1955 amending section” means section 18 of the Finance Act, 1955 (No. 13 of 1955);

“the sixth 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 1955 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1957, have effect with the substitution of “£763,950” for “£688,618”.

(3) Subsection (6) of the 1955 amending section shall have effect with the substitution of “£484,650” for “£445,446”.

(4) A sum of £667,560 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, 1957.

(5) The sixth 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 sixth additional annuity, not exceeding £464,100 in any financial year, may be applied towards defraying the interest on the public debt.

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

34. —(1) This section applies to any stock or other security on which interest is payable without deduction of income tax by virtue of a direction given by the Minister for Finance in pursuance of section 12 of the Finance Act, 1954 (No. 22 of 1954), or of section 5 of the Finance Act, 1955 (No. 13 of 1955).

(2) Any stock or other security to which this section applies may be issued with either or both of the following conditions:

(a) that neither the capital of nor the interest on the stock or other security shall be liable to any taxation in the State so long as it is shown in the manner directed by the Minister for Finance that the stock or other security is in the beneficial ownership of persons who are neither domiciled nor ordinarily resident in the State,

(b) that the interest on the stock or other security shall not be liable to income tax so long as it is shown in the manner directed by the Minister for Finance that the stock or other security is in the beneficial ownership of persons who, though domiciled in the State, are not ordinarily resident therein,

and, as respects every such stock or other security issued as aforesaid, exemption from taxation shall be granted accordingly.

(3) An exemption conferred by this section, so far as relates to duties leviable on or with reference to a death, is to be taken to be such as to operate by reference to persons beneficially owning the stocks or other securities immediately before, not after, the death.

(4) Subsections (1), (2) and (3) of this section shall be deemed to have come into operation on the 6th day of April, 1955.

35. —Section 8 of the Superannuation Act, 1887 (which relates to distribution in certain cases of sums not exceeding one hundred pounds without probate) is hereby amended by the substitution of “five hundred pounds” for “one hundred pounds”.

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

37. —(1) This Act may be cited as the Finance Act, 1956.

(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 VI 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, 1956.