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23 1961

FINANCE ACT, 1961

PART V.

Miscellaneous.

Capital Services Redemption Account.

36. —(1) In this section—

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

the 1960 amending section” means section 38 of the Finance Act, 1960 ;

the eleventh 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 1960 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1962, have effect with the substitution of “£946,321” for “£951,035”.

(3) Subsection (6) of the 1960 amending section shall have effect with the substitution of “£600,348” for “£615, 195”.

(4) A sum of £1, 134,682 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, 1962.

(5) The eleventh 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 eleventh additional annuity, not exceeding £733,991 in any financial year, may be applied towards defraying the interest on the public debt.

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

Cesser of application of section 11 of 21 & 22 Geo. III, c. 16 (Ir.) to certain advances and loans.

37. —Section 11 of the pre-Union Irish Statute entitled “An Act for establishing a bank by the name of the Governors and Company of the Bank of Ireland” and passed in the year 1781-82 shall not apply in relation to any advance or loan made after the passing of this Act to the Minister for Finance, but, subject to that restriction, the said section shall continue to have full force and effect.

Amendment of section 30 of Finance Act, 1960.

38. —(1) Section 30 of the Finance Act, 1960 , is hereby amended—

(a) by the addition at the end of subsection (1) of “and also to a company claiming relief under the said Part III otherwise than by virtue of those sections”, and

(b) by the insertion in subsection (4) of “or relief under Part III of the Act otherwise than by virtue of those sections (as may be appropriate),” before “in so far”.

(2) Where section 30 of the Finance Act, 1960 , applies by virtue of the amendments effected by the foregoing subsection, it shall have effect in respect of transactions and successions occurring after the 19th day of April, 1961.

Repeals.

39. —(1) (a) The enactment specified in column (2) of Part I of the Third 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 passing of this Act.

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

(b) Paragraph (a) of this subsection shall come into operation on the 1st day of August, 1961, or the date of the passing of this Act, whichever is the later.

(3) Each enactment specified in column (2) of Part III of the Third Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part, but the said repeals shall not apply to any bill or note which was drawn or made before the 1st day of August, 1961, or the date of the passing of this Act, whichever is the later, and which, if drawn or made outside the State, first became chargeable in accordance with section 35 of the Stamp Act, 1891, before that date.

Care and management of taxes and duties.

40. —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.

41. —(1) This Act may be cited as the Finance Act, 1961 .

(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 IV 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 and shall take effect as on and from the 6th day of April, 1961.

(6) 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.