PART V.

Miscellaneous.

19. —(1) In this section—

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

“the 1961 amending section” means section 36 of the Finance Act, 1961 ;

“the twelfth 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 1961 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1963, have effect with the substitution of “£1,299,628” for “£1,134,682”.

(3) Subsection (6) of the 1961 amending section shall have effect with the substitution of “£824,486” for “£733,991”.

(4) A sum of £1,334,935 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, 1963.

(5) The twelfth 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 twelfth additional annuity, not exceeding £863,530 in any financial year, may be applied towards defraying the interest on the public debt.

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

20. —(1) The Local Taxation Account is hereby terminated and no further payments shall be made into or out of that Account.

(2) Moneys which, but for subsection (1) of this section, would be paid into the Account terminated by that subsection from the Guarantee Fund shall be dealt with as follows:

(a) moneys in respect of the agricultural grant (including the supplementary grants) payable under the Rates on Agricultural Land (Relief) Acts, 1939 to 1959, and under section 48 of the Local Government (Ireland) Act, 1898, shall be paid directly from the Guarantee Fund,

(b) other moneys shall be applied to meet charges on the Guarantee Fund.

(3) In subsection (2) of this section “the Guarantee Fund” means the Fund established by section 5 of the Purchase of Land (Ireland) Act, 1891.

(4) Article 2 of the Estate Duty Grant Order, 1927, is hereby revoked.

(5) Any allowance which, in accordance with the Local Officers' Compensation (War Period) Act, 1924 , was, immediately before the 1st day of April, 1962, payable out of the Account terminated by subsection (1) of this section shall, on and after that day, be payable out of the Central Fund.

(6) This section shall be deemed to have come into operation on the 1st day of April, 1962.

21. —The exemptions from corporation profits tax specified in subsection (1) of section 33 of the Finance Act, 1929 , shall be given in respect of the period beginning on the 1st day of January, 1962, and ending on the 31st day of December, 1964.

22. —(1) The power of the Government to make orders under section 1 of the Imposition of Duties Act, 1957 , shall include power—

(a) to make orders prescribing a form of customs tariff in accordance with which goods may be classified for the purpose of customs duties and for any other purpose, and to provide accordingly for goods to be classified in any way appearing to the Government to be convenient, having regard to the customs duties imposed or to be imposed under that Act, to other customs duties, to any exemption from, or qualification or limitation of, customs duty provided for by or under any Act, and to any international agreement relating to customs matters, and

(b) to place any form of customs tariff prescribed by virtue of this subsection under the care and management of the Revenue Commissioners,

and the power of the Government to revoke or amend orders under the said section 1 shall include power to revoke or amend orders made by virtue of this subsection.

(2) The power of the Minister for Finance to make orders under section 3 of the said Imposition of Duties Act, 1957 , shall include power to make orders (without the consent provided for in that section)—

(a) amending or revoking orders made by virtue of subsection (1) of this section where the amendments or revocations are for the purpose of amending any classification of goods (whether subject or not subject to a duty to which the said section 3 applies) in a form of customs tariff prescribed by virtue of the said subsection (1) and do not impose a customs duty on an article not otherwise subject to duty or vary in any manner or respect whatsoever the rate at which customs duty is chargeable on an article or provide, as respects an article not otherwise subject thereto, for any qualification, limitation, drawback, allowance, exemption or preferential rate in relation to customs duty or terminate or vary in any manner or respect whatsoever, as respects an article, any such qualification, limitation, drawback, allowance, exemption or preferential rate, and

(b) providing for any consequential amendments of an order made by virtue of the said subsection (1) necessitated by the making of orders under the said section 3,

and the power of the Minister for Finance to revoke or amend orders under the said section 3 shall include power to revoke or amend (without the consent provided for in that section) orders made by virtue of this subsection.

(3) (a) The power of the Government to make orders under paragraphs (b), (e) and (g) of section 1 of the said Imposition of Duties Act, 1957 , shall include power to make orders applying qualifications, limitations, allowances, exemptions or preferential rates in relation to any customs duty, excise duty or stamp duty, in force at the passing of this Act or imposed by any Act passed or order made after the passing of this Act, and the power of the Government to make orders under the said paragraphs (b) and (e) shall include power to make orders applying drawbacks in relation to any such customs duty or excise duty, and the power of the Government to revoke or amend orders under the said section 1 shall include power to revoke or amend orders made by virtue of this subsection.

(b) Section 1 of the said Imposition of Duties Act, 1957 , is hereby amended by—

(i) the insertion in paragraph (d) after “limitations,” of “drawbacks,”, and

(ii) the insertion in paragraph (e) after “limitation,” of “drawback,”.

23. —(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 be deemed to have come into operation on the 1st day of April, 1962.

(2) The 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.

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

25. —(1) This Act may be cited as the Finance Act, 1962.

(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 III 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 I of this Act shall be deemed to come into force and shall take effect as on and from the 6th day of April, 1962.

(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.