PART VII

Miscellaneous

135. —(1) In this section—

“the 1992 amending section” means section 249 of the Finance Act, 1992 ;

“capital services” has the same meaning as it has in the principal section;

“the forty-third additional annuity” means the sum charged on the Central Fund under subsection (4);

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

(2) In relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of December, 1993, subsection (4) of the 1992 amending section shall have effect with the substitution of “£50,601,870” for “£50,386,760”.

(3) Subsection (6) of the 1992 amending section shall have effect with the substitution of “£38,308,332” for “£38,728,400”.

(4) A sum of £60,543,110 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 December, 1993.

(5) The forty-third additional annuity shall be paid into the Capital Services Redemption Account in such manner and at such times in the relevant financial year as the Minister for Finance may determine.

(6) Any amount of the forty-third additional annuity, not exceeding £46,534,800 in any financial year, may be applied towards defraying the interest on the public debt.

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

136. —Section 17 of the Customs, Inland Revenue, and Savings Banks Act, 1877, and section 9 (1) of the Savings Banks Act, 1904, are hereby repealed.

137. — Section 54 of the Finance Act, 1970 , is hereby amended by the addition after subsection (8) (inserted by the Finance Act, 1988 ) of the following subsection:

“(9) (a) If the amount of principal of any moneys borrowed or otherwise raised under this section are, by means of a transaction entered into pursuant to subsection (7) of this section—

(i) converted into a currency or currencies other than the currency in which such moneys were originally borrowed or raised, or

(ii) subsequent to being converted in accordance with subparagraph (a) of this paragraph, converted into any currency or currencies,

the proceeds of such conversion shall, notwithstanding the provisions of section 67 (8) of the Finance Act, 1988 , be placed to the credit of the account of the Exchequer and be available in the manner prescribed by subsection (3) of this section.

(b) For the purposes of this section, references in section 4 (as amended by the Appropriation Act, 1969 ) of the Appropriation Act, 1965 , to a ‘sum borrowed’ shall be construed as including the proceeds of conversion of moneys borrowed to which paragraph (a) of this subsection relates and the reference in subsection (2) (d) of the said section 4 to ‘the amount to be taken as borrowed in the case of a borrowing’ shall be construed accordingly.”.

138. —(1) The following provisions shall have effect in relation to moneys of the Post Office Savings Bank Fund (in this section referred to as “the Fund moneys”):

(a) Fund moneys, as well as being capable of being held in the currency of the State, may also be held in one or more than one other currency which is not the currency of the State;

(b) Fund moneys may be applied towards the acquisition, holding or disposal of any rights or interests, direct or indirect, in any one or more of the following, that is to say:

(i) any securities issued by the State;

(ii) any securities the capital and interest of which is guaranteed by the Minister for Finance;

(iii) any securities issued by any other State;

(iv) any financial product, commodity or property traded on a financial futures and options exchange, the rules of which exchange have been approved by the Central Bank of Ireland under Chapter VIII of Part II of the Central Bank Act, 1989 ;

(c) Fund moneys may also be held in an interest bearing deposit account with any bank or financial institution duly incorporated or otherwise established within or outside the State;

(d) Where Fund moneys are in an interest bearing deposit account outside the State which is denominated in a currency other than the currency of the State, such moneys shall be converted into the currency of the State within one year of the placing of such moneys in the said account;

(e) The accounts of the Post Office Savings Fund to be kept and laid before each House of the Oireachtas in pursuance of section 12 of the National Treasury Management Agency Act, 1990 , by virtue of the National Treasury Management Agency Act, 1990 (Delegation of and Declaration as to Functions) Order, 1990 (S.I. No. 277 of 1990), shall include a statement of any Fund moneys on deposit in an interest bearing deposit account with any bank or financial institution outside the State at the close of each financial year of the National Treasury Management Agency.

(2) Section 63 of the Finance Act, 1958 , is hereby repealed.

(3) In this section “securities” includes, stocks, funds and any units comprising or representing any securities.

139. —(1) The Minister may, whenever he considers it appropriate, establish accounts denominated in a currency other than the currency of the State and each account so established shall be known as a foreign currency clearing account.

(2) Notwithstanding section 54 of the Finance Act, 1970 , section 67 (8) of the Finance Act, 1988 , and any other statutory provision to the contrary, the Minister may pay into any foreign currency clearing account the proceeds of any borrowing or other transaction denominated in a currency other than the currency of the State but only if such proceeds are not moneys placed on deposit in accordance with section 4 of the Appropriation Act, 1965 .

(3) Except for transactions undertaken under section 4 of the Appropriation Act, 1965 , all payments and receipts denominated in any currency other than the currency of the State and in respect of which currency a foreign currency clearing account stands established shall be processed through the foreign currency clearing account so established or the Exchequer accounts at the Central Bank of Ireland.

(4) The Minister may, subject to subsection (7), apply any amounts standing to the credit of any foreign currency clearing account towards any of the following, that is to say:

(a) the defraying of interest or expenses arising on the public debt;

(b) the repayment of principal relating to the public debt;

(c) the discharging of payment obligations arising under any transactions entered into under section 54 (7) of the Finance Act, 1970 ;

(d) notwithstanding section 4 of the Appropriation Act, 1965 , the placing of such sums on deposit.

(5) For the purposes of subsection (4) (d), the Minister may, whenever he considers it appropriate, establish deposit accounts denominated in a currency other than the currency of the State and each account so established shall be known as a foreign currency deposit account.

(6) The Minister shall only pay the proceeds of any deposit placed in a foreign currency deposit account, together with any interest earned on any such deposit, into a foreign currency clearing account which is denominated in the currency of such deposit.

(7) The disbursement of money from any foreign currency clearing account shall be subject to control by the Comptroller and Auditor General and the manner in which such control shall be exercised shall be specified by the Comptroller and Auditor General.

(8) All outstanding balances on foreign currency clearing accounts denominated in a particular currency shall, at least once in every calendar year, be reduced on the same day to zero by either paying such balances into the Exchequer accounts at the Central Bank of Ireland or applying such balances for any of the purposes set out in paragraph (a), (b) or (c) of subsection (4) and on that day there shall not be outstanding any deposits denominated in that currency in any foreign currency deposit account.

(9) Accounts prepared under section 12 of the National Treasury Management Agency Act, 1990 , shall include a statement of any sums standing in every foreign currency clearing account and foreign currency deposit account at the close of the financial year of the Agency.

(10) The functions of the Minister referred to in the First Schedule to the National Treasury Management Agency Act, 1990 , for the purposes of section 5 of that Act shall be construed as if there were included in that Schedule for those purposes a reference to the functions of the Minister under this section.

(11) In this section “the Minister” means the Minister for Finance.

140. — Section 242 of the Finance Act, 1992 , is hereby amended—

(a) in subsection (1)—

(i) by the substitution for the definition of “beneficial holder of a licence” of the following:

“‘beneficial holder of a licence’ means the person who conducts the activities under the licence and, in relation to a licence issued under the Auctioneers and House Agents Act, 1947 , includes the authorised individual referred to in section 8 (4) or the nominated individual referred to in section 9 (1) of that Act;”,

(ii) by the substitution for the definition of “licence” of the following:

“‘licence’ means a licence of the kind referred to—

(a) in the proviso (inserted by section 156 of the Finance Act, 1992 ) to section 49 (1) of the Finance (1909-10) Act, 1910,

(b) in the further proviso (inserted by section 79 (1) of the Finance Act, 1993), to the said section 49 (1),

(c) in the proviso (inserted by section 79 (2) of the Finance Act, 1993) to section 7 (3) of the Betting Act, 1931 ,

(d) in the proviso (inserted by section 79 (3) of the Finance Act, 1993) to section 19 of the Gaming and Lotteries Act, 1956 ,

(e) in the proviso (inserted by section 79 (4) (a) of the Finance Act, 1993) to subsection (1) of section 8 of the Auctioneers and House Agents Act, 1947 ,

(f) in the proviso (inserted by section 79 (4) (b) of the Finance Act, 1993) to subsection (1) of section 9 of the Auctioneers and House Agents Act, 1947 (an auction permit under the said section 9 being deemed, for the purposes of this section, to be a licence),

(g) in the proviso (inserted by section 79 (4) (c) of the Finance Act, 1993) to subsection (1) of section 10 of the Auctioneers and House Agents Act, 1947 ,

(h) in the proviso (inserted by section 79 (5) of the Finance Act, 1993) to paragraph 12 (12) of the Imposition of Duties (No. 221) (Excise Duties) Order, 1975, and

(i) in the proviso (inserted by section 79 (6) of the Finance Act, 1993) to paragraph (b) of subsection (3) of section 45 of the Finance Act, 1989 ;”,

and

(iii) by the substitution for the definition of “specified date” of the following:

“‘specified date’ means the date of commencement of a licence sought to be granted under any of the provisions referred to in paragraphs (a) to (i) of the definition of ‘licence’ (inserted by the Finance Act, 1993) as specified for the purposes of a tax clearance certificate under subsection (2);”,

and

(b) in subsection (4), by the insertion after “relates” of “and, where that licence is for a period of less than one year, the licensing period” and the said subsection (4), as so amended, is set out in the Table to this section.

TABLE

(4) An application for a tax clearance certificate under this section shall be made to the Collector-General in a form prescribed by the Revenue Commissioners and shall specify the commencement date of the licence to which the application relates and, where that licence is for a period of less than one year, the licensing period.

141. —Radio Telefís Éireann shall pay a levy of £13,400,000 into the Central Fund on or before the 30th day of June, 1993.

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

143. —(1) This Act may be cited as the Finance Act, 1993.

(2) Part I and VII (so far as relating to income tax) shall be construed together with the Income Tax Acts and (so far as relating to corporation tax) shall be construed together with the Corporation Tax Acts and (so far as relating to capital gains tax) shall be construed together with the Capital Gains Tax Acts.

(3) Part II (so far as relating to customs) shall be construed together with the Customs Acts and (so far as relating to duties of excise) shall be construed together with the statutes which relate to the duties of excise and to the management of those duties.

(4) Part III shall be construed together with the Value-Added Tax Acts, 1972 to 1992, and may be cited together therewith as the Value-Added Tax Acts, 1972 to 1993.

(5) Part IV shall be construed together with the Stamp Act, 1891, and the enactments amending or extending that Act.

(6) Part V shall be construed together with Part VI of the Finance Act, 1983 , and the enactments amending or extending that Act.

(7) Part VI shall be construed together with the Capital Acquisitions Tax Act, 1976 , and the enactments amending or extending that Act.

(8) Part I shall, save as is otherwise expressly provided therein, be deemed to have come into force and shall take effect as on and from the 6th day of April, 1993.

(9) In relation to Part III :

(a) section 81 , subparagraph (ii) of paragraph (c) of section 85 , paragraphs (a) and (c) of section 87 , paragraph (a) of section 89 , sections 94 and 96 , subsection (1) of section 97 and section 98 shall be deemed to have come into force and shall take effect as on and from the 1st day of March, 1993;

(b) subsection (2) of section 97 shall take effect as on and from the 1st day of July, 1993;

(c) sections 84 and 86 , paragraph (a) of section 88 , section 90 and paragraph (b) of section 95 shall take effect as on and from the 1st day of August, 1993;

(d) paragraph (b) of section 92 shall take effect as on and from the 1st day of September, 1993; and

(e) the provisions of this Part, other than those specified in paragraphs (a) to (d), shall have effect as on and from the date of passing of this Act.

(10) 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.

(11) In this Act, a reference to a Part, section or Schedule is to a Part or section of, or Schedule to, this Act, unless it is indicated that reference to some other enactment is intended.

(12) In this Act, a reference to a subsection, paragraph, subparagraph or clause is to the subsection, paragraph, subparagraph or clause of the provision (including a Schedule) in which the reference occurs, unless it is indicated that reference to some other provision is intended.