Number 9/1996: FINANCE ACT, 1996

Next (PART I Income Tax, Corporation Tax and Capital Gains Tax)

9 1996

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Number 9 of 1996

FINANCE ACT, 1996

ARRANGEMENT OF SECTIONS

PART I

Income Tax, Corporation Tax and Capital Gains Tax

CHAPTER I

Income Tax

Section
1.	Amendment of provisions relating to exemption from income tax.
2.	Alteration of rates of income tax.
3.	Personal reliefs.
4.	Taxation treatment of unemployment benefit in certain cases.
5.	Relief for payments made by certain persons in respect of alarm systems.
6.	Amendment of section 4 (benefit of use of a car) of Finance Act, 1982.
7.	Amendment of section 145 (insurance against expenses of illness) of Income Tax Act, 1967.
8.	Amendment of Second Schedule to Finance Act, 1992.
9.	Taxation treatment of Hepatitis C compensation payments.
10.	Amendment of section 10 (exemption of certain income from leasing of farm land) of Finance Act, 1985.
11.	Amendment of section 62 (trading stock of discontinued trade) of Income Tax Act, 1967.
12.	Amendment of section 12 (relief for new shares purchased on issue by employees) of Finance Act, 1986.
13.	Retirement annuities.
14.	Amendment of section 2 (exemption of certain earnings of writers, composers and artists) of Finance Act, 1969.
15.	Relief for fees paid for part-time third level education.

CHAPTER II

Income Tax: Relief for Investment in Corporate Trades

16.	Amendment of section 11 (Interpretation (Chapter III)) of Finance Act, 1984.
17.	Amendment of section 12 (the relief) of Finance Act, 1984.
18.	Amendment of section 13 (limits on relief) of Finance Act, 1984.
19.	Amendment of section 13A (restriction of relief where amounts raised exceed permitted maximum) of Finance Act, 1984.
20.	Certification in respect of shares exceeding £250,000.
21.	Transitional arrangements in relation to section 20.
22.	Amendment of section 15 (qualifying companies) of Finance Act, 1984.
23.	Amendment of section 16 (qualifying trades) of Finance Act, 1984.
24.	Amendment of section 16A (relevant trading operations) of Finance Act, 1984.

CHAPTER III

Income Tax, Corporation Tax and Capital Gains Tax

25.	Stud greyhound service fees.
26.	Amendment of section 41B (capital allowances in relation to construction or refurbishment of certain multistorey car-parks) of Finance Act, 1994.
27.	Amendment of section 22 (continuation of certain allowances, etc.) of Finance Act, 1991.
28.	Continuation of certain industrial buildings annual allowances.
29.	Amendment of section 255 (meaning of “industrial building or structure”) of Income Tax Act, 1967.
30.	Amendment of Chapter III (Income Tax and Corporation Tax: Reliefs for Renewal and Improvement of Certain Resort Areas) of Part I of Finance Act, 1995.
31.	Relief for investment in films.
32.	Treatment of patent royalties and related distributions.
33.	Amendment of section 31 (interest payments by companies and to non-residents) of Finance Act, 1974.
34.	Allowance for mine rehabilitation expenditure.
35.	Amendment of section 18 (taxation of collective investment undertakings) of Finance Act, 1989.
36.	Amendment of section 13 (special investment schemes) of Finance Act, 1993.
37.	Amendment of section 14 (special portfolio investment accounts) of Finance Act, 1993.
38.	Amendment of section 17 (undertakings for collective investment) of Finance Act, 1993.
39.	Exemption of bodies designated under section 4 of Securitisation (Proceeds of Certain Mortgages) Act, 1995, from certain tax provisions.
40.	Treatment under Tax Acts of certain employment grants and recruitment subsidies.
41.	Amendment of section 17 (tax deduction from payments to sub-contractors) of Finance Act, 1970.
42.	Provisions supplemental to section 33 of Finance Act, 1986, relating to interest payments by certain deposit takers.
43.	Amendment of section 51 (application of certain allowances in relation to certain areas and certain expenditure) of Finance Act, 1988.

CHAPTER IV

Corporation Tax

44.	Reduced rate of corporation tax for certain income.
45.	Amendment of section 12A (foreign currency: computation of income and chargeable gains) of Corporation Tax Act, 1976.
46.	Amendment of section 33 A (acquisition expenses) of Corporation Tax Act, 1976.
47.	Amendment of section 35A (chargeable gains of life business) of Corporation Tax Act, 1976.
48.	Amendment of section 36 (investment income reserved for policy holders) of Corporation Tax Act, 1976.
49.	Amendment of section 36A (special investment policies) of Corporation Tax Act, 1976.
50.	Amendment of section 46B (gains or losses arising by virtue of section 46A) of Corporation Tax Act, 1976.
51.	Amendment of section 135 (company ceasing to be a member of a group) of Corporation Tax Act, 1976.
52.	Amendment of section 162 (surcharge on undistributed income of service companies) of Corporation Tax Act, 1976.
53.	Amendment of section 39A (relief in relation to income from certain trading operations carried on in Shannon Airport) of Finance Act, 1980.
54.	Amendment of section 28 (relief in relation to income from qualifying shipping trade) of Finance Act, 1987.
55.	Amendment of section 31 (securitisation of assets) of Finance Act, 1991.
56.	Amendment of section 56 (relief for gifts to The Enterprise Trust Ltd.) of Finance Act, 1992.
57.	Amendment of section 59 (deduction for certain expenditure on research and development) of Finance Act, 1995.
58.	Amendment of Chapter VII (advance corporation tax) of Part I of the Finance Act, 1983.

CHAPTER V

Capital Gains Tax

59.	Amendment of paragraph 11 (disposal of certain assets) of Schedule 4 to Capital Gains Tax Act, 1975.
60.	Amendment of section 26 (disposal of business or farm on retirement) of Capital Gains Tax Act, 1975.
61.	Amendment of section 46 (debts) of Capital Gains Tax Act, 1975.
62.	Amendment of section 27 (relief for individuals on certain reinvestment) of Finance Act, 1993.
63.	Amendment of section 66 (reduced rate of capital gains tax on certain disposals of shares by individuals) of Finance Act, 1994.
64.	Exemption of certain milk boards and associated companies from capital gains tax.

CHAPTER VI

Income Tax and Corporation Tax: Reliefs for Renewal and Improvement of Residential Accommodation on Certain Islands

65.	Interpretation (Chapter VI).
66.	Deduction for certain expenditure on construction of rented residential accommodation.
67.	Rented residential accommodation: deduction for expenditure on conversion.
68.	Rented residential accommodation: deduction for expenditure on refurbishment.
69.	Residential accommodation: allowance to owner-occupiers in respect of expenditure on construction or refurbishment.
70.	Provisions supplementary to sections 66 to 69.

PART II

Customs & Excise

CHAPTER I

Vehicle Registration Tax

71.	Interpretation (Chapter I).
72.	Amendment of section 130 (interpretation) of Act of 1992.
73.	Amendment of section 135B (repayment of amounts in respect of vehicle registration tax in certain cases) of Act of 1992.
74.	Amendment of section 141 (regulations) of Act of 1992.

CHAPTER II

Miscellaneous

75.	Exemption from duty on certain bets.
76.	Reductions of duty on certain gaming machine licences.
77.	Amendment of section 155 (spirits retailers' on-licences) of Finance Act, 1992.
78.	Amendment of section 92 (tax concessions for disabled drivers, etc) of Finance Act, 1989.
79.	Hydrocarbons and substitute motor fuel.
80.	Amendment of section 56 (hydrocarbons) of Finance Act, 1988.
81.	Amendment of section 74 (deferment of duty on beer) of Finance Act, 1993.
82.	Spirits.
83.	Tobacco products.
84.	Amendment of section 7 (ascertainment of retail prices of tobacco products) of Finance (Excise Duty on Tobacco Products) Act, 1977.
85.	Amendment of section 10A (offences in relation to tax stamps) of Finance (Excise Duty on Tobacco Products) Act, 1977.
86.	Amendment of Finance (Excise Duties) (Vehicles) Act, 1952.

PART III

Value-Added Tax

87.	Interpretation (Part III).
88.	Amendment of section 1 (interpretation) of Principal Act.
89.	Amendment of section 3 (supply of goods) of Principal Act.
90.	Amendment of section 5 (supply of services) of Principal Act.
91.	Amendment of section 10B (special scheme for auctioneers) of Principal Act.
92.	Amendment of section 11 (rates of tax) of Principal Act.
93.	Amendment of section 12 (deductions for tax borne or paid) of Principal Act.
94.	Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.
95.	Amendment of section 13A (supplies to, and intra-Community acquisitions and imports by, certain taxable persons) of Principal Act.
96.	Amendment of section 15 (charge of tax on imported goods) of Principal Act.
97.	Amendment of section 17 (invoices) of Principal Act.
98.	Amendment of Second Schedule to Principal Act.
99.	Amendment of Sixth Schedule to Principal Act.
100.	Revocation (Part III).

PART IV

Stamp Duties

CHAPTER I

Special provisions relating to uncertiflcated securities

CHAPTER II

Miscellaneous

112.	Removal of stamp duty on memorandum and articles of association of company.
113.	Amendment of section 49 (exemption of certain instruments from stamp duty) of Finance Act, 1969.
114.	Amendment of section 203 (stamp duty in respect of cash cards) of Finance Act, 1992.
115.	Amendment of section 207 (exemption from stamp duty of certain financial services instruments) of Finance Act, 1992.
116.	Amendment of section 144 (relief from stamp duty in the case of reconstructions or amalgamations of companies) of Finance Act, 1995.
117.	Exemption from stamp duty of designated body.
118.	Exemption from stamp duty of Community trade marks and international trade marks.
119.	Repeals (Part IV).

PART V

CAPITAL ACQUISITIONS TAX

120.	Interpretation (Part V).
121.	Amendment of section 16 (market value of certain shares in private trading companies) of Principal Act.
122.	Amendment of section 19 (value of agricultural property) of Principal Act.
123.	Exemption relating to qualifying expenses of incapacitated persons.
124.	Amendment of section 118 (application of section 60 (relief in respect of certain policies of insurance) of Finance Act, 1985) of Finance Act, 1991.
125.	Amendment of section 126 (business relief) of Finance Act, 1994.
126.	Amendment of section 127 (relevant business property) of Finance Act, 1994.
127.	Amendment of section 135 (withdrawal of relief) of Finance Act, 1994.
128.	Amendment of section 146 (certificate relating to registration of title based on possession) of Finance Act, 1994.
129.	Amendment of section 164 (payment of tax on certainassets by instalments) of Finance Act, 1995.

PART VI

Miscellaneous Pre-Consolidation Provisions

CHAPTER I

Income Tax, Corporation Tax and Capital Gains Tax

130.	Information.
131.	Connected persons.
132.	Pre-consolidation amendments and repeals.

CHAPTER II

Income Tax and Corporation Tax.

133.	Interpretation.
134.	Deduction for increase in stock values.
135.	Special provision for qualifying farmers.
136.	Compulsory disposals of livestock.
137.	Supplementary provisions.

PART VII

Miscellaneous

138.	Capital Services Redemption Account.
139.	Amendment of section 176 (relief for donations of heritage items) of Finance Act, 1995.
140.	Payment of certain expenses of licensing authorities in respect of collection of certain excise duties.
141.	Amendment of section 4 (casual trading licences) of Casual Trading Act, 1995.
142.	Care and management of taxes and duties.
143.	Short title, construction and commencement.

FIRST SCHEDULE

Amendments Consequential on changes in Personal Reliefs

SECOND SCHEDULE

Rates of Excise Duty on Spirits

THIRD SCHEDULE

Rates of Excise Duty on Tobacco Products

FOURTH SCHEDULE

Stamp Duty Enactments Repealed

FIFTH SCHEDULE

PART I

Pre-Consolidation Amendments

PART II

Pre-Consolidation Repeals

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Number 9 of 1996

FINANCE ACT, 1996

AN ACT TO CHARGE AND IMPOSE CERTAIN DUTIES OF CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE), TO AMEND THE LAW RELATING TO CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE) AND TO MAKE FURTHER PROVISIONS IN CONNECTION WITH FINANCE. [15th May, 1996]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: