Finance Act, 1958

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Number 25 of 1958.


FINANCE ACT, 1958.


ARRANGEMENT OF SECTIONS

PART I.

Income Tax.

Section

1.

Income tax and sur-tax for the year 1958-59.

2.

Market gardening.

3.

Amendment of section 5 of Finance Act, 1929.

4.

Evidence in certain cases.

5.

Notices.

6.

Information as to payments to employees.

7.

Amendment of section 3 of Finance Act, 1925.

8.

General rule as to tax on husbands and wives.

9.

Consequences, as respects personal allowances, of exercise of option by husband or wife for separate assessment.

10.

Collection from wife of tax assessed on husband attributable to her income.

11.

Right of husband to disclaim liability for tax on deceased wife's income.

12.

Construction of references to married women living with their husbands, and special provisions as to certain spouses geographically separated.

PART II.

Customs And Excise.

13.

Termination of customs duty on cinematograph films.

14.

Hydrocarbon oils—amendment of section 10 (8) of Finance Act, 1957.

15.

Motor car duty—amendment of section 12 (2) of Finance (Agreement with United Kingdom) Act, 1938.

16.

Entertainments duty—amendment of section 10 (4) (c) of Finance Act, 1948.

17.

Entertainments duty—restriction of section 6 of Finance Act, 1953.

18.

Termination of additional excise duty on tobacco dealer's licence.

19.

Further exemptions in respect of hawkers' licences.

20.

Amendment of Finance (Excise Duties) (Vehicles) Act, 1952.

21.

Confirmation of Orders.

PART III.

Death Duties.

22.

Restriction of section 7 (4) of Finance Act, 1894.

PART IV.

Expenses Allowances And Benefits In Kind: Income Tax And Sur-Tax.

23.

Expenses allowances, etc.

24.

Benefits in kind to be taken into account.

25.

Valuation of benefits in kind.

26.

Meaning of “director”, “employment” and “employment to which this Part of this Act applies.”

27.

Additional provisions as to information.

28.

Application of Part IV.

29.

Interpretation of previous provisions of Part IV.

30.

Unincorporated bodies, partnerships and individuals.

PART V.

Retirement And Other Benefits For Directors And Employees: Income Tax And Sur-Tax.

31.

Interpretation (Part V).

32.

Charge to tax in respect of provision for retirement or other benefits to directors and employees of bodies corporate.

33.

Exemptions from charge to tax under section 32.

34.

Approval of retirement benefits schemes.

35.

Aggregation and severance of schemes.

36.

Certain amounts to be deemed to be income.

37.

Application of Rule 21 of General Rules to certain payments.

38.

Allowance of contributions as deductions, etc.

39.

Delivery of particulars of retirement benefits Schemes, etc.

PART VI.

Retirement Annuities: Income Tax And Sur-Tax.

40.

Retirement annuities (relief for premiums, and earned income relief).

41.

Nature and amount of relief for qualifying premiums.

42.

Taxation of assurance companies doing annuity business.

43.

Supplementary provisions for Part VI.

PART VII.

Relief From Double Taxation: Income Tax, Sur-Tax, Corporation Profits Tax And Death Duties.

44.

Agreements for relief from double taxation of income.

45.

Apportionments.

46.

Agreements for relief from double death duties.

47.

Regulations.

48.

Disclosure of information.

49.

Supplementary.

50.

Amendment of section 15 of Finance Act, 1951.

PART VIII.

Purchases Of Shares By Financial Concerns And Persons Exempted From Tax And Restriction On Relief For Losses By Repayment Of Tax In Case Of Dividends Paid Out Of Accumulated Profits: Income Tax, Sur-Tax And Corporation Profits Tax.

51.

Purchases of shares by financial concerns and persons exempted from tax.

52.

Restriction on relief for losses by repayment of tax in case of dividends paid out of accumulated profits.

53.

Operative date effect and construction.

PART IX.

Recovery Or Taxes And Amendment Of Finance (Miscellaneous Provisions) Act, 1956 : Income Tax, Sur-Tax And Corporation Profits Tax.

54.

Proceedings in the High Court in respect of taxes.

55.

Extension of section 7 of Finance Act, 1923.

56.

Amendment of Finance (Miscellaneous Provisions) 1956.

PART X.

Stamp Duties.

57.

Agreements as to stamp duty on certain instruments.

58.

Termination of stamp duty on certain receipts.

59.

Termination of stamp duty on certain instruments.

60.

Termination of stamp duty on certain bonds.

PART XI.

Miscellaneous And General.

61.

Capital Services Redemption Account.

62.

Termination of payments into the Capital Fund.

63.

Holding and investment of moneys of Post Office Savings Bank.

64.

Investment of moneys of Savings Certificates Reserve Fund.

65.

Expenses incurred in connection with management of prize bonds.

66.

Repeals.

67.

Care and management of taxes and duties.

68.

Short title, construction and commencement.

FIRST SCHEDULE

RETIREMENT ANNUITIES (ADJUSTMENTS OF LIMIT ON QUALIFYING PREMIUMS)

SECOND SCHEDULE

PROVISIONS AS TO RELIEF FROM INCOME TAX (INCLUDING SUR-TAX) AND CORPORATION PROFITS TAX BY WAY OF CREDIT IN RESPECT OF FOREIGN TAX

THIRD SCHEDULE

DIVIDENDS REGARDED AS PAID OUT OF PROFITS ACCUMULATED BEFORE GIVEN DATE

FOURTH SCHEDULE

ENACTMENTS REPEALED


Acts Referred to

Finance Act, 1929

No. 32 of 1929

Finance Act, 1925

No. 28 of 1925

Finance Act, 1954

No. 22 of 1954

Finance Act, 1951

No. 15 of 1951

Finance Act, 1932

No. 20 of 1932

Finance Act, 1957

No. 20 of 1957

Road Transport Act, 1932

No. 2 of 1932

Finance (Agreement with United Kingdom) Act, 1938

No. 12 of 1938

Finance Act, 1948

No. 12 of 1948

Finance Act, 1953

No. 21 of 1953

Finance Act, 1930

No. 20 of 1930

Finance Act, 1931

No. 31 of 1931

Finance (Excise Duties) (Vehicles) Act, 1952

No. 24 of 1952

Mental Treatment Act, 1945

No. 19 of 1945

Finance Act, 1935

No. 28 of 1935

Finance Act, 1946

No. 15 of 1946

Finance Act, 1956

No. 22 of 1956

Finance (Miscellaneous Provisions) Act, 1956

No. 47 of 1956

Finance Act, 1947

No. 15 of 1947

Finance Act, 1945

No. 20 of 1945

Finance Act, 1950

No. 18 of 1950

Finance Act, 1955

No. 13 of 1955

Finance Act, 1923

No. 21 of 1923

Court Officers Act, 1945

No. 25 of 1945

Finance Act, 1937

No. 18 of 1937

Central Fund Act, 1956

No. 12 of 1956

Harbours Act, 1946

No. 9 of 1946

Adaptation of Enactments Act, 1922

No. 2 of 1922

Finance Act, 1941

No. 14 of 1941

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Number 25 of 1958.


FINANCE ACT, 1958.


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. [29th July, 1958.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—