Finance Act, 1959

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Number 18 of 1959.


FINANCE ACT, 1959.


ARRANGEMENT OF SECTIONS

Part I

INCOME TAX

Section

1.

Income tax and sur-tax for the year 1959–60.

2.

Sur-tax for the year 1958–59.

3.

Deduction in charging Sur-tax.

4.

Amendment of section 21 of Finance Act, 1920.

5.

Covenanted subscriptions for teaching of natural sciences.

6.

Purchases and sale of securities: application of sections 7 to 9.

7.

Purchase and sale of securities: dealers in securities.

8.

Purchase and sale of securities: persons entitled to exemptions.

9.

Purchase and sale of securities: traders other than dealers in securities.

10.

Confirmation of agreement on double taxation.

Part II

CUSTOMS AND EXCISE

11.

Tobacco.

12.

Amendment of section 12 of Finance Act, 1932.

13.

Exemptions from entertainments duty.

14.

Entertainments duty—ball or dance proceeds of which are for educational, philanthropic or charitable purposes.

15.

Entertainments duty—rates in the case of ball or dance .

16.

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

17.

Entertainments duty—rates in the case of cinematographic exhibitions.

18.

Entertainments duty-rural areas.

19.

Hydrocarbon oils-miscellaneous provisions.

20.

Confirmation of Order.

Part III

CORPORATION PROFITS TAX

21.

Continuance of certain exemptions from corporation profits tax.

Part IV

PURCHASED LIFE, ANNUITIES: INCOME TAX AND SUR-TAX

22.

Capital element in certain purchased annuities.

23.

Supplementary provisions for Part IV.

Part V

RELIEF FOR CERTAIN CAPITAL EXPENDITURE: INCOME TAX, SUR-TAX AND CORPORATION PROFITS TAX

Chapter I

Industrial Buildings and Structures

24.

Interpretation (Chapter I of Part V).

25.

Annual allowances (industrial buildings or structures).

26.

Balancing allowances and balancing charges (industrial buildings or structures).

27.

Writing off of expenditure and meaning of “residue of expenditure”.

28.

Manner of making allowances and charges (industrial buildings or structures).

29.

Meaning of “the relevant interest”.

30.

Special provisions in regard to leases.

31.

Temporary disuse of industrial buildings and structures.

32.

Amendment of repairs allowance.

Chapter II

Machinery and Plant

33.

Interpretation (Chapter II of Part V).

34.

Balancing allowances and balancing charges (machinery and plant).

35.

Option in case of replacement of machinery or plant.

36.

Construction of references to amount still unallowed.

37.

Application to partnerships.

38.

Machinery or plant used partly for non-trading purposes.

39.

Calculation of balancing allowances and balancing charge in certain cases.

40.

Option in case of succession under will or intestacy.

41.

Wear and tear allowance to be deemed to have been made in certain cases.

42.

Subsidies towards wear and tear.

43.

Application to lessors.

44.

Manner of making allowances and charges (machinery and plant).

45.

Application to professions, etc., and exception as respects lands.

Chapter III

Patents

46.

Interpretation (Chapter III of Part V).

47.

Annual allowances for capital expenditure on purchase of patent rights.

48.

Effect of lapse of patent rights, sales, etc.

49.

Special provision for certain capital expenditure.

50.

Charges on capital sums received for sale of patent rights.

51.

Patent rights sold before the operative date.

52.

Relief for expenses.

53.

Patent income to be earned income certain cases.

54.

Spreading of income payments over several years.

55.

Manner of making allowances and charges (patents).

56.

Effect of deaths, windings up and partnership changes on charges.

Chapter IV

Allowances for Expenditure on Dredging

57.

Allowances for expenditure on dredging.

Chapter V

Miscellaneous and General

58.

Manner of granting allowances and charging tax in certain cases.

59.

Manner of granting, and effect of, allowances made by way of discharge or repayment of tax.

60.

Meaning of “basis period”.

61.

Apportionment of consideration and exchanges and surrenders of leasehold interests.

62.

Special provisions as to certain sales.

63.

Effect, in certain cases of successions to trades, etc.

64.

Procedure on apportionments etc.

65.

Property used for purposes of “exempted trading operations”.

66.

Interpretation of certain reference to expenditure, etc.

67.

Other provisions as to interpretation.

68.

Consequential amendments.

69.

Allowances and charges in relation to corporation profits tax.

Part VI

AMENDMENT OF FINANCE (MISCELLANEOUS PROVISIONS) ACT, 1956, AND TRAINING OF LOCAL STAFF BEFORE COMMENCEMENT OF TRADING: INCOME TAX, SUR-TAX AND CORPORATION PROFITS TAX

70.

Interpretation (Part VI).

71.

Amendment of Part III of the Act (repairs to ships, greeting cards).

72.

Amendment of Part III of the Act (adjustment of certain amounts).

73.

Amendment of Part IV of the Act.

74.

Training of local staff before commencement of trading.

Part VII

STAMP DUTIES

75.

Stamp duty on policies of insurance.

76.

Amendment of section 19 (1) (b) of Finance Act, 1952.

Part VIII

MISCELLANEOUS AND GENERAL

77.

Capital Services Redemption Account.

78.

Amendment of section 31 (3) of Finance Act, 1940.

79.

Amendment of section 2 of Finance (Profits of Certain Mines) (Temporary Relief from Taxation) Act, 1956.

80.

Repeals.

81.

Care and management of taxes and duties.

82.

Short title, construction and commencement.

FIRST SCHEDULE

PURCHASE AND SALE OF SECURITIES: APPROPRIATE AMOUNT IN RESPECT OF THE INTEREST

SECOND SCHEDULE

AGREEMENT BETWEEN THE GOVERNMENT OF IRELAND AND THE GOVERNMENT OF THE UNITED KINGDOM WITH RESPECT TO CERTAIN EXEMPTIONS FROM TAX

THIRD SCHEDULE

DUTIES ON TOBACCO

FOURTH SCHEDULE

ENACTMENTS REPEALED


Acts Referred to

Finance Act, 1952

1952, No. 14

Finance Act, 1958

1958, No. 25

Finance Act, 1928

1928, No. 11

Finance Act, 1920

1920, c. 18

Finance Act, 1954

1954, No. 22

Finance Act, 1935

1935, No. 28

Finance Act, 1957

1957, No. 20

Finance Act, 1926

1926, No. 35

Finance Act, 1948

1948, No. 12

Finance Act, 1932

1932, No. 20

Finance Act, 1934

1934. No. 31

Finance Act, 1943

1943, No. 16

Finance Act, 1956

1956, No. 22

Finance (Customs Duties) (No. 4) Act, 1931

1931, No. 43

Finance (Miscellaneous Provisions) Act, 1935

1935, No. 7

Finance Act, 1929

1929, No. 32

Finance Act, 1919

1919, c. 32

Finance Act, 1946

1946, No. 15

Finance (Profits of Certain Mines) (Temporary Relief from Taxation) Act, 1956

1956, No. 8

Finance (Miscellaneous Provisions) Act, 1956

1956, No. 47

Industrial and Commercial Property (Protection) Act, 1927

1927, No. 16

Finance Act, 1937

1937, No. 18

Finance (Miscellaneous Provisions) Act, 1958

1958 No. 28

Marine Insurance Act, 1906

1906, c. 41

Merchant Shipping Act, 1894

1894, c. 60

Finance Act, 1940

1940, No. 14

Stamp Act, 1891

1891, c 39

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Number 18 of 1959.


FINANCE ACT, 1959.


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. [27th July, 1959.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—