Income Tax Act, 1967.

1967 6

		No. 6/1967: INCOME TAX ACT, 1967.

		ARRANGEMENT OF SECTIONS
		PART I INTERPRETATION AND PRELIMINARY
		CHAPTER I Interpretation
		1 Interpretation generally.
		2 Earned income.
		3 "Income Tax Acts".
		CHAPTER II Preliminary
		4 Charge; Schedules.
		5 Yearly assessments.
		6 Fractions of twenty shillings.
		7 Enactments in force for any year to apply to tax for succeeding year.
		8 Charge and deduction of tax not charged or deducted before passing of annual Act.
		PART II SCHEDULES A AND B
		CHAPTER I Schedule A
		9 Schedule A.
		10 Annual value for Schedule A.
		11 Owner-occupied private residence.
		12 Newly-built houses.
		13 Assessment by reference to annual rent.
		14 Persons chargeable.
		15 Separate assessments under Schedule A or Schedule B in certain cases.
		16 Diplomatic representatives.
		17 Mortgagees in possession.
		18 Right of persons by whom tax is paid to recoupment in certain case.
		19 Occupier.
		20 Allowances in case of ecclesiastical or collegiate body.
		21 Allowance for drainage and other rates and expenditure on sea walls.
		22 Procedure and time-limits for claims under preceding provisions.
		23 Repairs allowance.
		24 Allowance for maintenance, repairs, insurance and management.
		25 Maintenance relief for small properties.
		26 Loss by flood or tempest.
		27 Universities, colleges, hospitals, schools and almshouses.
		28 Allowance for rates paid by landlord.
		29 Repayment of tax in respect of lost rent.
		CHAPTER II Schedule B
		30 Schedule B.
		31 Annual value for Schedule B.
		32 Persons chargeable.
		33 Assessment of certain profits derived from the keeping of a stallion.
		34 Husbandry: election to be charged under Schedule D.
		35 Husbandry: profits falling short of assessable value.
		36 Woodlands.
		37 Assessment of profits from occupation of land under Schedule D in certain other cases.
		38 Relief under Schedule B in case of loss by flood or tempest.
		CHAPTER III General
		39 Revenue Commissioners to be furnished with copies of rates.
		40 Production of valuations to inspector.
		41 Power of Revenue Commissioners to direct revaluation.
		42 Unoccupied property.
		43 Savings with respect to actions of ejectment.
		44 Relief to persons prevented from using their land.
		45 Relief to farming co-operative societies and farming trustees.
		46 Definition of "the municipal rate".
		PART III SCHEDULE C AND PRINCIPAL PROVISIONS RELATING THERETO
		47 Schedule C.
		48 Charge and payment.
		49 Stocks of State and of foreign diplomats.
		50 Securities of foreign territories.
		51 Definitions.
		PART IV SCHEDULE D
		CHAPTER I Charge to Tax and General
		52 Schedule D .
		53 The Cases.
		54 Market gardening.
		55 Interest, etc., paid without deduction of tax under Schedule C.
		56 Tax on quarries, mines and other concerns.
		CHAPTER II Cases I and II
		57 Extent of charge.
		58 Basis of assessment.
		59 Changes of proprietorship.
		60 Period of computation of profits.
		61 General Rule as to deductions.
		62 Trading stock of discontinued trade.
		63 Deductions in relation to the establishment or alteration of superannuation schemes.
		64 Deduction for corporation profits tax.
		65 Exclusion of annual value of property.
		66 Power to omit Schedule A assessments in certain cases.
		67 Allowance for industrial premises.
		68 Statement of profits.
		CHAPTER III Trades and Professions Carried on in Partnership
		69 Interpretation.
		70 Power to require return as to sources of partnership income and amounts derived therefrom.
		71 Separate assessment of partners.
		72 Capital allowances and balancing charges in partnership cases.
		73 Modification of provisions as to appeals.
		74 Provision as to charges under section 288.
		CHAPTER IV Case III
		75 Income chargeable under case III.
		76 Foreign securities and possessions.
		77 Basis of assessment.
		78 Cattle and milk dealers.
		CHAPTER V Case IV-General
		79 Basis of assessment.
		CHAPTER VI Taxation of Rents and Certain Other Payments
		80 Interpretation.
		81 Taxation of rents under short leases.
		82 Additional deductions in certain cases.
		83 Treatment of premiums etc., as rent.
		84 Charge on assignment of lease granted at undervalue.
		85 Charge on sale of land with right to reconveyance.
		86 Exclusion of certain lettings.
		87 Taxation of certain payments in respect of easements.
		88 Provisions as to assessment.
		89 Relief in respect of losses.
		90 Relief for amount not received.
		91 Deduction by reference to premium, etc., paid in the computation of profits for purposes of Schedule D, Cases I & II.
		92 Deductions by reference to premiums, etc., paid in computation of profits for purposes of this Chapter.
		93 Taxation of rents under long lease and certain other payments.
		94 Returns, etc.
		95 Restriction of section 24.
		CHAPTER VII Profits or Gains from Dealing in or Developing Land
		96 Interpretation.
		97 Extension of Schedule D charge to certain profits from dealing in or developing land.
		98 Computation under Case I of Schedule D of profits or gains from dealing in or developing land.
		99 Computation under Case IV of Schedule D of profits or gains from dealing in or developing land.
		100 Transfers of interests in land between certain associated persons.
		101 Tax to be charged under Case IV of Schedule D in relation to the sale of certain shares.
		102 Application of section 101 to sales of shares in holding companies.
		103 Provisions supplementary to sections 101 and 102.
		CHAPTER VIII Payment of Certain Rents Without Deduction of Tax
		104 Payment of certain rents without deduction of tax.
		CHAPTER IX Miscellaneous Provisions as to Schedule D
		105 Persons chargeable.
		106 Interest payable out of rates.
		107 Apportionment of profits.
		108 Limitation of deductions for certain taxes.
		PART V SCHEDULE E AND PRINCIPAL PROVISIONS RELATING THERETO
		CHAPTER I Charge to Tax, etc.
		109 Schedule E.
		110 Persons chargeable and extent of charge.
		111 Basis of assessment.
		112 Making of deductions.
		113 Appeal against amount of deduction.
		CHAPTER II Payments on Retirement, etc.
		114 Payments on retirement or removal from office or employment.
		115 Exemptions and reliefs in respect of tax under section 114.
		CHAPTER III Expenses Allowances and Benefits in Kind
		116 Expenses allowances.
		117 Benefits in kind.
		118 Valuation of benefits in kind.
		119 Meaning of "director", "employment" and "employment to which this Chapter applies".
		120 Addition information in returns under section 178.
		121 Application of this Chapter.
		122 Interpretation.
		123 Unincorporated bodies, partnerships and individuals.
		CHAPTER IV Income Tax in Respect of Certain Emoluments
		124 Interpretation.
		125 Application.
		126 Method of collection of tax.
		127 Regulations.
		128 Penalties.
		129 Interest.
		130 Payment by means of stamps.
		131 Recovery.
		132 Priority in bankruptcy.
		133 Supplemental provisions.
		PART VI DIFFERENTIATION AND GRADUATION OF TAX BY MEANS OF RELIEFS
		134 Earned income relief.
		135 Allowances from unearned income of persons aged sixty-five or upwards.
		136 Relief for small incomes.
		137 Deduction allowed in ascertaining taxable income.
		138 Personal relief.
		139 Person taking charge of children of widower, widow or married man living apart from wife.
		140 Relative taking charge of unmarried person's brother or sister.
		141 Children.
		142 Dependent relatives.
		143 Premiums on post-1916 insurances and certain other payments.
		144 Exemption where total income does not exceed £240 and marginal relief.
		145 Insurance against expenses of illness.
		146 General provisions relating to allowances, deductions and reliefs.
		147 Basis of assessing income under Schedule A.
		148 Partners, joint tenants: separate claims.
		149 Method of allowance.
		150 Total income where assessment reduced.
		151 Relief for premiums on pre-1916 insurances.
		152 Life assurance relief-general provisions.
		153 Non-residents.
		154 Relief for income accumulated under trusts.
		PART VII ADMINISTRATION
		155 Revenue Commissioners.
		156 Special Commissioners.
		157 Governor and directors of Bank of Ireland.
		158 Assessment of public offices.
		159 Declarations to be made by commissioners.
		160 Disqualification of commissioners in cases of personal interest.
		161 Inspectors of taxes.
		162 Collector-General.
		163 Declaration on taking office.
		164 Administration of oaths.
		165 Forms.
		166 Exercise of powers, etc., under this Act.
		PART VIII RETURNS AND ASSESSMENT, PROVISION AGAINST DOUBLE ASSESSMENT, AND RELIEF IN RESPECT OF ERROR OR MISTAKE
		CHAPTER I Returns and Assessment
		167 General notice to deliver lists and statements.
		168 Particular notice to persons chargeable.
		169 Returns by persons chargeable.
		170 Persons acting for incapacitated persons and non-residents.
		171 Notice to persons coming into district.
		172 Power to require return of income.
		173 Power to obtain information as to fees, commissions, etc.
		174 Power to require production of accounts and books.
		175 Power to obtain information as to interest paid or credited without deduction of tax.
		176 Delivery of lists by persons in receipt of income of others.
		177 Lists of lodgers and inmates.
		178 Lists of employees.
		179 Service of notice on new residents in district.
		180 Making of assessments under Schedules A and B.
		181 Making of assessments under Schedules D and E.
		182 Granting of allowances and reliefs.
		183 Aggregation of assessments.
		184 Assessment in absence of return.
		185 Functions of assessors.
		186 Additional assessments.
		187 Particulars of sums to be collected.
		188 Loss or destruction of assessments and other documents.
		189 Amendment of statutory forms.
		CHAPTER II Provision Against Double Assessment and Relief in Respect of Error or Mistake
		190 Double assessment.
		191 Error or mistake.
		PART IX SPECIAL PROVISIONS AS TO MARRIED PERSONS, NON-RESIDENTS, TEMPORARY RESIDENTS, BODIES OF PERSONS, INCAPACITATED PERSONS, ETC
		CHAPTER I Special Provisions as to Married Persons
		192 General rule as to tax on husbands and wives.
		193 Personal reliefs on exercise of option for separate assessments.
		194 Collection from wife of tax assessed on husband attributable to her income.
		195 Right of husband to disclaim liability for tax on deceased wife's income.
		196 Married woman living with husband.
		197 Separate assessments to Income tax.
		198 Separate assessments to sur-tax.
		CHAPTER II Special Provisions as to Non-residents and Temporary Residents
		199 Persons temporarily resident outside the State.
		200 Non-residents: assessment.
		201 Non-residents: profits from agencies, etc.
		202 Non-residents: control over residents.
		203 Non-residents: charge on percentage of turnover.
		204 Non-residents: merchanting profit.
		205 Non-residents: restrictions on chargeability.
		206 Temporary residents.
		CHAPTER III Special Provisions as to Bodies of Persons, Incapacitated Persons, Trustees and Agents, Personal Representatives and Receivers
		207 Bodies of persons.
		208 Trustees, guardians and committees.
		209 Liability of trustees, etc.
		210 Liability of parents, guardians and personal representatives.
		211 Assessment of personal representatives.
		212 Receivers appointed by the court.
		213 Protection for trustees, agents and receiver.
		PART X SPECIAL PROVISIONS AS TO ASSURANCE COMPANIES AND INVESTMENT BUSINESSES
		214 Relief for expenses of management.
		215 Foreign assurance companies: investment income.
		216 Companies carrying on life assurance business.
		217 Liability of assurance companies.
		PART XI INDUSTRIAL AND PROVIDENT SOCIETIES
		218 Interpretation.
		219 Deduction as expenses of certain sums, etc.
		220 Disregard of profits or losses attributable to certain transactions.
		221 Payment of interest without deduction of tax.
		PART XII SPECIAL PROVISIONS AS TO PENSIONS, PENSION SCHEMES, RETIREMENT ANNUITIES AND PURCHASED LIFE ANNUITIES
		CHAPTER I Superannuation
		222 Exemption of superannuation funds.
		223 Contributions towards expenses of superannuation benefits.
		224 Contributions and benefits under Social Welfare Acts.
		225 Liability of certain pensions, etc., to tax.
		CHAPTER II Retirement and Other Benefits for Directors and Employees
		226 Interpretation.
		227 Charge to tax in respect of provision for retirement or other benefits to directors and employees of bodies corporate.
		228 Exemptions from charge under section 227.
		229 Approval of retirement benefits schemes.
		230 Aggregation and severance of schemes.
		231 Certain amounts deemed to be income.
		232 Application of section 434 to certain payments.
		233 Allowance of contributions as deduction, etc.
		234 Delivery of particulars of retirement benefits schemes, etc.
		CHAPTER III Retirement Annuities
		235 Retirement annuities (relief for premiums).
		236 Nature and amount of relief for qualifying premiums.
		237 Taxation of assurance companies doing annuity business.
		238 Supplementary provisions.
		CHAPTER IV Purchased Life Annuities
		239 Capital element in certain purchased annuities.
		240 Supplementary provisions.
		PART XIII WEAR AND TEAR AND OBSOLESCENCE
		241 Wear and tear of machinery, plant, etc.
		242 Machinery out of use during national emergency.
		243 Obsolescence.
		PART XIV RELIEF FOR CERTAIN EXPENDITURE ON SCIENTIFIC RESEARCH, ON MINING DEVELOPMENT AND ON THE PURCHASE OF NEW SHIPS
		CHAPTER I Allowances for Expenditure on Scientific Research
		244 Allowance for scientific research.
		CHAPTER II Allowances for Capital Expenditure on Mine Development
		245 Allowance for mining development.
		CHAPTER III Allowances for Capital Expenditure on the Purchase of New Ships
		246 Shipping investment allowances.
		247 Provisions relating to wear and tear and obsolescence.
		248 Application of section 241 (3).
		249 Meaning of "basis period".
		250 Withdrawal of shipping investment allowance.
		PART XV INITIAL ALLOWANCES FOR CERTAIN CAPITAL EXPENDITURE ON MACHINERY AND PLANT AND ON INDUSTRIAL BUILDINGS AND STRUCTURES
		CHAPTER I Machinery and Plant: Initial Allowances
		251 Initial allowances.
		252 Application of section 241 (2) (3) (5).
		253 Application to professions.
		CHAPTER II Industrial Buildings and Structures: Industrial Building Allowance
		254 Industrial building allowance.
		255 Meaning of industrial building or structure.
		256 Meaning of "expenditure on construction of building or structure".
		257 Expenditure on preparing site.
		258 Commencement of sections 255 (1) (b), 255 (2), 256 (b) (c) and 257.
		259 Appeals.
		CHAPTER III Miscellaneous and General
		260 "Capital expenditure" under sections 251 and 254.
		261 Date on which expenditure incurred.
		262 Meaning of "basis period".
		PART XVI ANNUAL ALLOWANCES FOR CERTAIN CAPITAL EXPENDITURE ON INDUSTRIAL BUILDINGS AND STRUCTURES, ON MACHINERY AND PLANT, ON PATENTS AND ON DREDGING
		CHAPTER I Industrial Buildings and Structures: Annual Allowances and Balancing Allowances and Charges
		263 Interpretation.
		264 Annual allowances.
		265 Balancing allowances and balancing chargers.
		266 Writing off of expenditure and meaning of "residue of expenditure".
		267 Manner of making allowances and charges.
		268 Meaning of "the relevant interest".
		269 Special provisions in regard to leases.
		270 Temporary disuse of building or structure.
		CHAPTER II Machinery and Plant: Balancing Allowances and Charges
		271 Interpretation.
		272 Balancing allowances and balancing charges.
		273 Option in case of replacement.
		274 Meaning of "amount still unallowed".
		275 Application to partnerships.
		276 Machinery or plant used partly for non-trading purposes.
		277 Calculation of balancing allowances and balancing charges in certain cases.
		278 Option in case of succession under will or intestacy.
		279 Wear and tear allowance deemed to have been made in certain cases.
		280 Subsidies towards wear and tear.
		281 Application to lessors.
		282 Manner of making allowances and charges.
		283 Application to professions and employments.
		CHAPTER III Patents: Annual Allowances and Balancing Allowances and Charges
		284 Interpretation.
		285 Annual allowances for capital expenditure on purchase of patent rights.
		286 Effect of lapse of patent rights, sales, etc.
		287 Special provisions for certain capital expenditure.
		288 Charges on capital sums received for sale of patent rights.
		289 Patent rights sold before operative date.
		290 Relief for expenses.
		291 Spreading of revenue payments over several years.
		292 Manner of making allowances and charges.
		293 Effect of death, winding up and partnership changes.
		CHAPTER IV Dredging: Initial and Annual Allowances
		294 Allowances for expenditure on dredging.
		CHAPTER V Miscellaneous and General
		295 Manner of granting allowances and charging tax in certain cases.
		296 Manner of granting, and effect of, allowances made by way of discharge or repayment of tax.
		297 Meaning of "basis period".
		298 Apportionment of consideration and exchanges and surrenders of leasehold interests.
		299 Special provisions as to certain sales.
		300 Effect, in certain cases, of succession to trade, etc.
		301 Procedure on apportionment, etc.
		302 Property used for purposes of "exempted trading operations".
		303 Interpretation of certain references to expenditure, etc.
		304 Other provisions as to interpretation.
		PART XVII RELIEF FOR EXPENDITURE ON TRAINING OF LOCAL STAFF BEFORE COMMENCEMENT OF TRADING
		305 Training of local staff before commencement of trading.
		PART XVIII ALLOWANCE FOR EXPENDITURE ON PRODUCTION OF CERTAIN COMMODITIES
		306 Expenditure on production of certain commodities.
		PART XIX LOSSES
		CHAPTER I Relief for Losses
		307 Right to repayment of tax by reference to losses.
		308 Persons carrying on two or more trades.
		309 Right to carry forward losses to future years.
		310 Relief under Case IV for losses.
		311 Terminal loss.
		312 Determination of terminal loss.
		313 Amount of profits or gains.
		314 Meaning of "permanently discontinued" and "capital allowances".
		315 Determination claims for terminal loss.
		316 Amount of assessment under section 434 to be allowed as a loss for certain purposes.
		CHAPTER II Treatment of Capital Allowances
		317 Interpretation.
		318 Option to treat as creating or augmenting loss.
		319 Extent to which allowances to be taken into account.
		320 Effect of giving relief.
		321 Grant of relief before passing of annual Act.
		322 Application to professions, etc.
		CHAPTER III Payments by Companies to Associated Companies in Respect of Losses
		323 Interpretation.
		324 Treatment of deficiency payments as trading receipts and trading expenses.
		325 Meaning of "deficiency".
		326 Adjustment of assessments in certain cases.
		327 Method of giving effect to this Chapter.
		328 Restriction of relief for losses of auxiliary companies.
		PART XX RELIEF TO INVESTIGATORS IN IRISH SECURITIES
		CHAPTER I Stocks, Shares, and Securities of Companies other than Manufacturing Companies
		329 Relief to investors.
		330 Restriction of section 329.
		331 Shares, etc., deemed to be issued for public subscription.
		CHAPTER II Stocks, Shares, and Securities of Manufacturing Companies
		332 Relief to investors.
		PART XXI CHARITABLE AND OTHER EXEMPTIONS
		333 Rents of property belonging to hospitals and other charities.
		334 Lands owned and occupied, and trades carried on, by charities.
		335 Friendly societies.
		336 Trade unions.
		337 Savings Bank.
		338 Relief for income from investments under Social Welfare Act, 1952.
		339 Repayment claims.
		340 Military and other pensions, gratuities and allowances.
		341 Exemption of Commonwealth representatives.
		342 Exemption of consular representatives.
		343 Exemption of harbour authorities.
		344 Exemption of interest on certain deposits.
		345 Exemption of interest on certain securities.
		346 Exemption of sweepstake profits.
		347 Carrying out of voluntary health schemes-deeming not to be trade.
		348 Exemption of profits of agricultural societies.
		349 Exemption of bodies established for promotion of athletic or amateur games or sports.
		350 Exemption of profits from lotteries.
		351 Exemption of sewers.
		352 Exemption of air raid protection works.
		353 Exemption of income from scholarships.
		354 Exemption of children's allowances.
		PART XXII RELIEF FROM DOUBLE TAXATION
		355 Agreements relating to Northern Ireland and Great Britain.
		356 Further relief for certain double residents.
		357 Allowance of United Kingdom corporation tax as a credit against income tax.
		358 Convention with United States of America.
		359 Relief in respect of ships documented under laws of United States of America.
		360 Agreement with Canada.
		361 Agreements for relief from double taxation of income.
		362 Relief on profits from business of sea or air transport.
		363 Treatment of dividends for double taxation relief in certain cases.
		364 Determination of "reduced Irish rate" for section 363.
		365 Relief for foreign income tax in certain cases.
		366 Extension of relief in certain cases.
		PART XXIII PURCHASE AND SALE OF SECURITIES
		367 Application of Part XXIII.
		368 Dealers in securities.
		369 Persons entitled to exemptions.
		370 Traders other then dealers in securities.
		PART XXIV 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
		371 Purchases of shares by financial concerns and persons exempted from tax.
		372 Restriction on relief for losses by repayment of tax in case of dividends paid out of accumulated profits.
		PART XXV TEMPORARY RELIEF FROM TAXATION
		CHAPTER I Profits from Trading Within Shannon Airport
		373 Definitions.
		374 Exempted trading operations.
		375 Disregard of profits or losses in the case of exempted trading operations.
		376 Transactions between associated persons.
		377 Delivery of statements, etc.
		378 Exemption from Chapter IV.
		379 Reduction of certain deductions.
		380 Dividends.
		381 Provision for annual payments and patent royalties.
		CHAPTER II Profits of Certain Mines
		382 Interpretation.
		383 Application of this Chapter.
		384 Computation of profits.
		385 Computation of net income tax.
		386 Relief from tax.
		387 Dividends.
		388 Repayments.
		389 General restriction.
		390 Furnishing of information.
		391 Application of section 387 to certain dividends.
		392 Change of company.
		CHAPTER III Profits from Coal-Mining Operations
		393 Definitions.
		394 General restriction on relief.
		395 Relief-existing coal-mining operations.
		396 Dividends.
		397 Appeals.
		CHAPTER IV Profits from Export of certain Goods
		398 Definitions generally.
		399 Meaning of "goods".
		400 Ship building and repair.
		401 Goods exported by the Pigs and Bacon Commission and An Bord Bainne.
		402 Year of claim.
		403 Standard period.
		404 Basis of relief from tax.
		405 Alternative relief on total exports.
		406 Certain manufacturing services.
		407 Changes of proprietorship.
		408 Discontinuance of trade.
		409 Transfer of part of trade.
		410 Exclusions, dividends, etc.
		411 Adjustments of certain amounts.
		412 Transactions between associated persons and company succeeding to trade of another company.
		413 Production of documents and records.
		414 Appeals.
		PART XXVI APPEALS
		415 Prohibition on alteration of assessment except on appeal.
		416 Appeals against assessment.
		417 Provision as to appeals.
		418 Power of Special Commissioners to order payment of tax in assessments under appeal.
		419 Agreement as to amount of tax not in dispute on an appeal against an assessment.
		420 Publication of reports of cases stated.
		421 Procedure on appeals.
		422 Power to issue precepts.
		423 Objection by inspector to schedules.
		424 Confirmation and amendment of assessments.
		425 Questions as to assessments or schedules.
		426 Summoning and examination of witnesses.
		427 Determination of liability in cases of default.
		428 Statement of case for High Court.
		429 Appeal to Circuit Court.
		430 Extension of section 428.
		431 Communication of decision of Special Commissioners.
		432 Making of claims, etc., and appeals and rehearings.
		PART XXVII ANNUAL PAYMENTS
		433 Yearly interest, etc., payable wholly out of taxed profits.
		434 Interest, etc., not payable out of taxed profits.
		435 Annual payment payable out of dividend from which income tax is not deductible or is deductible at reduced rate.
		436 Payments subject to deduction for local rates.
		437 Disputes between tenants, landlords and others.
		PART XXVIII SPECIAL PROVISIONS FOR TAXATION OF SETTLORS, ETC., IN RESPECT OF SETTLED OR TRANSFERRED INCOME
		CHAPTER I Revocable Dispositions, Dispositions for Short Periods and Certain Dispositions in Favour of Children
		438 Income under revocable dispositions.
		439 Income under dispositions for short periods.
		440 Income of dispositions in favour of infants.
		441 Recovery of tax from trustee and payment to trustee of excess tax recoupment.
		442 Definitions.
		CHAPTER II Settlements on Children Generally
		443 Income settled on children.
		444 Irrevocable instruments.
		445 Meaning of "irrevocable instrument".
		446 Recovery of tax from trustee and payment to trustee of excess tax recoupment.
		447 Definitions.
		448 Transfer of interests in trade to children.
		CHAPTER III Transfers of Income Arising from Securities
		449 Transfer of right to receive interest.
		PART XXIX INCOME TAX IN RELATION TO ADMINISTRATION OF ESTATES
		450 Interpretation.
		451 Limited interests in residue.
		452 Absolute interests in residue.
		453 Supplementary provisions as to absolute interests in residue.
		454 Special provisions as to certain interests in residue.
		455 Adjustments and furnishing of information.
		PART XXX IRISH DIVIDENDS, ETC.
		CHAPTER I General Provisions as to Dividends
		456 Deductions of tax from dividends.
		457 Amount of dividend from which deduction is to be made.
		CHAPTER II Explanation of Income Tax Deducted to be Annexed to Dividend and Interest Warrants
		458 Annexation of statement to warrants.
		PART XXXI FOREIGN DIVIDENDS, ETC.
		459 Definitions.
		460 Dividends entrusted for payment in State.
		461 Dividends paid outside State and proceeds of sale of dividend coupons.
		462 Exemption of dividends of non-residents.
		PART XXXII GOVERNMENT AND OTHER PUBLIC LOANS
		463 Exemption of interest on savings certificates.
		464 Issue of securities with exemption from tax.
		465 Exemption of non-interest-bearing securities.
		466 Payment of interest on Government securities without deduction of tax.
		467 Securities of Aer Lingus Teo., Aer Rianta Teo. and Aerlínte Éireann Teo.
		468 Securities of Agricultural Credit Corporation, Ltd.
		469 Convertions under Government Loans (Convertion) Act, 1951.
		470 Securities of Irish local authorities issued abroad.
		471 Securities of Electricity Supply Board and Córas Iompair Éireann.
		472 Stock of local authorities.
		473 Securities of Bord na Móna.
		474 Exemption of certain securities from tax.
		475 Funding bonds issue in respect of interest on certain debts.
		PART XXXIII COLLECTION
		476 Collection of tax in public offices.
		477 Time for payment of tax.
		478 Issue of demand notes and receipts.
		479 Collection by means of stamps.
		480 Distraint.
		481 Collection and recovery of tax under Schedules A and B.
		482 Priority of tax over other debts.
		483 Commitment of defaulter to prison.
		484 Duty of employer as to tax payable by employees.
		485 Recovery by sheriff or county registrar.
		486 Power of Collector and authorised officers to sue.
		487 Continuance of pending proceedings.
		488 High Court proceedings.
		489 Evidence in proceedings for recovery of tax.
		490 Form of execution order in High Court or Circuit Court.
		491 Recovery of moneys due.
		492 Judgement for recovery of tax.
		493 Duration of imprisonment for non-payment of tax.
		494 Recovery of tax charged on profits not distrainable.
		495 Proceedings against a collector or his sureties.
		PART XXXIV REPAYMENT
		496 Repayment for interest paid to banks, discount houses, etc.
		497 Rate of tax at which repayments are to be made.
		498 Limit of time for repayment claims.
		PART XXXV PENALTIES AND ASSESSMENTS
		499 Application of Part XXXV.
		500 Penalties for failure to make certain returns, etc.
		501 Penalty for fraudulently or negligently making incorrect returns, etc.
		502 Provisions supplementary to section 501.
		503 Increased penalties in the case of body of persons.
		504 Proceedings against executor or administrator.
		505 Penalty for assisting in making incorrect return. etc.
		506 Evidence of income for purposes of Part XXXV.
		507 Failure to act within required time.
		508 Recovery of penalties.
		509 Definitions.
		510 Proceedings for certain penalties.
		511 Time limit for recovery of fines and penalties.
		512 Mitigation and application of fines and penalties.
		513 Power to add penalties to assessments.
		514 Saving for criminal proceedings.
		515 Fine for obstruction of officers in execution of duties.
		516 Penalty for false statement made to obtain allowance.
		517 Time for certain summary proceedings.
		518 False evidence: punishment as for perjury.
		519 Limitation of penalties on officers employed in execution of Act.
		520 Refusal to allow deduction of tax.
		521 Admissibility of statements and documents in criminal and tax proceedings.
		PART XXXVI SUR-TAX, SUR-TAX ON UNDISTRIBUTED INCOME OF CERTAIN COMPANIES AND DEDUCTIONS OF SUR-TAX FROM EMOLUMENTS
		CHAPTER I Sur-Tax
		522 Charge to sur-tax.
		523 Deduction in charging sur-tax.
		524 Method of estimating income for sur-tax purposes.
		525 Sur-tax to be charged on consideration for certain restrictive covenants, etc.
		526 Assessment, collection and recovery of sur-tax.
		527 Delivery of particulars.
		528 Estimation of certain amounts.
		529 Payment of reduced amount of sur-tax pending determination of appeal.
		CHAPTER II Sur-Tax on Undistributed Income of Certain Companies
		530 Undistributed income of companies.
		531 Protection for companies which transmit accounts to the Special Commissioners.
		CHAPTER III Deduction of Sur-Tax from Emoluments
		532 Deduction of sur-tax from emoluments.
		PART XXXVII MISCELLANEOUS
		533 Rules as to delivery of statements.
		534 Income tax assessment to be conclusive in estimation of total income.
		535 Restriction on deductions in computing profits.
		536 Execution of warrants and precepts.
		537 Effect of warrant of form, error, etc., on assessments, charges, warrants and other proceedings.
		538 Exemption of appraisements and valuations from stamp duty.
		539 Delivery of books and papers relating to tax.
		540 Criminal proceedings against collector.
		541 Proof that person is a commissioner or officer.
		542 Delivery, service and evidence of notices and forms.
		543 Laying of regulations before Oireachtas.
		544 Clergymen and ministers of religion: deduction.
		545 Assessment of Electricity Supply Board.
		546 Charge of tax in relation to source not producing income.
		547 Relief for certain gifts.
		548 Relief for houses occupied by clergymen and ministers of religion.
		549 Unremittable income.
		550 Interest on overdue tax.
		551 Effect on interest of reliefs given by discharge or repayment.
		552 Commencement of sections 550 and 551.
		553 Allowance to owner of mineral rights for expenses.
		PART XXXVIII COMMENCEMENT, REPEALS, SAVINGS, TEMPORARY AND TRANSITIONAL PROVISIONS AND SHORT TITLE
		554 Commencement and repeals.
		555 Extent to which Act is to apply to years before 1967-68.
		556 Saving for enactments not repealed.
		557 Meaning of "Collector" in sections 187, 188, 478, 480 to 482, 484 to 489, 494. 519, 542 and 550 and Schedule 2, Rule 6.
		558 Former employees of railway company.
		559 Construction of references.
		560 Continuance of officers; instruments and documents.
		561 Short title.
		SCHEDULE 1
		SCHEDULE 2
		SCHEDULE 3
		SCHEDULE 4
		SCHEDULE 5
		SCHEDULE 6
		SCHEDULE 7
		SCHEDULE 8
		SCHEDULE 9
		SCHEDULE 10
		SCHEDULE 11
		SCHEDULE 12
		SCHEDULE 13
		SCHEDULE 14
		SCHEDULE 15
		SCHEDULE 16
		SCHEDULE 17
		SCHEDULE 18
		SCHEDULE 19

		AN ACT TO CONSOLIDATE ENACTMENTS RELATING TO INCOME TAX AND SUR-TAX, INCLUDING CERTAIN ENACTMENTS RELATING ALSO TO CORPORATION PROFITS TAX.
		[8th March, 1967.]
		BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—
		PART I INTERPRETATION AND PRELIMINARY
		CHAPTER I Interpretation

	Interpretation generally.	1.—(1) In this Act, except so far as is otherwise provided or the context otherwise requires—
		"annuity fund" means, where an annuity fund is not kept separately from the life assurance fund of an assurance company, such part of the life assurance fund as represents the liability of the company under its annuity contracts, as stated in its periodical returns under the Assurance Companies Act, 1909;
		"assessable income" in the case of any income other than earned income means the amount of that income as estimated in accordance with the provisions of this Act;
		"assurance company" means any persons or bodies of persons to which the Assurance Companies Act, 1909, applies;
		"body of persons" means any body politic, corporate, or collegiate, and any company, fraternity, fellowship and society of persons, whether corporate or not corporate;
		"Clerk to the Special Commissioners" means the person for the time being authorised by the Special Commissioners to act as such;
		"Collector" means the Collector-General appointed under section 162;
		"commencement of this Act" means the 6th day of April, 1967: being the date on which, subject to and in accordance with section 554, this Act comes into force;
		"county rate" has the meaning assigned to it by section 12 of the Local Government Act, 1946 ;
		"foreign life assurance fund" means any fund representing the amount of the liability of an assurance company in respect of its life assurance business with policy-holders and annuitants residing outside the State whose proposals were made to, or whose annuity contracts were granted by, the company at or through a branch or agency outside the State, and, where such a fund is not kept separately from the life assurance fund of the company, means such part of the life assurance fund as represents the liability of the company under such policies and annuity contracts; such liability being estimated in the same manner as it is estimated for the purposes of the periodical returns of the company under the Assurance Companies Act, 1909;
		"incapacitated person" means any infant or person of unsound mind;
		"inspector" means an inspector of taxes appointed under section 161;
		"life assurance business" includes the business of granting annuities;
		"local authority" means—
		( a ) the corporation of a county or other borough,
		( b ) the council of a county, or
		( c) the council of an urban district;
		"municipal rate" has the meaning assigned to it by section 46;
		"the National Debt Commissioners" has the meaning assigned to it by section 31 of the Finance Act, 1940 ;
		"profession" includes vocation;
		"rating authority" means—
		(a) the corporation of a county or other borough,
		(b) the council of a county, or
		(c) the council of an urban district;
		"relative" includes any person of whom the person claiming a deduction had the custody and whom he maintained at his own expense while that person was under the age of sixteen years;
		"repealed enactments" has the meaning assigned to it by section 554 (1);
		"Special Commissioners" has the meaning assigned to it by section 156;
		"standard rate of tax" means the full rate of income tax charged for the year;
		"statute" has the meaning assigned to it by section 3 of the Interpretation Act, 1937 ;
		"tax" means income tax or sur-tax;
		"taxable income" has the meaning assigned to it by section 137 (1);
		"trade" includes every trade, manufacture, adventure or concern in the nature of trade;
		"year of assessment" means, with reference to any tax, the year for which such tax was imposed by any Act imposing duties of income tax.
		"the year 1967-68" means the year of assessment beginning on the 6th day of April, 1967, and any corresponding expression in which two years are similarly mentioned means the year of assessment beginning on the 6th day of April in the first mentioned of those two years.
		(2) References in this Act to any enactment shall, unless the context otherwise requires, be construed as references to that enactment as amended or extended by any subsequent enactment.
		(3) 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.
		(4) In this Act, a reference to a subsection, paragraph or subparagraph is to the subsection, paragraph or subparagraph of the provision (including a schedule) in which the reference occurs, unless it is indicated that reference to some other provision is intended.
		(5) So much of this Act as relates to corporation profits tax shall be construed together with Part V of the Finance Act, 1920, and the enactments amending or extending that Part.
	Earned income.	2.—(1) Subject to subsection (2), in this Act "earned income" means, in relation to any individual—
		(a) any income arising in respect of any remuneration from any office or employment of profit held by the individual or in respect of any pension, superannuation, or other allowance, deferred pay, or compensation for loss of office, given in respect of the past services of the individual or of the husband or parent of the individual in any office or employment of profit, or given to the individual in respect of the past services of any deceased person, whether the individual or husband or parent of the individual shall have contributed to such pension, superannuation allowance, or deferred pay, or not; and
		(b) any income from any property which is attached to or forms part of the emoluments of any office or employment of profit held by the individual; and
		(c) any income which is charged under Schedule B or Schedule D, and is immediately derived by the individual from the carrying on or exercise by him of his trade or profession, either as an individual, or, in the case of a partnership, as a partner personally acting therein.
		In cases where the profits of a wife are deemed to be profits of the husband, any reference in this subsection to the individual includes either the husband or the wife.
		(2) Without prejudice to the generality of subsection (1), in this Act, save so far as otherwise expressly provided, "earned income" includes—
		(a) any income arising in respect of Civil List pensions granted under the Civil List Act, 1837, as amended by any subsequent enactment;
		(b) any payments of benefits which, by virtue of section 224 (4), are deemed to be emoluments to which Chapter IV of Part V applies;
		(c) in considering whether any, and if so what, relief is to be granted to an individual under section 134 or under section 138 (3), any income from patent rights (as defined in section 284) arising to an individual where the patent was granted for an invention actually devised by him, whether alone or jointly with any other person;
		(d) in the case of a clergyman or minister of any religious denomination who has made such an election as respects the annual value of the house occupied by him as is provided for by section 548, any sum which falls to be treated as earned income of his by virtue of that election;
		(e) any annuity made payable to an individual by the terms of an annuity contract or trust scheme for the time being approved by the Revenue Commissioners for the purposes of Chapter III of Part XII, to the extent to which such annuity is payable in return for any amount on which relief is given under section 236; and
		(f) any payment which is chargeable to tax under Schedule E by virtue of section 114;
		Provided that in the case of income from any such patent rights as are mentioned in paragraph (c), where any part of the rights in question or of any rights out of which they were granted has at any time belonged to any other person, so much only of the said income shall be deemed to be earned income as is not properly attributable to the rights which have belonged to that other person.
	"Income Tax Acts".	3.—In any enactment passed after this Act "the Income Tax Acts" shall mean this Act and every other enactment relating to income tax or sur-tax.
		CHAPTER II Preliminary

	Charge; Schedules.	4.—Where any Act enacts that income tax shall be charged for any year at any rate, the tax at that rate shall, subject to the provisions of this Act, be charged for that year in respect of all property, profits, or gains respectively described or comprised in the Schedules contained in the sections of this Act enumerated below, that is to say—
		Schedule A — Section 9;
		Schedule B — Section 30;
		Schedule C — Section 47;
		Schedule D — Section 52; and
		Schedule E — Section 109,
		and in accordance with the provisions of this Act respectively applicable to those Schedules.
	Yearly assessments.	5.—Every assessment and charge to tax shall be made for a year commencing on the 6th day of April and ending on the following 5th day of April.
	Fractions of twenty shillings.	6.—The due proportion of tax shall be charged for every fractional part of twenty shillings but no tax shall be charged of a lower denomination than one penny.
	Enactments in force for any year to apply to tax for succeeding year.	7.—In order to ensure the collection in due time of tax which may be imposed for any year commencing on the 6th day of April, all such provisions contained in this Act, or in any other Act relating to tax, as were in force on the preceding day, shall have full force and effect with respect to tax which may be so imposed, in the same manner as if the said tax had been actually imposed by Act of the Oireachtas and the said provisions had been applied thereto by the Act.
	Charge and deduction of tax not charged or deducted before passing of annual Act.	8.—(1) Where in any year of assessment any half-yearly or quarterly payments have been made on account of any interest, dividends or other annual profits or gains, previously to the passing of the Act imposing the tax for that year, and tax has not been charged thereon or deducted therefrom, or has not been charged thereon or deducted therefrom at the rate ultimately imposed for the said year, the amount not so charged or deducted shall be charged under Case IV of Schedule D in respect of those payments, as profits or gains not charged by virtue of any other Schedule, and the agents entrusted with the payment of the interest, dividends or other annual profits or gains shall furnish to the Revenue Commissioners a list containing the names and addresses of the persons to whom payments have been made and the amount of those payments, upon a requisition made by the Commissioners in that behalf.
		(2) Any person liable to pay any rent, interest or annuity, or to make any other annual payment, shall be authorised to make any deduction on account of tax for any year of assessment which he has failed to make previously to the passing of the Act imposing the tax for that year, or to make up any deficiency in any such deduction which has been so made, on the occasion of the next payment of the rent, interest or annuity, or making of the other annual payment after the passing of the Act so imposing the tax, in addition to any other deduction which he may be by law authorised to make, and shall also be entitled, if there is no future payment from which the deduction may he made, to recover the sum which might have been deducted as if it were a debt due from the person as against whom the deduction could originally have been made if the Act imposing tax for the year had been in force.
		PART II SCHEDULES A AND B
		CHAPTER I Schedule A

	Schedule A.	9.—The Schedule referred to in this Act as Schedule A is as follows—
		SCHEDULE A
		1. Tax under this Schedule shall be charged in respect of the property in all lands, tenements and hereditaments in the State, for every twenty shillings of the annual value thereof.
		2. Paragraph 1 does not apply to lands, tenements and hereditaments the property in which, by virtue of section 53, is charged under Schedule D, Case I.
		Estimation of Annual Value
	Annual value for Schedule A.	10.—(1) This section applies, save as otherwise provided in this Part, to the annual value of all property with reference to which tax under Schedule A is to be charged.
		(2) The annual value of all property shall, except in the cases mentioned in the subsequent provisions of this section, be five-fourths of the rateable valuation of the property for the time being.
		(3) The annual value of lands and of farmhouses and farm buildings occupied with lands for the purpose of farming such lands shall be the rateable valuation thereof for the time being.
		(4) The annual value of all property situate in the County Borough of Waterford shall be the rateable valuation of the property for the time being.
		(5) Where the annual value with reference to which tax is to be charged on any property in pursuance of subsection (2) includes (when computed in accordance with that subsection) a fraction of one pound which is not five shillings or a multiple of five shillings, such fraction of one pound may—
		(a) where it exceeds ten shillings, be reduced, for the purpose of such computation of such annual value, to the next lower multiple of five shillings, or
		(b) where it exceeds five shillings but is less than ten shillings, be reduced, for the purpose aforesaid, to five shillings, or
		(c) where it is less than five shillings, be disregarded for the purpose aforesaid.
		(6) Where, in pursuance of subsection (2), tax has been charged for any year of assessment on property with reference to an annual value computed in accordance with that subsection, and the valuation of the property in force in that year of assessment for the purposes of the county rate or the municipal rate is subsequently reduced, and the reduction becomes operative for the purposes of the county rate or the municipal rate not more than three years after the end of that year of assessment, the Revenue Commissioners, if they are of opinion that relief in respect of the said tax so charged for that year of assessment should be granted with reference to an annual value computed at five-fourths of the said valuation as so reduced, may grant such relief by repayment or otherwise.
	Owner-occupied private residence.	11.—(1) Where an individual claims in the manner prescribed by this Act and proves that he is the owner of any property to which, but for this section, section 10 (2) would apply and that he occupies it exclusively for the purposes of his own residence, then—
		(a) section 10 (2) shall not apply in relation to the property,
		(b) the annual value of the property under Schedule A shall, subject to the provisions of this Part, be its rateable valuation for the time being, and
		(c) if tax has been charged in respect of the relevant property otherwise than in accordance with this section, any tax overpaid shall be repaid.
		(2) Property shall be deemed to be occupied exclusively for the purposes of his own residence by an individual referred to in subsection (1) where it is mainly occupied by him for such purposes and no part thereof is occupied for the purposes of a trade but a part thereof is occupied for the purposes of a profession.
	Newly-built houses.	12.—For the purpose of ascertaining, in the case of a house or building rated for the first time, the annual value with reference to which tax is, in pursuance of this Part, to be charged under Schedule A, the valuation with reference to which the house or building is so rated shall be deemed to have been in force for the year of assessment during which the house or building first becomes occupied, but subject to any relief which may be necessary in respect of that part (if any) of the said year during which the house or building was not occupied.
	Assessment by reference to annual rent.	13.—(1) In the event of an appeal by a person who considers himself aggrieved by any assessment under Schedule A, if it is proved to the satisfaction of the Special Commissioners by whom the appeal is heard, or the Judge by whom the appeal is reheard, that the annual value on which the assessment is based exceeds the annual rent at which the property in respect of which the assessment is made is worth to be let from year to year, relief shall be given by reducing the assessment and charging the tax on the amount on which it would have been charged if that rent had been adopted as the basis of the assessment instead of such annual value.
		(2) If such annual rent at which the property is worth to be let from year to year exceeds the actual rent payable yearly by the tenant or occupier, the landlord or immediate lessor shall be assessed and charged, under Schedule A, on the amount of such actual rent only, and the tenant or occupier shall be assessed and charged under Schedule A on the difference.
		(3) Where an inspector or such other officer as the Revenue Commissioners may appoint in that behalf is of opinion that the annual value with reference to which an assessment of tax is made on any property in pursuance of section 10 (2) exceeds the annual rent at which the property is worth to be let from year to year, he may, notwithstanding that there has been no appeal against the assessment and notwithstanding section 416 (6), at any time before the end of the year of assessment grant relief by reducing the assessment and charging the tax on the amount on which it would, in his opinion, have been charged if it had been assessed with reference to the said annual rent instead of the said annual value, and the assessment as so reduced shall be final and conclusive for all purposes.
		(4) Where a person who receives rent in respect of any property which is exempt from being rated to the county rate, or which is assessable to the municipal rate on a proportion only of the rateable valuation, is liable to be rated in respect of that rent to the extent of one-half the poundage of any county rate or is liable to be assessed in respect of that rent to the municipal rate on a proportion only of the rateable valuation, the tax under Schedule A shall be assessed and charged upon him upon the full amount of that rent.
		Persons Chargeable
	Persons chargeable.	14.—Tax under Schedule A shall be charged upon the landlord or immediate lessor of the property, but may, if it appears to the inspector to be necessary or proper, be charged upon the person rated to the county rate or the municipal rate in respect of the property.
	Separate assessments under Schedule A or Schedule B in certain cases.	15.—(1) Where a person—
		(a) during any part of a year of assessment, whether alone or jointly with another person or persons in the circumstances set out in subsection (2), or
		(b) during the whole of any year of assessment, jointly as aforesaid,
		is entitled to any estate or interest in property in respect of which he would be assessable separately or with the other person or persons under Schedule A or Schedule B, if he, or he and the other person or persons, were entitled to that estate or interest for the whole of the year, he shall be separately assessed under Schedule A or under Schedule B, as the case may be, in respect of his estate or interest, or his part of the estate or interest, in the property for the part or whole of the year on the appropriate proportion of the annual or assessable value.
		(2) The circumstances in which subsection (1) is to apply to a person being entitled to an estate or interest in property jointly with another person or persons are that he has that estate or interest as a coparcener, joint tenant, tenant in common or tenant of lands or tenements in partnership.
		(3) Where a person to whom this section applies is liable to bear part of an annual payment reserved out of or charged on the relevant property, that part shall, for the purpose of section 433, be regarded as being payable as a reservation out of or charge on the estate or interest, or the part of the estate or interest, in respect of which he is assessed under this section.
		(4) In this section—
		"annual payment" means any payment from which, apart from any insufficiency of profits or gains of the person making it, tax is deductible under section 433.
	Diplomatic representatives.	16.—Tax to be charged in respect of any house or tenement occupied by the accredited diplomatic representative of any foreign State shall be charged on and paid by the landlord or person immediately entitled to the rent of the house or tenement.
	Mortgagees in possession.	17.—Any mortgagee in possession of the property mortgaged shall be liable to the like deduction as any landlord, and in any settlement of accounts between such mortgagee and the mortgagor, tax payable on interest due in respect of the mortgage shall be allowed as money received on account of interest.
	Right of persons by whom tax is paid to recoupment in certain case.	18.—(1) A tenant occupier of any property who pays the tax shall, subject to section 93 (2), be entitled to deduct and retain in respect of the rent payable to the landlord for the time being (all sums allowed by virtue of this Act being first deducted), an amount representing the rate or rates of tax in force during the period through which the said rent was accruing due for every twenty shillings thereof, the said deduction to be made out of the first payment thereafter made on account of rent, and any receiver on behalf of the State or other person receiving the rent shall allow the deduction on receipt of the residue of the rent:
		Provided that a tenant or occupier shall not be entitled to deduct out of the rent any greater sum than the amount of tax charged in respect of such property as aforesaid, and actually paid by him.
		(2) A tenant who pays the tax shall be acquitted and discharged of so much money as is represented by the deduction, as if that sum had been actually paid as rent.
		(3) Where any property is subject to the payment of any annual sum, whether payable half-yearly or at any shorter or more distant period, a landlord or owner who has been charged to tax under this Schedule or from whom tax is deductible under this subsection or subsection (1), shall subject to section 93 (2), be entitled on making such payment to deduct and retain thereout so much of the said tax as represents the rate or rates of income tax in force during the period through which the said payment was accruing due, for every twenty shillings thereof (the just proportion of any sums allowed by virtue of this Act being first deducted), and every receiver on behalf of the State, and every person to whom such payment is made shall, on receipt of the residue thereof, and without any charge for so doing, allow the deduction:
		Provided that no such person as aforesaid who is also a tenant or the occupier of the property shall be entitled to deduct out of any rent any greater sum than the amount of tax charged in respect of any such property and actually paid by him.
		In this subsection "annual sum" means any yearly interest, annuity, rent, rentcharge, fee farm rent or other annual payment reserved or charged upon any property.
		(4) The landlord or owner shall be acquitted and discharged of so much money as is represented by the deductions as if that sum had been actually paid.
		(5) Where under the Landed Property Improvement (Ireland) Act, 1847, or any Acts amending that Act, an advance of public money to promote the improvement of lands has been made by way of loan, and the repayment thereof has been secured by a rentcharge upon the lands to be paid for a term of years, by which the principal sum advanced will eventually be repaid with interest, the person paying any such rentcharge may deduct and retain thereout so much of the tax under Schedule A charged in respect of the lands, as represents the tax on one-third, and no more, of the amount payable at the rate or rates of tax in force during the period through which the payment was accruing due; and the collectors and receivers of such rentcharges shall allow such deduction upon receipt of the residue of such rentcharge then due.
		(6) A tenant occupier for the time being of any property who has been required to pay, and has paid, any sums charged in respect thereof under Schedule A which, under the provisions of this Act, ought to have been or ought to be paid by a former tenant or occupier, may deduct and retain out of any subsequent payment of rent to his landlord, the sum, or any part thereof, which ought to have been or ought to be so paid.
		(7) As between the owner and a mortgagee of his property or any person having a charge thereon or entitled to any ground rent, rentcharge, annuity, or other annual sum payable thereout, the owner's right of deduction under this section in respect of tax shall not be affected by any relief afforded under section 23.
	Occupier.	19.—Every person having the use of any property shall be deemed to be the occupier thereof.
		Deductions and Allowances
	Allowances in case of ecclesiastical or collegiate body.	20.—(1) An allowance shall be made under Schedule A in respect of the amount expended during the year preceding the year of assessment on repairs of any collegiate church or chapel, or chancel of a church, or of any college or hall in any university of the State, by any ecclesiastical or collegiate body, or by any person bound to repair the same.
		(2) The allowances granted under this section may be granted to the body or person therein described in one sum, either by deduction from the assessment, if any, on such body or person, or by repayment.
	Allowance for drainage and other rates and expenditure on sea walls.	21.—(1) An allowance shall be made under Schedule A in respect of—
		(a) the amount charged on property by a public rate or assessment in respect of draining, fencing, or embanking;
		(b) the amount expended by the landlord or owner of lands on an average of the twenty-one preceding years, in the making or repairing of sea walls or other embankments necessary for the preservation or protection of the lands against the encroachment or overflowing of the sea or any tidal river, although the sum expended may not have been charged on the lands by a public rate or assessment.
		(2) The allowances granted under this section shall (unless the payments to which they relate, or any part thereof, be made by a tenant) be made from the assessment on the property concerned.
	Procedure and time-limits for claims under preceding provisions.	22.—(1) The person entitled to any of the foregoing allowances which have not been made by way of deduction or abatement from the assessment and which may be made by repayment, may claim the allowance at any time within six years after the expiration of the year of assessment, by notice in writing to the inspector.
		(2) The inspector on proof that the claimant is entitled to the allowance shall certify the particulars and amount thereof to the Special Commissioners, who shall issue an order for repayment.
	Repairs allowance.	23.—(1) Where tax is charged upon annual value estimated otherwise than by relation to profits, the following provisions shall have effect:—
		(a) in the case of an assessment on any lands or on any farmhouse or farm buildings occupied together with any lands for the purpose of farming such lands, the amount of the assessment shall, for the purposes of collection, be reduced by a sum equal to one-eighth part thereof; and
		(b) in the case of an assessment upon any premises being industrial buildings or structures within the meaning of section 255, the amount of the assessment shall, for the purposes of collection, be reduced—
		(i) where the owner is occupier or chargeable as landlord, or where a tenant is occupier and the landlord undertook to bear the cost of repairs, by a sum equal to one-third of that amount; and
		(ii) where a tenant is occupier and undertook to bear the cost of repairs, by such a sum, not exceeding one-third of that amount, as may be necessary to reduce it to the amount of rent payable by him.
		(2) Where the amount of the assessment in a case to which subsection (1) (a) applies is more than one-eighth, or in a case to which subsection (1) (b) applies is more than one-third below the rent, after deducting from such rent any outgoing which should by law be deducted in making the assessment, the reductions referred to in subsection (1) shall not be made.
	Allowance for maintenance, repairs, insurance and management.	24.—(1) If the owner of any property the assessment on which is reduced under section 23 for the purposes of collection shows that the cost to him of maintenance, repairs, insurance, and management, according to the average of the preceding five years, has exceeded, in a case to which section 23 (1) (a) applies, one-eighth part of the annual value of the land as adopted under Schedule A and, in a case to which section 23 (1) (b) applies, one-third part of that value, he shall be entitled in addition to any reduction of the assessment for the purposes of collection, on making a claim for the purpose, to repayment of the amount of the tax on the excess:
		Provided that—
		(a) no repayment of tax shall be made under this subsection in respect of the cost of maintenance, repairs, insurance or management, if or to such extent as that cost has been otherwise allowed as a deduction in computing income for the purposes of income tax; and
		(b) a claimant shall not be entitled to relief under this subsection in respect of any income the tax on which he is entitled to charge against any other person, or to deduct, retain or satisfy out of any payment which he is liable to make to any other person.
		(2) In comparing, for the purpose of this section, the cost of maintenance, repairs, insurance, and management of any land or houses with the annual value of the land or houses, the total cost of the maintenance, repairs, insurance and management on any land managed as one estate, or of any houses on any such land, shall be compared with the total annual value of the land or houses, as the case may be.
		(3) The provisions of Schedule 4 and of paragraph IX of Schedule 18 shall apply to claims for repayment under this section:
		Provided that if the owner of any land or house makes and delivers to the inspector a declaration as to the cost to him of maintenance, repairs, insurance, and management, and the inspector is satisfied as to the correctness of the declaration, the amount of the allowance to which the owner is entitled under this section shall be certified by the inspector, and repayment shall thereupon be made in accordance with his certificate.
		(4) In computing the five-year average for the purposes of this section, the year shall be taken to be the year ending on the 31st day of March, or such other date as may be adopted by the owner of the land or houses with the consent of the inspector, and the five preceding years shall be taken to be those preceding the commencement of the year for which the tax in respect of which a claim for repayment is made is charged.
		(5) For the purposes of this section "maintenance" shall include the replacement of farmhouses, farm buildings, cottages, fences, and other works where the replacement is necessary to maintain the existing rent.
	Maintenance relief for small properties.	25.—Where the Revenue Commissioners are satisfied, in respect of any house or building of which the annual value ascertained in accordance with section 10 does not exceed six pounds five shillings, that—
		(a) such house or building is bona fide let to a tenant, and
		(b) the cost of the repairs, maintenance, and insurance of such house or building is borne by the landlord or immediate lessor, and
		(c) the annual income derived by the said landlord or immediate lessor from such house or building, taking one year with another, after making allowances for the cost to him of the said repairs, maintenance, and insurance is less than the annual value ascertained as aforesaid of such house or building,
		the Revenue Commissioners may grant such relief, by repayment or otherwise, as is just.
	Loss by flood or tempest.	26.—(1) Where land has been demised at a reserved rent, without fine or other sum paid or contracted for in lieu of a reserved rent, and loss has been sustained on the growing crops or stock on the lands, or the lands or any part of them have been rendered incapable of cultivation for any year, by reason of flood or tempest, the inspector, on proof to him that the owner has, in consideration of any such loss, allowed or agreed to allow, to the tenant an abatement of the whole or any part of the rent reserved or payable for any year of the term, may in like proportion make an abatement in the assessment under Schedule A for the year for which the abatement of rent has been made, and discharge therefrom the corresponding proportion of tax.
		(2) Where any such loss is sustained on lands in the occupation of the owner, the inspector may, on proof of the loss, make the like abatement and discharge of tax under Schedule A as might have been made if the land had been demised to a tenant, and the owner had made such abatement of rent proportionate to the loss sustained as the inspector considers would or ought to have been made in respect of such loss.
	Universities, colleges, hospitals, schools and almshouses.	27.—The following further allowances shall be made under Schedule A—
		(a) the amount of the tax charged on any college or hall in any university of the State, in respect of the public buildings and offices belonging to the college or hall, so far as not occupied by any individual member thereof or by any person paying rent for the same:
		(b) the amount expended on repairs of the public buildings and offices of any such college or hall, and of the gardens, walks, and grounds for recreation, repaired and maintained by the funds of the college or hall:
		(c) the amount of the tax charged on any hospital, public school, or almshouse, in respect of the public buildings, offices, and premises belonging thereto, and so far as not occupied by any individual officer or the master thereof whose total annual income, however arising, estimated in accordance with this Act, amounts to £150 or more, or by a person paying rent for the same:
		(d) the amount expended on repairs of any such hospital, public school, or almshouse, and of the offices belonging thereto, and of the gardens, walks, and grounds used for the sustenance or recreation of the hospitallers, scholars and almsmen respectively, which are repaired and maintained by the funds of the hospital, public school or almshouse:
		(e) the amount of the tax charged on any building being the property of any literary or scientific institution, and used solely for the purposes of that institution, in which no payment is made or demanded for any instruction there afforded by lectures or otherwise, and so far as not occupied by an officer of the institution or by any person paying rent for the same.
	Allowance for rates paid by landlord.	28.—In assessing tax chargeable under Schedule A on the landlord or immediate lessor—
		(a) if the amount or annual value, on which the assessment is made, is not less than the annual rent reserved or payable to him for the property in respect of which the assessment is made, an allowance or abatement shall be made in respect of the amount of the county rate or the proportion applicable to the relief of the poor of the municipal rate paid or borne by him for the same property in the preceding year; and
		(b) if the amount or annual value on which the assessment is made is less than the said rent, an allowance or abatement shall be made of the sum by which the amount of the county rate or of the proportion applicable to the relief of the poor of the municipal rate, added to the sum on which the assessment is made, exceeds that rent.
	Repayment of tax in respect of lost rent.	29.—(1) If any landlord or immediate lessor of any property charged to tax under Schedule A has paid the same and proves to the satisfaction of the Special Commissioners, that the rent, or any part thereof, due or payable to him in respect of that property, for the period for which that tax was charged, has been wholly and irrecoverably lost by reason of—
		(a) the bankruptcy, insolvency, or absconding of the tenant or occupier by whom such rent was payable; or
		(b) the fraudulent assignment or removal of his goods by the said tenant or occupier; or
		(c) the property being left waste and unoccupied,
		he shall be entitled to be repaid such proportion of the said tax as he shall have paid in respect of the rent so lost; and the Special Commissioners shall issue an order for repayment, in like manner as in other cases of repayment.
		(2) Any such claim for repayment shall be made within one year after the expiration of the year of assessment.
		CHAPTER II Schedule B

	Schedule B.	30.—The Schedule referred to in this Act as Schedule B is as follows:—
		1. Tax under this Schedule shall be charged in respect of the occupation of all lands, tenements and hereditaments in the State chargeable to tax under Schedule A, except—
		(a) any dwelling-house, or the domestic offices thereunto belonging, unless occupied, by virtue of one and the same demise, together with a farm of lands, or with a farm of tithes, for the purpose of farming the same; or
		(b) any warehouse or other building occupied for the purpose of carrying on a trade or profession.
		2. Tax under this Schedule shall be charged for every twenty shillings of the assessable value of the lands, tenements or hereditaments concerned.
		In this Act "assessable value" means in relation to tax under this Schedule an amount equal to the annual value of the lands, tenements and hereditaments, or, in any case in which it is proved to the satisfaction of the Special Commissioners that any person occupying any lands and assessed to tax in respect thereof is not occupying those lands for the purpose of husbandry only, or mainly for those purposes, and the Minister for Agriculture and Fisheries on a reference to him by the Revenue Commissioners does not certify that the use of the lands by the occupier thereof for a purpose other than the purpose of husbandry is unreasonable, an amount equal to one-third of the annual value.
		3. The tax to be charged under this Schedule shall be in addition to the tax to be charged under Schedule A.
	Annual value for Schedule B.	31.—(1) The annual value of lands for the purposes of Schedule B shall, subject to subsection (2), be the rateable valuation of the lands for the time being.
		(2) The said annual value shall be taken to be—
		(a) the judicial rent fixed under the Land Law (Ireland) Acts or any of them; or
		(b) the annual interest or payment payable to the Irish Land Commission in lieu of rent under the Land Purchase Acts or any of them; or
		(c) the purchase annuity payable under the Land Purchase Acts or any of them,
		in any case in which it is shown that the said judicial rent, annual interest or payment, or purchase annuity, as the case may be, is less than the rateable valuation.
		(3) Section 13 (1) shall apply in relation to an assessment under Schedule B as it applies to Schedule A.
		(4) In this section "purchase annuity" means the first or original annuity payable before any redemption or statutory reduction.
	Persons chargeable.	32.—(1) Tax under Schedule B shall be charged upon the occupier of the property.
		(2) Every person having the use of any property shall be deemed to be the occupier thereof.
	Assessment of certain profits derived from the keeping of a stallion.	33.—Where a person who is the occupier of land in respect of the occupation of which he is assessed under Schedule B is also the owner or part owner of a stallion which is ordinarily kept on such land, profits derived by such person from fees received or receivable for the service by such stallion on such land of mares owned by other persons shall be deemed, for the purposes of this Act, to arise from the occupation of such land.
	Husbandry: election to be charged under Schedule D.	34.—(1) Any person occupying lands for the purposes of husbandry only may elect to be assessed and charged under Schedule D, and in accordance with the provisions applicable thereto, instead of under this Schedule.
		(2) The election of any such person shall be signified by notice in writing delivered personally or sent by post in a registered letter to the inspector within two months after the commencement of the year of assessment; and from and after the receipt of the notice the charge upon him for that year shall be under Schedule D, and the profits or gains arising to him from the occupation of the lands shall for all purposes be deemed to be profits or gains of a trade chargeable under that Schedule.
	Husbandry: profits falling short of assessable value.	35.—If a person who occupies, either as owner or otherwise, any lands for the purposes of husbandry only, shows within a period of one year after the end of any year of assessment to the satisfaction of the Special Commissioners that the profits or gains arising from that occupation during that year fell short of the assessable value of the lands under this Schedule, the income arising from that occupation shall be taken at the actual amount of those profits or gains, and if the whole of the tax has been paid, the amount overpaid shall be certified and repaid in like manner as tax is repaid under section 22 (2).
	Woodlands.	36.—(1) Any person occupying woodlands, who proves to the satisfaction of the Special Commissioners that those woodlands are managed by him on a commercial basis and with a view to the realisation of profits, may elect to be assessed and charged to tax in respect of those woodlands under Schedule D instead of under this Schedule in the same manner as a person occupying lands for the purposes of husbandry only, and section 34 shall apply accordingly.
		(2) Any such election shall extend to all woodlands so managed on the same estate:
		Provided that woodlands shall be treated for this purpose as being woodlands on a separate estate, if the person occupying those woodlands gives notice to the Special Commissioners within ten years after the time when they are planted or replanted.
		(3) The election shall have effect, not only as respects the year of assessment, but also as respects all future years of assessment, so long as the woodlands are occupied by the person making the election.
	Assessment of profits from occupation of land under Schedule D in certain other cases.	37.—(1) Where, for any year of assessment, a person to whom this section applies is chargeable to tax under Schedule B in respect of the occupation for the purposes of husbandry of any lands—
		(a) the person shall when required to do so by a notice in writing served on him by an inspector prepare and deliver to the inspector, within the time limited by the notice, a statement of the profits or gains on which he would have been chargeable for the year of assessment if he had made an election in relation to the lands under section 34;
		(b) where the person fails to deliver the statement, or where the Revenue Commissioners are not satisfied with the statement delivered by the person, the Revenue Commissioners may serve on the person a notice in writing or notices in writing requiring him to do any of the following things, that is to say—
		(i) to deliver to an inspector copies of such accounts (including balance sheets) relating to the occupation of the lands as may be specified or described in the notice within such period as may be therein specified, including, where the accounts have been audited, a copy of the auditor's certificate,
		(ii) To make available, within such time as may be specified in the notice, for inspection by an inspector or by any officer authorised by the Revenue Commissioners, all such books, accounts and documents in his possession or power as may be specified or described in the notice, being books, accounts and documents which contain information as to transactions related to the occupation of the lands;
		(c) the inspector or other officer may take copies of, or extracts from, any books, accounts or documents made available for his inspection under the foregoing paragraph;
		(d) where the person fails to do anything which he is required to do by a notice under paragraph (b), this Act shall apply as if he had duly made, under section 34, an election in relation to the lands by notice delivered immediately after the commencement of the year of assessment;
		(e) where the person has delivered copies of accounts relating to the occupation of the lands and the Revenue Commissioners are of opinion that the accounts overstate the profits or gains arising from such occupation, the Revenue Commissioners may certify accordingly;
		(f) where the Revenue Commissioners have given a certificate under the foregoing paragraph—
		(i) this Act shall, subject to the next subparagraph, apply as if the person had duly made, under section 34, an election in relation to the lands by notice delivered immediately after the commencement of the year of assessment,
		(ii) an appeal against the certificate shall, within twenty-one days after notification to the person of the giving of the certificate, lie to the Special Commissioners in like manner as an appeal would lie against an assessment to income tax and the provisions of this Act relating to appeals shall have effect accordingly.
		(2) (a) This section applies to—
		(i) a person carrying on in the year of assessment a trade or profession,
		(ii) a person who, in the year of assessment, is a married person whose wife or husband carries on in that year a trade or profession, or
		(iii) a person who, in the year of assessment, is a director of a company carrying on in that year a trade and is either the beneficial owner of, or able, either directly or through the medium of other companies or by any other means, to control, more than 25 per cent. of the ordinary share capital of the company,
		subject to the proviso that a person who, apart from this proviso, would, by virtue of subparagraph (ii), be a person to whom this section applies shall not be such a person in a case in which the wife is not to be treated for income tax purposes as living with her husband.
		(b) For the purposes of subparagraph (iii) of paragraph (a), ordinary share capital which is owned or controlled as referred to in the subparagraph by a person being the wife, the husband or an infant child of a director, or by the trustee of a trust for the benefit of a person or persons being or including any such person or such director, shall be deemed to be owned or controlled by such director and not by any other person.
		(c) In this subsection—
		"company" means a company within the meaning of the Companies Act, 1963 ;
		"director" includes a person holding any office or employment under a company;
		"ordinary share capital" means all the issued capital (by whatever name called) of a company, other than capital the holders whereof have a right to a dividend at a fixed rate or a rate fluctuating in accordance with the rate of income tax, but have no other right to share in the profits of the company.
	Relief under Schedule B in case of loss by flood or tempest.	38.—Section 26, relating to relief in the case of losses caused by flood or tempest, shall apply in the case of Schedule B as in the case of Schedule A, and as respects land the proprietor of which is shown to the satisfaction of the Special Commissioners to be an incapacitated person, or to be otherwise incapable of consenting to an abatement of the rent, an abatement and discharge of tax under Schedule B may be allowed by the Special Commissioners on proof to them of the loss in respect of the abatement of rent which in their opinion ought to have been made.
		CHAPTER III General

	Revenue Commissioners to be furnished with copies of rates.	39.—(1) For the purpose of assessing tax chargeable under Schedules A and B, the secretary, clerk, or person acting as such, to a rating authority shall, when required by the Revenue Commissioners, transmit to them, at the head office of the Revenue Commissioners in Dublin, true copies of the last county rate or municipal rate made by the authority for its rating area or any part thereof.
		(2) The Revenue Commissioners shall pay to any such person the expenses of making all such copies, not exceeding the rate of two shillings and sixpence for every one hundred ratings.
		(3) If any such person neglects to transmit such copies, after being required to do so by the Revenue Commissioners, he shall, for every such neglect, forfeit the sum of £50.
	Production of valuations to inspector.	40.—(1) Every person shall, at the request of any inspector, or other officer acting in the execution of this Act, produce to him any survey or valuation on which the rates for any rating area, or part thereof, are assessed or made, or any rate or assessment made under any Act relating to the county rate or the municipal rate, which is in his custody or possession and permit the inspector or other officer to inspect the same and to take copies thereof, or extracts therefrom, without any payment.
		(2) Any such person who, on such request, refuses to produce any survey, valuation, rate, or assessment which is in his custody or possession, or to permit the inspection thereof, or the taking of such copies thereof or extracts therefrom as the inspector or other officer may think fit, shall, for every such refusal, forfeit the sum of £50.
	Power of Revenue Commissioners to direct revaluation.	41.—(1) If in any case it appears to the Revenue Commissioners that any rateable valuation which is for the time being in force is not correct (having reference to the principles according to which the valuation ought by law to have been made) with respect to all or any of the property included therein, they may direct the Commissioner of Valuation to make or cause to be made, for the purposes of tax, a revaluation of the property in accordance with the principles prescribed by law, and the Commissioner of Valuation shall, with all convenient speed, make the revaluation or cause it to be made accordingly, and shall sign and transmit the revaluation to the Revenue Commissioners.
		(2) Tax chargeable under Schedules A and B shall, after any such revaluation, be assessed and charged in accordance therewith.
		(3) A person assessed in accordance with any such revaluation may, if aggrieved thereby, appeal against the assessment on the ground that the revaluation is incorrect, and the Special Commissioners by whom the appeal is heard, or the Judge by whom the appeal is reheard, may alter the revaluation and the assessment, and make such an order with reference thereto, as they or he may think fit.
	Unoccupied property.	42.—Tax under Schedules A and B shall be charged on all property, whether occupied at the time of assessment or not, but if any house is or becomes unoccupied for the year or for part of the year of assessment, the tax shall not be levied thereon during the period while it is so unoccupied, and the inspector, on proof of the period during which the house was unoccupied, shall upon appeal discharge the tax in respect of that period.
	Savings with respect to actions of ejectment.	43.—An action of ejectment for non-payment of rent shall not be defeated on the ground that the person liable to pay the rent is entitled under this Act to a deduction which would reduce the amount due by him below a year's rent.
	Relief to persons prevented from using their land.	44.—Where the Revenue Commissioners are satisfied that a person entitled to the ownership and occupation of any land was in any year of assessment prevented by trespass, intimidation, or the disturbed state of the neighbourhood from using and occupying such land, they shall have power to cause to be given such relief as is just and reasonable in those circumstances in respect of any tax payable with reference to such land under Schedule A or Schedule B for such year of assessment.
	Relief to farming co-operative societies and farming trustees.	45.—Where the Revenue Commissioners are satisfied that any land is in the ownership and occupation of a co-operative society formed before the 6th day of April, 1927, for the acquisition of land to be divided amongst its members or of a body of trustees created before the 6th day of April, 1927, for the acquisition of land to be divided amongst their cestuis-qui-trustent and the Revenue Commissioners are also satisfied that, having regard to the taxable income of the several individuals beneficially interested in such land, the collection of the tax assessed with respect to such land under Schedule A or Schedule B for any year would impose undue hardship on such individuals the Revenue Commissioners shall have power to cause to be given such relief as is just and reasonable in respect of such tax.
	Definition of "the municipal rate".	46.—In this Part "the municipal rate" means any rate which is—
		( a ) the rate leviable by the Right Honourable the Lord Mayor, Aldermen and Burgesses of Dublin under section 63 of the Local Government (Dublin) Act , 1930, or
		( b ) the rate leviable by the Corporation of Dún Laoghaire under section 63 of the said Local Government (Dublin) Act, 1930 , or
		( c ) the rate leviable under section 25 of the Limerick City Management Act, 1934 , or
		( d ) the rate leviable under section 24 of the Waterford City Management Act, 1939 , or
		( e ) the rate leviable under section 16 of the Cork City Management (Amendment) Act, 1941 , or
		( f ) the rate leviable under section 18 of the Local Government Act, 1946 .
		PART III SCHEDULE C AND PRINCIPAL PROVISIONS RELATING THERETO


	Schedule C.	47.—The Schedule referred to in this Act as Schedule C is as follows—
		SCHEDULE C
		1. Tax under this Schedule shall be charged in respect of all profits arising from public revenue dividends payable in the State in any year of assessment.
		2. Where a banker or any other person in the State, by means of coupons received from another person or otherwise on his behalf, obtains payment of any foreign public revenue dividends, tax under this Schedule shall be charged in respect of the dividends.
		3. Where a banker in the State sells or otherwise realises coupons for any foreign public revenue dividends and pays over the proceeds of such realisation to or carries such proceeds to the account of any person, tax under this Schedule shall be charged in respect of the proceeds of the realisation.
		4. Where a dealer in coupons in the State purchases coupons for any foreign public revenue dividends otherwise than from a banker or another dealer in coupons, tax under this Schedule shall be charged in respect of the price paid on the purchase.
		5. Nothing in paragraph 1 shall apply to any annuities which are not of a public nature.
		6. The tax under this Schedule shall be charged for every twenty shillings of the annual amount of the profits, dividends, proceeds of realisation or price paid on purchase charged.
	Charge and payment.	48.—(1) Tax under Schedule C shall be charged by the commissioners designated for that purpose by this Act, and shall be paid on behalf of the persons entitled to the profits, dividends, proceeds of realisation or price paid on purchase which are the subject of the tax—
		( a ) in the case of tax charged under paragraph 1 of that Schedule, by the persons and bodies of persons respectively entrusted with payment;
		( b ) in the case of tax charged under paragraph 2, 3 or 4 of that Schedule, by the banker or other person or by the banker or by the dealer in coupons, as the case may be.
		(2) The provisions of Schedule 1 shall have effect in relation to the assessment, charge and payment of tax under Schedule C.
	Stocks of State and of foreign diplomats.	49.—(1) No tax shall be chargeable in respect of the stock, dividends or interest transferred to accounts in the books of the Bank of Ireland in the name of the Minister for Finance in pursuance of any statute, but the Bank of Ireland shall transmit to the Special Commissioners an account of the total amount thereof.
		(2) No tax shall be chargeable in respect of the stock, dividends or interest belonging to the State in whatever name they may stand in the books of the Bank of Ireland.
		(3) No tax shall be chargeable in respect of the stock, dividends or interest of an accredited diplomatic representative of any foreign State resident in the State:
		Provided that if the same stand in the name of a trustee, the property therein of any such representative shall be proved by the trustee to the Special Commissioners.
	Securities of foreign territories.	50.—(1) No tax shall be chargeable in respect of the dividends on any securities of any territory outside the State which are payable in the State, where it is proved to the satisfaction of the Revenue Commissioners that the person owning the securities and entitled to the dividends is not resident in the State; but, save as provided by this Act, no allowance shall be given or repayment be made in respect of the tax on the dividends on the securities of any such territory which are payable in the State:
		Provided that where the securities of any such territory are held under any trust, and the person who is the beneficiary in possession under the trust is the sole beneficiary in possession and can, by means either of the revocation of the trust or of the exercise of any powers under the trust, call upon the trustees at any time to transfer the securities to him absolutely free from any trust, that person shall, for the purposes of this section, be deemed to be the person owning the securities.
		(2) Relief under this section may be given by the Revenue Commissioners either by way of allowance or repayment on a claim being made to them for the purpose.
		(3) Any person who is aggrieved by the decision of the Revenue Commissioners on any question as to residence arising under this section may, by notice in writing to that effect given to the Revenue Commissioners within two months from the date on which notice of the decision is given to him, make an application to have his claim for relief heard and determined by the Special Commissioners.
		(4) Where an application is made under subsection (3), the Special Commissioners shall hear and determine the claim in like manner as an appeal made to them against an assessment and all the provisions of this Act relating to such an appeal (including the provisions relating to the rehearing of an appeal and to the statement of a case for the opinion of the High Court on a point of law) shall apply accordingly with any necessary modifications.
	Definitions.	51.—In this Part—
		"dividends", except in the phrase "stock, dividends or interest", means any interest, annuities, dividends or shares of annuities;
		"public revenue", except where the context otherwise requires, includes the public revenue of any Government whatsoever and the revenue of any public authority or institution in any country outside the State;
		"public revenue dividends" means dividends payable out of any public revenue;
		"foreign public revenue dividends" means dividends payable elsewhere than in the State (whether they are or are not also payable in the State) out of any public revenue other than the public revenue of the State;
		"banker" includes a person acting as a banker;
		"coupons" and "coupons for any foreign public revenue dividends" include warrants for or bills of exchange purporting to be drawn or made in payment of any foreign public revenue dividends.
		PART IV SCHEDULE D
		CHAPTER I Charge to Tax and General

	Schedule D .	52.—The Schedule referred to in this Act as Schedule D is as follows—
		SCHEDULE D
		1. Tax under this Schedule shall be charged in respect of—
		( a ) the annual profits or gains arising or accruing—
		(i) to any person residing in the State from any kind of property whatever, whether situate in the State or elsewhere; and
		(ii) to any person residing in the State from any trade, profession or employment, whether carried on in the State or elsewhere; and
		(iii) to any person, whether a citizen of Ireland or not, although not resident in the State, from any property whatever in the State, or from any trade, profession or employment exercised within the State; and
		(iv) to any person, whether a citizen of Ireland or not, although not resident in the State, from the sale of any goods, wares, or merchandise, manufactured or partly manufactured by such person in the State.
		( b ) all interest of money, annuities and other annual profits or gains not charged under Schedule A, Schedule B, Schedule C or Schedule E, and not specially exempted from tax,
		in each case for every twenty shillings of the annual amount of the profits or gains:
		Provided that profits or gains arising or accruing to any person from an office, employment or pension shall not, by virtue of this paragraph, be chargeable to tax under this Schedule unless they are chargeable to tax under Case III of this Schedule.
		2. The provisions of paragraph 1 are without prejudice to any other provision of this Act directing tax to be charged under this Schedule, and the tax so directed to be charged to be charged accordingly.
	The Cases.	53.—(1) Tax under Schedule D shall be charged under the following Cases:
		Case I.—Tax in respect of—
		( a ) any trade not contained in any other Schedule;
		( b ) the property in the following lands, tenements and hereditaments—
		(i) quarries of stone, slate, limestone or chalk, or quarries or pits of sand, gravel or clay;
		(ii) mines of coal, tin, lead, copper, pyrites, iron and other mines;
		(iii) ironworks, gasworks, salt springs or works, alum mines or works, waterworks, streams of water, canals, inland navigations, docks, drains or levels, fishings, rights of markets and fairs, tolls, railways and other ways, bridges, ferries and other concerns of the like nature having profits from or arising out of any lands, tenements or hereditaments;
		Case II.—Tax in respect of any profession not contained in any other Schedule;
		Case III.—Tax in respect of—
		( a ) any interest of money, whether yearly or otherwise, or any annuity, or other annual payment, whether such payment is payable within or outside the State, either as a charge on any property of the person paying the same by virtue of any deed or will or otherwise, or as a reservation out of it, or as a personal debt or obligation by virtue of any contract, or whether the same is received and payable half-yearly or at any shorter or more distant periods;
		( b ) all discounts;
		( c ) profits on securities bearing interest payable out of the public revenue other than such as are charged under Schedule C;
		( d ) interest on any securities issued or deemed within the meaning of section 466 to be issued, under the authority of the Minister for Finance, in cases where such interest is paid without deduction of tax;
		( e ) income arising from securities outside the State except such income as is charged under Schedule C;
		( f ) income arising from possessions outside the State;
		Case IV.—Tax in respect of any annual profits or gains not falling under any of the foregoing Cases, and not charged by virtue of any other Schedule;
		and subject to and in accordance with the provisions of this Act applicable to the said Cases respectively.
		(2) The provisions of subsection (1) are without prejudice to any other provision of this Act directing tax to be charged under one or other of the said Cases, and the tax so directed to be charged shall be charged accordingly.
	Market gardening.	54.—(1) In this section "market garden land" means land in the State occupied as a nursery or garden for the sale of the produce (other than land used for the growth of hops) and "market gardening" shall be construed accordingly.
		(2) Notwithstanding anything in Schedule B, or in the provisions applicable thereto, market gardening shall, for all the purposes of this Act in relation to the person by whom it is carried on, be treated as a trade, and
		( a ) the profits or gains thereof shall be charged under Case 1 of Schedule D, and
		( b ) income tax shall not be charged under Schedule B in respect of the occupation of market garden land,
		but where land is market garden land for part only of the year of assessment, tax shall be charged under Schedule B on that land for that year on so much of the assessable value of that land as bears to that value the same proportion as the remainder of that year bears to one year.
		(3) Where part of property valued under the Valuation Acts as a unit is market garden land—
		( a ) the annual value of the market garden land, for the purposes of section 65 shall be arrived at by apportionment of the rateable valuation of the property,
		( b ) the assessable value for the purposes of any assessment under Schedule B in respect of the remainder of the property shall be arrived at by apportionment of the amount which would have been the assessable value of the property, for the purposes of Schedule B, if no part thereof had been market garden land, and
		( c ) any apportionment required by this subsection shall be made by the inspector according to the best of his knowledge and judgment.
		(4) An apportionment made under subsection (3) may be amended by the Special Commissioners, or by the Circuit Court, on the hearing, or the rehearing, of an appeal against an assessment made on the basis of the apportionment, but, on the hearing, or the rehearing, of any such appeal, a certificate of the Commissioner of Valuation tendered by either party to the appeal and certifying, as regards property valued under the Valuation Acts as a unit, the amount of the rateable valuation of the property attributable to any part of the property, shall be conclusive as to the amount so attributable.
	Interest, etc., paid without deduction of tax under Schedule C.	55.—(1) Where any interest, dividends, annuities or shares of annuities to which this section applies or the profits attached to any such interest, dividends or annuities fall to be charged under the provisions applicable to Schedule C but are in fact not assessed for any year under that Schedule, tax upon such interest, dividends, annuities, shares of annuities or profits may be charged and assessed on and shall be payable by the person entitled to receive such interest, dividends, or other annual payments for that year under the appropriate Case of Schedule D.
		(2) This section applies to all interest, dividends, annuities and shares of annuities payable out of any public revenue of the State or out of any public revenue of Great Britain or of Northern Ireland or of Great Britain and Northern Ireland.
	Tax on quarries, mines and other concerns.	56.—(1) The provisions of Chapter II shall apply in relation to the concerns which, by virtue of section 53, are chargeable under Case I (b) of Schedule D, subject to the provisions of this section.
		(2) Tax under Case I of Schedule D shall be assessed and charged on the person or body of persons carrying on such concern, or on the agents or other officers who have the direction or management of the concern or receive the profits thereof.
		(3) ( a ) The computation in respect of any mine carried on by a company of adventurers shall be made and stated jointly in one sum, but any adventurer may be assessed and charged separately if he makes a declaration of his proportion or share in the concern for that purpose.
		( b ) An adventurer so separately assessed and charged may set off against his profits from one or more of such concerns the amount of his loss sustained in any other such concern as certified by the inspector.
		( c ) In any such case one assessment and charge only shall be made on the balance of profit and loss, and shall be made in the assessment district where the adventurer is chargeable to the greatest amount.
		(4) No deduction or set-off (other than the deduction granted by section 67 (2)) shall be allowed in estimating the profits on account of, or by reference to the annual value of any lands tenements or hereditaments occupied and used in connection with the concern and not separately assessed and charged under Schedule A in accordance with subsection (6).
		(5) Part XXI shall he be construed and have effect as if any income tax chargeable under Schedule D in respect of any of the concerns to which subsection (1) relates were chargeable under Schedule A.
		(6) In any case in which it appears to the Revenue Commissioners to be necessary or proper, the property in any of the concerns specified in section 53 as chargeable under Case I (b) may be assessed and charged under Schedule A instead of under Schedule D.
		Save as aforesaid, tax under Schedule A shall not be charged in respect of the property in any such concern.
		CHAPTER II Cases I and II

	Extent of charge.	57.—The tax under Cases I and II of Schedule D shall be charged without any other deduction than is by this Act allowed.
	Basis of assessment.	58.—(1) Subject to the provisions of this section and sections 59 and 60, tax shall be charged under Case I or Case II of Schedule D on the full amount of the profits or gains of the year preceding the year of assessment.
		(2) Where the trade or profession has been set up and commenced within the year of assessment, the computation of the profits or gains chargeable under Case I or Case II of Schedule D shall be made either on the full amount of the profits or gains arising in the year of assessment or according to the average of such period, not being greater than one year, as the case may require and as may be directed by the inspector.
		(3) Any person chargeable with income tax in respect of the profits or gains of any trade or profession which has been set up and commenced within the year preceding the year of assessment shall be charged on the full amount of the profits or gains for one year from the time of such setting up and commencement, but shall be entitled, on giving notice in writing to the inspector within twelve months after the end of the year of assessment, to be charged to income tax on the amount of the profits or gains of the year of assessment.
		(4) Any person chargeable with income tax in respect of the profits or gains of any trade or profession which has been set up and commenced within the year next before the year preceding the year of assessment shall be entitled, on giving notice in writing to the inspector within twelve months after the end of the year of assessment, to have the assessment reduced by the amount (if any) by which the aggregate amount of the respective assessments for the year of assessment and the year preceding that year exceed the total amount of the profits or gains of those two years.
		(5) (a) Where in any year of assessment a trade or profession is permanently discontinued then, notwithstanding anything contained in this Act—
		(i) the person charged or chargeable with tax in respect thereof shall be charged for that year on the amount of the profits or gains of the period beginning on the 6th day of April in that year and ending on the date of the discontinuance, subject to any deduction or set-off to which he may be entitled under section 308 or 309, and, if he has been charged otherwise than in accordance with this paragraph, any tax overpaid shall be repaid, or an additional assessment may be made upon him, as the case may require;
		(ii) if the profits or gains of the year ending on the 5th day of April in the year preceding the year of assessment in which the discontinuance occurs exceed the amount on which the person has been charged for that preceding year, or would have been charged if no such deduction or set-off as aforesaid had been allowed, an additional assessment may be made upon him, so that he shall be charged for that preceding year on the amount of the profits or gains of the said year ending on the 5th day of April, subject to any such deduction or set-off as aforesaid to which he may be entitled.
		(b) In the case of the death of a person who, if he had not died, would, under this subsection, have become chargeable to income tax for any year, the tax which would have been so chargeable shall be assessed and charged upon his executors or administrators, and shall be a debt due from and payable out of his estate.
		(6) The reference in subsection (5) to the discontinuance of a trade or profession shall be construed as referring to a discontinuance occurring by reason of the death while carrying on such trade or profession of the person carrying on the same as well as to a discontinuance occurring in the lifetime of such person, and for the purposes of subsection (5) such death shall be deemed to cause a discontinuance and such discontinuance shall be deemed to take place on the day of such death.
	Changes of proprietorship.	59.—(1) If at any time after the 5th day of April, 1965, a trade or profession which immediately before that time was carried on by an individual person (hereafter in this subsection referred to as the predecessor) becomes carried on by another individual person or by a partnership of persons (including a partnership in which the predecessor is a partner), the tax payable for all years of assessment by the predecessor shall be computed as if the trade or profession had been permanently discontinued at that time.
		(2) If at any time after the 5th day of April, 1965, an individual person (hereafter in this subsection referred to as the successor) succeeds to a trade or profession which immediately before that time was carried on by another individual person or by a partnership of persons (including a partnership in which the successor was a partner), the tax payable for all years of assessment by the successor shall be computed as if he had set up or commenced the trade or profession at that time.
		(3) In the case of the death of a person who, if he had not died, would, under the provision of this section, have become chargeable to income tax for any year, the tax which would have been so chargeable shall be assessed and charged upon his executors or administrators, and shall be a debt due from and payable out of his estate.
	Period of computation of profits.	60.—(1) Where, in the case of any trade or profession or of the occupation of any land occupied solely or mainly for the purpose of husbandry or of the occupation of any woodlands, it has been customary to make up accounts:—
		(a) if only one account was made up to a date within the year preceding the year of assessment, and that account was for a period of one year, the profits or gains of the year ending on that date shall be taken to be the profits or gains of the year preceding the year of assessment;
		(b) if no account for a period of one year was made up to a date within the year preceding the year of assessment, or if more accounts than one were made up to dates within that year, the Revenue Commissioners shall decide what period of twelve months shall be deemed to be the year the profits or gains of which are to be taken to be the profits or gains of the year preceding the year of assessment.
		(2) Where the Revenue Commissioners have given a decision under subsection (1) (b) and it appears to them that in consequence thereof the tax for the last preceding year of assessment in respect of the profits or gains from the same source should be computed on the profits or gains of a corresponding period, they may give directions to that effect and an assessment or additional assessment or repayment of tax shall be made accordingly.
		(3) An appeal shall lie against any assessment or additional assessment or in respect of any repayment of tax under subsection (2), and any such appeal shall be made to the Special Commissioners who shall consider the circumstances and grant such relief, if any, as is just, and their determination shall be final and conclusive, unless the person assessed requires that his appeal shall be reheard under section 429, or unless under this Act a case is required to be stated for the opinion of the High Court.
		(4) In the case of the death of a person who, if he had not died, would, under the provisions of this section, have become chargeable to income tax for any year, the tax which would have been so chargeable shall be assessed and charged upon his executors or administrators and shall be a debt due from and payable out of his estate.
	General Rule as to deductions.	61.—Subject to the provisions of this Act, in computing the amount of the profits or gains to be charged, no sum shall be deducted in respect of—
		(a) any disbursements or expenses, not being money wholly and exclusively laid out or expended for the purposes of the trade or profession;
		( b ) any disbursements or expenses of maintenance of the parties, their families or establishments or any sums expended for any other domestic or private purposes distinct from the purposes of such trade or profession;
		( c ) the rent or annual value of any dwelling-house or domestic offices or any part thereof, except such part thereof as is used for the purposes of the trade or profession:
		Provided that where any such part is so used, the sum so deducted shall be such as may be determined by the inspector and shall not, unless in any particular case the inspector is of opinion that, having regard to all the circumstances, some greater sum ought to be deducted, exceed two thirds of the annual value or of the rent bona fide paid for the said dwelling-house or offices;
		( d ) any sum expended for repairs of premises occupied, or for the supply, repairs, or alterations of any implements, utensils, or articles employed for the purposes of the trade or profession, beyond the sum actually expended for those purposes;
		( e ) any loss not connected with or arising out of the trade or profession;
		( f ) any capital withdrawn from, or any sum employed or intended to be employed as capital in such trade or profession;
		( g ) any capital employed in improvements of premises occupied for the purposes of the trade or profession;
		( h ) any interest which might have been made if any such sums as aforesaid had been laid out at interest;
		( i ) any debts, except bad debts proved to be such to the satisfaction of the inspector and doubtful debts to the extent that they are respectively estimated to be bad.
		In the case of the bankruptcy or insolvency of a debtor, the amount which may reasonably be expected to be received on any such debt shall be deemed to be the value thereof;
		( j ) any average loss beyond the actual amount of loss after adjustment;
		( k ) any sum recoverable under an insurance or contract of indemnity;
		( l ) any annual interest, or any annuity, or other annual payment payable out of the profits or gains;
		( m ) any royalty or other sum paid in respect of the user of a patent.
	Trading stock of discontinued trade.	62.—(1) In computing the profits or gains of a trade which has been discontinued, any trading stock belonging to the trade at the discontinuance thereof shall be valued in accordance with the following provisions:
		( a ) in the case of any such trading stock—
		(i) which is sold, or is transferred for valuable consideration, to a person who carries on or intends to carry on a trade in the State, and
		(ii) the cost of which to such person on such sale or transfer may be deducted by him as an expense in computing for any purpose of this Act the profits or gains of the said trade carried on or intended to be carried on by him,
		the value of such trading stock shall be taken to be the price paid therefor on such sale or the value of the consideration given therefor on such transfer, as the case may be;
		( b ) in the case of any other such trading stock, the value thereof shall be taken to be the amount which it would have realised if it had been sold in the open market at the discontinuance of the trade.
		(2) In this section—
		"trading stock" means property of any description, whether real or personal, which is either—
		( a ) property such as is sold in the ordinary course of the trade in relation to which the expression is used or would be so sold if it were mature or if its manufacture, preparation, or construction were complete, or
		( b ) materials such as are used in the manufacture, preparation, or construction of property such as is sold in the ordinary course of the said trade,
		references to a trade having been discontinued or to the discontinuance of a trade shall be construed as not referring to or including any case where such trade was carried on by a single individual and is discontinued by reason of his death (whether such trade is or is not continued by another person after such death) but shall be construed as referring to and including every other case where a trade has been discontinued or is, by virtue of any of the provisions of this Act, treated as having been discontinued for the purpose of computing tax.
	Deductions in relation to the establishment or alteration of superannuation schemes.	63.—Where a superannuation scheme is established in connection with a trade or undertaking or a superannuation scheme so established is altered and the person by whom the trade or undertaking is carried on makes a payment in respect of expenses (including a payment in respect of professional fees, but not including a payment by way of contribution towards the cost of providing the benefits payable under the scheme) in connection with such establishment or alteration, then, if the scheme or, as the case may be, the altered scheme is—
		( a ) operated through a fund approved, whether in whole or in part, by the Revenue Commissioners for the purposes of section 222,
		( b ) approved, whether in whole or in part, by the Revenue Commissioners under section 229, or
		( c ) an excepted scheme within the meaning of section 228 (2),
		the amount of the payment shall be allowed to be deducted in the computation, for the purposes of assessment to income tax, of the profits or gains of the trade or undertaking as an expense incurred when the payment is made:
		Provided that where, in a case falling within paragraph (a) or (b), a part only of the relevant fund or scheme is approved as therein mentioned, the deduction shall be restricted to so much of the payment as is referable to that part.
	Deduction for corporation profits tax.	64.—(1) Where any company has paid corporation profits tax in respect of any accounting period ending on or after the 1st day of April, 1966, the amount so paid shall, in computing for purposes of income tax the profits or gains of the company, be allowed to be deducted as an expense incurred in that accounting period:
		Provided that there shall be disregarded for the purposes of this subsection so much of the corporation profits tax paid in respect of any such accounting period which began before the 1st day of April, 1966, as is referable to profits apportioned under section 21 (2) of the Finance Act, 1966 , to the part of the accounting period before that day.
		(2) Where any company has received repayment of any amount previously paid by it by way of corporation profits tax, the amount repaid shall be treated as profit for the year in which the repayment is received but this subsection shall not apply save where there has been an allowance of the deduction of an amount as an expense in computing profits or gains for purposes of income tax.
		(3) Where in any year of assessment the profits or gains from which a deduction may be made under this section come into computation, but owing to the time at which the amount of the corporation profits tax became ascertained it was impracticable to give effect to the deduction when assessing income tax, the amount by which that tax would have been reduced if effect had been given to the deduction shall be deducted from the amount payable for corporation profits tax or, if there is no corporation profits tax, shall be repaid to the company.
	Exclusion of annual value of property.	65.—(1) The computation of tax shall be made exclusive of the annual value of property occupied for the purpose of the trade or profession and separately assessed and charged under Schedule A.
		(2) Where any lands, tenements, hereditaments or other premises of whatsoever description used for the purpose of any trade or profession are situate outside the State, no deduction or set-off shall, in estimating the amount of annual profits or gains arising or accruing from that trade or profession, in any manner be allowed on account or in respect of the annual value of those premises.
		(3) Where, in estimating the amount of annual profits or gains arising or accruing from any trade or profession and chargeable to tax under this Schedule, any sum is deducted on account of the annual value of the lands, tenements and hereditaments used for the purpose of such trade or profession, the sum so deducted shall not exceed the amount of the assessment of the lands, tenements and hereditaments for the purpose of tax under Schedule A as reduced for the purpose of collection.
		(4) ( a ) Subsection (3) shall not apply in the case of an industrial building or structure within the meaning of section 255 which is not a building or structure to which section 264 applies.
		( b ) Where, in the case of premises valued under the Valuation Acts as a unit, a part is, and a part is not, a building or structure to which section 264 applies, the annual value of each part shall be arrived at by apportionment of the rateable valuation of the premises, and section 54 (3) (c) and section 54 (4) shall apply to any such apportionment as they apply to an apportionment required by section 54 (3).
	Power to omit Schedule A assessments in certain cases.	66.—(1) In this section—
		"basis period" means, in relation to a year of assessment, the period on the profits or gains of which income tax for that year falls to be finally computed under Case I of Schedule D in respect of the trade in question or, where, by virtue of this Act, the profits or gains of any other period are to be taken to be the profits or gains of the said period, that other period;
		"company" means any body corporate;
		"short lease" has the same meaning as in Chapter VI of Part IV;
		"trade" means trade within Case I of Schedule D;
		"unit of valuation" means any lands, tenements or hereditaments valued under the Valuation Acts as a unit.
		(2) ( a ) Subject as hereafter provided, this section applies to any unit of valuation in respect of which a company is assessable under Schedule A being a unit of valuation of which no part fails, at any time during the year of assessment, to satisfy one or other of the following conditions, that is to say:
		(i) that it is wholly occupied by the company assessable as aforesaid for the purposes of a trade, or
		(ii) that it, with or without other premises, is subject to a short lease granted by the company not being such a lease as is referred to in section 86.
		( b ) This section does not apply to a unit of valuation—
		(i) of which the whole or a part is occupied for the purposes of a trade which consists wholly or partly of exempted trading operations within the meaning of Chapter I of Part XXV, or
		(ii) in respect of which any rent is payable under a short lease by the company assessable under Schedule A in respect thereof.
		( c ) For the purposes of paragraph (a) (ii), the currency of a lease shall be determined as it would be determined for the purposes of section 81 (4).
		(3) Notwithstanding anything in this Act, no assessment under Schedule A need be made for any year of assessment in respect of a unit of valuation to which this section applies; and where, for any year of assessment, an assessment under Schedule A is not made, the annual value of the unit of valuation shall not, save as is hereafter provided, be taken into account for any purpose of this Act in relation to the company assessable under Schedule A in respect thereof.
		(4) Where—
		( a ) the whole or a part of a unit of valuation to which this section applies (hereafter in this subsection referred to as the unit) is occupied at any time during a year of assessment (hereafter in this subsection referred to as the relevant year) for the purposes of a trade carried on by the company concerned, and
		( b ) an assessment under Schedule A is not made for the relevant year in respect of the unit,
		the following provisions shall apply to the computation for the purpose of assessment of the amount of the profits or gains of the trade for the basis period for the relevant year but not to the computation for the purpose of relief of the amount of a loss sustained in the trade in that period:
		(i) the profits or gains of the basis period shall first be computed as if an assessment under Schedule A in respect of the unit had been made for every year of assessment falling wholly or partly within the basis period for which such an assessment was not made;
		(ii) the amount computed in accordance with paragraph (i) shall then be adjusted as if, in addition to the trading receipts taken into account in arriving at it, the company had received in the basis period an amount of trading receipts equal to the sum specified in the next following paragraph and the amount computed in accordance with paragraph (i) as so adjusted shall for all purposes of this Act be taken to be the amount of the profits or gains of the basis period;
		(iii) the sum referred to in paragraph (ii) is a sum equal to the amount of the assessment under Schedule A which might have been made in respect of the unit for the relevant year or, in a case in which section 23 would have applied, the net amount, as reduced for the purposes of collection, of the assessment which might have been made as aforesaid, provided that in a case in which the whole of the unit is not occupied for the purposes of the trade throughout the relevant year, the sum hereinbefore specified shall be appropriately reduced.
		(5) ( a ) Where—
		(i) the assessment under Schedule A for any year of assessment (hereafter in this subsection referred to as the relevant year) in respect of a unit of valuation to which this section applies (hereafter in this subsection referred to as the unit) would, if made, fall to be reduced for the purposes of collection under section 23,
		(ii) an assessment under Schedule A is not made for that year in respect of the unit,
		(iii) a period (hereafter in this subsection referred to as the unassessed period) being the whole or a part of that year falls within a period (hereafter in this subsection referred to as the accounting period) for which the accounts of the company concerned are made up, and
		(iv) the whole or a part of the unit is occupied at any time during the unassessed period for the purposes of a trade carried on by the company,
		there shall be allowed in the computation of the amount of a loss sustained in the trade in the accounting period such deduction, if any, as is authorised by paragraph (b).
		( b ) (i) In a case in which the unassessed period coincides with the relevant year and the whole of the unit was throughout that period occupied for the purposes of the trade, the deduction under paragraph (a) shall be equal to the amount, if any, by which the net amount of the assessment under Schedule A which might have been made for the relevant year in respect of the unit falls short of the sum which, if the said assessment had been made, would have fallen to be deducted, under section 65 in respect of the unassessed period on account of the annual value of the unit.
		(ii) In any other case, the deduction under paragraph (a) shall be the same proportion of the deduction which would have been allowable thereunder, if subparagraph (i) of this paragraph applied, as the proportion which the sum which in the circumstances of the case would, if an assessment under Schedule A in respect of the unit had been made for the relevant year, have fallen to be deducted, under section 65, in respect of the unassessed period on account of the annual value of the unit bears to the sum which would have fallen to be deducted under that section if the circumstances were as stated in the said subparagraph (i).
		(6) Where in consequence of the operation of the foregoing provisions of this section the amount of the profits or gains of a trade on which a company is chargeable to tax under Case I of Schedule D is, for any year of assessment, greater than it would otherwise have been, only so much of the profits or gains on which the company is so chargeable as does not exceed the amount on which it would have been so chargeable if this section had not been enacted and only so much of the tax payable by the company as is attributable to that part of the profits or gains shall be taken into account in determining the amount of any relief to which the company is entitled for the year of assessment under section 220 or Chapter II, III or IV of Part XXV.
		(7) The circumstance that in accordance with this section an assessment under Schedule A is not made in respect of any unit of valuation shall not have the effect that a sum, which would otherwise be treated in accordance with Chapter III of Part V, as a perquisite of an office or employment, is not so treated.
		(8) ( a ) A company may by notice in writing delivered to the inspector within the time limited by paragraph (b) elect that this section shall not have effect in relation to it and, where a company has so elected, no unit of valuation in respect of which it is assessable under Schedule A shall be a unit of valuation to which this section applies.
		( b ) A notice under paragraph (a) shall be delivered—
		(i) in the case of a company in existence at the commencement of this Act (other than a company incorporated on a date more than six months before such commencement) within six months from the date on which the company was incorporated,
		(ii) in the case of a company not in existence at the commencement of this Act, within six months from the date on which the company is incorporated.
		( c ) A company may at any time withdraw a notice given by it under paragraph (a) or under section 10 (8) of the Finance Act, 1964 , and thereupon the notice shall cease to have effect as from the beginning of the next following year of assessment.
	Allowance for industrial premises.	67.—(1) In this section "premises" means an industrial building or structure within the meaning of section 255 which is not a building or structure to which section 264 applies.
		(2) In estimating the amount of annual profits or gains arising or accruing from any trade the profits of which are chargeable to tax under Case I of Schedule D, there shall, notwithstanding anything in section 65, be allowed to be deducted, as expenses incurred in any year, on account of any premises owned by the person carrying on such trade and occupied by him for the purposes of the said trade, and situate outside the State, a deduction equal to one-third of the annual value of those premises.
		(3) In estimating the profits for any year of any of the concerns which, by virtue of section 53, are charged under Case I (b) of Schedule D, there shall be allowed to be deducted, as expenses incurred in any year, on account of any premises owned by the person carrying on the concern and occupied by him for the purposes of such concern, a deduction equal to one-third of the annual value of those premises.
		(4) Annual value for the purposes of this section shall be estimated according to the principles governing the estimation of the annual value for the purposes of Schedule A.
	Statement of profits.	68.—(1) Every statement of profits to be charged under Schedule D which is made by any person—
		(i) on his own account; or
		(ii) on account of some other person for whom he is chargeable, or who is chargeable in his name,
		shall include every source of income so chargeable.
		(2) Where a person delivers a statement of profits as aforesaid on behalf of some other person, or of a body of persons, the statement shall be delivered in the assessment district where the person delivering the statement or the body of persons respectively would be assessable and chargeable if acting on his or their own behalf.
		CHAPTER III Trades and Professions Carried on in Partnership

	Interpretation.	69.—(1) In this Chapter—
		"annual payment" means any payment from which, apart from any insufficiency of profits or gains of the person making it, tax is deductible under section 433;
		"balancing charge" means a balancing charge under Part XVI;
		"basis period" means, in relation to a year of assessment, the period on the profits or gains of which income tax for that year falls to be finally computed under Case I of Schedule D in respect of the trade in question or, where, by virtue of this Act, the profits or gains of any other period are to be taken to be the profits or gains of the said period, that other period;
		"capital allowance" means any allowance, other than an allowance falling to be made in computing profits or gains, under section 241 or Part XIV, XV, XVI or XVII;
		"partnership trade" means a trade which is carried on by two or more persons in partnership;
		"precedent partner" means in relation to a partnership the partner who, being resident in the State—
		( a ) is first named in the partnership agreement, or
		( b ) if there is no agreement, is named singly or with precedence to the other partners in the usual name of the firm, or
		( c ) is the precedent acting partner, if the person named with precedence is not an acting partner,
		and any reference to precedent partner shall, in a case in which no partner is resident in the State, be construed as a reference to the agent, manager, or factor of the firm resident in the State;
		"relevant period" means in relation to a partnership trade a continuous period the whole or part of which is after the 5th day of April, 1965—
		( a ) beginning at a time when either the trade was not carried on immediately before it by two or more persons in partnership or none of the persons then carrying on the trade in partnership was one of the persons who immediately before it carried on the trade in partnership, and
		( b ) continuing so long as (but only so long as) there has not occurred a time when either the trade is not carried on immediately after it by two or more persons in partnership or none of the persons then carrying on the trade in partnership is one of the persons who immediately after it carry on the trade in partnership,
		subject to the proviso that, in the case of any such period which, apart from this proviso, would have began before the 6th day of April, 1965, "the relevant period" shall be taken as having begun at the time, or at the last of two or more times, at which, a change having occurred in the partnership of persons then engaged in carrying on the trade, the persons so engaged immediately after the time fell to be treated for the purposes of income tax as having set up or commenced the trade at that time.
		(2) In relation to a case in which a partnership trade is from time to time during a relevant period carried on by two or more different partnerships of persons, any reference in this Chapter to the partnership shall, unless the context otherwise requires, be construed as including a reference to any partnership of persons by whom the trade has been carried on since the beginning of the relevant period and any reference to a partner shall be construed correspondingly.
		(3) The provisions of this Chapter shall, with any necessary modifications, apply in relation to professions, as they apply in relation to trades.
	Power to require return as to sources of partnership income and amounts derived therefrom.	70.—(1) The precedent partner of any partnership, when required to do so by a notice given to him in relation to any year of assessment by an inspector, shall, within the time limited by the notice, prepare and deliver to the inspector a return in the prescribed form of—
		( a ) all the sources of income of the partnership for the year of assessment (in this section referred to as the preceding year) immediately preceding the year of assessment in relation to which the notice is given;
		( b ) the amount of income from each source for the preceding year computed in accordance with subsection (2);
		( c ) such further particulars for the purposes of income tax (including sur-tax) for the preceding year or the year of assessment as may be required by the notice or indicated by the prescribed form.
		(2) The amount of income from any source to be included in a return under this section shall be computed in accordance with the provisions of this Act save that the computation shall be made in all cases by reference to the preceding year:
		Provided that—
		( a ) in the case of such interest as is referred to in section 334 the computation shall be made without regard to that section;
		( b ) where, in the case of a trade, an account has been made up to a date within the preceding year or more accounts than one have been made up to dates within that year, the computation shall be made by reference to the period or to all the periods, where there are more than one, for which accounts have been made up as aforesaid.
		(3) If a person delivers to any inspector a return in a prescribed form, he shall be deemed to have been required by a notice under this section to prepare and deliver that return.
		(4) In proceedings for recovery of a penalty incurred under section 500 or 501 in relation to a return referred to in the preceding provisions of this section—
		( a ) a certificate signed by an inspector which certifies that he has examined his relevant records and that it appears from them that a stated notice was duly given to the defendant on a stated day shall be evidence until the contrary is proved that that person received that notice in the ordinary course,
		( b ) a certificate signed by an inspector which certifies that he has examined his relevant records and that it appears from them that, during a stated period, a stated return was not received from the defendant shall be evidence until the contrary is proved that the defendant did not, during that period, deliver that return,
		( c ) a certificate certifying as provided for in paragraph (a) or (b) and purporting to be signed by an inspector may be tendered in evidence without proof and shall be deemed until the contrary is proved to have been signed by such inspector.
		(5) In this section "prescribed" means prescribed by the Revenue Commissioners.
	Separate assessment of partners.	71.—(1) In the case of a partnership trade this Act shall, subject to the provisions of this Chapter, have effect in relation to any partner in the partnership as if for any relevant period—
		( a ) any profits or gains arising to him from the trade and any loss sustained by him therein were respectively profits or gains of, and loss sustained in, a trade (hereafter in this Chapter referred to as a several trade) carried on solely by him being a trade—
		(i) set up or commenced at the beginning of the relevant period, or if he commenced to be engaged in carrying on the partnership trade at some time in the relevant period other than the beginning thereof, at the time when he so commenced, and
		(ii) when he ceases to be engaged in carrying on the partnership trade, either during the relevant period or at the end thereof, permanently discontinued at the time when he so ceases, and
		( b ) he had paid the part he was liable to bear of any annual payment paid by the partnership.
		(2) ( a ) For any year or period within the relevant period the amount of the profits or gains arising to any partner from his several trade, or the amount of loss sustained by him therein, shall, for the purposes of subsection (1), be taken to be so much of the full amount of the profits or gains of the partnership trade or, as the case may be, of the full amount of the loss sustained in the partnership trade as would fall to his share on an apportionment thereof made in accordance with the terms of the partnership agreement as to the sharing of profits and losses.
		( b ) Where the year or period (hereafter in this paragraph referred to as the period of computation) for which the profits or gains of, or the loss sustained in, the several trade of a partner is to be computed under this subsection, is, or is part of, a year or period for which an account of the partnership trade has been made up, sections 60 and 107 shall apply in relation to the partner as if an account of his several trade had been made up for the period of computation.
		( c ) Where in the case of the several trade of a partner the basis period for any year of assessment begins before the 6th day of April, 1965, the profits or gains of that basis period shall be computed in accordance with the foregoing provisions of this subsection notwithstanding that those provisions were not in force in that period or some part thereof.
		(3) For the purposes of subsection (2), the full amount of the profits or gains of the partnership trade for any year or period, or the full amount of the loss sustained in such trade in any year or period, shall, subject to section 73, be determined by the inspector and any such determination shall be made as it would have fallen to be made if the trade—
		( a ) had been set up or commenced at the beginning of the relevant period, and
		( b ) where the relevant period has come to an end, had been permanently discontinued at the end of that period, and
		( c ) had at all times within the relevant period been carried on by one and the same person and everything done in the carrying on thereof to or by the persons by whom it was in fact carried on had been done to or by that person:
		Provided that in a case in which the relevant period began at some time before the 6th day of April, 1965, and the trade did not fall to be treated for the purposes of income tax as having been set up or commenced at that time, the relevant period shall, for the purposes of this subsection, be deemed to have begun at the time at which the trade was treated for the purposes of income tax as having been set up or commenced and, in any such case, any profits or gains arising to any person from the trade, or any loss sustained by him in the trade, for any year or period within the relevant period during which he was engaged in the trade on his own account shall be deemed to be profits or gains arising to him from, or, as the case may be, loss sustained by him in, a partnership trade in which he was entitled during the year or period in question to the full amount of the profits or gains arising or was liable to bear the full amount of the loss.
		(4) Where the shares to which the partners are entitled in the basis period for a year of assessment do not exhaust the profits of the trade carried on by the partnership for that period, an assessment shall be made under Case IV of Schedule D on the precedent partner in respect of the unexhausted portion of the profits and the precedent partner shall, if and when such balance falls to be paid to a person entitled thereto, be entitled to deduct from such balance any amounts of tax which have been assessed on and paid by him and he shall be acquitted and discharged of any such amounts.
		(5) This section shall not cause any income which, apart from this section, is not earned income to become earned income.
	Capital allowances and balancing charges in partnership cases.	72.—(1) The provisions of this Act as regards the making of capital allowances and balancing charges in charging the profits or gains of a trade shall, in relation to the several trade of a partner in a partnership, have effect subject to the following provisions of this section.
		(2) Where for any year of assessment a claim has been made, as provided by subsection (9), by the precedent partner for the time being of any partnership, there shall be made to any partner in the partnership in charging the profits or gains of his several trade a capital allowance in respect of any expenditure or property equal to his appropriate share of any capital allowance for that year (excluding any amount carried forward from an earlier year) (hereafter in this section referred to as a joint allowance) which, apart from any insufficiency of profits or gains, might have been made in respect thereof in charging the profits or gains of the partnership trade if this Act had provided that those profits should be charged by joint assessment on the persons carrying on the trade in the year of assessment as if—
		( a ) those persons had at all times been carrying on the trade and everything done to or by their predecessors in, or in relation to, the carrying on thereof had been done to or by them, and
		( b ) the trade had been set up or commenced at the beginning of the relevant period and, where the relevant period has come to an end, had been permanently discontinued at the end of that period.
		(3) For any year of assessment there shall be made on any partner in a partnership in charging the profits or gains of his several trade a balancing charge equal to his appropriate share of any balancing charge (hereafter in this section referred to as a joint charge) which would have fallen to be made for that year in charging the profits or gains of the partnership trade if this Act had provided that those profits should be charged as specified in subsection (2).
		(4) Where at the end of the relevant period a person or a partnership of persons succeeds to a partnership trade and any property which, immediately before the succession takes place, was in use for the purposes of the partnership trade and, without being sold is, immediately after the succession takes place, in use for the purposes of the trade carried on by the successor or successors, section 300 (1) shall apply as it applies where, by virtue of any of the provisions of section 59, a trade is to be treated as discontinued.
		(5) Where for a partnership trade the relevant period began at some time before the 6th day of April, 1965, and the trade did not fall to be treated for the purposes of income tax as having been set up or commenced at that time, the relevant period shall, for the purposes of subsections (2) and (3), be deemed to have began at the time at which the trade was treated for the purposes of income tax as having been set up or commenced.
		(6) ( a ) In relation to any partnership trade the total amount of all joint allowances for any year of assessment and the total amount of all joint charges for that year shall, subject to section 73, be determined by the inspector.
		( b ) Where after a determination has been made under paragraph (a) the inspector becomes aware of any facts or events by reference to which the determination is in his opinion incorrect, he may from time to time and as often as appears to him to be necessary make a revised determination, and any such revised determination shall supersede any earlier determination and any such additional assessments or repayments of tax shall be made as may be necessary.
		(7) ( a ) Subject to the provisions of paragraph (b), for any year of assessment the partners' appropriate shares of a joint allowance, or of a joint charge, shall be arrived at by apportioning the full amount thereof between the partners on the same basis as a like amount of profits arising in the trading period from the partnership trade, and accruing from day to day over that period, would fall to be apportioned in accordance with the terms of the partnership if any salary, interest on capital or other sum to which any partner was entitled without regard to the amount of the profits arising from the partnership trade had already been provided for.
		In this paragraph "trading period" means, where the relevant period begins or ends during the year of assessment for which the joint allowance or joint charge is computed, the part of that year of assessment which falls within the relevant period or, in any other case, that year of assessment.
		( b ) If for any year of assessment all the partners (any deceased partner being represented by his legal representatives) allege, by notice in writing signed by them and sent to the inspector within twelve months after the end of the year of assessment, that hardship is caused to one or more partners by the apportionment of a joint allowance or joint charge on the basis set out in paragraph (a), the Revenue Commissioners may, on being satisfied that hardship has been caused, give such relief as in their opinion is just by making a new apportionment of the joint allowance or joint charge, and any such new apportionment shall for all the purposes of this Act have effect as if it were an apportionment made under paragraph (a) and such additional assessments or repayments of tax shall be made as may be necessary.
		(8) For any year of assessment the aggregate amount of all capital allowances brought forward shall, for the purpose of making the assessments on the partners, be deemed to be a joint allowance for that year and subsection (7) shall apply accordingly.
		In this subsection a capital allowance brought forward means—
		( a ) any capital allowance or part of a capital allowance falling to be made to the partnership for the year 1964-65 or any earlier year of assessment which might, if Part VIII of the Finance Act, 1965 , had not been enacted, have been carried forward and made as a deduction in charging the profits or gains of the partnership trade for the year 1965-66, and
		( b ) any capital allowance or part of a capital allowance falling to be made to a partner for 1965-66 or a later year of assessment which, but for this subsection, might have been carried forward and made as a deduction in charging the profits or gains of the several trade of the partner for a year of assessment subsequent to that for which the capital allowance was computed.
		(9) In relation to a partnership trade—
		( a ) any claim for a joint allowance for any year of assessment shall be made by the precedent partner as if it were a claim for a capital allowance falling to be made to him and shall be included in the return delivered by him, under section 70, in relation to that year of assessment, and
		( b ) any claim for a joint allowance shall be deemed to be a claim by every partner for a capital allowance falling to be made to him being a capital allowance equal to his appropriate share of that joint allowance.
	Modification of provisions as to appeals.	73.—(1) The inspector may give notice to the partnership concerned of any determination made by him under section 71 (3) or 72 (6) by delivering a statement in writing thereof to the precedent partner for the time being of the partnership and all the provisions of this Act relating to appeals against assessments to income tax shall, with any necessary modifications, apply in relation to any determination and any notice of a determination as if they were respectively such an assessment and notice of such an assessment.
		(2) Where a determination has become final and conclusive or, in the case of a determination under section 72 (6) has become final and conclusive subject to paragraph (b) of that subsection, no question as to its correctness shall be raised on the hearing or on the rehearing of an appeal by any partner either against an assessment in respect of the profits or gains of his several trade or against a determination by the inspector on a claim under section 307.
		(3) Where on any appeal such as is mentioned in subsection (2) any question arises as to an apportionment falling to be made under section 71 (2) or section 72 (7) and it appears that the question is material as respects the liability to income tax (for whatever year of assessment) of two or more persons, all those persons shall be notified of the time and place of the hearing and shall be entitled to appear and be heard by the Special Commissioners or to make representations to them in writing.
	Provision as to charges under section 288.	74.—(1) Where for any year of assessment a charge under section 288 (hereafter in this section referred to as a joint charge) would have fallen to be made in charging the profits or gains of a partnership trade if this Act had provided that those profits or gains should be charged as specified in section 72 (2), there shall be made on any partner in the partnership in charging the profits or gains of his several trade a charge under the said section 288 equal to his appropriate share of the joint charge.
		(2) For the purposes of subsection (1) a partner's appropriate share of a joint charge shall be arrived at in the same way as his appropriate share of a joint charge within the meaning of section 72 is to be arrived at by virtue of subsection (7) of that section.
		CHAPTER IV Case III

	Income chargeable under case III.	75.—(1) Save as is hereinafter otherwise provided, income or profits chargeable under Case III of Schedule D shall, for all the purposes of ascertaining liability to income tax, be deemed to issue from a single source, and the provisions of section 77 shall apply accordingly.
		(2) Subsection (1) shall not apply to the following income or profits and such income or profits shall be deemed to arise from separate sources respectively, that is to say:—
		(i) income or profits chargeable under section 215.
		(ii) profits chargeable under section 78, and
		(iii) income from securities and possessions in any place outside the State tax on which under subsections (2) and (3) of section 76 is required to be computed by reference to the amount of the income received in the State.
	Foreign securities and possessions.	76.—(1) Subject to the provisions of this section and section 77, tax chargeable under Case III of Schedule D in respect of income arising from securities and possessions in any place outside the State shall be computed on the full amount thereof arising in the year preceding the year of assessment whether the income has been or will be received in the State or not, subject, in the case of income not received in the State—
		( a ) to the same deductions and allowances as if it had been so received; and
		( b ) to the deduction, where such deduction cannot be made under, and is not forbidden by, any other provision of this Act, of any sum which has been paid in respect of income tax in the place where the income has arisen; and
		( c ) to a deduction on account of any annual interest or any annuity or other annual payment payable out of the income to a person not resident in the State,
		and the provisions of this Act (including those relating to the delivery of statements) shall apply accordingly.
		(2) Subsection (1) shall not apply—
		( a ) to any person who satisfies the Revenue Commissioners that he is not domiciled in the State, or that, being a citizen of Ireland, he is not ordinarily resident in the State, or
		( b ) to income arising from such securities and possessions as aforesaid which form part of the investments of the foreign life assurance fund of an assurance company.
		(3) In the cases mentioned in subsection (2), the tax shall, subject to the provisions of section 77, be computed on the full amount of the actual sums received in the State from remittances payable in the State, or from property imported, or from money or value arising from property not imported, or from money or value so received on credit or on account in respect of such remittances, property, money or value brought into the State in the year preceding the year of assessment without any deduction or abatement.
		(4) Where the Revenue Commissioners are satisfied that the application of the provisions of this section would give rise to hardship in the case of income derived from an employment exercised wholly outside the State they may grant such relief as in their opinion is just.
		(5) Any person who is aggrieved by the decision of the Revenue Commissioners on any question as to domicile or ordinary residence arising under subsection (2) may, by notice in writing to that effect given to the Revenue Commissioners within two months from the date on which notice of the decision is given to him, make an application to have his claim for relief heard and determined by the Special Commissioners.
		(6) Where an application is made under this section, the Special Commissioners shall hear and determine the claim in like manner as an appeal made to them against an assessment and all the provisions of this Act relating to such an appeal (including the provisions relating to the rehearing of an appeal and to the statement of a case for the opinion of the High Court on a point of law) shall apply accordingly with any necessary modifications.
	Basis of assessment.	77.—(1) Tax under Case III of Schedule D shall, subject to the provisions of this section, be computed—
		( a ) as respects the year of assessment in which the profits or income first arise, on the full amount of the profits or income arising within that year; and
		( b ) as respects subsequent years of assessment, on the full amount of the profits or income arising within the year preceding the year of assessment:
		Provided that—
		(i) where the profits or income first arose on some day in the year preceding the year of assessment other than the 6th day of April, the computation shall be made on the profits or income of the year of assessment; and
		(ii) where the profits or income first arose on the 6th day of April in the year preceding the year of assessment, or on some day in the year next before the year preceding the year of assessment other than the 6th day of April, the person charged shall be entitled, on giving notice in writing to the inspector at any time within twelve months after the end of the year of assessment, to be charged on the amount of the profits or income of that year, and if the tax charged has been paid, any amount overpaid shall be repaid.
		(2) Tax shall, subject to the provisions of section 76, be paid on the actual amount computed as aforesaid without any deduction.
		(3) If in any year of assessment any person charged or chargeable in respect of income or profits under Case III of Schedule D ceases to possess the whole of such single source of income or profits as is mentioned in section 75 (1) or any of the sources the income of which is directed to be separately computed under subsection (2) of that section, section 58 (5) shall, subject to the necessary modifications, apply in any such case as if the cesser of the possession of such single source or separate sources, as the case may be, were the discontinuance of a trade.
		(4) The references in subsection (3) to a person ceasing to possess a source of income or profits shall be construed as referring to a cesser occurring by reason of the person dying while in possession of the source of income or profits as well as to a cesser occurring in the lifetime of such person, and for the purposes of subsection (3) such death shall be deemed to cause a cesser, and such cesser shall be deemed to take place on the day of such death.
		(5) The provisions of subsection (1) shall, in cases where income tax is to be computed by reference to the amount of income received in the State, have effect as if references therein to income which arises or which arose were references to income which is or was so received.
	Cattle and milk dealers.	78.—If the inspector finds that lands which have been charged under Schedule B on the assessable value, and which are occupied by a dealer in cattle or a dealer in or a seller of milk, are insufficient for the keep of the cattle brought on to the lands, so that the assessable value affords no just estimate of the profits, he may require a statement of the profits to be delivered, and charge such further sum thereon as, together with the charge under Schedule B, will make up the full sum wherewith the dealer or seller ought to be charged in respect of the like amount of profits charged according to section 77.
		CHAPTER V Case IV-General

	Basis of assessment.	79.—(1) The nature of the profits or gains, and the basis on which the amount thereof has been computed, including the average, if any, taken thereon, shall be stated to the inspector.
		(2) The computation shall be made, either on the full amount of the profits or gains arising in the year of assessment, or according to the average of such a period, not being greater than one year, as the case may require, and as may be directed by the inspector.
		(3) Every such statement and computation shall be made to the best of the knowledge and belief of the person in receipt of or entitled to the profits or gains.
		CHAPTER VI Taxation of Rents and Certain Other Payments

	Interpretation.	80.—(1) In this Chapter, save where the context otherwise requires—
		"easement" includes any right, privilege or benefit in, over or derived from premises;
		"lease" includes an agreement for a lease and any tenancy, but does not include a mortgage, and "lessee" and "lessor" shall be construed accordingly, and "lessee" and "lessor" include, respectively, the successors in title of a lessee or a lessor;
		"long lease" means a lease granted for a term exceeding fifty years;
		"premises" means any lands, tenements or hereditaments in the State;
		"premium" includes any like sum, whether payable to the immediate or a superior lessor;
		"rent" includes anything in the nature of rent and any payment made by the lessee to defray the cost of work of maintenance of or repairs to the premises, not being work required by the lease to be carried out by the lessee;
		"short lease" means a lease granted for a term not exceeding fifty years;
		"unit of valuation" means any lands, tenements or hereditaments valued under the Valuation Acts as a unit.
		(2) In ascertaining, for the purposes of the definitions of "long lease" and "short lease" contained in subsection (1), the duration of a lease, the following provisions shall have effect:
		( a ) where the terms of the lease include provision for the determination thereof by notice given either by the lessor or by the lessee, the lease shall not be treated as granted for a term longer than one ending at the earliest date on which it could be determined by notice;
		( b ) where any of the terms of the lease (whether relating to forfeiture or to any other matter) or any other circumstance render it unlikely that the lease will continue beyond a date falling before the expiration of the term of the lease, the lease shall not be treated as having been granted for a term longer than one ending on that date.
		(3) Any reference in this Chapter to one person being connected with another shall be construed in accordance with section 96 (3).
		(4) Where the estate or interest of any lessor of any premises is the subject of a mortgage and either the mortgagee is in possession or the rents and profits are being received by a receiver appointed by or on the application of the mortgagee, that estate or interest shall be deemed, for the purposes of this Chapter, to be vested in the mortgagee, and references to a lessor shall be construed accordingly; but the amount of the liability to tax of any such mortgagee shall be computed as if the mortgagor was still in possession or, as the case may be, no receiver had been appointed, and as if it were the amount of the liability of the mortgagor that was being computed.
	Taxation of rents under short leases.	81.—(1) The profits or gains arising from any rent in respect of any premises under a short lease shall, to the extent provided for by this Chapter, be deemed, for all the purposes of this Act, to be annual profits or gains within Schedule D and the lessor shall be chargeable in respect thereof under Case IV of that Schedule.
		(2) Notwithstanding anything in section 79 (2), income tax in respect of profits or gains chargeable by virtue of this section shall in all cases be computed on the full amount of the profits or gains of the year of assessment.
		(3) Subject to the subsequent provisions of this Chapter, the amount of the profits or gains to be charged under this section shall be arrived at by making from any rent to which the lessor becomes entitled in the year of assessment the deductions authorised by the next following subsection.
		(4) The deductions authorised by this subsection are deductions by reference to any or all of the following matters:
		( a ) the amount, if any, on which the lessor is liable to pay, by deduction or otherwise, income tax under Schedule A for the year of assessment in respect of the premises;
		( b ) the excess, if any, of the amount of any rent payable by the lessor in respect of the premises, or in respect of a portion thereof, under a short lease over the amount referred to in paragraph (a) or, as the case may be, the portion of the latter amount which is referable to the portion of the premises in respect of which the rent is payable by the lessor;
		( c ) any sums borne by the lessor, in accordance with the conditions of the lease, in respect of county rate, municipal rate or other rate, whether such sums are by law charged upon him or upon the lessee;
		( d ) the cost to the lessor of any services rendered or goods provided by him, otherwise than by way of maintenance or repairs, being services or goods which he is legally bound under the lease to render or provide but in respect of which he receives no separate consideration;
		( e ) the cost of maintenance, repairs, insurance and management of the premises in so far as such cost is, by reason of obligations imposed by the lease, borne by the lessor,
		and the amount of the deduction to be made by reference to each of the foregoing matters shall be the amount which would fall to be so made in computing profits or gains under the provisions applicable to Case I of Schedule D if it were enacted that the receipt of rent under a short lease should be deemed to be a trade carried on during the currency of the lease by the lessor for the time being and that the premises comprised in the lease should be deemed to be occupied for the purposes of that trade.
		For the purposes of this subsection the currency of a lease shall be deemed to include a period, immediately following its termination, during which the lessor, immediately before the termination, was not in occupation of the premises or any part thereof, but was entitled to possession thereof, if at the end of that period the premises have become subject to another short lease granted by him.
		(5) Where a lessor is entitled to rent in respect of premises (hereafter in this subsection referred to as the said premises) under a short lease and—
		( a ) the said premises do not comprise the whole of a unit of valuation or the whole of two or more such units, or
		( b ) a rent is payable by the lessor under a short lease in respect of premises which comprise the whole or a part of the said premises and other premises,
		the inspector shall make, according to the best of his knowledge and judgement, any appropriate apportionment of rateable valuation or of rent payable by the lessor in determining the amount of any deduction under paragraph (a), (b) or (c) of subsection (4).
		(6) An apportionment made under subsection (5) may be amended by the Special Commissioners, or by the Circuit Judge, on the hearing, or the rehearing, of an appeal against an assessment made on the basis of such apportionment; but, on the hearing, or the rehearing, of any such appeal, a certificate of the Commissioner of Valuation, tendered by either party to the appeal and certifying, as regards premises valued under the Valuation Acts as a unit, the amount of the rateable valuation of the premises attributable to any part of the premises, shall be conclusive as to the amount so attributable.
	Additional deductions in certain cases.	82.—(1) In this section—
		"excepted profits or gains" means profits or gains arising from rent under a short lease in respect of premises which comprise the whole of what was, on the 6th day of April, 1963, a unit of valuation where, for the year of assessment, all the following conditions are satisfied, that is to say:
		( a ) the premises are premises to which subsection (2) applies;
		( b ) the lease imposes no obligation on the lessee to maintain or repair the fabric or exterior of any building or to contribute to the cost of such maintenance or repairs, and
		( c ) the rent to which the lessor is entitled or, in a case in which a deduction is allowable under section 81 (4) (c) in arriving at the amount of the profits or gains for the purpose of assessment under Case IV of Schedule D, the said rent reduced by the deduction allowable as aforesaid, does not exceed £52 per annum;
		"profit rent" means, in relation to any premises in respect of which a lessor is, in a year of assessment, entitled to rent under a short lease, the amount (hereafter in this definition referred to as the assessable amount) on which, but for the provisions of the following subsections of this section, the lessor would have been chargeable for the year of assessment under Case IV of Schedule D, in respect of profits or gains arising from the said rent, increased by any deduction allowed under section 81 (4) (a) in arriving at the assessable amount and reduced by the amount, if any, by which any deduction allowed under section 81 (4) (b) in arriving at the assessable amount falls short of the deduction which would have been so allowable if—
		(i) no deduction had been allowable under section 81 (4) (a), and
		(ii) section 81 (4) (b) and section 81 (5) applied to any payment to which section 93 applies as they apply to any rent payable under a short lease.
		(2) ( a ) This subsection applies to any premises which are shown to the satisfaction of the Revenue Commissioners (or, on appeal, to the satisfaction of the Special Commissioners) to be in the year of assessment a controlled dwelling within the meaning of the Rent Restrictions Act, 1960 .
		( b ) Where for any year of assessment a person is chargeable under Case IV of Schedule D in respect of profits or gains arising from any rent in respect of any premises to which this subsection applies under a short lease, the amount on which he would, apart from this subsection, be so chargeable shall be reduced by an amount equal to two-fifths of the profit rent:
		Provided that, for any year of assessment, the aggregate of all amounts by which profits or gains, other than excepted profits or gains, arising to any person are reduced by virtue of this paragraph shall not exceed £200.
		(3) The reference, in the proviso to subsection (2) (b), to profits or gains arising to any person shall be deemed to include, in the case of an individual, a reference to profits or gains arising to the wife or husband of the individual.
		In this subsection and subsection (4) "wife" means a married woman who under section 196 (1) is to be treated as living with her husband, and "husband" has a corresponding meaning.
		(4) ( a ) Where in any year of assessment profits or gains arise to both a husband and a wife from rents in respect of premises to which subsection (2) applies and the aggregate (hereafter in this subsection referred to as the gross aggregate) of all amounts by which the said profits or gains would have fallen to be reduced under this section, if the proviso to subsection (2) (b) (hereafter in this subsection referred to as the limiting provision) had been omitted from this section, exceeds what, in consequence of the operation of the limiting provision is the aggregate (hereafter in this subsection referred to as the net aggregate) of all amounts by which the said profits or gains may be reduced, the aggregate of all amounts by which the profits or gains arising to either spouse are reduced shall not exceed the sum which bears to the net aggregate the same proportion as the aggregate of all amounts by which, but for the limiting provision, the profits or gains arising to that spouse would have fallen to be reduced bears to the gross aggregate.
		( b ) Any reference in this subsection to profits or gains does not include a reference to excepted profits or gains.
	Treatment of premiums etc., as rent.	83.—(1) Where the payment of any premium is required under a lease, or otherwise under the terms subject to which a lease is granted, and the lease is a short lease, the lessor shall be treated for the purposes of section 81 as becoming entitled, when the lease is granted, to an amount by way of rent (in addition to any actual rent) equal to the amount of the premium reduced by one-fiftieth of that amount for each complete period of twelve months, other than the first, comprised in the term of the lease.
		(2) Where the terms subject to which a lease of any premises is granted impose on the lessee an obligation to carry out any work on the premises, the lease shall be deemed for the purposes of this section to have required the payment of a premium to the lessor (in addition to any other premium) of an amount equal to the amount by which the value of the lessor's estate or interest, immediately after the commencement of the lease, falls short of what its then value would have been if the work had been carried out, but otherwise than at the expense of the lessee, and the rent were increased accordingly:
		Provided that this subsection shall not apply in so far as the obligation requires the carrying out of work payment for which would, if the lessor and not the lessee were obliged to carry it out, be deductible from the rent under section 81 (4).
		(3) Where, under the terms subject to which a lease is granted, a sum becomes payable by the lessee in lieu of the whole or a part of the rent for any period, or as consideration for the surrender of the lease, the lease shall be deemed for the purposes of this section to have required the payment of a premium to the lessor (in addition to any other premium) of the amount of that sum; but—
		( a ) in computing tax chargeable by virtue of this subsection in respect of a sum payable in lieu of rent, the term of the lease shall be treated as not including any period other than that in relation to which the sum is payable;
		( b ) notwithstanding anything in subsection (1), rent treated as arising by virtue of this subsection shall be deemed to become due when the sum in question becomes payable by the lessee.
		(4) Where, as consideration for the variation or waiver of any of the terms of a lease, a sum becomes payable by the lessee otherwise than by way of rent, the lease shall be deemed for the purposes of this section to have required the payment of a premium to the lessor (in addition to any other premium) of the amount of that sum; but in computing tax chargeable by virtue of this subsection the term of the lease shall be treated as not including any period which precedes the time at which the variation or waiver takes effect or falls after the time at which the variation or waiver ceases to have effect, and notwithstanding anything in subsection (1) rent treated as arising by virtue of this subsection shall be deemed to become due when the contract providing for the variation or waiver is entered into.
		(5) Where a payment such as is mentioned in subsection (1), (3) or (4) is due to a person other than the lessor, the said subsection (1), (3) or (4) shall not apply in relation to that payment, but any amount which would have fallen to be treated as rent if the payment had been due to the lessor shall be treated as an annual profit or gain of that other person and chargeable to tax under Case IV of Schedule D:
		Provided that where the amount relates to a payment falling within subsection (4), it shall not be so treated unless the payment is due to a person connected with the lessor.
		(6) ( a ) If an amount by reference to which a person is chargeable to tax by virtue of this section is payable by instalments, the following provisions shall, where this subsection applies, have effect in lieu of the foregoing provisions of this section:
		(i) each such instalment payable to the lessor for the time being shall be treated for the purposes of section 81 as if it were rent payable under the lease, and
		(ii) each such instalment payable to a person who is not a lessor shall be treated as an annual profit or gain of that person and chargeable to tax under Case IV of Schedule D.
		( b ) This subsection applies where the person chargeable by virtue of this section by notice in writing, given to the inspector before the expiration of the year of assessment following that in which he becomes entitled to the first instalment, elects that it shall apply and where such notice of election is given all such additional assessments, alterations of assessments and repayments of tax shall be made as may be necessary.
		(7) For the purposes of this section any sum, other than rent, paid on or in connection with the granting of a lease shall be presumed to have been paid by way of premium except in so far as other sufficient consideration for the payment is shown to have been given.
		(8) Where the duration of a lease falls to be ascertained for the purposes of this section after a date on which the lease has for any reason come to an end, the duration shall, notwithstanding anything in section 80 (2), be taken to have extended from its commencement to that date; and where the duration falls to be ascertained for the said purposes at a time when the lease is subsisting, the provisions of section 80 (2) shall be applied in accordance with the circumstances obtaining at that time.
	Charge on assignment of lease granted at undervalue.	84.—(1) Where the terms subject to which a short lease was granted are such that the lessor having regard to values prevailing at the time it was granted, and on the assumption that the negotiations for the lease were at arm's length, could have required the payment of an additional sum (hereafter in this section referred to as the amount foregone) by way of premium, or additional premium, for the grant of the lease, then, on any assignment of the lease for a consideration—
		( a ) where the lease has not previously been assigned, exceeding the premium, if any, for which it was granted, or
		( b ) where the lease has been previously assigned, exceeding the consideration for which it was last assigned,
		the amount of the excess, in so far as it is not greater than the amount foregone reduced by the amount of any such excess arising on a previous assignment of the lease, shall, in the same proportion as the amount foregone would under section 83 (1), have fallen to be treated as rent if it had been a premium under a lease, be treated as profits or gains of the assignor chargeable to tax under Case IV of Schedule D.
		(2) In computing the profits or gains of a trade of dealing in land, any trading receipts falling within this section shall be treated as reduced by the amount on which tax is chargeable by virtue of this section.
	Charge on sale of land with right to reconveyance.	85.—(1) Where the terms subject to which an estate or interest in land is sold provide that it shall be, or may be required to be, reconveyed at a future date to the vendor or a person connected with him, the vendor shall be chargeable to tax under Case IV of Schedule D on any amount by which the price at which the estate or interest is sold exceeds the price at which it is to be reconveyed or, if the earliest date at which, in accordance with those terms, it would fall to be reconveyed is a date two years or more after the sale, on that excess reduced by one-fiftieth thereof for each complete year (other than the first) in the period between the sale and that date.
		(2) Where under the terms of the sale the date of the reconveyance is not fixed, then—
		( a ) if the price on reconveyance varies with the date, the price shall be taken for the purposes of this section to be the lowest possible under the terms of the sale;
		( b ) the vendor may, before the expiration of six years after the date on which the reconveyance takes place, claim repayment of any amount by which tax assessed on him by virtue of this section exceeded the amount which would have been so assessed if that date had been treated for the purposes of this section as the date fixed by the terms of the sale.
		(3) Where the terms of the sale provide for the grant of a lease directly or indirectly out of the estate or interest to the vendor or a person connected with him, this section shall apply as if the grant of the lease were a reconveyance of the estate or interest at a price equal to the sum of the amount of the premium (if any) for the lease and the value at the date of the sale of the right to receive a conveyance of the reversion immediately after the lease begins to run:
		Provided that this subsection shall not apply if the lease is granted, and begins to run, within one month after the sale.
		(4) In computing the profits or gains of a trade of dealing in land, any trading receipts falling within this section shall be treated as reduced by the amount on which tax is chargeable by virtue of this section, but where, on a claim being made under subsection (2) (b), the amount on which tax was chargeable by virtue of this section is treated as reduced, this subsection shall be deemed to have applied to the amount as reduced, and such adjustment of liability to tax shall be made (for all relevant years of assessment), whether by means of an additional assessment or otherwise, as may be necessary.
	Exclusion of certain lettings.	86.—Neither section 81 nor section 89 shall have effect in relation to a case in which the rent reserved under a lease (including, where the lease was granted on or after the 6th day of April, 1963, an appropriate sum in respect of any premium payable under the lease) is insufficient, taking one year with another, to defray the cost to the lessor of fulfilling his obligations under the lease and of meeting any expense of maintenance, repairs, insurance and management of the premises subject to the lease which fall to be borne by him, and for this purpose the lessor shall be deemed to bear annually an expense of management (in addition to any actual expense) equal to the amount on which he is liable to bear tax under Schedule A in respect of the premises.
	Taxation of certain payments in respect of easements.	87.—Where, in any year of assessment, any person is entitled to any payment, other than a payment to which section 93 applies, in respect of any easement in relation to any premises, not being premises of the whole of which he is, throughout the period in respect of which the payment is due, the sole occupier for the purposes of Schedule A, the payment shall be treated for the purposes of section 81 as if it were rent payable in respect of premises under a short lease, and the provisions of that section shall with the necessary adaptations apply accordingly.
	Provisions as to assessment.	88.—(1) Where for any year of assessment profits or gains chargeable to tax under Case IV of Schedule D by virtue of the foregoing provisions of this Chapter arise to any person from two or more sources, the several amounts of profits or gains so chargeable may be assessed in one assessment.
		(2) Where an assessment, in respect of profits or gains chargeable as aforesaid for any year of assessment, is made in that year, whether pursuant to subsection (1) or otherwise—
		( a ) it shall be made on the basis that all sources of profits or gains and all facts relevant to the computation of profits or gains are the same as for the last preceding year of assessment, and
		( b ) tax shall be leviable accordingly, but any necessary adjustments shall be made after the end of the year, whether by way of additional assessment, repayment of tax or otherwise, to secure that tax is charged on the profits or gains of the year of assessment.
		(3) For the purposes of subsection (2) (a), any amounts which but for section 83 would not be taken into account in the computation of profits or gains shall be disregarded.
	Relief in respect of losses.	89.—Where for any year of assessment the aggregate amount of the deductions authorised, in relation to any short lease, by section 81 (4) exceeds the amount of rent to which the lessor becomes entitled in the year, the excess shall be deemed to be such a loss as is mentioned in section 310 and the provisions of that section shall apply accordingly.
	Relief for amount not received.	90.—(1) Where on a claim in that behalf a lessor proves that he has not received an amount which he was entitled to receive in relation to a short lease and—
		( a ) if the non-receipt of the said amount was attributable to the default of the person by whom it was payable, that the said amount is irrecoverable, or
		( b ) if he has waived payment of the said amount, that the waiver was made without consideration and was reasonably made in order to avoid hardship,
		the lessor shall be treated for the purposes of this Chapter as if he had not been entitled to receive the said amount and his liability to tax for the year of assessment in which he became entitled to receive the said amount and for any subsequent year shall be adjusted, by repayment or otherwise, as the circumstances of the case may require; but if all or any of the said amount is subsequently received, the lessor's liability to tax for all relevant years of assessment shall be appropriately re-adjusted by additional assessment or otherwise.
		(2) Any claim to repayment under this section shall be made to, and determined by, the inspector; but any person aggrieved by any determination of the inspector on any such claim may, on giving notice in writing to the inspector within twenty-one days after notification to him of the determination, appeal to the Special Commissioners.
		(3) The Special Commissioners shall hear and determine an appeal to them under subsection (2) as if it were an appeal against an assessment to income tax, and the provisions of this Act relating to the rehearing of an appeal or the statement of a case for the opinion of the High Court on a point of law, shall, with the necessary modifications, apply accordingly.
	Deduction by reference to premium, etc., paid in the computation of profits for purposes of Schedule D, Cases I & II.	91.—(1) Where, in relation to any premises, an amount (hereafter in this section referred to as the amount chargeable)—
		( a ) has become chargeable to tax under subsection (1), (2), (3), (4) or (5) of section 83 or under section 84 or 85, or
		( b ) would have become so chargeable but for section 83 (6) or but for section 92 (2) or but for any exemption from tax,
		and, during any part of the relevant period, the premises are wholly or partly occupied by the person for the time being entitled to the lease, estate or interest as respects which the amount chargeable arose for the purposes of a trade or profession carried on by him, that person shall be treated, for the purpose of computing the profits or gains of the trade or profession for assessment under Case I or Case II of Schedule D, as paying in respect of the premises rent for any part of the relevant period during which the premises are occupied by him as aforesaid (in addition to any rent actually paid) an amount which bears to the amount chargeable the same proportion as that part of the relevant period bears to the whole, and such rent shall be taken as accruing from day to day.
		(2) In this section "the relevant period" means—
		( a ) where the amount chargeable arose under section 83, the period treated, in computing that amount, as being the duration of the lease;
		( b ) where the amount chargeable arose under section 84, the period treated, in computing that amount, as being the duration of the lease remaining at the date of the assignment;
		( c ) where the amount chargeable arose under section 85, the period beginning with the sale and ending on the date fixed under the terms of the sale as the date of the reconveyance or grant or, if that date is not fixed, ending with the earliest date at which the reconveyance or grant could take place in accordance with the terms of the sale.
		(3) Where the amount chargeable arose under section 83 (2) by reason of an obligation which included the incurring of expenditure in respect of which any allowance has fallen or will fall to be made under Chapter II of Part XV or under Part XVI, this section shall apply as if the obligation had not included the incurring of that expenditure and the amount chargeable had been calculated accordingly.
		(4) Where the amount chargeable arose under section 85 and the reconveyance or grant in question takes place at a price different from that taken in calculating that amount or on a date different from that taken in determining the relevant period, the foregoing provisions of this section shall be deemed to have had effect (for all relevant years of assessment) as they would have had effect if the actual price or date had been so taken and such adjustments of liability to tax shall be made, by means of additional assessment or otherwise, as may be necessary.
	Deductions by reference to premiums, etc., paid in computation of profits for purposes of this Chapter.	92.—(1) Where in relation to any premises an amount has become or would have become chargeable to tax as mentioned in section 91 (1) by reference to a lease, estate or interest, the person for the time being entitled to that lease, estate or interest shall, subject to the provisions of the following subsections of this section, be treated for the purposes of section 81 (4) as paying rent, accruing from day to day, in respect of the premises (in addition to any rent actually paid), during any part of the relevant period in relation to the said amount for which he is entitled to the lease, estate or interest and in all bearing to that amount the same proportion as that part of the said relevant period bears to the whole.
		(2) Where in relation to any premises an amount has become or would have become chargeable to tax as aforesaid, and by reference to a lease granted out of, or a disposition of, the lease, estate or interest by reference to which the said amount (hereafter in this section referred to as the prior chargeable amount) so became or would have become chargeable, a person would apart from this subsection chargeable under section 83, 84 or 85 on any amount (hereafter in this section referred to as the later chargeable amount), the amount on which he is so chargeable shall, where no claim is or can be made under section 83 (6), be the excess, if any, of the later chargeable amount over the appropriate fraction of the prior chargeable amount or, where the lease or disposition by reference to which the person would be chargeable as aforesaid extends to a part only of the said premises, the excess, if any, of the later chargeable amount over so much of the appropriate fraction of the prior chargeable amount as, on a just apportionment, is attributable to that part of the premises.
		(3) In a case in which subsection (2) operates to reduce the amount on which, apart from that subsection, a person would be chargeable by reference to a lease or disposition, subsection (1) shall apply for the relevant period in relation to the later chargeable amount only if the appropriate fraction of the prior chargeable amount exceeds the later chargeable amount and shall then apply as if the prior chargeable amount were reduced in the proportion which the said excess bears to the said appropriate fraction:
		Provided that where the lease or disposition extends to a part only of the premises mentioned in subsection (2), the said subsection (1) and this subsection shall be applied separately in relation to that part and to the remainder of the premises but as if for any reference to the prior chargeable amount there were substituted a reference to that amount proportionately adjusted.
		(4) In this section "the relevant period" means in relation to any amount—
		( a ) where the amount arose under section 83, the period treated, in computing that amount, as being the duration of the lease;
		( b ) where the amount arose under section 84, the period treated, in computing that amount, as being the duration of the lease remaining at the date of the assignment;
		( c ) where the amount arose under section 85, the period beginning with the sale and ending on the date fixed under the terms of the sale as the date of the reconveyance or grant, or, if that date is not fixed, ending with the earliest date at which the reconveyance or grant could take place in accordance with the terms of the sale.
		(5) For the purposes of subsections (2) and (3) the appropriate fraction of the prior chargeable amount is the sum which bears to that amount the same proportion as the length of the relevant period in relation to the later chargeable amount bears to the length of the relevant period in relation to the prior chargeable amount.
		(6) Where the prior chargeable amount arose under section 83 (2) by reason of an obligation which included the incurring of expenditure in respect of which any allowance has fallen or will fall to be made under Part XVI, this section shall apply as if the obligation had not included the incurring of that expenditure and the prior chargeable amount had been calculated accordingly.
		(7) Where the prior chargeable amount arose under section 85 and the reconveyance or grant in question takes place at a price different from that taken in calculating that amount or on a date different from that taken in determining the relevant period in relation to that amount, the foregoing provisions of this section shall be deemed to have had effect (for all relevant years of assessment) as they would have had effect if the actual price or date had been so taken and such adjustments of liability to tax shall be made, by means of additional assessment or otherwise, as may be necessary.
	Taxation of rents under long lease and certain other payments.	93.—(1) This section applies to the following payments:
		( a ) any rent payable in respect of any premises the property in which is not separately assessed and charged under Schedule A, or in respect of any easement, where the premises or easement is used, occupied or enjoyed in connection with any of the concerns the profits of which are chargeable to tax under Case I (b) of Schedule D by virtue of section 53,
		( b ) any rent payable in respect of any premises, other than premises used, occupied or enjoyed as aforesaid, under a long lease, and
		( c ) any yearly interest, annuity, rent charge, fee farm rent or other annual payment reserved in respect of, or charged on or issuing out of, any premises, not being a rent payable under a lease or in respect of premises used, occupied or enjoyed as mentioned in paragraph (a) or such a rent charge as is mentioned in section 18 (5),
		being a payment falling due on or after the 6th day of April, 1963.
		In paragraph (a) the reference to rent shall be deemed to include a reference to a toll, duty, royalty or annual or periodical payment in the nature of rent, whether payable in money or money's worth or otherwise.
		(2) Neither section 18 (1) nor section 18 (3) shall have effect in relation to any payment to which this section applies.
		(3) Any payment to which this section applies shall—
		( a ) so far as it does not fall within any other Case of Schedule D, be charged with tax under Case IV of that Schedule, and
		( b ) subject to section 104, be treated, for the purposes of paragraph (m) of section 61 and of sections 433 and 434 as if it were a royalty paid in respect of the user of a patent:
		Provided that where such a rent as is mentioned in subsection (1) (a) is rendered in produce of the concern, this subsection shall have effect as if paragraph (b) were omitted; and the value of the produce so rendered shall be taken to be the amount of profits or income arising therefrom—
		(4) Section 8 (2) shall have effect as if "other annual payment", in both places where occurring in that subsection, included a reference to any payment to which this section applies not being a payment of rent, interest or annuity.
	Returns, etc.	94.—For the purpose of obtaining particulars of profits or gains chargeable to tax under Case IV of Schedule D by virtue of this Chapter, the inspector may by notice in writing require—
		( a ) any lessor, or former lessor, of premises to give, within the time limited by the notice, such information as may be specified in the notice as to the provisions of the lease and the terms subject to which the lease was granted and as to payments made to or by him in relation to the premises;
		( b ) any lessee, occupier, or former lessee or occupier of premises (including any person having, or having had, the use of premises) to give such information as may be specified in the notice as to the terms applying to the lease, occupation or use of the premises, and where any of those terms are established by any written instrument, to produce the instrument to the inspector for inspection;
		( c ) any lessee or former lessee of premises to give such information as may be specified in the notice as to any consideration given for the grant to him of the lease;
		( d ) any person who as agent manages premises or is in receipt of rent or other payments arising from premises to furnish the inspector with such particulars relating to payments arising therefrom as may be specified in the notice.
	Restriction of section 24.	95.—Where for any year of assessment a deduction may be made under section 81 (4) in respect of the cost of maintenance, repairs, insurance or management of any premises, no relief from income tax under Schedule A in respect of the premises shall be allowed under section 24.
		CHAPTER VII Profits or Gains from Dealing in or Developing Land

	Interpretation.	96.—(1) In this Chapter, except where the context otherwise requires—
		"control", in relation to a body corporate, means the power of a person to secure, by means of the holding of shares or the possession of voting power in or in relation to that or any other body corporate, or by virtue of any powers conferred by the articles of association or other document regulating that or any other body corporate, that the affairs of the first-mentioned body corporate are conducted in accordance with the wishes of that person and, in relation to a partnership, means the right to a share of more than one-half of the assets, or of more than one-half of the income, of the partnership;
		"development" means, in relation to any land, the construction, demolition, extension, alteration or reconstruction of any building on the land or the carrying out of any engineering or other operation in, on, over or under the land to adapt it for materially altered use; and "develop", "developing" and "developed" shall be construed correspondingly;
		"land" includes any interest in land;
		"market value" means, in relation to any property, the price which that property might reasonably be expected to fetch if sold in the open market;
		"trading stock" has the same meaning as in section 62;
		any reference to the disposal of an interest in land includes a reference to the creation of an interest and any reference to the acquisition of an interest in land includes a reference to the acquisition of an interest which ceases on the acquisition;
		any reference to price or consideration in relation to the acquisition or disposal of an interest in land shall, in a case in which a lease is granted, be construed as a reference to the fine, premium or like sum payable for the grant of the lease.
		(2) For the purposes of this Chapter—
		( a ) the conveyance or transfer by way of security of any interest in any land or the granting of a lease, for a rent which is the only money consideration, of any land shall not be regarded as involving an acquisition or disposal of an interest in the land, and
		( b ) an option or other right to acquire or dispose of any interest in any land shall be deemed to be an interest in the land.
		(3) ( a ) Any question whether a person is connected with another shall for the purpose of this Chapter be determined in accordance with the following paragraphs of this subsection, any provision that one person is connected with another being taken to mean that they are connected with one another.
		( b ) A person is connected with an individual if that person is the individual's husband or wife, or is a relative, or the husband or wife of a relative, of the individual or of the individual's husband or wife.
		( c ) A person in his capacity as trustee of a settlement, is connected with any individual who in relation to the settlement is a settlor, and with any person who is connected with such an individual.
		( d ) A person is connected with any person with whom he is in partnership, and with the husband or wife or a relative of any individual with whom he is in partnership.
		( e ) A company is connected with another company—
		(i) if the same person has control of both, or a person has control of one and persons connected with him, or he and persons connected with him have control of the other; or
		(ii) if a group of two or more persons has control of each company, and the groups either consist of the same persons or could be regarded as consisting of the same persons by treating (in one or more cases) a member of either group as replaced by a person with whom he is connected.
		( f ) A company is connected with another person, if that person has control of it or if that person and persons connected with him together have control of it.
		( g ) Any two or more persons acting together to secure or exercise control of a company shall be treated in relation to that company as connected with one another and with any person acting on the directions of any of them to secure or exercise control of the company.
		( h ) In this subsection—
		"company" includes any body corporate;
		"relative" means brother, sister, ancestor or lineal descendant;
		"settlement" includes any disposition, trust, covenant, agreement, or arrangement, and any transfer of money or other property or of any right to money or other property;
		"settlor", in relation to a settlement, includes any person by whom the settlement was made or entered into directly or indirectly, and in particular (but without prejudice to the generality of the preceding words of this definition) includes any person who has provided or undertaken to provide funds directly or indirectly for the purpose of the settlement, or has made with any other person a reciprocal arrangement for that other person to make or enter into the settlement.
		(4) The provisions of this Chapter shall have effect notwithstanding anything in Schedule A or the provisions applicable to that Schedule or in Chapter VI of Part IV.
	Extension of Schedule D charge to certain profits from dealing in or developing land.	97.—(1) Without prejudice to any other provision of this Act under which tax is to be charged under Schedule D, tax under that Schedule shall, subject to and in accordance with the provisions of this and the succeeding sections of this Chapter, be charged in respect of all profits or gains arising or accruing from any business of dealing in or developing land.
		(2) Without prejudice to the generality of the expression "dealing in or developing land", a business of dealing in or developing land shall be deemed to be carried on where a person having an interest in any land—
		( a ) disposes of that interest, or of an interest which derives therefrom, after he or a person connected with him has developed the land or secured its development or has entered into any obligation to develop the land or to secure its development,
		( b ) disposes of that interest, or of an interest which derives therefrom, and the person to whom the disposition is made or a person connected with that person has at or before the time of the disposition entered into a contract (other than a contract with respect to which the Revenue Commissioners, or on appeal the Special Commissioners, are satisfied that the disponor had no knowledge of its existence and that he had no reason for thinking that it existed) for the development of the land, or the disposition is subject to any condition or stipulation as to the development of the land or is made in pursuance of any arrangement for the development of the land,
		( c ) disposes of an interest which derives from that interest in such circumstances that, apart from this section, the consideration for the disposal would have fallen to be taken into account as a trading receipt of a trade carried on by him if it had been the consideration for the disposal of the full interest acquired by him, or
		( d ) grants to any person for valuable consideration, other than a payment to which section 87 applies, any right in relation to the development of the land.
		Every reference in this subsection to disposing of an interest in, or to the development of, any land includes a reference to disposing of an interest in, or to the development of, any part of that land.
		(3) Where a person having acquired an interest in any land disposes of the whole of that interest after he has constructed, reconstructed, extended or altered any building on the land, his activities in relation to the land shall, notwithstanding anything in subsection (2) (a), be deemed not to have been carried out in the course of a business of dealing in or developing land where—
		( a ) the person would, if the said activities were disregarded, not fall to be treated as having carried on, at any time within three years prior to the said disposal, a business of dealing in or developing land, and
		( b ) either—
		(i) in a case in which the building was constructed or reconstructed, the period from the time when the construction or reconstruction was completed to the time when the interest was disposed of was not less than six years and for the whole of that period the person was the sole occupier of the building, or
		(ii) the person being an individual, the Revenue Commissioners, or on appeal the Special Commissioners, are satisfied that the building was constructed, reconstructed, extended or altered for exclusive occupation by him as his only or main residence and was in fact so occupied for substantially the whole of the period from the time when the construction, reconstruction, extension or alteration was completed to the time when the interest was disposed of, or
		(iii) the Revenue Commissioners, or on appeal the Special Commissioners, are satisfied that the building was constructed or reconstructed for exclusive occupation by the person as a farmhouse or farm building for the purpose of farming the land and was in fact so occupied for substantially the whole of the period from the time when the construction or reconstruction was completed to the time when the interest was disposed of, or
		(iv) in a case in which the building was reconstructed, extended or altered, for a period of not less than six years prior to the time when the reconstruction, extension or alteration was completed no part of the building was occupied otherwise than by the person or a parent or child of the person,
		and, for the purposes of paragraph (b) (ii), a building shall be deemed to be in the exclusive occupation of an individual as his residence where it is mainly occupied by him or by a parent or child of his as a residence and no part thereof is occupied for the purposes of a trade but a part thereof is occupied for the purposes of a profession.
		(4) ( a ) A business of dealing in or developing land shall be deemed to be a trade within Schedule D, or as the case may be, part of such a trade, and tax in respect of the profits or gains thereof shall be charged under Case I of the said Schedule D accordingly, both where, apart from this section, the business would fall to be regarded as such a trade or part of such a trade if every disposal of an interest in land effected in the course of the business was a disposal of the full interest in the land which the person carrying on the business had acquired and that interest had been acquired by him in the course of the business, as well as where, apart from this section, the business is such a trade or part of such a trade.
		( b ) In any other case tax in respect of the profits or gains of a business of dealing in or developing land shall be charged under Case IV of Schedule D.
	Computation under Case I of Schedule D of profits or gains from dealing in or developing land.	98.—(1) Where a business of dealing in or developing land is, or is to be regarded as, a trade within Schedule D or a part of such a trade, the provisions applicable to Case I of that Schedule shall, as respects the computation of the profits or gains of the business, have effect subject to the provisions of subsection (2).
		(2) ( a ) Any consideration, other than rent or an amount treated as rent under section 83, for the disposal of an interest in any land, or in a part of any land, shall be treated as a consideration for the disposal of trading stock and shall accordingly be taken into account as a trading receipt.
		( b ) Any interest (hereafter in this subsection referred to as the superior interest) in any land held by the trader which has become trading stock of the trade shall thereafter continue at all times to be such trading stock and the value thereof at any time shall be taken to be an amount equal to the cost to the trader of its acquisition diminished by an amount equal to the cost to the trader of creating any interest (hereafter in this subsection referred to as an inferior interest) to which the superior interest has become subject.
		( c ) For the purposes of paragraph (b) the cost of the acquisition of the superior interest shall, subject to paragraphs (e) and (f), be taken to be the aggregate of the following amounts, that is to say:
		(i) where the interest is a leasehold interest, the amount of any fine, premium or other like sum paid by the trader in consideration for the grant of the lease, or, if he has obtained the lease by assignment, the amount paid by him in consideration of the assignment;
		(ii) where the interest is a leasehold interest, an amount equal to the market value at the time of the acquisition of any rent reserved under the lease;
		(iii) where the interest is not a leasehold interest, the amount paid by the trader for the acquisition of the interest together with an amount equal to the market value at the time of the acquisition of any fee farm rent, rent charge, annuity or other annual payment reserved or charged upon the land;
		(iv) the amount paid by the trader by way of legal and other expenses incidental to the acquisition of the interest;
		(v) where the trader has developed the land, the amount of the expenditure incurred by him on the development;
		but where the trader has more than one interest in the land, no amount shall be taken into account under subparagraph (v) except in relation to that interest to which the other or all the others are subject.
		( d ) For the purposes of paragraph (b) the cost to the trader of creating an inferior interest shall be taken to be—
		(i) where the inferior interest is an interest in the whole of the land to which the superior interest extends, the amount by which the cost to the trader, computed in accordance with paragraph (c), of the acquisition of the superior interest exceeds the market value of any interest retained by him, or
		(ii) where the inferior interest is an interest in a part of the land to which the superior interest extends, the amount by which the portion of the cost of acquisition of the superior interest which is attributable to that part exceeds the market value of any interest in that part retained by him.
		For the purposes of subparagraph (ii) the portion of the cost of acquisition of the superior interest which is attributable to a part of the land to which that interest extends shall be arrived at by apportioning in such manner as is just each of the several amounts which, under paragraph (c), are taken as making up the said cost of acquisition.
		( e ) Where the trader has acquired the superior interest in any land otherwise than for consideration in money or money's worth and, in particular, where he has acquired the interest under a will or an intestacy or by way of gift, he shall be deemed, for the purposes of paragraph (c), to have acquired the interest for a consideration equal to its market value at the time of acquisition.
		( f ) The cost of acquisition of the superior interest shall be computed in accordance with the foregoing provisions of this subsection notwithstanding that at the time of acquisition the trade had not been commenced or the interest was not then appropriated as trading stock; but, where the period between the time of acquisition and the time of appropriation exceeds five years, the trader shall be deemed, for the purposes of the said provisions, to have purchased the interest five years before the time of appropriation for a consideration equal to its market value at that time.
		For the purposes of this paragraph, without prejudice to the occurrence otherwise of an appropriation of an interest in land as trading stock, there shall be such an appropriation on the occurrence of any of the following:
		(i) any interest in the land, or in any part of it, is disposed of,
		(ii) the trader holds himself out as being prepared to dispose of any interest in the land or in any part of it,
		(iii) the land or any part of it commences to be developed, or
		(iv) the trader or a person connected with him enters into any arrangement to develop, or to secure the development of, the land or any part of it.
		( g ) Section 62 shall have effect as if the provision in subsection (2) thereof as regards a case in which a trade carried on by an individual is discontinued by reason of his death were omitted therefrom.
		( h ) Any consideration (other than a payment to which section 87 applies) for the granting by the trader of any right in relation to the development of any land shall be taken into account as a trading receipt.
		( i ) As respects any land an interest in which falls to be treated as trading stock—
		(i) rent payable or receivable shall, save to the extent provided by the foregoing provisions of this subsection, be disregarded, and
		(ii) other receipts and outgoings arising from, or attributable to, the occupation or use of the land by the trader (other than use for the purposes of the trade) or by any other person shall likewise be disregarded
	Computation under Case IV of Schedule D of profits or gains from dealing in or developing land.	99.—In the case of a business of dealing in or developing land the profits or gains of which are chargeable to tax under Case IV of Schedule D, the profits or gains arising in any year of assessment on the disposal of any interest in land shall be computed as they would, under section 98, have fallen to be computed for the purposes of Case I of Schedule D if the business were a trade:
		Provided that where—
		( a ) the profits or gains in respect of which a person is, under the foregoing provisions of this Chapter, chargeable to tax under the said Case IV for any year of assessment are wholly profits or gains arising on a single transaction involving the disposal of an interest in land, and
		( b ) if that transaction were disregarded, the person would not fall to be treated as having carried on, at any time within three years prior to the transaction, a business of dealing in or developing land,
		so much of those profits or gains as does not exceed £1,500 shall be disregarded.
	Transfers of interests in land between certain associated persons.	100.—(1) For the purposes of an assessment for any year beginning on the 6th day of April, 1965, or on any succeeding 6th day of April, where an interest in land is disposed of by any person and—
		( a ) the person to whom the disposition is made (hereafter referred to as the transferee) is a body of persons over whom the disponor has control or the disponor is a body of persons over whom the transferee has control or both the disponor and the transferee are bodies of persons and some other person has control over both of them;
		( b ) the interest is disposed of at a price greater than its market value; and
		( c ) the price—
		(i) does not fall to be taken into account, in relation to the disponor, in computing for tax purposes the profits or gains of a business of dealing in or developing land or of a trade which consists of or includes such a business, but
		(ii) does fall to be so taken into account in relation to the transferee,
		the transferee shall for tax purposes be deemed to have acquired the interest at a price equal to the market value thereof at the time of its acquisition by him.
		(2) For the purposes of an assessment for any year beginning on the 6th day of April, 1965, or on any succeeding 6th day of April, where an interest in land is disposed of by any person and—
		( a ) the person to whom the disposition is made (hereafter referred to as the transferee) is a body of persons over whom the disponor has control or the disponor is a body of persons over whom the transferee has control or both the disponor and the transferee are bodies of persons and some other person has control over both of them;
		( b ) the interest is disposed of at a price less than its market value, and
		( c ) the price—
		(i) does not fall to be taken into account, in relation to the transferee, in computing for tax purposes the profits or gains of a business of dealing in or developing land or of a trade which consists of or includes such a business, but
		(ii) does fall to be so taken into account in relation to the disponor,
		the disponor shall for tax purposes be deemed to have disposed of the interest at a price equal to the market value thereof at the time of its disposal by him.
		(3) In this section "body of persons" includes a partnership.
	Tax to be charged under Case IV of Schedule D in relation to the sale of certain shares.	101.—(1) Where the activities of a company consist of or include the construction or the securing of the construction of a building and after the construction has begun and not later than six years after its completion shares in the company are sold to a person who has, or in consequence of the sale will have, control of the company, and apart from this section the consideration for the sale would not be a receipt of an income nature in the hands of the seller, the consideration shall, if the conditions specified in subsection (2) are satisfied, be deemed to be income of the seller up to the amount specified in subsection (5), and shall be chargeable under Case IV of Schedule D accordingly.
		(2) The conditions referred to in subsection (1) are that—
		( a ) the shares are sold on or after the 11th day of May, 1965;
		( b ) at the time of the sale the company has (directly or indirectly) an interest in the building and the value of that interest and any interest which the company so has at that time in any other building (not being a building completed more than six years before that time nor one in relation to which the condition specified in Paragraph (c) is not satisfied) the erection of which was carried out or secured by the company, amounts to one-fifth or more of the net assets of the company;
		( c ) on a notice for the purpose having been served on it by the inspector, the company has not shown, within twenty-one days after the date of the notice or within such further time as the Revenue Commissioners may have allowed, that the said interest is trading stock of a trade carried on by it and has been or will be disposed of by it in the normal course of that trade.
		(3) Subsection (1) shall not apply if—
		( a ) the shares in the company are sold by a person or persons to another company and the shares in each company are held (directly or indirectly) by the same person or by the same persons in the same proportion, or
		( b ) the shares are sold by one company to another company and the shares in each company are held (directly or indirectly) by the same person or by the same persons in the same proportion,
		regard being had in each case to any differences in the nature of the shares or the rights attaching thereto.
		(4) Where before the sale of shares mentioned in subsection (1) the company—
		( a ) has disposed of its interest in the building, or of an interest which derives therefrom, to the person who is the purchaser of the shares, or to a company connected with the purchaser, or
		( b ) has disposed of any interest in the building to or in favour of any person, and the purchaser of the shares, or a company connected with the purchaser, acquires the interest, either before the sale or after the sale in pursuance of arrangements made not later than the sale,
		subsection (1) shall apply as if the interest disposed of were still vested in the first-mentioned company at the time of the sale of the shares, and as if any assets of the company representing the consideration for the disposal of the interest were not assets of the company.
		(5) The amount which under subsection (1) is to be deemed to be income of the seller is the appropriate proportion of the amount (if any) of the profits or gains of the company chargeable to tax which would have arisen if the interest referred to in paragraphs (b) and (c) of subsection (2) (or all such interests where there are more than one) had been trading stock of a trade carried on by the company and that interest or those interests had been sold at that time for a consideration equal to the following amount, that is to say, the amount of the proper consideration for all the issued shares in the company—
		( a ) reduced by any excess of the market value of the assets of the company other than the said interest or interests over the aggregate liabilities of the company at the time of the sale, or
		( b ) increased by any excess of the said aggregate liabilities over the said market value:
		Provided that, for the purposes of this and the next succeeding subsection, the market value of the goodwill of the company's business shall not be taken to be an amount exceeding three times the average for one year of the company's income (as computed for income tax purposes) for the three years immediately preceding the time of the sale of the shares or, where the company has been in existence for a period of less than three years, for such lesser period.
		(6) For the purposes of this section the proper consideration for all the issued shares in a company shall be the actual consideration for the sale of shares mentioned in subsection (1) increased (unless that sale was of all the issued shares) in the proportion which the total number of issued shares bears to the number of shares sold:
		Provided that where the issued shares of the company are not all of the same nature or do not all have the same rights attaching thereto and the said sale was not of all the issued shares, the proper consideration for all the issued shares in the company shall, for the purposes of this section, be taken to be the market value at the time of the sale of the shares of the interest or all the interests mentioned in subsection (5) reduced or, as the case may require, increased by the excess mentioned in paragraph (a) or (b) of subsection (5).

Irish Statute Book

Income Tax Act, 1967.