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Finance Act, 1977

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Number 18 of 1977


FINANCE ACT, 1977


ARRANGEMENT OF SECTIONS

PART I

Income Tax, Corporation Tax, Corporation Profits Tax and Capital Gains Tax

Chapter I

Income Tax

Section

1.

Amendment of section 142 (dependent relatives) of Income Tax Act, 1967.

2.

Amendment of section 236 (retirement annuities—nature and amount of relief for qualifying premiums) of Income Tax Act, 1967.

3.

Amendment of section 59 (power to obtain information) of Finance Act, 1974.

4.

Amendment of provisions relating to time for payment of tax.

5.

Charge of income tax for 1977-78 and subsequent years.

6.

Personal reliefs.

7.

Age exemption.

8.

Charge to tax in respect of certain distributions deemed to be emoluments.

Chapter II

Taxation of Farming Profits

9.

Amendment of section 15 (farming profits to be charged under Schedule D) of Finance Act, 1974.

10.

Amendment of section 16 (farming carried on by certain persons) of Finance Act, 1974.

11.

Limit on amount of tax to be charged on certain farming profits.

12.

Assessment of farming profits for 1977–78.

13.

Application of section 30 (appeals against assessments and payments on account) of Finance Act, 1976, to assessments under section 21 (notional basis of assessment) of Finance Act, 1974.

14.

Increase of allowances for certain capital expenditure.

Chapter III

Corporation Tax

15.

Charge of corporation tax for financial year 1977 and subsequent financial years.

16.

Amendment of sections 13 and 37 (chargeable gains of companies) of Corporation Tax Act, 1976.

17.

Amendment of section 28 (reduction of corporation tax liability of small companies) of Corporation Tax Act, 1976.

18.

Amendment of section 79 (reduced rate of corporation tax for certain income) of Corporation Tax Act, 1976.

19.

Application of sections 182 and 184 (relief in respect of certain losses and capital allowances) of Corporation Tax Act, 1976.

Chapter IV

Corporation Tax in Relation to Certain Manufacturing Companies

20.

Definitions.

21.

Standard year.

22.

Apportionments arising from transfer of part of trade.

23.

Corresponding part of standard year.

24.

Rate of corporation tax for certain manufacturing companies.

25.

Determination of volume of sales.

26.

Succession to trade.

27.

Exclusion of duties and value-added tax.

28.

Transactions between associated persons.

29.

Separate accounting periods for small companies, etc..

30.

Exclusion of mining and construction operations.

31.

Application of section 63 (production of documents and records) of Corporation Tax Act, 1976.

32.

Appeals.

Chapter V

Taxation of Chargeable Gains

33.

Amendment of section 3 (taxation of capital gains and rate of charge) of Capital Gains Tax Act, 1975.

34.

Amendment of section 31 (unit trusts) of Capital Gains Tax Act, 1975.

35.

Unit trusts: relief in certain cases.

Chapter VI

Income Tax, Corporation Tax, Corporation Profits Tax and Capital Gains Tax

36.

Construction of references to child, son and daughter in Tax Acts and Capital Gains Tax Act, 1975.

37.

Continuation of certain capital allowances for period to 1st April, 1979.

38.

Amendment of section 8 (suspension of shipping investment allowance) of Finance Act, 1973.

39.

Provisions in relation to Convention for reciprocal avoidance of double taxation in the State and the United Kingdom of income and capital gains.

40.

Application of section 31 (building societies) of Corporation Tax Act, 1976, for certain years of assessment.

41.

Amendment of section 171 (construction of references to income tax paid by deduction and to repayment) of Corporation Tax Act, 1976.

42.

Miscellaneous amendments in relation to corporation tax.

43.

Amendment of provisions relating to relief in respect of increase in stock values.

PART II

Excise

44.

Variation of excise duty on distillers' licences and brewers' licences.

45.

Reduction of rebate on beer brewed from home malted cereals.

46.

Drawback on beer.

PART III

Stamp Duties

47.

Relief from stamp duty on certain contracts.

48.

Exemption from stamp duty of certain instruments.

PART IV

Wealth Tax

49.

Amendment of section 1 (interpretation) of Wealth Tax Act, 1975.

50.

Amendment of section 6 (taxable wealth of private non-trading company) of Wealth Tax Act, 1975.

51.

Amendment of section 28 (agreements for relief of double taxation) of Wealth Tax Act, 1975.

PART V

Miscellaneous

52.

Capital Services Redemption Account.

53.

Residence treatment of donors of gifts to the State.

54.

Repeals.

55.

Care and management of taxes and duties.

56.

Short title, construction and commencement.

FIRST SCHEDULE

PARTI

PARTII

PARTIII

PARTIV

PARTV

SECOND SCHEDULE

PARTI

PARTII

PARTIII

PARTIV

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Number 18 of 1977


FINANCE ACT, 1977


AN ACT TO CHARGE AND IMPOSE CERTAIN DUTIES OF CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE), TO AMEND THE LAW RELATING TO CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE) AND TO MAKE FURTHER PROVISIONS IN CONNECTION WITH FINANCE. [1st June, 1977]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: