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Finance Act, 1978

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Number 21 of 1978


FINANCE ACT, 1978


ARRANGEMENT OF SECTIONS

PART I

Income Tax and Corporation Tax

Chapter I

Income Tax

Section

1.

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

2.

Amendment of section 143 (premiums on post-1916 insurances and certain other payments) of Income Tax Act, 1967.

3.

Amendment of section 193 (personal reliefs on exercise of option for separate assessments) of Income Tax Act, 1967s.

4.

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

5.

Cesser of section 23 (benefit in kind: minimum charge to tax in respect of use of vehicle) of Finance Act, 1976.

6.

Personal reliefs.

7.

Payments in respect of thalidomide children.

8.

Relief to individuals on loans applied in acquiring interest in companies.

9.

Relief from tax for certain individuals resident in the State and employed in the United Kingdom affected by the Convention for the reciprocal avoidance of double taxation in the State and in the United Kingdom of income and capital gains.

10.

Relief from tax for certain individuals transferred from State employment to employment with certain specified persons.

11.

Time limits in relation to assessment of, and proceedings against, personal representatives.

Chapter II

Taxation of Farming Profits

12.

Amendment of section 13 (definitions (Chapter II)) of, and addition of schedule to, Finance Act, 1974.

13.

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

14.

Amendment of Chapter II of Part I of Finance Act, 1974.

15.

Restriction in respect of certain losses.

16.

Alteration of time for payment of tax by certain farmers.

17.

Waiver of interest in respect of certain tax payments.

Chapter III

Corporation Tax

18.

Disregard of profits or losses attributable to certain transactions of industrial and provident societies.

19.

Industrial and provident societies.

20.

Amendment of Chapter IV (manufacturing companies) of Part I of Finance Act, 1977.

21.

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

Chapter IV

Income Tax and Corporation Tax

22.

Amendment of section 26 (increase of wear and tear allowances for certain machinery and plant) of Finance Act, 1971.

23.

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

24.

Amendment of section 40 (application of section 31 (building societies) of Corporation Tax Act, 1976, for certain years of assessment) of Finance Act, 1977.

25.

Increase of writing-down allowances for certain industrial buildings.

26.

Allowances in respect of certain contributions to capital expenditure of local authorities.

27.

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

28.

Tax credit in respect of distributions.

PART II

Customs and Excise

29.

Provisions in relation to customs, customs duties and EEC levies.

30.

Confirmation of Orders and provision in relation to Imposition of Duties (No. 229) (Excise Duties) (Vehicles) Order, 1977.

PART III

Stamp Duties

31.

Certain contracts for sale of leasehold interests to be chargeable as conveyances on sale.

32.

Amendment of section 74 (stamp duty on gifts inter vivos) of Finance (1909-10) Act, 1910.

33.

Revocation of Order.

34.

Stamp duty on certain conveyances and transfers.

35.

Abolition of stamp duty on contracts for construction of office buildings and amendment of section 65 of Finance Act, 1973, and of section 47 of Finance Act, 1977.

PART IV

Death Duties

36.

Limitation of liability of purchasers and mortgagees.

37.

Relief in respect of estate duty in certain cases.

PART V

Wealth Tax

38.

Abolition of wealth tax and amendment of sections 18 and 22 (interest on tax) of Wealth Tax Act, 1975.

PART VI

Capital Acquisitions Tax

39.

Extension of section 55 (exemption of certain objects) of Capital Acquisitions Tax Act, 1976.

40.

Amendment of section 57 (exemption of certain securities) of Capital Acquisitions Tax Act, 1976.

41.

Alteration of rates of tax.

42.

Amendment of section 36 (delivery of returns) of Capital Acquisitions Tax Act, 1976.

43.

Amendment of section 41 (payment of tax and interest on tax) of Capital Acquisitions Tax Act, 1976.

44.

Amendment of section 53 (exemption of small gifts) of Capital Acquisitions Tax Act, 1976.

PART VII

Miscellaneous

45.

Capital Services Redemption Account.

46.

Interest on unpaid taxes.

47.

Disclosure of certain information by Revenue Commissioners to certain persons.

48.

Ranking of debt guaranteed by State.

49.

Amendment of section 54 (creation and issue of securities by Minister for Finance) of Finance Act, 1970.

50.

Winding up of Road Fund.

51.

Contracts of guarantee and loan contracts in connection with aid to developing countries.

52.

Repeals.

53.

Care and management of taxes and duties.

54.

Short title, construction and commencement.

FIRST SCHEDULE

Amendment of Enactments

Part I

Amendments Consequential on Amendment of Section 236 of Income Tax Act, 1967

Part II

Amendments Consequential on Charges in Personal Reliefs

Part III

Formula for Determining Tax Appropriate to the Emoluments of Certain Individuals Resident in the State and Employed in the United Kingdom

Part IV

Schedule to be Added to Finance Act, 1974

SECOND SCHEDULE

Exempted Transactions in relation to Agricultural Societies and Fishery Societies

Part I

Agricultural Societies

Part II

Fishery Societies

THIRD SCHEDULE

Rates of Capital Acquisitions Tax

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Number 21 of 1978


FINANCE ACT, 1978


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. [5th July, 1978]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: