Finance Act, 1982

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Number 14 of 1982


FINANCE ACT, 1982


ARRANGEMENT OF SECTIONS

PART I

Income Tax, Resource Tax, Corporation Tax and Capital Gains Tax

Chapter I

Income Tax

Section

1.

Amendment of provisions relating to exemption from income tax.

2.

Personal reliefs.

3.

Alteration of rates of income tax.

4.

Benefit of use of a car.

5.

Allowance for rent paid by certain tenants.

6.

Special allowance in respect of P.R.S.I. for 1982-83.

7.

Amendment of section 152 (life insurance relief—general provisions) of Income Tax Act, 1967.

8.

Restriction of relief in respect of interest paid on certain loans at a reduced rate.

9.

Veterans of War of Independence.

10.

Amendment of section 485 (recovery by sheriff or county registrar) of Income Tax Act, 1967.

11.

Amendment of section 486 (power of Collector and authorised officers to sue) of Income Tax Act, 1967.

12.

Amendment of section 7 (relief for certain expenditure on residential premises) of Finance Act, 1979.

Chapter II

Taxation of Farming Profits

13.

Farming: provision relating to relief in respect of increase in stock values.

14.

Amendment of section 477 (time for payment of tax) of Income Tax Act, 1967.

15.

Amendment of section 21A (credit for rates) of Finance Act, 1974.

16.

Amendment of section 22 (farming: allowances for capital expenditure on construction of buildings and other works) of Finance Act, 1974.

Chapter III

Resource Tax

17.

Provisions relating to cesser of resource tax.

Chapter IV

Income Tax and Corporation Tax

18.

Exemption of employment payments and grants.

19.

Relief for expenditure on significant buildings.

20.

Business entertainment expenses.

21.

Restriction of relief for interest.

22.

Restriction of relief for interest on overdrafts.

23.

Restriction of relief for interest paid by companies.

24.

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

25.

Application of section 31 (building societies) of Corporation Tax Act, 1976 , for year 1982-83.

Chapter V

Corporation Tax

26.

Rates of corporation tax.

27.

Payment of corporation tax and interest thereon.

28.

Reduction of corporation tax in relation to interest on certain loans to farmers.

Chapter VI

Tax on Chargeable Gains

29.

Interpretation (Chapter VI).

30.

Rates of charge.

31.

Corporation tax on chargeable gains of companies.

32.

Increase in exemption for individuals.

33.

Amendment of section 5 (amount chargeable and time of payment) of Principal Act.

34.

Disposal of certain assets.

35.

Amendment of section 90 (distributions made out of capital profits of companies) of Corporation Tax Act, 1976.

36.

Chargeable gains on disposals of development land.

37.

Exclusion of certain disposals.

38.

Restriction of indexation relief in relation to relevant disposals.

39.

Amendment of provisions regarding replacement of assets.

40.

Restriction of relief for losses etc. in relation to relevant disposals.

41.

Extension of section 19 (Government and other securities) of Principal Act.

Chapter VII

Corporation Tax: Assurance Companies

42.

Taxation of certain profits of assurance companies.

Chapter VIII

Corporation Tax: Relief in respect of Increase in Employment

43.

Interpretation (Chapter VIII).

44.

Base period.

45.

Deduction in computing trading income.

46.

Apportionments arising from transfer of part of trade.

47.

Determination of number of employment contributions.

48.

Succession to trade.

49.

Claims.

Chapter IX

Profit Sharing Schemes

50.

Interpretation (Chapter IX).

51.

Approved profit sharing schemes: appropriated shares.

52.

The period of retention, the release date and the appropriate percentage.

53.

Disposal of scheme shares.

54.

Capital receipts in respect of scheme shares.

55.

Company reconstructions, amalgamations etc.

56.

Excess or unauthorised shares.

57.

Assessment of trustees in respect of sums received.

58.

Schedule D deduction of payments to trustees.

Chapter X

Anti-avoidance and Anti-evasion

59.

Interest on unpaid taxes in cases of fraud or neglect.

60.

Amendment of certain provisions of Tax Acts relating to penalties.

61.

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

62.

Amendment of section 9 (consideration) of Capital Gains Tax Act, 1975.

63.

Restriction of Schedule 2 (companies and shareholders) of Capital Gains Tax Act, 1975.

PART II

Customs and Excise

64.

Interpretation (Part II).

65.

Duty on foreign travel.

66.

Hydrocarbons.

67.

Reduction of duty on motor vehicle parts and accessories and tyres.

68.

Reduction of duty on public dancing licences.

69.

Amendment of certain enactments relating to bookmakers.

70.

Amendment of section 78 (power to mitigate penalty) of Excise Management Act, 1827.

71.

Increase of excise duties on licences for mechanically propelled vehicles.

72.

Amendment of certain provisions relating to penalties for offences in relation to licensing and registration of motor vehicles.

73.

Confirmation of Orders.

PART III

Value-Added Tax

74.

Interpretation (Part III).

75.

Amendment of section 3 (delivery of goods) of Principal Act.

76.

Amendment of section 5 (rendering of services) of Principal Act.

77.

Amendment of section 8 (accountable persons) of Principal Act.

78.

Amendment of section 10 (amount on which tax is chargeable) of Principal Act.

79.

Amendment of section 11 (rates of tax) of Principal Act.

80.

Amendment of section 12 (deduction for tax borne or paid) of Principal Act.

81.

Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.

82.

Amendment of section 13 (remission of tax on goods exported etc.) of Principal Act.

83.

Amendment of section 14 (determination of tax due by reference to cash receipts) of Principal Act.

84.

Amendment of section 15 (charge of tax on imported goods) of Principal Act.

85.

Amendment of section 16 (duty to keep records) of Principal Act.

86.

Amendment of section 26 (penalties generally) of Principal Act.

87.

Amendment of First Schedule to Principal Act.

88.

Amendment of Second Schedule to Principal Act.

89.

Amendment of Third Schedule to Principal Act.

90.

Relief for hotels etc.

PART IV

Stamp Duties

91.

Levy on banks.

92.

Levy on certain premiums of insurance.

93.

Exemption of certain instruments from stamp duty.

94.

Amendment of First Schedule to Stamp Act, 1891.

95.

Amendment of section 41 (stamp duty on bills of exchange and promissory notes) of Finance Act, 1970.

96.

Amendment of section 19 (conveyance or transfer on sale—limit on stamp duty in respect of certain transactions between bodies corporate) of Finance Act, 1952.

PART V

Capital Acquisitions Tax

97.

Interpretation (Part V).

98.

Exemption of certain benefits.

99.

Amendment of section 5 (gift deemed to be taken) of Principal Act.

100.

Amendment of section 19 (value of agricultural property) of Principal Act.

101.

Amendment of section 36 (delivery of returns) of Principal Act.

102.

Amendment of Second Schedule to Principal Act.

PART VI

Miscellaneous

103.

Capital Services Redemption Account.

104.

Care and management of taxes and duties.

105.

Short title, construction and commencement.

FIRST SCHEDULE

Amendment of Enactments

SECOND SCHEDULE

Amendments Consequential on Changes in Rates of Corporation Tax

Part I

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

Part II

Amendment of Chapter VI (Corporation Tax: Relief in Relation to Certain Income of Manufacturing Companies) of Finance Act, 1980

THIRD SCHEDULE

Profit Sharing Schemes

Part I

Approval of Schemes

Part II

Conditions as to the Shares

Part III

Individuals Ineligible to Participate

Part IV

Provisions as to the Trust Instrument

Part V

Interpretation

FOURTH SCHEDULE

Stamp Duty on Instruments

Part I

Part II

Part III


Acts Referred to

Agriculture Act, 1931

1931, No. 8

Army Pensions Act, 1932

1932, No. 24

Assurance Companies Act, 1909

1909, c. 49

Betting Act, 1931

1931, No. 27

Capital Acquisitions Tax Act, 1976

1976, No. 8

Capital Gains Tax Act, 1975

1975, No. 20

Capital Gains Tax (Amendment) Act, 1978

1978, No. 33

Central Bank Act, 1971

1971, No. 24

Connaught Rangers (Pensions) Act, 1936

1936, No. 37

Corporation Tax Act, 1976

1976, No. 7

Customs Consolidation Act, 1876

1876, c. 36

Enforcement of Court Orders Act, 1926

1926, No. 18

Excise Management Act, 1827

1827, c. 53

Finance Act, 1902

1902, c. 7

Finance Act, 1920

1920, c. 18

Finance Act, 1926

1926, No. 35

Finance Act, 1950

1950, No. 18

Finance Act, 1952

1952, No. 14

Finance Act, 1961

1961, No. 23

Finance Act, 1968

1968, No. 33

Finance Act, 1969

1969, No. 21

Finance Act, 1970

1970, No. 14

Finance Act, 1971

1971, No. 23

Finance Act, 1972

1972, No. 19

Finance Act, 1973

1973, No. 19

Finance Act, 1974

1974, No. 27

Finance Act, 1975

1975, No. 6

Finance Act, 1976

1976, No. 16

Finance Act, 1977

1977, No. 18

Finance Act, 1978

1978, No. 21

Finance Act, 1979

1979, No. 11

Finance Act, 1980

1980, No. 14

Finance Act, 1981

1981, No. 16

Finance (No. 2) Act, 1981

1981, No. 28

Finance (Excise Duties) (Vehicles) Act, 1952

1952, No. 24

Finance (Miscellaneous Provisions) Act, 1968

1968, No. 7

Gas Act, 1976

1976, No. 30

Housing Act, 1966

1966, No. 21

Housing Finance Agency Act, 1981

1981, No. 37

Income Tax Act, 1967

1967, No. 6

Industrial Development (No. 2) Act, 1981

1981, No. 14

Insurance Act, 1936

1936, No. 45

Local Government (Planning and Development) Act, 1963

1963, No. 28

Military Service Pensions Act, 1924

1924, No. 48

Military Service Pensions Act, 1934

1934, No. 43

Pensions (Increase) Act, 1964

1964, No. 10

Public Dance Halls Act, 1935

1935, No. 2

Redundancy Payments Act, 1967

1967, No. 21

Roads Act, 1920

1920, c. 72

Road Traffic Act, 1961

1961, No. 24

Social Welfare (Consolidation) Act, 1981

1981, No. 1

Succession Duty Act, 1853

1853, c. 51

Stamp Act, 1891

1891, c. 39

Value-Added Tax Act, 1972

1972, No. 22

Value-Added Tax (Amendment) Act, 1978

1978, No. 34

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Number 14 of 1982


FINANCE ACT, 1982


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. [17th July, 1982]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: