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Finance Act, 1988

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Number 12 of 1988


FINANCE ACT, 1988


ARRANGEMENT OF SECTIONS

PART I

Income Tax, Corporation Tax, Capital Gains Tax and Pension Fund Levy

Chapter I

Income Tax

Section

1.

Amendment of provisions relating to exemption from income tax.

2.

Alteration of rates of income tax.

3.

Personal reliefs.

4.

Amendment of section 6 (special allowance in respect of P.R.S.I. for 1982-83) of Finance Act, 1982.

5.

Application of section 16 (credit for farm tax) of Finance Act, 1986.

6.

Amendment of Second Schedule to Finance Act, 1986.

7.

Amendment of section 16 (qualifying trades) of Finance Act, 1984.

8.

Amendment of Chapter III (Payments in Respect of Professional Services by Certain Persons) of Part I of Finance Act, 1987.

Chapter II

Arrangements with regard to Returns, Assessments and Appeals

9.

Interpretation (Chapter II).

10.

Obligation to make a return.

11.

Obligation to pay preliminary tax.

12.

Notices of preliminary tax.

13.

Making of assessments.

14.

Amendment of and time limit for assessments.

15.

Inspector's right to make enquiries and amend assessments.

16.

Application of section 48 (surcharge for late submission of returns) of Finance Act, 1986.

17.

Appeals.

18.

Date for payment of tax.

19.

Interest.

20.

Estimation of certain amounts.

21.

Miscellaneous.

Chapter III

Income Tax, Corporation Tax and Capital Gains Tax

22.

Exemption of certain payments by Minister for Labour and An Foras Áiseanna Saothair.

23.

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

24.

Capital allowances for, and deduction in respect of, vehicles.

25.

Amendment of section 44 (allowance to owner-occupiers in respect of certain premises) of Finance Act, 1986.

26.

Designated areas for urban renewal relief: extension of certain time limits.

27.

Amendment of section 23 (deduction for certain expenditure on construction of rented residential accommodation) of Finance Act, 1981.

28.

Application of section 21 (rented residential accommodation: deduction for expenditure on refurbishment) of Finance Act, 1985, etc.

29.

Application of section 22 (extension of application of relief for conversion of certain buildings) of Finance Act, 1985, etc.

30.

Pension funds: extension of tax exemptions to dealings in financial futures and traded options.

31.

Tax credits in respect of distributions.

32.

Amendment of section 45 (distributions) of Finance Act, 1980.

Chapter IV

Corporation Tax

33.

Rates of corporation tax.

34.

Amendment of Part XI (group relief) of Corporation Tax Act, 1976.

35.

Amendment of section 39A (relief in relation to income from certain trading operations carried on in Shannon Airport) of Finance Act, 1980.

36.

Amendment of section 39B (relief in relation to income from certain trading operations carried on in Custom House Docks Area) of Finance Act, 1980.

37.

Application of section 84 (matters to be treated as distributions) of Corporation Tax Act, 1976, to certain interest.

38.

Amendment of section 31 (interest payments by companies and to non-residents) of Finance Act, 1974.

39.

Exemption of certain income of Nítrigin Éireann Teoranta.

40.

Amendment of section 28 (relief in relation to income from qualifying shipping trade) of Finance Act, 1987.

41.

Relief from corporation tax in respect of certain dividends from a non-resident subsidiary.

42.

Exemption from corporation tax of profits of Custom House Docks Development Authority.

Chapter V

Capital Allowances

43.

Amendment of section 251 (initial allowances for machinery and plant) of Income Tax Act, 1967.

44.

Amendment of section 254 (industrial building allowance) of Income Tax Act, 1967.

45.

Amendment of section 265 (balancing allowances and balancing charges) of Income Tax Act, 1967.

46.

Amendment of section 11 (wear and tear allowances for certain machinery and plant in undeveloped areas) of Finance Act, 1967.

47.

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

48.

Amendment of section 25 (increase of writing-down allowances for certain industrial buildings) of Finance Act, 1978.

49.

Amendment of section 25 (allowance for expenditure on multi-storey car-parks) of Finance Act, 1981.

50.

Continuation of certain allowances.

51.

Application of certain allowances in relation to certain areas and certain expenditure.

52.

Farming.

Chapter VI

Pension Fund Levy

53.

Pension fund levy.

PART II

Customs and Excise

54.

Interpretation (Part II).

55.

Tobacco products.

56.

Hydrocarbons.

57.

Removal of substances mixed with goods liable to excise duty.

58.

Confirmation of an Order.

PART III

Value-Added Tax

59.

Interpretation (Part III).

60.

Amendment of section 1 (interpretation) of Principal Act.

61.

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

62.

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

63.

Amendment of Second Schedule to Principal Act.

PART IV

Stamp Duties

64.

Levy on banks.

65.

Amendment of First Schedule to Stamp Act, 1891.

PART V

Capital Acquisitions Tax

66.

Amendment of section 63 (allowance for capital gains tax on the same event) of Finance Act, 1985.

PART VI

Miscellaneous

67.

Capital Services Redemption Account.

68.

Amendment of section 54 of Finance Act, 1970.

69.

Provisions relating to sums advanced to Local Loans Fund.

70.

Securities of Bord Telecom Éireann and Irish Telecommunications Investments p.l.c.

71.

Poundage and certain other fees.

72.

Incentive to bring tax affairs up to date.

73.

Deduction from payments due to defaulters of amounts due in relation to tax.

74.

Construction of certain Acts in accordance with Status of Children Act, 1987.

75.

Guarantee of deposits with Agricultural Credit Corporation plc and Industrial Credit Corporation plc.

76.

Care and management of taxes and duties.

77.

Short title, construction and commencement.

FIRST SCHEDULE

Amendment of Enactments

SECOND SCHEDULE

Tax Credits

PART I

Amendments Consequential on Changes in Amounts of Tax Credits in respect of Distributions

PART II

Amendments of Chapter VI (corporation tax: relief in relation to certain income of manufacturing companies) of Part I of Finance Act, 1980

THIRD SCHEDULE

Changes in Rates of Corporation Tax: Consequential Provisions

PART I

Application of sections 6 (3), 13 (1B), 28, 79, 182 and 184 of Corporation Tax Act, 1976, for financial years 1988 and 1989

PART II

Amendment of Chapter VI (corporation tax: relief in relation to certain income of manufacturing companies) of Part I of Finance Act, 1980

FOURTH SCHEDULE

Rates of Excise Duty on Tobacco Products


Acts Referred to

Agricultural Credit Act, 1978

1978, No. 2

Appropriation Act, 1965

1965, No. 21

Appropriation Act, 1969

1969, No. 31

Capital Acquisitions Tax Act, 1976

1976, No. 8

Capital Gains Tax Act, 1975

1975, No. 20

Central Bank Act, 1971

1971, No. 24

Companies Act, 1963

1963, No. 33

Corporation Tax Act, 1976

1976, No. 7

Court Officers Act, 1926

1926, No. 27

Criminal Justice Act, 1984

1984, No. 22

Criminal Procedure Act, 1967

1967, No. 12

Enforcement of Court Orders Act, 1926

1926, No. 18

Finance Act, 1920

1920, c. 1

Finance Act, 1930

1930, No. 20

Finance Act, 1950

1950, No. 18

Finance Act, 1967

1967, No. 17

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 Act, 1982

1982, No. 14

Finance Act, 1983

1983, No. 15

Finance Act, 1984

1984, No. 9

Finance Act, 1985

1985, No. 10

Finance Act, 1986

1986, No. 13

Finance Act, 1987

1987, No. 10

Finance (Excise Duty on Tobacco Products) Act, 1977

1977, No. 32

Finance (Miscellaneous Provisions) Act, 1968

1968, No. 7

Health Contributions Act, 1979

1979, No. 4

Income Tax Act, 1967

1967, No. 6

Industrial Credit (Amendment) Act, 1958

1958, No. 10

Local Loans Fund Act, 1935

1935, No. 16

Mercantile Marine Act, 1955

1955, No. 29

Stamp Act, 1891

1891, c. 39

Status of Children Act, 1987

1987, No. 26

Succession Duty Act, 1853

1853, c. 51

Unit Trusts Act, 1972

1972, No. 17

Value-Added Tax Act, 1972

1972, No. 22

Value-Added Tax (Amendment) Act, 1978

1978, No. 34

Youth Employment Agency Act, 1981

1981, No. 32

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Number 12 of 1988


FINANCE ACT, 1988


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. [25th May, 1988]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: