Finance Act, 1992

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Number 9 of 1992


FINANCE ACT, 1992


ARRANGEMENT OF SECTIONS

PART I

Income Tax, Corporation Tax and Capital Gains Tax

Chapter I

Income Tax

Section

1.

Amendment of provisions relating to exemption from income tax.

2.

Alteration of rates of income tax.

3.

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

4.

Cesser of relief in respect of life insurance premiums.

5.

Amendment of section 432 (making of claims, etc., and appeals and rehearings) of Income Tax Act, 1967.

6.

Amendment of Chapter II (occupational pension schemes) of Part I of Finance Act, 1972.

7.

Amendment of section 8 (permanent health benefit schemes) of Finance Act, 1979.

8.

Amendment of section 4 (benefit of use of a car) of Finance Act, 1982.

9.

Amendment of section 8 (restriction of relief in respect of interest paid on certain loans at a reduced rate) of Finance Act, 1982.

10.

Amendment of section 13 (interpretation (Chapter III)) of Finance Act, 1987.

11.

Amendment of section 14 (accountable persons) of Finance Act, 1987.

12.

Cesser of provisions relating to approved share option schemes.

13.

Cesser of section 14 (taxation treatment of certain dividends) of Finance Act, 1986.

14.

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

15.

Treatment for tax purposes of certain benefits payable under Social Welfare Acts.


Chapter II

Income Tax, Corporation Tax and Capital Gains Tax

16.

Amendment of section 36 (construction of references to child, son and daughter in Tax Acts and Capital Gains Tax Act, 1975) of Finance Act, 1977.

17.

Amendment of Chapter IX (profit sharing schemes) of Part I of and Third Schedule (profit sharing schemes) to Finance Act, 1982.

18.

Taxation of consideration for certain restrictive covenants, etc.

19.

Treatment of patent royalties and related distributions.

20.

Amendment of section 28 (farming: provision relating to relief in respect of increase in stock values) of Finance Act, 1980.

21.

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

22.

Amendment of Chapter IV (interest payments by certain deposit takers) of Part I of Finance Act, 1986.

23.

Amendment of section 46 (limited partnerships: relief restrictions) of Finance Act, 1986.

24.

Securities of Bord Gáis Éireann.

25.

Restriction of capital allowances on holiday cottages.

26.

Application and amendment of section 241 (wear and tear of machinery, plant, etc.) of Income Tax Act, 1967.

27.

Amendment of section 255 (meaning of “industrial building or structure”) of Income Tax Act, 1967.

28.

Extension and amendment of section 17 (tax deductions from payments to sub-contractors in the construction industry) of Finance Act, 1970.

29.

Amendment of Chapter V (Urban Renewal: Relief from Income Tax and Corporation Tax) of Part I of Finance Act, 1986.

30.

Amendment of section 27 (designated areas for urban renewal relief) of Finance Act, 1987.

31.

Amendment of section 4 (relief for expenditure on certain buildings in designated areas) of Finance Act, 1989.

32.

Amendment of section 18 (date for payment of tax) of Finance Act, 1988.

33.

Amendment of section 21 (miscellaneous) of Finance Act, 1988.

34.

Amendment of Chapter VII (Urban Renewal: Temple Bar and Other Areas) of Part I of Finance Act, 1991.

35.

Treatment of certain distributions received on or after 29th day of January, 1992.

36.

Option in relation to section 35 (certain unit trusts not to be collective investment undertakings) of Finance Act, 1990.

37.

Application of section 25 (attribution of distributions to accounting periods) of Finance Act, 1989, to interim dividends.

38.

Distributions to non-residents.

39.

Provisions relating to section 244 (allowance for scientific research) of Income Tax Act, 1967, etc.

Chapter III

Corporation Tax

40.

Amendment of section 84A (limitation on meaning of “distribution”) of Corporation Tax Act, 1976.

41.

Amendment of section 21 (amendment of Part IX (Schedule F and company distributions) of Corporation Tax Act, 1976) of Finance Act, 1989.

42.

Amendment of Part XXXII (Government and other public loans) of Income Tax Act, 1967, and computation of losses.

43.

Building societies (taxation of certain transactions).

44.

Amendment of Part III (special classes of companies) of Corporation Tax Act, 1976.

45.

Credit for bank levy.

46.

Restriction of certain losses and charges on income and consequential amendments.

47.

Amendment of section 39 (meaning of “goods”) of Finance Act, 1980.

48.

Termination of relief in respect of certain transactions of agricultural and fishery societies.

49.

Recovery of tax credits from companies.

50.

Group payments.

51.

Amendment of section 44 (group dividends) of Finance Act, 1983.

52.

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

53.

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

54.

Amendment of section 41 (basis of relief from corporation tax) of Finance Act, 1980.

55.

Late submission of returns: restriction of certain claims to relief.

56.

Relief for gifts to The Enterprise Trust Ltd.

57.

Amendment of section 39 (exemption of certain income of Nítrigin Éireann Teoranta) of Finance Act, 1988.

58.

Amendment of section 35 (relief for investment in films) of Finance Act, 1987.

Chapter IV

Capital Gains Tax

59.

Reduction in exemption for individuals.

60.

Alteration of rates of capital gains tax.

61.

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

62.

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

63.

Amendment of section 47 (options) of Capital Gains Tax Act, 1975.

Chapter V

Implementation of Council Directive No. 90/434/EEC and other related matters

64.

Interpretation (Chapter V).

65.

Transfer of assets generally.

66.

Transfer of an asset by a company to its parent company.

67.

Company reconstruction or amalgamation: transfer of development land.

68.

Amendment of section 36 (chargeable gains on disposals of development land) of Finance Act, 1982.

69.

Credit for tax.

70.

Avoidance of tax.

71.

Returns.

72.

Other transactions.

73.

Amendment of section 132 (disposal or acquisition outside a group) of Corporation Tax Act, 1976.

74.

Apportionment of amounts.

Chapter VI

Petroleum Taxation

75.

Interpretation (Chapter VI).

76.

Separation of trading activities.

77.

Reduction of corporation tax.

78.

Treatment of losses, etc.

79.

Restriction of group relief.

80.

Restriction of relief for losses on certain disposals.

81.

Interest and charges on income.

82.

Restriction of set-off of advance corporation tax.

83.

Development expenditure: capital allowances and charges.

84.

Exploration expenditure: allowances and charges.

85.

Exploration expenditure incurred by certain companies.

86.

Abandonment expenditure: allowances and loss relief.

87.

Valuation of petroleum in certain circumstances.

88.

Treatment of certain disposals.

PART II

Customs And Excise

Chapter I

Excise Duty on Beer

89.

Interpretation (Chapter I).

90.

Duty of excise on beer.

91.

Exemptions from duty.

92.

Remissions and repayments of duty.

93.

Remission or repayment of certain duty chargeable before appointed day.

94.

Revocation of brewer's licence and offence by brewer for sale.

95.

Approval of persons and premises for the brewing, holding and packaging of beer without payment of duty.

96.

Provision of facilities by warehousekeeper and powers of inspection, etc., of officers.

97.

Treatment of excess or deficiency in stocks and fraudulent evasion of duty.

98.

Regulations (Chapter I).

99.

Offences (Chapter I).

100.

Application of enactments (Chapter I).

101.

Repeals and revocations (Chapter I).

102.

Commencement (Chapter I).

Chapter II

Implementation of Council Directive No. 92/12/EEC.

103.

Interpretation (Chapter II).

104.

Excisable products.

105.

Warehousing.

106.

Treatment of excisable products released for consumption in another Member State.

107.

Provisions relating to vendors.

108.

Tax representatives.

109.

Movement of excisable products under a duty-suspension arrangement from the State to other Member States.

110.

Movement of excisable products under a duty-suspension arrangement to the State from other Member States.

111.

Accompanying documents.

112.

Repayments of excise duty.

113.

Exemptions.

114.

Treatment of losses.

115.

Power to stop vehicles and detain excisable products.

116.

Powers of entry and inspection, etc. of officers.

117.

Regulations (Chapter II).

118.

Application of enactments (Chapter II).

119.

Commencement (Chapter II).

Chapter III

Amusement Machine Licence Duty

120.

Interpretation (Chapter III).

121.

Waivers and exemptions.

122.

Permit and licence procedure.

123.

Rates of duty.

124.

Prohibition on play without permit and licence.

125.

Investigation, etc. by officers.

126.

Penalties (Chapter III).

127.

Forfeiture (Chapter III).

128.

Regulations (Chapter III).

129.

Applicability of excise statutes.

Chapter IV

Registration and Taxation of Vehicles

130.

Interpretation.

131.

Registration of vehicles by Revenue Commissioners.

132.

Charge of excise duty.

133.

Chargeable value.

134.

Permanent reliefs.

135.

Temporary exemption from registration.

136.

Authorisation of manufacturers, distributors and dealers and periodic payment of duty.

137.

Accountability for unregistered vehicles and converted vehicles.

138.

Appeals.

139.

Offences and penalties.

140.

Evidence.

141.

Regulations.

142.

Powers of officers.

143.

Transitional provisions.

144.

Application of enactments.

Chapter V

Miscellaneous

145.

Interpretation (Chapter V).

146.

Tobacco products.

147.

Cider and perry.

148.

Televisions.

149.

Video players.

150.

Hydrocarbons.

151.

Motor vehicles.

152.

Termination of excise duties on table waters and table waters manufacturer's licence.

153.

Termination of excise duty on match manufacturer's licence.

154.

Increase of duties on certain intoxicating liquor licences.

155.

Spirits retailers' on-licences.

156.

Amendment of section 49 (grant of licences and date of expiration of licences) of Finance (1909-10) Act, 1910.

157.

Increase of duties on public dancing licence, occasional licence, special exemption order and authorisation to a club.

158.

Increase of duties on hydrocarbon vendors' licences.

159.

Increase of duties on registration of firearms dealers.

160.

Increase of duties on certain other licences, etc.

161.

Increase of duty on registration of clubs.

162.

Restriction of section 29 (provisions in relation to customs, customs duties and EEC levies) of Finance Act, 1978.

163.

Amendment of Finance (Excise Duties) (Vehicles) Act, 1952.

PART III

Value-Added Tax

164.

Interpretation (Part III).

165.

Amendment of section 1 (interpretation) of Principal Act.

166.

Amendment of section 2 (charge of value-added tax) of Principal Act.

167.

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

168.

Intra-Community acquisition of goods.

169.

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

170.

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

171.

Amendment of section 9 (registration) of Principal Act.

172.

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

173.

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

174.

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

175.

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

176.

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

177.

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

178.

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

179.

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

180.

Amendment of section 17 (invoices) of Principal Act.

181.

Amendment of section 18 (inspection and removal of records) of Principal Act.

182.

Amendment of section 19 (tax due and payable) of Principal Act.

183.

Statement of intra-Community supplies.

184.

Amendment of section 20 (refund of tax) of Principal Act.

185.

Amendment of section 23 (determination of tax due) of Principal Act.

186.

Security to be given by certain taxable persons.

187.

Amendment of section 25 (appeals) of Principal Act.

188.

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

189.

Amendment of section 27 (fraudulent returns etc.) of Principal Act.

190.

Amendment of section 28 (assisting in making incorrect returns) of Principal Act.

191.

Amendment of section 30 (time limits) of Principal Act.

192.

Amendment of section 32 (regulations) of Principal Act.

193.

Substitution of certain persons for persons not established in the State.

194.

Amendment of First Schedule to Principal Act.

195.

Amendment of Second Schedule to Principal Act.

196.

Amendment of Third Schedule to Principal Act.

197.

Amendment of Sixth Schedule to Principal Act.

198.

Insertion of Seventh Schedule in Principal Act.

PART IV

Stamp Duties

199.

Definitions (Part IV).

200.

Levy on banks.

201.

Stamp duties, remission of certain penalties.

202.

Amendment of section 17 (stamp duty in respect of credit cards and charge cards) of Finance (No. 2) Act, 1981.

203.

Stamp duty in respect of cash cards.

204.

Stamp duties on miscellaneous instruments.

205.

Amendment of First Schedule.

206.

Exemption from stamp duty of certain stocks and marketable securities.

207.

Exemption from stamp duty of certain financial services instruments.

208.

Location of insurance risk for stamp duty purposes.

209.

Exemption from stamp duty of certain instruments relating to foreign immovable property.

210.

Exemption from stamp duty of certain instruments of National Treasury Management Agency and of Minister for Finance.

211.

Revocation (Part IV).

212.

Provisions relating to exemption from stamp duty on transfers by spouses.

213.

Procedure to apply where consideration etc. cannot be ascertained.

214.

Amendment of section 45 (relief from certain duties (adopted children)) of Finance Act, 1972.

215.

Repeal of certain provisions relating to Governor and Company of the Bank of Ireland.

216.

Exemption from stamp duty of certain instruments (Temple Bar Properties Limited).

217.

Amendment of section 44 (exemption from stamp duty of certain stock) of Finance Act, 1970.

PART V

Residenhal Property Tax

218.

Application (Part V).

219.

Amendment of section 100 (market value exemption limit) of Finance Act, 1983.

220.

Amendment of section 101 (income exemption limit) of Finance Act, 1983.

221.

Amendment of section 102 (marginal reliefs) of Finance Act, 1983.

PART VI

Capital Acquisitions Tax

222.

Interpretation (Part VI).

223.

Amendment of section 2 (interpretation) of Principal Act.

224.

Amendment of section 106 (acquisitions by discretionary trusts) of Finance Act, 1984.

225.

Amendment of section 102 (interpretation (Part V)) of Finance Act, 1986.

PART VII

Anti-Avoidance and Anti-Evasion

226.

Returns of certain information.

227.

Supplemental provisions to section 226.

228.

Inspector's right to make enquiries.

229.

Amendment of section 19 (returns by certain intermediaries in relation to UCITS) of Finance Act, 1989.

230.

Returns in relation to foreign accounts.

231.

Obligation to keep certain records.

232.

Inspection of documents and records.

233.

Powers of inspection : PAYE.

234.

Amendment of section 128 (penalties) of Income Tax Act, 1967.

235.

Powers of inspection: tax deductions from payments to certain sub-contractors.

236.

Authorised officers and Garda Síochána.

237.

Inspection of computer documents and records.

238.

Amendment of section 31 (power to obtain from certain persons particulars of transactions with and documents concerning tax liability of taxpayers) of Finance Act, 1979.

239.

Amendment of section 20 (return of property) of Finance Act, 1983.

240.

Amendment of section 23 (publication of names of defaulters) of Finance Act, 1983.

241.

Amendment of section 73 (deduction from payments due to defaulters of amounts due in relation to tax) of Finance Act, 1988.

242.

Tax clearance in relation to certain licences.

243.

Amendment of section 94 (revenue offences) of Finance Act, 1983.

244.

Amendment of section 9 (interpretation (Chapter II)) of Finance Act, 1988.

245.

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

246.

Amendment of Schedule 4 (administration) to Capital Gains Tax Act, 1975.

247.

Amendment of section 143 (return of profits) of Corporation Tax Act, 1976.

248.

Amendment of certain provisions of Tax Acts, etc., relating to penalties.

PART VIII

Miscellaneous

249.

Capital Services Redemption Account.

250.

Amendment of Provisional Collection of Taxes Act, 1927.

251.

Amendment of section 55 (payments to lessees under petroleum leases) of Petroleum and Other Minerals Development Act, 1960.

252.

Voluntary Health Insurance Board levy.

253.

Care and management of taxes and duties.

254.

Short title, construction and commencement.

FIRST SCHEDULE

Tables to Section 4 (4) of the Finance Act, 1982

PART I

Table to section 4 (4) of the Finance Act, 1982, as respects the year 1992-93

PART II

Table to section 4 (4) of the Finance Act, 1982, as respects the year 1993-94

PART III

Table to section 4 (4) of the Finance Act, 1982, as respects the year 1994-95

PART IV

Table to section 4 (4) of the Finance Act, 1982, as respects the year 1995-96

PART V

Table to section 4 (4) of the Finance Act, 1982, as respects the year 1996-97 and subsequent years of assessment

SECOND SCHEDULE

Accountable Persons for Purposes of Chapter III Of Part I of the Finance Act, 1987

THIRD SCHEDULE

PART I

Repeal of Provisions relating to Excise Duty on Beer

PART II

Repeal of Provisions relating to Spirits Retailers' On-Licences

FOURTH SCHEDULE

Rates of Excise Duty on Tobacco Products

FIFTH SCHEDULE

Rates of Excise Duty on Cider and Perry

SIXTH SCHEDULE

Rates of Excise Duty on Certain Licences

PART I

Intoxicating Liquor Licences

PART II

Firearm Certificates

PART III

Gaming Licences

PART IV

Other Licences

SEVENTH SCHEDULE

Stamp Duty on Instruments

PART I

Conveyance or Transfer on Sale of any Stocks or Marketable Securities

PART II

Conveyance or Transfer on Sale of Policy of Insurance or Policy of Life Insurance

PART III

Conveyances or Transfers of certain other Kinds

PART IV

Deeds

PART V

Mortgages, Bonds, Debentures and certain Covenants


Acts Referred to

Adoption Acts, 1952 to 1991

Adoption Act, 1991

1991, No. 14

Bank of Ireland (1797)

37 Geo. 3, c. 54

Bank of Ireland Act, 1821

1 & 2 Geo. 4, c. 72

Building Societies Act, 1989

1989, No. 17

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

Companies Act, 1963

1963, No. 33

Companies Acts, 1963 to 1990

Continental Shelf Act, 1968

1968, No. 14

Corporation Tax Act, 1976

1976, No. 7

Courts (No. 2) Act, 1986

1986, No. 26

Customs and Inland Revenue Act, 1881

44 & 45 Vict., c. 12

Customs and Inland Revenue Act, 1885

48 & 49 Vict., c. 51

Customs and Inland Revenue Act, 1889

52 & 53 Vict., c. 7

Diplomatic Relations and Immunities Acts, 1967 and 1976

Excise Act, 1835

5 & 6 Will. 4, c. 39

Family Home Protection Act, 1976

1976, No. 27

Finance Act, 1896

59 & 60 Vict., c. 28

Finance Act, 1902

2 Edw. 7, c. 7

Finance (1909-10) Act, 1910

10 Edw. 7 & 1 Geo. 5, c. 8

Finance Act, 1914 (Session 2)

5 & 6 Geo. 5, c. 7

Finance Act, 1915

5 & 6 Geo. 5, c. 62

Finance Act, 1916

6 & 7 Geo. 5, c. 24

Finance Act, 1918

8 & 9 Geo. 5, c. 15

Finance Act, 1920

10 & 11 Geo. 5, c. 18

Finance Act, 1925

1925, No. 28

Finance Act, 1940

1940, No. 14

Finance Act, 1946

1946, No. 15

Finance Act, 1956

1956, No. 22

Finance Act, 1961

1961, No. 23

Finance Act, 1963

1963, No. 23

Finance Act, 1964

1964, No. 15

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 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 Act, 1988

1988, No. 12

Finance Act, 1989

1989, No. 10

Finance Act, 1990

1990, No. 10

Finance Act, 1991

1991, No. 13

Finance (Excise Duties) (Vehicles) Act, 1952

1952, No. 24

Finance (Excise Duty on Tobacco Products) Act, 1977

1977, No. 32

Finance (Miscellaneous Provisions) Act, 1956

1956, No. 47

Finance (Miscellaneous Provisions) Act, 1968

1968, No. 7

Finance (New Duties) Act, 1916

6 Geo. 5, c. 11

Finance (Taxation of Profits of Certain Mines) Act, 1974

1974, No. 17

Gaming and Lotteries Act, 1956

1956, No. 2

Higher Education Authority Act, 1971

1971, No. 22

Income Tax Act, 1967

1967, No. 6

Industrial and Provident Societies Acts, 1893 to 1978

Inland Revenue Act, 1880

43 & 44 Vict., c. 20

Intoxicating Liquor Act, 1927

1927, No. 15

Intoxicating Liquor Act, 1960

1960, No. 18

Intoxicating Liquor Act, 1962

1962, No. 21

Intoxicating Liquor Act, 1988

1988, No. 16

Intoxicating Liquor (General) Act, 1924

1924, No. 62

Licensing (Ireland) Act, 1833

3 & 4 Will. 4, c. 68

Licensing (Ireland) Act, 1902

2 Edw. 7, c. 18

Local Government Act, 1941

1941, No. 23

Local Government Services (Corporate Bodies) Act, 1971

1971, No. 6

National Treasury Management Agency Act, 1990

1990, No. 18

Petroleum and Other Minerals Development Act, 1960

1960, No. 7

Postal and Telecommunications Services Act, 1983

1983, No. 24

Provisional Collection of Taxes Act, 1927

1927, No. 7

Public Dance Halls Act, 1935

1935, No. 2

Revenue Act, 1909

9 Edw. 7, c. 43

Roads Act, 1920

10 & 11 Geo. 5, c. 72

Social Welfare (Consolidation) Act, 1981

1981, No. 1

Stamp Act, 1891

54 & 55 Vict., c. 39

Succession Duty Act, 1853

16 & 17 Vict., c. 51

Temple Bar Area Renewal and Development Act, 1991

1991, No. 19

Tourist Traffic Acts, 1939 to 1987

Unit Trusts Act, 1990

1990, No. 37

Value-Added Tax Act, 1972

1972, No. 22

Value-Added Tax (Amendment) Act, 1978

1978, No. 34

Vocational Education Act, 1930

1930, No. 29

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Number 9 of 1992


Finance Act, 1992


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. [28th May, 1992]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: