Finance Act, 1993

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Finance Act, 1993 1993 13

No. 13/1993:

FINANCE ACT, 1993

ARRANGEMENT OF SECTIONS

PART I

INCOME TAX, INCOME LEVY, 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. Personal reliefs.

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

5. Amendment of provisions relating to relief in respect of interest.

6. Amendment of section 11 (restriction of relief to individuals on loans applied in acquiring shares in companies) of Finance Act, 1990.

7. Tax treatment of certain severance payments.

8. Reliefs in respect of tax charged on payments on retirement, etc.

CHAPTER II

Income Levy

9. Application of section 16 (income levy) of Finance Act, 1983, for 1993-94.

CHAPTER III

Taxation of Married Persons

10. Taxation of married persons.

CHAPTER IV

Taxation of Savings and Investment

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

12. Life assurance companies: transitional provisions.

13. Special investment schemes.

14. Special portfolio investment accounts.

15. Amendment of provisions relating to interest payments by certain deposit takers.

16. Limits to special investments.

17. Undertakings for collective investment.

18. Taxation of unit holders in undertakings for collective investment.

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

20. Amendment of section 18 (taxation of collective investment undertakings) of Finance Act, 1989.

21. Life assurance companies: amendment of section 29 (taxation of income deemed to arise on certain sales of securities) of Finance Act, 1984.

22. Life assurance companies: amendment of section 16 (relief for trading losses other than terminal losses) of Corporation Tax Act, 1976.

23. Amendment of section 33A (acquisition expenses) of Corporation Tax Act, 1976.

24. Foreign life assurance and deferred annuities: taxation and returns.

CHAPTER V

Investment Incentive Schemes

25. Amendment of Chapter III (Income Tax: Relief for Investment in Corporate Trades) of Part I of Finance Act, 1984.

26. Amendment of section 12 (relief for new shares purchased on issue by employees) of Finance Act, 1986.

27. Relief for individuals on certain reinvestment.

CHAPTER VI

Income Tax, Corporation Tax and Capital Gains Tax

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

29. Application of section 19 (relief for expenditure on significant buildings) of Finance Act, 1982.

30. Amendment of Chapter V (Urban Renewal: Relief from Income Tax and Corporation Tax) of Part 1 of Finance Act, 1986.

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

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

33. Amendment of section 51 (application of certain allowances in relation to certain areas and certain expenditure) of Finance Act, 1988.

34. Capital allowances: treatment of grants, etc.

35. Transfer of shares held by certain societies to members of society.

36. Amendment of section 56 (taxation of shares issued in lieu of cash dividends) of Finance Act, 1974.

37. Údarás na Gaeltachta and small enterprise grants.

38. Market Development Fund and Employment Subsidy Scheme.

CHAPTER VII

Corporation Tax

39. Amendment of section 6 (general scheme of corporation tax) of Corporation Tax Act, 1976.

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

41. Amendment of section 50 (returns and collection of advance corporation tax) of Finance Act, 1983.

42. Amendment of section 1 (introduction for companies of corporation tax in place of income tax, corporation profits tax and capital gains tax) of Corporation Tax Act, 1976.

43. Cesser of section 337 (savings banks) of Income Tax Act, 1967.

44. Amendment of section 39 (meaning of "goods") of Finance Act, 1980.

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

46. Tax credit for recipients of certain distributions.

47. Taxation of certain foreign currency transactions.

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

49. Tax treatment of foreign trusts.

50. Amendment of section 10A (restriction of certain charges on income) of Corporation Tax Act, 1976.

51. Gifts to First Step.

PART II

CUSTOMS AND EXCISE

CHAPTER I

Registration and Taxation of Vehicles

52. "Act of 1992" (Chapter I).

53. Amendment of section 130 (interpretation) of Act of 1992.

54. Amendment of section 134 (permanent reliefs) of Act of 1992.

55. Amendment of section 136 (authorisation of manufacturers, distributors and dealers and periodic payment of duty) of Act of 1992.

56. Amendment of section 141 (regulations) of Act of 1992.

CHAPTER II

Excise Duties on, and Licensing of, Vehicles

57. Interpretation (Chapter II).

58. Regulations.

59. Extension of powers of licensing authorities in relation to grant of certain licences.

60. Records.

61. Evidence.

62. Miscellaneous.

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

64. Amendment of the Act of 1920.

CHAPTER III

Miscellaneous

65. Interpretation (Chapter III).

66. Tobacco products.

67. Cider and perry.

68. Wine and made wine.

69. Hydrocarbons.

70. Amendment of section 123 (rates of duty) of Finance Act, 1992.

71. Gaming machine licence duty.

72. Amendment of section 35 (hydrocarbons) of Finance Act, 1981.

73. Duty on beer.

74. Deferment of duty on beer.

75. Deferment of duty on wine and made wine.

76. Application of Article 5.2 of Council Directive No. 92/12/EEC.

77. Spirits retailers' on-licences.

78. Amendment of section 155 (spirits retailers' on-licences) of Finance Act, 1992.

79. Tax clearance in relation to certain excise licences.

80. Repeals and revocations (Chapter III).

PART III

VALUE-ADDED TAX

81. Interpretation (Part III).

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

83. Amendment of section 3A (intra-Community acquisition of goods) of Principal Act.

84. Alcohol products.

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

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

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

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

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

90. Supplies to, and intra-Community acquisitions and imports by, certain taxable persons.

91. Amendment of section 17 (invoices) of Principal Act.

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

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

94. Amendment of First Schedule to Principal Act.

95. Amendment of Second Schedule to Principal Act.

96. Goods and services chargeable at the rate specified in section 11 (1) (c) of Principal Act.

97. Amendment of Sixth Schedule to Principal Act.

98. Repeal of Seventh Schedule to Principal Act.

99. Amendment of section 113 (use of electronic data processing) of Finance Act, 1986.

PART IV

STAMP DUTIES

100. Amendment of section 112 (stamp duty on transfers of building land) of Finance Act, 1990.

101. Exemption from stamp duty of certain instruments.

102. Amendment of section 203 (stamp duty in respect of cash cards) of Finance Act, 1992.

103. Amendment of section 92 (levy on certain premiums of insurance) of Finance Act, 1982.

104. Exchanges.

105. Amendment of section 34 (stamp duty on certain conveyances and transfers) of Finance Act, 1978.

106. Exemption from stamp duty of certain loan capital and securities.

PART V

RESIDENTIAL PROPERTY TAX

107. Clearance on sale of certain residential property.

108. Amendment of section 112 (penalties) of Finance Act, 1983.

PART VI

CAPITAL ACQUISITIONS TAX

CHAPTER I

Taxation of Assets Passing on Inheritance (Probate Tax)

109. Interpretation (Chapter I).

110. Acquisitions by relevant trusts.

111. Application of Principal Act.

112. Exemptions.

113. Computation of tax.

114. Relief in respect of quick succession.

115. Incidence.

116. Payment of tax.

117. Interest on tax.

118. Postponement of tax.

119. Application of section 85 of Finance Act, 1989, and section 133 of Finance Act, 1993.

CHAPTER II

Miscellaneous Amendments, etc.

120. Interpretation (Chapter II).

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

122. Amendment of section 6 (taxable gift) of Principal Act.

123. Amendment of section 11 (inheritance deemed to be taken) of Principal Act.

124. Amendment of section 12 (taxable inheritance) of Principal Act.

125. Amendment of section 16 (market value of certain shares) of Principal Act.

126. Amendment of section 90 (arrangements reducing value of company shares) of Finance Act, 1989.

127. Construction of certain references in section 16 of Principal Act for purposes of "specified amount" in section 90 of Finance Act, 1989.

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

129. Amendment of section 34 (disposition by or to a company) of Principal Act.

130. Amendment of Second Schedule (computation of tax) to Principal Act.

131. Amendment of section 107 (application of Principal Act) of Finance Act, 1984.

132. Amendment of section 104 (application of Principal Act) of Finance Act, 1986.

133. Exemption of certain policies of assurance.

134. Repeal, etc. (Chapter II).

PART VII

MISCELLANEOUS

135. Capital Services Redemption Account.

136. Repeal of certain reporting provisions relating to national debt.

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

138. Holding and investment of moneys of Post Office Savings Bank Fund, etc.

139. Foreign currency clearing accounts, etc.

140. Amendment of section 242 (tax clearance in relation to certain licences) of Finance Act, 1992.

141. Radio Telefís Éireann levy.

142. Care and management of taxes and duties.

143. Short title, construction and commencement.

FIRST SCHEDULE

AMENDMENT OF ENACTMENTS

PART I

Amendments Consequential on Changes in Rates of Tax

PART II

Amendments Consequential on Changes in Personal Reliefs

SECOND SCHEDULE

RATES OF EXCISE DUTY ON TOBACCO PRODUCTS

THIRD SCHEDULE

RATES OF EXCISE DUTY ON CIDER AND PERRY

FOURTH SCHEDULE

RATES OF EXCISE DUTY ON WINE AND MADE WINE

FIFTH SCHEDULE

ENACTMENTS REPEALED

ACTS REFERRED TO
ACC Bank Act, 1992 1992, No. 6
Appropriation Act, 1965 1965, No. 21
Appropriation Act, 1969 1969, No. 30
Auctioneers and House Agents Act, 1947 1947, No. 10
Betting Act, 1931 1931, No. 27
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
Central Bank Act, 1989 1989, No. 16
Companies Act, 1963 1963, No. 33
Companies Act, 1990 1990, No. 33
Companies Acts, 1963 to 1990
Conveyancing Act, 1882 45 & 46 Vict., c. 13
Corporation Tax Act, 1976 1976, No. 7
Customs, Inland Revenue, and Savings Bank Act, 1877 40 & 41 Vict., c. 13
Finance (1909-10) Act, 1910 10 Edw. 7 & 1 Geo. 5, c. 8
Finance Act, 1933 1933, No. 15
Finance Act, 1936 1936, No. 31
Finance Act, 1938 1938, No. 25
Finance Act, 1946 1946, No. 15
Finance Act, 1950 1950, No. 18
Finance Act, 1953 1953, No. 21
Finance Act, 1958 1958, No. 25
Finance Act, 1968 1968, No. 33
Finance Act, 1970 1970, No. 14
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, 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 Act, 1988 1989, No. 12
Finance Act, 1989 1989, No. 10
Finance Act, 1990 1990, No. 10
Finance Act, 1991 1991, No. 13
Finance Act, 1992 1992, No. 9
Finance (No. 2) Act, 1992 1992, No. 28
Finance (Excise Duties) (Vehicles) Act, 1952 1952, No. 24
Finance (Excise Duty on Tobacco Products) Act, 1977 1977, No. 32
Finance (Miscellaneous Provisions) Act, 1968 1968, No. 7
Gaming and Lotteries Act, 1956 1956, No. 2
Holidays (Employees) Act, 1973 1973, No. 25
Housing (Miscellaneous Provisions) Act, 1979 1979, No. 27
Housing (Miscellaneous Provisions) Act, 1992 1992, No. 18
ICC Bank Act, 1992 1992, No. 21
Income Tax Act, 1967 1967, No. 6
Industrial and Provident Societies Acts, 1893 to 1978
Industrial Development Act, 1986 1986, No. 9
Industrial Development (Amendment) Act, 1991 1991, No. 30
Intoxicating Liquor Act, 1943 1943, No. 7
Intoxicating Liquor Act, 1946 1946, No. 33
Intoxicating Liquor Act, 1953 1953, No. 30
Intoxicating Liquor Act, 1962 1962, No. 21
Ministerial and Parliamentary Offices Act, 1938 1938, No. 38
National Treasury Management Agency Act, 1990 1990, No. 18
Oireachtas (Allowances to Members) and Ministerial and Parliamentary Offices (Amendment) Act, 1992 1992, No. 3
Provisional Collection of Taxes Act, 1927 1927, No. 7
Registration of Title Act, 1964 1964, No. 16
Roads Act. 1920 10 & 11 Geo. 5, c. 72
Road Traffic Act, 1933 1933, No. 11
Road Traffic Act, 1961 1961, No. 24
Savings Banks Act, 1904 3 Edw. 7, c. 8
Stamp Act, 1891 54 & 55 Vict., c. 39
Status of Children Act, 1987 1987, No. 26
Succession Act, 1965 1965, No. 27
Superannuation and Pensions Act, 1963 1963, No. 24
Tourist Traffic Act, 1952 1952, No. 15
Trustee Savings Banks Act, 1989 1989, No. 21
Údarás na Gaeltachta Act, 1979 1979, No. 5
Unit Trusts Act, 1990 1990, No. 37
Value-Added Tax Act, 1972 1972, No. 22
Value-Added Tax (Amendment) Act, 1978 1978, No. 34

Number 13 of 1993

FINANCE ACT, 1993

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 June, 1993]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

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