Finance Act, 1994
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Amendment of show="replace">Chapter IV (Taxation of Savings and Investment) of Part I of Finance Act, 1993. |
34.— Chapter IV of Part I of the Finance Act, 1993 , is hereby amended— | |
(a) in subsection (2) of section 13— | ||
(i) by the substitution in subparagraph (ii) of paragraph (d) of “10 per cent.” for “12 per cent.”, and | ||
(ii) by the substitution in subparagraph (ii) of paragraph (e) of “10 per cent.” for “15 per cent.”, | ||
(b) in subsection (2) of section 14— | ||
(i) by the substitution in subparagraph (ii) of paragraph (f) of “10 per cent.” for “12 per cent.”, and | ||
(ii) by the substitution in subparagraph (ii) of paragraph (g) of “10 per cent.” for “15 per cent.”, | ||
(c) in subparagraph (I) of paragraph (i) of the proviso to subsection (1) of section 16 by the substitution of “paragraph (e), or” for “paragraph (e), and”, | ||
(d) in paragraph (ii) of the proviso to subsection (1) of section 16 by the substitution for subparagraphs (I) and (II) of the following subparagraphs: | ||
“(I) in two or three such investments, so long as those investments include a special savings account and an investment of a class mentioned in paragraph (b), (c) or (d), or | ||
(II) in four such investments, being two special savings accounts and two other investments of a class (which need not be the same class for the two investments) mentioned in paragraph (b), (c) or (d), during a period throughout which— | ||
(A) as respects the special savings accounts, the condition specified in the said section 37A (1) (e) would be satisfied if ‘£25,000’ were substituted for ‘£50,000’ in the said paragraph (e), or | ||
(B) as respects the other investments, the condition specified in the said section 36A (3) (b) or section 13 (3) (b) or 14 (2) (b) relevant to each of those investments would be satisfied if ‘£25,000’ were substituted for ‘£50,000’ in paragraph (b) of the appropriate provision aforesaid.”, | ||
(e) by the insertion after subsection (1) of section 16 of the following subsection: | ||
“(1A) So long as an individual, whether married or not, does not have a beneficial interest in an investment of a class mentioned in subsection (1) other than— | ||
(a) a beneficial interest, whether or not a joint interest, in one investment, or | ||
(b) a joint beneficial interest in two investments, | ||
of a class (which need not be the same class where there are two investments) mentioned in paragraph (b), (c) or (d) of subsection (1), then the provisions of section 36A of the Corporation Tax Act, 1976 , and sections 13 and 14 shall apply to that one investment or those two investments, as the case may be, as if every reference to £50,000 in those provisions were a reference to £75,000.”, | ||
(f) by the substitution for subsection (2) of section 16 of the following subsection: | ||
“(2) Where an individual may hold a beneficial interest, whether jointly or otherwise, in an investment of a class mentioned in subsection (1) only for as long as a condition specified in the Tax Acts in respect of the investment would be satisfied if a reference to £25,000 were substituted for a reference to £50,000 in the condition so specified, then any provision of those Acts, which would, apart from this subsection, have the effect, at any time, of restricting the said investment to an investment the value of which does not exceed £50,000, shall apply to that investment as if the reference to £50,000 in the provision were a reference to £25,000.”, | ||
and | ||
(g) by the substitution for subsections (3) and (4) of section 16 of the following subsection: | ||
“(3) Any declaration referred to in— | ||
(a) paragraph (b) of the definition of ‘special investment policy’ in section 36A(1) of the Corporation Tax Act, 1976 , | ||
(b) paragraph (b) of the definition of ‘special savings account’ in section 31 (1) of the Finance Act, 1986 , or | ||
(c) paragraph (b) of the definition of ‘special investment units’ in section 13 (1) of the Finance Act, 1993 , | ||
shall contain— | ||
(i) such information in relation to the beneficial interest, which the individual making the declaration holds, whether jointly or otherwise, at the time the declaration is made, in investments of a class mentioned in subsection (1), and | ||
(ii) such undertakings, to the person to whom the declaration is made, to supply at any later time information in relation to such interests of the said individual at that later time, | ||
as the Revenue Commissioners may reasonably require for the purposes of this section.”. |