Finance Act, 1995

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

128.—Section 11 of the Principal Act is hereby amended—

(a) by the insertion of the following subsection after subsection (1A):

“(1AA) Notwithstanding subsection (1), tax shall be charged at the rate specified in section 11 (1) (d) of the amount on which tax is chargeable in relation to—

(a) the importation into the State of goods specified in the Eighth Schedule,

(b) the supply of a work of art of the kind specified in paragraph (i) of the Eighth Schedule, effected—

(i) by its creator or the creator's successors in title, or

(ii) on an occasional basis by a taxable person other than a taxable dealer where—

(I) that work of art has been imported by the taxable person, or

(II) that work of art has been supplied to the taxable person by its creator or the creator's successors in title, or

(III) the tax chargeable in relation to the purchase, intra-Community acquisition or importation of that work of art by the taxable person was wholly deductible under section 12,

and

(c) the intra-Community acquisition in the State by a taxable person of a work of art of the kind specified in paragraph (i) of the Eighth Schedule where the supply of that work of art to that taxable person which resulted in that intra-Community acquisition is a supply of the type that would be charged at the rate specified in section 11 (1) (d) in accordance with paragraph (b), if that supply had occurred within the State.”,

and

(b) by the deletion of subsection (5).