Finance Act, 1970
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Amendment of section 50 of Finance Act, 1969. |
45.—(1) Section 50 of the Finance Act, 1969 , is hereby amended by the addition of the following paragraphs to subsection (7): | |
“(d) in relation to the construction, alteration or enlargement of a building for use as offices if the greater part of the building is intended for occupation by the owner of the building; | ||
(e) in relation to the construction, alteration or enlargement of a building for use as offices if the owner of the building is a body corporate and the greater part of the building is intended for occupation by a body corporate which is associated with the owner to the extent that either is the beneficial owner of not less than ninety per cent. of the issued share capital of the other or that not less than ninety per cent. of the issued share capital of each of them is in the beneficial ownership of a third body corporate.” | ||
(2) If, where a claim for exemption from duty has been allowed by virtue of paragraph (d) or (e) (inserted by this section) of section 50 (7) of the Finance Act, 1969 , there is a change of occupancy in relation to the greater part of the building to which the claim related within five years after the date of the contract to which the claim related, the exemption shall be deemed not to have been allowed, and an amount equal to the duty remitted shall forthwith be a debt due to the Minister for Finance for the benefit of the Central Fund and payable to the Revenue Commissioners, and the said amount (together with interest thereon at the rate of five per cent. per annum from the date of the contract for the construction, alteration or enlargement of the building) shall be recoverable at the suit of the Attorney-General in any court of competent jurisdiction from the owner or, in case there is more than one owner, from each owner jointly and severally. | ||
(3) (a) The said section 50 is hereby further amended by the substitution in subsection (7) (c) of “a designated area within the meaning of the Industrial Development Act, 1969 ,” for “an undeveloped area within the meaning of the Undeveloped Areas Act, 1952 ”. | ||
(b) This subsection shall come into operation on the 1st day of August, 1970, or the date of the passing of this Act, whichever is the later. |