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


1.—(1) In this Act, except so far as is otherwise provided or the context otherwise requires—

“the Act of 1956” means the Finance (Profits of Certain Mines) (Temporary Relief from Taxation) Act, 1956 ;

“the Act of 1967” means the Income Tax Act, 1967 ;

“the Acts relating to corporation profits tax” means Part V of the Finance Act, 1920 , and the enactments amending or extending that Part;

“development expenditure” means capital expenditure—

(a) on the development of a qualifying mine, or

(b) on the construction of any works in connection with a qualifying mine which are of such a nature that, when the mine ceases to be operated, they are likely to have so diminished in value that their value will be little or nothing,

and includes interest on money borrowed to meet such capital expenditure, but does not include—

(c) expenditure on the acquisition of the site of the mine or the site of any such works or of rights in or over any such site, or

(d) expenditure on the acquisition of a scheduled mineral asset, or

(e) expenditure on works constructed wholly or mainly for subjecting the raw product of the mine to any process except a process designed for preparing the raw product for use as such;

“exploration expenditure” means capital expenditure on searching in the State for deposits of scheduled minerals or on testing such deposits or winning access thereto and includes capital expenditure on systematic searching for areas containing scheduled minerals and searching by drilling or other means for scheduled minerals within those areas, but does not include expenditure on operations in the course of working a qualifying mine or expenditure which is development expenditure;

“mine development allowance” has the same meaning as in section 245 of the Act of 1967;

“qualifying mine” means a mine that is being worked for the purpose of obtaining scheduled minerals;

“scheduled mineral asset” means a deposit of scheduled minerals or land comprising such a deposit or an interest in or right over such deposit or land;

“scheduled minerals” has the same meaning as in section 382 of the Act of 1967;

“tax” means income tax, sur-tax or corporation profits tax, as may be appropriate.

(2) Save as provided for in sections 3, 4 and 5, expenditure shall not be regarded, for the purposes of this Act, as having been incurred by a person carrying on the trade of working a qualifying mine in so far as it has been or is to be met directly or indirectly out of moneys provided by the Oireachtas or by any other person (not being a person who has carried on the trade of working that mine).

(3) References in this Act to any enactment shall, unless the context otherwise requires, be construed as references to that enactment as amended or extended by any subsequent enactment.

(4) In this Act a reference to a section is to a section of this Act unless it is indicated that reference to some other enactment is intended.

(5) In this Act a reference to a subsection or paragraph is to the subsection or paragraph of the provision in which the reference occurs unless it is indicated that reference to some other provision is intended.