Finance Act, 1991

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Number 13 of 1991

FINANCE ACT, 1991

ARRANGEMENT OF SECTIONS

Income Tax, Corporation Tax and Capital Gains Tax

Income Tax

Section
1.	Amendment of provisions relating to exemption from income tax.
2.	Charge of income tax for 1991-92 and subsequent years.
3.	Personal reliefs.
4.	Special allowance for widowed parent following death of spouse.
5.	Amendment of provisions relating to relief in respect of premiums on certain insurances, etc.
6.	Amendment of section 110 (persons chargeable and extent of charge) of Income Tax Act, 1967.
7.	Amendment of section 138B (employee allowance) of Income Tax Act, 1967.
8.	Amendment of section 142A (allowance for rent paid by certain tenants) of Income Tax Act, 1967.
9.	Amendment of section 6 (special allowance in respect of P.R.S.I. for 1982-83) of Finance Act, 1982.
10.	Application of section 10 (exemption of certain income from leasing of farm land) of Finance Act, 1985.
11.	Amendment of section 31 (interpretation (Chapter IV)) of Finance Act, 1986.
12.	General medical services, scheme of superannuation.
13.	The Great Book of Ireland Trust.

Chapter II

Income Tax: Relief for Investment in Corporate Trades

14.	Extension of relief.
15.	Restriction of relief as respects eligible shares issued on or after 30th January, 1991.
16.	Transitional arrangements in relation to section 15.
17.	Amounts raised by companies acting in concert, or for trade of subsidiary.

Chapter III

Income Tax, Corporation Tax and Capital Gains Tax

18.	Farming: amendment of provisions relating to relief in respect of increase in stock values.
19.	Amendment of section 18 (taxation of collective investment undertakings) of Finance Act, 1989.
20.	Exemption of National Treasury Management Agency from certain tax provisions.
21.	Amendment of section 45 (double rent allowance as a deduction in computing trading income) of Finance Act, 1986.
22.	Continuation of certain allowances, etc.
23.	Amendment of section 19 (industrial building allowance in relation to buildings and structures bought unused) of Finance Act, 1970.
24.	Restriction of tax incentives on property investment.
25.	Amendment of section 22 (farming: allowances for capital expenditure on construction of buildings and other works) of Finance Act, 1974.
26.	Application of sections 264 and 265 of Income Tax Act, 1967, in relation to capital expenditure on refurbishment.
27.	Amendment of section 29 (taxation of income deemed to arise on certain sales of securities) of Finance Act, 1984.

Chapter IV

Corporation Tax

28.	Amendment of section 84A (limitation on meaning of “distribution”) of Corporation Tax Act, 1976.
29.	Amendment of section 87 (distributions: supplemental) of Corporation Tax Act, 1976.
30.	Amendment of section 35 (profits of life business) of Corporation Tax Act, 1976.
31.	Securitisation of assets.
32.	Amendment of section 39 (meaning of “goods”) of Finance Act, 1980.
33.	Amendment of section 39A (relief in relation to income from certain trading operations carried on in Shannon Airport) of Finance Act, 1980.
34.	Amendment of section 39B (relief in relation to income from certain trading operations carried on in Custom House Docks Area) of Finance Act, 1980.
35.	Amendment of section 41 (amendment of section 39 (meaning of “goods”) of Finance Act, 1980) of Finance Act, 1990.
36.	Implementation of Council Directive No. 90/435/EEC.
37.	Application of section 25 (attribution of distributions to accounting periods) of Finance Act, 1989, to interim dividends.
38.	Amendment of section 30 (pension funds: extension of tax exemptions to dealings in financial futures and traded options) of Finance Act, 1988.
39.	Amendment of section 45 (Trust for Community Initiatives) of Finance Act, 1990.
40.	Amendment of section 41 (relief from corporation tax in respect of certain dividends from a non-resident subsidiary) of Finance Act, 1988.
41.	Exemption from corporation tax of An Bord Pinsean — The Pensions Board.

Chapter V

Capital Gains Tax

42.	Amendment of section 26 (disposal of business or farm on retirement) of Capital Gains Tax Act, 1975.
43.	Disposal of work of art, etc., loaned for public display.
44.	Amendment of section 33 (exemption for Bord Fáilte Éireann and certain other bodies) of Finance Act, 1989.

Chapter VI

Extension of Self Assessment to Capital Gains Tax and Certain Other Matters

45.	Amendment of section 9 (interpretation (Chapter II)) of Finance Act, 1988.
46.	Amendment of section 10 (obligation to make a return) of Finance Act, 1988.
47.	Amendment of section 12 (notices of preliminary tax) of Finance Act, 1988.
48.	Amendment of section 13 (making of assessments) of Finance Act, 1988.
49.	Amendment of section 14 (amendment of and time limit for assessments) of Finance Act, 1988.
50.	Amendment of section 15 (inspector's right to make enquiries and amend assessments) of Finance Act, 1988.
51.	Amendment of section 17 (appeals) of Finance Act, 1988.
52.	Amendment of section 18 (date for payment of tax) of Finance Act, 1988.
53.	Amendment of section 21 (miscellaneous) of Finance Act, 1988.

Chapter VII

Urban Renewal: Temple Bar and Other Areas

54.	Preliminary and general (Chapter VII).
55.	Temple Bar reliefs.
56.	Application of section 23 (deduction for certain expenditure on construction of rented residential accommodation) of Finance Act, 1981.
57.	Application of section 21 (rented residential accommodation: deduction for expenditure on refurbishment) of Finance Act, 1985.
58.	Application of section 22 (extension of application of relief for conversion of certain buildings) of Finance Act, 1985.

Chapter VIII

Taxation of Acquisition by a Company of its Own Shares

PART II

Customs and Excise

73.	Tobacco products.
74.	Hydrocarbons.
75.	Excise duty on mechanically propelled vehicles.

PART III

Value-Added Tax

76.	Interpretation (Part III).
77.	Amendment of section 1 (interpretation) of Principal Act.
78.	Amendment of section 7 (waiver of exemption) of Principal Act.
79.	Amendment of section 8 (accountable persons) of Principal Act.
80.	Amendment of section 11 (rates of tax) of Principal Act.
81.	Amendment of section 12 (deduction for tax borne or paid) of Principal Act.
82.	Amendment of section 15 (charge of tax on imported goods) of Principal Act.
84.	Amendment of section 20 (refund of tax) of Principal Act.
85.	Amendment of section 25 (appeals) of Principal Act.
86.	Amendment of First Schedule to Principal Act.
87.	Insertion of Third Schedule in Principal Act.
88.	Amendment of Sixth Schedule to Principal Act.

PART IV

Stamp Duties

88.	Definitions (Part IV).
89.	Levy on banks.
90.	Amendment of First Schedule to Act of 1891.
91.	Repeal of section 78 of Act of 1891.
92.	Amendment of section 88 of Act of 1891.
93.	Exemption from stamp duty.
94.	Charge of duty upon instruments.
95.	Variation of certain rates of duty by order.
96.	Amendment of section 122 of Act of 1891.
97.	Facts and circumstances affecting duty to be set forth in instruments, etc.
98.	Amendment of section 12 of Act of 1891.
99.	Amendment of section 14 of Act of 1891.
100.	Penalty upon stamping instruments after execution.
101.	Rolls, books, etc., to be open to inspection.
102.	Alteration of stamp duties on leases.
103.	Provision relating to voluntary disposition inter vivos, etc.
104.	Procedure to apply where consideration etc., cannot be ascertained.
105.	Valuation of property chargeable with stamp duty.
106.	Amendment of certain provisions relating to fines.
107.	Amendment of section 4 of Stock Transfer Act, 1963.
108.	Application of section 485 of Income Tax Act, 1967.
109.	Application of certain provisions relating to penalties under Income Tax Act, 1967.
110.	Amendment of Chapter II (stamp duty on capital companies) of Part IV of Finance Act, 1973.
111.	Amendment of section 92 (levy on certain premiums of insurance) of Finance Act, 1982.

PART V

Residential Property Tax

112.	Amendment of section 104 (assessment and payment of tax) of Finance Act, 1983.

PART VI

Capital Acquisitions Tax and Death Duties

113.	Interpretation (Part VI).
114.	Amendment of section 19 (value of agricultural property) of Principal Act.
115.	Amendment of Second Schedule to the Principal Act.
116.	Inheritances taken by parents.
117.	Reduction in estimated market value of certain dwellings.
118.	Application of section 60 (relief in respect of certain policies of insurance) of Finance Act, 1985.
119.	Relief in respect of certain policies of insurance relating to tax payable on gifts.
120.	Capital acquisitions tax, waiver in respect of certain interest payable, etc.
121.	Amendment of section 57 (exemption of certain securities) of Capital Acquisitions Tax Act, 1976.
122.	Death duties, waiver in respect of certain interest payable, etc.

PART VII

Miscellaneous

123.	Capital Services Redemption Account.
124.	Amendment of section 92 (tax concessions for disabled drivers, etc.) of Finance Act, 1989.
125.	Repeals.
126.	Amendment of section 141 (incapacitated children) of Income Tax Act, 1967.
127.	Amendment of section 13 (Commissioners to keep accounts) of Inland Revenue Regulation Act, 1890.
128.	Amendment of section 17 (tax deductions from payments to sub-contractors in the construction industry) of Finance Act, 1970.
129.	Application of certain income tax provisions in relation to the collection and recovery of capital acquisitions tax, etc.
130.	Amendment of section 73 (deduction from payments due to defaulters of amounts due in relation to tax) of Finance Act, 1988.
131.	Care and management of taxes and duties.
132.	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

Urban Renewal: Temple Bar Area

PART I

Interpretation

PART II

Description of Temple Bar Area

THIRD SCHEDULE

Rates of Excise Duty on Tobacco Products

PART I

Charged, levied and paid as on and from the 31st day of January, 1991

PART II

Charged, levied and paid as on and from the 1st day of March, 1991

FOURTH SCHEDULE

Enactments Repealed

FIFTH SCHEDULE

Stamp Duty on Instruments

PART I

Bonds, Covenants, etc.

PART II

Leases

PART III

Mortgages, Bonds, Debentures and certain Covenants and Warrants of Attorney

Acts Referred to
Capital Acquisitions Tax Act, 1976	1976, No. 8
Capital Gains Tax Act, 1975	1975, No. 20
Central Bank Act, 1971	1971, No. 24
Companies Act, 1963	1963, No. 33
Companies Act, 1990	1990, No. 33
Companies Acts, 1963 to 1990
Companies (Amendment) Act, 1983	1983, No. 13
Corporation Tax Act, 1976	1976, No. 7
Courts of Justice Act, 1936	1936, No. 48
Courts (No. 2) Act, 1986	1986, No. 26
Excise Management Act, 1827	7 & 8 Geo. 4, c. 53
Finance Act, 1894	57 & 58 Vict., c. 30
Finance (1909-10) Act, 1910	10 Edw. 7, c. 8
Finance Act, 1926	1926, No. 35
Finance Act, 1935	1935, No. 28
Finance Act, 1940	1940, No. 14
Finance Act, 1949	1949, No. 13
Finance Act, 1950	1950, No. 18
Finance Act, 1960	1960, No. 19
Finance Act, 1968	1968, No. 33
Finance Act, 1970	1970, No. 14
Finance Act, 1972	1972, No. 19
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, 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	1988, No. 12
Finance Act, 1989	1989, No. 10
Finance Act, 1990	1990, No. 10
Finance (Excise Duties) (Vehicles) Act, 1952	1952, No. 24
Finance (Excise Duty on Tobacco Products) Act, 1977	1977, No. 32
Health Act, 1970	1970, No. 1
Income Tax Act, 1967	1967, No. 6
Inland Revenue Regulation Act, 1890	53 & 54 Vict., c. 21
Insurance Act, 1936	1936, No. 45
Insurance Act, 1964	1964, No. 18
Insurance Act, 1989	1989, No. 3
Insurance Act, 1990	1990, No. 26
Petroleum and Other Minerals Development Act, 1960	1960, No. 7
Petty Sessions (Ireland) Act, 1851	14 & 15 Vict., c. 93
Postal and Telecommunications Services Act, 1983	1983, No. 24
Stamp Act, 1891	54 & 55 Vict., c. 39
Stamp Duties Management Act, 1891	54 & 55 Vict., c. 38
Stock Transfer Act, 1963	1963, No. 34
Succession Duty Act, 1853	16 & 17 Vict., c. 51
Tourist Traffic Acts, 1939 to 1987
Unit Trusts Act, 1990	1990, No. 37
Value-Added Tax Act, 1972	1972, No. 22
Value-Added Tax (Amendment) Act, 1978	1978, No. 34
Value-Added Tax Acts, 1972 to 1990

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Number 13 of 1991

FINANCE ACT, 1991

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. [29th May, 1991]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Finance Act, 1991 Permanent Page URL

Finance Act, 1991

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