Finance Act, 1997
|
Tax clearance for moneylenders, mortgage intermediaries and credit intermediaries. |
160.—(1) Section 242 (1) of the Finance Act, 1992 , is hereby amended in the definition of “licence” (as amended by the Finance Act, 1993 )— | |
(a) by the substitution of “‘licence’ means a licence or authorisation, as the case may be, of the kind referred to—” for “‘licence’ means a licence of the kind referred to—”, and | ||
(b) by the insertion of the following paragraph after paragraph (g): | ||
“(gg) in section 93, 116 or 144 of the Consumer Credit Act, 1995 ;”. | ||
(2) The Consumer Credit Act, 1995 , is hereby amended— | ||
(a) in section 93— | ||
(i) by the substitution, in subsection (10), of the following for paragraph (d): | ||
“(d) the applicant has failed to provide satisfactory evidence that a current tax clearance certificate in relation to the licence has been issued in accordance with the provisions of section 242 (as amended by the Finance Act, 1997) of the Finance Act, 1992 ,”, | ||
and | ||
(ii) by the insertion of the following after subsection (10): | ||
“(10A) (a) Where in relation to a moneylender's licence— | ||
(i) an application in accordance with section 242 of the Finance Act, 1992 , for a tax clearance certificate has been made— | ||
(I) not less than four months prior to the commencement date of such licence, and | ||
(II) a tax clearance certificate has not yet been issued or refused, | ||
or | ||
(ii) a tax clearance certificate has been refused and an appeal against such refusal has been made and accepted in accordance with subsection (6) of the said section 242, | ||
and in either case, the licence could, but for the provisions relating to a tax clearance certificate, have been issued, then— | ||
(I) in a case where a licence has been granted in respect of the previous licensing period, such licence may continue in force beyond its latest expiry date pending— | ||
(A) the issue or refusal of a tax clearance certificate, or | ||
(B) in the case of an appeal, the final determination of that appeal, | ||
and | ||
(II) in a case where a licence has not been granted in respect of the previous licensing period, a licence may be issued temporarily and remain in force pending— | ||
(A) the issue or refusal of a tax clearance certificate, or | ||
(B) in the case of an appeal, the final determination of that appeal: | ||
Provided that the amount of the fee that would be payable on the application for the licence is duly deposited with the Director. | ||
(b) Every licence issued temporarily or continued in force in accordance with paragraph (a) shall, while it remains in force, be deemed to be a licence within the meaning of this section. | ||
(c) Where— | ||
(i) a determination is made to issue a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or | ||
(ii) the final determination of an appeal referred to in subparagraph (ii) of paragraph (a) is to the effect that the application for a tax clearance certificate in relation to a licence is an acceptable application, | ||
and where the tax clearance certificate has been issued; the licence continued in force or issued temporarily under this subsection shall expire upon the grant of a licence under this section and the duty deposited shall be set against the appropriate duty payable on the grant of the licence. | ||
(d) Where— | ||
(i) a determination is made to refuse a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or | ||
(ii) the final determination of an appeal under subparagraph (ii) of paragraph (a) is to the effect that the refusal of an application for a tax clearance certificate in relation to a licence is a valid refusal, | ||
the licence continued in force or issued temporarily under this subsection shall expire not later than seven days after such refusal or after the determination of such appeal, and the amount of any duty deposited in excess of the proportion of that duty attributable to the period when the licence was temporarily in force shall be repaid,”, | ||
(b) in section 116— | ||
(i) by the substitution, in subsection (9), of the following for paragraph (d); | ||
“(d) the applicant has failed to provide satisfactory evidence that a current tax clearance certificate in relation to the authorisation has been issued in accordance with the provisions of section 242 (as amended by the Finance Act, 1997) of the Finance Act, 1992 ,”, | ||
and | ||
(ii) by the insertion of the following after subsection (9): | ||
“(9A) (a) Where in relation to an authorisation— | ||
(i) an application in accordance with section 242 of the Finance Act, 1992 , for a tax clearance certificate has been made— | ||
(I) not less than four months prior to the commencement date of such authorisation, and | ||
(II) a tax clearance certificate has not yet been issued or refused, | ||
or | ||
(ii) a tax clearance certificate has been refused and an appeal against such refusal has been made and accepted in accordance with subsection (6) of the said section 242, | ||
and in either case, the authorisation could, but for the provisions relating to a tax clearance certificate, have been issued, then— | ||
(I) in a case where an authorisation has been granted in respect of the previous authorisation period, such authorisation may continue in force beyond its latest expiry date pending— | ||
(A) the issue or refusal of a tax clearance certificate, or | ||
(B) in the case of an appeal, the final determination of that appeal, | ||
and | ||
(II) in a case where an authorisation has not been granted in respect of the previous authorisation period, an authorisation may be issued temporarily and remain in force pending— | ||
(A) the issue or refusal of a tax clearance certificate, or | ||
(B) in the case of an appeal, the final determination of that appeal: | ||
Provided that the amount of the fee that would be payable on the application for the authorisation is duly deposited with the Director. | ||
(b) Every authorisation issued temporarily or continued in force in accordance with paragraph (a) shall, while it remains in force, be deemed to be an authorisation within the meaning of this section. | ||
(c) Where— | ||
(i) a determination is made to issue a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or | ||
(ii) the final determination of an appeal referred to in subparagraph (ii) of paragraph (a) is to the effect that the application for a tax clearance certificate in relation to an authorisation is an acceptable application, | ||
and where the tax clearance certificate has been issued, the authorisation continued in force or issued temporarily under this subsection shall expire upon the grant of an authorisation under this section and the duty deposited shall be set against the appropriate duty payable on the grant of the authorisation. | ||
(d) Where— | ||
(i) a determination is made to refuse a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or | ||
(ii) the final determination of an appeal under subparagraph (ii) of paragraph (a) is to the effect that the refusal of an application for a tax clearance certificate in relation to an authorisation is a valid refusal, | ||
the authorisation continued in force or issued temporarily under this subsection shall expire not later than seven days after such refusal or after the determination of such appeal, and the amount of any duty deposited in excess of the proportion of that duty attributable to the period when the authorisation was temporarily in force shall be repaid.”, | ||
and | ||
(c) in section 144— | ||
(i) by the substitution, in subsection (9), of the following for paragraph (d): | ||
“(d) the applicant has failed to provide satisfactory evidence that a current tax clearance certificate issued in relation to the authorisation has been issued in accordance with the provisions of section 242 (as amended by the Finance Act, 1997) of the Finance Act, 1992 ,”, | ||
(ii) by the insertion of the following after subsection (9): | ||
“(9A) (a) Where in relation to an authorisation— | ||
(i) an application in accordance with section 242 of the Finance Act, 1992 , for a tax clearance certificate has been made— | ||
(I) not less than four months prior to the commencement date of such an authorisation, and | ||
(II) a tax clearance certificate has not yet been issued or refused, | ||
or | ||
(ii) a tax clearance certificate has been refused and an appeal against such refusal has been made and accepted in accordance with subsection (6) of the said section 242, | ||
and in either case, the authorisation could, but for the provisions relating to a tax clearance certificate, have been issued, then— | ||
(I) in a case where an authorisation has been granted in respect of the previous authorisation period, such authorisation may continue in force beyond its latest expiry date pending— | ||
(A) the issue or refusal of a tax clearance certificate, or | ||
(B) in the case of an appeal, the final determination of that appeal, | ||
and | ||
(II) in a case where an authorisation has not been granted in respect of the previous authorisation period, an authorisation may be issued temporarily and remain in force pending— | ||
(A) the issue or refusal of a tax clearance certificate, or | ||
(B) in the case of an appeal, the final determination of that appeal: | ||
Provided that the amount of the fee that would be payable on the application for the authorisation is duly deposited with the Director. | ||
(b) Every authorisation issued temporarily or continued in force in accordance with paragraph (a) shall, while it remains in force, be deemed to be an authorisation within the meaning of this section. | ||
(c) Where— | ||
(i) a determination is made to issue a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or | ||
(ii) the final determination of an appeal referred to in subparagraph (ii) of paragraph (a) is to the effect that the application for a tax clearance certificate in relation to an authorisation is an acceptable application, | ||
and where the tax clearance certificate has been issued, the authorisation continued in force or issued temporarily under this subsection shall expire upon the grant of an authorisation under this section and the duty deposited shall be set against the appropriate duty payable on the grant of the authorisation. | ||
(d) Where— | ||
(i) a determination is made to refuse a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a), or | ||
(ii) the final determination of an appeal under subparagraph (ii) of paragraph (a) is to the effect that the refusal of an application for a tax clearance certificate in relation to an authorisation is a valid refusal, | ||
the authorisation continued in force or issued temporarily under this subsection shall expire not later than seven days after such refusal or after the determination of such appeal, and the amount of any duty deposited in excess of the proportion of that duty attributable to the period when the authorisation was temporarily in force shall be repaid.”. | ||
(3) This section shall apply and have effect in relation to an application under— | ||
(a) section 93 of the Consumer Credit Act, 1995 , for a moneylender's licence, | ||
(b) section 116 of that Act, for a mortgage intermediaries authorisation, | ||
(c) section 144 of that Act, for a credit intermediaries authorisation, | ||
the commencement date of which is on or after the 1st day of January, 1998. |