PART IX

Miscellaneous

61. —(1) In this section—

“the principal section” means section 22 of the Finance Act, 1950 ;

“the 1968 amending section” means section 33 of the Finance Act, 1968 ;

“the nineteenth additional annuity” means the sum charged on the Central Fund under subsection (4) of this section;

“the Minister”, “the Account” and “capital services” have the same meanings respectively as they have in the principal section.

(2) Subsection (4) of the 1968 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1970, have effect with the substitution of “£2,636,326” for “£2,453,200”.

(3) Subsection (6) of the 1968 amending section shall have effect with the substitution of “£1,672,492” for “£1,586,900”.

(4) A sum of £3,000,128 to redeem borrowings, and interest thereon, in respect of capital services shall be charged annually on the Central Fund or the growing produce thereof in the thirty successive financial years commencing with the financial year ending on the 31st day of March, 1970.

(5) The nineteenth additional annuity shall be paid into the Account in such manner and at such times in the relevant financial year as the Minister may determine.

(6) Any amount of the nineteenth additional annuity, not exceeding £1,940,575 in any financial year, may be applied towards defraying the interest on the public debt.

(7) The balance of the nineteenth additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section.

62. — Section 4 (1) of the Provisional Collection of Taxes Act, 1927 , is hereby amended by the deletion of paragraph (f).

63. —(1) The excess of the amount received on the redemption of a unit of securities to which this section applies over the amount paid for the unit on its issue shall, save where the excess falls to be taken into account in computing for the purposes of taxation the profits of a trade, be exempt from income tax (including sur-tax) and corporation profits tax.

(2) The securities to which this section applies are securities created and issued by the Minister for Finance under the Central Fund (Permanent Provisions) Act, 1965 , or any other powers in that behalf him enabling, and any stock, debenture, debenture stock, certificate of charge, or other security, which is issued with the approval of the Minister for Finance given under any Act of the Oireachtas and in respect of which the payment of interest and the repayment of capital is guaranteed by the Minister for Finance under that Act, but excluding securities to which section 4 of the Central Fund Act, 1965 , section 465 of the Income Tax Act, 1967 , or section 8 of the Finance (No. 2) Act, 1968 , applies.

64. —(1) Section 255 (1) of the Income Tax Act, 1967 , is hereby amended by the insertion after paragraph (d) of “and, in particular, the said expression includes any building or structure provided by the person carrying on such a trade or undertaking for the recreation or welfare of workers employed in that trade or undertaking and in use for that purpose”.

(2) Section 255 of the Income Tax Act, 1967 , is hereby amended—

(a) by the insertion after “holiday camp” in the proviso to subsection (1) of “or a building or structure in use as a holiday cottage and comprised in premises registered in any register of holiday cottages established by Bord Fáilte Éireann under the provisions of any Act of the Oireachtas passed after the passing of the Finance Act, 1969”, and

(b) by the insertion in subsection (4) (a) after “dwelling-house” in each place where it occurs of “(other than a holiday cottage referred to in the proviso to subsection (1))”.

(3) Where a building or structure which falls to be regarded as an industrial building or structure by virtue of subsection (2) ceases to be comprised in premises registered in a register referred to in the said section 255 in such circumstances that section 265 of the Income Tax Act, 1967 , does not apply, the relevant interest in the building or structure shall, for the purposes of Part XVI of the Income Tax Act, 1967 , other than section 264 (3), be deemed upon such cesser to have been sold while the building or structure was an industrial building or structure and the net proceeds of the sale shall be deemed, for those purposes, to be an amount equal to the capital expenditure incurred on the construction of the building or structure.

(4) Where a balancing charge is made under the said section 265 by virtue of subsection (3) and the relevant interest in the building or structure is not subsequently sold by the person on whom the charge is made while the building or structure is not an industrial building or structure, that person shall, if the building or structure again becomes comprised in a premises registered in a register referred to in the said section 255, be treated for the purposes of Part XVI of the Income Tax Act, 1967 , as if, at the time of the cesser referred to in subsection (3), he were the buyer of the relevant interest deemed under that subsection to have been sold.

(5) (a) Subsection (1) shall have effect in relation to capital expenditure incurred on or after the 6th day of April, 1969.

(b) Subsections (2) to (4) shall have effect in relation to capital expenditure incurred on or after the 1st day of July, 1968.

65. —(1) Each enactment mentioned in column (2) of Part I of the Fifth Schedule to this Act is, in relation to tax for the year 1969-70 and subsequent years, hereby repealed to the extent specified in column (3) of that Part.

(2) (a) The enactment mentioned in column (2) of Part II of the Fifth Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part.

(b) Paragraph (a) of this subsection shall be deemed to have come into operation on the 1st day of April, 1969.

(3) (a) Each enactment mentioned in column (2) of Part III of the Fifth Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part.

(b) Paragraph (a) of this subsection shall be deemed to have come into operation on the 6th day of April, 1969.

(4) (a) Each enactment mentioned in column (2) of Part IV of the Fifth Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part.

(b) Paragraph (a) of this subsection shall be deemed to have come into operation on the 1st day of July, 1969.

(5) Each enactment mentioned in column (2) of Part V of the Fifth Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part.

(6) (a) Each enactment mentioned in column (2) of Part VI of the Fifth Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part.

(b) Paragraph (a) of this subsection shall have effect only in relation to persons dying on or after the 1st day of March, 1968.

(7) (a) Each enactment mentioned in column (2) of Part VII of the Fifth Schedule to this Act is hereby repealed to the extent specified in column (3) of that Part.

(b) Paragraph (a) of this subsection shall come into operation on the 1st day of October, 1969.

66. —All taxes and duties imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.

67. —(1) This Act may be cited as the Finance Act, 1969.

(2) Parts I and II and (so far as relating to income tax, including sur-tax) section 63 of this Act shall be construed together with the Income Tax Acts.

(3) Part III of this Act, so far as it relates to customs, shall be construed together with the Customs Acts and, so far as it relates to duties of excise, shall be construed together with the Statutes which relate to the duties of excise and the management of those duties.

(4) Part V of this Act shall be construed together with the Stamp Act, 1891, and the enactments amending or extending that Act.

(5) Part VI and (so far as relating to corporation profits tax) section 63 of this Act shall be construed together with Part V of the Finance Act, 1920, and the enactments amending or extending that Part.

(6) Parts VII and VIII shall be construed together with Part VI of the Finance Act, 1963 , the Finance (No. 2) Act, 1966 , and the enactments amending or extending that Part and the last mentioned Act.

(7) Parts I and II and section 63 of this Act shall, save as is otherwise expressly provided therein, be deemed to have come into force and shall take effect as on and from the 6th day of April, 1969.

(8) Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended by or under any other enactment, including this Act.