Number 16/1976: FINANCE ACT, 1976

Next (PART I Income Tax, Sur-Tax, Corporation Profits Tax, Corporation Tax and Capital Gains Tax)

16 1976

[GA]

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Number 16 of 1976

[GA]

FINANCE ACT, 1976

ARRANGEMENT OF SECTIONS

PART I

Income Tax, Sur-Tax, Corporation Profits Tax, Corporation Tax and Capital Gains Tax

Chapter I

Income Tax

Section
1.	Amendment of section 128 (penalties) of Income Tax Act, 1967.
2.	Amendment of section 142 (dependent relatives) of Income Tax Act, 1967.
3.	Amendment of section 174 (power to require production of accounts and books) of Income Tax Act, 1967.
4.	Amendment of section 197 (separate assessments to income tax) of Income Tax Act, 1967.
5.	Amendment of section 316 (amount of assessment under section 434 to be allowed as a loss for certain purposes) of Income Tax Act, 1967.
6.	Amendment of section 477 (time for payment of tax) of Income Tax Act, 1967 and section 20 (interest on income tax and sur-tax in cases of fraud or neglect) of Finance Act, 1971.
7.	Amendment of section 497 (rate of tax at which repayments are to be made) of Income Tax Act, 1967.
8.	Amendment of section 525 (tax to be charged on consideration for certain restrictive covenants, etc.) of Income Tax Act, 1967.
9.	Amendment of section 1 (increase in certain rates of income tax) of Finance (No. 2) Act, 1975.
10.	Personal reliefs.
11.	Returns by married women.
12.	Relief for unincorporated bodies in respect of increase in stock values.
13.	Surcharge on certain income of trustees.
14.	Priority in bankruptcy and liquidation of certain sums.

Chapter II

Income Tax in Respect of Certain Emoluments

15.	Extension of Chapter IV (income tax in respect of certain emoluments) of Part V of Income Tax Act, 1967.
16.	Transitional provisions.
17.	Treatment for tax purposes of certain unpaid remuneration.

Chapter III

Taxation of Farming Profits

18.	Amendment of section 21 (notional basis of assessment) of Finance Act, 1974.
19.	Farm land occupied by certain persons.

Chapter IV

Payments to Sub-Contractors in the Construction Industry

20.	Payments to sub-contractors before 6th December, 1976.
21.	Payments to sub-contractors on or after 6th December, 1976.

Chapter V

Benefits in Kind

22.	Extension of charge to tax under section 52 (Schedule D) of Income Tax Act, 1967.
23.	Benefit in kind: minimum charge to tax in respect of use of vehicle.

Chapter VI

Income Tax, Sur-Tax, Corporation Profits Tax, Corporation Tax and Capital Gains Tax

24.	Amendment of sections 31 (income tax on certain dividends) and 37 (corporation profits tax on certain dividends) of Finance Act, 1973.
25.	Payments under Employment Premium Act, 1975.
26.	Amendment of section 31 (relief for companies in respect of increase in stock values) of Finance Act, 1975.
27.	Amendment of section 54 (meaning of “goods”) of Corporation Tax Act, 1976.
28.	Reduced rate of tax for certain interest.
29.	Interest on unpaid wealth tax and capital acquisitions tax.
30.	Appeals against assessments and payments on account.
31.	Increase in limit of capital allowances for vehicles.
32.	Restriction of deduction in respect of vehicles.
33.	Termination of relief in respect of certain profits of industrial and provident societies.
34.	Inspection of documents and records.

PART II

Customs and Excise

PART III

Stamp Duties

47.	Extension of time for claiming repayment of certain stamp duties.
48.	Amendment of section 49 (exemption of certain instruments from stamp duty) of Finance Act, 1969.

PART IV

Value-Added Tax

49.	Commencement.
50.	Definitions (Part IV).
51.	Amendment of section 3 (delivery of goods) of Principal Act.
52.	Amendment of section 10 (amount on which tax is chargeable) of Principal Act.
53.	Amendment of section 11 (rates of tax) of Principal Act.
54.	Amendment of section 12 (deduction for tax borne or paid) of Principal Act.
55.	Amendment of section 15 (charge of tax on imported goods) of Principal Act.
56.	Amendment of section 21 (interest) of Principal Act.
57.	Amendment of section 26 (penalties generally) of Principal Act.
58.	Amendment of section 32 (regulations) of Principal Act.
59.	Amendment of section 34 (relief for stock-in-trade held on the specified day) of Principal Act.
60.	Substitution of new schedules for First, Second, Third and Fourth Schedules (exempted activities and rates of tax) to Principal Act.
61.	Consequential amendments.
62.	Priority in bankruptcy and winding-up.
63.	Transitional provisions in respect of motor vehicles.

PART V

Excise Duties on Mechanically Propelled Vehicles

Chapter I

General

64.	Interpretation and commencement (Part V).
65.	Regulations generally (Part V).
66.	Application of Part V.
67.	Certain particulars relating to and transfers of certain vehicles to be furnished to licensing authorities.

Chapter II

Liability for, and Consequences of Non-Payment of, Vehicle Excise Duty

68.	Payment and recovery of vehicle excise duty.
69.	Vehicles to which section 70 applies.
70.	Continuous liability for vehicle excise duty payable as regards certain vehicles.
71.	Using and keeping vehicles on which chargeable vehicle excise duty is unpaid.
72.	Additional liability for using vehicle on which vehicle excise duty is unpaid.

Chapter III

Miscellaneous

73.	Licences to be fixed to and exhibited on vehicles.
74.	Provisions supplementary to section 73.
75.	Onus of proof; defence.
76.	Penalties (Part V).
77.	Amendment of section 12 (regulations) of Act of 1920.
78.	Amendment of section 1 (excise duties in respect of mechanically propelled vehicles on public roads) of Act of 1952.
79.	Rates of vehicle excise duty.

PART VI

Miscellaneous

80.	Capital Services Redemption Account.
81.	Repeals.
82.	Care and management of taxes and duties.
83.	Short title, construction and commencement.

FIRST SCHEDULE

Amendment of Enactments

SECOND SCHEDULE

Rates of Excise Duty on Spirits

THIRD SCHEDULE

Rates of Excise Duty on Tobacco

FOURTH SCHEDULE

Rates of Excise Duties on Wine and Made Wine

FIFTH SCHEDULE

Enactments Repealed

Acts Referred to
Income Tax Act, 1967	1967, No. 6.
Income Tax (Employments) Regulations, 1960	S.I. No. 28 of 1960.
Finance Act, 1975	1975, No. 6.
Finance Act, 1971	1971, No. 23.
Finance (No. 2) Act, 1975	1975, No. 19.
Finance Act, 1974	1974, No. 27.
Finance Act, 1972	1972, No. 19.
Finance Act, 1968	1968, No. 33.
Companies Act, 1963	1963, No. 33.
Finance Act, 1970	1970, No. 14.
Income Tax (Construction Contracts) Regulations, 1971	S.I. No. 1 of 1971.
Finance (Miscellaneous Provisions) Act, 1968	1968, No. 7.
Housing Act, 1966	1966, No. 21.
Value-Added Tax Act, 1972	1972, No. 22.
Social Welfare (Pay-Related Benefit) Act, 1973	1973, No. 2.
Finance Act, 1920	1920, c. 18.
Finance Act, 1973	1973, No. 19.
Double Taxation Relief (Taxes on Income) (United Kingdom) Order, 1975	S.I. No. 143 of 1975.
Employment Premium Act, 1975	1975, No. 23.
Corporation Tax Act, 1976	1976, No. 7.
European Communities (Common Agricultural Policy) (Market Intervention) Regulations, 1973	S.I. No. 24 of 1973.
Wealth Tax Act, 1975	1975, No. 25.
Capital Acquisitions Tax Act, 1976	1976, No. 8.
Central Bank Act, 1971	1971, No. 24.
Imposition of Duties (No. 221) (Excise Duties) Order, 1975	S.I. No. 307 of 1975.
Hydrocarbon Oil Regulations, 1941	S.R. & O., No. 490 of 1941.
Finance Act, 1935	1935, No. 28.
Finance Act, 1942	1942, No. 14.
Finance Act, 1949	1949, No. 13.
Roads Act, 1920	1920, c. 72.
Finance Act, 1940	1940, No. 14.
Stamp Duties Management Act, 1891	1891, c. 46.
Finance Act, 1969	1969, No. 21.
Housing (Loans and Grants) Act, 1962	1962, No. 27.
European Communities (Customs) Regulations, 1972	S.I. No. 334 of 1972.
Fertilisers, Feeding Stuffs and Mineral Mixtures Act, 1955	1955, No. 8.
Hydrocarbon Oil (Rebated Oil) Regulations, 1961	S.I. No. 122 of 1961.
Preferential Payments in Bankruptcy (Ireland) Act, 1889	1889, c. 60.
Roads Act, 1920	1920, c. 72.
Finance (Excise Duties) (Vehicles) Act, 1952	1952, No. 24.
Local Authorities (Traffic Wardens) Act, 1975	1975, No. 14.
Road Traffic Act, 1961	1961, No. 24.
Imposition of Duties (No. 170) (Excise Duties) (Vehicles) Order, 1968	S.I. No. 68 of 1968.
Imposition of Duties (No. 216) (Excise Duties) (Vehicles) Order, 1975	S.I. No. 5 of 1975.
Finance Act, 1950	1950, No. 18.
Capital Gains Tax Act, 1975	1975, No. 20.
Stamp Act, 1891	1891, c. 39.

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Number 16 of 1976

FINANCE ACT, 1976

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. [27th May, 1976]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: