Finance Act, 1979

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Number 11 of 1979

FINANCE ACT, 1979

ARRANGEMENT OF SECTIONS

Income Tax, Corporation Tax and Capital Gains Tax

Income Tax

Section
1.	Amendment of section 142 (dependent relatives) of Income Tax Act, 1967.
2.	Amendment of section 5 (charge of income tax) of Finance Act, 1977.
3.	Personal reliefs.
4.	Additional relief for widows and others in respect of children.
5.	Special deduction for 1979-80.
6.	Withdrawal of income tax relief in respect of contributions under Social Welfare Acts, 1952 to 1979.
7.	Relief for certain expenditure on residential premises.
8.	Permanent health benefit schemes.
9.	Amendment of provisions relating to relief in respect of certain interest.
10.	Restriction of relief in respect of interest paid on certain loans at a reduced rate.
11.	Treatment for tax purposes of certain benefits payable under Social Welfare Acts, 1952 to 1979, and under Insurance (Intermittent Unemployment) Acts, 1942 to 1978.
12.	Amendment of section 488 of Income Tax Act, 1967 (High Court proceedings).

Chapter II

Taxation of Farming Profits

13.	Extension of tax charge on farming profits.
14.	Application for 1979-80 of section 20A (optional basis of assessment) of Finance Act, 1974.
15.	Amendment of section 20 (basis of assessment) of Finance Act, 1974.
16.	Amendment of section 21 (notional basis of assessment) of Finance Act, 1974.

Chapter III

Provisions Relating to Losses

17.	Amendment of section 307 (right to repayment of tax by reference to losses) of Income Tax Act, 1967.
18.	Amendment of section 308 (persons carrying on two or more trades) of Income Tax Act, 1967.
19.	Amendment of section 318 (option to treat capital allowances as creating or augmenting a loss) of Income Tax Act, 1967.
20.	Amendment of section 319 (extent to which capital allowances to be taken into account) of Income Tax Act, 1967.

Chapter IV

Corporation Tax

21.	Amendment of limit to relief for certain interest treated as a charge on income for corporation tax purposes.
22.	Amendment of Chapter IV (manufacturing companies) of Part I of Finance Act, 1977.

Chapter V

Income Tax and Corporation Tax

23.	Amendment of provisions relating to relief in respect of increase in stock values.
24.	Amendment of section 22 (investment allowance for machinery and plant in designated areas) of Finance Act, 1971.
25.	Amendment of section 25 (increase of writing-down allowances for certain industrial buildings) of Finance Act, 1978.
26.	Continuation of certain capital allowances for period to 1st April, 1984.
27.	Exemption of certain payments made by Minister for Labour.
28.	Retirement annuities.

Chapter VI

Anti-evasion

29.	Time limit for certain summary proceedings.
30.	Amendment of section 70 (power to require returns as to source of partnership income and amounts derived therefrom) of Income Tax Act, 1967.
31.	Power to obtain from certain persons particulars of transactions with and documents concerning tax liability of taxpayers.

Chapter VII

Anti-avoidance

32.	Repeal of section 144 (exemption where total income does not exceed £240, and marginal relief) of Income Tax Act, 1967.
33.	Amendment of section 439 (income under dispositions for short periods) of Income Tax Act, 1967.
34.	Amendment of Schedule 12 (dividends regarded as paid out of profits accumulated before given date) to Income Tax Act, 1967.

Chapter VIII

Capital Gains Tax

35.	Amendment of section 25 (private residence) of Capital Gains Tax Act, 1975.
36.	Amendment of section 27 (disposal within the family of business or farm) of Capital Gains Tax Act, 1975.
37.	Amendment of section 31 (unit trusts) of Capital Gains Tax Act, 1975.

PART II

Customs and Excise

PART III

Value-Added Tax

48.	Amendment of section 18 (inspection and removal of records) of Value-Added Tax Act, 1972.
49.	Amendment of Third Schedule to Value-Added Tax Act, 1972.

PART IV

Stamp Duties

50.	Exemption from stamp duty of certain instruments.
51.	Amendment of section 70 (amount on which stamp duty chargeable) of Finance Act, 1973.
52.	Amendment of section 72 (reconstructions or amalgamations of capital companies) of Finance Act, 1973.
53.	Amendment of section 69 (statement to be charged with stamp duty) of Finance Act, 1973.
54.	Exemption from stamp duty of certain transfers.
55.	Agreement as to stamp duty on certain instruments.
56.	Revocation of Order.

PART V

Miscellaneous

57.	Capital Services Redemption Account.
58.	Care and management of taxes and duties.
59.	Short title, construction and commencement.

FIRST SCHEDULE

Amendment of Enactments

SECOND SCHEDULE

Relief for certain Expenditure on Residential Premises

THIRD SCHEDULE

Rates of Excise Duty on Spirits

FOURTH SCHEDULE

Rates of Excise Duty on Tobacco Products

FIFTH SCHEDULE

Rates of Excise Duty on Wine and Made Wine

SIXTH SCHEDULE

Rates of Excise Duty on Cider and Perry

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Number 11 of 1979

FINANCE ACT, 1979

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. [1st June, 1979]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS :

Finance Act, 1979 Permanent Page URL

Finance Act, 1979

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