Finance Act, 1990

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Number 10 of 1990

FINANCE ACT, 1990

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.	Alteration of rates of income tax.
3.	Amendment of section 6 (special allowance in respect of P.R.S.I. for 1982-83) of Finance Act, 1982.
4.	Amendment of section 3 (employed person taking care of incapacitated individual) of Finance Act, 1969.
5.	Payments in respect of personal injuries.
6.	Amendment of provisions relating to relief in respect of premiums on certain insurances, etc.
7.	Tax treatment of certain payments made by the Haemophilia H.I.V. Trust.
8.	Amendment of section 13 (surcharge on certain income of trustees) of Finance Act, 1976.
9.	Amendment of section 28 (farming: provision relating to relief in respect of increase in stock values) of Finance Act, 1980.
10.	Amendment of Chapter III (Income Tax: Relief for Investment in Corporate Trades) of Part I of Finance Act, 1984.
11.	Restriction of relief to individuals on loans applied in acquiring shares in companies.
12.	Amendment of Schedule 3 (reliefs in respect of tax charged on payments on retirement, etc.) to Income Tax Act, 1967.
13.	Exemption of local authorities, etc., from certain tax provisions.

Chapter II

Change in Basis of Assessment and Consequential Provisions

Chapter III

Income Tax, Corporation Tax and Capital Gains Tax

28.	Amendment of section 421 (procedure on appeals) of Income Tax Act, 1967.
29.	Tax treatment of profits, losses and capital gains arising from activities of a grouping (EEIG).
30.	Designated areas for urban renewal relief: extension of certain time limits.
31.	Amendment of section 27 (designated areas for urban renewal relief) of Finance Act, 1987.
32.	Amendment of section 45 (double rent allowance as a deduction in computing trading income) of Finance Act, 1986.
33.	Finance leases.
34.	Restriction of certain reliefs.
35.	Certain unit trusts not to be collective investment undertakings.
36.	Tax credits in respect of distributions.

Chapter IV

Corporation Tax

37.	Rate of corporation tax.
38.	Amendment of section 25 (attribution of distributions to accounting periods) of Finance Act, 1989.
39.	Exploration expenditure.
40.	Amendment of section 38 (definitions) of Finance Act, 1980.
41.	Amendment of section 39 (meaning of “goods”) of Finance Act, 1980.
42.	Amendment of section 28 (relief in relation to income from qualifying shipping trade) of Finance Act, 1987.
43.	Amendment of section 10 (allowance of charges on income) of Corporation Tax Act, 1976.
44.	Amendment of section 116 (kinds of group relief) of Corporation Tax Act, 1976.
45.	Trust for Community Initiatives.
46.	Amendment of section 84A (limitation on meaning of “distribution”) of Corporation Tax Act, 1976.
47.	Amendment of section 101 (surcharge on close company's undistributed investment and estate income) of Corporation Tax Act, 1976.
48.	Amendment of section 162 (surcharge on undistributed income of service companies) of Corporation Tax Act, 1976.
49.	Amendment of section 151 (income tax on payments) of Corporation Tax Act, 1976.
50.	Amendment of section 152 (provisions as to tax under section 151) of Corporation Tax Act, 1976.
51.	Income tax on payments made by non-resident companies.
52.	Amendment of section 41 (basis of relief from corporation tax) of Finance Act, 1980.
53.	Amendment of section 58 (basis of relief from corporation tax) of Corporation Tax Act, 1976.
54.	Amendment of section 143 (return of profits) of Corporation Tax Act, 1976.
55.	Amendment of section 50 (returns and collection of advance corporation tax) of Finance Act, 1983.
56.	Exemption of certain income of Housing Finance Agency p.l.c.

Chapter V

Taxation of Building Societies

57.	Building societies: change of status.
58.	Amendment of section 129 (groups of companies: definitions) of Corporation Tax Act, 1976.

Chapter VI

Taxation of Trustee Savings Banks

59.	Amalgamation of trustee savings banks.
60.	Reorganisation of trustee savings banks into companies.
61.	Amendment of section 337 (savings banks) of Income Tax Act, 1967.

Chapter VII

Offshore Funds

62.	Interpretation (Chapter VII, etc.).
63.	Disposal of material interests in non-qualifying offshore funds.
64.	Offshore funds operating equalisation arrangements.
65.	Material interests in offshore funds.
66.	Non-qualifying offshore funds.
67.	Charge to income tax or corporation tax of offshore income gain.
68.	Offshore income gains accruing to persons resident or domiciled abroad.
69.	Deduction of offshore income gain in determining capital gain.

Chapter VIII

Capital Allowances

70.	Amendment of section 241 (wear and tear of machinery, plant, etc.) of Income Tax Act, 1967.
71.	Amendment of section 11 (wear and tear allowances for certain machinery and plant in undeveloped areas) of Finance Act, 1967.
72.	Amendment of section 26 (increase of wear and tear allowances for certain machinery and plant) of Finance Act, 1971.
73.	Amendment of section 251 (initial allowances for machinery and plant) of Income Tax Act, 1967.
74.	Amendment of section 254 (industrial building allowance) of Income Tax Act, 1967.
75.	Amendment of section 19 (industrial building allowance in relation to buildings and structures bought unused) of Finance Act, 1970.
76.	Amendment of section 25 (increase of writing-down allowances for certain industrial buildings) of Finance Act, 1978.
77.	Amendment of section 22 (farming: allowances for capital expenditure on construction of buildings and other works) of Finance Act, 1974.
78.	Amendment of section 265 (balancing allowances and balancing charges) of Income Tax Act, 1967.
79.	Amendment of section 276 (machinery or plant used partly for non-trading purposes) of Income Tax Act, 1967.
80.	Amendment of section 51 (application of certain allowances in relation to certain areas and certain expenditure) of Finance Act, 1988.
81.	Application of certain allowances in relation to certain expenditure.

Chapter IX

Capital Gains Tax

82.	Amendment of section 3 (taxation of capital gains and rate of charge) of Capital Gains Tax Act, 1975.
83.	Amendment of section 36 (chargeable gains on disposals of development land) of Finance Act, 1982.
84.	Amendment of section 26 (disposal of business or farm on retirement) of Capital Gains Tax Act, 1975.
85.	Amendment of section 27 (disposal within the family of business or farm) of Capital Gains Tax Act, 1975.
86.	Amendment of Schedule 1 (computational rules) to Capital Gains Tax Act, 1975.
87.	Application to unit trusts of paragraph 2 (reorganisation or reduction of share capital) of Schedule 2 to Capital Gains Tax Act, 1975.

PART II

Customs and Excise

88.	Interpretation (Part II).
89.	Hydrocarbons.
90.	Table waters.
91.	Televisions.
92.	Video players.
93.	Gramophone records.
94.	Matches.
95.	Mechanical lighters.
96.	Tobacco products.

PART III

Value-Added Tax

97.	Interpretation (Part III).
98.	Amendment of section 1 (interpretation) of Principal Act.
99.	Amendment of section 3 (delivery of goods) of Principal Act.
100.	Amendment of section 5 (supply of services) of Principal Act.
101.	Amendment of section 8 (accountable persons) of Principal Act.
102.	Amendment of section 11 (rates of tax) of Principal Act.
103.	Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.
104.	Amendment of section 15 (charge of tax on imported goods) of Principal Act.
105.	Non-application, for a limited period, of section 17 (invoices) of Principal Act in respect of certain services.
106.	Amendment of First Schedule to Principal Act.
107.	Amendment of Sixth Schedule to Principal Act.

PART IV

Stamp Duties

108.	Levy on banks.
109.	Levy on investments in collective investment undertakings.
110.	Amendment of First Schedule to Stamp Act, 1891.
111.	Amendment of section 58 (directions as to duty in certain cases) of Stamp Act, 1891.
112.	Stamp duty on transfers of building land.
113.	Agreements as to payments of stamp duty on instruments.
114.	Exemption from stamp duty of transfers by spouses.
115.	Exemption from stamp duty on capital companies for UCITS.
116.	Amendment of section 19 (conveyance or transfer on sale—limit on stamp duty in respect of certain transactions between bodies corporate) of Finance Act, 1952.
117.	Relief from transfer stamp duty in the case of reconstructions or amalgamations of certain companies.
118.	Removal of exemption from stamp duty.
119.	Amendment of section 64 of Companies Act, 1963.
120.	Exemption from stamp duty of certain instruments (commercial woodlands).

PART V

Residential Property Tax

121.	Application (Part V).
122.	Amendment of section 95 (interpretation (Part VI)) of Finance Act, 1983.
123.	Amendment of section 100 (market value exemption limit) of Finance Act, 1983.
124.	Amendment of section 101 (income exemption limit) of Finance Act, 1983.
125.	Amendment of section 102 (marginal reliefs) of Finance Act, 1983.

PART VI

Capital Acquisitions Tax

126.	Interpretation (Part VI).
127.	Exemption for spouses (gifts).
128.	Amendment of Second Schedule to Principal Act.
129.	Application of section 108 (exemptions) of Finance Act, 1984.
130.	Application of section 60 (relief in respect of certain policies of insurance) of Finance Act, 1985.

PART VII

Miscellaneous

131.	Amendment of section 17 (tax deductions from payments to sub-contractors in construction industry) of Finance Act, 1970.
132.	Capital Services Redemption Account.
133.	Amendment of section 51 (contracts of guarantee and loan contracts in connection with aid to developing countries) of Finance Act, 1978.
134.	Conversion of Government loans, etc.
135.	Changing of currency denomination of capital share paid to European Investment Bank.
136.	Amendment of Third Schedule to Finance Act, 1982.
137.	Amendment of Second Schedule to Finance Act, 1986.
138.	Tax treatment of securities issued at a discount.
139.	Care and management of taxes and duties.
140.	Short title, construction and commencement.

FIRST SCHEDULE

Tax Credits

Amendments Consequential on Changes in Amounts of Tax Credits in respect of Distributions

SECOND SCHEDULE

Changes in Rates of Corporation Tax: Consequential Provisions

PART I

Application of sections 6 (3), 13 (1B), 182 and 184 of Corporation Tax Act, 1976

PART II

Amendment of Chapter VI (Corporation Tax: Relief in relation to Certain Income of Manufacturing Companies) of Part I of Finance Act, 1980

THIRD SCHEDULE

Building Societies: Change of Status

FOURTH SCHEDULE

Reorganisation into Companies of Trustee Savings Banks

FIFTH SCHEDULE

Offshore Funds: Distributing Funds

PART I

The Distribution Test

PART II

Modifications of Conditions for Certification in Certain Cases

PART III

Certification Procedure

PART IV

Supplementary

SIXTH SCHEDULE

Offshore Funds: Computation of Offshore Income Gains

PART I

Disposals of interests in non-qualifying funds

PART II

Disposals involving an equalisation element

SEVENTH SCHEDULE

Rates of Excise Duty on Televisions

EIGHTH SCHEDULE

Rates of Excise Duty on Tobacco Products

NINTH SCHEDULE

Stamp Duty on Instruments

PART I

Bonds, Covenants, etc.

PART II

Conveyance or Transfer on Sale of any Stocks or Marketable Securities

PART III

Conveyance or Transfer on Sale of other Property

PART IV

Duplicate or Counterpart

PART V

Leases

PART VI

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

PART VII

Release or Renunciation of any Property, etc.

PART VIII

Surrender of any Property, or of any Right or Interest in any Property

PART IX

Share Warrant and Stock Certificate to Bearer

Acts Referred to
Adoption Acts, 1952 to 1988
Agricultural Credit Act, 1978	1978, No. 2
Agriculture Acts, 1931 to 1980
Building Societies Act, 1989	1989, No. 17
Capital Acquisitions Tax Act, 1976	1976, No. 8
Capital Gains Tax Act, 1975	1975, No. 20
Capital Gains Tax (Amendment) Act, 1978	1978, No. 33
Central Bank Act, 1972	1972, No. 24
Companies Act, 1963	1963, No. 33
Corporation Tax Act, 1976	1976, No. 7
Customs-free Airport Act, 1947	1947, No. 5
Family Home Protection Act, 1976	1976, No. 27
Finance Act, 1900	63 Vict., c. 7
Finance Act, 1940	1940, No. 14
Finance Act, 1950	1950, No. 18
Finance Act, 1952	1952, No. 14
Finance Act, 1958	1958, No. 25
Finance Act, 1964	1964, No. 15
Finance Act, 1965	1965, No. 22
Finance Act, 1967	1967, No. 17
Finance Act, 1970	1970, No. 14
Finance Act, 1971	1971, No. 23
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, 1977	1977, No. 18
Finance Act, 1978	1978, No. 21
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 (Customs and Stamp Duties) Act, 1929	1929, No. 5
Finance (Excise Duty on Tobacco Products) Act, 1977	1977, No. 32
Finance (Miscellaneous Provisions) Act, 1968	1968, No. 7
Finance (Taxation of Profits of Certain Mines) Act, 1974	1974, No. 17
Government Loans (Conversion) Act, 1951	1951, No. 15
Housing Finance Agency Act, 1981	1981, No. 37
Income Tax Act, 1967	1967, No. 6
Income Tax (Amendment) Act, 1986	1986, No. 36
Industrial Development Act, 1986	1986, No. 9
Local Government Act, 1941	1941, No. 23
Local Government Services (Corporate Bodies) Act, 1971	1971, No. 6
Mercantile Marine Act, 1955	1955, No. 29
Postal and Telecommunications Services Act, 1983	1983, No. 24
Shannon Free Airport Development Company Limited (Amendment) Act, 1970	1970, No. 9
Stamp Act, 1891	54 & 55 Vict., c. 39
Succession Duty Act, 1853	16 & 17 Vict., c. 51
Trustee Savings Banks Act, 1989	1989, No. 21
Údarás na Gaeltachta Act, 1979	1979, No. 5
Unit Trusts Act, 1972	1972, No. 17
Value-Added Tax Act, 1972	1972, No. 22
Value-Added Tax (Amendment) Act, 1978	1978, No. 34
Vocational Education Acts, 1930 to 1970

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Number 10 of 1990

FINANCE ACT, 1990

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. [30th May, 1990]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Finance Act, 1990 Permanent Page URL

Finance Act, 1990

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