Finance Act, 1997

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NINTH SCHEDULE

Section 59 .

Part I

Pre-Consolidation Amendments

The Income Tax Act, 1967 (No. 6 of 1967)

1. The Income Tax Act, 1967 , is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 1(1), after the definition of “the National Debt Commissioners” there shall be inserted the following:

“‘ordinary share capital’ has the same meaning as in section 155 of the Corporation Tax Act, 1976 ;”.

(2) In section 58(1), for “sections 59 and 60” there shall be substituted “sections 58A, 59 and 60”.

(3) In section 61, after “charged” there shall be inserted “to tax under Case I or Case II of Schedule D”.

(4) In section 76(1), for paragraph (c) there shall be substituted the following:

“(c) to a deduction on account of any annuity or other annual payment (apart from annual interest) payable out of the income to a person not resident in the State,”.

(5) In section 77(5), for “as if references therein to income which arises or which arose were references to income which is or was so received” there shall be substituted “as if the reference therein to income arising was a reference to income which is so received”.

(6) In section 81(5)(b), for “in respect of county rate, municipal rate or other rate” there shall be substituted “in respect of any rate levied by a local authority”.

(7) In section 89(2), for “the first subsequent assessment, and so far as it cannot be so given then from the next assessment” there shall be substituted “the assessment for the first subsequent year of assessment and, so far as it cannot be so given, from the assessment for the next year of assessment”.

(8) In section 137, in Part II of the Table, after “ Section 5 of the Finance Act, 1996 ” there shall be inserted the following:

“ Section 15 of the Finance Act, 1996

Section 145 of the Finance Act, 1997”.

(9) In section 138B, with effect as on and from the 6th day of April, 1996—

(a) in subsection (2), after the definition of “proprietary director” there shall be inserted the following:

“‘specified employed contributor’ means a person who is an employed contributor for the purposes of the Social Welfare (Consolidation) Act, 1993 , but does not include a person—

(a) who is an employed contributor for those purposes by reason only of section 9(1)(b) of that Act, or

(b) to whom Article 81, 82 or 83 of the Social Welfare (Consolidated Contributions and Insurability) Regulations, 1996 ( S.I. No. 312 of 1996 ), applies.”, and

(b) in subsection (2A)(a), for Clause (I) of subparagraph (i) there shall be substituted “(I) the individual is a specified employed contributor, or”.

(10) In section 142(1)(b), before “widowed mother” there shall be inserted “widowed father or”.

(11) In section 183, for subsection (7) there shall be substituted the following:

“(7) In this section, ‘personal reliefs’ means relief under any of the provisions specified in the Table to section 137.”.

(12) In section 197, for subsection (6) there shall be substituted the following:

“(6) In this section and in section 198, ‘personal reliefs’ means relief under any of the provisions specified in the Table to section 137 apart from relief under section 138A and section 4 of the Finance Act, 1991 .”.

(13) In section 198, for paragraph (a) of subsection (1) there shall be substituted the following:

“(a) subject to subsection (2), the benefit flowing from the personal reliefs may be given either by means of reduction of the amount of the tax to be paid, or by repayment of any excess of tax which has been paid, or by both of those means, as the case requires, and shall be allocated to the husband and the wife—

(i) so far as it flows from relief under—

(I) sections 138 and 141 (other than subsection (2)),

(II) section 11 of the Finance Act, 1971 , or

(III) section 8 of the Finance Act, 1974 ,

in the proportions of one-half and one-half,

(ii) so far as it flows from relief under section 138B, to the husband or to the wife according as the emoluments from which the deduction under that section is made are emoluments of the husband or of the wife,

(iii) so far as it flows from relief in respect of a child under section 141(2) or relief in respect of a dependent relative under section 142, to the husband or to the wife according as he or she maintains the child or relative,

(iv) so far as it flows from relief under section 142A or 145, to the husband or to the wife according as he or she made the payment giving rise to the relief,

(v) so far as it flows from relief under—

(I) section 12 of the Finance Act, 1967 ,

(II) section 8 of the Finance Act, 1979 ,

(III) section 12 of the Finance Act, 1986 ,

(IV) section 44 of the Finance Act, 1986 ,

(V) section 4 of the Finance Act, 1989 ,

(VI) section 46 of the Finance Act, 1994 ,

(VII) section 6 of the Finance Act, 1995 ,

(VIII) section 7 of the Finance Act, 1995 ,

(IX) section 5 of the Finance Act, 1996 ,

(X) section 15 of the Finance Act, 1996 ,

(XI) section 69 of the Finance Act, 1996 ,

(XII) section 57 of the Finance Act, 1997,

(XIII) section 145 of the Finance Act, 1997, or

(XIV) section 154 of the Finance Act, 1997,

in the proportions in which they incurred the expenditure giving rise to the relief,

(vi) so far as it flows from relief under section 3 of the Finance Act, 1969 , in the proportions in which they bear the cost of employing the person in respect of whom the relief is given,

(vii) so far as it flows from relief under Chapter III of Part I of the Finance Act, 1984 , in the proportions in which they subscribed for the eligible shares giving rise to the relief,

(viii) so far as it flows from relief under section 35 of the Finance Act, 1987 , in the proportions in which they made the relevant investment giving rise to the relief,”.

(14) In section 225—

(a) for “is paid to him or to his widow or his child or any of his relatives or dependants” there shall be substituted “is paid to that person or to that person's widow or widower or that person's child or any of that person's relatives or dependants”, and

(b) for “under whom he held such office or by whom he was so employed,” there shall be substituted “under whom that person held such office or by whom that person was so employed,”.

(15) In section 239(4), for “the notice shall be conclusive” there shall be substituted “the notice shall be evidence until the contrary is proved”.

(16) In section 241(1)(b)(i), with effect as on and from the 6th day of April, 1996, for “15 per cent. of the capital expenditure incurred as aforesaid” there shall be substituted “15 per cent. of the actual cost of the machinery or plant, including in that actual cost any expenditure in the nature of capital expenditure on the machinery or plant by way of renewal, improvement or reinstatement”.

(17) In section 241A, after subsection (2) there shall be inserted the following:

“(3) The preceding provisions of this section shall, as respects chargeable periods ending on or after the 6th day of April, 1994, and with any necessary modifications, apply in relation to professions, employments and offices as they apply in relation to trades.”.

(18) In section 256—

(a) in subsection (1), after “structure” there shall be inserted “includes expenditure on the refurbishment of the building or structure but”, and

(b) after subsection (2), there shall be inserted the following:

“(3) In this section, ‘refurbishment’, in relation to a building or structure, means any work of construction, reconstruction, repair or renewal, including the provision of water, sewerage or heating facilities carried out in the course of the repair or restoration, or maintenance in the nature of repair or restoration, of the building or structure.”.

(19) In section 284(3), for “ section 130 of the Industrial and Commercial Property (Protection) Act, 1927 ” there shall be substituted “ section 77 of the Patents Act, 1992 ”.

(20) In section 304—

(a) in subsection (2), for “this Part” there shall be substituted “this Part, or in Part XIII or Chapter I of Part XV”,

(b) in subsection (3), for “this Part” there shall be substituted “this Part, Part XIII and Chapter I of Part XV”, and

(c) in subsection (6), for “this Part” there shall be substituted “this Part, or in Part XIII or Chapter I or II of Part XV”.

(21) In section 309(2), for “the first subsequent assessment, and so far as it cannot be so given then from the next assessment” there shall be substituted “the assessment for the first subsequent year of assessment and, so far as it cannot be so given, from the assessment for the next year of assessment”.

(22) In section 310(3), for “the first subsequent assessment, and so far as it cannot be so given then from the next assessment” there shall be substituted “the assessment for the first subsequent year of assessment and, so far as it cannot be so given, from the assessment for the next year of assessment”.

(23) In section 318, for subsection (1) there shall be substituted the following:

“(1) Subject to this Chapter, any claim made under section 307 for relief in respect of a loss sustained in any trade in any year of assessment (in this Chapter referred to as ‘the year of the loss’) may require the amount of the loss to be determined as if an amount equal to the capital allowances for the year of the loss were to be deducted in computing the profits or gains or losses of the trade in the year of the loss, and a claim may be so made notwithstanding that, apart from those allowances, a loss had not been sustained in the trade in the year of the loss.”.

(24) In section 319, for subsection (1) there shall be substituted the following:

“(1) The capital allowances for any year of assessment shall be taken into account under section 318(1) only if and so far as such capital allowances are not required to offset balancing charges for the year; and relief shall not be given by reference to the capital allowances so taken into account in respect of an amount greater than the amount non-effective in the year of assessment for which the claim is made.”.

(25) In section 349—

(a) for subsection (1)(b) there shall be substituted the following:

“(b) (i) any body of persons that, as respects the year 1983-84 or any earlier year of assessment, was granted exemption from income tax under the provisions of the Income Tax Act, 1967 , for which this section was substituted, or

(ii) any company that, as respects any accounting period ending before the 6th day of April, 1984, was granted exemption from corporation tax under those provisions as applied for corporation tax by section 11 (6) of the Corporation Tax Act, 1976 ,”,

(b) in subsection (2), after “income tax” there shall be inserted “or, as the case may be, corporation tax”, and

(c) in subsection (3), after “income tax” where it first occurs there shall be inserted “or, as the case may be, corporation tax”.

(26) For section 354 there shall be substituted the following:

“Exemption of child benefit.

354.—Child benefit payable under Part IV of the Social Welfare (Consolidation) Act, 1993 , or any subsequent Act together with which that Act may be cited, shall be exempt from tax and shall not be reckoned in computing income for the purposes of the Income Tax Acts.”.

(27) In section 429(4), for the proviso there shall be substituted the following:

“Provided that where the amount of tax is altered by the determination of the judge or by giving effect to an agreement under subsection (6), then, if too much tax has been paid, the amount or amounts overpaid shall be repaid and (except where the interest amounts to less than £10) in so far as the amount to be repaid represents tax paid in accordance with this subsection it shall be repaid with interest at the rate of 0.6 per cent., or such other rate (if any) as stands prescribed by the Minister for Finance by regulations, for each month or part of a month from the date or dates of payment of the amount or amounts giving rise to the overpayment to the date on which the repayment is made.”.

(28) In section 441(1), for “shall be conclusive evidence” there shall be substituted “shall be evidence until the contrary is proved”.

(29) In section 446(1), for “shall be conclusive evidence” there shall be substituted “shall be evidence until the contrary is proved”.

(30) In section 450(2)—

(a) for the definition of “personal representatives” there shall be substituted the following:

“‘personal representative’, in relation to the estate of a deceased person, means his or her personal representative within the meaning of section 3(1) of the Succession Act, 1965 , and includes any person who takes possession of or intermeddles with the property of the deceased and also includes any person having, in relation to the deceased, under the law of another country any functions corresponding to the functions for administration purposes under the law of the State of a personal representative within the meaning of that section, and references to personal representatives as such shall be construed as references to personal representatives in their capacity as having such functions as aforesaid;”,

and

(b) for paragraph (ii) of the definition of “charges on residue” there shall be substituted the following:

“(ii) general legacies, demonstrative legacies, and annuities and”.

(31) In section 466(3)(b), for “the person” there shall be substituted “the name and address of the person”.

(32) In section 474(1), for the words “in pursuance of” to the end of the subsection there shall be substituted the following:

“in pursuance of—

(a) section 472,

(b) section 59 of the Finance Act, 1970 ,

(c) section 92 of the Finance Act, 1973 ,

(d) section 161 of the Finance Act, 1994 ,

(e) section 39 of the Finance Act, 1996 , or

(f) section 144 of the Finance Act, 1997.”.

(33) In section 484—

(a) in subsection (1), for “Schedule D or E” there shall be substituted “Schedule D, E or F”,

(b) in subsection (2), for “the Accountant General of Revenue” there shall be substituted “the Collector-General”,

(c) in subsection (3), for “the Accountant General of Revenue” there shall be substituted “the Collector-General”,

(d) in subsection (6), for “to the Accountant General or to the Collector” there shall be substituted “to the Collector-General”, and

(e) after subsection (6), there shall be inserted the following:

“(7) The Revenue Commissioners may nominate any of their officers to perform any acts and discharge any functions authorised by this section to be performed or discharged by the Revenue Commissioners.”.

(34) In section 492(1)(d), for “conclusive evidence” there shall be substituted “evidence until the contrary is proved”.

(35) In section 525(5), for paragraph (a) there shall be substituted the following:

“(a) In this section—

(i) ‘accounting period’ means an accounting period determined in accordance with section 9 of the Corporation Tax Act, 1976 ;

(ii) ‘basis period’ means the period on the profits or gains of which income tax falls to be finally computed under Schedule D or, where, by virtue of this Act, the profits or gains of any other period are to be taken to be the profits or gains of that period, that other period;

(iii) ‘office or employment’ means any office or employment whatever such that the emoluments of that office or employment, if any, are or would be chargeable to income tax under Schedule E, or under Case III of Schedule D, for any year of assessment.”.

(36) In Schedule 6, Part III, paragraph 1(2), for “any annual interest or any annuity or other annual payment” there shall be substituted “any annuity or other annual payment (apart from annual interest)”.

The Finance Act, 1967 (No. 17 of 1967)

2. In section 12 (1) of the Finance Act, 1967 , for the definitions of “hospital” and “practitioner” there shall be substituted the following, respectively:

“‘hospital’ means—

(a) any institution which is provided and maintained by a health board for the provision of services pursuant to the provisions of the Health Acts, 1947 to 1996,

(b) any institution in which services are provided on behalf of a health board pursuant to the provisions of the Health Acts, 1947 to 1996,

(c) any hospital, nursing home, maternity home or other institution approved of for the purposes of this section by the Minister for Finance after consultation with the Minister for Health;”,

“‘practitioner’ means any person who is registered in the register established under section 26 of the Medical Practitioners Act, 1978 , or who is registered in the register established under section 26 of the Dentists Act, 1985 , or, in relation to health care provided outside the State, any person who is entitled under the laws of the country in which the care is provided to practise medicine or dentistry there;”.

The Finance (Miscellaneous Provisions) Act, 1968 (No. 7 of 1968)

3. In section 9 of the Finance (Miscellaneous Provisions) Act, 1968 —

(a) in subsection (1), for “any pension or similar benefit” there shall be substituted “any pension, benefit or allowance”, and

(b) in subsection (2), for the words from the commencement of the subsection to the end of paragraph (a) there shall be substituted the following:

“(2) This section shall apply to any pension, benefit or allowance which—

(a) is given in respect of past services in an office or employment or is payable under the provisions of the law of the country in which it arises which correspond to the provisions of Chapter 12, 16 or 17 of Part II of, or Chapter 4 or 6 of Part III of, the Social Welfare (Consolidation) Act, 1993 , or any subsequent Act together with which that Act may be cited, and”.

The Finance Act, 1970 (No. 14 of 1970)

4. The Finance Act, 1970 , is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 14(2), for “subsections (6) and (7) of the said section 241” there shall, as respects chargeable periods ending on or after the 6th day of April, 1996, be substituted “subsections (1)(b)(ii), (1A)(a) and (6) of the said section 241”.

(2) In section 19(2A), in the definition of “D”, for “section 256” there shall be substituted “section 256(1)”.

(3) In section 59(1), for “(other than securities to which section 467 , 468 , 471 or 473 of the Income Tax Act, 1967 , applies)” there shall be substituted “(other than securities specified in the Table to section 144 of the Finance Act, 1997)”.

The Finance Act, 1972 (No. 19 of 1972)

5. The Finance Act, 1972 , is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 15—

(a) in subsection (2)—

(i) in paragraph (a), for “the widow” there shall be substituted “the widow or the widower”, and

(ii) in paragraph (b), for “which concern him” there shall be substituted “which concern the employee”;

(b) in subsection (3)—

(i) for paragraph (b) there shall be substituted:

“(b) that any pension for any widow or widower of an employee who dies before retirement shall be a pension payable on the employee's death of an amount that does not exceed two-thirds of any pension or pensions which, consonant with the condition in paragraph (a), could have been provided for the employee on retirement on attaining the specified age, if the employee had continued to serve until he or she attained that age at an annual rate of remuneration equal to his or her final remuneration,”,

(ii) in paragraph (c), for “widow” there shall be substituted “widow or widower”,

(iii) for paragraph (d) there shall be substituted:

“(d) that any benefit for any widow or widower of an employee payable on the employee's death after retirement is a pension such that the amount payable to the widow or widower does not exceed two-thirds of any pension or pensions payable to the employee,”,

(iv) in paragraph (e), for “his death” there shall be substituted “his or her death”, and

(v) in paragraph (f), for “by commutation of his pension, a lump sum or sums not exceeding in all three-eightieths of his final remuneration” there shall be substituted “by commutation of the employee's pension, a lump sum or sums not exceeding in all three-eightieths of his or her final remuneration”.

(2) In section 18(5), for “that employee's wife or widow,” there shall be substituted “that employee's spouse or widow or widower,”.

(3) In the First Schedule, Part III, for paragraph 4 there shall be substituted the following:

“4. (1) The repeal of Chapter II of Part XII of the Income Tax Act, 1967 , by the Finance Act, 1972 , shall, subject to subparagraph (2), not affect—

(i) section 235 (7) of the Income Tax Act, 1967 ,

(ii) section 3 (1)(b)(ii) of the Finance Act, 1968 , or

(iii) any other enactment which contains a reference to that Chapter or to any part of that Chapter.

(2) In so far as any of the provisions of section 226 of the Income Tax Act, 1967 , apply for the purposes of any of the enactments specified in subparagraph (1), the definition of ‘ordinary share capital’ in section 1 of that Act (inserted by the Finance Act, 1997) shall apply for the purposes of those enactments to the exclusion of the definition of that term in section 226 of that Act.”.

The Finance Act, 1973 (No. 19 of 1973)

6. The Finance Act, 1973 , is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 25(1), for “subsection (7) of that section” there shall, as respects chargeable periods ending on or after the 6th day of April, 1996, be substituted “subsection (1)(b)(ii) of that section”.

(2) In section 34(3), for “ section 92 of the Patents Act, 1964 ” there shall be substituted “ section 77 of the Patents Act, 1992 ”.

The Finance (Taxation of Profits of Certain Mines) Act, 1974 (No. 17 of 1974)

7. The Finance (Taxation of Profits of Certain Mines) Act, 1974 , is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 7, for subsection (4) there shall be substituted the following:

“(4) (a) Subsections (3) and (4) of section 22 and sections 24 and 25 of the Finance Act, 1971 , shall, subject to paragraph (b), apply as if for subsections (1) and (2) of section 22 of that Act, in so far as they apply to a person carrying on the trade of working a qualifying mine, there were substituted subsection (3) of this section.

(b) For the purposes of paragraph (a), section 24 of the Finance Act, 1971 , shall apply as if for subsection (1) of that section there were substituted the following:

‘(1) For the purposes of ascertaining the amount of any allowance to be made to any person under section 241 of the Income Tax Act, 1967 , in respect of expenditure incurred during the chargeable period on any qualifying machinery or plant, no account shall be taken of an investment allowance made in respect of that expenditure.’.

(c) Subsections (2), (3) and (3A) of section 297 of the Income Tax Act, 1967 , shall apply in determining the chargeable period (being a year of assessment) for which an allowance is to be made under subsection (3) of this section.”.

(2) In section 8A(1), after paragraph (b), there shall be inserted the following:

“(c) Paragraph 1 of the First Schedule to the Corporation Tax Act, 1976 , shall have effect for the interpretation of this section.

(d) Subsections (2), (3) and (3A) of section 297 of the Income Tax Act, 1967 , shall apply in determining the chargeable period (being a year of assessment) for which an allowance is to be made under this section.”.

The Finance Act, 1974 (No. 27 of 1974)

8. The Finance Act, 1974 , is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 32(1)(c), for “repayment of tax under section 496 of the Income Tax Act, 1967 , as amended by section 29,” there shall be substituted “a reduction in tax under section 145 of the Finance Act, 1997,”.

(2) In section 59, for subsection (5) there shall be substituted the following:

“(5) In this section, ‘settlement’ and ‘settlor’ have the same meanings respectively as in section 131 of the Finance Act, 1996 .”.

The Capital Gains Tax Act, 1975 (No. 20 of 1975)

9. The Capital Gains Tax Act, 1975 , is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 2(1), for the definitions of “settlement” and “settlor” there shall be substituted the following:

“‘settlement’ and ‘settlor’ have the same meanings respectively as in section 131 of the Finance Act, 1996 , and ‘settled property’ shall be construed accordingly;”.

(2) In section 25(9A)(a), for “widowed mother (whether or not she is so incapacitated)” there shall be substituted “widowed father or widowed mother (whether or not he or she is so incapacitated)”.

(3) In section 38(1), for “for references to income there shall be substituted references to capital gains” there shall be substituted “for references to income there shall be substituted references to chargeable gains, for references to this Act there shall be substituted refer-ences to the Capital Gains Tax Acts”.

The Corporation Tax Act, 1976 (No. 7 of 1976)

10. The Corporation Tax Act, 1976 , is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 76, after subsection (6), there shall be inserted the following:

“(6A) For the purposes of subsection (6), the distributable income of a company for an accounting period shall be an amount determined by the formula—

(R - S) + T

where R, S and T have the same meanings respectively as in paragraph (a) of subsection (1) of section 45 of the Finance Act, 1980 .”.

(2) (a) In section 84A, as inserted by the Finance Act, 1984 , in subsection (6), for the definitions of “agricultural society” and “fishery society” there shall be substituted the following:

“‘agricultural society’ and ‘fishery society’ have respectively the meanings assigned to them by sub-section (1CC8) (inserted by the Finance Act, 1992 ) of section 39 of the Finance Act, 1980 ;”, and

(b) in section 84A, as substituted by the Finance Act, 1989 , in subsection (9), for the definitions of “agricultural society” and “fishery society” there shall be substituted the following:

“‘agricultural society’ and ‘fishery society’ have respectively the meanings assigned to them by subsection (1CC8) (inserted by the Finance Act, 1992 ) of section 39 of the Finance Act, 1980 ;”.

(3) In section 93(7), for “section 64(4)” there shall be substituted “section 76(6A)”.

(4) In section 101, for subsection (6) there shall be substituted the following:

“(6) The provisions of the Corporation Tax Acts relating to—

(a) assessments to corporation tax,

(b) appeals against such assessments (including the rehearing of appeals and the statement of a case for the opinion of the High Court), and

(c) the collection and recovery of corporation tax,

shall apply in relation to a surcharge made under this section as they apply to corporation tax charged otherwise than under this section.”.

(5) In section 103(3), for “ section 96 (3)(h) of the Income Tax Act, 1967 ,” there shall be substituted “ section 131 of the Finance Act, 1996 ,”.

(6) In section 124(6), for “Part XVI (Annual Allowances for Certain Capital Expenditure) of that Act” there shall be substituted “Parts XIII to XVI of that Act and in the Finance (Taxation of Profits of Certain Mines) Act, 1974 ,”.

(7) In section 145, for subsection (3) there shall be substituted the following:

“(3) Section 550 of the Income Tax Act, 1967 , apart from the proviso to subsection (1), shall apply for the purposes of corporation tax as it applies for the purposes of income tax, and section 28 of the Finance Act, 1975 , shall apply to interest which, under section 550 of the Income Tax Act, 1967 , as applied by this section, is chargeable in respect of corporation tax.”.

(8) In section 160, for “Part VI of the Income Tax Act, 1967 , by virtue of section 153(2) of that Act” there shall be substituted “any of the provisions specified in the Table to section 137 of the Income Tax Act, 1967 , by virtue of subsection (2) or (3) of section 153 of that Act”.

(9) In section 162 (5), for “with the substitution in section 101(2)” there shall be substituted “with the substitution in subsections (2) and (3) of section 101”.

(10) In section 170(7), for “section 64(4)” there shall be substituted “section 76(6A)”.

The Finance Act, 1980 (No. 14 of 1980)

11. The Finance Act, 1980 , is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 39 (1CC), with effect from the 1st day of January, 1994, for subparagraph (I) there shall be substituted the following:

“(I) (A) an employment grant was made by the Industrial Development Authority under section 25 of the Industrial Development Act, 1986 , or

(B) an employment grant was made by the Industrial Development Agency (Ireland) or Forbairt, as may be appropriate, under section 12 (2) of the Industrial Development Act, 1993 , or”.

(2) In section 45(1)(a), in the definition of “R”, for “or section 71 of the Corporation Tax Act, 1976 ” there shall be substituted “ section 71 of the Corporation Tax Act, 1976 , or section 25 of the Finance Act, 1996 ”.

The Finance Act, 1982 (No. 14 of 1982)

12. The Finance Act, 1982 , is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 8—

(a) in subsection (1), for subparagraph (I) of paragraph (i) of the definition of “the specified rate” there shall be substituted the following:

“(I) the interest which is paid on the preferential loan qualifies for relief under section 145 of the Finance Act, 1997, or”, and

(b) in subsection (4), for “for the purposes of sections 76(1) and 496 of, and paragraph 1(2) of Part III of Schedule 6 to, the Income Tax Act, 1967 ” there shall be substituted “for the purposes of section 145 of the Finance Act, 1997”.

(2) For section 18 there shall be substituted the following:

“Exemption of employment grants.

18.—(1) This section shall apply to a grant made, whether before or after the passing of the Finance Act, 1997, being an employment grant under—

(a) section 25 of the Industrial Development Act, 1986 , or

(b) section 12 of the Industrial Development Act, 1993 .

(2) A grant to which this section applies shall be disregarded for all the purposes of the Tax Acts.”.

(3) In section 58(3), for “after any deduction or addition by virtue of section 31A of the Finance Act, 1975 ” there shall be substituted “after any deduction by virtue of section 134 of the Finance Act, 1996 ”.

The Finance Act, 1984 (No. 9 of 1984)

13. The Finance Act, 1984 , is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 12(7)(b), for “as respects sections 15, 16 and 26” there shall be substituted “as respects sections 15, 16, 22 and 26”.

(2) In section 13A(1A)—

(a) after “relief shall not be given in respect of” there shall be inserted “the excess of”, and

(b) in the definition of “B”, after “the date of the relevant issue” there shall be inserted “(other than the amount raised through the relevant issue)”.

(3) In section 13B(1)—

(a) in the proviso, after “the date of the relevant issue” there shall be inserted “(other than the amount raised through the relevant issue)”, and

(b) in the definition of “A” in the Table, after “the date of the relevant issue” there shall be inserted “(other than the amount raised through the relevant issue)”.

(4) In section 14(1), for paragraph (a) there shall be substituted the following:

“(a) An individual qualifies for relief if he subscribes on his own behalf for eligible shares in a qualifying company and is not at any time in the relevant period connected with the company.”.

(5) In section 15(3C), for paragraph (b) there shall be substituted the following:

“(b) unless and until it shows to the satisfaction of the Revenue Commissioners that a certificate referred to in the said subsection (2D) has been given by the Minister for Arts, Culture and the Gaeltacht to the company in relation to such qualifying recording or qualifying recordings;

but, where a certificate referred to in the said subsection (2D) is revoked by the Minister for Arts, Culture and the Gaeltacht, the company shall not be a qualifying company.”.

The Finance Act, 1986 (No. 13 of 1986)

14. In section 33A(3) of the Finance Act, 1986 , for “apart from that subsection” there shall be substituted “apart from subsection (2)”.

The Finance Act, 1988 (No. 12 of 1988)

15. In section 12 of the Finance Act, 1988 —

(a) in subsection (7), for “at which it would carry interest if it were an amount of tax repaid under the provisions of section 30 (4) of the Finance Act, 1976 ” there shall be substituted “of 0.6 per cent., or such other rate (if any) as stands prescribed by the Minister for Finance by regulations, for each month or part of a month for the period from the date or dates of the payment of the amount or amounts giving rise to the overpayment, as the case may require, to the date on which the repayment is made”, and

(b) after subsection (11), there shall be inserted the following:

“(12) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.”.

The Finance Act, 1992 (No. 9 of 1992)

16. The Finance Act, 1992 , is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 45(1)(a), in the definitions of “base tax” and “tax liability” for “exclusive of the part of the company's profits attributable to chargeable gains” there shall be substituted “exclusive of the corporation tax on the part of the company's profits attributable to chargeable gains”.

(2) In section 84(11), for “Subsections (2) and (3)” there shall be substituted “Subsections (2), (3) and (3A)”.

The Finance Act, 1993 (No. 13 of 1993)

17. The Finance Act, 1993 , is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 14—

(a) in subsection (1)(a), for the definition of “ordinary shares” there shall be substituted the following:

“‘ordinary shares’ means shares forming part of a company's ordinary share capital;”, and

(b) in subsection (5)(b), after “eligible shares” there shall be inserted “in qualifying companies”.

(2) In section 35(1)(a), for the definition of “society” there shall be substituted the following:

“‘society’ means a society registered under the Industrial and Provident Societies Acts, 1893 to 1978, which is an agricultural society or a fishery society within the meaning of subsection (1CC8) (inserted by the Finance Act, 1992 ) of section 39 of the Finance Act, 1980 .”.

The Finance Act, 1994 (No. 13 of 1994)

18. The Finance Act, 1994 , is hereby amended in accordance with the following provisions of this paragraph.

(1) In section 14(3)(b)(i), for “under that subsection” there shall be substituted “under subsection (5A) of that section”.

(2) In the proviso to section 45(2), after “where any premium or other sum which is payable (directly or indirectly),” there shall be inserted “under a qualifying lease, or otherwise under the terms subject to which the lease is granted,”.

(3) In section 66(7)(a), for “subsections (8) and (8A)” there shall be substituted “subsection (8)”.

The Finance Act, 1995 (No. 8 of 1995)

19. In section 48 (5) of the Finance Act, 1995 , for “paragraph (a) of the definition of ‘qualifying premises’” there shall be substituted “paragraph (a) of the definition of ‘qualifying tourism facilities’”.

The Finance Act, 1996 (No. 9 of 1996)

20. In the proviso to section 68 (2) of the Finance Act, 1996 , after “where any premium or other sum which is payable (directly or indirectly),” there shall be inserted “under a qualifying lease, or otherwise under the terms subject to which the lease is granted,”.

21. The amendments in this Part of this Schedule shall not, except where otherwise expressly provided in those amendments, affect the liability to income tax or capital gains tax for years of assessment ending on or before the 5th day of April, 1997, or the liability to corporation tax for accounting periods ending on or before that date, or the assessment, collection or recovery of any of those taxes or of interest on those taxes or other proceedings relating to those taxes or that interest.

Part II

Pre-Consolidation Repeals

The repeals in this Part of this Schedule shall not affect the liability to income tax or capital gains tax for years of assessment ending on or before the 5th day of April, 1997 or the liability to corporation tax for accounting periods ending on or before that date, or the assessment, collection or recovery of any of those taxes or of interest on those taxes or other proceedings relating to those taxes or that interest.