Finance Act, 1954

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Number 22 of 1954.

FINANCE ACT, 1954.

ARRANGEMENT OF SECTIONS

PART I.

Income Tax.

PART II.

Customs and Excise.

PART III.

Corporation Profits Tax.

PART IV.

Death Duties.

PART V.

Stamp Duties.

PART VI.

Miscellaneous and General.

FIRST SCHEDULE.

Excise Duty on Matches.

SECOND SCHEDULE.

Customs Duties Terminated.

THIRD SCHEDULE.

Enactments Repealed.

Number 22 of 1954.

FINANCE ACT, 1954.

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. [13th July, 1954.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

PART I.

Income Tax.

Income tax and sur-tax for the year 1954-55.

1.—(1) Income tax shall be charged for the year beginning on the 6th day of April, 1954, at the rate of seven shillings and sixpence in the pound.

(2) Sur-tax for the year beginning on the 6th day of April, 1954, shall be charged in respect of the income of any individual the total of which from all sources exceeds one thousand five hundred pounds and shall be so charged at the same rates as those at which it is charged for the year beginning on the 6th day of April, 1953.

(3) The several statutory and other provisions which were in force on the 5th day of April, 1954, in relation to income tax and sur-tax shall, subject to the provisions of this Act, have effect in relation to the income tax and sur-tax to be charged as aforesaid for the year beginning on the 6th day of April, 1954.

Increase of personal allowance.

2.—(1) Subsection (1) of section 18 of the Finance Act, 1920 , as amended by section 2 of the Finance Act, 1947 (No. 15 of 1947), and by section 2 of the Finance Act, 1951 (No. 15 of 1951), shall be construed and have effect as if—

(a) “three hundred pounds” were substituted therein for “two hundred and eighty pounds”, and

(b) “one hundred and fifty pounds” were substituted therein for “one hundred and forty pounds”.

(2) Where, but for this subsection, the claimant would be entitled to a deduction of one hundred and fifty pounds under subsection (1) of section 18 of the Finance Act, 1920 , as amended by subsection (1) of this section, then, if the claimant proves that in the year of assessment he or she is a widower or a widow, the claimant shall be entitled to a deduction of one hundred and seventy-five pounds in lieu of the said deduction of one hundred and fifty pounds.

Exemption where total income does not exceed £240, and marginal relief.

3.—(1) (a) Any individual who, in the manner prescribed by the Income Tax Acts, makes a claim in that behalf, makes a return in the prescribed form of his total income, and proves that his total income for the year of assessment does not exceed two hundred and forty pounds shall be entitled to exemption from income tax.

(b) Any individual who would, but for the fact that his total income exceeds two hundred and forty pounds, be entitled to exemption as provided in paragraph (a) of this subsection, shall be entitled to have the amount of income tax payable in respect of his total income, if that amount would but for the provisions of this paragraph exceed a sum equal to three-fifths of the amount by which his total income exceeds two hundred and forty pounds, reduced to that sum.

(2) All such provisions of the Income Tax Acts as apply in relation to allowances or deductions within the meaning of the Third Schedule to the Finance Act, 1920 , shall, with any necessary modifications, apply in relation to exemptions from or reductions of tax under this section.

(3) In this section “total income” means total income from all sources as estimated in accordance with the provisions of the Income Tax Acts.

Increase of deductions in respect of children.

4.—(1) Subsection (1) of section 21 of the Finance Act, 1920 , as amended by subsequent enactments, is hereby further amended by the substitution of “a deduction of eighty-five pounds” for “a deduction of eighty pounds” (inserted by section 3 of the Finance Act, 1951 (No. 15 of 1951)).

(2) Section 4 of the Finance Act, 1944 (No. 18 of 1944), is hereby amended—

(a) by the substitution, in subsection (1), of “the Social Welfare (Children's Allowances) Acts, 1944 to 1952” for “the Act of 1944”, and

(b) by the deletion of subsections (2), (3) and (4).

Cesser of section 3 of the Finance Act, 1935, in certain cases.

5.—(1) In this section, “relevant property” means any tenement or rateable hereditament to which, but for this section, section 3 of the Finance Act, 1935 (No. 28 of 1935), would apply.

(2) Where an individual claims in the manner prescribed and proves that he is the owner of the relevant property and that he occupies it exclusively for the purposes of his own residence, then—

(a) the said section 3 shall not apply or have effect in relation to the relevant property,

(b) tax under Schedule A of the Income Tax Act, 1918, shall accordingly be charged in respect of the relevant property as if the said section 3 had not been enacted, and

(c) if tax has been charged in respect of the relevant property otherwise than in accordance with this section, any tax overpaid shall be repaid.

(3) The relevant property shall be deemed to be occupied exclusively for the purposes of his own residence by the individual referred to in subsection (2) of this section where it is mainly occupied by him for such purposes and no part thereof is occupied for the purposes of trade but a part thereof is occupied for the purposes of a profession or vocation.

Exemption of certain pensions from income tax.

6.—(1) Income to which this section applies shall be exempt from income tax (including sur-tax) and shall not be reckoned in computing income for the purposes of the Income Tax Acts.

(2) This section applies to—

(a) the pension payable under section 1 of the MacSwiney (Pension) Act, 1950 (No. 30 of 1950), and

(b) a pension payable under the Pensions Act, 1952 (No. 27 of 1952).

Amendment of section 3 of the Finance Act, 1925.

7.— Section 3 (which relates to exemption of certain military pensions and gratuities) of the Finance Act, 1925 (No. 28 of 1925), is hereby amended by the insertion therein of the following subsection in lieu of subsection (2) now (by virtue of section 2 of the Finance Act, 1950 (No. 18 of 1950)) contained in the said section 3:

“(2) The wounds and disabilities pensions to which section 16 of the Finance Act, 1919 , applies shall include and be deemed always to have included—

(a) all wound and disability pensions, and all increases in such pensions, granted under the Army Pensions Acts, 1923 to 1953, and

(b) all gratuities in respect of wounds or disabilities similarly granted,

and the said section 16 shall be construed and have effect accordingly”

Application of section 8 of the Finance Act, 1932.

8.— Section 8 of the Finance Act, 1932 (No. 20 of 1932), shall apply and be deemed always to have applied to any allowance granted under section 4 of the Army Pensions Act, 1953 (No. 23 of 1953), to the widow, parent, sister or brother of a person who was killed during the Rising of April and May, 1916.

Application of section 4 of the Finance Act, 1950.

9.— Section 4 of the Finance Act, 1950 (No. 18 of 1950), shall apply and be deemed always to have applied to any allowance payable under section 45 of the Army Pensions Act, 1953 (No. 23 of 1953).

Amendment of section 11 of the Finance Act, 1924.

10.—(1) Section 11 of the Finance Act, 1924 (No. 27 of 1924), is hereby amended—

(a) by the substitution in subsection (1) of “£600” for “£300”,

(b) by the substitution in subsection (2) of “£50” for “£25”.

(2) Subsection (1) of this section shall come into operation on the date of the passing of this Act.

Amendment of section 3 of the Finance Act, 1941.

11.— Section 3 of the Finance Act, 1941 (No. 14 of 1941), as amended by section 2 of the Finance Act, 1943 (No. 16 of 1943), is hereby further amended by the insertion, after the words “ten years” where they secondly occur in paragraph (b) of subsection (1) of the said section 3, of the words “or, where the said part of his income arises in any one (hereinafter referred to as the particular country) of the countries coming under the description lastly set forth in subsection (3) of this section, that he was, prior to the said year of assessment, resident in any two or more, one of which is the particular country, of the countries coming under the said description for periods amounting in the aggregate to not less than ten years”.

Payment of interest on Electricity Supply Board and Córas Iompair Éireann securities.

12.—(1) Any stock or other forms of security issued after the passing of this Act by the Electricity Supply Board or by Córas Iompair Éireann shall be deemed to be securities issued under the authority of the Minister for Finance within the meaning of section 2 of the Finance Act, 1924 (No. 27 of 1924), and that section shall apply accordingly.

(2) Notwithstanding anything contained in paragraph (l) of Rule 3 of the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918, or in Rules 19, 20 and 21 of the General Rules applicable to Schedules A, B, C, D and E of the said Act, in computing for the purposes of assessment under the said Schedule D the amount of the profits or gains of the Electricity Supply Board, or of Córas Iompair Éireann, as the case may be, for any period for which accounts are made up, there shall be allowed as a deduction the amount of the interest on stock or other forms of security which, by direction of the Minister for Finance given under section 2 of the Finance Act, 1924 , as applied by this section, is paid by the Electricity Supply Board or by Córas Iompair Éireann, as the case may be, without deduction of tax for such period.

(3) There shall be added to Rule 1 of Case III of Schedule D of the Income Tax Act, 1918, the following clause, that is to say:

“(i) interest on stock or other forms of security issued by the Electricity Supply Board or by Córas Iompair Éireann in cases where such interest is paid without deduction of tax.”

PART II.

Customs and Excise.

Beer—customs duties.

13.—(1) In this section “the Act of 1952” means the Finance Act, 1952 (No. 14 of 1952).

(2) The duty of customs imposed by section 9 of the Act of 1952 on mum, spruce or black beer, Berlin white beer, and other preparations (whether fermented or not fermented) of a similar character imported into the State, shall be charged, levied and paid, as on and from the 22nd day of April, 1954, at the following rates:

(a) for every thirty-six gallons of beer of which the worts are, or were before fermentation, of a specific gravity not exceeding one thousand two hundred and fifteen degrees—thirty-seven pounds;

(b) for every thirty-six gallons of beer of which the worts are, or were before fermentation, of a specific gravity exceeding one thousand two hundred and fifteen degrees—forty-three pounds, eight shillings.

(3) The duty of customs imposed by section 9 of the Act of 1952 on all beer of any description (other than beer chargeable with the duty imposed by subsection (1) of the said section) imported into the State shall be charged, levied and paid, as on and from the 22nd day of April, 1954, at the rate of nine pounds, five shillings for every thirty-six gallons of beer of which the worts were before fermentation of a specific gravity of one thousand and fifty-five degrees.

(4) There shall be allowed and paid on exportation or shipment for use as stores of imported beer on which it is shown, to the satisfaction of the Revenue Commissioners, that duty at a rate provided by subsection (2) or subsection (3) of this section has been paid, a drawback, calculated according to the original specific gravity of such beer, at the rate of nine pounds, four shillings and nine pence on every thirty-six gallons of beer of which the original specific gravity was one thousand and fifty-five degrees.

(5) Where, in the case of beer which is chargeable with duty at the rate provided by subsection (3) of this section or in the case of beer on which drawback under subsection (4) of this section is payable, the specific gravity of such beer is different from the specific gravity mentioned in the said subsection (3) or in the said subsection (4) (whichever is relevant), the said duty or the said drawback (as the case may be) shall be varied proportionately.

(6) Section 24 of the Finance Act, 1933 (No. 15 of 1933), shall not apply or have effect in relation to either of the duties of customs to which this section refers.

Beer—excise duties.

14.—(1) In this section “the Act of 1952” means the Finance Act, 1952 (No. 14 of 1952).

(2) The duty of excise imposed by section 10 of the Act of 1952 shall, in respect of beer chargeable with that duty, be charged, levied and paid, as on and from the 22nd day of April, 1954, at the rate of nine pounds, four shillings and six pence for every thirty-six gallons of worts of a specific gravity of one thousand and fifty-five degrees.

(3) There shall be allowed and paid on exportation as merchandise or for use as ship's stores of beer on which it is shown, to the satisfaction of the Revenue Commissioners, that duty at the rate provided by subsection (2) of this section has been paid, a drawback, calculated according to the original specific gravity of such beer, at the rate of nine pounds, four shillings and nine pence for every thirty-six gallons of which the original specific gravity was one thousand and fifty-five degrees.

(4) In the case of beer of which the specific gravity is different from the specific gravity mentioned in the relevant subsection of this section, the duty chargeable or the drawback payable (as the case may be) in pursuance of this section shall be varied proportionately.

Matches—excise duty.

15.—The duty of excise imposed by subsection (2) of section 4 of the Finance Act, 1945 (No. 20 of 1945), shall, in respect of matches chargeable with that duty, be charged, levied and paid, as on and from the 22nd day of April, 1954, at the several rates specified in the First Schedule to this Act.

Entertainments duty—rural areas.

16.—(1) In this section—

“entertainments duty” means the excise duty referred to by that name in, and chargeable under, section 1 of the Finance (New Duties) Act, 1916 ;

“the census of population” means the census of population which is for the time being the latest published such census;

“town” means a town having commissioners under the Towns Improvement (Ireland) Act, 1854 , or any other place which is designated as a town in the census of population.

(2) Entertainments duty shall not be charged or levied as respects payments for admission to any entertainment held on or after the 1st day of September, 1954, in a place not situated in or within three miles of—

(a) a county or other borough, or

(b) an urban district, or

(c) a town,

having, in any such case, according to the census of population, a population exceeding one thousand.

(3) Where entertainments duty has been paid as respects payments for admission to any entertainment held on or after the 1st day of September, 1954, in a place not situated in or within three miles of—

(a) a county or other borough, or

(b) an urban district, or

(c) a town,

having, in any such case, according to the census of population, a population exceeding two thousand the Revenue Commissioners shall repay to the proprietor of the entertainment an amount equal to fifty per cent. of the duty so paid.

(4) Subsections (2) and (3) of this section shall have effect subject to the proviso that where it is shown to the satisfaction of the Revenue Commissioners that the population of a county or other borough, an urban district or a town, according to the census of population, includes persons enumerated by reference to their being in any religious community, educational establishment, orphanage, hospital, mental institution or county home or in any prison or reformatory, the population of the county or other borough, urban district or town according to the census shall be treated for the purposes of the said subsections as being reduced by the number of those persons.

(5) Subsection (2) of this section shall have effect subject to the proviso that—

(a) where the census of population (being a census published after the passing of this Act) shows that the population of a county or other borough, an urban district or a town exceeds one thousand, and

(b) the population of the county or other borough, urban district or town according to the immediately preceding census of population did not exceed one thousand,

the population of the county or other borough, urban district or town according to the census of population shall, with respect to the period of two years beginning on the date of publication of the census of population, be treated for the purposes of subsection (2) of this section as being reduced so as not to exceed one thousand.

(6) Subsection (3) of this section shall have effect subject to the proviso that—

(a) where the census of population (being a census published after the passing of this Act) shows that the population of a county or other borough, an urban district or a town exceeds two thousand, and

(b) the population of the county or other borough, urban district or town according to the immediately preceding census of population did not exceed two thousand,

the population of the county or other borough, urban district or town according to the census of population shall, with respect to the period of two years beginning on the date of publication of the census of population, be treated for the purposes of subsection (3) of this section as being reduced so as not to exceed two thousand.

(7) The references in paragraph (b) of subsection (5) and paragraph (b) of subsection (6) of this section to the population of the county or other borough, urban district or town according to the immediately preceding census of population shall be construed, where the proviso contained in subsection (4) of this section had effect in relation to that population, as references to that population as reduced as specified in that proviso.

(8) Where a repayment of duty is due under the provisions of section 6 of the Finance Act, 1953 (No. 21 of 1953), as respects any entertainment to which subsection (3) of this section applies such repayment shall be calculated by reference to the total amount of duty paid as reduced by the amount repayable under the provisions of the said subsection (3).

(9) If any question arises as to the census of population applicable at any time for the purposes of this section or as to the date of publication of any such census the Minister for Finance may certify accordingly and the certificate shall be conclusive.

Boots and shoes—customs duties.

17.—(1) The duties of customs chargeable on boots and shoes by section 9 of, and the Second Schedule to, the Finance Act, 1934 (No. 31 of 1934), as amended by subsequent enactments, shall cease to be chargeable on the passing of this Act.

(2) There shall be charged, levied and paid a duty of customs at the rate of sixty per cent. of the value of the article, on every of the following articles imported into the State, that is to say:

component parts of boots and shoes which are shaped soles, shaped heels or shaped uppers, or shaped parts of soles, heels or uppers, made wholly or mainly of leather and skin or either of them.

(3) Whenever the Minister for Finance, after consultation with the Minister for Industry and Commerce, so thinks proper, the Revenue Commissioners may by licence authorise any particular person, subject to compliance with such conditions as they may think fit to impose, to import without payment of the duty mentioned in subsection (2) of this section, any articles chargeable therewith or, in the case of any such articles already imported, to take delivery thereof without payment of the said duty either, as the Revenue Commissioners shall think proper, without limit as to time or quantity or either of them or within a specified time or in a specified quantity, but so that no such licence shall be exempt from the provisions of section 15 of the Finance (Agreement with United Kingdom) Act, 1938 (No. 12 of 1938).

(4) In this section, “boot” includes any external footwear which extends above the ankle of the wearer, and “shoe” includes slipper, golosh, sandal, clog, and any other external footwear which does not extend above the ankle of the wearer.

Glucose and saccharin—customs and excise duties.

18.—(1) The duty of customs chargeable on saccharin under subsection (3) of section 9 of the Finance Act, 1946 (No. 15 of 1946), shall cease to be chargeable on the passing of this Act.

(2) The duties of excise chargeable on glucose and saccharin under subsection (4) of section 9 of the Finance Act, 1946 (No. 15 of 1946), shall cease to be chargeable on the passing of this Act.

(3) Section 17 of the Finance Act, 1926 (No. 35 of 1926), is hereby amended by the deletion of the words “other than saccharin to an extent not exceeding one per cent.”.

Mats of straw, rush or grass—exemption from customs duty.

19.—The duty of customs imposed by section 11 of the Finance Act, 1932 (No. 20 of 1932), and mentioned at reference number 33 in the First Schedule thereto shall, on the passing of this Act, cease to be chargeable on mats made of straw, rush or grass.

Termination of certain customs duties.

20.—(1) The duty mentioned in the third column of the Second Schedule to this Act at any reference number and imposed by the enactments mentioned in the second column of the said Schedule at that reference number shall cease to be chargeable on the passing of this Act.

(2) The particulars stated in the fourth column of the Second Schedule to this Act are inserted solely to facilitate the identification of the several duties mentioned in the third column of the said Schedule, and accordingly nothing contained in the said fourth column shall affect the construction or limit or control the operation of this section and the second and third columns of the said Schedule.

PART III.

Corporation Profits Tax.

Repeal of section 12 of the Finance Act, 1943.

21.— Section 12 of the Finance Act, 1943 (No. 16 of 1943), is hereby repealed in respect of every accounting period whether ending before or after the passing of this Act.

PART IV.

Death Duties.

Discharge of death duties by transfer of securities.

22.—(1) In this section—

“the Minister” means the Minister for Finance;

“the Account” means such account as is prescribed pursuant to subsection (4) of this section.

(2) This section applies to the following securities:

(a) the 4½% National Loan, 1973/78;

(b) any security which—

(i) after the passing of this Act is created and issued by the Minister on terms that, subject to specified conditions, it will be accepted in payment of any death duty, and

(ii) is charged on the Central Fund.

(3) For the purposes of this section—

(a) the value at the date of transfer of any security transferred to the Account shall be the nominal face value with the addition of any interest accrued due at the date of the transfer but then remaining unpaid, after deducting any interest which may be receivable by the transferor after that date, and

(b) interest on any such security shall be deemed to accrue from day to day.

(4) A person from whom any sum is due on account of any death duty may, subject to the relevant regulations under this section, pay the sum or any part thereof by means of a transfer, to such account of the Minister as is prescribed by the regulations, of so much of any security to which this section applies as is equal in value, at the date of the transfer to the sum or part, and the transfer shall be accepted by the Revenue Commissioners as a cash payment to them of the sum or part.

(5) The Minister may make regulations prescribing the conditions under which any security to which this section applies shall be accepted in payment of any death duty.

(6) Securities transferred to the Account may be held therein or sold, cancelled or otherwise dealt with as the Minister directs.

(7) The Minister shall pay out of the Account to the Revenue Commissioners the values at the dates of transfer of all securities transferred to the Account.

(8) Sums paid by way of interest on or redemption of securities held in the Account and sums derived from sales of or other dealings with such securities shall be paid into the Account.

(9) Sums paid into the Account shall be applied in or towards meeting payments which the Minister is required by this section to make to the Revenue Commissioners out of the Account, and any balance shall, as and when the Minister directs, be paid into the Exchequer in repayment of moneys advanced to the Account from the Central Fund or the growing produce thereof, and, if the balance is in excess of the sum required for repaying moneys advanced from the Central Fund or the growing produce thereof, the excess amount shall be disposed of for the benefit of the Exchequer in such manner as the Minister directs.

(10) There shall be issued out of the Central Fund or the growing produce thereof to the Account such sums as may be required to meet any payments under this section by the Minister to the Revenue Commissioners out of the Account which are not met under subsection (9) of this section, and so much of the sums issued as is not authorised by this section to be met by borrowing by the Minister shall be charged on the Central Fund and the growing produce thereof.

(11) For the purpose of providing, wholly or partly, for so much of the issues authorised by this section to be made out of the Central Fund or the growing produce thereof as is equal to the price at which the relevant security was issued for public subscription, the Minister may borrow from any person any sum or sums, and for the purpose of such borrowing he may create and issue securities bearing such rates of interest and subject to such conditions as to repayment, redemption or any other matter as he thinks fit, and he shall pay any moneys so borrowed into the Exchequer.

(12) The principal of and interest on any securities issued under subsection (11) of this section and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.

(13) (a) Where stock of the 4½ per cent. National Loan, 1973/78, has been accepted by the Revenue Commissioners in payment of death duties pursuant to the Prospectus of that Loan and has been transferred to them before the passing of this Act, the stock shall be deemed to have been a cash payment to them of a sum equal to the value of the stock at the date of the transfer, such value being the nominal face value of the stock with the addition of any interest accrued due (on the basis of interest accruing from day to day) at the date of the transfer but then remaining unpaid, after deducting any interest which may be receivable by the transferor after that date.

(b) As soon as may be after the passing of this Act, the Revenue Commissioners shall, as respects any stock so transferred and held by them, transfer the stock to such account as is prescribed by the regulations under this section relating to the 4½ per cent. National Loan, 1973/78, and shall pay into that account any interest which has been paid to them on the stock, but the payment to be made under subsection (7) of this section in relation to the stock shall be the value referred to in paragraph (a) of this subsection.

PART V.

Stamp Duties.

Abolition of stamp duties on marriage licences and certain certificates.

23.—The stamp duties chargeable, by virtue of section 1 of the Stamp Act, 1891—

(a) on a Licence for Marriage, and

(b) on a Copy or Extract (certified) of or from any register of births, baptisms, marriages, deaths or burials,

(being instruments specified in the First Schedule to that Act) shall cease to be payable.

Use of adhesive stamps on attested, etc., copy or extract issued from the Land Registry.

24.—Notwithstanding section 2 of the Stamp Act, 1891, the stamp duty upon any attested or otherwise authenticated copy or extract issued from the Land Registry may be denoted by an adhesive stamp, which is to be cancelled by an officer of the Land Registry before the issue of the copy or extract.

Alteration of stamp duties on conveyances and transfers of land.

25.—(1) Section 13 of the Finance (No. 2) Act, 1947 (No. 33 of 1947), as amended by section 17 of the Finance Act, 1951 (No. 15 of 1951), shall have effect—

(a) as if, in subparagraph (ii) of paragraph (b) of subsection (2), “two thousand five hundred pounds” were substituted for “one thousand pounds”, and

(b) as if, the table set out in subsection (3), the following table were substituted:

(2) A reference in any statutory provision to subsection (3) of section 13 of the Finance (No. 2) Act, 1947 , shall, where appropriate, be construed as a reference to the said subsection as amended by this section.

(3) This section shall come into operation on the 1st day of August, 1954, or the date of the passing of this Act, whichever is the later, and shall not have effect with respect to any instrument executed before such coming into operation.

Alteration of stamp duties on leases.

26.—(1) Section 24 of the Finance Act, 1949 (No. 13 of 1949), as amended by section 18 of the Finance Act, 1951 (No. 15 of 1951), shall have effect—

(a) as if, in paragraph (a) of subsection (3), “two thousand five hundred pounds” were substituted for “one thousand pounds”, and

(b) as if, for the table set out in subsection (3), the following table were substituted:

(2) A reference in any statutory provision to subsection (3) of section 24 of the Finance Act, 1949 , shall, where appropriate, be construed as a reference to the said subsection as amended by this section.

(3) This section shall come into operation on the 1st day of August, 1954, or the date of the passing of this Act, whichever is the later, and shall not have effect with respect to any instrument executed before such coming into operation.

Exemption for certain receipts.

27.—Stamp duty shall not be chargeable on any of the following receipts:

(1) receipt given in respect of any sum paid to a blind person under, or by virtue of any power conferred by, the Blind Persons Act, 1920 ;

(2) receipt given in respect of any sum paid under, or by virtue of any power conferred by, the Public Assistance Act, 1939 (No. 27 of 1939), to a person eligible for public assistance;

(3) receipt given in respect of any sum paid as compensation under the Workmen's Compensation Acts, 1934 to 1953;

(4) receipt given in respect of any sum paid—

(a) under subsection (3) of section 44 of the Health Act, 1947 (No. 28 of 1947),

(b) under subsection (1) of section 23 of the Health Act, 1953 (No. 26 of 1953),

(c) under subsection (5) of section 50 of the Health Act, 1953 , or

(d) under subsection (1) of section 55 of the Health Act, 1953 , in respect of the boarding out of a child in accordance with the provisions of that section.

PART VI.

Miscellaneous and General.

Capital Services Redemption Account.

28.—(1) In this section—

“the principal section” means section 22 of the Finance Act, 1950 (No. 18 of 1950);

“the 1953 amending section” means section 15 of the Finance Act, 1953 (No. 21 of 1953);

“the fourth 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 1953 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1955, have effect with the substitution of “£892,043” for “£767,274”.

(3) Subsection (6) of the 1953 amending section shall have effect with the substitution of “£563,060” for “£493,955”.

(4) A sum of £777,094, 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, 1955.

(5) The fourth 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 fourth additional annuity, not exceeding £500,278 in any financial year, may be applied towards defraying the interest on the public debt.

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

Repeals.

29.—Each enactment specified in column (2) of the Third Schedule to this Act is hereby repealed to the extent specified in column (3) of the said Schedule as on and from the date mentioned in column (4) of the said Schedule.

Care and management of taxes and duties.

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

Short title, construction and commencement.

31.—(1) This Act may be cited as the Finance Act, 1954.

(2) Part I of this Act shall be construed together with the Income Tax Acts.

(3) Part II of this Act, so far as it relates to duties of customs, shall be construed together with the Customs Acts and, so far as it relates to the duties of excise, 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 I of this Act shall, save as is otherwise expressly provided therein, be deemed to come into force on and shall take effect as on and from the 6th day of April, 1954.

FIRST SCHEDULE.

Excise Duty on Matches.

Section 15.

SECOND SCHEDULE.

Customs Duties Terminated.

Section 20.

THIRD SCHEDULE.

Enactments Repealed.

Section 29.