Finance Act, 1980

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Number 14 of 1980

FINANCE ACT, 1980

ARRANGEMENT OF SECTIONS

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

Income Tax

Section
1.	Exemption from income tax.
2.	Age exemption.
3.	Amendment of Part VI (differentiation and graduation of tax by means of reliefs) of Income Tax Act, 1967.
4.	Personal reliefs.
5.	Amendment of provisions relating to relief for blind persons.
6.	Relief in respect of life assurance premiums and certain other payments.
7.	Amendment of provisions relating to relief in respect of interest.
8.	Charge of income tax for 1980-81 and subsequent years.
9.	Amendment of section 3 (“Income Tax Acts”) of Income Tax Act, 1967.
10.	Amendment of section 115 (exemptions and reliefs in respect of tax on certain payments on retirement or removal from office or employment) of Income Tax Act, 1967.
11.	Amendment of section 336 (trade unions) of Income Tax Act, 1967.
12.	Amendment of section 340 (military and other pensions, gratuities and allowances) of Income Tax Act, 1967.
13.	Amendment of section 344 (exemption of interest on certain deposits) of Income Tax Act, 1967.
14.	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.
15.	Amendment of section 7 (relief for certain expenditure on residential premises) of Finance Act, 1979.
16.	Cesser of section 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) of Finance Act, 1979.
17.	Amendment of provisions relating to certain time limits.

Chapter II

Taxation of Married Persons

18.	Amendment of Part IX of Income Tax Act, 1967.
19.	Consequential amendments.
20.	Prohibition on certain repayments of tax for 1979-80 and earlier years.
21.	Assessments for 1979-80 and earlier years made after passing of Act.

Chapter III

Taxation of Farming Profits

22.	Extension of tax charge on farming profits.
23.	Application for 1980-81 of section 20A (optional basis of assessment) of Finance Act, 1974.
24.	Cesser of sections 20 (basis of assessment) and 21 (notional basis of assessment) of Finance Act, 1974.
25.	Application of section 28 (farming profits: restriction of personal allowances) of Finance Act, 1974.
26.	Farming: provision relating to capital allowances.
27.	Farming: allowances for capital expenditure on construction of buildings and other works.
28.	Farming: provision relating to relief in respect of increase in stock values.
29.	Amendment of provisions relating to the occupation of farm land by individuals and the deeming of farm land to be so occupied.

Chapter IV

Resource Tax

30.	Charge of resource tax.
31.	Marginal relief.
32.	Disallowance of resource tax for purposes of Tax Acts.
33.	Date of payment of resource tax.
34.	Assessment and collection of resource tax.
35.	Application of income tax provisions to resource tax and power to combine returns, etc..
36.	Occupation of farm land for purposes of resource tax.

Chapter V

Corporation Tax

37.	Amendment of Chapter IV (manufacturing companies) of Part I of Finance Act, 1977.

Chapter VI

Corporation Tax: Relief in Relation to Certain Income of Manufacturing Companies

38.	Definitions.
39.	Meaning of “goods”.
40.	Apportionment.
41.	Basis of relief from corporation tax.
42.	Provisions relating to relief under Part IV (profits from export of certain goods) of Corporation Tax Act, 1976.
43.	Provisions relating to exempted trading operations under Part V (profits from trading within Shannon Airport) of Corporation Tax Act, 1976.
44.	Transactions between associated persons.
45.	Distributions.
46.	Treatment of certain deductions in relation to relevant distributions.
47.	Provisions relating to relief for certain losses and capital allowances carried forward from 1975-76.
48.	Provisions relating to relief for certain corporation profits tax losses.
49.	Dividends and other distributions at gross rate or of gross amount.
50.	Exclusion of mining and construction operations.
51.	Appeals.

Chapter VII

Income Tax and Corporation Tax

52.	Amendment of section 40 (application of section 31 (building societies) of Corporation Tax Act, 1976, for certain years of assessment) of Finance Act, 1977.
53.	Amendment of provisions relating to relief in respect of increase in stock values.
54.	Amendment of provisions relating to appeals.
55.	Amendment of provisions relating to charge of income tax under Schedules.
56.	Amendment of section 24 (business entertainment expenses) of Finance Act, 1973.
57.	Use of certificates in proceedings for recovery of tax or penalties.
58.	Amendment of section 265 (balancing allowances and balancing charges) of Income Tax Act, 1967.

Chapter VIII

Anti-evasion

59.	Amendment of section 516 (penalty for false statement made to obtain allowance) of Income Tax Act, 1967.
60.	Amendment of section 34 (inspection of documents and records) of Finance Act, 1976.

Chapter IX

Capital Gains Tax

61.	Amendment of provisions relating to married persons in Capital Gains Tax Act, 1975.
62.	Deletion of references to sterling in Capital Gains Tax Act, 1975.

PART II

Customs and Excise

PART III

Value-Added Tax

80.	Increase of rate of tax on certain goods and services.
81.	Amendment of section 8 of Value-Added Tax Act, 1972.
82.	Amendment of First Schedule to Value-Added Tax Act, 1972.

PART IV

Capital Acquisitions Tax

83.	Amendment of section 19 of Capital Acquisitions Tax Act, 1976.
84.	Amendment of section 35 of Capital Acquisitions Tax Act, 1976.

PART V

Stamp Duties

85.	Conveyance or transfer on sale—limit on stamp duty in respect of certain transactions between bodies corporate.
86.	Stamp duties on course bets.
87.	Revocation of Order.

PART VI

Miscellaneous

88.	Capital Services Redemption Account.
89.	Amendment of section 47 (disclosure of certain information by Revenue Commissioners to certain persons) of Finance Act, 1978.
90.	Increase of excise duties on licences for mechanically propelled vehicles.
91.	Amendment of Finance (Excise Duties) (Vehicles) Act, 1952.
92.	Increase of excise duties on vehicle trade licences.
93.	Interest on death duties.
94.	Repeals.
95.	Care and management of taxes and duties.
96.	Short title, construction and commencement.

FIRST SCHEDULE

Amendment of Enactments

Part I

Amendments Consequential on Changes in Personal Reliefs

Part II

Provisions in respect of Certain Retirement Benefits, etc.

Part III

Amendments Consequential on Provisions Relating to the Taxation of Married Persons

SECOND SCHEDULE

Rates of Excise Duty on Spirits

THIRD SCHEDULE

Rates of Excise Duty on Tobacco Products

FOURTH SCHEDULE

Part I

Rates of Excise Duty on Wine

Part II

Rates of Excise Duty on Made Wine

FIFTH SCHEDULE

Rates of Excise Duty on Cider and Perry

SIXTH SCHEDULE

Rates of Excise Duty on Televisions

SEVENTH SCHEDULE

Rates of Excise Duty on Certain Licences

Part I

Intoxicating Liquor Licences

Part II

Firearm Certificates

Part III

Gaming Licences

Part IV

Other Licences

EIGHTH SCHEDULE

Enactments Repealed

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Number 14 of 1980

FINANCE ACT, 1980

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. [25th June, 1980]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Finance Act, 1980 Permanent Page URL

Finance Act, 1980

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