Finance Act, 1981

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Number 16 of 1981

FINANCE ACT, 1981

ARRANGEMENT OF SECTIONS

Income Tax, Resource Tax And Corporation Tax

Income tax

Section
1.	Amendment of provisions relating to exemption from income tax.
2.	Personal reliefs.
3.	Alteration of rates of income tax.
4.	Amendment of section 128 (penalties) of Income Tax Act, 1967.
5.	Amendment of section 198 (apportionment in cases of separate assessments) of Income Tax Act, 1967.
6.	Restriction of relief under section 496 (repayment for interest paid) of Income Tax Act, 1967.
7.	Amendment of section 17 (tax deductions from payments to sub-contractors in the construction industry) of Finance Act, 1970.
8.	Amendment of section 7 (relief for certain expenditure on residential premises) of Finance Act, 1979.
9.	Amendment of provisions relating to certain time limits.

Chapter II

Taxation of farming profits

10.	Averaging of farm profits.
11.	Amendment of section 334 (lands owned and occupied, and trades carried on, by charities) of Income Tax Act, 1967.
12.	Amendment of section 477 (time for payment of tax) of Income Tax Act, 1967.

13.	Farming: provision relating to relief in respect of increase in stock values.

Chapter III

Resource Tax

14.	Cesser of resource tax.

Chapter IV

Corporation Tax

15.	Time for payment of corporation tax.
16.	Amendment of section 143 (return of profits) of Corporation Tax Act, 1976.
17.	Amendment of Chapter VI (manufacturing companies) of Part I of Finance Act, 1980.

Chapter V

Income Tax and Corporation Tax

18.	Exemption of payments out of Employers' Temporary Subvention Fund.
19.	Amendment of section 34 (exemption from tax of income from patent royalties) of Finance Act, 1973.
20.	Amendment of provisions relating to relief in respect of increase in stock values.
21.	Extension of section 67 (distributions to non-resident individuals) of Corporation Tax Act, 1976.
22.	Amendment of section 152 (provisions as to tax under section 151) of Corporation Tax Act, 1976.

Chapter VI

Income Tax and Corporation Tax: Relief for Certain Capital Expenditure

23.	Deduction for certain expenditure on construction of rented residential accommodation.
24.	Provisions supplementary to section 23.
25.	Allowance for certain expenditure on construction of multistorey car-parks.
26.	Allowance for certain capital expenditure on roads, bridges, etc.
27.	Amendment of section 254 (industrial building allowance) of Income Tax Act, 1967.

Chapter VII

Profits or Gains from Dealing in or Developing Land

28.	Amendment of section 17 (extension of charge under Case I of Schedule D to certain profits from dealing in or developing land) of Finance (Miscellaneous Provisions) Act, 1968.
29.	Provisions relating to transactions in land.

PART II

Customs and Excise

PART III

Value-Added Tax

42.	Principal Act.
43.	Amendment of section 1 (interpretation) of Principal Act.
44.	Amendment of section 12 (deduction for tax borne or paid) of Principal Act.
45.	Amendment of section 20 (refund of tax) of Principal Act.

PART IV

Capital Acquisitions Tax

46.	Relief in respect of certain marriage settlements.

PART V

Stamp Duties

47.	Amendment of section 58 (direction as to duty in certain cases) of Stamp Act, 1891.
48.	Amendment of section 49 (exemption of certain instruments from stamp duty) of Finance Act, 1969.
49.	Amendment of section 41 (stamp duty on bills of exchange and promissory notes) of Finance Act, 1970.
50.	Revocation of Orders.

PART VI

Miscellaneous

51.	Capital Services Redemption Account.
52.	Disclosure of information to the Ombudsman.
53.	Care and management of taxes and duties.
54.	Short title, construction and commencement.

FIRST SCHEDULE

Amendment of Enactments

SECOND SCHEDULE

Rates of Excise Duty on Tobacco Products

THIRD SCHEDULE

Rates of Excise Duty on Spirits

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 Televisions

Acts Referred to
Capital Acquisitions Tax Act, 1976	1976, No. 8
Capital Gains Tax Act, 1975	1975, No. 20
Corporation Tax Act, 1976	1976, No. 7
Customs-free Airport Act, 1947	1947, No. 5
Finance (1909-10) Act, 1910	1910, c. 8
Finance Act, 1950	1950, No. 18
Finance Act, 1969	1969, No. 21
Finance Act, 1970	1970, No. 14
Finance Act, 1971	1971, No. 23
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 (Excise Duties) (Vehicles) Act, 1952	1952, No. 24
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
Housing (Miscellaneous Provisions) Act, 1979	1979, No. 27
Income Tax Act, 1967	1967, No. 6
Local Government (Planning and Development) Acts, 1963 and 1976
Local Government (Toll Roads) Act, 1979	1979, No. 34
Mercantile Marine Act, 1955	1955, No. 29
Ombudsman Act, 1980	1980, No. 26
Patents Act, 1964	1964, No. 12
Refreshment Houses (Ireland) Act, 1860	1860, c. 107
Road Traffic Act, 1961	1961, No. 24
Stamp Act, 1891	1891, c. 39
Value-Added Tax Act, 1972	1972, No. 22

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Number 16 of 1981

FINANCE ACT, 1981

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. [28th May, 1981]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Finance Act, 1981 Permanent Page URL

Finance Act, 1981

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