Finance Act, 1986

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Number 13 of 1986

FINANCE ACT, 1986

ARRANGEMENT OF SECTIONS

Income Tax, Corporation Tax and Capital Gains Tax

Income Tax

Section
1.	Amendment of section 2 (age exemption) of Finance Act, 1980.
2.	Alteration of rates of income tax.
3.	Personal reliefs.
4.	Amendment of section 141 (children) of Income Tax Act, 1967.
5.	Amendment of section 12 (relief for health expenses) of Finance Act, 1967.
6.	Amendment of section 6 (special allowance in respect of P.R.S.I. for 1982-83) of Finance Act, 1982.
7.	Amendment of section 8 (permanent health benefit schemes) of Finance Act, 1979.
8.	Relief for gifts to Cospóir.
9.	Tax treatment of directors of companies and employees granted rights to acquire shares or other assets.
10.	Approved share option schemes.
11.	Profit sharing schemes.
12.	Relief for new shares purchased on issue by employees.
13.	Amendment of provisions relating to relief for investment in corporate trades.
14.	Taxation treatment of certain dividends.

Chapter II

Taxation of Farming Profits

15.	Farming: amendment of provisions relating to relief in respect of increase in stock values.
16.	Credit for farm tax.

Chapter III

Relief for Investment in Research and Development

Chapter IV

Interest Payments by Certain Deposit Takers

Chapter V

Urban Renewal: Relief from Income Tax and Corporation Tax

41.	Interpretation (Chapter V), etc.
42.	Allowance in relation to construction of certain commercial premises.
43.	Deduction for certain expenditure on the provision of rented residential accommodation.
44.	Allowance to owner-occupiers in respect of certain premises.
45.	Double rent allowance as a deduction in computing trading income.

Chapter VI

Income Tax, Corporation Tax and Capital Gains Tax

46.	Limited partnerships: relief restrictions.
47.	Amendment of section 16 (gifts to President's Award Scheme) of Finance Act, 1985.
48.	Surcharge for late submission of returns.
49.	Amendment of section 30 (appeals against assessments and payments on account) of Finance Act, 1976.
50.	Capital allowances for, and deduction in respect of, vehicles.
51.	Amendment of section 25 (allowance for certain expenditure on construction of multi-storey car-parks) of Finance Act, 1981.
52.	Capital allowances: treatment of grants, etc.
53.	Application of section 40 (capital allowances for certain leased assets) of Finance Act, 1984.

Chapter VII

Corporation Tax

54.	Amendment of section 84A (limitation on meaning of “distribution”) of Corporation Tax Act, 1976.
55.	Amendment of certain time limits.
56.	Shannon Airport: revocation of certain certificates.
57.	Amendment of section 155 (interpretation) of Corporation Tax Act, 1976.
58.	Reduction of corporation tax in relation to interest on certain loans to farmers.
59.	Amendment of provisions relating to taxation of assurance companies.

Chapter VIII

Capital Gains Tax

60.	Alteration of rates of capital gains tax.
61.	Disposal of shares on the Smaller Companies Market and certain other shares.

PART II

Customs and Excise

62.	Interpretation (Part II).
63.	Tobacco products.
64.	Cider and perry.
65.	Hydrocarbons.
66.	Spirits.
67.	Beer.
68.	Wine and made wine.
69.	Table waters.
70.	Cessation of certain allowances in respect of spirits, matches and nicotine and tobacco extract.
71.	Application of section 76 (6) of Finance Act, 1984, to all premises which are not registered bookmaking offices.
72.	Removal of prescribed marker, etc., from hydrocarbon oil.
73.	Power to search premises in relation to hydrocarbon oil.
74.	Termination of excise duties on tyres and tyre manufacturer's licence.
75.	Reduction and termination of excise duty on motor vehicle parts and accessories.
76.	Motor vehicles.
77.	Excise duty on mechanically propelled vehicles.
78.	Confirmation of Orders.

PART III

Value-Added Tax

79.	Interpretation (Part III).
80.	Amendment of section 1 (interpretation) of Principal Act.
81.	Amendment of section 5 (rendering of services) of Principal Act.
82.	Amendment of section 8 (accountable persons) of Principal Act.
83.	Amendment of section 11 (rates of tax) of Principal Act.
84.	Amendment of section 12 (deduction for tax borne or paid) of Principal Act.
85.	Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.
86.	Amendment of section 17 (invoices) of Principal Act.
87.	Amendment of section 20 (refund of tax) of Principal Act.
88.	Amendment of section 32 (regulations) of Principal Act.
89.	Amendment of First Schedule to Principal Act.
90.	Amendment of Second Schedule to Principal Act.
91.	Amendment of Sixth Schedule to Principal Act.

PART IV

Stamp Duties

PART V

Capital Acquisitions Tax

Chapter I

Discretionary Trusts

102.	Interpretation (Part V).
103.	Annual acquisitions by discretionary trusts.
104.	Application of Principal Act.
105.	Exemptions.
106.	Computation of tax.
107.	Values agreed.
108.	Penalty.

Chapter II

General

109.	Amendment of section 46 (overpayment of tax) of Principal Act.
110.	Amendment of section 61 (payment of money standing in names of two or more persons) of Principal Act.

PART VI

Miscellaneous

111.	Capital Services Redemption Account.
112.	Application of Age of Majority Act, 1985.
113.	Use of electronic data processing.
114.	Amendment of provisions relating to payment of interest on tax overpaid.
115.	Liability to tax, etc., of holder of fixed charge on book debts of company.
116.	Amendment of section 161 (inspectors of taxes) of Income Tax Act, 1967.
117.	Care and management of taxes and duties.
118.	Short title, construction and commencement.

FIRST SCHEDULE

Amendment of Enactments

SECOND SCHEDULE

Approved Share Option Schemes

THIRD SCHEDULE

Tax Appropriate to the Profits or Gains from Farming

FOURTH SCHEDULE

Urban Renewal: Relief from Income Tax and Corporation Tax

PART I

Interpretation

PART II

Description of Custom House Docks Area

PART III

Description of Designated Areas of Dublin (other than the Custom House Docks Area)

PART IV

Description of Designated Areas of Cork

PART V

Description of Designated Area of Limerick

PART VI

Description of Designated Area of Waterford

PART VII

Description of Designated Area of Galway

FIFTH SCHEDULE

Rates of Excise Duty on Tobacco Products

SIXTH SCHEDULE

Rates of Excise Duty on Cider and Perry

SEVENTH SCHEDULE

Rates of Excise Duty on Spirits

EIGHTH SCHEDULE

Rates of Excise Duty on Wine and Made Wine

Acts Referred to
Adoption Acts, 1952 to 1976
Age of Majority Act, 1985	1985, No. 2
Betting Act, 1931	1931, No. 27
Building Societies Acts, 1976 to 1983
Capital Acquisitions Tax Act, 1976	1976, No. 8
Capital Gains Tax Act, 1975	1975, No. 20
Central Bank Act, 1971	1971, No. 24
Companies Act, 1963	1963, No. 33
Companies (Amendment) Act, 1983	1983, No. 13
Conveyancing Act, 1881	1881, c. 41
Corporation Tax Act, 1976	1976, No. 7
Credit Union Act, 1966	1966, No. 19
Customs and Inland Revenue Act, 1885	1885, c. 51
Farm Tax Act, 1985	1985, No. 17
Finance Act, 1895	1895, c. 16
Finance Act, 1914 (Session 2)	1914, c. 7
Finance Act, 1935	1935, No. 28
Finance Act, 1950	1950, No. 18
Finance Act, 1964	1964, No. 15
Finance Act, 1967	1967, No. 17
Finance Act, 1970	1970, No. 14
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, 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 (Customs Duties) (No. 4) Act, 1932	1932, No. 34
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 (New Duties) Act, 1916	1916, c. 11
Free Ports Act, 1986	1986, No. 6
Housing (Miscellaneous Provisions) Act, 1979	1979, No. 27
Income Tax Act, 1967	1967, No. 6
Irish Film Board Act, 1980	1980, No. 36
Limited Partnerships Act, 1907	1907, c. 24
Provisional Collection of Taxes Act, 1927	1927, No. 7
Revenue Act, 1906	1906, c. 20
Social Welfare (Consolidation) Act, 1981	1981, No. 1
Stamp Act, 1891	1891, c. 39
Succession Duty Act, 1853	1853, c. 51
Trustee Savings Banks Acts, 1863 to 1979
Value-Added Tax Act, 1972	1972, No. 22
Value-Added Tax (Amendment) Act, 1978	1978, No. 34

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Number 13 of 1986

FINANCE ACT, 1986

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. [27th May, 1986]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Finance Act, 1986 Permanent Page URL

Finance Act, 1986

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