Dáil Éireann debate -
Wednesday, 13 Jun 1956

Vol. 158 No. 2

Committee on Finance. - Finance Bill, 1956—Substitute Financial Resolution.

Minister for Finance (Mr. Sweetman)

I move:—

(1) That in this resolution "the board" means the Racing Board.

(2) That there shall be levied on the board in respect of the year ending on the 31st day of March, 1957, a stamp duty of £140,000, which shall be paid by the board to the Revenue Commissioners on or before the 15th day of March, 1957.

(3) That upon payment of the duty, the Revenue Commissioners shall certify that the board has complied with the provisions contained in this resolution, and the certificate shall be stamped with the amount of the duty paid and shall be issued to the board.

(4) That if the board fails to comply with the provisions contained in this resolution, the amount of the duty unpaid, together with interest thereon at the rate of 5 per cent. per annum from the 16th day of March, 1957, to the day on which the duty is paid, shall be a debt due from the board to the Minister for Finance for the benefit of the Central Fund and shall be recoverable at the suit of the Attorney-General in any court of competent jurisdiction.

This is the financial resolution which is necessary because of the alteration in the basis of assessment to which I referred in concluding on the Second Stage of the Finance Bill. The Racing Board, for which I have statutory responsibilities, came to see me and indicated that they would prefer to provide exactly the same amount of money as I had estimated would be provided by my original proposals in this manner rather than in the manner that I had indicated. So far as I am concerned, as long as I am receiving the same amount of money, I am prepared to meet them to that extent, the overriding basis of my consideration being that this is the amount the original proposals were estimated to provide.

Mr. Lemass

This resolution relates to Section 29 of the Bill and I have submitted two amendments to that section. I think it might be more appropriate to discuss the provisions of the section and the effect of the amendments when we come to them on the Committee Stage of the Bill. Therefore, I do not propose to initiate a debate on this resolution. I am, however, made somewhat curious by the Minister's estimate that the original proposals in the Budget statement would have produced the same amount of revenue as he is now expecting to get from this stamp duty. The revenue shown by the Racing Board Report for 1954-55, if the Minister's original proposals held good, would appear to yield £230,000.

Mr. Sweetman

Is the Deputy thinking of it in terms of a full year or part of a year?

Mr. Lemass

In terms of a full year.

Mr. Sweetman

This is only to operate for a part, but even so, I think the Deputy's estimate is a little bit high.

Mr. Lemass

The Minister would, I take it, have anticipated getting something around £230,000 in a full year, if his original proposals had stood?

Mr. Sweetman

No, not as much as that.

Mr. Lemass

The point I want to make clear is that this £140,000 will now be the revenue anticipated in every year from the stamp duty.

Mr. Sweetman

The revenue anticipated for the current financial year only.

Mr. Lemass

Would it not be the same in every financial year?

Mr. Sweetman

The resolution is framed to apply to this year alone.

Mr. Lemass

But the provisions of the Bill do not involve any alteration in the amount to be paid by the Racing Board in any year.

Mr. Sweetman

The provisions of the Bill apply to this financial year alone.

Mr. Lemass

But if they are not changed in the next financial year, they will produce £140,000.

Mr. Sweetman

That will depend on what provision is put in next year's Finance Bill.

Mr. Lemass

If the same provision is put in next year's Finance Bill, the revenue will be £140,000, and to that extent will be less than the Minister will have anticipated?

Mr. Sweetman

Yes. I see the Deputy's point. That is another day's work.

Question put and agreed to.

Substitute Financial Resolution reported and agreed to.