Vol. 267 No. 12
I move:
That section 129 of the Income Tax Act, 1967, be amended, in relation to interest chargeable for any month commencing on or after the date of the passing of the Act giving effect to this Resolution, or any part of such a month, on tax for the transmission of which an employer is or was liable whether before, on or after such date, by the addition of the following:
Provided that if the amount of the interest as so calculated is less than £5, the amount of interest payable shall be £5.
I move:
That for the purposes of section 154 of the Income Tax Act, 1967, no account shall be taken of any tax paid in respect of income for a year of assessment beginning after the year 1972-73 or of any relief to which a person would have been entitled for such a year of assessment in the circumstances mentioned in that section.
I move:
That section 211 of the Income Tax Act, 1967, be amended by the deletion of subsection (4).
I move:
That provision be made for the exclusion from the application of section 246 of the Income Tax Act, 1967, of expenditure, other than certain expenditure specified in the Act giving effect to this Resolution, incurred on or after the 24th day of July, 1973, and before the 1st day of April, 1975, on the purchase of a new ship.
I move:
That provision be made for restricting the amount of an initial allowance made to a person under section 251 of the Income Tax Act, 1967, pursuant to a claim made on or after the 3rd day of July, 1973, in respect of machinery or plant for any year of assessment so that the amount of the allowance when added to the aggregate amount of any other such allowance and any wear and tear allowance under section 241 of that Act in respect of the machinery or plant for that or any other year of assessment will not exceed the actual amount of the expenditure incurred by him on the provision of the said machinery or plant.
I move:
That, in relation to any event occurring on or after the 3rd day of July, 1973, which gives rise to a balancing allowance or balancing charge under section 272 of the Income Tax Act, 1967, that section be amended so as to provide—
(a) for the making of a balancing charge under that section in respect of so much of any amount of initial allowances and wear and tear allowances made to a person in respect of machinery or plant as exceeds the actual amount of the expenditure incurred by him on the provision of the said machinery or plant, and
(b) for the making, in the cases specified in the Act giving effect to this Resolution, of more than one balancing allowance or balancing charge to or on a person in respect of the same machinery or plant, any such allowance or charge after the first being such as to take account of any previous such allowance or charge.
I move:
That section 21 of the Finance Act, 1972, be amended by the addition to subsection (2) of the following proviso:
Provided that, in the case of any repayment under a statutory scheme established under a public statute, the administrator of the scheme shall be entitled to deduct the tax chargeable in respect of that repayment from the amount thereof.
I move:
That for the year 1973-74 and subsequent years of assessment relief under section 143 of the Income Tax Act, 1967, in respect of premiums under policies of life insurance be, in the case of certain classes of insurances made on or after the 16th day of May, 1973, restricted to premiums under policies complying with conditions to be specified in the Act giving effect to this Resolution.
I move:
That any allowance or relief for tax purposes in relation to expenses incurred on or after the 16th day of May, 1973, in respect of business entertainment (including hospitality of any kind and gifts) shall be restricted in accordance with the provisions of the Act giving effect to this Resolution and that provision be made for restricting for tax purposes capital allowances in respect of assets used for such entertainment.
I move:
That as respects vehicles of a type commonly used as private motorcars and brought into use on or after the 16th day of May, 1973, provisions be made for limiting deductions for wear and tear (with consequential amendments as regards balancing allowances, balancing charges and other matters) except where otherwise provided for in the Act giving effect to this Resolution.
I move:
That in relation to a dividend, within the meaning of Article 1 of the Agreement made on the 2nd day of May, 1973, between the Government and the United Kingdom Government with respect to certain exemptions from tax, being a dividend paid on or after the 6th day of April, 1973, and not later than the 5th day of April, 1975, any charge to income tax, sur-tax or corporation profits tax shall, to the extent specified in the Act giving effect to this Resolution, be on the amount of the dividend together with the amount of the tax credit for the payment of which provision is made in the said Article 1.
I move:
That, for the purposes of income tax (including sur-tax) and corporation profits tax—
(a) activities (including activities of holders of offices and employments) carried on in connection with the exploration or exploitation of the seabed and subsoil in a designated area, within the meaning of the Continental Shelf Act, 1968 (No. 14 of 1968), may be treated as carried on in the State;
and
(b) all profits or gains arising from rights connected with such activities carried on in such an area may be brought within the charge to tax;
and any provisions made in pursuance of this Resolution may provide for the recovery of tax charged thereunder from persons other than those primarily liable for it.
I move:
That interest on certain taxes and duties which are unpaid shall be payable without deduction of income tax and shall not be allowed in computing any income, profits or losses for the purposes of income tax (including sur-tax) or corporation profits tax.
I move:
That where there is a change in the ownership of a company on or after the 16th day of May, 1973, restrictions in the manner and to the extent specified in the Act giving effect to this Resolution may be imposed on the relief from tax available in respect of losses and capital allowances, including losses sustained and capital allowances failing to be made before that date.
I move:
That provision be made for the restriction in the manner and to the extent specified in the Act giving effect to this Resolution of balancing allowances for purposes of income tax (including sur-tax) and corporation profits tax in certain cases where the relevant interests in industrial buildings and structures are sold on or after the 3rd day of July, 1973, subject to an inferior interest.
I move:
That registered friendly societies that do not satisfy such conditions as may be specified in the Act giving effect to this Resolution be not entitled to exemption from tax under section 335 of the Income Tax Act, 1967.
I move:
That section 117 of the Income Tax Act, 1967 (No. 6 of 1967), be amended and further provision made to secure that any benefit or facility to which subsection (1) (a) of that section applies provided by a person connected with a body corporate, an unincorporated body or an individual for directors or certain employees of the body corporate, the unincorporated body or the individual shall in such manner and to such extent as may be provided for by the Act giving effect to this Resolution be taken into account for income tax (including sur-tax) purposes as prequisites of the office or employment of the director or employee as aforesaid.
I move:
That section 121 of the Income Tax Act, 1967 (No. 6 of 1967), which excludes certain classes of persons from the application of Chapter III (relating to expenses allowances and benefits in kind) of Part V of that Act, be repealed in respect of the year 1973-74 and subsequent years of assessment.
I move:
That section 50 (2) of the Finance Act, 1969, be amended by the substitution of "fifteen per cent" for "ten per cent".
I move:
That in connection with certain transactions relating to capital companies taking place on or after the 1st day of August, 1973, or the date of the passing of the Act giving effect to this Resolution, whichever is the later, provision be made for the imposition of a charge of stamp duty.
