Finance Bill, 1978: Financial Resolutions .

: I move:

That, except in the case of certain insurances and contracts referred to in the Act giving effect to this Resolution, the deduction to be made from total income for income tax purposes under section 143 of the Income Tax Act, 1967 (No. 6 of 1967), shall, subject to the provisions of the Income Tax Acts, be an amount equal to one-half of the premiums referred to in that section.

Question put and agreed to.

: I move:

That provision be made, in relation to any case where an application for separate assessments to income tax has been made by a husband or a wife, for dividing equally between the spouses the benefit flowing from—

(a) the personal reliefs referred to in the Act giving effect to this Resolution, and

(b) the charging to income tax of taxable income at the rates specified in section 5 of the Finance Act, 1977 (No. 18 of 1977).

Question put and agreed to.

: I move:

That provision be made in the Act giving effect to this Resolution—

(a) for the amendment of section 15 of the Finance Act, 1974 (No. 27 of 1974), by the substitution of "£60" for "£75",

(b) for the amendment of section 25 of the Finance Act, 1974, to provide that wear and tear allowances will be deemed to have been granted for chargeable periods in respect of which a person is charged to tax on profits or gains from farming on an amount determined in accordance with the provisions of section 21 of the said Finance Act, 1974, and

(c) for preventing the carry forward, in charging to income tax the profits or gains from farming, of losses from the carrying on of farming in years in which the individual concerned was, by virtue of section 15 (3) of the Finance Act, 1974, not chargeable to income tax in respect of his profits or gains from farming.

Question put and agreed to.

: I move:

That, in consequence of the reintroduction of provisions requiring that certain trading income or losses of certain industrial and provident societies be disregarded for tax purposes, relief for losses of such societies be restricted in the manner specified in the Act giving effect to this Resolution.

Question put and agreed to.

: I move:

That section 8 (1) of the Finance Act, 1973 (No. 19 of 1973), be amended by the deletion of "and before the 1st day of April, 1979,".

Question put and agreed to.

: I move:

That, in consequence of the reduction of rates of corporation tax effected by the Finance Act, 1977 (No. 18 of 1977), the provisions of the Corporation Tax Act, 1976 (No. 7 of 1976), relating to tax credits under the Corporation Tax Act, 1976, in respect of distributions be amended in the manner specified in the Act giving effect to this Resolution.

Question put and agreed to.

: I move:

That provision be made in the circumstances specified in the Act giving effect to this Resolution for charging the same ad valorem stamp duty on a contract or agreement for the sale of any leasehold interest in any immovable property as if it were an actual transfer on sale of the leasehold interest contracted or agreed to be sold.

Question put and agreed to.

: I move:

That provision be made in the Act giving effect to this Resolution for restricting the exemption from stamp duty of transfers on marriage conferred by section 74 of the Finance (1909-10) Act, 1910, to a party to the marriage or to a party to and issue of the marriage.

Question put and agreed to.

: I move:

That provision be made—

(a) for treating, for the purposes of stamp duty, in the circumstances specified in the Act giving effect to this Resolution, any instrument whereby property is conveyed or transferred to a person in contemplation of a sale of that property as a conveyance or transfer on sale of that property for a consideration equal to the value of that property, and

(b) for determining, for the purposes of stamp duty, in the circumstances specified in the Act giving effect to this Resolution, the value of property conveyed or transferred without regard to any power of revocation in the donor of the conveyance or transfer or the reservation to him of any interest that is subject to forfeiture.

Question put and agreed to.

: I move:

That section 65 of the Finance Act, 1973 (No. 19 of 1973), have effect and be deemed always to have had effect, as if the reference to section 50 (2) of the Finance Act, 1969 (No. 21 of 1969), were a reference to section 50 of the Finance Act, 1969, and the reference to "ten per cent" were a reference to "ten per cent" in each place where it occurs.

Question put and agreed to.

: I move:

That provision be made in the Act giving effect to this Resolution for the imposition of a charge of interest at the rate of 1.25 per cent., in lieu of the rate at present chargeable (with a consequential alternation in the rate of interest payable on certain repayments of tax) for each month or part of a month commencing on or after the passing of the Act giving effect to this Resolution for which interest is chargeable in the circumstances specified in—

(a) section 14 of the Finance Act, 1962 (No. 15 of 1962),

(b) sections 129 and 550 of the Income Tax Act, 1967 (No. 6 of 1967),

(c) section 17 (6A) of the Finance Act, 1970 (No. 14 of 1970),

(d) sections 20 (2) and 50 (2) of the Finance Act, 1971 (No. 23 of 1971),

(e) section 21 of the Value-Added Tax Act, 1972 (No. 19 of 1972),

(f) sections 18 and 22 of the Wealth Tax Act, 1975 (No. 25 of 1975),

(g) sections 145 and 152 of the Corporation Tax Act, 1976 (No. 7 of 1976),

(h) section 41 of the Capital Acquisitions Tax Act, 1976 (No. 8 of 1976).

Question put and agreed to.

: I move:

That the conditions specified in section 57 of the Capital Acquisitions Tax Act, 1976 (No 8 of 1976), subject to which exemption from capital acquisitions tax is conferred in respect of certain securities and units of unit trust schemes on persons who are neither domiciled nor ordinarily resident in the State be amended in the manner specified in the Act giving effect to this Resolution.

Question put and agreed to.

: I move:

That section 41 (which provides for a rebate on beer where at least eighty per cent of the cereals used in its brewing were malted or roasted in the State) of the Finance Act, 1932 (No. 20 of 1932), be repealed in relation to beer brewed on or after the 1st day of July 1978.

Question put and agreed to.