Finance Bill, 1988: Financial Resolutions.

I move:

That the provisions of Chapter III of Part 1 of the Finance Act, 1987 (No. 10 of 1987), relating to the deduction of appropriate tax from payments for professional services, be amended in the manner and to the extent specified in the Act giving effect to this Resolution.

That, as respects—

(a) a chargeable period that is a year of assessment, the year 1988/89 and any subsequent year of assessment, and

(b) a chargeable period that is an accounting period of a company, an accounting period ending on or after such date as may be prescribed by the Minister for Finance by regulations,

the provisions of the Income Tax Acts or the Corporation Tax Acts, as may be appropriate, relating to the making of returns, assessments, appeals and payment of tax shall be amended in the manner and to the extent specified in the Act giving effect to this Resolution.

That, in consequence of the reduction of rates of corporation tax, 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 by companies be amended in the manner and to the extent specified in the Act giving effect to this Resolution.

That section 45 of the Finance Act, 1980 (No. 14 of 1980), be amended in the manner and to the extent specified in the Act giving effect to this Ressolution so as to provide for revised arrangements for the taxation treatment of distributions made by companies on or after the 6th day of April, 1988.

That sections 28 and 79 of the Corporation Tax Act, 1976 (No. 7 of 1976), shall not apply or have effect for any accounting period ending on or after the 1st day of April, 1989.

That Part XI of the Corporation Tax Act, 1976 (No. 7 of 1976), which provides for the transfer of relief, in respect of losses or charges on income between companies in a group be amended in the manner and to the extent specified in the Act giving effect to this Resolution.

That the provisions of the Tax Acts providing for relief in respect of capital expenditure be amended in the manner and to the extent provided for in the Act giving effect to this Resolution.

That provision be made in the Act giving effect to this Resolution for charging for the year 1988 in accordance with the provisions of that Act a levy on the assets of pension funds at the rate specified in that Act.

That provision be made in the Act giving effect to this Resolution for the repeal of section 43 of the Finance Act, 1968 (No. 33 of 1968).

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

(a) charging a stamp duty, in accordance with the provisions of that Act, at the rates specified in that Act, on statements of certain amounts required by that Act to be delivered to the Revenue Commissioners by banks, and

(b) imposing, in accordance with the provisions of that Act, a penalty in respect of non-compliance with such of those provisions as relate to the stamp duty.

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

(a) charging a stamp duty, in accordance with the provisions of that Act, at the rates specified in that Act, on statements required by that Act to be delivered to the Revenue Commissioners in respect of accounts maintained by a bank or a building society to which amounts of cash obtained by means of a cash card are charged, and

(b) imposing, in accordance with the provisions of that Act, a penalty in respect of non-compliance with such of those provisions as relate to the stamp duty.

That subsection (1) of section 63 of the Finance Act, 1985 (No. 10 of 1985), be amended in the manner and to the extent specified in the Act giving effect to this Resolution so as to provide that the credit to be given, by virtue of subsection (1) of that section, is to be confined to the lesser amount of the capital gains tax, or of the gift tax or inheritance tax, attributable to each asset, or to a part of each asset, which is chargeable with both taxes on the same event.

Question put and agreed to.