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Dáil Éireann debate -
Tuesday, 9 May 1989

Vol. 389 No. 7

Finance Bill, 1989: Financial Resolutions.

I move:

That section 6 of the Finance Act, 1987 (No. 10 of 1987), which restricts the amount of mortgage interest which qualifies for income tax relief, be amended to further restrict the relief in the manner and to the extent specified in the Act giving effect to this Resolution.

That section 143 of the Income Tax Act, 1967 (No. 6 of 1967), which provides relief from income tax in respect of life assurance premiums, be amended to restrict that relief in the manner and to the extent specified in the Act giving effect to this Resolution.

That Chapter III of Part I of the Finance Act, 1984 (No. 9 of 1984), which provides income tax relief for investment in corporate trades, 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 the provisions of the Tax Acts and the Capital Gains Tax Acts relating to the charge to tax in respect of the income, profit, gains or chargeable gains arising to a unit trust scheme (within the meaning of the Unit Trusts Act, 1972 (No. 17 of 1972)) or to an undertaking for the collective investment in transferable securities (within the meaning of Council Directive 85/611/EEC (O.J. No. L357 of 31st December, 1985)) or to a unit holder in such a scheme or undertaking, 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 so as to secure, in the manner and to the extent specified in that Act, that any interest or other distribution in respect of certain securities of companies shall not be treated as a distribution for the purposes of corporation tax.

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 Resolution so as to provide for revised arrangements for the taxation treatment of distributions made by companies on or after the 6th day of April, 1989.

That provision be made in the Act giving effect to this Resolution to secure that, as respects accounting periods ending on or after the 6th day of April, 1989, an additional duty of corporation tax payable in accordance with the provisions of section 101 or 162 of the Corporation Tax Act, 1976 (No. 7 of 1976), shall not be regarded as `relevant corporation tax' for the purposes of section 41 of the Finance Act, 1980 (No. 14 of 1980).

That provision be made in the Act giving effect to this Resolution for increasing the excise duty chargeable on the licences for the manufacture or sale of intoxicating liquor specified in Part I of the Sixth Schedule to that Act.

That provision be made in the Act giving effect to this Resolution for increasing the excise duty chargeable, under section 78 of the Finance Act, 1980 (No. 14 of 1980), on public dancing licences, occasional licences, special exemption orders and authorisations to a club.

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

(a) increasing the excise duty chargeable, under paragraph 12 (12) of the Imposition of Duties (No. 221) (Excise Duties) Order, 1975 (S.I. No. 307 of 1975), on licences taken out for the sale or delivery of hydrocarbon oil,

(b) increasing the excise duty chargeable, under section 42 (4) (a) of the Finance Act, 1976 (No. 16 of 1976), on licences taken out for the sale or delivery of motor vehicle gas, and

(c) imposing a duty on a licence, granted in accordance with the provisions of that Act, on the sale or delivery of hydrocarbon light oil.

That provision be made in the Act giving effect to this Resolution for increasing the excise duty chargeable on—

(a) the registration of firearms dealers,

(b) firearm certificates specified in Part II of the Sixth Schedule to that Act,

(c) gaming licences specified in Part III of the Sixth Schedule to that Act,

(d) gaming machine licences, and

(e) the licences, permits or certificates specified in Part IV of the Sixth Schedule to that Act.

That provision be made in the Act imposing a duty on the grant, under the Registration of Clubs (Ireland) Act, 1904, of a certificate of registration of a club.

That—

(a) services of a barrister or solicitor shall in certain circumstances be deemed, for the purposes of value-added tax, to be supplied to persons indemnified under policies of insurance, and

(b) corrective spectacles and contact lenses, including parts thereof, be subjected to value-added tax at the rate of 10 per cent.

That the making of certain refunds of value-added tax be subjected to certain conditions.

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, for the purposes of gift tax and inheritance tax, provision be made in the Act giving effect to this Resolution for the imposition of a surcharge, in the manner and to the extent specified in that Act, where an accountable person delivers on or after the 1st day of September, 1989, a return in which any asset included in that return is substantially undervalued.

That provision be made in the Act giving effect to this Resolution so as to secure, in the manner and to the extent specified in that Act, that the disponer shall also be a person who is accountable for the payment of inheritance tax.

(1) That in this Resolution "tax" means any tax, duty, levy or charge which, in accordance with the provisions of—

(a) the Tax Acts,

(b) the Capital Gains Tax Acts,

(c) the Value-Added Tax Act, 1972, and the enactments amending or extending that Act,

(d) the Capital Acquisitions Tax Act, 1976, and the enactments amending or extending that Act,

(e) Part VI of the Finance Act, 1983, and the enactments amending or extending that Part, and

(f) the statutes relating to stamp duty,

and of any instrument made thereunder, is placed under the care and management of the Revenue Commissioners and any interest, penalty or other amount payable pursuant to those provisions.

(2) That provision be made in the Act giving effect to this Resolution to counter, in the manner and to the extent provided for in that Act, any transaction, scheme or other arrangement which is not undertaken or arranged primarily for purposes other than to avoid tax.

Question put and agreed to.
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