Finance Bill, 1991: Financial Resolutions.

I move:

That section 8 of the Finance Act, 1989 (No. 10 of 1989), which restricts the amount of a life assurance premium which qualifies for relief from income tax, be modified to further restrict the relief in the manner and to the extent specified in the Act giving effect to this Resolution.

That section 110 of the Income Tax Act, 1967 (No. 6 of 1967), which relates to persons chargeable to tax under Schedule E and the extent of that charge, be amended in the manner and to the extent specified in the Act giving effect to this Resolution.

That section 31 of the Finance Act, 1986 (No. 13 of 1986), which concerns the interpretation of various terms for the purposes of the scheme of deduction of tax from interest payments by certain deposit takers, be amended 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 section 18 of the Finance Act, 1989 (No. 10 of 1989), which renders investors in a collective investment undertaking chargeable in respect of the profits of the undertaking and provides for the deduction of income tax from payments by such an undertaking and from its undistributed income, 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 to amend section 45 of the Finance Act, 1986 (No. 13 of 1986), so as to limit the relief to which a person may be entitled in respect of rent paid in relation to certain buildings by restricting to ten years the total period for which that person is entitled to a double rent deduction in computing the profits or gains of a trade or profession.

That provision be made in the Act giving effect to this Resolution so as to prevent the application of subsection (6) of section 14 of the Corporation Tax Act, 1976 (No. 7 of 1976), and the proviso to subsection (1) of section 296 of the Income Tax Act, 1967 (No. 6 of 1967), to allowances under section 254 or section 264 of the said Act of 1967 in respect of certain property investment schemes specified in the section of the Act so giving effect.

That, as respects relief in respect of capital expenditure, sections 264 and 265 of the Income Tax Act, 1967 (No. 6 of 1967), shall have effect in the manner and to the extent specified in the Act giving effect to this Resolution.

That section 29 of the Finance Act, 1984 (No. 9 of 1984), which provides for the taxation of income deemed to arise on certain sales of securities, 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 87 of the Corporation Tax Act, 1976 (No. 7 of 1976), which provides for the treatment of anything distributed out of the assets of a company which is a member of a 90 per cent group in respect of shares in another company in the group as a distribution, 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 the profits, other than shareholders' investment income, of companies engaged solely in foreign life assurance business, as defined in section 36 (4) (a) of the Finance Act, 1988, to corporation tax under Case I of Schedule D.

That provision be made in the Act giving effect to this Resolution to restrict in the manner and to the extent specified in that Act, the meaning of "goods" under section 39 of the Finance Act, 1980 (No. 14 of 1980), for the purpose of the relief from corporation tax of certain income of manufacturing companies.

That for the purposes of corporation tax provision be made in the Act giving effect to this Resolution so as to disallow the payment of interest on over payments of preliminary tax where the interest arises from relief provided for by subsection (4) of section 98 of the Corporation Tax Act, 1976 (No. 7 of 1976).

That, in so far as it relates to the payment of preliminary tax, section 18 of the Finance Act, 1988 (No. 12 of 1988), be amended in the manner and to the extent specified 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—

(a) distributions included in payments made to a dealer in shares by a company acquiring its own or its holding company's shares from the dealer shall be chargeable to tax under Case I or II of Schedule D,

(b) certain payments made by a company on the acquisition of it own own or its holding company's shares shall not be treated as including distributions,

(c) penalties shall be imposed for non-compliance with requirements to make returns or to provide information, and

(d) relief for losses in respect of the cancellation or re-issue of treasury shares shall be restricted.

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

(a) the provision of certain accommodation for visitors or travellers be subjected to value-added tax,

(b) the services of veterinary surgeons be subjected to value-added tax,

(c) two or more persons may be treated as a single person for the purposes of value-added tax,

(d) certain transactions of a financial nature be exempted from value-added tax, and

(e) routine cleaning of immovable goods be subjected to value-added tax at the rate of 12.5 per cent.

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 charging stamp duty, in accordance with the provisions of that Act, on the heading "LEASE" in the First Schedule (as amended) to the Stamp Act, 1891.

That provision be made in the Act giving effect to this Resolution in respect of stamp duties—

(a) making the stamping of instruments compulsory,

(b) defining accountable person,

(c) giving power to the Revenue Commissioners to raise assessments,

(d) revising penalties and imposing further penalties,

(e) charging duty on a market value basis in the case of a lease which is a voluntary disposition inter vivos,

(f) introducing surcharges if the ascertained value is greater than the value submitted,

(g) using the market value of the property when the consideration is unascertainable,

(h) applying provisions of the Capital Acquisitions Tax Act, 1976 (No. 8 of 1976), regarding the valuing of property for stamp duty,

(i) applying certain provisions, relating to penalties, of the Income Tax Act, 1967 (No. 6 of 1967), to stamp duty fines,

in the manner and to the extent specified in the Act so giving effect.

That provision be made in the Act giving effect to this Resolution that an assessment of residential property tax shall be made on—

(a) the assessable person,

(b) the person whom the Revenue Commissioners have reason to believe is an assessable person, or

(c) the personal representative of the assessable person or of the person whom the Revenue Commissioners have reason to believe would, if alive, be an assessable person.

That the definition of "farmer" contained in subsection (1) of section 19 of the Capital Acquisitions Tax Act, 1976, be amended in the manner and to the extent specified in the Act giving effect to this Resolution.

Question put and agreed to.