Vol. 255 No. 5
I move:
That where a trade, profession or vocation is permanently discontinued in 1972-73 or any subsequent year of assessment, income tax for the two years of assessment immediately preceding shall in certain cases be charged by reference to the profits or gains of those years, and the provisions of the Income Tax Acts relating to the charging of tax where there is a discontinuance shall be amended accordingly.
Would the Minister indicate the effect of this resolution?
This resolution is concerned with the provisions of section 3. Section 3 has the effect of bringing under review, on the cessation of a trade or profession after 5th April, 1972, not only, as at present, the assessment for the penultimate year but also the assessment for the next previous year. The section will operate where the aggregate of the actual profits for those two years exceeds the aggregate and the amounts assessable for the two years on the normal preceding year basis. In this event the assessment for each of the two years will be revised to the amount of the actual profits and that can be a revision up or down.
The reason I am raising the question is that the Order Paper provides for the discussion of items 7 to 20 on the Committee Stage of the Finance Bill. All these are resolutions referable to particular sections of the Finance Bill. I want to be quite clear on what we are doing so that our proceedings may be understood. I take it that the passage of these resolutions will not inhibit or prevent a discussion on the sections involved or preclude or prejudice amendments to the particular sections contained in each resolution?
I take it the Deputy will be entitled to raise any point on the sections when we reach them.
I can take that for definite?
Yes.
Obviously we would be duplicating the discussion——
As long as we do not have duplication.
——and it was in order to prevent duplication that I raised this matter. If we had a discussion on each resolution we would be having a debate on the resolution and on the section.
I suggest the Deputy allow the resolutions to go through now and we can debate them later.
I agree.
I move:
That
(a) the rate of interest charged under section 550 of the Income Tax Act, 1967 (No. 6 of 1967), which applies for purposes of income tax and sur-tax, and the rate of interest charged under section 14 of the Finance Act, 1962 (No. 15 of 1962), which applies for purposes of corporation profits tax, shall, in relation to tax due and payable whether before, on or after the date of the passing of the Act giving effect to this Resolution, be .75 per cent for any month commencing on or after such date or part of such a month;
(b) notwithstanding that notice of appeal has been given against an assessment to income tax, sur-tax or corporation profits tax made on or after the date of the passing of the Act giving effect to this Resolution, tax charged by the assessment shall carry interest at the rate of .75 per cent for each month or part of a month from the date on which it would have been due and payable if no such notice had been given;
(c) in relation to the remission of interest on income tax, sur-tax and corporation profits tax where the tax is paid within three months from the due date, section 550 (2) of the Income Tax Act, 1967, and section 14 (3) of the Finance Act, 1962, shall, as respects tax chargeable by assessments made on or after the date of the passing of the Act giving effect to this Resolution be amended by the substitution of two months for three months;
(d) notwithstanding that, in the case of an assessment to income tax, sur-tax or corporation profits tax made on or after the date of the passing of the Act giving effect to this Resolution, the person assessed has required an appeal against the assessment, which has been determined by the Appeal Commissioners, to be reheard by a judge of the Circuit Court, tax shall be paid in accordance with the determination of the Appeal Commissioners, subject to repayment, with interest thereon, of any tax overpaid or payment of any balance due, having regard to the determination of the judge;
(e) where an assessment to income tax, sur-tax or corporation profits tax for the year 1971-72 or any subsequent year of assessment or for an accounting period ending on or after the date of the passing of the Act giving effect to this Resolution, as the case may be, has been made for the purpose of recovering an undercharge attributable to the fraud or neglect of any person, the amount of the tax undercharged shall carry interest at the rate of .75 per cent for each month or part of a month——
(i) in relation to income tax or sur-tax, from the date or dates on which the tax undercharged would have been payable if it had been included in an assessment made before the 1st day of January in that year to the date of payment of the tax undercharged, and
(ii) in relation to corporation profits tax, from the expiration of one year after the end of the accounting period to the date of payment of the tax undercharged,
(f) the Act giving effect to this Resolution may contain provisions consequential on or incidental to any of the provisions aforesaid.
I move:
That
(a) with effect on and from the 6th day of April, 1971, subsection (2) of section 17 of the Finance Act, 1970 (No. 14 of 1970), shall be amended to provide that a local authority, housing association, housing trust or housing society shall be a principal (within the meaning of subsection (1) of the said section 17) for the purpose of the said subsection (2);
(b) interest shall be payable on unpaid tax which a person who is or is deemed to be a principal of the kind referred to in the said subsection (2) is liable under the said section 17 and any regulations under subsection (5) of that section to remit to the Collector-General;
(c) the said interest shall be payable at the rate of one per cent for each month or part of a month from the date on which the tax becomes due for payment until it is paid;
(d) the said interest shall not begin to run prior to the date of the passing of the Act giving effect to this Resolution; and
(e) the Act giving effect to this Resolution may contain provisions consequential on or incidental to any of the provisions aforesaid.
I move:
That, in the case of persons dying after the passing of the Act giving effect to this Resolution, estate duty be charged on the scale set out in the Schedule to this Resolution in lieu of the scale set out in the Second Schedule to the Finance Act, 1961.
SCHEDULE
|
Principal value of the Estate |
Rate per cent of duty |
||
|
£ |
£ |
||
|
Exceeding |
5,000 and not exceeding |
6,000 |
1 |
|
,, |
6,000 ,, ,,,, |
7,000 |
2 |
|
,, |
7,000 ,, ,,,, |
8,000 |
3 |
|
,, |
8,000 ,, ,,,, |
10,000 |
4 |
|
,, |
10,000 ,, ,,,, |
12,500 |
6 |
|
,, |
12,500 ,, ,,,, |
15,000 |
8 |
|
,, |
15,000 ,, ,,,, |
17,500 |
10 |
|
,, |
17,500 ,, ,,,, |
20,000 |
12 |
|
,, |
20,000 ,, ,,,, |
25,000 |
14 |
|
,, |
25,000 ,, ,,,, |
30,000 |
16 |
|
,, |
30,000 ,, ,,,, |
35,000 |
18 |
|
,, |
35,000 ,, ,,,, |
40,000 |
21 |
|
,, |
40,000 ,, ,,,, |
45,000 |
24 |
|
,, |
45,000 ,, ,,,, |
50,000 |
27 |
|
,, |
50,000 ,, ,,,, |
55,000 |
30 |
|
,, |
55,000 ,, ,,,, |
60,000 |
33 |
|
,, |
60,000 ,, ,,,, |
75,000 |
37 |
|
,, |
75,000 ,, ,,,, |
100,000 |
41 |
|
,, |
100,000 ,, ,,,, |
150,000 |
45 |
|
,, |
150,000 ,, ,,,, |
200,000 |
50 |
|
,, |
200,000 |
55 |
I move:
That provision be made for the imposition of a charge of interest on estate duty in connection with the increase, in the circumstances specified in the Act giving effect to this Resolution, of the interest payable in certain cases on estate duty.
I move:
That provision be made for the imposition of a charge of estate duty in connection with an amendment in the Act giving effect to this Resolution, of section 8 (4) of the Finance Act, 1894, providing that trustees, beneficiaries and other persons to whom property passes on a death be accountable for any estate duty falling to be paid.
I move:
That provision be made for the imposition of a charge of estate duty in connection with the restriction, in the Act giving effect to this Resolution, of the exemption from that duty, in section 28 of the Finance Act, 1931, of certain objects of national, scientific, hstoric or artistic interest.
I move:
That provision be made for the imposition of a charge of estate duty in connection with the restriction, in the circumstances specified in the Act giving effect to this Resolution, of the exemption from that duty, in section 28 of the Finance Act, 1961, of property the subject of a gift of a kind specified in that section.
I move:
That provision be made for the imposition of a charge of estate duty in connection with certain amendments, in the Act giving effect to this Resolution, of section 20 of the Finance Act, 1965, in relation to dispositions in favour of certain private companies.
I move:
That provision be made for the imposition of a charge of estate duty in connection with certain amendments, in the Act giving effect to this Resolution, of section 22 of the Finance Act, 1965.
I move:
That provision be made for the imposition of a charge of estate duty in connection with the restriction, in the circumstances specified in the Act giving effect to this Resolution, of the exemption from that duty, in subsection (4) of section 27 of the Finance Act, 1965, of property deemed to pass on a death in the cases specified in that subsection.
I move:
That provision be made for the imposition of a charge of estate duty on agricultural property in connection with the removal (where the property is the subject of a sale, other than as part of a family arrangement, within six years after the date by reference to which the property is valued for estate duty), in the Act giving effect to this Resolution, of the restriction on the value for the purpose of estate duty of the property.
I move:
That the duty of excise imposed by section 41 of the Finance Act, 1925 (No. 28 of 1925), shall be charged, levied and paid——
(a) in the case of a registration after the passing of the Act giving effect to this Resolution in any register of firearms dealers established and kept under the Firearms Act, 1925 (No. 17 of 1925), being a registration that is subject to the condition that the person registered confines his dealings as a firearms dealer to the purchase and sale of ammunition for shotguns, for unrifled air guns and for rifled firearms of a calibre not exceeding .22 inches, and in the case of a renewal of such a registration after such passing, at the rate of three pounds,
(b) in the case of any other registration in any such register after such passing and in the case of the renewal of any other registration in any such register after such passing, at the rate of twentyfive pounds,
in lieu of the rate specified in the said section 41.
