I move amendment No. 106:
In page 126, subsection (8), line 16, to delete "Part I” and substitute “Parts I and VI”.
SECTION 130.
Amendment agreed to.
First Schedule to Fourth Schedule, inclusive agreed to.
FIFTH SCHEDULE.
Chairman
Amendment No. 107 is consequential on amendment No. 108 and both may be discussed together. Is that agreed? Agreed.
I move amendment No. 107:
In page 134, paragraph 1 (12) (b), line 21, to delete "payable.'." and substitute "payable.".
These are technical drafting amendments.
Amendment agreed to.
I move amendment No. 108:
In page 134, paragraph 1(12)(b), between lines 21 and 22, to insert the following:
Provided that this paragraph shall apply only in respect of machinery or plant that is provided for use for the purposes of a trade on or after the 6th day of April, 1996.'.".
Amendment agreed to.
Chairman
Amendments Nos. 115, 116 and 117 are consequential on amendment No. 109 and may be taken together. Is that agreed? Agreed.
I move amendment No. 109:
In page 134, paragraph 1, between lines 21 and 22, to insert the following:
(13) In section 297—
(a) in subsection (1), for "In this Part, as it applies" there shall be substituted "In this Part and in Parts XIII to XV, as they apply',
(b) after subsection (3), there shall be inserted the following:
‘(3A) Any reference in the proviso to subsection (2) to the permanent discontinuance of a trade shall be construed as including a reference to the occurring of any event which, under any of the provisions of this Act, is to be treated as equivalent to the permanent discontinuance of a trade',
(c) in subsection (4), after ‘under Chapter II of this Part' there shall be inserted 'or under Part XIII or Chapter I of Part XV,', and
(d) in subsection (5), after ‘under this Part,' there shall be inserted 'or under Part XIII or XV,'.".
The effect of this amendment, which is essentially a technical one, will be to achieve a single all embracing definition of the term "basis period" which appears in a number of different, yet similar, versions of the Income Tax Act, 1967. It is aimed at facilitating the consolidation process.
Amendment agreed to.
Chairman
Amendments Nos. 110, 111 and 113 are cognate and may be taken together. Is that agreed? Agreed.
I move amendment No. 110:
In page 136, paragraph 2, line 10, to delete "1997" and substitute "1999".
These are all drafting amendments.
Amendment agreed to.
I move amendment No. 111:
In page 136, paragraph 5, line 36, to delete "1997" and substitute "1999".
Amendment agreed to.
I move amendment No. 112:
In page 137, paragraph 7, line 26, to delete "section—” and substitute “section 119”.
This is a technical amendment.
Amendment agreed to.
I move amendment No. 113:
In page 139, paragraph 11, line 24, to delete "1997" and substitute "1999".
Amendment agreed to.
I move amendment No. 114:
In page 139, between lines 27 and 28, to insert the following paragraph:
“The Finance Act, 1980 (No. 14 of 1980)
12. In section 2 of the Finance Act, 1980, for subsection (4) there shall be substituted the following:
"(4) (a) The provisions of sections 146, 149 and 497 of the Income Tax Act, 1967, shall apply in relation to exemption from or any reduction of tax under this section or under section 1 as they apply in relation to any allowance, deduction, relief or reduction under the provisions specified in the Table to section 137 of that Act.
(b) The provisions of Schedule 4 to the Income Tax Act, 1967, and of paragraph IX of Schedule 18 to that Act shall, with any necessary modifications, apply in relation to exemption from or any reduction of tax under this section or under section 1.'.".
This is a technical amendment to section 2 of the Finance Act, 1980. It substitutes a revised subsection (4) to take account of the rewritten section 137 of the Income Tax Act, 1967, which is being provided for in the Fifth Schedule of the Bill. This is a preconsolidation measure.
Amendment agreed to.
I move amendment No. 115:
In page 142, column (3), line 26, to delete "and (8)" and substitute ", (8) and (9)".
Amendment agreed to.
I move amendment No. 116:
In page 142, column (3), between lines 34 and 35, to insert "Section 249.".
Amendment agreed to.
I move amendment No. 117:
In page 142, column (3), between lines 35 and 36, to insert "Section 262.".
Amendment agreed to.
Question proposed: "That the Fifth Schedule, as amended, stand part of the Bill".
The footnote at the end of page 141 should be placed at the beginning of the section. It is unusual to discover a free-standing footnote. I believed it was intended to provide guidance to Deputies but it is, in fact, part of the law. It should be formally incorporated as a paragraph on Report Stage.
I am informed that it is a type of catch-all provision.
It could be placed in the first paragraph.
The Deputy's point is well made and we will take it up with the Parliamentary Draftsman. We would not wish to have an orphan section, unconnected to anything else in the Bill.
Question put and agreed to.
Title agreed to.
Report of Select Committee.
Chairman
I propose the following draft report:
The Select Committee has considered the Finance Bill, 1996, and made amendments thereto. The Bill, as amended, is reported to the Dáil.
Is that agreed?
Report agreed to.
Ordered to report to the Dáil accordingly.
The Select Committee adjourned at 4.15 p.m. until 11 a.m. on Tuesday, 30 April 1996.