PART V

Miscellaneous

Capital Services Redemption Account.

40. —(1) In this section—“the principal section” means section 22 of the Finance Act, 1950 ;

“the 1971 amending section” means section 51 of the Finance Act, 1971 ;

“the twenty-second additional annuity” means the sum charged on the Central Fund under subsection (4) of this section;

“the Minister”, “the Account” and “capital services” have the same meanings respectively as they have in the principal section.

(2) Subsection (4) of the 1971 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1973, have effect with the substitution of “£4,405,171” for “£3,815,802”.

(3) Subsection (6) of the 1971 amending section shall have effect with the substitution of “£2,780,773” for “£2,456,314”.

(4) A sum of £4,650,815 to redeem borrowings, and interest thereon, in respect of capital services shall be charged annually on the Central Fund or the growing produce thereof in the thirty successive financial years commencing with the financial year ending on the 31st day of March, 1973.

(5) The twenty-second additional annuity shall be paid into the Account in such manner and at such times in the relevant financial year as the Minister may determine.

(6) Any amount of the twenty-second additional annuity, not exceeding £2,993,830 in any financial year, may be applied towards defraying the interest on the public debt.

(7) The balance of the twenty-second additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section.

Winding up of Capital Fund.

41. —(1) The Capital Fund is hereby wound up.

(2) Any assets of the Fund shall be transferred to the Exchequer.

Amendment of sections 246 and 251 of Income Tax Act, 1967.

42. —(1) Section 251 (4) of the Income Tax Act, 1967 (inserted by the Finance Act, 1968 ) is hereby amended by the substitution of the following paragraphs for paragraphs (b) and (c):

“(b) in relation to capital expenditure incurred on or after the 1st day of April, 1967, and before the 1st day of April, 1968, as if one-half’ were substituted for ‘one-fifth’ in subsection (1),

(c) in relation to capital expenditure incurred on or after the 1st day of April, 1968, and before the 1st day of April, 1971, as if ‘three-fifths’ were substituted for ‘one-fifth’ in subsection (1), and

(d) in relation to capital expenditure incurred on or after the 1st day of April, 1971, and before the 1st day of April, 1973, as if ‘five-fifths’ were substituted for ‘one-fifth’ in subsection (1).”.

(2) Section 246 of the Income Tax Act, 1967 , is hereby amended by the insertion in subsection (1) after “Part XV” of “other than an initial allowance made by virtue of section 251 (4) (d) of this Act”.

Exemption of credit unions from income tax and corporation profits tax.

43. —With effect from the date of its registration under the Industrial and Provident Societies Acts, 1893 to 1971, a credit union shall be entitled to exemption from income tax and corporation profits tax.

Relief from certain duties (illegitimate children).

44. —(1) Where—

(a) an illegitimate child or the spouse or issue of an illegitimate child takes any interest in any property under the intestacy or partial intestacy of the mother of the child or under a disposition made by her, or

(b) the mother of an illegitimate child takes any interest in any property under the intestacy or partial intestacy of the child or under a disposition made by him or by his issue,

then, for all purposes of death duties, the child shall be considered as the legitimate child of his mother.

(2) For the purposes of—

(a) the stamp duties chargeable on conveyances or transfers of land, and

(b) exemption from customs duty under section 18 (b) of the Finance Act, 1936 ,

an illegitimate child shall be considered as the legitimate child of his mother.

(3) In this section—

“disposition” includes any assurance or transfer of any interest in property by any instrument inter vivos or by will or codicil or by delivery and also includes a payment of money;

“illegitimate child” does not include a person legitimated whether by the Legitimacy Act, 1931 , or otherwise.

(4) This section shall have effect—

(a) in so far as it relates to estate duty, in respect of any person dying after the passing of this Act,

(b) in so far as it relates to legacy and succession duties, in respect of such duties leviable after the passing of this Act, and

(c) in so far as it relates to stamp duties and customs duty, in respect of any transaction effected or event occurring after the passing of this Act.

Relief from certain duties (adopted children).

45. —(1) Where it is proved to the satisfaction of the Revenue Commissioners that—

(a) a child has been adopted under an adoption law other than the Adoption Acts, 1952 and 1964, and

(b) the adoption has, in the place where that law applies, substantially the same effect in relation to property rights (including the law of succession) as an adoption made under the Adoption Acts, 1952 and 1964, has in the State in relation to such rights,

then, for the purposes of—

(i) death duties,

(ii) the stamp duties chargeable on conveyances or transfers of land, and

(iii) the exemption from customs duty under section 18 (b) of the Finance Act, 1936 ,

the child shall be deemed to be related to any other person as if he were the child of the adopter or adopters born to him or them in lawful wedlock and not to be the child of any other person.

(2) This section shall have effect—

(a) in so far as it relates to estate duty, in respect of any person dying after the passing of this Act,

(b) in so far as it relates to legacy and succession duties, in respect of such duties leviable after the passing of this Act, and

(c) in so far as it relates to stamp duties and customs duty, in respect of any transaction effected or event occurring after the passing of this Act.

Repeals.

46.— (1) (a) Each enactment mentioned in column (2) of Part I of the Fourth Schedule is hereby repealed to the extent specified in column (3) of that Part.

(b) Paragraph (a) of this subsection shall come into operation on the 6th day of April, 1973.

(2) (a) The enactment mentioned in column (2) of Part II of the Fourth Schedule is hereby repealed to the extent mentioned in column (3) of that Part.

(b) Paragraph (a) of this subsection shall come into operation on the 6th day of April, 1980.

(3) (a) The enactment mentioned in column (2) of Part III of the Fourth Schedule is hereby repealed to the extent mentioned in column (3) of that Part.

(b) Paragraph (a) of this subsection shall have effect only in relation to persons dying after the passing of this Act.

Care and management of taxes and duties.

47. —All taxes and duties imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.

Short title, construction and commencement.

48. —(1) This Act may be cited as the Finance Act, 1972.

(2) Part I of this Act and (so far as relating to income tax, including sur-tax) sections 42 and 43 of this Act shall be construed together with the Income Tax Acts.

(3) Part III of this Act and (so far as relating to stamp duties) sections 44 and 45 of this Act shall be construed together with the Stamp Act, 1891, and the enactments amending or extending that Act.

(4) Part IV of this Act and (so far as relating to corporation profits tax) sections 42 and 43 of this Act shall be construed together with Part V of the Finance Act, 1920, and the enactments amending or extending that Part.

(5) Part I of this Act shall, save as is otherwise expressly provided therein, be deemed to have come into force and shall take effect as on and from the 6th day of April, 1972.

(6) Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended by or under any other enactment including this Act.