Finance Act, 1986

Finance Act, 1986 Permanent Page URL View by Section Amharc de réir Ailt View Full Act Amharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Priontáil an tAcht Iomlán Previous Section Alt Roimhe Next Section An Chéad Alt Eile Priontáil an tAlt 13 1986 FINANCE ACT, 1986 ARRANGEMENT OF SECTIONS PART I Income Tax, Corporation Tax and Capital Gains Tax Chapter I Income Tax 1. Amendment of section 2 (age exemption) of Finance Act, 1980. 2. Alteration of rates of income tax. 3. Personal reliefs. 4. Amendment of section 141 (children) of Income Tax Act, 1967. 5. Amendment of section 12 (relief for health expenses) of Finance Act, 1967. 6. Amendment of section 6 (special allowance in respect of P.R.S.I. for 1982-83) of Finance Act, 1982. 7. Amendment of section 8 (permanent health benefit schemes) of Finance Act, 1979. 8. Relief for gifts to Cospóir. 9. 10. 11. Profit sharing schemes. 12. 13. Amendment of provisions relating to relief for investment in corporate trades. 14. Taxation treatment of certain dividends. Chapter II Taxation of Farming Profits 15. Farming: amendment of provisions relating to relief in respect of increase in stock values. 16. Credit for farm tax. Chapter III 17. Interpretation ( Chapter III ). 18. The relief. 19. Limits on relief. 20. Individuals qualifying for relief. 21. 22. Qualifying sponsoring company. 23. 24. 25. 26. Prevention of misuse. 27. 28. Assessments for withdrawing relief. 29. 30. Capital gains tax. Chapter IV Interest Payments by Certain Deposit Takers 31. Interpretation ( Chapter IV ). 32. Deduction of tax from relevant interest. 33. Returns and collection of appropriate tax. 34. Amendment of section 31 (building societies) of Corporation Tax Act, 1976. 35. Taxation of relevant interest, etc. 36. Statement furnished by relevant deposit taker. 37. Declarations relating to deposits of non-residents. 38. Declarations relating to deposits of charities. 39. Repayment of appropriate tax in certain cases. 40. Chapter V Urban Renewal: Relief from Income Tax and Corporation Tax 41. Interpretation ( Chapter V ), etc. 42. Allowance in relation to construction of certain commercial premises. 43. Deduction for certain expenditure on the provision of rented residential accommodation. 44. Allowance to owner-occupiers in respect of certain premises. 45. Double rent allowance as a deduction in computing trading income. Chapter VI Income Tax, Corporation Tax and Capital Gains Tax 46. Limited partnerships: relief restrictions. 47. Amendment of section 16 (gifts to President's Award Scheme) of Finance Act, 1985. 48. Surcharge for late submission of returns. 49. Amendment of section 30 (appeals against assessments and payments on account) of Finance Act, 1976. 50. Capital allowances for, and deduction in respect of, vehicles. 51. Amendment of section 25 (allowance for certain expenditure on construction of multi-storey car-parks) of Finance Act, 1981. 52. Capital allowances: treatment of grants, etc. 53. Application of section 40 (capital allowances for certain leased assets) of Finance Act, 1984. Chapter VII Corporation Tax 54. Amendment of section 84A (limitation on meaning of “distribution”) of Corporation Tax Act, 1976. 55. Amendment of certain time limits. 56. Shannon Airport: revocation of certain certificates. 57. Amendment of section 155 (interpretation) of Corporation Tax Act, 1976. 58. Reduction of corporation tax in relation to interest on certain loans to farmers. 59. Amendment of provisions relating to taxation of assurance companies. Chapter VIII Capital Gains Tax 60. Alteration of rates of capital gains tax. 61. PART II Customs and Excise 62. Interpretation ( Part II ). 63. Tobacco products. 64. Cider and perry. 65. 66. 67. 68. Wine and made wine. 69. Table waters. 70. Cessation of certain allowances in respect of spirits, matches and nicotine and tobacco extract. 71. Application of section 76 (6) of Finance Act, 1984, to all premises which are not registered bookmaking offices. 72. Removal of prescribed marker, etc., from hydrocarbon oil. 73. 74. Termination of excise duties on tyres and tyre manufacturer's licence. 75. Reduction and termination of excise duty on motor vehicle parts and accessories. 76. Motor vehicles. 77. Excise duty on mechanically propelled vehicles. 78. Confirmation of Orders. PART III Value-Added Tax 79. Interpretation ( Part III ). 80. Amendment of section 1 (interpretation) of Principal Act. 81. Amendment of section 5 (rendering of services) of Principal Act. 82. Amendment of section 8 (accountable persons) of Principal Act. 83. Amendment of section 11 (rates of tax) of Principal Act. 84. Amendment of section 12 (deduction for tax borne or paid) of Principal Act. 85. Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act. 86. Amendment of section 17 (invoices) of Principal Act. 87. Amendment of section 20 (refund of tax) of Principal Act. 88. Amendment of section 32 (regulations) of Principal Act. 89. Amendment of First Schedule to Principal Act. 90. Amendment of Second Schedule to Principal Act. 91. Amendment of Sixth Schedule to Principal Act. PART IV Stamp Duties 92. Levy on banks. 93. Levy on certain investment income. 94. Stamp duty on certain statements of interest. 95. Stamp duty on letters of renunciation. 96. Stamp duty on certain instruments. 97. Stamp duty on conveyances and transfers on sale of stocks and marketable securities. 98. Repayment of stamp duty on certain instruments. 99. Amendment of First Schedule to Stamp Act, 1891. 100. Amendment of section 1 of Provisional Collection of Taxes Act, 1927. 101. Amendment of section 93 (exemption of certain instruments from stamp duty) of Finance Act, 1982. PART V Capital Acquisitions Tax Chapter I Discretionary Trusts 102. Interpretation ( Part V ). 103. Annual acquisitions by discretionary trusts. 104. Application of Principal Act. 105. 106. Computation of tax. 107. Values agreed. 108. Chapter II 109. Amendment of section 46 (overpayment of tax) of Principal Act. 110. Amendment of section 61 (payment of money standing in names of two or more persons) of Principal Act. PART VI 111. Capital Services Redemption Account. 112. Application of Age of Majority Act, 1985. 113. Use of electronic data processing. 114. Amendment of provisions relating to payment of interest on tax overpaid. 115. Liability to tax, etc., of holder of fixed charge on book debts of company. 116. Amendment of section 161 (inspectors of taxes) of Income Tax Act, 1967. 117. Care and management of taxes and duties. 118. Short title, construction and commencement. FIRST SCHEDULE Amendment of Enactments SECOND SCHEDULE THIRD SCHEDULE Tax Appropriate to the Profits or Gains from Farming FOURTH SCHEDULE Urban Renewal: Relief from Income Tax and Corporation Tax PART I PART II Description of Custom House Docks Area PART III Description of Designated Areas of Dublin (other than the Custom House Docks Area) PART IV Description of Designated Areas of Cork PART V Description of Designated Area of Limerick PART VI Description of Designated Area of Waterford PART VII Description of Designated Area of Galway FIFTH SCHEDULE Rates of Excise Duty on Tobacco Products SIXTH SCHEDULE Rates of Excise Duty on Cider and Perry SEVENTH SCHEDULE Rates of Excise Duty on Spirits EIGHTH SCHEDULE Rates of Excise Duty on Wine and Made Wine Age of Majority Act, 1985 1985, No. 2 Betting Act, 1931 1931, No. 27 Capital Acquisitions Tax Act, 1976 1976, No. 8 Capital Gains Tax Act, 1975 1975, No. 20 Central Bank Act, 1971 1971, No. 24 Companies Act, 1963 1963, No. 33 Companies (Amendment) Act, 1983 1983, No. 13 Conveyancing Act, 1881 1881, c. 41 Corporation Tax Act, 1976 1976, No. 7 Credit Union Act, 1966 1966, No. 19 Customs and Inland Revenue Act, 1885 1885, c. 51 Farm Tax Act, 1985 1985, No. 17 Finance Act, 1895 1895, c. 16 Finance Act, 1914 (Session 2) 1914, c. 7 Finance Act, 1935 1935, No. 28 Finance Act, 1950 1950, No. 18 Finance Act, 1964 1964, No. 15 Finance Act, 1967 1967, No. 17 Finance Act, 1970 1970, No. 14 Finance Act, 1972 1972, No. 19 Finance Act, 1973 1973, No. 19 Finance Act, 1974 1974, No. 27 Finance Act, 1975 1975, No. 6 Finance Act, 1976 1976, No. 16 Finance Act, 1978 1978, No. 21 Finance Act, 1979 1979, No. 11 Finance Act, 1980 1980, No. 14 Finance Act, 1981 1981, No. 16 Finance Act, 1982 1982, No. 14 Finance Act, 1983 1983, No. 15 Finance Act, 1984 1984, No. 9 Finance Act, 1985 1985, No. 10 Finance (Customs Duties) (No. 4) Act, 1932 1932, No. 34 Finance (Excise Duties) (Vehicles) Act, 1952 1952, No. 24 Finance (Excise Duty on Tobacco Products) Act, 1977 1977, No. 32 Finance (Miscellaneous Provisions) Act, 1968 1968, No. 7 Finance (New Duties) Act, 1916 1916, c. 11 Free Ports Act, 1986 1986, No. 6 Housing (Miscellaneous Provisions) Act, 1979 1979, No. 27 Income Tax Act, 1967 1967, No. 6 Irish Film Board Act, 1980 1980, No. 36 Limited Partnerships Act, 1907 1907, c. 24 Provisional Collection of Taxes Act, 1927 1927, No. 7 Revenue Act, 1906 1906, c. 20 Social Welfare (Consolidation) Act, 1981 1981, No. 1 Stamp Act, 1891 1891, c. 39 Succession Duty Act, 1853 1853, c. 51 Value-Added Tax Act, 1972 1972, No. 22 Value-Added Tax (Amendment) Act, 1978 1978, No. 34 13 1986 FINANCE ACT, 1986 AN ACT TO CHARGE AND IMPOSE CERTAIN DUTIES OF CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE), TO AMEND THE LAW RELATING TO CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE) AND TO MAKE FURTHER PROVISIONS IN CONNECTION WITH FINANCE. [27 th May , 1986] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: