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Number 12 of 1988
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FINANCE ACT, 1988
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ARRANGEMENT OF SECTIONS
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PART I
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Income Tax, Corporation Tax, Capital Gains Tax and Pension Fund Levy
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Chapter I
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Income Tax
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Section
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1.
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Amendment of provisions relating to exemption from income tax.
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2.
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Alteration of rates of income tax.
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3.
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Personal reliefs.
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4.
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Amendment of section 6 (special allowance in respect of P.R.S.I. for 1982-83) of Finance Act, 1982.
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5.
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Application of section 16 (credit for farm tax) of Finance Act, 1986.
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6.
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Amendment of Second Schedule to Finance Act, 1986.
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7.
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Amendment of section 16 (qualifying trades) of Finance Act, 1984.
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8.
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Amendment of Chapter III (Payments in Respect of Professional Services by Certain Persons) of Part I of Finance Act, 1987.
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Chapter II
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Arrangements with regard to Returns, Assessments and Appeals
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9.
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Interpretation (Chapter II).
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10.
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Obligation to make a return.
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11.
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Obligation to pay preliminary tax.
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12.
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Notices of preliminary tax.
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13.
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Making of assessments.
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14.
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Amendment of and time limit for assessments.
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15.
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Inspector's right to make enquiries and amend assessments.
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16.
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Application of section 48 (surcharge for late submission of returns) of Finance Act, 1986.
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17.
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Appeals.
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18.
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Date for payment of tax.
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19.
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Interest.
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20.
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Estimation of certain amounts.
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21.
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Miscellaneous.
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Chapter III
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Income Tax, Corporation Tax and Capital Gains Tax
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22.
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Exemption of certain payments by Minister for Labour and An Foras Áiseanna Saothair.
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23.
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Farming: amendment of provisions relating to relief in respect of increase in stock values.
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24.
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Capital allowances for, and deduction in respect of, vehicles.
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25.
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Amendment of section 44 (allowance to owner-occupiers in respect of certain premises) of Finance Act, 1986.
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26.
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Designated areas for urban renewal relief: extension of certain time limits.
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27.
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Amendment of section 23 (deduction for certain expenditure on construction of rented residential accommodation) of Finance Act, 1981.
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28.
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Application of section 21 (rented residential accommodation: deduction for expenditure on refurbishment) of Finance Act, 1985, etc.
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29.
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Application of section 22 (extension of application of relief for conversion of certain buildings) of Finance Act, 1985, etc.
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30.
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Pension funds: extension of tax exemptions to dealings in financial futures and traded options.
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31.
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Tax credits in respect of distributions.
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32.
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Amendment of section 45 (distributions) of Finance Act, 1980.
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Chapter IV
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Corporation Tax
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33.
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Rates of corporation tax.
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34.
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Amendment of Part XI (group relief) of Corporation Tax Act, 1976.
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35.
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Amendment of section 39A (relief in relation to income from certain trading operations carried on in Shannon Airport) of Finance Act, 1980.
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36.
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Amendment of section 39B (relief in relation to income from certain trading operations carried on in Custom House Docks Area) of Finance Act, 1980.
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37.
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Application of section 84 (matters to be treated as distributions) of Corporation Tax Act, 1976, to certain interest.
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38.
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Amendment of section 31 (interest payments by companies and to non-residents) of Finance Act, 1974.
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39.
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Exemption of certain income of Nítrigin Éireann Teoranta.
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40.
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Amendment of section 28 (relief in relation to income from qualifying shipping trade) of Finance Act, 1987.
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41.
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Relief from corporation tax in respect of certain dividends from a non-resident subsidiary.
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42.
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Exemption from corporation tax of profits of Custom House Docks Development Authority.
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Chapter V
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Capital Allowances
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43.
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Amendment of section 251 (initial allowances for machinery and plant) of Income Tax Act, 1967.
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44.
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Amendment of section 254 (industrial building allowance) of Income Tax Act, 1967.
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45.
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Amendment of section 265 (balancing allowances and balancing charges) of Income Tax Act, 1967.
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46.
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Amendment of section 11 (wear and tear allowances for certain machinery and plant in undeveloped areas) of Finance Act, 1967.
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47.
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Amendment of section 26 (increase of wear and tear allowances for certain machinery and plant) of Finance Act, 1971.
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48.
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Amendment of section 25 (increase of writing-down allowances for certain industrial buildings) of Finance Act, 1978.
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49.
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Amendment of section 25 (allowance for expenditure on multi-storey car-parks) of Finance Act, 1981.
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50.
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Continuation of certain allowances.
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51.
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Application of certain allowances in relation to certain areas and certain expenditure.
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52.
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Farming.
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Chapter VI
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Pension Fund Levy
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PART II
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Customs and Excise
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54.
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Interpretation (Part II).
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55.
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Tobacco products.
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56.
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Hydrocarbons.
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57.
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Removal of substances mixed with goods liable to excise duty.
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58.
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Confirmation of an Order.
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PART III
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Value-Added Tax
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59.
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Interpretation (Part III).
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60.
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Amendment of section 1 (interpretation) of Principal Act.
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61.
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Amendment of section 11 (rates of tax) of Principal Act.
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62.
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Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.
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63.
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Amendment of Second Schedule to Principal Act.
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PART IV
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Stamp Duties
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64.
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Levy on banks.
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65.
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Amendment of First Schedule to Stamp Act, 1891.
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PART V
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Capital Acquisitions Tax
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66.
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Amendment of section 63 (allowance for capital gains tax on the same event) of Finance Act, 1985.
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PART VI
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Miscellaneous
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67.
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Capital Services Redemption Account.
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68.
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Amendment of section 54 of Finance Act, 1970.
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69.
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Provisions relating to sums advanced to Local Loans Fund.
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70.
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Securities of Bord Telecom Éireann and Irish Telecommunications Investments p.l.c.
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71.
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Poundage and certain other fees.
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72.
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Incentive to bring tax affairs up to date.
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73.
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Deduction from payments due to defaulters of amounts due in relation to tax.
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74.
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Construction of certain Acts in accordance with Status of Children Act, 1987.
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75.
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Guarantee of deposits with Agricultural Credit Corporation plc and Industrial Credit Corporation plc.
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76.
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Care and management of taxes and duties.
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77.
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Short title, construction and commencement.
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FIRST SCHEDULE
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Amendment of Enactments
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SECOND SCHEDULE
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Tax Credits
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PART I
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Amendments Consequential on Changes in Amounts of Tax Credits in respect of Distributions
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PART II
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Amendments of Chapter VI (corporation tax: relief in relation to certain income of manufacturing companies) of Part I of Finance Act, 1980
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THIRD SCHEDULE
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Changes in Rates of Corporation Tax: Consequential Provisions
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PART I
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Application of sections 6 (3), 13 (1B), 28, 79, 182 and 184 of Corporation Tax Act, 1976, for financial years 1988 and 1989
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PART II
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Amendment of Chapter VI (corporation tax: relief in relation to certain income of manufacturing companies) of Part I of Finance Act, 1980
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FOURTH SCHEDULE
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Rates of Excise Duty on Tobacco Products
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Acts Referred to
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Agricultural Credit Act, 1978
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1978, No. 2
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Appropriation Act, 1965
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1965, No. 21
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Appropriation Act, 1969
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1969, No. 31
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Capital Acquisitions Tax Act, 1976
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1976, No. 8
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Capital Gains Tax Act, 1975
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1975, No. 20
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Central Bank Act, 1971
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1971, No. 24
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Companies Act, 1963
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1963, No. 33
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Corporation Tax Act, 1976
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1976, No. 7
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Court Officers Act, 1926
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1926, No. 27
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Criminal Justice Act, 1984
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1984, No. 22
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Criminal Procedure Act, 1967
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1967, No. 12
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Enforcement of Court Orders Act, 1926
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1926, No. 18
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Finance Act, 1920
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1920, c. 1
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Finance Act, 1930
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1930, No. 20
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Finance Act, 1950
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1950, No. 18
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Finance Act, 1967
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1967, No. 17
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Finance Act, 1968
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1968, No. 33
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Finance Act, 1969
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1969, No. 21
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Finance Act, 1970
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1970, No. 14
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Finance Act, 1971
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1971, No. 23
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Finance Act, 1972
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1972, No. 19
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Finance Act, 1973
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1973, No. 19
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Finance Act, 1974
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1974, No. 27
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Finance Act, 1975
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1975, No. 6
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Finance Act, 1976
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1976, No. 16
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Finance Act, 1977
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1977, No. 18
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Finance Act, 1978
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1978, No. 21
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Finance Act, 1979
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1979, No. 11
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Finance Act, 1980
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1980, No. 14
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Finance Act, 1981
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1981, No. 16
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Finance Act, 1982
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1982, No. 14
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Finance Act, 1983
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1983, No. 15
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Finance Act, 1984
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1984, No. 9
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Finance Act, 1985
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1985, No. 10
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Finance Act, 1986
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1986, No. 13
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Finance Act, 1987
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1987, No. 10
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Finance (Excise Duty on Tobacco Products) Act, 1977
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1977, No. 32
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Finance (Miscellaneous Provisions) Act, 1968
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1968, No. 7
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Health Contributions Act, 1979
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1979, No. 4
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Income Tax Act, 1967
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1967, No. 6
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Industrial Credit (Amendment) Act, 1958
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1958, No. 10
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Local Loans Fund Act, 1935
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1935, No. 16
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Mercantile Marine Act, 1955
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1955, No. 29
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Stamp Act, 1891
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1891, c. 39
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Status of Children Act, 1987
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1987, No. 26
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Succession Duty Act, 1853
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1853, c. 51
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Unit Trusts Act, 1972
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1972, No. 17
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Value-Added Tax Act, 1972
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1972, No. 22
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Value-Added Tax (Amendment) Act, 1978
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1978, No. 34
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Youth Employment Agency Act, 1981
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1981, No. 32
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Number 12 of 1988
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FINANCE ACT, 1988
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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... |