Income Tax Act, 1967

• Jurisdiction: Ireland
• Citation: IR No. 6/1967
• Year: 1967

Number 6 of 1967

INCOME TAX ACT, 1967

ARRANGEMENT OF SECTIONS

Part I

Interpretation and Preliminary

Chapter I

Interpretation

Section 1. Interpretation generally. 2. Earned income. 3. "Income Tax Acts".

Chapter II

Preliminary

4. Charge; Schedules. 5. Yearly assessments. 6. Fractions of twenty shillings. 7. Enactments in force for any year to apply to tax for succeeding year. 8. Charge and deduction of tax not charged or deducted before passing of annual Act.

Part II

Schedules A and B

Chapter I

Schedule A

9. Schedule A. 10. Annual value for Schedule A. 11. Owner-occupied private residence. 12. Newly-built houses. 13. Assessment by reference to annual rent. 14. Persons chargeable. 15. Separate assessments under Schedule A or Schedule B in certain cases. 16. Diplomatic representatives. 17. Mortgagees in possession. 18. Right of persons by whom tax is paid to recoupment in certain cases. 19. Occupier. 20. Allowances in case of ecclesiastical or collegiate body. 21. Allowance for drainage and other rates and expenditure on sea walls. 22. Procedure and time-limits for claims under preceding provisions. 23. Repairs allowance. 24. Allowance for maintenance, repairs, insurance and management. 25. Maintenance relief for small properties. 26. Loss by flood or tempest. 27. Universities, colleges, hospitals, schools and almshouses. 28. Allowance for rates paid by landlord. 29. Repayment of tax in respect of lost rent.

Chapter II

Schedule B

30. Schedule B. 31. Annual value for Schedule B. 32. Persons chargeable. 33. Assessment of certain profits derived from the keeping of a stallion. 34. Husbandry: election to be charged under Schedule D. 35. Husbandry: profits falling short of assessable value. 36. Woodlands. 37. Assessment of profits from occupation of land under Schedule D in certain other cases. 38. Relief under Schedule B in case of loss by flood or tempest.

Chapter III

General

39. Revenue Commissioners to be furnished with copies of rates. 40. Production of valuations to inspector. 41. Power of Revenue Commissioners to direct revaluation. 42. Unoccupied property. 43. Savings with respect to actions of ejectment. 44. Relief to persons prevented from using their land. 45. Relief to farming co-operative societies and farming trustees. 46. Definition of "the municipal rate".

Part III

SCHEDULE C AND PRINCIPAL PROVISIONS RELATING THERETO

47. Schedule C. 48. Charge and payment. 49. Stocks of State and of foreign diplomats. 50. Securities of foreign territories. 51. Definitions.

Part IV

SCHEDULE D

Chapter I

Charge to Tax and General

52. Schedule D. 53. The Cases. 54. Market gardening. 55. Interest, etc., paid without deduction of tax under Schedule C. 56. Tax on quarries, mines and other concerns.

Chapter II

Cases I and II

57. Extent of charge. 58. Basis of assessment. 59. Changes of proprietorship. 60. Period of computation of profits. 61. General Rule as to deductions. 62. Trading stock of discontinued trade. 63. Deductions in relation to the establishment or alteration of superannuation schemes. 64. Deduction for corporation profits tax. 65. Exclusion of annual value of property. 66. Power to omit Schedule A assessments in certain cases. 67. Allowance for industrial premises. 68. Statement of profits.

Chapter III

Trades and Professions Carried on in Partnership

69. Interpretation. 70. Power to require return as to sources of partnership income and amounts derived therefrom. 71. Separate assessment of partners. 72. Capital allowances and balancing charges in partnership cases. 73. Modification of provisions as to appeals. 74. Provision as to charges under section 288.

Chapter IV

Case III

75. Income chargeable under Case III. 76. Foreign securities and possessions. 77. Basis of assessment. 78. Cattle and milk dealers.

Chapter V

Case IV-General

79. Basis of assessment.

Chapter VI

Taxation of Rents and Certain Other Payments

80. Interpretation. 81. Taxation of rents under short leases. 82. Additional deductions in certain cases. 83. Treatment of premiums, etc., as rent. 84. Charge on assignment of lease granted at undervalue. 85. Charge on sale of land with right to reconveyance. 86. Exclusion of certain lettings. 87. Taxation of certain payments in respect of easements. 88. Provisions as to assessment. 89. Relief in respect of losses. 90. Relief for amount not received. 91. Deduction by reference to premium, etc., paid in the computation of profits for purposes of Schedule D, Cases I & II. 92. Deductions by reference to premiums, etc., paid in computation of profits for purposes of this Chapter. 93. Taxation of rents under long lease and certain other payments. 94. Returns, etc. 95. Restriction of section 24.

Chapter VII

Profits or Gains from Dealing in or Developing Land

96. Interpretation. 97. Extension of Schedule D charge to certain profits from dealing in or developing land. 98. Computation under Case I of Schedule D of profits or gains from dealing in or developing land. 99. Computation under Case IV of Schedule D of profits or gains from dealing in or developing land. 100. Transfers of interests in land between certain associated persons. 101. Tax to be charged under Case IV of Schedule D in relation to the sale of certain shares. 102. Application of section 101 to sales of shares in holding companies. 103. Provisions supplementary to sections 101 and 102.

Chapter VIII

Payment of Certain Rents Without Deduction of Tax

104. Payment of certain rents without deduction of tax.

Chapter IX

Miscellaneous Provisions as to Schedule D

105. Persons chargeable. 106. Interest payable out of rates. 107. Apportionment of profits. 108. Limitation of deductions for certain taxes.

Part V

SCHEDULE E AND PRINCIPAL PROVISIONS RELATING THERETO

Chapter I

Charge to Tax, etc.

109. Schedule E. 110. Persons chargeable and extent of charge. 111. Basis of assessment. 112. Making of deductions. 113. Appeal against amount of deduction.

Chapter II

Payments on Retirement, etc.

114. Payments on retirement or removal from office or employment. 115. Exemptions and reliefs in respect of tax under section 114.

Chapter III

Expenses Allowances and Benefits in Kind

116. Expenses allowances. 117. Benefits in kind. 118. Valuation of benefits in kind. 119. Meaning of “director”, “employment” and “employment to which this Chapter applies”. 120. Additional information in returns under section 178. 121. Application of this Chapter. 122. Interpretation. 123. Unincorporated bodies, partnerships and individuals.

Chapter IV

Income Tax in Respect of Certain Emoluments

124. Interpretation. 125. Application. 126. Method of collection of tax. 127. Regulations. 128. Penalties. 129. Interest. 130. Payment by means of stamps. 131. Recovery. 132. Priority in bankruptcy. 133. Supplemental provisions.

Part VI

Differentiation and Graduation of Tax by means of Reliefs

134. Earned income relief. 135. Allowances from unearned income of persons aged sixty-five or upwards. 136. Relief for small incomes. 137. Deduction allowed in ascertaining taxable income. 138. Personal relief. 139. Person taking charge of children of widower, widow or married man living apart from wife. 140. Relative taking charge of unmarried person's brother or sister. 141. Children. 142. Dependent relatives. 143. Premiums on post-1916 insurances and certain other payments. 144. Exemption where total income does not exceed £240, and marginal relief. 145. Insurance against expenses of illness. 146. General provisions relating to allowances, deductions and reliefs. 147. Basis of assessing income under Schedule A. 148. Partners, joint tenants: separate claims. 149. Method of allowance. 150. Total income where assessment reduced. 151. Relief for premiums on pre-1916 insurances. 152. Life assurance relief—general provisions. 153. Non-residents. 154. Relief for income accumulated under trusts.

Part VII

Administration

155. Revenue Commissioners. 156. Special Commissioners. 157. Governor and directors of Bank of Ireland. 158. Assessment of public offices. 159. Declarations to be made by commissioners. 160. Disqualification of commissioners in cases of personal interest. 161. Inspectors of taxes. 162. Collector-General. 163....