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22 1954

FINANCE ACT, 1954

PART VI.

Miscellaneous and General.

Capital Services Redemption Account.

28. —(1) In this section—

the principal section” means section 22 of the Finance Act, 1950 (No. 18 of 1950);

the 1953 amending section” means section 15 of the Finance Act, 1953 (No. 21 of 1953);

the fourth 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 1953 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1955, have effect with the substitution of “£892,043” for “£767,274”.

(3) Subsection (6) of the 1953 amending section shall have effect with the substitution of “£563,060” for “£493,955”.

(4) A sum of £777,094, 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, 1955.

(5) The fourth 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 fourth additional annuity, not exceeding £500,278 in any financial year, may be applied towards defraying the interest on the public debt.

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

Repeals.

29. —Each enactment specified in column (2) of the Third Schedule to this Act is hereby repealed to the extent specified in column (3) of the said Schedule as on and from the date mentioned in column (4) of the said Schedule.

Care and management of taxes and duties.

30. —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.

31. —(1) This Act may be cited as the Finance Act, 1954.

(2) Part I of this Act shall be construed together with the Income Tax Acts.

(3) Part II of this Act, so far as it relates to duties of customs, shall be construed together with the Customs Acts and, so far as it relates to the duties of excise, be construed together with the Statutes which relate to the duties of excise and the management of those duties.

(4) Part V of this Act shall be construed together with the Stamp Act, 1891, and the enactments amending or extending that Act.

(5) Part I of this Act shall, save as is otherwise expressly provided therein, be deemed to come into force on and shall take effect as on and from the 6th day of April, 1954.