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25 1958

FINANCE ACT, 1958

PART XI.

Miscellaneous and General.

Capital Services Redemption Account.

61. —(1) In this section—

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

the 1957 amending section” means section 25 of the Finance Act, 1957 (No. 20 of 1957);

the eighth 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 1957 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1959, have effect with the substitution of “£601,122” for “£598,588”.

(3) Subsection (6) of the 1957 amending section shall have effect with the substitution of “£409,390” for “£416,149”.

(4) A sum of £717,012 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, 1959.

(5) The eighth 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 eighth additional annuity, not exceeding £528,332 in any financial year, may be applied towards defraying the interest on the public debt.

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

Termination of payments into the Capital Fund.

62. —Subsection (3) of section 4 of the Central Fund Act, 1956 (No. 12 of 1956), shall not apply in relation to Exchequer receipts in respect of Special Import Levy which are received into the Exchequer after the 31st day of March, 1958.

Holding and investment of moneys of Post Office Savings Bank.

63. —(1) The following provisions shall have effect in relation to moneys of the Post Office Savings Bank:

(a) such moneys, as well as being capable of being held in currency of the State, may also be held in currency of the United States of America or currency of the Dominion of Canada,

(b) such moneys may be invested in any of the following securities:

(i) securities of the Government,

(ii) securities guaranteed as to capital and interest by the Minister for Finance,

(iii) stock of the Bank of Ireland,

(iv) securities or mortgages of the council of a county, the corporation of a county borough, the corporation of Dún Laoghaire or a harbour authority within the meaning of the Harbours Act, 1946 (No. 9 of 1946),

(v) securities of the government of Great Britain,

(vi) securities of the government of the United States of America,

(vii) securities of the government of the Dominion of Canada,

(c) such moneys may also be invested in an interest bearing deposit account with a bank, being a bank in the State, Great Britain, the United States of America or the Dominion of Canada.

(2) In subsection (1) of this section “securities” includes stocks and funds.

(3) Subsections (1) and (2) of this section shall be deemed to have come into operation on the 1st day of April, 1958.

Investment of moneys of Savings Certificates Reserve Fund.

64. —Subsection (2) of section 34 of the Finance Act, 1929 (No. 32 of 1929), is hereby amended by the substitution of “investments for the time being authorised for the investment of moneys of the Post Office Savings Bank” for “stocks, funds and securities mentioned in paragraphs (a), (b) and (c) of subsection (1) of section 18 of the Adaptation of Enactments Act, 1922 (No. 2 of 1922), and securities guaranteed as to principal and interest by the Government of Saorstát Éireann”.

Expenses incurred in connection with management of prize bonds.

65. —(1) The reference in subsection (4) of section 22 of the Finance (Miscellaneous Provisions) Act, 1956 (No. 47 of 1956), to expenses incurred in connection with the management of prize bonds shall be construed as a reference to those expenses as calculated in such manner as may be determined by the Minister for Finance.

(2) Sections 2 and 4 of the Bank Act, 1892, as applied by section 19 of the Finance Act, 1937 (No. 18 of 1937), shall not apply in relation to prize bonds.

(3) Subsections (1) and (2) of this section, shall be deemed to have come into operation on the passing of the Finance (Miscellaneous Provisions) Act, 1956 (No. 47 of 1956).

Repeals.

66. —Each enactment specified in column (2) of the Fourth Schedule to this Act is hereby repealed to the extent specified in column (3) of that Schedule as on and from the date specified in column (4) of that Schedule.

Care and management of taxes and duties.

67. —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.

68. —(1) This Act may be cited as the Finance Act, 1958.

(2) Parts I , IV , V and VI of this Act and the First Schedule thereto 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 duties of excise shall be construed together with the Statutes which relate to the duties of excise and the management of those duties.

(4) Parts VII and IX of this Act and the Second Schedule thereto shall, so far as they relate to income tax (including sur tax), be construed together with the Income Tax Acts and shall, so far as they relate to corporation profits tax, be construed together with Part V of the Finance Act, 1920, and the enactments amending or extending that Part.

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

(6) Part I of this Act shall, save as is otherwise expressly provided therein, be deemed to come into force and shall take effect as on and from the 6th day of April, 1958.

(7) Part VI of this Act and the First Schedule thereto shall be deemed to come into force and shall take effect as on and from the 6th day of April, 1958.

(8) Parts IV and V of this Act shall come into operation on the 6th day of April, 1959.

(9) 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.