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13 1986

FINANCE ACT, 1986

Chapter II

General

Amendment of section 46 (overpayment of tax) of Principal Act.

109. —(1) Section 46 of the Principal Act is hereby amended—

(a) by the substitution of “at the rate of one per cent., or such other rate (if any) as stands prescribed by the Minister for Finance by regulations, for each month or part of a month from the date on which the payment was made, and income tax shall not be deductible on payment of interest under this section and such interest shall not be reckoned in computing income for the purposes of the Tax Acts” for “, without deduction of income tax, from the date on which the payment was made, at the same rate as that at which the tax would from time to time have carried interest if it were due and such payment had not been made”, and

(b) by the insertion of the following subsection:

“(2) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next twenty-one days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.”,

and the said section 46, as so amended, is set out in the Table to this subsection.

TABLE

46.—(1) Where, on application to the Commissioners for relief under this section, it is proved to their satisfaction that an amount has been paid in excess of the liability for tax or for interest on tax, they shall give relief by way of repayment of the excess or otherwise as is reasonable and just; and any such repayment shall carry simple interest (not exceeding the amount of such excess) at the rate of one per cent., or such other rate (if any) as stands prescribed by the Minister for Finance by regulations, for each month or part of a month from the date on which the payment was made, and income tax shall not be deductible on payment of interest under this section and such interest shall not be reckoned in computing income for the purposes of the Tax Acts.

(2) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next twenty-one days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

(2) This section shall apply and have effect in relation to interest payable under the said section 46 for any month, or any part of a month, commencing on or after the date of the passing of this Act.

Amendment of section 61 (payment of money standing in names of two or more persons) of Principal Act.

110. —Section 61 of the Principal Act is hereby amended by the insertion after subsection (7) of the following subsection:

“(8) This section shall not apply or have effect where the sum of money referred to in subsection (1) is lodged or deposited in the joint names of two persons, one of whom dies on or after the 30th day of January, 1985, and is at the time of his death the spouse of that other person.”.