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16 1943

FINANCE ACT, 1943

PART I.

Income Tax.

Income tax and sur-tax for the year 1943-44.

1. —(1) Income tax shall be charged for the year beginning on the 6th day of April, 1943, at the rate of seven shillings and sixpence in the pound.

(2) Sur-tax (other than excess sur-tax) for the year beginning on the 6th day of April, 1943, shall be charged in respect of the income of any individual the total of which from all sources exceeds one thousand five hundred pounds and shall be so charged at the same rates as those at which it is charged for the year beginning on the 6th day of April, 1942.

(3) Where the total income, within the meaning of section 5 of the Finance Act, 1941 (No. 14 of 1941), of any individual for the year beginning on the 6th day of April, 1943, exceeds one thousand five hundred pounds and includes any such profits as are mentioned in the said section 5 , an additional duty of sur-tax (in this section referred to as excess sur-tax) shall be charged for the said year beginning on the 6th day of April, 1943, at the rate of seven shillings and sixpence in the pound in respect of so much of the said income as is made chargeable therewith by sub-section (1) of the said section 5 as modified and applied by the subsequent provisions of this section.

(4) The several statutory and other provisions which were in force on the 5th day of April, 1943, in relation to income tax and sur-tax (including excess sur-tax) shall, subject to the provisions of this Act, have effect in relation to the income tax and sur-tax (including excess sur-tax) to be charged as aforesaid for the year beginning on the 6th day of April, 1943.

(5) In the application (by virtue of the next preceding sub-section of this section) of Part II of the Finance Act, 1941 (No. 14 of 1941), to the excess sur-tax to be charged as aforesaid for the year beginning on the 6th day of April, 1943, the said Part II shall have effect with and subject to the following modifications, that is to say:—

(a) the expression “the 6th day of April, 1943” shall be substituted for the expression “the 6th day of April, 1941,” wherever that expression occurs in the said Part II;

(b) in paragraph (b) of sub-section (3) of section 7 of the said Act, the expression “the 5th day of April, 1944,” shall be substituted for the expression “the 5th day of April, 1942,” and the word “seven” shall be substituted for the word “five” and the expression “the 5th day of April, 1943,” shall be substituted for the expression “the 5th day of April, 1941”.

Amendment of section 3 of the Finance Act, 1941 .

2. —(1) Nothing contained in section 3 of the Finance Act, 1941 (No. 14 of 1941), shall authorise the granting of relief under that section to any individual in respect of any year of assessment to such an extent as would reduce the aggregate of the amount of income tax, sur-tax (if any), and external income tax payable by such individual in respect of any part of his income arising in a country to which the said section 3 applies (such aggregate being computed after deduction of any relief to which he may be entitled in the said country) below the amount of income tax and sur-tax (if any) which would be payable by such individual in respect of the said part of his income if that part of his income had arisen in the State.

(2) In this section the expression “external income tax” has the same meaning as it has in the said section 3 of the Finance Act, 1941 (No. 14 of 1941).

Allowance in respect of machinery temporarily out of use.

3. —The provisions of the Income Tax Acts relating to the deduction to be allowed in respect of diminished value by reason of wear and tear shall have effect as if the references therein to diminished value by reason of wear and tear during the year of any machinery or plant included references to diminished value by reason of any machinery or plant having been temporarily out of use at any time during the year through circumstances attributable, directly or indirectly, to the present national emergency (including circumstances continuing after the termination of that emergency).

Computation of losses in certain cases.

4. —(1) For the purposes of section 34 (which relates to relief in respect of certain losses) of the Income Tax Act, 1918, the amount of a loss sustained in a trade shall, in all cases (but subject to the provisions of the next following sub-section of this section) be computed in like manner as the profits or gains arising or accruing from the trade are computed under the Rule applicable to Case I of Schedule D of the said Act and the Rules applicable to Cases I and II of that Schedule.

(2) The provisions of the foregoing sub-section of this section shall not override or affect the provisions of paragraph (2) (which relates to losses of assurance companies carrying on life assurance business) of Rule 15 of the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918.

Amendment of Rule 11 of the Rules applicable to Cases I and II of Schedule D.

5. —Paragraph (2) of Rule 11 substituted by section 13 of the Finance Act, 1929 (No. 32 of 1929), for Rule 11 of the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918, shall, in relation to cases in which the change referred to in the said paragraph occurs after the 5th day of April, 1943, be construed and have effect as if the words “twelve months after the change took place” were substituted for the words “three months after the change took place” now contained in the said paragraph.

Extension of exemptions in relation to National Health Insurance.

6. —(1) In this section the expression “the Unified Society” means Cumann an Arachais Náisiúnta ar Shláinte established in pursuance of section 3 of the National Health Insurance Act, 1933 (No. 13 of 1933).

(2) The exemption conferred by sub-section (5) of section 39 of the Income Tax Act, 1918, on approved societies within the meaning of Part I of the National Insurance Act, 1911, shall extend and apply to the Unified Society and shall be deemed to have extended and applied to that Society as from the date of its establishment.

(3) The exemption conferred by the said sub-section (5) of section 39 of the Income Tax Act, 1918, on the Irish Insurance Commissioners in respect of any income derived from any funds held by them, or under their control or management, under or for the purposes of the National Insurance Act, 1911, shall extend and apply to the Minister for Local Government and Public Health in respect of any income derived from any funds held by him, or under his control or management, for the purposes of the National Health Insurance Acts, 1911 to 1942, and shall be deemed to have so applied and extended as from the dissolution of the said Commissioners and the transfer of their functions to the said Minister by the Irish Insurance Commissioners (Transfer of Functions) Order, 1933.

Certificates of charge of The Agricultural Credit Corporation, Limited.

7. —In order to remove doubts, it is hereby declared and enacted that the expression “certificates of charge” wherever it occurs in sub-sections (1), (2), and (3) of section 2 or in sub-section (1) of section 37 of the Finance Act, 1929 (No. 32 of 1929), shall be construed and have effect and be deemed always to have had effect as including certificates of charge issued by The Agricultural Credit Corporation, Limited, after the passing of the Agricultural Credit Act, 1929 (No. 30 of 1929), as well as certificates of charge issued by the said Corporation before the passing of that Act.