Table of Contents
Finance Act, 1992 (No. 9)Introductory TextActs Referred toPart I Income Tax, Corporation Tax and Capital Gains Tax (ss. 1-88)Chapter I Income Tax (ss. 1-15)1. Amendment of provisions relating to exemption from income tax.2. Alteration of rates of income tax.3. Amendment of section 6 (special allowance in respect of P.R.S.I. for 1982-83) of Finance Act, 1982.4. Cesser of relief in respect of life insurance premiums.5. Amendment of section 432 (making of claims, etc., and appeals and rehearings) of Income Tax Act, 1967.6. Amendment of Chapter II (occupational pension schemes) of Part I of Finance Act, 1972.7. Amendment of section 8 (permanent health benefit schemes) of Finance Act, 1979.8. Amendment of section 4 (benefit of use of a car) of Finance Act, 1982.9. Amendment of section 8 (restriction of relief in respect of interest paid on certain loans at a reduced rate) of Finance Act, 1982.10. Amendment of section 13 (interpretation (Chapter III)) of Finance Act, 1987.11. Amendment of section 14 (accountable persons) of Finance Act, 1987.12. Cesser of provisions relating to approved share option schemes.13. Cesser of section 14 (taxation treatment of certain dividends) of Finance Act, 1986.14. Relief to individuals on loans applied in acquiring interest in companies.15. Treatment for tax purposes of certain benefits payable under Social Welfare Acts.Chapter II Income Tax, Corporation Tax and Capital Gains Tax (ss. 16-39)16. Amendment of section 36 (construction of references to child, son and daughter in Tax Acts and Capital Gains Tax Act, 1975) of Finance Act, 1977.17. Amendment of Chapter IX (profit sharing schemes) of Part I of and Third Schedule (profit sharing schemes) to Finance Act, 1982.18. Taxation of consideration for certaion restrictive covenants, etc.19. Treatment of patent royalties and related distributions.20. Amendment of section 28 (farming: provision relating to relief in respect of increase in stock values) of Finance Act, 1980.21. Capital allowances for, and deduction in respect of, vehicles.22. Amendment of Chapter IV (interest payments by certain deposit takers) of Part I of Finance Act, 1986.23. Amendment of section 46 (limited partnerships: relief restrictions) of Finance Act, 1986.24. Securities of Bord Gáis Éireann.25. Restriction of capital allowances on holiday cottages.26. Application and amendment of section 241 (wear and tear of machinery, plant, etc.) of Income Tax Act, 1967.27. Amendment of section 255 (meaning of "industrial building or structure") of Income Tax Act, 1967.28. Extension and amendment of section 17 (tax deductions from payments to subcontractors in the construction industry) of Finance Act, 1970.29. Amendment of Chapter V (Urban Renewal: Relief from Income Tax and Corporation Tax) of Part I of Finance Act, 1986.30. Amendment of section 27 (designated areas for urban renewal relief) of Finance Act, 1987.31. Amendment of section 4 (relief for expenditure on certain buildings in designated areas) of Finance Act, 1989.32. Amendment of section 18 (date for payment of tax) of Finance Act, 1988.33. Amendment of section 21 (miscellaneous) of Finance Act, 1988.34. Amendment of Chapter VII (Urban Renewal: Temple Bar and other areas) of Part I of Finance Act, 1991.35. Treatment of certain distributions received on or after 29th day of January, 1992.36. Option in relation to section 35 (certain unit trusts not to be collective investment undertakings) of Finance Act, 1990.37. Application of section 25 (attribution of distributions to accounting periods) of Finance Act, 1989, to interim dividends.38. Distributions to non-residents.39. Provisions relating to section 244 (allowance for scientific research) of Income Tax Act, 1967, etc.Chapter III Corporation Tax (ss. 40-58)40. Amendment of section 84A (limitation on meaning of "distribution") of Corporation Tax Act, 1976.41. Amendment of section 21 (amendment of Part IX (Schedule F and company distributions) of Corporation Tax Act, 1976) of Finance Act, 1989.42. Amendment of Part XXXII (government and other public loans) of Income Tax Act, 1967, and computation of losses.43. Building societies (taxation of certain transactions).44. Amendment of Part III (special classes of companies) of Corporation Tax Act, 1976.45. Credit for bank levy.46. Restriction of certain losses and charges on income and consequential amendments.47. Amendment of section 39 (meaning of "goods") of Finance Act, 1980.48. Termination of relief in respect of certain transactions of agricultural and fishery societies.49. Recovery of tax credits from companies.50. Group payments.51. Amendment of section 44 (group dividends) of Finance Act, 1983.52. Amendment of section 39A (relief in relation to income from certain trading operations carried on in Shannon Airport) of Finance Act, 1980.53. Amendment of section 39B (relief in relation to income from certain trading operations carried on in Custom House Docks Area) of Finance Act, 1980.54. Amendment of section 41 (basis of relief from corporation tax) of Finance Act, 1980.55. Late submission of returns: restriction of certain claims to relief.56. Relief for gifts to The Enterprise Trust Ltd.57. Amendment of section 39 (exemption of certain income of Nítrigin Éireann Teoranta) of Finance Act, 1988.58. Amendment of section 35 (relief for investment in films) of Finance Act, 1987.Chapter IV Capital Gains Tax (ss. 59-63)59. Reduction in exemption for individuals.60. Alteration of rates of capital gains tax.61. Restriction of Schedule 2 (companies and shareholders) to Capital Gains Tax Act, 1975.62. Amendment of section 9 (consideration) of Capital Gains Tax Act, 1975.63. Amendment of section 47 (options) of Capital Gains Tax Act, 1975.Chapter V Implementation of Council Directive No: 90/434/EEC and other related matters (ss. 64-74)64. Interpretation (Chapter V).65. Transfer of assets generally.66. Transfer of an asset by a company to its parent company.67. Company reconstruction or amalgamation: transfer of development land.68. Amendment of section 36 (chargeable gains on disposals of development land) of Finance Act, 1982.69. Credit for tax.70. Avoidance of tax.71. Returns.72. Other transactions.73. Amendment of section 132 (disposal or acquisition outside a group) of Corporation Tax Act, 1976.74. Apportionment of amounts.Chapter VI Petroleum Taxation (ss. 75-88)75. Interpretation (Chapter VI).76. Separation of trading activities.77. Reduction of corporation tax.78. Treatment of losses, etc.79. Restriction of group relief.80. Restriction of relief for losses on certain disposals.81. Interest and charges on income.82. Restriction of set-off of advance corporation tax.83. Development expenditure: capital allowances and charges.84. Exploration expenditure: allowances and charges.85. Exploration expenditure incurred by certain companies.86. Abandonment expenditure: allowances and loss relief.87. Valuation of petroleum in certain circumstances.88. Treatment of certain disposals.Part II Customs and Excise (ss. 89-163)Chapter I Excise Duty on Beer (ss. 89-102)89. Interpretation (Chapter I).90. Duty of excise on beer.91. Exemptions from duty.92. Remissions and repayments of duty.93. Remission or repayment of certain duty chargeable before appointed day.94. Revocation of brewer's licence and offence by brewer for sale.95. Approval of persons and premises for the brewing, holding and packaging of beer without payment of duty.96. Provision of facilities by warehousekeeper and powers of inspection, etc., of officers.97. Treatment of excess or deficiency in stocks and fraudulent evasion of duty.98. Regulations (Chapter I).99. Offences (Chapter I).100. Application of enactments (Chapter I).101. Repeals and revocations (Chapter I).102. Commencement (Chapter I).Chapter II Implementation of Council Directive No.92/12/EEC. (ss. 103-119)103. Interpretation (Chapter II).104. Excisable products.105. Warehousing.106. Treatment of excisable products released for consumption in another Member State.107. Provisions relating to vendors.108. Tax representatives.109. Movement of excisable products under a duty-suspension arrangement from the State to other Member States.110. Movement of excisable products under a duty-suspension arrangement to the State from other Member States.111. Accompanying documents.112. Repayments of excise duty.113. Exemptions.114. Treatment of losses.115. Power to stop vehicles and detain excisable products.116. Powers of entry and inspection, etc. of officers.116A. General mutual assistance.116B. Mutual assistance for the recovery of claims.117. Regulations (Chapter II).118. Application of enactments (Chapter II).119. Commencement (Chapter II).Chapter III Amusement Machine Licence Duty (ss. 120-129)120. Interpretation (Chapter III).121. Waivers and exemptions.122. Permit and licence procedure.123. Rates of duty.123A. Rates of duty on permits.124. Prohibition on play without permit and licence.125. Investigation, etc. by officers.126. Penalties (Chapter III).127. Forfeiture (Chapter III).128. Regulations (Chapter III).129. Applicability of excise statutes.Chapter IV Registration and Taxation of Vehicles (ss. 130-144A)130. Interpretation.130A. Vehicle built up from chassis or monocoque or assembly.130B. Delegation of certain powers of the Revenue Commissioners.131. Registration of vehicles by Revenue Commissioners.131A. Evidence of computer stored records in court proceedings.132. Charge of excise duty.133. Chargeable value.134. Permanent reliefs.135. Temporary exemption from registration.135A. Special purpose vehicles.135B. Repayment of amounts in respect of vehicle registration tax in certain cases.135BA. Repayment of amounts of vehicle registration tax in respect of the registration of certain new vehicles.135C. Remission or repayment in respect of vehicle registration tax on certain hybrid electric vehicles.135D. Repayment of amounts of vehicle registration tax on export of certain vehicles.135E. Proportionate payment of vehicle registration tax on certain vehicles temporarily brought into State.136. Authorisation of manufacturers, distributors and dealers and periodic payment of duty.136A. Authorisation of competent persons.137. Accountability for unregistered vehicles and converted vehicles.138. Appeals.139. Offences and penalties.140. Evidence.141. Regulations.142. Powers of officers.142A. Return of motor insurance particulars.143. Transitional provisions.144. Application of enactments.144A. Repeal and revocations.Chapter V Miscellaneous (ss. 145-163)145. Interpretation (Chapter V).146. Tobacco products.147. Cider and perry.148. Televisions.149. Video players.150. Hydrocarbons.151. Motor vehicles.152. Termination of excise duties on table waters and table waters manufacturer's licence.153. Termination of excise duty on match manufacturer's licence.154. Increase of duties on certain intoxicating liquor licences.155. Spirits retailers' on-licences.156. Amendment of section 49 (grant of licences and date of expiration of licences) of Finance (1909-10) Act, 1910.157. Increase of duties on public dancing licence, occasional licence, special exemption order and authorisation to a club.158. Increase of duties on hydrocarbon vendors' licences.159. Increase of duties on registration of firearms dealers.160. Increase of duties on certain other licences, etc.161. Increase of duty on registration of clubs.162. Restriction of section 29 (provisions in relation to customs, customs duties and EEC levies) of Finance Act, 1978.163. Amendment of Finance (Excise Duties) (Vehicles) Act, 1952.Part III Value-Added Tax (ss. 164-198)164. Interpretation (Part III).165. Amendment of section 1 (interpretation) of Principal Act.166. Amendment of section 2 (charge of value-added tax) of Principal Act.167. Amendment of section 3 (supply of goods) of Principal Act.168. Intra-Community acquisition of goods.169. Amendment of section 5 (supply of services) of Principal Act.170. Amendment of section 8 (taxable persons) of Principal Act.171. Amendment of section 9 (registration) of Principal Act.172. Amendment of section 10 (amount on which tax is chargeable) of Principal Act.173. Amendment of section 11 (rates of tax) of Principal Act.174. Amendment of section 12 (deductions for tax borne or paid) of Principal Act.175. Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.176. Amendment of section 13 (remission of tax on goods exported, etc.) of Principal Act.177. Amendment of section 14 (determination of tax due by reference to cash receipts) of Principal Act.178. Amendment of section 15 (charge of tax on imported goods) of Principal Act.179. Amendment of section 16 (duty to keep records) of Principal Act.180. Amendment of section 17 (invoices) of Principal Act.181. Amendment of section 18 (inspection and removal of records) of Principal Act.182. Amendment of section 19 (tax due and payable) of Principal Act.183. Statement of intra-Community supplies.184. Amendment of section 20 (refund of tax) of Principal Act.185. Amendment of section 23 (determination of tax due) of Principal Act.186. Security to be given by certain taxable persons.187. Amendment of section 25 (appeals) of Principal Act.188. Amendment of section 26 (penalties generally) of Principal Act.189. Amendment of section 27 (fraudulent returns etc.) of Principal Act.190. Amendment of section 28 (assisting in making incorrect returns) of Principal Act.191. Amendment of section 30 (time limits) of Principal Act.192. Amendment of section 32 (regulations) of Principal Act.193. Substitution of certain persons for persons not established in the State.194. Amendment of First Schedule to Principal Act.195. Amendment of Second Schedule to Principal Act.196. Amendment of Third Schedule to Principal Act.197. Amendment of Sixth Schedule to Principal Act.198. Insertion of Seventh Schedule in Principal Act.Part IV Stamp Duties (ss. 199-217)199. Definitions (Part IV).200. Levy on banks.201. Stamp duties, remission of certain penalties.202. Amendment of section 17 (stamp duty in respect of credit cards and charge cards) of Finance (No. 2) Act, 1981.203. Stamp duty in respect of cash cards.204. Stamp duties on miscellaneous instruments.205. Amendment of First Schedule.206. Exemption from stamp duty of certain stocks and marketable securities.207. Exemption from stamp duty of certain financial services instruments.208. Location of insurance risk for stamp duty purposes.209. Exemption from stamp duty of certain instruments relating to foreign immovable property.210. Exemption from stamp duty of certain instruments of National Treasury Management Agency and of Minister for Finance.211. Revocation (Part IV).212. Provisions relating to exemption from stamp duty on transfers by spouses.213. Procedure to apply where consideration etc. cannot be ascertained.214. Amendment of section 45 (relief from certain duties (adopted children)) of Finance Act, 1972.215. Repeal of certain provisions relating to Governor and Company of the Bank of Ireland.216. Exemption from stamp duty of certain instruments (Temple Bar Properties Limited).217. Amendment of section 44 (exemption from stamp duty of certain stock) of Finance Act, 1970.Part V Residential Property Tax (ss. 218-221)218. Application (Part V).219. Amendment of section 100 (market value exemption limit) of Finance Act, 1983.220. Amendment of section 101 (income exemption limit) of Finance Act, 1983.221. Amendment of section 102 (marginal reliefs) of Finance Act, 1983.Part VI Capital Acquisitions Tax (ss. 222-225)222. Interpretation (Part VI).223. Amendment of section 2 (interpretation) of Principal Act.224. Amendment of section 106 (acquisitions by discretionary trusts) of Finance Act, 1984.225. Amendment of section 102 (interpretation (Part V)) of Finance Act, 1986.Part VII Anti-avoidance and Anti-evasion (ss. 226-248)226. Returns of certain information.227. Supplemental provisions to section 226.228. Inspector's right to make enquiries.229. Amendment of section 19 (returns by certain intermediaries in relation to UCITS) of Finance Act, 1989.230. Returns in relation to foreign accounts.230A. Returns of material interest in offshore funds.231. Obligation to keep certain records.232. Inspection of documents and records.233. Powers of inspection: PAYE.234. Amendment of section 128 (penalties) of Income Tax Act, 1967.235. Powers of inspection: tax deductions from payments to certain sub-contractors.236. Authorised officers and Garda Síochána.237. Inspection of computer documents and records.238. Amendment of section 31 (power to obtain from certain persons particulars of transactions with and documents concerning tax liability of taxpayers) of Finance Act, 1979.239. Amendment of section 20 (return of property) of Finance Act, 1983.240. Amendment of section 23 (publication of names of defaulters) of Finance Act, 1983.241. Amendment of section 73 (deduction from payments due to defaulters of amounts due in relation to tax) of Finance Act, 1988.242. Tax clearance in relation to certain licences.243. Amendment of section 94 (revenue offences) of Finance Act, 1983.244. Amendment of section 9 (interpretation (Chapter II)) of Finance Act, 1988.245. Amendment of section 48 (surcharge for late submission of returns) of Finance Act, 1986.246. Amendment of Schedule 4 (administration) to Capital Gains Tax Act, 1975.247. Amendment of section 143 (return of profits) or Corporation Tax Act, 1976.248. Amendment of certain provisions of Tax Acts, etc., relating to penalties.Part VIII Miscellaneous (ss. 249-254)249. Capital Services Redemption Account.250. Amendment of Provisional Collection of Taxes Act, 1927.251. Amendment of section 55 (payments to lessees under petroleum leases) of Petroleum and Other Minerals Development Act, 1960.252. Voluntary Health Insurance Board levy.253. Care and management of taxes and duties.254. Short title, construction and commencement.First Schedule - Tables to Section 4(4) of the Finance Act, 1982First Schedule, Part I Table to section 4(4) of the Finance Act, 1982, as respects the year 1992-93First Schedule, Part II Table to section 4(4) of the Finance Act, 1982, as respects the year 1993-94First Schedule, Part III Table to section 4(4) of the Finance Act, 1982, as respects the year 1994-95First Schedule, Part IV Table to section 4(4) of the Finance Act, 1982, as respects the year 1995-96First Schedule, Part V Table to section 4(4) of the Finance Act, 1982, as respects the year 1996-97 and subsequent years of assessmentSecond Schedule - Accountable Persons for Purposes of Chapter III of Part I of the Finance Act, 1987Third ScheduleThird Schedule, Part I Repeal of Provisions relating to Excise Duty on BeerThird Schedule, Part II Repeal of Provisions relating to Spirits Retailers' On-LicencesFourth Schedule - Rates of Excise Duty on Tobacco ProductsFifth Schedule - Rates of Excise Duty on Cider and PerrySixth Schedule - Rates of Excise Duty on Certain LicencesSixth Schedule, Part I Intoxicating Liquor LicencesSixth Schedule, Part II Firearm CertificatesSixth Schedule, Part III Gaming LicencesSixth Schedule, Part IV Other LicencesSeventh Schedule - Stamp Duty on InstrumentsSeventh Schedule, Part I Conveyance or Transfer on Sale of any Stocks or Marketable SecuritiesSeventh Schedule, Part II Conveyance or Transfer on Sale of Policy of Insurance or Policy of Life InsuranceSeventh Schedule, Part III Conveyances or Transfers of certain other KindsSeventh Schedule, Part IV DeedsSeventh Schedule, Part V Mortgages, Bonds, Debentures and certain Covenants
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132. Charge of excise duty.
(1) Subject to the provisions of this Chapter and any regulations thereunder, with effect on and from the 1st day of January, 1993, a duty of excise, to be called vehicle registration tax, shall be charged, levied and paid at whichever of the rates specified in subsection (3) is appropriate on -
(a) the registration of a vehicle, and
(b) a declaration under section 131(3).
(2) Vehicle registration tax shall become due and be paid at the time of the registration of a vehicle or the making of the declaration under section 131(3), as may be appropriate, by -
(a) an authorised person in accordance with section 136(5)(b),
(b) the person who registers the vehicle,
(c) the person who has converted the vehicle where the prescribed particulars in relation to the conversion have not been declared to the Commissioners in accordance with section 131(3),