Finance Act, 1947

AN ACT TO CHARGE AND IMPOSE CERTAIN DUTIES OF CUSTOMS AND INLAND REVENUE (INCLUDING EXCISE), TO AMEND THE LAW RELATING TO CUSTOMS AND INLAND REVENUE, (INCLUDING EXCISE) AND TO MAKE FURTHER PROVISIONS IN CONNECTION WITH FINANCE.

[9th July, 1947.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

PART I INCOME TAX

Income tax and sur-tax for the year 1947-48.

1.—(1) Income tax shall be charged for the year beginning on the 6th day of April, 1947, at the rate of six shillings and sixpence in the pound.

(2) Sur-tax for the year beginning on the 6th day of April, 1947, 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, 1946.

(3) The several statutory and other provisions which were in force on the 5th day of April, 1947, in relation to income tax and sur-tax shall, subject to the provisions of this Act, have effect in relation to the income tax and sur-tax to be charged as aforesaid for the year beginning on the 6th day of April, 1947.

Alteration of personal allowances.

2.—Subsection (1) of section 18 of the Finance Act, 1920, as amended by section 3 of the Finance Act, 1939 (No. 18 of 1939), shall be construed and have effect as if the words "two hundred and sixty pounds" were substituted therein for the words "two hundred and twenty pounds" and the words one hundred and forty pounds " substituted therein for the words one hundred and twenty pounds

Amendments as to liability of assurance companies.

3.—(1) Where the profits of an assurance company in respect of its life assurance business are, for the purposes of the Income Tax Acts, computed in accordance with the rules applicable to Case I of Schedule D of the Income Tax Act, 1918, then, subject to subsection (3) of this section, the following provisions shall have effect:—

( a ) such part of those profits as belongs or is allocated to, or is expended on behalf of, policy-holders or annuitants shall be excluded in making the computation;

( b ) such part of those profits as is reserved for policy-holders or annuitants shall also be excluded in making the computation, but if any profits so excluded as being so reserved cease at any time to be so reserved and are not allocated to, or expended on behalf of, policy-holders or annuitants, then those profits shall be treated as profits of the company for the year in which they ceased to be so reserved.

(2) Where an assurance company carries on both ordinary life assurance business and industrial life assurance business, then, subject to subsection (3) of this section, the business of each such class shall, for the purposes of the Income Tax Acts, be treated as though it were a separate business and section 83 of the Income Tax Act, 1918, shall apply separately to each such class of business.

(3) Neither subsection (1) nor subsection (2) of this section shall apply to an assurance company in respect of any year of assessment unless the company elects, by giving notice in writing to the inspector of taxes within twelve months after the end of that year, that the said subsections (1) and (2) shall both apply to it in respect of that year.

Amendment of Rule 6 of Miscellaneous Rules applicable to Schedule D.

4.—Where—

( a ) the proper officer having the management of the accounts of a body may, in pursuance of Rule 6 of the Miscellaneous Rules applicable to Schedule D of the Income Tax Act, 1918 be charged with tax for any year of assessment, and

( b ) in that year that body occupies any property, in respect of which any tax under Schedule A of the said Act for that year would, but for this section, be ultimately borne by that body,

then, in computing the amount on which the said proper officer may be so charged for that year, a deduction shall be made of a sum equal to whichever of the following is the lesser—

(i) the amount on which, but for this section, the said proper officer might be so charged,

(ii) the net amount on which the tax, referred to in paragraph (b) of this section, would, but for this section, be ultimately borne by that body.

PART II CUSTOMS AND EXCISE

Imposition of duties in the First Schedule.

5.—(1) There shall be charged, levied and paid on every of the articles mentioned in the second column of the First Schedule to this Act imported on or after the 8th day of May, 1947, a duty of customs at the rate stated in the third column of the said First Schedule opposite the mention of the article in the said second column.

(2) Where a percentage is stated in the third column of the First Schedule to this Act opposite the mention of any article in the second column of the said First Schedule, such statement shall be construed as meaning a rate of duty equal to that percentage of the value of such article.

(3) Wherever it is stated without qualification in the fourth column of the First Schedule to this Act that the provisions of section 8 of the Finance Act, 1919, apply to a duty mentioned in the said First Schedule, the provisions of the said section 8 shall apply to that duty with the substitution of the expression "the area of application of the Acts of the Oireachtas" for the expression "Great Britain and Ireland" and as though the articles chargeable with the said duty were mentioned in the Second Schedule to the said Act in the list of goods to which two-thirds of the full rate is made applicable as a preferential rate.

(4) Wherever it is stated in the fourth column of the First Schedule to this Act that the licensing provision applies to a particular duty mentioned in the said First Schedule, the following provision shall apply and have effect in relation to that duty, that is to say:—whenever the Minister for Finance, after consultation with the Minister for Industry and Commerce, so thinks proper, the Revenue Commissioners may by licence authorise any particular person, subject to compliance with such conditions as they may think fit to impose, to import, without payment of the said duty, any articles chargeable therewith or, in the case of any such articles already imported, to take delivery thereof without payment of the said duty either, as the Revenue Commissioners shall think proper, without limit as to time or quantity or either of them or within a specified time or in a specified quantity, but so that no such licence shall be exempt from the provisions of section 15 of the Finance (Agreement with United Kingdom) Act, 1938 (No. 12 of 1938).

(5) Subject to the provisions of subsections (3) and (4) of this section, the provisions set forth in the fourth column of the First Schedule to this Act at any reference number in the said First Schedule shall have effect in respect of the duty mentioned at that reference number.

Alteration of rates of duty on tobacco.

6.—(1) The duty of customs on tobacco imposed by section 20 of the Finance Act, 1932 (No. 20 of 1932), shall, as on and from the 81 day of May, 1947, be charged, levied, and paid at the several rates specified in Part I of the Second Schedule to this Act in lieu of the rates at which the said duty is now chargeable by virtue of section 12 of the Finance Act, 1941 (No. 14 of 1941).

(2) The duty of excise on tobacco imposed by section 19 of the Finance Act, 1934 (No. 31 of 1934), shall, as on and from the 8th day of May, 1947, be charged, levied, and paid at the several rates specified in Part II of the Second Schedule to this Act in lieu of the rates at which the said duty is now chargeable by virtue of section 12 of the Finance Act, 1941 (No. 14 of 1941).

(3) Subsections (3) to (5) of the said section 19 of the Finance Act, 1934 , shall apply to tobacco which is chargeable with the duty of excise imposed by subsection (1) of that section at a rate specified in Part II of the Second Schedule to this Act and for the purpose of such application references in the said subsections (3) to (5) of the said section 19 to Part I of the Sixth Schedule to the said Finance Act, 1934 , shall be construed and have effect as references to Part II of the Second Schedule to this Act.

(4) The rebate on hard pressed tobacco mentioned in subsection (2) of section 17 of the Finance Act, 1940 (No. 14 of 1940), shall, in respect of any such tobacco sold and sent out for use within the State by any licensed manufacturer on or after the 8th day of May, 1947, be at the rate of two shillings and eight pence per pound.

Amendments of certain Finance Acts.

7.—(1) Every Act mentioned at the head of a Part of the Third Schedule to this Act shall be amended as follows, that is to say, every section, schedule, or reference number of, or in, such Act which is mentioned in the second column of the said Part of the said Third Schedule shall be amended in the manner stated in the third column of the said Part of the said Third Schedule opposite the mention of such section, schedule or reference number (as the case, may be) in the said second column.

(2) Every amendment stated in the third column of a Part of the Third Schedule to this Act shall have effect as on and from the date specified in the fifth column of the said Part of the said Third Schedule, opposite the statement of such amendment in the said third column.

(3) The particulars stated in the fourth column of the Third Schedule to this Act are inserted in the said Third Schedule solely to facilitate the identification of the duties respectively affected by the several amendments mentioned in the said Third Schedule, and accordingly nothing contained in the said fourth column shall affect the construction of this section or the said Third Schedule or operate to extend, limit, or control the extent or effect of any amendments mentioned in the said Third Schedule.

Termination of certain customs duties.

8.—(1) The duty mentioned in the third column of the Fourth Schedule to this Act at any reference number in the said Fourth Schedule and imposed by the enactments mentioned in the second column of the said Fourth Schedule at that reference number shall not be charged or levied on any articles imported on or after the date specified in the fifth column of the said Fourth Schedule at that reference number.

(2) The particulars stated in the fourth column of the Fourth Schedule to this Act are inserted in the said Fourth Schedule solely to facilitate the identification of the several duties mentioned in the third column of the said Fourth Schedule, and accordingly nothing contained in the said fourth column shall affect the construction or limit or control the operation of this section and the second and third columns of the said Fourth Schedule.

Licences to import without payment of customs duties.

9.—Where, by virtue of a provision contained in any statute or statutory order (passed or made before the passing of this Act) the Revenue Commissioners may by licence authorise a person to import articles chargeable with the duty to which such provision relates without payment of such duty or on payment of such duty at less than the rate ordinarily chargeable, the reference in such provision to importation of such articles shall, in any case where the articles have already been imported, be construed as a reference to taking delivery of such articles.

Amendments of entertainments duty.

10.—(1) On and after the 15th day of August, 1947, subsection (5) of section 25 of the Finance Act, 1932 (No. 20 of 1932), shall have effect as if, for the rates specified in the said subsection (5), there were substituted the following rates, that is to say:—

						Rate of Duty
Where the payment for admission, excluding duty,
	s.	d.		s.	d.	s.	d.
exceeds	0	4	and does not exceed	0	4½	0	1½
"	0	4½	" "	0	6	0	2
"	0	6	" "	0	8	0	3
"	0	8	" "	0	11½	0	4½
"	0	11½	" "	1	3½	0	6½
"	1	3½	" "	1	9	0	9
"	1	9	" "	2	4½	1	1½
"	2	4½	" "	3	0	1	6
"	3	0	" "	4	0	2	0
"	4	0	" "			2	0 for the
						first 4s. and 2s. for every additional 4s. or part of 4s.

(2) On and after the 15th day of August, 1947, subsection (2) of section 11 of the Finance Act, 1936 (No. 31 of 1936), shall have effect as if, for the rates specified in the said subsection (2), there were substituted the following rates, that is to say:—

						Rate of Duty
Where the payment for admission, excluding duty,
	s.	d.		s.	d.	s.	d.
exceeds	0	4	and does not exceed	0	4½	0	1½
"	0	4½	" "	0	6	0	2
"	0	6	" "	0	7	0	3
"	0	7	" "	0	8	0	4
"	0	8	" "	0	10	0	5
"	0	10	" "	1	0½	0	7½
"	1	0½	" "	1	4	0	10
"	1	4	" "	1	6	1	0
"	1	6	" "	1	9	1	3
"	1	9	" "	2	0	1	6
"	2	0	" "	2	10½	2	1½
"	2	10½	" "	4	0	3	0
"	4	0				3	0 for the
						first 4s. and 3s. for every additional 4s. or part of 4s.

(3) Paragraph (c) of subsection (3) of section 11 of the Finance Act, 1936 (No. 31 of 1936), shall, as respects entertainments duty (within the meaning of the said section 11) paid on payments, made on or after the 15th day of August 1947, for admission to an entertainment in any such theatre as is mentioned in the said subsection (3), have effect as if, for the words "one-half of the said duty" there were substituted the words "thirty per cent. of the said duty".

Duty on auctioneers' licences.

11.—There shall be charged, levied, and paid for and upon every auctioneer's licence granted under section 8 of the Auctioneers and House Agents Act, 1947 (No. 10 of 1947), an excise duty of ten pounds.

Duty on auction permits.

12.—There shall be charged, levied, and paid for and upon every auction permit granted under section 9 of the Auctioneers and House Agents Act, 1947 (No. 10 of 1947), an excise duty of ten pounds.

Duty on house agents' licences.

13.—There shall be charged, levied, and paid for and upon every house agent's licence granted under section 10 of the Auctioneers and House Agents Act, 1947 (No. 10 of 1947), an excise duty of two pounds.

PART III CORPORATION PROFITS TAX

Continuance of certain exemptions from corporation profits tax.

14.—(1) The exemptions from corporation profits tax given by section 33 of the Finance Act, 1929 (No. 32 of 1929), as amended by section 30 of the Finance Act, 1931 (No. 31 of 1931), and paragraph (b) of subsection (1) of section 47 of the Finance Act, 1932 (No. 20 of 1932), and continued until the 31st day of December, 1946, by section 17 of the Finance Act, 1944 (No. 18 of 1944), shall be and are hereby continued until the 31st day of December, 1949.

(2) In respect of every accounting period beginning on or after the 1st day of January, 1947, and ending on or before the 31st day of December, 1949, paragraph (b) of subsection (1) of section 47 of the Finance Act, 1932 (No. 20 of 1932), shall be construed and have effect as if the word " tramway " were deleted therefrom and subsection (1) of this section shall be construed and have effect accordingly.

Provisions in respect of deductions for the remuneration of directors in relation to corporation profits tax.

15.—In respect of every accounting period ending after the 31st day of December, 1946, proviso (c) to subsection (2) of section 53 of the Finance Act, 1920, and subsection (4) of section 36 of the Finance Act, 1941 (No. 14 of 1941), shall be construed and have effect as if the words "one thousand five hundred pounds" were substituted therein for the words "one thousand pounds".

Relief for losses on sale of stock.

16.—(1) For the purposes of this section and the Fifth Schedule to this Act—

( a ) the expression "the sales period" shall be construed in accordance with the following provisions:—

(i) the said expression shall mean, subject to subparagraph (ii) of this paragraph, the years 1947 and 1948,

(ii) if a company ceases to carry on the whole of its trade or business during the said years, the said expression shall, as regards the company, mean the period commencing on the 1st day of January, 1947, and ending on the date of such cesser;

( b ) the value of a particular class of trading stock held for the purposes of a trade or business on the 31st day of December, 1946, shall be taken to be the aggregate of the values of the several items comprising that class of trading stock, each item thereof being valued at its cost or the cost of its replacement on that day, whichever is the lower;

( c ) the value of all the trading stock held for the purposes of a trade or business on the 31st day of December, 1946, shall be taken to be the aggregate of the values of the several classes of the trading stock held for the purposes of that trade or business on the 31st day of December, 1946;

( d ) the sum realised during the sales period for all the trading stock held for the purposes of a trade or business on the 31st day of December, 1946, shall be taken to be the aggregate of the several sums ascertained, in relation to the several classes of that trading stock, in accordance with Rule 2 of the Fifth Schedule to this Act, each such several sum being reduced, if appropriate, in accordance with Rule 3 of the said Fifth Schedule.

(2) If any company carrying on a trade or business on the 31st day of December, 1946, makes, not later than twelve months after the end of the sales period, a claim to the Revenue Commissioners for relief under this section and proves—

( a ) that, on the 31st day of December, 1946, stock was taken of all the trading stock then held for the purposes of the trade or business, and

( b ) that the value of all such trading stock exceeded the sum realised during the sales period for all such trading stock,

the following provisions shall have effect—

(i) a claimable loss shall be deemed to have been sustained by the company,

(ii) the claimable loss shall, subject to paragraphs (iii) and (iv) of this subsection, be taken to be an amount equal to the said excess,

(iii) where the whole or any part of any loss sustained on sales of, or resulting from any fall in the value of, any of the stock held for the purposes of the trade or business on the 31st day of December, 1946, has been or is to be met directly or indirectly by any person, other than the company, the amount of the claimable loss shall be reduced accordingly,

(iv) where a sale of stock is taken into account in computing the profits or loss of the trade or business in respect of any accounting period beginning before the 1st day of January, 1947, and ending on or after that date, the amount of the claimable loss shall be calculated as if the value of all the trading stock held for the purposes of the trade or business on the 31st day of December, 1946, were decreased or increased, as the case may be, by so much of any loss or profit on the sale as, by virtue of any apportionment under paragraph (c) (which said paragraph was inserted by paragraph (c) of subsection (1) of section 25 of the Finance Act, 1946 (No. 15 of 1946)) of subsection (3) of section 37 of the Finance Act, 1941 (No. 14 of 1941), affects the profits or loss for the part of the period falling before the said 1st day of January, 1947,

(v) the claimable loss shall be allowed as a deduction in computing the profits of the company chargeable to excess corporation profits tax for the period which is, in case an accounting period of the company ended on the 31st day of December, 1946, the said accounting period or, in any other case, the part, prior to the 1st day of January, 1947, of the accounting period of the company which began before and ends on or after the 1st day of January, 1947, or as an addition to any deficiency of profits for that period, as the case may be.

(3) Where a post-appointed day company is deemed by section 14 of the Finance Act, 1944 (No. 18 of 1944), to be an auxiliary of a pre-appointed day company and the provisions of subsection (5) of the said section 14 apply to the companies, the preceding subsections of this section shall have effect with due regard to the provisions contained in the said section 14.

(4) Any company on behalf of which a false or fraudulent claim for relief is made under this section shall be liable to a penalty equal to treble the amount of the relief claimed.

(5) Pending the determination of any claim for relief under this section the Revenue Commissioners may assess and collect excess corporation profits tax without reference to the claim, and any relief due in respect of any such claim shall be given by way of repayment.

(6) Any inspector of taxes may by notice in writing require any company making a claim under this section to deliver to him a return in such form as the Revenue Commissioners may prescribe containing such particulars as they may require with respect to the trading stock held or deemed to be held for the purposes of the trade or business at any material date, and with respect to any other matters relevant to the claim.

(7) Subsection (6) of section 56 of the Finance Act, 1920, and also so much of subsection (7) of that section and the regulations made thereunder as relates to appeals shall apply and have effect, with the necessary modifications, in relation to the giving of relief under this section in the like manner as they apply to assessments to excess corporation profits tax.

Construction of Part III of this Act.

17.—This Part of this Act shall be read and construed together with Part V of the Finance Act, 1920, as amended or extended by subsequent enactments, and, in particular, shall be read and construed together with Part V of the Finance Act, 1941 (No. 14 of 1941), Part IV of the Finance Act, 1942 (No. 14 of 1942), Part III of the Finance Act, 1943 (No. 16 of 1943), Part II of the Finance Act, 1944 (No. 18 of 1944), and Part III of the Finance Act, 1946 (No. 15 of 1946).

PART IV STAMP DUTIES

Increase of stamp duties on transfers of stock and marketable securities.

18.—The stamp duties chargeable on conveyances or transfers of stocks or marketable securities under the heading "Conveyance or Transfer on Sale of any property" in the First Schedule to the Stamp Act, 1891, as amended by sections 73 and 74 of the Finance (1909-10) Act, 1910, and section 36 of the Finance Act, 1920, shall, on and after the 1st day of August, 1947, be double the duties immediately theretofore chargeable on those conveyances or transfers.

Exemption from stamp duty of instruments effectuating transfer of certain assurance business.

19.—Stamp duty shall not be chargeable on any agreement, conveyance, transfer or other instrument made or entered into for the purpose of carrying into effect the transfer of the business of the Industrial and Life Assurance Amalgamation Company, Limited to the Irish Assurance Company, Limited, as provided in Clause 10 of the Agreement made on the 13th day of September, 1938, between the City of Dublin Assurance Company, Limited, of the first part Irish Life and General Assurance Company, Limited, of the second part, Irish National Assurance Company, Limited, of the third part, and Comhlucht Urrudhais Mumhan agus Laigheann, Teoranta (Munster and Leinster Assurance Company, Limited) of the fourth part, a copy whereof is set out in the Schedule to the Insurance (Amendment) Act, 1938 (No. 31 of 1938).

PART V MISCELLANEOUS AND GENERAL

Repeal of Revenue (No. 1) Act, 1861.

20.—The Revenue (No. 1) Act, 1861, is hereby repealed as on and from the 6th day of July, 1947.

Care and management of taxes and duties.

21.—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.

22.—(1) This Act may be cited as the Finance Act, 1947 .

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

(3) Part II of this Act, so fax 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) Part I of this Act shall be deemed to come into force on and shall take effect as on and from the 6th day of April 1947.

Section 5.

FIRST SCHEDULE

CERTAIN CUSTOMS DUTIES

Ref. No.	Description of article liable to duty	Rate of duty	Special provisions
1	Any article (being a calendar or almanac) which consists wholly or mainly of, or incorporates as a main feature, either— (a) a mounting made wholly of cardboard to which is affixed a number of sheets or slips of paper or cardboard, whether in the form of a block or pad or otherwise, which have printed thereon successive dates or groups of dates in a particular year, or are suitable for indicating the dates in any year, or ( b ) a sheet of paper or cardboard or sheets of such materials, on which are printed successive dates or groups of dates in a particular year, but excluding any article chargeable with the duty imposed by section 7 of the Finance Act, 1936 (No. 31 of 1936) and mentioned at reference number 20 in the First Schedule to that Act.	50%	The word "cardboard" where it occurs in the second column at this reference number, includes paste-board, strawboard, mill board or other similar material. The duty mentioned at this reference number is in lieu of all other duties which may be chargeable on the article. The provisions of section 8 of the Finance Act, 1919, apply to the duty mentioned at this reference number with the substitution of the expression "the area of application of the Acts of the Oireachtas" for the expression "Great Britain and Ireland" and as though the articles chargeable with the said duty were mentioned in the Second Schedule to the said Act in the list of goods to which fifty per cent. of the full rate is made applicable as a preferential rate. The licensing provision applies to the duty mentioned at this reference number.
2	1. Articles which— (a) are, in the opinion of the Revenue Commissioners, statues, statuettes or busts, (b) are, in the opinion aforesaid, made wholly or mainly of plaster of paris or papier maché, or a combination of plaster of paris and papier maché, and (c) are not less than ten inches in height. 2. Articles which— (a) are, in the opinion of the Revenue Commissioners, figures, shapes or stands suitable for use in displaying articles for sale, and ( b ) are, in the opinion aforesaid, made wholly or mainly of plaster of paris or papier maché, or a combination of plaster of paris and papier maché.	On articles mentioned in paragraph 1 in the second and column— 75%; on all other articles mentioned in the second column— 50%	The provisions of section 8 of the Finance Act, 1919, apply to the duty mentioned at this reference number. The licensing provision applies to the duty mentioned at this reference number.
3	(a) Stone (other than slate or marble) which has been dressed, polished, carved or otherwise worked but excluding stone which, at the time of importation, is sawn on not more than two surfaces and also excluding crushed stone; (b) marble, whether worked or unworked; (c) articles made of stone (other than slate); (d) marble chippings and mixed chippings of marble and other stone, excluding any such chippings which are imported as part of another article.	100%	The duty mentioned at this reference number shall not be charged on any articles which are shown to the satisfaction of the Revenue Commissioners to be coving stones, ganister bricks, lithographic stones or stone fireplaces and to have been manufactured in the United Kingdom of Great Britain and Northern Ireland (including the Channel Islands and the Isle of Man) or in the Dominion of Canada. The provisions of section 8 of the Finance Act, 1919, shall apply to the duty mentioned at this reference number. The licensing provision applies to the duty mentioned at this reference number.

Section 6.

SECOND SCHEDULE

DUTIES ON TOBACCO.

PART I

CUSTOMS

Unmanufactured:—		£ s. d.
If Stripped or Stemmed:—
Containing 10 lbs. or more of moisture in every 100 lbs. weight thereof	the lb.	1 3 10½
Containing less than 10 lbs. of moisture in every 100 lbs. weight thereof	"	1 6 6½
If Unstripped or Unstemmed:—
Containing 10 lbs. or more of moisture in every 100 lbs. weight thereof	"	1 3 10
Containing less than 10 lbs. of moisture in every 100 lbs. weight thereof	"	1 6 6

		Full	Preferential
		£ s. d	£ s. d
Manufactured, viz:—
Cigars	the lb.	1 18 0	1 11 8
Cigarettes	"	1 16 7	1 10 5⁵/₆
Cavendish or Negrohead	"	1 14 11	1 9 1¹/₆
Cavendish or Negrohead Manufactured in Bond.	"	1 10 3	1 5 2½
Other Manufactured Tobacco	"	1 10 3	1 5 2½
Snuff containing more than 13 lbs. of moisture in every 100 lbs. weight thereof	"	1 8 9	1 3 11½
Snuff not containing more than 13 lbs. of moisture in every 100 lbs. weight thereof	"	1 14 11	1 9 1¹/₆

PART II

EXCISE

		£ s. d
Unmanufactured, viz:—
Containing 10 lbs. or more of moisture in every 100 lbs. weight thereof	the lb.	1 2 9
Containing less than 10 lbs. of moisture in every 100 lbs. weight thereof	"	1 5 3
Manufactured, viz:—
Cavendish or Negrohead Manufactured in Bond	"	1 9 6

Section 7

THIRD SCHEDULE

AMENDMENTS OF CERTAIN FINANCE ACTS.

PART I

THE FINANCE ACT, 1932 (No. 20 OF 1932)

Ref. No.	Section or Schedule and reference number amended.	Nature of amendment.	General subject matter of amendment.	Operative date of amendment.
1	Section 22.	Paragraph (c) of sub-section (7) shall be deleted and the following paragraph substituted, that is to say:— "( c ) (i) toilet preparations which in the on of the opinion of the Commissioners, of a kind ordinarily used on, or in relation to, the human skin, hair, nails, teeth (including artificial teeth) or mouth, but excluding essential oils, fuller's earth, petroleum jelly, hair, dyes, soaps, soap powders and soap substitutes, (ii) perfumery, excluding perfumed spirits and essential oils; and"	The duty on packages.	The 8th day of May, 1947.
2	First Schedule, Reference number 4.	In the second column at the said reference number 4, the words "building construction" shall be deleted and the words "building or construction" substituted.	The duty on iron and steel manufactures, constructional, fabricated.	The 8th day of May, 1947.
3	First Schedule, Reference number 8.	In the fourth column at the said reference number 8, the following paragraph shall be inserted— "The duty imposed by section 11 of the Finance Act, 1935 (No. 28 of 1935), and mentioned at reference number 1 in the Second Schedule to that Act shall not be charged or levied on any article on which the duty mentioned at this reference number is chargeable."	The duty on putty, paints and distempers.	The date of passing of this Act.
4	First Schedule, Reference number 16.	In the second column at the said reference number 16, paragraph (d) shall be deleted and the following paragraph substituted, that is to say:— "(d) labels and tags which, in the opinion of the Revenue Commissioners, are made wholly or mainly of— (i) paper, or (ii) cardboard, pasteboard, strawboard, millboard, or similar material, or (iii) two or more of any of the materials mentioned at (i) and (ii) above, and which are imported in bulk quantities;"	The duty on stationery.	The 8th day of May, 1947.

PART II

THE FINANCE ACT, 1935 (No. 28 OF 1935)

Ref. No.

Schedule and reference Number

Nature of amendment.

General subject matter of amendment.

Operative date of amendment.

First Schedule, reference, number 11.

In the fourth column at the said reference number 11, the following paragraph shall be inserted—

"The duty imposed by section 5 of the Finance Act, 1937 (No. 18 of 1937), and mentioned at reference number 8 in the First Schedule to that Act, as amended by the Emergency Imposition of Duties (No. 157) Order, 1938 (S. R. & O., No. 240 of 1938), shall not be charged or levied on any article on which the duty mentioned at this reference number is chargeable."

The duty on roofing tiles.

The date of passing of this Act.

Second Schedule, Reference number 1.

The duty imposed by section 11 of the Finance Act, 1932 (No. 20 of 1932) and mentioned at reference number 8 in the First Schedule to that Act, as amended by section 27 of the Finance Act, 1935 (No. 28 of 1935), and mentioned at reference number 4 in Part II of the Eighth Schedule to that Act, shall not be charged or levied on any article on which the duty mentioned at the said reference number 1 is chargeable.

The duty on asphalt, etc.

The date of the passing of this Act.

PART III

THE FINANCE ACT, 1936 (No. 31 OF 1936)

Ref. No.

Schedule and reference number.

Nature of amendment.

General subject matter of amendment.

Operative date of amendment.

First Schedule, Reference number 30.

In the second column at the said reference number 30, the words "nine-pence" shall be deleted and the words "fifteen pence" substituted.

The duty on toys

The date of the passing of this Act.

First Schedule, Reference number 40.

In the second column at the said reference number 40, there shall be added after the words "substantially assembled" the words "but excluding articles and appliances which, in the opinion of the Revenue Commissioners, are oxyacetylene welding and cutting blowpipes."

The duty on gas combustion appliances.

The date of the passing of this Act.

PART IV

THE FINANCE ACT, 1937 (No. 18 OF 1937)

Ref. No.

Schedule and reference number.

Nature of amendment.

General subject matter of amendment.

Operative date of amendment.

First Schedule, Reference number 8.

In the fourth column at the said reference number 8, the following paragraph shall be inserted—

"The duty imposed by section 10 of the Finance Act, 1935 (No. 28 of 1935), and mentioned at reference number 11 in the First Schedule to that Act shall not be charged or levied on any article on which the duty mentioned at this reference number is chargeable."

The duty on draining boards and certain other articles made of asbestos.

The date of the passing of this Act.

Section 8.

FOURTH SCHEDULE

CUSTOMS DUTIES TERMINATED.

Ref. No.	Enactment imposing the duty	Particulars of the Duty	General description of the duty	Date of termination of the duty
1	The Finance Act, 1932 (No. 20 of 1932), section 13 and reference number 6 in the Second Schedule, as amended by the Emergency Imposition of Duties (No. 223) Order, 1941 (S. R. & O., No. 464 of 1941).	The duty mentioned at the said reference number 6 as amended by the said Order.	The duty on novels printed in the English language.	The date of the passing of this Act.
2	The Finance Act, 1933 (No. 15 of 1933), section 4 and reference number 8 in Part I of the First Schedule, as amended by the Emergency Imposition of Duties (No. 41) Order, 1934 (S. R. & O., No. 64 of 1934), and the Emergency Imposition of Duties (No. 223) Order, 1941 (S. R. & O., No. 464 of 1941).	The said duty mentioned at the said reference number 8 as amended by the said Orders.	The duty on statues, statuettes and busts.	The 8th day of May, 1947.
3	The Finance Act, 1935 (No. 28 of 1935), section 10 and reference number 22 in the First Schedule.	The said duty mentioned at the said reference number 22.	The duty on monumental, architectural or building stone and marble.	The 8th day of May, 1947.

Section 16.

FIFTH SCHEDULE

RULES FOR ASCERTAINING, IN RELATION TO EACH CLASS OF TRADING STOCK HELD FOR THE PURPOSES OF A TRADE OR BUSINESS ON THE 31ST DAY OF DECEMBER, 1946, THE SUM REALISED BY SALES OF TRADING STOCK OF THAT CLASS DURING THE SALES PERIOD.

1. References in this Schedule to trading stock of a particular class shall be construed as including references to all trading stock of that class in whatever stage of manufacture.

2. There shall be ascertained, in relation to each particular class of trading stock held for the purposes of the trade or business on the 31st day of December, 1946, the sum realised by sales of trading stock of that class during the sales period, and for this purpose the following provisions shall have effect:—

(1) where any stock of that class is sold at a price lower than that which it would have fetched if sold in the open market, it shall be treated as if it had been sold at the price which it would have fetched if sold in the open market,

(2) subject to sub-rule (3) of this Rule, account shall be taken of all stock of that class sold during the sales period,

(3) where the quantity of trading stock of that class sold during the sales period exceeds the quantity of trading stock of that class held on the 31st day of December, 1946, no account shall be taken of any sales of trading stock of that class effected during the sales period after the time when the quantity of trading stock of that class so sold equals the quantity of trading stock of that class held on the 31st day of December, 1946,

(4) where the quantity of trading stock of that class sold during the sales period is less than the quantity of trading stock of that class held on the 31st day of December, 1946—

( a ) (i) a quantity of trading stock of that class equal in quantity to the difference shall be deemed to have been sold on the last day of the sales period at the price which it would have fetched if it had been sold in the open market on the said last day,

(ii) if the trading stock of that class held on the last day of the sales period is not all at the same stage of manufacture, then the stock, deemed under subparagraph (i) of this paragraph, to have been sold on the said last day, shall be the stock held on the said last day which is at the most advanced stage of manufacture;

( b ) if the trading stock of that class held on the 31st day of December, 1946, consists of stock in different stages of manufacture, the quantity of stock of that class sold during the sales period shall be deemed to consist of that part of the stock of that class which on the 31st day of December, 1946, was completely or most nearly completely manufactured.

3. Where trading stock of any particular class sold or treated as sold which is taken into account for the purposes of Rule 2 of this Schedule has passed through a further process of manufacture than that undergone by the trading stock of that class held on the 31st day of December, 1946, the sum realised or treated as realised by sales of trading stock of that class as ascertained under the said Rule 2 shall be reduced to a sum which bears to such first-mentioned sum the same proportion as the aggregate of the cost or replacement cost, whichever is the lower, of each of the several items comprising that class and held on the 31st day of December, 1946, bears to the amount of that aggregate increased by the cost involved in the further process of manufacture.

Irish Legislation

Finance Act, 1947