I propose a thread where we have a look back at legislation from the statute books out of curiosity, and maybe we might learn a historical trivia or two.
Have a browse through the Acts here
Acts of the Oireachtas
Pick any year you fancy and any Act that strikes you as interesting for whatever reason. It could be because it was politically troublesome, economically insane or maybe it was just plain weird by today's standards.
Write a bit about it and maybe provide some background or historically relevant information. I know F.all about law, politics or history so please don't get uber-pedantic about any mistakes or inaccuracies. But by all means help with the understanding where appropriate.
To kick off, I like this one.
The Wealth Tax Act 1975.
This Act was passed by the 20th Dail in July 1975.
Liam Cosgrave FG was Taoiseach and the Minister of Finance was Richie Ryan.
Section 2 of the act stated the tax would be 1% of taxable wealth.
What's funny about this legislation is that it seems to have been written to target a very specific group, discretionary trusts and non-trading private companies. I've no idea why.Charge of wealth tax.
2. —Subject to the provisions of this Act and any regulations thereunder, with effect on and from the 5th day of April, 1975, a tax, to be called wealth tax, shall be charged, levied and paid annually upon the net market value of the taxable wealth on the valuation date in every year of every assessable person and the rate of tax shall be one per cent. of that net market value.
The list of exemptions in section 7 would probably have exempted the vast majority of Irish citizens in 1975. Top of the list was that private dwellings were exempt, as were productive farmlands, artworks and jewellery.
Some of the Dáil debate from Report stage can be seen here between Ryan and Colley.
The act was effectively repealed in 1978 by the 1978 Finance Act, Part V Section 38.
At the time of the abolition, Jack Lynch was Taoiseach and George Colley was MoF.Abolition of wealth tax and amendment of sections 18 and 22 (interest on tax) of Wealth Tax Act, 1975.
38. —(1) Wealth tax shall not be charged, levied or paid under the provisions of the Act by reference to any valuation date occurring on or after the 5th day of April, 1978.
In 1975, I was 7, Mercury was writing Bohemian Rhapsody and I reckon my father was worried about budgets.