Finance Act 2007
Source: Iris Oifigiúl 2007-04-06

num: 1
paragraphs: — In this Part “ Principal Act ” means the Taxes Consolidation Act 1997 .
num: 2
paragraphs: — As respects the year of assessment 2007 and subsequent years of assessment, section 15 of the Principal Act is amended—
(a) by substituting “€25,000” for “€23,000” (inserted by the Finance Act 2006 ) in subsection (3), and
(b) by substituting the following Table for the Table (as so inserted) to that section:
“TABLE
PART 1
Part of taxable income
Rate of tax
Description of rate
(1)
(2)
(3)
The first €34,000
20 per cent
the standard rate
The remainder
41 per cent
the higher rate
PART 2
Part of taxable income
Rate of tax
Description of rate
(1)
(2)
(3)
The first €38,000
20 per cent
the standard rate
The remainder
41 per cent
the higher rate
PART 3
Part of taxable income
Rate of tax
Description of rate
(1)
(2)
(3)
The first €43,000
20 per cent
the standard rate
The remainder
41 per cent
the higher rate
”.
num: 3
paragraphs: — (1) Where an individual is entitled under a provision of the Principal Act mentioned in column (1) of the Table to this subsection to have the income tax to be charged on the individual, other than in accordance with the provisions of section 16(2) of the Principal Act, reduced for the year of assessment 2007 or any subsequent year of assessment and the amount of the reduction would, but for this section, be an amount which is the lesser of—
(a) the amount specified in column (2) of that Table, and
(b) the amount which reduces that liability to nil,
the amount of the reduction in accordance with paragraph (a) shall be the amount of the tax credit specified in column (3) of the Table.
TABLE
Statutory Provision
Existing tax credit
Tax credit for the year 2007 and subsequent years
(1)
(2)
(3)
Section 461
(basic personal tax credit)
(married person)
€3,260
€3,520
(widowed person bereaved in year of assessment)
€3,260
€3,520
(single person)
€1,630
€1,760
Section 461A
(additional tax credit for certain widowed persons)
€500
€550
Section 462
(one-parent family tax credit)
€1,630
€1,760
Section 463
(widowed parent tax credit)
(1st year)
€3,100
€3,750
(2nd year)
€2,600
€3,250
(3rd year)
€2,100
€2,750
(4th year)
€1,600
€2,250
(5th year)
€1,100
€1,750
Section 464
(age tax credit)
(married person)
€500
€550
(single person)
€250
€275
Section 465
(incapacitated child tax credit)
€1,500
€3,000
Section 468
(blind person’s tax credit)
(blind person)
€1,500
€1,760
(both spouses blind)
€3,000
€3,520
Section 472
(employee tax credit)
€1,490
€1,760
(2) Section 3 (as amended by the Finance Act 2006 ) of the Finance Act 2002 shall have effect subject to the provisions of this section.
num: 4
paragraphs: — As respects the year of assessment 2007 and subsequent years of assessment, section 188 of the Principal Act is amended, in subsection (2), by substituting “€38,000” for “€34,000” (inserted by the Finance Act 2006 ) and “€19,000” for “€17,000” (as so inserted).
num: 5
paragraphs: — Section 473 of the Principal Act is amended, as respects the year of assessment 2007 and subsequent years of assessment, by the substitution in subsection (1) of the following definition for the definition of “specified limit” (inserted by the Finance Act 2006 ):
“ ‘ specified limit ’, in relation to an individual for a year of assessment, means—
(a) in the case of—
(i) a married person assessed to tax in accordance with section 1017, or
(ii) a widowed person,
€3,600; but, if at any time during the year of assessment the individual was of the age of 55 years or over, ‘specified limit’ means €7,200, and
(b) in any other case, €1,800; but, if at any time during the year of assessment the individual was of the age of 55 years or over, ‘specified limit’ means €3,600;”.
num: 6
paragraphs: — As respects the year of assessment 2007 and subsequent years of assessment, section 244 of the Principal Act is amended in the definition of “ relievable interest ” in subsection (1)(a)—
(a) by substituting “€6,000” for “€5,080”,
(b) by substituting “€3,000” for “€2,540”,
(c) by substituting “€16,000” for “€8,000”, and
(d) by substituting “€8,000” for “€4,000”.
num: 7
paragraphs: — As respects the year of assessment 2007 and subsequent years of assessment, section 122 of the Principal Act is amended in the definition of “ the specified rate” in subsection (1)(a)—
(a) by substituting “4.5 per cent” for “3.5 per cent” (inserted by the Finance Act 2004 ) in both places where it occurs, and
(b) by substituting “12 per cent” for “11 per cent” (inserted by the Finance Act 2003 ).
num: 8
paragraphs: — (1) The Principal Act is amended in Chapter 1 of Part 7 by inserting the following after section 196A (inserted by the Finance Act 2005 ):
“196B.— (1) (a) In this section ‘ emoluments ’ means emoluments to which section 985A applies.
(b) The agencies to which this section applies are as follows:
(i) Enterprise Ireland;
(ii) An Bord Bia;
(iii) Tourism Ireland Ltd;
(iv) The Industrial Development Agency (Ireland).
(2) Where any allowance to, or emoluments of, employees of the agencies to which this section applies are certified by the Minister for Finance, having consulted with the Minister for Foreign Affairs, or with such Minister of the Government as the Minister for Finance considers appropriate in the circumstances, to represent compensation for the extra cost of having to live outside the State in order to perform his or her duties, that allowance, or those emoluments, shall be disregarded as income for the purposes of the Income Tax Acts.”.
(2) This section is deemed to have taken effect as on and from 1 January 2007.
num: 9
paragraphs: — (1) The Principal Act is amended—
(a) in section 459 by inserting the following after subsection (5):
“(6) Where, on the basis of the information furnished to them under section 894A(2) or any other information in their possession, the Revenue Commissioners are satisfied as to the title of an individual to relief under any of the provisions specified in the Table to section 458 or under section 187 or 188 then, notwithstanding any other provision of the Income Tax Acts to the contrary, if the Revenue Commissioners consider it appropriate in the circumstances, the relief due may be given to the individual without the making of and proving of a claim for that relief.”,
(b) in section 469—
(i) in subsection (1)—
(I) in paragraph (i) of the definition of “ health expenses ” by substituting “person” for “dependant of the individual referred to in paragraphs (a) and (b)(ii) of the definition of dependant”, and
(II) by deleting the definitions of “ dependant ”, “ qualified person ” and “ relative ”,
(ii) by substituting the following for subsection (2):
“(2) Subject to this section, where an individual for a year of assessment proves that in the year of assessment he or she defrayed health expenses incurred for the provision of health care, the individual shall be entitled, for the purpose of ascertaining the amount of the income on which he or she is to be charged to income tax, to have a deduction made from his or her total income of the amount proved to have been so defrayed.”,
and
(iii) by inserting the following after subsection (6):
“(7) Where relief is given under this section to any individual in respect of an amount used to defray health expenses, relief shall not be given under any other provision of the Income Tax Acts to that individual in respect of that amount.”,
(c) in section 472C (inserted by the Finance Act 2001 )—
(i) in subsection (7), by substituting “may on receipt of a request” for “shall on receipt of a request”, and
(ii) by inserting the following after subsection (7):
“(7A) Notwithstanding the provisions of any other enactment, where trade union subscriptions of employees of an employer are deducted by the employer from the emoluments of those employees and remitted to the trade union concerned, the employer may, for the purposes of enabling that trade union to make a return under the provisions of subsection (7) and for that purpose only, on receipt of a request in that behalf from the trade union furnish to the trade union the names and the Personal Public Service Numbers of the employees who are members of that trade union, and only those employees, from whose emoluments those deductions have been made.”,
(d) in section 473A (inserted by the Finance Act 2001 )—
(i) in subsection (1), by deleting the definition of “dependant”,
(ii) in subsection (2), by deleting “, on his or her own behalf or on behalf of his or her dependant,”,
(iii) in subsection (4), by substituting “the person by whom the course is being, or was, undertaken” for “his or her dependant”,
(iv) in subsection (6)(b), by deleting “by the individual or his or her dependant”, and
(v) by inserting the following after subsection (8):
“(9) Where relief is given under this section to any individual in respect of a payment of qualifying fees, relief shall not be given under any other provision of the Income Tax Acts to that individual in respect of that payment.”,
and
(e) in Chapter 3 of Part 38, by inserting the following after section 894:
“Returns by third parties in relation to personal reliefs.
894A.— (1) In this section—
‘PPS Number’, in relation to an individual, means the individual’s Personal Public Service Number within the meaning of section 262 of the Social Welfare Consolidation Act 2005 ;
‘personal relief’ means a relief under any of the provisions specified in the Table to section 458.
(2) Where a person is in possession of information concerning expenditure defrayed by an individual that is relevant to establishing the title of that individual to a personal relief, or the amount of such a relief, that person may, notwithstanding anything contained in any other enactment or any obligation to maintain secrecy or other restriction on the disclosure of information, furnish details regarding the amount of such expenditure to the Revenue Commissioners if requested by them to do so.
(3) Information furnished to the Revenue Commissioners in accordance with subsection (2) shall, unless the Revenue Commissioners otherwise direct, be in an electronic format approved by the Revenue Commissioners and shall contain the name and address and, where known, the PPS Number of the individual in relation to whom the information is being furnished.
(4) Notwithstanding any other provision to the contrary, for the purposes of making a return under subsection (3), a person not in possession of the PPS Number of an individual shall be entitled to request that number from the individual and shall inform the individual of the purpose for requesting the number.
(5) Information furnished to them in accordance with subsection (2) shall be used by the Revenue Commissioners only for the purpose of establishing the title of an individual to the personal relief concerned, or the amount of that relief and, notwithstanding section 872, shall be used for no other purpose.
(6) Any act to be performed or function to be discharged by the Revenue Commissioners, which is authorised by this section, may be performed or discharged by any of their officers acting under their authority.”.
(2) (a) Paragraphs (a), >(c) and (e) of subsection (1) apply with effect from the passing of this Act.
(b) Paragraphs (b) and (d) of subsection (1) apply as respects the year of assessment 2007 and subsequent years of assessment.
num: 10
paragraphs: — Section 126 of the Principal Act is amended—
(a) by substituting the following for subsection (1):
“(1) In this section ‘the Acts’ means the Social Welfare Acts.”,
(b) in subsection (3)—
(i) in paragraph (b) by substituting “section 2(3) of the Social Welfare Consolidation Act 2005 ” for “section 2(3)(a) of the Social Welfare (Consolidation) Act, 1993 ”,
(ii) by inserting the following after paragraph (b):
“(c) (i) In this paragraph ‘ short-time employment ’ has the same meaning as it has for the purposes of the Acts.
(ii) Notwithstanding paragraphs (a) and (b) and the Finance Act 1992 (Commencement of Section 15) (Unemployment Benefit and Pay-Related Benefit) Order 1994 ( S.I. No. 19 of 1994 ), paragraph (b) shall not apply in relation to unemployment benefit paid or payable, to a person employed in short-time employment.”,
and
(c) by deleting subsection (8).
num: 11
paragraphs: — The Principal Act is amended—
(a) in the definition of “relevant income” in section 189(2)(a) by substituting “section 59, 745 or 747E” for “section 59 or section 745”,
(b) in the definition of “relevant income” in section 189A(4)(a) by substituting “section 59, 745 or 747E” for “section 59 or section 745”, and
(c) in section 192(2) by substituting “section 59, 745 or 747E” for “section 59 or section 745”.
num: 12
paragraphs: — As respects the year of assessment 2007 and subsequent years of assessment, the Principal Act is amended by inserting the following after section 195:
“195A.— (1) In this section—
‘ body ’ means an unincorporated body of persons or a body corporate, being—
(a) any board, council or committee, however expressed, or
(b) any body of persons exercising some or all of the functions of such a board, council or committee,
where the duties, other than incidental duties such as attendance at conventions or meetings as delegates on behalf of the body, of the office of members of the body are discharged in the course of meetings of the body concerned, or preparation for such meetings;
‘ civil servant ’ has the meaning assigned to it by section 1(1) of the Civil Service Regulation Act 1956 ;
‘ member ’, in relation to a body, means a person holding office as a member of that body—
(a) who has no other duties directly or indirectly, whether as an employee of the body or of a person connected with that body, in relation to that body, and
(b) whose annualised amount of the emoluments from the office for the year of assessment 2006 and for each subsequent year in which the person is a member of the body, other than payments to which this section applies, does not exceed—
(i) in the case of a member who is the chairperson of the body, not being a body referred to in paragraph (b) of the definition of ‘body’, €24,000, and
(ii) in any other case, €14,000;
‘ non-commercial body ’ means a body—
(a) organised solely for purposes other than profit, where the declared purposes of the body can be ascertained from documents of record,
(b) which, in fact, operates solely for purposes other than profit and, for this purpose, any activity generating income carried on by the body—
(i) which is carried on for the purposes of assisting the body to achieve its purposes, and
(ii) the income of which is used for those purposes,
shall be regarded as operating for purposes other than profit, and
(c) any benefit, or part of the income or accumulated income, of which, cannot be paid to, or cannot otherwise be made available to, any officer, employee or member of the body for the personal benefit of that person or a person connected with that person other than—
(i) any wages, salaries, fees or honorariums for services rendered to the body but only if the amounts paid are no more than reasonable amounts that would be paid in a transaction at arm’s length for similar services by a body organised solely for purposes other than profit, being a body operating in accordance with paragraph (b),
(ii) any payment to which this section applies,
(iii) any payment made to officers, employees or members to assist in the covering of expenses to attend conventions or meetings as delegates on behalf of the body where such attendance is to further the purposes of the body, and
(iv) where the officer, employee or member concerned, or a person connected with such officer, employee or member, is also an object of the purposes of the body, a benefit which is in furtherance of the purposes of the body.
(2) This section applies to payments made by a non-commercial body to or on behalf of a member of the body in respect of expenses of travel and subsistence incurred by the member in the attendance by him or her at meetings of the body.
(3) So much of any payments to which this section applies, as does not exceed the upper of any relevant rate or rates laid down from time to time by the Minister for Finance in relation to the payment of expenses of travel and subsistence of a civil servant, shall be disregarded for all the purposes of the Income Tax Acts.”.
num: 13
paragraphs: — (1) Schedule 13 to the Principal Act is amended—
(a) by substituting the following for paragraph 5:
“5. Primary Care Reimbursement Service.”,
(b) by substituting the following for paragraph 118:
“118. National Sports Campus Development Authority.”,
(c) by deleting paragraphs 4 and 147, and
(d) by inserting the following after paragraph 157 (inserted by the Finance Act 2006 ):
“158. The Road Safety Authority.
num: 159
paragraphs: Grangegorman Development Agency.
num: 160
paragraphs: The Railway Safety Commission.
num: 161
paragraphs: The Teaching Council.
num: 162
paragraphs: EirGrid.
num: 163
paragraphs: The Further Education and Training Awards Council.
num: 164
paragraphs: Irish Auditing and Accounting Supervisory Authority.”.
(2) (a) Subsection (1)(a) is deemed to have taken effect as and from 1 January 2005.
(b) Subsection (1)(b) is deemed to have taken effect as and from 1 January 2007.
(c) Subsection (1)(c) is deemed to have taken effect as and from 1 January 2007.
(d) Subsection (1)(d) takes effect as and from 1 May 2007.
num: 14
paragraphs: — As respects the year of assessment 2007 and subsequent years of assessment, section 216A of the Principal Act is amended by inserting the following after subsection (3):
“(3A) Subsection (2) shall not apply for a year of assessment where the relevant sums arising to the individual are received from a child of the individual.”.
num: 15
paragraphs: — Section 216C of the Principal Act is amended in subsection (5) by substituting “€15,000” for “€10,000”.
num: 16
paragraphs: — (1) Section 664 of the Principal Act is amended—
(a) in subsection (1)(a) in the definition of “the specified amount”—
(i) in paragraph (ii)(VI)(B) of that definition by deleting “or” where it last occurs,
(ii) by substituting the following for paragraph (ii)(VII) of that definition:
“(VII) in the period beginning on 1 January 2006 and ending on 31 December 2006—
(A) €15,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 7 years or more, and
(B) €12,000, in any other case,
or
(VIII) on or after 1 January 2007—
(A) €20,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 10 years or more,
(B) €15,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 7 years or more, other than a case to which clause (A) applies, and
(C) €12,000, in any other case,”,
and
(iii) in paragraph (iii) of that definition by substituting “subparagraph (I), (II), (III), (IV), (V), (VI), (VII) or (VIII), as may be appropriate, of paragraph (ii) of this definition” for “clause (I), (II), (III), (IV) or (V), as may be appropriate, of subparagraph (ii)”,
and
(b) in subsection (1)(b) by substituting the following for subparagraph (v):
“(v) from a qualifying lease or qualifying leases made in the period beginning on 1 January 2006 and ending on 31 December 2006, and from a qualifying lease made before 1 January 2006, the specified amount shall not exceed—
(I) €15,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 7 years or more, and
(II) €12,000, in any other case;
(vi) from a qualifying lease or qualifying leases made on or after 1 January 2007, and from a qualifying lease made at any other time, the specified amount shall not exceed—
(I) €20,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 10 years or more,
(II) €15,000, in a case where the qualifying lease or qualifying leases is or are for a definite term of 7 years or more, other than a case to which clause (I) applies, and
(III) €12,000, in any other case.”.
(2) (a) Subject to paragraph (b), subsection (1) applies as follows:
(i) as respects subparagraphs (i) and (ii) of paragraph (a) and paragraph (b), as on and from 1 January 2007; and
(ii) as respects paragraph (a)(iii), as on and from 1 February 2007.
(b) Subsection (1) comes into operation on the making of an order to that effect by the Minister for Finance.
num: 17
paragraphs: — (1) Part 30 of the Principal Act is amended—
(a) in Chapter 1 by inserting the following after section 772:
“Approval of retirement benefits products.
772A.— (1) In this section—
‘ promoter ’ means a person lawfully carrying on the business of granting annuities on human life and, where that person—
(a) is not resident in the State, or
(b) is not trading in the State through a fixed place of business,
that person is an insurance undertaking authorised to transact insurance business in the State under Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 1 ;
‘retirement benefits product’ means a product for the provision of relevant benefits in respect of which an application for approval has been made by a promoter to the Revenue Commissioners under this section and under which, if and when approved, a single member retirement benefits scheme may be established by way of a contract entered into with the promoter to secure the scheme;
‘single member retirement benefits scheme’, in relation to a retirement benefits product, means a retirement benefits scheme that relates to a single employee;
‘terms and rules’, in relation to a retirement benefits product, means the provisions governing a retirement benefits scheme to be established under the product, by whatever name such provisions are called.
(2) Subject to this section, the Revenue Commissioners may, if they think fit, and subject to such conditions, if any, as they think proper to attach to the approval, approve a retirement benefits product for the purposes of this Chapter.
(3) Subject to subsection (6), a retirement benefits scheme, established under a retirement benefits product for the time being approved by the Revenue Commissioners under subsection (2), shall be taken to be a retirement benefits scheme for the time being approved by the Revenue Commissioners for the purposes of this Chapter, and the provisions of this Chapter shall apply accordingly, except as otherwise provided for by this section.
(4) For the purposes of approval under subsection (2), the promoter of a retirement benefits product shall make an application to the Revenue Commissioners in writing and the application shall be in such form and contain such information and particulars as the Revenue Commissioners may from time to time determine.
(5) The Revenue Commissioners shall not approve a retirement benefits product unless the terms and rules provide that—
(a) contributions to be paid in any year, whether by an employee or by, or on behalf of, an employer in respect of that employee, may not, when aggregated, exceed the aggregate amount of annual contributions allowed to be deducted in any year by an individual in accordance with section 774(7)(c), and
(b) the provisions of section 772(3A) apply.
(6) Where an alteration has been made to the terms and rules governing a retirement benefits scheme established under a retirement benefits product for the time being approved by the Revenue Commissioners under subsection (2), then no approval taken to be given to the scheme for the time being under subsection (3) before the date of the alteration shall apply after the date of the alteration unless the alteration has been approved by the Revenue Commissioners.
(7) Where in the opinion of the Revenue Commissioners the facts concerning any retirement benefits product cease to warrant the continuance of their approval of the product, then they may at any time, by notice in writing to the promoter, withdraw their approval on such grounds, and from such date, as may be specified in the notice.
(8) Where approval of a product is withdrawn pursuant to subsection (7), there shall be made such assessments or amendment of assessments as may be appropriate for the purpose of withdrawing any relief given under this Chapter consequent on the grant of the approval.
(9) Where an alteration has been made to a retirement benefits product, then no approval given as regards the product before the alteration shall apply after the date of the alteration unless the alteration has been approved by the Revenue Commissioners.”,
(b) in Chapter 2, in section 784A(1BA)(b) by substituting “not later than the second month of the year of assessment” for “in the first month of the year of assessment”, and
(c) in Chapter 2C—
(i) in section 787O by inserting the following after subsection (4):
“(5) (a) In this subsection—
‘ applied ’, in relation to a transfer amount, means the application of the transfer amount in accordance with subsection (5), (6), (8) or (9) of section 12 of the Family Law Act 1995 or, as the case may be, subsection (5), (6), (8) or (9) of section 17 of the Family Law (Divorce) Act 1996 ;
‘ pension adjustment order ’ means an order made in accordance with section 12(2) of the Family Law Act 1995 or, as the case may be, section 17(2) of the Family Law (Divorce) Act 1996 or any variation of such an order made by an order under section 18(2) or, as the case may be, section 22(2), respectively, of those Acts, the operation of which has not been suspended (or if suspended, or further suspended, has been revived) or discharged by an order made under the said section 18(2) or, as the case may be, section 22(2) of those Acts;
‘ designated benefit ’ and ‘transfer amount’ have the meaning and construction assigned to them, respectively, in section 12 of the Family Law Act 1995 or, as the case may be, section 17 of the Family Law (Divorce) Act 1996 .
num: 18
paragraphs: — (1) Chapter 2A of Part 15 of the Principal Act is amended—
(a) in section 485C—
(i) in subsection (1)—
num: 19
paragraphs: — (1) Part 16 of the Principal Act is amended—
(a) in section 488(1)—
(i) in paragraph (d) of the definition of “relevant period” by substituting “one year” for “2 years” in both places where it occurs, and
(ii) in the definition of “unquoted company” by substituting “Irish Enterprise Exchange” for “Developing Companies Market” in each place where it occurs,
(b) in section 489—
(i) by inserting the following after subsection (4B)(inserted by the Finance Act 2004 ):
“(4C) Notwithstanding any other provision of this section, where—
(a) (i) in accordance with section 508 relief is due in respect of an amount subscribed as nominee for a qualifying individual by the managers of a designated fund,
(ii) the amount so subscribed was subscribed to the designated fund in the period beginning on 1 January 2007 and ending on 31 January 2007, and
(iii) the eligible shares in respect of which the amount is subscribed by the managers of the designated fund are issued on or before 31 December 2007,
or
(b) eligible shares are issued by a qualifying company to a qualifying individual in the period beginning on 1 January 2007 and ending on 31 January 2007,
then the qualifying individual may elect, by notice in writing to the inspector, to have the relief due given as a deduction from his or her total income for the year of assessment 2006 instead of (as provided for in subsection (3)) as a deduction from his or her total income for the year of assessment 2007 and, where an election is so made, the relief to be given for the year of assessment 2006 shall be in accordance with section 490(2) as it applied for that year.”,
and
(ii) in subsection (15) by substituting “31 December 2013” for “31 December 2006”,
(c) in section 490—
(i) in subsection (2) by substituting “€100,000 in the case of a relevant investment, or €150,000 in any other case” for “€31,750”,
(ii) in subsection (3)(a) by substituting “, (4B) or (4C)” for “or (4B)”, and
(iii) in subsections (3)(b) and (4)(b) by substituting “2013” for “2006”,
(d) in section 491—
(i) in subsections (2)(a) and (3)(a)—
(I) by substituting “1 January 2007” for “1 January 2002”, and
(II) by substituting the following for the definition of “A” in the formula:
“A is €2,000,000,”,
(ii) by deleting subsections (2)(b) and (3)(b), and
(iii) in subsection (3A)—
(I) by substituting “12 months” for “6 months”, and
(II) by substituting “€1,500,000” for “€750,000”,
(e) in section 493 in subsection (8)(a)(i) by substituting “€500,000” for “€317,500”,
(f) in section 496—
(i) in subsection (2)(a)—
(I) in subparagraph (ii)(I) by substituting the following for subclause (A):
“(A) the making of a grant towards the employment of persons under section 25 of the Industrial Development Act 1986 (as amended by section 29 of the Industrial Development (Science Foundation Ireland) Act 2003 ), was approved by Forbairt or the Industrial Development Agency (Ireland), or”,
(II) by substituting the following for subparagraph (v):
num: 20
paragraphs: — (1) Part 40 of the Principal Act (as amended by the Finance Act 2005 ) is amended—
(a) in section 934, by substituting the following for subsection (6):
“(6) Where an appeal is determined by the Appeal Commissioners, the inspector or other officer shall, unless either—
(a) the person assessed requires that that person’s appeal shall be reheard under section 942, or
(b) under the Tax Acts a case is required to be stated for the opinion of the High Court,
give effect to the Appeal Commissioners’ determination and thereupon, if the determination is that the assessment is to stand or is to be amended, the assessment or the amended assessment, as the case may be, shall have the same force and effect as if it were an assessment in respect of which no notice of appeal had been given.”,
(b) in section 941, by substituting the following for subsection (9):
“(9) If the amount of the assessment is altered by the order or judgment of the Supreme Court or the High Court, then—
(a) if too much tax has been paid, the amount overpaid shall be refunded with interest in accordance with section 865A, or
(b) if too little tax has been paid, the amount unpaid shall be deemed to be arrears of tax (except in so far as any penalty is incurred on account of arrears) and shall be paid and recovered accordingly.”,
(c) in section 942, by substituting the following for subsection (6):
“(6) Where an appeal is determined by the judge, the inspector or other officer shall, unless under the Tax Acts a case is required to be stated for the opinion of the High Court, give effect to the judge’s determination and thereupon, if the determination is that the assessment is to stand or is to be amended, the assessment or the amended assessment, as the case may be, shall have the same force and effect as if it were an assessment in respect of which no notice of appeal had been given.”,
and
(d) in section 945(2), by inserting “and” at the end of paragraph (h) and by deleting paragraph (i).
(2) Subsection (1) applies in relation to appeals determined by the Appeal Commissioners, or by a judge of the Circuit Court, on or after the date of the passing of this Act.
num: 21
paragraphs: — Section 373 of the Principal Act is amended in subsection (2)—
(a) by substituting “1 January 2006;” for “1 January 2006.” in paragraph (o)(ii), and
(b) by inserting the following after paragraph (o):
“(p) €24,000, where the expenditure was incurred—
(i) in an accounting period ending on or after 1 January 2007, or
(ii) in a basis period for a year of assessment, where that basis period ends on or after 1 January 2007.”.
num: 22
paragraphs: — Section 657A of the Principal Act is amended—
(a) in subsection (1) in the definition of “relevant individual” by substituting “the same year of assessment” for “the year of assessment 2005” in the first place it occurs and by substituting “that year of assessment” in the second place it occurs,
(b) by substituting the following for subsection (3):
“(3) Notwithstanding any other provision of the Income Tax Acts apart from subsection (4), where an individual elects in accordance with subsection (2), then the relevant payment or relevant payments shall—
(a) be disregarded as respects the ‘same year of assessment’ referred to in the definition of ‘relevant individual’ in subsection (1), and
(b) instead be treated for the purposes of the Income Tax Acts as arising in equal instalments in the year of assessment that is such same year of assessment and in the 2 immediately succeeding years of assessment.”,
and
(c) by substituting the following for subsection (5):
“(5) An election under subsection (2) by a person to whom this section applies, shall be made by notice in writing on or before 31 October in the year following the ‘same year of assessment’ referred to in the definition of ‘relevant individual’ in subsection (1), and shall be included in the annual statement required to be delivered on or before that date under the Income Tax Acts of the profits or gains from farming for the year of assessment that is such same year of assessment.”.
num: 23
paragraphs: — Chapter 1 of Part 23 of the Principal Act is amended by inserting the following after section 657A:
“657B.— (1) In this section—
num: 24
paragraphs: — (1) Chapter 2 of Part 23 of the Principal Act is amended—
(a) in section 666(4) by substituting “31 December 2008” for “31 December 2006” in paragraph (a) and “year 2008” for “year 2006” in paragraph (b),
(b) in section 667A by substituting “31 December 2008” for “31 December 2006” in subsection (6)(b), and
(c) by inserting the following new section after section 667A:
“New arrangements for qualifying farmers.
667B.— (1) In this section ‘ qualifying farmer ’ means an individual who—
(a) in the year 2007 or any subsequent year of assessment first qualifies for grant aid under the scheme of Installation Aid for Young Farmers operated by the Department of Agriculture and Food under Council Regulation (EEC) No. 797/85 of 12 March 1985 4 or that Regulation as may be revised from time to time, or
num: 25
paragraphs: — Section 669A of the Principal Act is amended in the definition of “ qualifying expenditure ” by substituting the following for paragraph (b)(ii):
“(ii) the amount of capital expenditure which would have been incurred on the purchase of that milk quota if the price paid were set otherwise than by the Minister for Agriculture and Food for the purposes of a Milk Quota Restructuring Scheme in the area in which the land, with which that milk quota is associated, is situated;”.
num: 26
paragraphs: — (1) The Principal Act is amended—
(a) in section 381 by inserting the following after subsection (2):
“(2A) Subsection (2) shall cease to have effect as respects losses arising on or after 1 August 2008 and, as respects the chargeable period in which 1 August 2008 occurs, the amount of such losses will be determined by the formula—
A x B
C
where—
A is the total amount of losses arising in the chargeable period,
B is the length, in days, of the period beginning on 1 August 2008 and ending on the last day of the chargeable period in which 1 August 2008 occurs, and
C is the length, in days, of the chargeable period.”,
and
(b) by inserting the following Chapter into Part 23 after Chapter 3:
“Chapter 4
Taxation of stallion profits and gains
Interpretation (Chapter 4).
669G.— In this Chapter—
‘ excess relief ’ has the same meaning as in section 485C;
‘ initial value ’ in relation to a stallion means its market value on—
(a) 1 August 2008, or
(b) the day it is either acquired for, or appropriated to, stud activities, as the case may be,
whichever is later, and any reference to a stallion includes a reference to an interest in a stallion;
‘ market value ’, at any time in relation to a stallion, means the price which the stallion might reasonably be expected to fetch on a sale in the open market and in a case where a person (the ‘purchaser’) acquires the stallion from another person (the ‘vendor’)—
(a) at arm’s length, and
(b) the purchaser and the vendor are not connected persons (within the meaning of section 10),
then the market value is the price paid;
‘ relevant amount ’, in relation to a year of assessment and an individual, means an amount determined by the formula—
A — B
where—
A is the amount of income tax payable by the individual for the year of assessment, and
B is the amount of income tax which would be payable by the individual for the year of assessment if—
num: 27
paragraphs: — (1) Schedule 26A to the Principal Act is amended—
(a) in Part 1—
(i) by deleting “in the State” in each place it occurs in paragraphs 3 to 7, and
(ii) by deleting paragraphs 8 to 16, and paragraph 18,
and
(b) in Part 2 by substituting the following for the definition of “approved body” in paragraph 1:
“ ‘ approved body ’ means any body or institution which may be approved of by the Minister for Finance and which—
(a) provides any course one of the conditions of entry to which is related to the results of the Leaving Certificate Examination, a matriculation examination of a recognised university in the State or an equivalent examination held outside the State, or
(b) (i) is established on a permanent basis solely for the advancement of one or more approved subjects,
(ii) contributes to the advancement of that subject or those subjects on a national or regional basis, and
(iii) is prohibited by its constitution from distributing to its members any of its assets or profits;”.
(2) Subsection (1) applies as on and from 1 February 2007.
num: 28
paragraphs: — (1) Part 9 of the Principal Act is amended―
(a) in section 268―
(i) in subsection (3A)―
(I) by substituting “Subject to subsections (3B) to (3E), in this section” for “In this section”, and
(II) by substituting the following for subparagraph (i) of paragraph (d):
“(i) is leased to a person and, as the case may be, the spouse of that person―
(I) who is or, as the case may be, are not connected (within the meaning of section 10) with the lessor,
(II) who has or have been selected as the occupant or occupants of the house by the registered nursing home, and
(III) either the person or the spouse of that person has been certified by a person, who is registered in the General Register of Medical Practitioners, as requiring such accommodation by reason of old age or infirmity,
or”,
(ii) by substituting the following for subsection (3B):
“(3B) (a) For the purposes of this section ‘house’, in relation to a qualifying residential unit, has the same meaning as in section 372AK.
(b) For the purposes only of the making of allowances and charges under this Part but subject to subsection (3C) and sections 270 and 316 (as amended by the Finance Act 2007), as respects capital expenditure incurred in the period commencing on 25 March 2002 and ending on 30 April 2010, a house in use as a qualifying residential unit shall be deemed to be a building in use for the purposes of a trade referred to in subsection (1)(g).”,
and
(iii) by inserting the following after subsection (3C):
“(3D) Where the relevant interest in relation to capital expenditure incurred on the construction or refurbishment of all qualifying residential units in a development is held by a company (within the meaning of section 4(1)) then subsection (3A) shall apply as if subparagraphs (iv) and (v) of paragraph (c) of that subsection were deleted.
(3E) A house shall not be a qualifying residential unit for the purposes of this section unless―
(a) the following information has been provided to the Health Service Executive, by the person who is entitled to the relevant interest in relation to the capital expenditure incurred on the construction or refurbishment of the house, for onward transmission to the Minister for Health and Children and the Minister for Finance:
(i) the amount of the capital expenditure actually incurred on the construction or refurbishment of the house;
(ii) the number and nature of the investors that are investing in the house;
(iii) the amount to be invested by each investor; and
(iv) the nature of the structures which are being put in place to facilitate the investment in the house,
together with such other information as may be specified by the Minister for Finance, in consultation with the Minister for Health and Children, as being of assistance in evaluating the costs, including but not limited to exchequer costs, and the benefits arising from the operation of tax relief under this Part for qualifying residential units,
(b) the Health Service Executive, in consultation with the Minister for Health and Children, gives a certificate in writing after the house is first leased or, where capital expenditure is incurred on the refurbishment of a house, first leased subsequent to the incurring of that expenditure stating that it is satisfied that―
(i) the house and the development in which it is comprised complies with all the conditions mentioned in paragraphs (a), (b), (c) and (d) of subsection (3A), and
(ii) the information required in accordance with paragraph (a) of this subsection has been provided,
and
(c) an annual report in writing is provided, by the person who is entitled to the relevant interest in relation to the capital expenditure incurred on the construction or refurbishment of the house, to the Health Service Executive, for onward transmission to the Minister for Health and Children and the Minister for Finance, by the end of each year in the 20 year period referred to in section 272(4)(fa) (inserted by the Finance Act 2007), which―
(i) confirms whether the house and the development in which it is comprised continue to comply with all the conditions mentioned in paragraphs (a), (b), (c) and (d) of subsection (3A), and
(ii) provides details of the level of occupation of the house for the previous year including the age of and, as the case may be, the nature of the infirmity of the occupants.”,
(b) in section 270 by inserting the following subsection after subsection (7):
“(8) Where capital expenditure is incurred on or after 1 May 2007 under a contract or agreement which is entered into on or after that date for the construction, refurbishment or development of a qualifying residential unit as is referred to in subsection (4)(i), then―
(a) subsection (4) shall apply as if the reference to ‘31 July 2008’ were a reference to ‘30 April 2010’,
(b) subsection (5) shall apply as if―
(i) the reference to ‘subject to subsections (6) and (7)’ were a reference to ‘subject to subsections (6) to (8)’, and
(ii) the following paragraphs were substituted for paragraphs (a) and (b):
‘(a) in the case of expenditure incurred by a company (within the meaning of section 4(1)) in the period from 1 May 2007 to 30 April 2010, to 75 per cent, and
(b) in the case of expenditure incurred by a person other than a company (within the meaning of section 4(1)) in the period from 1 May 2007 to 30 April 2010, to 50 per cent,’,”,
(c) in section 272(4)―
(i) in paragraph (f), by inserting “subject to paragraph (fa),” before “in relation to”, and
(ii) by inserting the following paragraph after paragraph (f):
“(fa) where subsection (8) of section 270 applies in relation to a qualifying residential unit as is referred to in subsection (4)(i) of that section―
(i) 20 years beginning with the time when the unit was first used, or
(ii) where capital expenditure on the refurbishment of the unit is incurred, 20 years beginning with the time when the unit was first used subsequent to the incurring of that expenditure,”,
(d) in section 274(1)(b)―
(i) in subparagraph (iia), by inserting “subject to subparagraph (iib),” before “in relation to”, and
(ii) by inserting the following subparagraph after subparagraph (iia):
“(iib) where subsection (8) of section 270 applies in relation to a qualifying residential unit as is referred to in subsection (4)(i) of that section―
(I) 20 years after the unit was first used, or
(II) where capital expenditure on the refurbishment of the unit is incurred, 20 years after the unit was first used subsequent to the incurring of that expenditure,”,
and
(e) in section 316(2B)―
(i) by deleting “or” at the end of paragraph (b) and by substituting “31 July 2008, or” for “31 July 2008,” in paragraph (c), and
(ii) by inserting the following paragraph after paragraph (c):
“(d) where subsection (8) of section 270 applies in relation to a qualifying residential unit as is referred to in subsection (4)(i) of that section, the period from 1 May 2007 to 30 April 2010,”.
(2) Subsection (1) of this section applies as respects capital expenditure incurred on or after 1 May 2007 under a contract or agreement for the construction, refurbishment or development of a qualifying residential unit (within the meaning of section 268(3A) of the Principal Act) which is entered into on or after that date.
num: 29
paragraphs: — (1) The Principal Act is amended—
(a) in Part 10, by inserting the following after Chapter 11:
“Chapter 12
Mid-Shannon Corridor Tourism Infrastructure Investment Scheme
Interpretation, applications for approval and certification.
372AW.— (1) In this Chapter—
‘ accommodation building ’, in relation to a project, means a building or structure or part of a building or structure which consists of accommodation facilities or which is to be used or is suitable for use for the provision of such facilities;
‘ market value ’, in relation to a building or structure, means the price which the unencumbered fee simple of the building or structure would fetch if sold in the open market in such manner and subject to such conditions as might reasonably be calculated to obtain for the vendor the best price for the building or structure, less the part of that price which would be attributable to the acquisition of, or of rights in or over, the land on which the building or structure is constructed;
‘ mid-Shannon corridor ’ means the corridor of land comprising all qualifying mid-Shannon areas;
‘ mid-Shannon Tourism Infrastructure Board ’ means a board consisting of not more than 5 persons selected for the purposes of this Chapter by the Minister in consultation with the Minister for Finance;
‘ Minister ’ means the Minister for Arts, Sport and Tourism;
‘ project ’ means the construction or refurbishment of buildings and structures comprising—
(a) a holiday camp of the type referred to in section 372AX(1)(b), or
(b) one or more qualifying tourism infrastructure facilities,
the site or sites of which is or are wholly within a qualifying mid-Shannon area;
‘ property developer ’ means a person carrying on a trade which consists wholly or mainly of the construction or refurbishment of buildings or structures with a view to their sale;
num: 30
paragraphs: — (1) Section 1008 of the Principal Act is amended—
(a) in subsection (2)(a)—
(i) by renumbering the existing text as subparagraph (i), and
(ii) by inserting the following subparagraph after subparagraph (i):
“(ii) Where for any year or period within the relevant period the aggregate of the respective amounts (in this subparagraph referred to as the ‘aggregate’) of the profits or gains which under subparagraph (i) are taken as arising to each partner in the partnership is less than the full amount of the profits or gains of the partnership trade for that year or period, then the amount of the difference (in this subparagraph referred to as the ‘balance’) between that full amount and the aggregate shall for the purposes of subsection (1) be apportioned in full between the partners—
(I) in the ratio which is expressed between the partners in relation to the apportionment of the balance, or
(II) where there is no such ratio expressed—
(A) in the same ratio as the ratio which applies between the respective amounts of the profits or gains which, under subparagraph (i), were taken as arising to each partner, or
(B) where no amount of profits or gains was, under subparagraph (i), taken as arising to any individual partner, in equal shares.”,
and
(b) by deleting subsection (4).
(2) Subsection (1) of this section applies as respects the full amount of the profits or gains of a partnership trade (as provided for in subsection (3)(a) of section 1008 of the Principal Act for the purposes of subsection (2) of that section) for any year or period ending on or after 1 January 2007.
num: 31
paragraphs: — (1) Chapter 2 of Part 18 of the Principal Act is amended—
(a) in section 530(1) by inserting the following after paragraph (c) of the definition of “construction operations”:
“(ca) the installation in or on any building or structure of systems of telecommunications,”,
and
(b) in section 531—
(i) in subsection (1)—
(I) in paragraph (b)(i) by inserting “the development of land (within the meaning of section 639(1)) or” after “the erection of buildings or”, and
(II) in paragraph (f) by inserting “or any board or body established by or under royal charter and funded wholly or mainly out of moneys provided by the Oireachtas” after “statute”,
(ii) in subsection (2), by inserting “or develops land” after “buildings”,
(iii) in subsection (6)—
(I) in paragraph (b)(ii) by deleting “and” and in paragraph (b)(iii) by substituting “declarations, and” for “declarations;”, and
(II) by inserting the following after paragraph (b)(iii):
“(iv) the delivery by principals of any or all such declarations to the Revenue Commissioners;”,
and
(iv) in subsection (14)—
(I) in paragraph (c)(iv)(II) by deleting “or” and in paragraph (c)(iv)(III) by substituting “declarations, or” for “declarations,”, and
(II) by inserting the following after paragraph (c)(iv)(III):
“(IV) to deliver declarations to the Revenue Commissioners,”.
(2) (a) Subject to paragraph (b), subsection (1) has effect as on and from the date of passing of this Act.
(b) Paragraphs (a), (b)(i) and (b)(ii) of subsection (1) have effect as respects relevant contracts entered into on or after 1 May 2007.
num: 32
paragraphs: — The Principal Act is amended in Part 36A by inserting the following section after section 848Q:
“Other returns.
848QA.— A qualifying savings manager, who is or was registered in accordance with section 848R, shall when so required by the Revenue Commissioners, make a return to them in an electronic format specified by them, which sets out, in relation to all of the special savings incentive accounts managed by the qualifying savings manager, or such category of those accounts as may be specified by the Revenue Commissioners, such details in relation to each account as the Revenue Commissioners may specify.”.
num: 33
paragraphs: — The Principal Act is amended in Part 36B by inserting the following after section 848AB:
“Withdrawal of tax credits.
848ABA.— (1) In this section—
‘ requested amount ’ has the meaning assigned to it in subsection (2);
‘ retained amount ’, in relation to a requested amount and subject to subsection (4), means the amount determined by the formula—
R x DCD
S + C
where—
R is the requested amount,
C is the aggregate of the tax credit and the additional tax credit, in relation to the pension subscription made by the individual, and
S is the amount of the pension subscription;
‘ vesting day ’, in relation to an individual’s pension product, means the day on which an administrator, in accordance with section 848AA, treats tax credits as an additional voluntary contribution, a PRSA contribution, or as the case may be, a premium under an annuity contract, made by the individual.
(2) Where the vesting day in relation to an individual’s pension product is on or after 29 September 2006, and, within a period of 1 year commencing on the vesting day, the individual requires the administrator to pay an amount (in this section referred to as a ‘requested amount’) to him or her—
(a) where payment is to be made on or after 10 April 2007, the administrator shall deduct from the requested amount, the retained amount in relation to the requested amount, and
(b) where payment is made before 10 April 2007, the individual shall be assessed to income tax for the year of assessment 2007 in such an amount as would ensure that the individual is liable to pay to the Revenue Commissioners an amount equal to the retained amount, in relation to the requested amount.
(3) Where in accordance with subsection (2)(a) an administrator deducts a retained amount, the administrator is liable to pay that amount to the Revenue Commissioners in accordance with arrangements determined by them.
(4) The retained amount, in relation to any part of a requested amount or the aggregate of requested amounts that exceeds the aggregate of the tax credit, the additional tax credit and the pension subscription, shall be a nil amount.
(5) An administrator shall, when requested to do so by the Revenue Commissioners, furnish to them in respect of each individual who required the administrator to pay a requested amount—
(a) the name of the individual,
(b) the address of the individual,
(c) the PPS Number of the individual,
(d) the amount of tax credit in relation to the pension subscription made by the individual, that was claimed and paid,
(e) the amount of additional tax credit that was claimed and paid,
(f) the requested amount,
(g) the amount deducted by the administrator from the requested amount,
(h) the date on which payment was made to the individual, and
(i) such other information as the Revenue Commissioners may require.”.
num: 34
paragraphs: — (1) The Principal Act is amended—
(a) in section 256(1)—
(i) in the definition of “relevant deposit”—
(I) in paragraph (g)(ii) by deleting “or” and in paragraph (h)(ii) by substituting “charity (CHY) number,” for “charity (CHY) number;”, and
(II) by inserting the following paragraphs after paragraph (h):
“(i) which is a deposit referred to in subsection (1A), or
(j) which is a deposit referred to in subsection (1B);”,
(ii) in the definition of “relevant deposit taker” by inserting the following paragraph after paragraph (ca):
“(cb) a specified intermediary in relation only to a specified deposit,”,
(iii) in the definition of “special term share account” by substituting “section 267A;” for “section 267A.”, and
(iv) by inserting the following after the definition of “special term share account”:
“ ‘ specified deposit ’ means a deposit of a class designated by the Minister for Finance for the purposes of this definition;
‘ specified intermediary ’ means a person appointed by the National Treasury Management Agency for the purposes only of taking specified deposits.”,
(b) by inserting the following after section 256(1):
“(1A) A deposit shall be a deposit to which this subsection refers as respects any year of assessment if—
(a) (i) at any time in that year of assessment the individual beneficially entitled to the interest or the individual’s spouse has attained the age of 65 years, and
(ii) the total income of the individual for that year of assessment does not exceed the specified amount (within the meaning of section 188(2)) applicable to that individual,
and
(b) a declaration of the kind mentioned in section 263A has been made to the relevant deposit taker.
(1B) A deposit shall be a deposit to which this subsection refers as respects any year of assessment if—
(a) (i) the individual beneficially entitled to any interest paid in respect of that deposit in that year of assessment, or the individual’s spouse, is a relevant person (within the meaning of section 267(1)(b)) and the individual would, in accordance with section 267(3), be entitled to repayment of the whole of any appropriate tax if it had been deducted from that interest, or
(ii) the person entitled to any interest paid in respect of that deposit in that year of assessment is a person who is exempt from income tax by virtue of section 189A(2) and that person would, in accordance with section 267(2), be entitled to repayment of the whole of any appropriate tax if it had been deducted from that interest,
(b) a declaration of the kind mentioned in section 263B has been made to the Revenue Commissioners,
(c) a notification of the kind mentioned in section 263C has been issued by the Revenue Commissioners to the relevant deposit taker that the deposit is a deposit to which this subsection refers and that notification is not cancelled in accordance with section 263C(2), and
(d) the individual beneficially entitled to the interest is not an individual referred to in subsection (1A), other than an individual who is a relevant person within the meaning of section 267(1)(b),
and where, by virtue of section 263C(2), a deposit is not a deposit to which this subsection refers as respects any year of assessment, then the Revenue Commissioners shall notify the deposit taker accordingly and where at any time the Revenue Commissioners have so notified the deposit taker, the deposit shall not be a deposit to which this subsection applies from that time.”,
(c) by inserting the following after section 261A:
“Taxation of specified interest.
261B.— (1) In this section ‘specified interest’ means interest arising to a person in respect of a deposit in relation to which a declaration has been made by the person under subsection (1A) or (1B) of section 256 and which is not included in relevant interest for the purposes of paragraph (c)(i)(II) of section 261.
(2) Notwithstanding any other provision of the Income Tax Acts, the amount of taxable income on which a person is charged to income tax at the standard rate for any year of assessment shall be increased by an amount equal to the amount of that person’s specified interest on which income tax for that year falls to be computed.
(3) Section 246(2) does not apply to a payment of specified interest if it would otherwise apply.”,
(d) by inserting after section 263 the following:
“Declarations to a relevant deposit taker relating to deposits of certain persons.
263A.— (1) The declaration referred to in section 256(1A) is a declaration in writing to a relevant deposit taker which—
(a) is made by an individual (in this section referred to as the ‘declarer’) to whom any interest on the deposit in respect of which the declaration is made is payable by the relevant deposit taker and is signed by the declarer,
(b) is made in such form as may be prescribed, authorised or approved by the Revenue Commissioners,
(c) declares that at the time when the declaration is made—
(i) the individual beneficially entitled to the interest in relation to the deposit or his or her spouse has attained the age of 65 years, and
(ii) the total income of the individual for the year of assessment in which the declaration is made will not exceed the specified amount (within the meaning of section 188(2)) applicable to that individual,
(d) contains as respects the individual, or as the case may be each of the individuals, mentioned in paragraph (c)—
(i) the name and address of the individual,
(ii) the date of birth of the individual who has attained the age of 65 years, and
(iii) the individual’s PPS Number (within the meaning of section 891B),
(e) contains an undertaking by the declarer that if the individual or, as the case may be, any of the individuals mentioned in paragraph (d) no longer satisfies the conditions set out in paragraph (a) of section 256(1A) the declarer will notify the relevant deposit taker accordingly, and
(f) contains such other information as the Revenue Commissioners may reasonably require for the purposes of this Chapter.
(2) Section 263(2) applies as respects declarations of the kind mentioned in this section as it applies as respects declarations of the kind mentioned in that section.
Declarations to the Revenue Commissioners relating to deposits of certain persons.
263B.— The declaration referred to in section 256(1B) is a declaration in writing to the Revenue Commissioners which—
(a) is made by the person (in this section referred to as the ‘declarer’) to whom any interest on the deposit in respect of which the declaration is made is payable by the relevant deposit taker and is signed by the declarer,
(b) is made in such form as may be prescribed, authorised or approved by the Revenue Commissioners,
(c) declares that at the time when the declaration is made—
(i) (I) the individual beneficially entitled to the interest in relation to the deposit or his or her spouse is permanently incapacitated by reason of mental or physical infirmity from maintaining himself or herself, and
(II) the individual beneficially entitled to any interest paid in respect of that deposit in any year of assessment or his or her spouse, is a relevant person (within the meaning of section 267) and the individual would, in accordance with section 267(3), be entitled to repayment of the whole of any appropriate tax if it had been deducted from that interest,
or
(ii) (I) the person entitled to the interest in relation to the deposit is exempt from income tax by virtue of section 189A(2), and
(II) the person entitled to any interest paid in respect of that deposit in any year of assessment is a person referred to in section 189A(2) and would, in accordance with section 267(2), be entitled to repayment of the whole of any appropriate tax if it had been deducted from that interest,
(d) contains as respects the person, or as the case may be, each of the persons mentioned in paragraph (c)—
(i) the name and address of the person,
(ii) the person’s PPS Number (within the meaning of section 891B) or where the person is not an individual, the person’s tax reference number (within the meaning of paragraphs (b) and (c) of the definition of ‘tax reference number’ in section 885),
(iii) the name and address of the deposit taker (including the name and address of the branch of the deposit taker, if any) who holds the deposit in respect of which the declaration is made, and
(iv) the account number or membership number, as the case may be, of the deposit in respect of which the declaration is made,
(e) contains an undertaking by the declarer that if the person or, as the case may be, any of the persons mentioned in paragraph (d) no longer satisfies the conditions set out in paragraph (a) of section 256(1B) the declarer will notify the Revenue Commissioners accordingly, and
(f) contains such other information as the Revenue Commissioners may reasonably require for the purposes of this Chapter.
Notifications by the Revenue Commissioners relating to deposits of certain persons.
263C.— (1) The notification referred to in section 256(1B) is a notification—
(a) in writing by the Revenue Commissioners to a relevant deposit taker confirming that the account identified in the notification is to be treated as not being a relevant deposit unless and until the notification is cancelled in accordance with subsection (2),
(b) which contains as respects the person beneficially entitled to, or the person (being one or more than one trustee) referred to in section 189A(2) entitled to, the interest in relation to the deposit mentioned in paragraph (a)—
(i) the name and address of the person,
(ii) the person’s PPS Number (within the meaning of section 891B) or, where the person is not an individual, the person’s tax reference number (within the meaning of paragraphs (b) and (c) of the definition of ‘tax reference number’ in section 885), and
(iii) the account number of the deposit,
and
(c) which contains such other information as the Revenue Commissioners may reasonably decide for the purposes of this Chapter.
(2) The Revenue Commissioners may at any time cancel the notification and give notice in writing to that effect to both the relevant deposit taker and the person or persons mentioned in subsection (1)(b). Where at any time the Revenue Commissioners have so notified the deposit taker, the deposit shall not be a deposit to which this section applies from that time.”,
(e) by inserting after section 265 the following:
“Deposits of certain persons.
265A.— Where a return is required to be made by a relevant deposit taker under section 891 in respect of interest on a deposit which is a deposit of a kind referred to in subsection (1A) or (1B) of section 256, then that return shall, in addition to the matters which shall be included on the return by virtue of section 891, include—
(a) the PPS Number (within the meaning of section 891B) of the person, or
(b) where the person is not an individual, the person’s tax reference number (within the meaning of paragraphs (b) and (c) of section 885).”,
(f) in section 267(3) by substituting “section 189A(4)” for “section 189A(3)”,
(g) in section 891(1A) by substituting the following for paragraph (b):
“(b) This section shall not apply in relation to any interest paid or credited by a credit union in respect of money received or retained by it, other than interest paid or credited by it in respect of a deposit to which subsection (1A) or (1B) of section 256 refers.”,
and
(h) in section 904A(3)(b)(ii)(I) by substituting “section 246A(3)(b)(ii)(III), 263 or 263A,” for “section 246A(3)(b)(ii)(III) or 263,”.
(2) This section applies on and from the date of the passing of this Act.
num: 35
paragraphs: — (1) The Principal Act is amended—
(a) in section 826 by substituting the following for subsection (1):
“(1) Where—
(a) the Government by order declare that arrangements specified in the order have been made with the government of any territory outside the State in relation to—
(i) affording relief from double taxation in respect of—
(I) income tax,
(II) corporation tax in respect of income and chargeable gains (or, in the case of arrangements made before the enactment of the Corporation Tax Act 1976 , corporation profits tax),
(III) capital gains tax,
(IV) any taxes of a similar character,
imposed by the laws of the State or by the laws of that territory, and
(ii) in the case of taxes of any kind or description imposed by the laws of the State or the laws of that territory—
(I) exchanging information for the purposes of the prevention and detection of tax evasion, or
(II) granting relief from taxation under the laws of that territory to persons who are resident in the State for the purposes of tax,
and that it is expedient that those arrangements should have the force of law, and
num: 36
paragraphs: — (1) The Principal Act is amended—
(a) by inserting the following section after section 826:
“Unilateral relief from double taxation.
num: 37
paragraphs: — (1) Section 81 of the Principal Act is amended in subsection (2)(n)—
(a) in subparagraph (i) by deleting “or” and in subparagraph (ii) by substituting “length, or” for “length.”, and
(b) by inserting the following after subparagraph (ii):
“(iii) of other—
(I) expenditure incurred, or
(II) payment made to the connected company,
by the company in connection with the right to receive such shares which is incurred or, as the case may be, made for bona fide commercial purposes and does not form part of any scheme or arrangement of which the main purpose or one of the main purposes is the avoidance of liability to income tax, corporation tax or capital gains tax.”.
(2) This section applies as respects accounting periods ending on or after 1 February 2007.
num: 38
paragraphs: — (1) The Principal Act is amended—
(a) In section 172A(1)(a)—
(i) by inserting the following after the definition of “dividend withholding tax”:
“ ‘ electronic dividend voucher ’ means a statement in electronic format that satisfies the requirements of section 172I(1A)(a);
‘ electronic number ’ means a unique number on an electronic dividend voucher;”,
(ii) by inserting the following after the definition of “intermediary”:
“ ‘ ISI Number ’, in relation to a security issued by a company, means that security’s unique International Securities Identification Number (ISIN) issued by the Irish Stock Exchange Limited or by an equivalent authority in a relevant territory;”,
and
(iii) by inserting the following after the definition of “qualifying savings manager”:
“ ‘ recipient ID code ’, in relation to the recipient of a dividend, means the unique code on an electronic dividend voucher that identifies that recipient;”,
(b) in section 172D(3)(b)(iii) by substituting “is substantially and regularly traded on a stock exchange in the State, on” for “is substantially and regularly traded on”,
(c) in section 172I by inserting the following after subsection (1):
“(1A) A statement delivered by means of electronic communications to an intermediary shall satisfy the requirements of subsection (1) where—
(a) the statement contains—
(i) an ISI Number,
(ii) a recipient ID code,
(iii) the information referred to in paragraphs (c) to (e) of subsection (1), and
(iv) an electronic number,
(b) the intermediary has consented to the statement being delivered by means of electronic communications and has not withdrawn that consent, and
(c) the Revenue Commissioners have agreed to accept the statement for the purposes of this Chapter.”,
(d) in section 172J(3) by substituting “Where, in a year of assessment or in an accounting period of a company (as appropriate),” for “Where”, and
num: 39
paragraphs: — (1) Part 27 of the Principal Act is amended—
(a) in section 747B—
(i) in subsection (2), by substituting “Subject to subsection (2A), this Chapter” for “This Chapter”, and
(ii) by inserting the following after subsection (2):
“(2A) This Chapter does not apply to an offshore fund other than an offshore fund which—
(a) (i) is an undertaking for collective investment formed under the law of an offshore state,
(ii) is similar in all material respects to an investment limited partnership (within the meaning of the Investment Limited Partnership Act 1994), and
(iii) holds a certificate authorising it to act as such an undertaking, being a certificate issued by the authorities of that state under laws providing for the proper and orderly regulation of such undertakings,
(b) is authorised by or under any measures duly taken by a Member State for the purposes of giving effect to—
(i) Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), or
(ii) any amendment to that Directive,
(c) (i) is a company formed under the law of an offshore state,
(ii) is similar in all material respects to an authorised investment company (within the meaning of Part XIII of the Companies Act 1990 ),
(iii) holds an authorisation issued by the authorities of that state under laws providing for the proper and orderly regulation of such companies and that authorisation has not ceased to have effect, and
(iv) is an investment company—
(I) which raises capital by promoting the sale of its shares to the public, or
(II) each of the shareholders of which is an investor which, if the company were an authorised investment company within the meaning of Part XIII of the Companies Act 1990 would be a collective investor within the meaning of section 739B,
or
(d) (i) is a unit trust scheme, the trustees of which are not resident in the State,
(ii) is similar in all material respects to an authorised unit trust scheme (within the meaning of the Unit Trusts Act 1990 ),
(iii) holds an authorisation issued by the authorities of that offshore state under laws providing for the proper and orderly regulation of such schemes and that authorisation has not ceased to have effect, and
(iv) provides facilities for the participation by the public, as beneficiaries under the trust, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property whatsoever.”,
and
(b) by inserting the following after section 747A:
“Treatment of certain offshore funds.
747AA.— Without prejudice to ‘offshore fund’ having the meaning assigned to it by section 743 for the purposes of Chapter 4, where that Chapter does not apply to an offshore fund by virtue of subsection (2A) of section 747B, then Chapter 2 and section 747A shall not apply in respect of that offshore fund.”.
(2) (a) Subject to paragraph (b), subsection (1) applies as respects income arising or gains accruing on or after 20 February 2007.
(b) Where on 20 February 2007 a person had a material interest in an offshore fund, which was an offshore fund to which Chapter 4 of Part 27 of the Principal Act applied before the passing of this Act, and that fund—
(i) is not an offshore fund to which Chapter 4 of Part 27 of the Principal Act applies after the passing of this Act, and
(ii) would not be a personal portfolio investment undertaking (within the meaning of section 739BA of the Principal Act) if it were deemed to be a fund to which that Chapter applied after the passing of this Act,
then subsection (1) does not apply to income arising and gains accruing in respect of the material interest which the person had on 20 February 2007.
num: 40
paragraphs: — (1) The Principal Act is amended—
(a) by inserting the following after section 739B:
“Personal portfolio investment undertaking.
739BA.— (1) In this section—
‘ investor ’ means—
(a) in relation to an investment undertaking, a unit holder in the investment undertaking who is an individual, and
(b) in relation to an offshore fund to which Chapter 4 applies, an individual who has a material interest in the offshore fund;
‘ land ’ has the same meaning as in section 730BA;
‘ material interest ’ shall be construed in accordance with section 743;
‘ offshore fund ’ has the meaning assigned to it by section 743;
‘ public ’ has the same meaning as in section 730BA.
(2) In this Chapter and in Chapter 4 of this Part ‘ personal portfolio investment undertaking ’ means—
(a) in relation to an investor in an investment undertaking, an investment undertaking, and
(b) in relation to an investor in an offshore fund to which Chapter 4 applies, such an offshore fund,
under the terms of which some or all of the property of the undertaking or, as the case may be, the offshore fund, may be, or was, selected by, or the selection of some or all of the property may be, or was, influenced by—
(i) the investor,
(ii) a person acting on behalf of the investor,
(iii) a person connected with the investor,
(iv) a person connected with a person acting on behalf of the investor,
(v) the investor and a person connected with the investor, or
(vi) a person acting on behalf of both the investor and a person connected with the investor,
where ‘ person connected ’ in this subsection means a person connected within the meaning of section 10.
(3) For the purposes of subsection (2) and without prejudice to the application of that subsection, the terms of an investment undertaking or an offshore fund, as the case may be, shall be treated as permitting the selection referred to in that subsection where—
(a) the terms of such undertaking or offshore fund, or any other agreement between any person referred to in that subsection and such undertaking or offshore fund concerned—
(i) allow the exercise of an option by any person referred to in that subsection to make the selection referred to in that subsection,
(ii) give such undertaking or offshore fund discretion to offer any person referred to in that subsection the right to make the selection referred to in that subsection, or
(iii) allow any of the persons referred to in that subsection the right to request, subject to the agreement of such undertaking or offshore fund, a change in those terms such that the selection referred to in that subsection may be made by any of those persons,
or
(b) the investor is unable under those terms to select any of the property but any of the persons referred to in that subsection has or had the option of requiring such undertaking or offshore fund to appoint an investment advisor (no matter how such a person is described) in relation to the selection of the property.
(4) An investment undertaking or an offshore fund, as the case may be, is not a personal portfolio investment undertaking if—
(a) the only property which may be or has been selected satisfies the condition specified in subsection (5), and
(b) the terms under which such undertaking or offshore fund is offered meet the requirements of subsection (6).
(5) The condition specified in this subsection is that at the time when the property is or was available to be selected the opportunity to select—
(a) in the case of land, that property, and
(b) in any other case, property of the same description as the first-mentioned property,
is or was available to the public on terms which provide or provided that the opportunity to select the property is or was available to any person falling within the terms of the opportunity and that opportunity is or was clearly identified to the public, in marketing or other promotional literature published at that time by the investment undertaking or offshore fund concerned, as available generally to any person falling within the terms of the opportunity.
(6) The requirements of this subsection are that—
(a) the investment undertaking or offshore fund concerned does not subject any person to any treatment in connection with the opportunity which is different or more burdensome than any treatment to which any other person is or may be subject, and
(b) where the terms of the opportunity referred to in subsection (5) include terms—
(i) which set out the capital requirement of the opportunity and this requirement is identified to the public in the marketing or other promotional material published by the investment undertaking or offshore fund at the time the property is available to be selected, and
(ii) indicating that 50 per cent or more by value of the property referred to in that subsection is or is to be land,
then the amount any one person may invest in the investment undertaking or offshore fund shall not represent more than 1 per cent of the capital requirement (exclusive of any borrowings) of the opportunity as so identified.”,
(b) in section 739E, by substituting the following for paragraphs (a) and (b) of subsection (1):
“(a) subject to paragraph (ba), where the amount of the gain is provided by section 739D(2)(a), at the standard rate for the year of assessment in which the gain arises,
(b) subject to paragraph (ba), where the chargeable event happens on or after 1 January 2001 and the amount of the gain is provided by paragraph (b), (c), (d), (dd) or (ddd) of section 739D(2), at a rate determined by the formula—
(S + 3) per cent,
where S is the standard rate per cent (within the meaning of section 4),
(ba) where in the case of a personal portfolio investment undertaking, the chargeable event happens on or after 20 February 2007, at a rate determined by the formula—
(S + 23) per cent,
where S is the standard rate per cent (within the meaning of section 4), and”,
(c) in section 747D, by substituting the following for paragraph (a):
“(a) where the person is not a company, and—
(i) the income represented by the payment is correctly included in a return made by the person, then notwithstanding section 15, the rate of income tax to be charged on the income shall be—
(I) where the payment is a relevant payment—
(A) in the case of an offshore fund which is a personal portfolio investment undertaking, at the rate determined by the formula—
(S + 23) per cent,
where S is the standard rate per cent for the year of assessment in which the payment is made, and
(B) in any other case, the standard rate per cent,
and
(II) where the payment is not a relevant payment and is not made in consideration of the disposal of an interest in the offshore fund—
(A) in the case of an offshore fund which is a personal portfolio investment undertaking, at the rate determined by the formula—
(S + 23) per cent,
where S is the standard rate per cent for the year of assessment in which the payment is made, and
(B) in any other case, at the rate determined by the formula—
(S + 3) per cent,
where S is the standard rate per cent,
and
(ii) where the income represented by the payment is not correctly included in a return made by the person, the income shall be charged to income tax—
(I) in the case of an offshore fund which is a personal portfolio investment undertaking, at the rate determined by the formula—
(H + 20) per cent,
where H is the rate per cent determined in relation to the person by section 15 for the year of assessment in which the payment is made, and
(II) in any other case, at a rate determined by section 15,”,
and
(d) in section 747E, by substituting the following for subsection (1):
num: 41
paragraphs: — Section 739D of the Principal Act is amended in subsection (6)—
(a) in paragraph (j) by deleting “or”,
(b) in paragraph (k) by deleting “or 110(2)”, and
(c) by inserting the following after paragraph (k):
“(l) is the National Pensions Reserve Fund Commission and has made a declaration to that effect to the investment undertaking, or
(m) is a company that—
(i) is or will be within the charge to corporation tax in accordance with section 110(2), in respect of payments made to it by the investment undertaking, and
(ii) has made a declaration to that effect and has provided the investment undertaking with the company’s tax reference number (within the meaning of section 885),”.
num: 42
paragraphs: — (1) Section 730H of the Principal Act is amended in subsection (1)—
(a) in the definition of “relevant event” by substituting “period;” for “period, where”, and
(b) by substituting the following for the definition of “relevant period”:
“ ‘ relevant period ’ in relation to a foreign life policy means a period of 8 years beginning with the inception of the policy and each subsequent period of 8 years beginning immediately after the preceding relevant period;”.
(2) This section applies as respects any relevant event (within the meaning of section 730H(1) of the Principal Act) occurring on or after the passing of this Act in respect of a foreign life policy (within the meaning of section 730H(1) of the Principal Act) taken out on or after 1 January 2001.
num: 43
paragraphs: — (1) Chapter 5 of Part 26 of the Principal Act is amended—
(a) in section 730C(1)(a) by substituting the following for subparagraph (iv):
“(iv) the ending of a relevant period, where such ending is not otherwise a chargeable event within the meaning of this section, and for the purposes of this subparagraph ‘relevant period’, in relation to a life policy, means a period of 8 years beginning with the inception of the policy and each subsequent period of 8 years beginning immediately after the preceding relevant period,”,
(b) by substituting the following for section 730D(1A):
“730D.— (1A) (a) Where—
(i) a chargeable event occurs in relation to a life policy, and
(ii) a chargeable event within the meaning of section 730C(1)(a)(iv) occurred previously in relation to that policy,
then the gain arising on the chargeable event referred to in subparagraph (i) shall be determined as if section 730C(1)(a)(iv) had not been enacted.
(b) Where paragraph (a) applies and the chargeable event referred to in subparagraph (i) of that paragraph is not the surrender or assignment of part of the rights conferred by the life policy, any first tax (within the meaning of section 730F(1A)) shall, for the purposes of subsection (3), be added to the value of the rights or other benefits conferred by that policy immediately before the chargeable event.
(c) Where paragraph (a) applies and the chargeable event referred to in subparagraph (i) of that paragraph is the surrender or assignment of part of the rights conferred by the life policy, any first tax (within the meaning of section 730F(1A)) shall, for the purposes of subsection (3), be deducted from the amount of premiums taken into account in determining the gain on the happening of the chargeable event.”,
(c) in section 730D(3), in the construction of P, by substituting “of a chargeable event (not being a chargeable event within the meaning of section 730C(1)(a)(iv)),” for “of a chargeable event,”, and
(d) in section 730F(1A)—
(i) in the definition of “first tax” by substituting “within the meaning of section 730C(1)(a)(iv) in relation to the life policy and which has not been repaid;” for “referred to in subsection 730D(1A)(b) in relation to the life policy;”,
(ii) by substituting the following for the definition of “new gain”:
“ ‘ new gain ’, in relation to a life policy, means a gain referred to in section 730D(1A)(a) determined in accordance with section 730D in relation to the life policy;”,
(iii) in paragraph (b)(i) by substituting “section 730D(1A)(a)” for “subsection 730D(1A)”,
(iv) in paragraph (b)(ii) by deleting “, subject to subparagraph (iii)”, and
(v) by deleting subparagraph (iii) of paragraph (b).
(2) This section applies and has effect as respects any chargeable event (within the meaning of section 730C(1)(a)(iv) of the Principal Act) occurring on or after the passing of this Act.
num: 44
paragraphs: — (1) Chapter 1 of Part 33 of the Principal Act is amended—
(a) in section 806—
(i) in subsection (1), in the definition of “associated operation” by inserting “and for the purposes of this definition it is immaterial whether the operation is effected before, after, or at the same time as the transfer;” after “any such assets;”,
(ii) in subsection (2)—
(I) by deleting “and” at the end of paragraph (b) and by substituting “transferred,” for “transferred.” at the end of paragraph (c), and
(II) by inserting the following after paragraph (c):
“(d) the income that becomes payable to, or has become income of, a person resident or domiciled out of the State that is referred to in subsection (3) or (5) or in section 807A(1) includes any income which becomes payable to, or has become income of, the person by virtue or in consequence of—
(i) the transfer,
(ii) one or more associated operations, or
(iii) the transfer and one or more associated operations,
and
(e) the income which an individual has power to enjoy, as referred to in subsection (4), includes any income which that individual has power to enjoy by virtue or in consequence of—
(i) the transfer,
(ii) one or more associated operations, or
(iii) the transfer and one or more associated operations.”,
(iii) in subsection (8) by substituting “Subject to section 807B, subsections (4) and (5)” for “Subsections (4) and (5)”,
(iv) in subsection (9), by substituting “subsection (8) or (10) or section 807B or 807C” for “subsection (8)”, and
(v) by inserting the following after subsection (9):
“(10) (a) In this subsection—
‘ commercial transaction ’ does not include—
(i) a transaction on terms other than those that would have been made between independent persons dealing at arm’s length, or
(ii) a transaction that would not have been entered into between independent persons dealing at arm’s length;
‘ independent persons ’ means persons who are not connected with each other (within the meaning of section 10);
‘ relevant transactions ’ means—
(i) the transfer, and
(ii) any associated operations.
(b) Subject to section 807B, subsections (4) and (5) shall not apply by reference to the relevant transactions where the individual shows in writing or otherwise to the satisfaction of the Revenue Commissioners—
(i) that it would not be reasonable to draw the conclusion, from all the circumstances of the case, that the purpose of avoiding liability to taxation was the purpose, or one of the purposes, for which the relevant transactions or any of them were effected, or
(ii) in a case where the condition in subparagraph (i) is not met, that—
(I) all the relevant transactions were genuine commercial transactions, and
(II) it would not be reasonable to draw the conclusion, from all the circumstances of the case, that any one or more of those transactions was more than incidentally designed for the purpose of avoiding liability to taxation.
(c) The intentions and purposes of any person who, whether or not for consideration—
(i) designs or effects the relevant transactions or any of them, or
(ii) provides advice in relation to the relevant transactions or any of them,
are to be taken into account in determining the purposes for which those transactions or any of them were effected.
(d) A relevant transaction is a commercial transaction only if it is effected—
(i) in the course of a trade or business, or
(ii) with a view to setting up and commencing a trade or business,
and, in either cases, for the purposes of such trade or business.
(e) For the purposes of paragraph (d), the making and managing of investments, or the making or managing of investments, is not a trade or business except to the extent that—
(i) the person by whom it is done, and
(ii) the person for whom it is done,
are independent persons dealing at arm’s length.
(f) Any associated operation that would not (apart from this paragraph) fall to be taken into account for the purposes of this subsection shall be taken into account for those purposes if, were it to be so taken into account, the conditions in paragraph (b) would be failed by reference to—
(i) that associated operation, or
(ii) that associated operation taken together with the transfer or any one or more other associated operations.”,
(b) by inserting the following after section 807A:
“Certain transitional arrangements in relation to transfer of assets abroad.
807B.— (1) In this section—
‘ new transaction ’ means a relevant transaction effected on or after the relevant date;
‘ old transaction ’ means a relevant transaction effected before the relevant date;
‘ relevant date ’ means 1 February 2007;
‘ relevant transactions ’ has the meaning assigned to it by section 806(10).
(2) For the purposes of applying subsection (3) of this section and subsections (8) and (10) of section 806—
(a) if all the relevant transactions are old transactions, section 806(8) shall apply,
(b) if all the relevant transactions are new transactions, section 806(10) shall apply,
(c) if any one or more of the relevant transactions are old transactions and any one or more of the relevant transactions are new transactions, sections 806 and 807A shall apply subject to subsection (3).
(3) (a) Where—
(i) the conditions in section 806(8) are failed by reference to the old transactions or any of them, or
(ii) the conditions in section 806(10)(b) are failed by reference to the new transactions or any of them,
then, subject to paragraph (b), sections 806 and 807A apply as they would have applied apart from any exemption by virtue of this section or by virtue of section 806(8) or section 806(10).
(b) Where paragraph (a) applies by virtue only of subparagraph (ii) of that paragraph—
(i) for the purposes of subsection (4) or (5)(b) of section 806 any income arising before the relevant date shall not be brought into account as income of the person resident or domiciled out of the State,
(ii) for the purposes of section 807A—
(I) (A) where a benefit is received by an individual in a year of assessment ending after the relevant date, and
(B) relevant income (within the meaning of section 807A(3)) of years of assessment up to and including that year falls to be determined,
then years of assessment ending before the relevant date are to be brought into account as well as years of assessment ending after that date, and
(II) a benefit received by an individual in the year of assessment 2007 is to be left out of account to the extent that, on a time apportionment basis, it fell to be enjoyed in any part of the year that falls before the relevant date.
Supplementary provisions in relation to section 806 — apportionment in certain cases.
807C.— (1) In this section—
‘ appropriate exemption ’ means an exemption by virtue of subsection (8)(b) or (10)(b)(ii) of section 806;
‘ exempt year of assessment ’ means a year of assessment referred to in subsection (2)(b) in respect of which there was no earlier year of assessment where—
(a) the individual was liable to tax by virtue of section 806, or
(b) the individual would have been liable to tax by virtue of section 806 if there had been any deemed income of such individual under that section;
‘ relevant transactions ’ has the meaning assigned to it by section 806(10).
(2) This section applies where an individual is liable to income tax by virtue of section 806 for a year of assessment and—
(a) the individual is so liable by virtue of the conditions in section 806(10)(b)(ii) not being met,
(b) since the making of the transfer there have been one or more years of assessment where the circumstances were such that, so far as relating to such of the relevant transactions as were effected before the end of the year of assessment concerned, the individual—
(i) was not liable to tax by virtue of section 806 because an appropriate exemption applied, or
(ii) would not have been liable to tax by virtue of section 806 if there had been any deemed income of such individual under that section because an appropriate exemption would have applied,
and
(c) the income by reference to which the individual is so liable is attributable—
(i) partly to relevant transactions by reference to which the appropriate exemption applied for the last exempt year of assessment, and
(ii) partly to associated operations not falling within subparagraph (i) (in this section referred to as ‘chargeable operations’).
(3) Where this section applies, the liability of the individual shall be reduced as if it fell to be determined by reference to so much of the income as appears to the Revenue Commissioners, or such officer as the Revenue Commissioners may appoint, to be justly and reasonably attributable to chargeable operations in all the circumstances of the case.
(4) The facts and matters that may be taken into account in determining for the purposes of subsection (3) whether income may be regarded as justly and reasonably attributable to chargeable operations include whether, and to what extent, the chargeable operations or any of them directly or indirectly affect—
(a) the character, description or amount of any income of any person,
(b) any person’s power to enjoy any income, or
(c) the character, description or amount of any income which a person has power to enjoy.”,
(c) in section 807A(7), by substituting “Subsections (8), (9) and (10)” for “Subsections (8) and (9)”, and
(d) in section 808, in subsections (2) and (3)(b), by substituting “sections 806, 807, 807A, 807B, 807C and 809” for “sections 806, 807, 807A and 809” in each place where it occurs.
(2) This section has effect as respects relevant transactions (within the meaning of section 806(10)(a) of the Principal Act) on or after 1 February 2007.
num: 45
paragraphs: — (1) Section 234 of the Principal Act is amended—
(a) in subsection (1)—
(i) by inserting the following before the definition of “ income from a qualifying patent ”:
“ ‘ EEA Agreement ’ means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by the Protocol signed at Brussels on 17 March 1993;
‘ EEA state ’ means a state which is a Contracting Party to the EEA Agreement;”,
(ii) in the definition of “ qualifying patent ” by substituting “in an EEA state;” for “in the State;”,
(b) by inserting the following after subsection (3):
“(3A) (a) Notwithstanding subsection (2) but subject to paragraphs (b) to (d), so much of the aggregate of the amounts of any income from qualifying patents arising to a person in a relevant period which would, apart from this subsection, be disregarded under subsection (2) for the purposes of income tax or corporation tax as exceeds €5,000,000 shall not be so disregarded.
(b) Where—
(i) in relation to a company, income from qualifying patents arising in a relevant period would, apart from this paragraph, be disregarded under subsection (2), and
(ii) in relation to one or more persons who are connected (within the meaning of section 10) with the company referred to in subparagraph (i), income from qualifying patents arising in that relevant period would, apart from this paragraph, be disregarded under subsection (2),
then the aggregate of the amounts of income from qualifying patents, which is to be disregarded under subsection (2), arising to the company and all of those persons in the relevant period shall not be greater than €5,000,000.
(c) Where the aggregate of the amounts of income from qualifying patents in a relevant period arising to a company and all of the persons referred to in paragraph (b) which would, apart from paragraph (b), be disregarded under subsection (2) exceeds €5,000,000, the amount of any income from qualifying patents which is to be so disregarded for the relevant period in relation to the company or any person referred to in paragraph (b) shall be—
(i) so much of €5,000,000 as is allocated to the company or that person in the manner specified in a notice made jointly in writing to the appropriate inspector by the company and the connected persons on or before the time by which a return under section 951 is to be made for the latest chargeable period (within the meaning of section 321(2)) of—
(I) the company, or
(II) any of those persons,
which falls wholly or partly into the relevant period: but the aggregate of the amounts allocated to the company and all of the persons referred to in paragraph (b) in relation to the relevant period shall not exceed €5,000,000, and
(ii) where no such notice is given, an amount determined by the formula—
€5,000,000 x P
T
where—
P is the aggregate of the amounts of income from qualifying patents arising to the company, or as the case may be the person, in the relevant period, and
T is the aggregate of the amounts of income from qualifying patents arising to the company and all of the persons referred to in paragraph (b) in the relevant period.
(d) For the purposes of this subsection, where a relevant period does not coincide with an accounting period of a company—
(i) the amount of income from qualifying patents arising to the company in the relevant period shall be the aggregate of the amounts of income from qualifying patents arising to the company in any accounting period or part of an accounting period falling within the relevant period,
(ii) income from qualifying patents arising to a company in an accounting period shall be treated as arising in part of that accounting period on a time basis according to the respective lengths of the part and the whole of the accounting period, and
(iii) subject to the preceding provisions of this paragraph, income arising in a relevant period that is to be disregarded under subsection (2) shall be treated as representing income of an accounting period only to the extent that it cannot be treated as representing income of an earlier period, or part of such period.
(e) In this subsection—
‘ income from qualifying patents ’ means income from a qualifying patent or from more than one such patent;
‘ relevant period ’ means the period of 12 months commencing on 1 January 2008 and each subsequent period of 12 months.”.
(2) (a) Subsection (1)(a) applies as respects income from a patent in relation to which the research, planning, processing, experimenting, testing, devising, designing, developing or similar activity leading to the invention which is the subject of the patent is carried out on or after 1 January 2008.
(b) Subsection (1)(b) applies as respects a relevant period beginning on or after 1 January 2008.
num: 46
paragraphs: — (1) Section 766 of the Principal Act is amended in subsection (1)—
(a) in paragraph (a), in paragraph (i) of the definition of “ threshold amount ” by substituting “1 January 2010” for “1 January 2007”, and
(b) in paragraph (b)—
(i) by substituting “activities;” for “activities.” in subparagraph (vii), and
(ii) by inserting the following after subparagraph (vii):
“(viii) where in any period a company—
(I) incurs expenditure on research and development, and
(II) pays a sum (not being a sum referred to in subparagraph (vii)(II)) to a person, other than to a person who is connected (within the meaning of section 10) with the company, in order for that person to carry on research and development activities, and that person does not claim relief under this section in respect of such expenditure on research and development,
so much of the sum so paid as does not exceed 10 per cent of that expenditure incurred by the company on research and development shall be treated as if it were expenditure incurred by the company on the carrying on by it of research and development activities.”.
(2) (a) Subject to paragraph (b), this section applies for accounting periods commencing on or after 1 January 2007.
(b) Subsection (1)(b) applies as respects accounting periods ending on or after 1 January 2007 in respect of expenditure incurred on or after 1 January 2007.
num: 47
paragraphs: — (1) Section 958 of the Principal Act is amended—
(a) in subsection (1)(a) in the definition of “relevant limit” by substituting “€150,000” for “€50,000”,
(b) in subsection (2B) by inserting the following after paragraph (b):
“(c) Where in relation to a chargeable period which is an accounting period of a company—
(i) the tax payable by a chargeable person (being a company) for the chargeable period does not exceed the relevant limit, and
(ii) the chargeable period commenced on the company coming within the charge to corporation tax,
then the preliminary tax appropriate to the chargeable period shall be taken to be nil and subsections (4C) and (4E) shall not apply.”,
(c) in subsection (4C)—
(i) by substituting “Subject to subsections (2B)(c), (4E) and (11)” for “Subject to subsection (4E)”, and
(ii) in paragraph (b)(ii) by inserting “or is not a company with a preliminary tax liability of nil by virtue of subsection (2B)(c),” after “accounting period,”,
and
(d) by inserting the following after subsection (10):
“(11) (a) In this subsection—
‘ balance ’ means the amount represented by the formula A — B, where—
A is the amount of preliminary tax paid in accordance with subsection (2B) by the surrendering company for the relevant period, and
B is 90 per cent of the tax payable by the surrendering company for that relevant period;
‘ relevant balance ’ means that part of a balance that is specified in a notice given in accordance with paragraph (c).
(b) This subsection applies where—
(i) a chargeable person being a company (in this subsection referred to as the ‘surrendering company’) which is a member of a group pays an amount of preliminary tax for a chargeable period (in this subsection referred to as the ‘relevant period’) in accordance with subsection (2B), being an amount which exceeds 90 per cent of the tax payable by that surrendering company for the relevant period,
(ii) another chargeable person being a company (in this subsection referred to as the ‘claimant company’) which is a member of the group pays an amount of preliminary tax for a chargeable period in accordance with subsection (2B), being an amount which is less than 90 per cent of the tax payable by that claimant company for the chargeable period,
(iii) the chargeable period referred to in subparagraph (ii) coincides with the relevant period, and
(iv) the claimant company is not a small company in relation to the relevant period.
(c) Where this subsection applies the 2 companies may, at any time on or before the specified return date for the chargeable period of the surrendering company, jointly give notice to the Collector-General in such form as the Revenue Commissioners may require that paragraph (d) is to have effect in relation to the relevant balance specified in the notice.
(d) Where this paragraph has effect in relation to any relevant balance—
(i) an additional amount of preliminary tax equal to the relevant balance shall be deemed for the purposes of subsection (4C)(b)(ii) to have been paid by the claimant company on the due date for the payment of preliminary tax of that company for the relevant period if 100 per cent of the tax payable by the claimant company for the relevant period, disregarding this subparagraph, is paid on or before the specified return date for the relevant period, and
(ii) the surrendering company shall for the purposes of this subsection be treated as having surrendered the relevant balance to the claimant company and that relevant balance shall not be available for use by any other company under this subsection.
(e) A payment for a relevant balance shall not—
(i) be taken into account in computing profits or losses of either company for corporation tax purposes, and
(ii) be regarded as a distribution or a charge on income for any of the purposes of the Corporation Tax Acts,
and, in this paragraph, ‘payment for a relevant balance’ means a payment made by the claimant company to the surrendering company in pursuance of an agreement between them as respects an amount surrendered in accordance with this subsection, being a payment not exceeding that amount.
(f) (i) This subsection shall not affect the liability to pay corporation tax of any company to which the subsection relates.
(ii) Where this subsection applies, the amount on which, but for this subsection, the claimant company is liable to pay interest in accordance with section 1080 shall be reduced by any relevant balance deemed to have been paid by that company in accordance with paragraph (d)(i).
(g) For the purposes of this subsection, 2 companies are members of the same group if and only if they would be such members for the purposes of section 411.”.
(2) (a) Paragraphs (a), (b) and (c) have effect as respects accounting periods in respect of which preliminary tax is payable after 6 December 2006.
(b) Paragraph (d) has effect for accounting periods ending on or after 1 February 2007.
num: 48
paragraphs: — (1) Chapter 5 of Part 12 of the Principal Act is amended—
(a) in section 411—
(i) by substituting the following for subsection (2):
“(2) Subject to subsection (2A), relief for—
(a) trading losses and other amounts eligible for relief from corporation tax, and
(b) trading losses incurred by non-resident companies and other amounts not otherwise eligible for relief from corporation tax,
may in accordance with this Chapter be surrendered by a company (in this Chapter referred to as the ‘surrendering company’) which is a member of a group of companies and, on the making of a claim by another company (in this Chapter referred to as the ‘claimant company’) which is a member of the same group, may be allowed to the claimant company by means of a relief from corporation tax (in this Chapter referred to as ‘group relief ’).”,
and
(ii) by inserting the following after subsection (2):
“(2A) Where the trading losses or other amounts are of the type referred to in paragraph (b) of subsection (2), group relief shall only be available in accordance with this Chapter where—
(a) the surrendering company is—
(i) resident in a relevant Member State, other than the State, and
(ii) a 75 per cent subsidiary of the claimant company,
and
(b) the claimant company is resident in the State.”,
and
(b) by inserting the following after section 420B:
“Group relief: relief for certain losses of non-resident companies.
420C.— (1) In this section—
‘ foreign loss ’ means a loss or other amount eligible for group relief in accordance with section 411(2A);
‘ relevant foreign loss ’ means the amount of a foreign loss that—
(a) corresponds to an amount of a kind that, for the purposes of section 420 or 420A, could be available for surrender by means of group relief by a company resident in the State,
(b) is calculated in accordance with the applicable rules under the law of the surrendering state for determining the amount of loss or other amount eligible for relief from tax in that state,
(c) is not attributable to a trade carried on in the State through a branch or agency,
(d) is not otherwise available for surrender, relief or offset in accordance with any provisions of the Tax Acts,
(e) is a trapped loss within the meaning of subsection (2), and
(f) is not available for surrender, relief or offset under the law of any relevant Member State, other than the State or the surrendering state;
‘ surrendering state ’ means the relevant Member State in which the surrendering company referred to in section 411(2A) is resident for the purposes of tax.
(2) For the purposes of this section a ‘ trapped loss ’, in relation to an accounting period of a company, means a foreign loss that under the law of the surrendering state cannot be (or, if a timely claim for such set off or relief had been made, could not have been) set off or otherwise relieved for the purposes of tax against profits (of whatever description) of—
(a) that accounting period of the company,
(b) any preceding accounting period of the company,
(c) any later accounting period of the company, and
(d) any period of any other company resident in the surrendering state.
(3) (a) Subject to subsection (4), where in any accounting period the surrendering company has incurred a relevant foreign loss, then the amount of the loss shall be treated (with any necessary modifications) for the purposes of sections 420A and 420B as a relevant trading loss incurred by the surrendering company in the accounting period.
(b) Relief for a relevant foreign loss shall be given after relief for any losses (including relief for losses under section 397) which are not relevant foreign losses.
(4) This section does not apply where the relevant foreign loss arose as the result of any arrangements whatsoever the main purpose, or one of the main purposes, of which was to secure that the loss would qualify for group relief.
(5) Subject to subsection (6), a claim under subsection (3) shall be made within 2 years from the end of the accounting period in which the loss is incurred.
(6) Where—
(a) at any time relief under subsection (3) may not be given in respect of a loss by virtue only of paragraph (c) of subsection (2), and
(b) at any later time the claimant company proves to the satisfaction of the Revenue Commissioners that the condition in subsection (2)(c) is satisfied in relation to the loss at that time,
the claimant company may make a claim for relief under subsection (3) in respect of the loss and any such claim shall be made within 2 years from the time at which the condition in subsection (2)(c) is first met.
(7) For the purpose of giving effect to this section ‘accounting period’, in relation to a surrendering company, means a period which would be an accounting period of the company if the company became resident in the State, and accordingly within the charge to corporation tax, at the time when it became a 75 per cent subsidiary referred to in section 411(2A)(a)(ii).
(8) The inspector may by notice in writing require a company claiming relief from tax by virtue of this section to furnish him or her with such information or particulars as may be necessary for the purpose of giving effect to this section.”.
(2) (a) Subject to paragraph (b), subsection (1) is deemed to have applied as respects an accounting period ending on or after 1 January 2006.
(b) For the purposes of this subsection, where an accounting period of a company begins before 1 January 2006 and ends on or after that date, it shall be divided into two parts, one beginning on the date on which the accounting period begins and ending on 31 December 2005 and the other beginning on 1 January 2006 and ending on the date on which the accounting period ends, and both parts shall be treated as if they were separate accounting periods of the company.
num: 49
paragraphs: — (1) Section 79B of the Principal Act is amended—
(a) in subsection (1)(a)—
(i) in the definition of “foreign currency asset” by substituting “functional currency of the company” for “currency of the State”,
(ii) by inserting the following after the definition of “foreign currency asset”:
“ ‘ functional currency’ has the same meaning as in section 402;”,
and
(iii) in the definition of “relevant foreign currency liability” by substituting “functional currency of the company” for “currency of the State”,
(b) in subsection (2) by substituting “functional currency of the company” for “currency of the State”, and
(c) in subsection (3)—
(i) by substituting “Where, in relation to an accounting period of a company, a foreign currency asset” for “Where in an accounting period a company disposes of a foreign currency asset which”, and
(ii) by inserting “for that accounting period” after “income of the company”.
(2) This section is deemed to have applied as on and from 1 January 2006.
num: 50
paragraphs: — (1) Section 452 of the Principal Act is amended—
(a) by inserting the following after subsection (3):
“(3A) (a) This paragraph shall apply to so much of any yearly interest as—
(i) is a distribution by virtue only of section 130(2)(d)(iv),
(ii) is payable by a company in the ordinary course of a trade carried on by that company and would, but for section 130(2)(d)(iv), be deductible as a trading expense in computing the amount of the company’s income from the trade, and
(iii) is not interest to which subsection (2)(a) applies.
(b) Where a company proves that paragraph (a) applies to any interest payable by it for an accounting period and elects to have that interest treated as not being a distribution for the purposes of section 130(2)(d)(iv), then section 130(2)(d)(iv) shall not apply to that interest.”,
and
(b) in subsection (4), by substituting “subsection (2)(b), (3)(b) or (3A)(b)” for “subsection (2)(b) or (3)(b)”.
(2) This section applies as respects interest paid on or after 1 February 2007.
num: 51
paragraphs: — (1) Section 486B of the Principal Act is amended in subsection (1) by substituting “31 December 2011” for “31 December 2006” in the definition of “qualifying period”.
(2) Subsection (1) comes into operation on the making of an order to that effect by the Minister for Finance.
num: 52
paragraphs: — (1) The Principal Act is amended in Chapter 6 of Part 19—
(a) in section 598—
(i) in subsection (1)(a), in the definition of “qualifying assets”—
(I) in paragraph (iii) by deleting “and” and in paragraph (iv)(II) by deleting “section 652(5)(a);” and substituting “section 652(5)(a), and”, and
(II) by inserting the following after paragraph (iv):
“(v) land which has been let by the individual at any time in the period of 15 years ending with the disposal where―
(I) immediately before the time the land was first let in that period of 15 years, the land was owned by the individual and used for the purposes of farming carried on by the individual for a period of not less than 10 years ending at that time, and
(II) the disposal is to a child (within the meaning of section 599) of the individual;”,
and
(ii) in subsection (2)(a) by substituting “€750,000” for “€500,000” in each place where it occurs,
and
(b) in section 599—
(i) by substituting the following for subsection (1)(a):
“(1) (a) In this section ‘child’, in relation to a disposal for which relief is claimed under this section, includes—
(i) a child of a deceased child,
(ii) a nephew or a niece who has worked substantially on a full-time basis, for the period of 5 years ending with the disposal, in carrying on, or assisting in the carrying on of, the trade, business or profession concerned or the work of, or connected with, the office or employment concerned, and
(iii) an individual (in this paragraph referred to as ‘the first-mentioned individual’) who resided with, was under the care of and was maintained at the expense of the individual making the disposal throughout—
(I) a period of 5 years, or
(II) periods which together comprised at least 5 years,
before the first-mentioned individual attained the age of 18 years but only if such claim is not based on the uncorroborated testimony of one witness.”,
and
(ii) by inserting the following after subsection (1)(c):
“(d) Where the qualifying asset is land used for the purposes of farming and the consideration for its disposal consists in whole or in part of other such land, a gain shall not be treated as arising on the disposal of that other land by the child concerned but that other land shall be treated for the purposes of the Capital Gains Tax Acts as having been acquired by the individual at the same time and for the same value and used by the individual for the same purposes as it was originally acquired and used by the child concerned.”.
(2) (a) Subject to paragraph (b), subsection (1) applies as respects disposals made on or after the date of the passing of this Act.
(b) Paragraph (a)(ii) of subsection (1) applies as respects disposals made on or after 1 January 2007.
num: 53
paragraphs: — (1) Section 603A of the Principal Act is amended by substituting the following for subsection (1A):
“(1A) This section applies to the disposal of land which at the date of the disposal—
(a) has a market value that does not exceed €254,000, and
(b) comprises—
(i) the area of land on which a dwelling house referred to in subsection (2)(b) is to be constructed, and
(ii) an area of land for occupation and enjoyment with that dwelling house as its garden or grounds which, exclusive of the area referred to in subparagraph (i), does not exceed 0.4047 hectare.”.
(2) This section applies to disposals made on or after 1 February 2007.
num: 54
paragraphs: — (1) Part 1 of Schedule 15 to the Principal Act is amended in paragraphs 3, 37 and 38 by deleting “gain” and substituting “gain or, if greater, the consideration for the disposal under the Capital Gains Tax Acts”.
(2) This section applies to disposals made on or after 1 February 2007.
num: 55
paragraphs: — (1) Section 746 of the Principal Act is amended—
(a) in subsection (5) by substituting “resident or ordinarily resident” for “ordinarily resident”, and
(b) in subsections (5) and (6) by substituting “sections 806, 807, 807A, 807B and 807C” for “sections 806, 807 and 807A” in each place where it occurs.
(2) This section applies as on and from 1 February 2007.
num: 56
paragraphs: — (1) Section 980 of the Principal Act is amended—
(a) by substituting the following for subsection (5):
“(5) Where any payment referred to in subsection (4)(a) is made by or on behalf of any person, that person shall, within 30 days of the date of the payment, deliver to the Revenue Commissioners an account of the payment and of the amount deducted from the payment, and pay to the Collector-General an amount of capital gains tax equal to 15 per cent of the amount of the payment.
(5A) Capital gains tax which by virtue of subsection (5) is payable by a person who makes a payment shall—
(a) be payable by that person in addition to any capital gains tax which by virtue of any other provision of the Capital Gains Tax Acts is payable by that person,
(b) be due within 30 days of the time when the payment is made, and
(c) be payable by that person without the making of an assessment,
but tax which has become so due may be assessed on the person making the payment (whether or not the tax has been paid when the assessment is made) if that tax or any part of that tax is not paid on or before the due date.”,
(b) by substituting the following for subsection (7):
“(7) Where the amount of capital gains tax which, by virtue of subsection (5A), a person has become liable to pay to the Collector-General, has been so paid, appropriate relief shall, on a claim being made in that behalf, be given to the person chargeable in respect of the gain on the disposal, whether by discharge, repayment or otherwise.”,
and
(c) by deleting subsection (10).
(2) This section applies to disposals made on or after the date of the passing of this Act.
num: 57
paragraphs: — Section 144 of the Finance Act 2001 is amended by substituting the following for subsection 3(b):
“(b) if the thing seized is in the opinion of the Commissioners of a perishable or hazardous nature or is tobacco products, sell or destroy it.”.
num: 58
paragraphs: — With effect from 1 July 2007 or such earlier date as the Minister for Finance may by order appoint, the Liqueur Act 1848 and the Bonded Warehouses Act 1848 are repealed.
num: 59
paragraphs: — The Finance Act 1999 is amended—
num: 60
paragraphs: — Chapter 1 of Part 2 of the Finance Act 1999 is amended—
(a) in section 94(1) by substituting the following for the definition of “substitute fuel”:
num: 61
paragraphs: — (1) Chapter 1 of Part 2 of the Finance Act 1999 is amended—
(a) in section 102—
(i) in subsection (1) by substituting the following for paragraph (b):
“(b) to use as a propellant or to keep in a fuel tank—
(i) any mineral oil on which mineral oil tax at the appropriate standard rate has not been paid,
(ii) any mineral oil containing one or more of the markers prescribed by regulations made under section 104, or
(iii) any substance where the importation of mineral oil containing such substance is prohibited by regulations made under section 104,”,
(ii) in subsection (1) by inserting the following after paragraph (d):
“(da) to contravene or fail to comply with a temporary prohibition of trade order under section 102A, or”,
(iii) by inserting the following after subsection (1):
“(1A) It shall be an offence under this subsection—
(a) to invite an offer to treat for, offer for sale, keep for sale, or to sell, or
(b) to deliver, keep for delivery, or to be in the process of delivering, or to keep,
for use as a propellant—
(i) any mineral oil on which mineral oil tax at the appropriate standard rate has not been paid,
(ii) any mineral oil containing one or more of the markers prescribed by regulations made under section 104, or
(iii) any substance where the importation of a mineral oil containing such substance is prohibited by regulations made under section 104.”,
(iv) in subsection (4) by substituting “subsection (1A) or (3)” for “subsection (3)”,
(v) in subsection (5) by substituting “subsection (1), (1A) or (3)” for “subsection (1) or (3)”,
(b) by inserting the following after section 102:
“Consequential provisions relating to offences.
102A.— (1) Where a person licensed under section 101 is convicted of an offence under subsection (1A) or (3)(b) of section 102 of this Act, or an offence in relation to mineral oils under section 119 of the Finance Act 2001 , then the Court shall, in addition to any other penalty imposed, make an order, referred to in this section as a temporary prohibition of trade order, prohibiting the sale or supply of any mineral oil from any premises licensed in respect of such person under section 101 and concerned in the offence, for a period of—
(a) not less than one day and not more than 7 days for a first offence by such person,
(b) not less than 7 days and not more than 30 days for a second or subsequent offence by such person,
and the Court may also by such order prohibit the sale or supply of any mineral oil from any other premises so licensed in respect of such person.
(2) In determining the duration of a temporary prohibition of trade order the Court may seek, from an officer involved in the investigation of the offence, a report on the circumstances in which it was committed and any other information which the Court may consider to be relevant.
(3) Where a person is convicted of more than one offence to which subsection (1) applies, and all the offences were committed on the same occasion, then only one temporary prohibition of trade order may be made in respect of such offences.
(4) The prohibition period specified in a temporary prohibition of trade order shall commence—
(a) where no appeal is made against the conviction or the prohibition period, on the 30th day after the order is made, or
(b) where such an appeal is made, and the conviction or prohibition period is affirmed, on the 30th day after such affirmation,
and it shall end on the expiry of the period specified in the order, unless such period has been varied on appeal, in which case it shall end on the expiry of the period so varied.
(5) (a) If, on appeal, a conviction resulting in a temporary prohibition of trade order is reversed, such order shall thereupon cease to have effect.
(b) On any appeal—
(i) against a conviction resulting in a temporary prohibition of trade order, or
(ii) relating to the period specified in such order,
the Court may vary the period specified in such order.
(6) A temporary prohibition of trade order in respect of any premises shall, for the purposes of this Chapter and any regulations made under section 104, have effect as if that premises were not licensed under section 101 for the period specified in such order.
(7) During the period specified in a temporary prohibition of trade order, the person in respect of whom the premises is licensed under section 101 shall ensure that a prominent notice, stating that the closure is in compliance with the order and specifying the period of prohibition of trade, is affixed to the exterior of the premises in a conspicuous place.
(8) Where a person is convicted of—
(a) an offence under section 102(1)(da), or
(b) a third or subsequent offence to which subsection (1) applies,
the Court shall revoke any licence granted to such person under section 101, and no such licence may at any future time be granted to such person.”,
and
(c) in section 103 by substituting the following for subsection (4):
“(4) Where, in any proceedings for an offence under subsection (1)(b)(i) or (1A)(i) of section 102, it is proved that the mineral oil that is the subject of the offence is heavy oil other than fuel oil or kerosene, with a sulphur content exceeding 50 milligrammes per kilogramme, then it shall be presumed, until the contrary is proved, that mineral oil tax at the appropriate standard rate has not been paid on such mineral oil.”.
(2) This section only applies to offences committed on a date subsequent to the passing of the Finance Act 2007.
num: 62
paragraphs: — The Finance Act 2005 is amended by substituting the following for Schedule 2 to that Act:
num: 63
paragraphs: — Section 130 of the Finance Act 1992 is amended by substituting the following for the definition of “mechanically propelled vehicle” (amended by section 79 of Finance Act 1998):
“ ‘ mechanically propelled vehicle ’ means a vehicle that—
(a) has been designed and constructed for road use,
(b) is, at the time of declaration for registration, in compliance with any measures taken to give effect in the State to any act of the European Communities relating to the approximation of the laws of Member States in respect of type-approval for the type of vehicle concerned,
(c) is intended or adapted for propulsion by a mechanical means, or by an electrical means or by a partly mechanical and a partly electrical means, and
(d) is capable of achieving vehicle propulsion at the time of registration, to the satisfaction of the Commissioners,
including a bicycle, tricycle or quadricycle propelled by an engine or motor or with an attachment for propelling it by mechanical power, whether or not the attachment is being used, a moped, a scooter and an autocycle, but not including a tramcar or other vehicle running on permanent rails or a vehicle including a cycle with an attachment for propelling it by mechanical power not exceeding 400 kilogrammes in weight unladen adapted and used for invalids;”.
num: 64
paragraphs: — Section 135 of the Finance Act 1992 is amended by substituting the following for paragraph (aa):
“(aa) brought into the State by an individual established in the State for such individual’s private or business use where such individual—
(i) is employed by an employer established in another Member State who provides a vehicle as part of their contract of employment, where such vehicle is owned or leased by the employer, or
(ii) is self-employed and has established a legally accountable undertaking in another Member State, whose business is carried on solely or principally in another Member State,
and where the vehicle is a category A vehicle or a motor-cycle, it is used principally for business use in another Member State.”.
num: 65
paragraphs: — Chapter IV of Part II of the Finance Act 1992 is amended by substituting the following for section 135C (substituted by section 88 of Finance Act 2006):
“135C.— (1) In this section—
‘ hybrid electric vehicle ’ means a vehicle that derives its motive power from a combination of an electric motor and an internal combustion engine and is capable of being driven on electric propulsion alone for a material part of its normal driving cycle;
‘ flexible fuel vehicle ’ means a vehicle that derives its motive power from an internal combustion engine that is capable of using a blend of ethanol and petrol, where such blend contains a minimum of 85 per cent ethanol;
‘ electric vehicle ’ means a vehicle that derives its motive power exclusively from an electric motor.
(2) Where a person first registers a category A vehicle or a category B vehicle during the period from 1 January 2007 to 31 December 2007 and the Commissioners are satisfied that the vehicle is—
(a) a series production hybrid electric vehicle, or
(b) a series production flexible fuel vehicle, or
(c) a series production electric vehicle,
then the Commissioners may remit or repay to that person 50 per cent of the vehicle registration tax payable or paid in accordance with paragraphs (a), (aa), (b) or (c) of section 132(3).”.
num: 66
paragraphs: — Section 21 (inserted by section 85 of the Finance Act 1998 ) of the Betting Act 1931 is amended by the substitution of the following for subsection (1):
“(1) In this section ‘race-meeting ’ and ‘ authorised racecourse ’ have the same meanings, respectively, as in section 2(1) of the Irish Horseracing Industry Act 1994 .
(1A) Registered premises shall not be opened or kept open for the transaction of business at any time on any Christmas Day, Good Friday or Easter Sunday or on any other day—
(a) at any time before 7 o’clock in the morning and after 6.30 o’clock in the evening during the period from 1 September in any year to 31 March in the following year, and
(b) at any time before 7 o’clock in the morning and after 10 o’clock in the evening—
(i) during the period from 1 April in any year to 31 August in that year, and
(ii) during the period from 1 September in any year to 31 March in the following year on any day on which a race-meeting at an authorised racecourse is taking place on or after 6.30 o’clock in the evening on that day.”.
num: 67
paragraphs: — (1) In this section “ register of firearms dealers ” means the register to be established and kept under section 9 of the Firearms Act 1925 .
(2) The duty of excise imposed by section 41(1) of the Finance Act 1925 on the registration of a person in the register of firearms dealers shall be charged, levied and paid at the rate of €340 in lieu of the rate specified in section 159(1) of the Finance Act 1992 .
(3) The duty of excise imposed by section 41(3) (inserted by section 52(c) of the Finance Act 1971 ) of the Finance Act 1925 on the registration of a person in the register of firearms dealers shall be charged, levied and paid at the rate of €55 in lieu of the rate specified in section 159 (2) of the Finance Act 1992 .
(4) This section comes into effect on 31 December 2007.
num: 68
paragraphs: — (1) In this section—
“ firearm certificate ” means a firearm certificate within the meaning of section 1 (1) (inserted by section 26 of the Criminal Justice Act 2006 ) of the Firearms Act 1925 and to which section 3 (inserted by section 30 of the Criminal Justice Act 2006 ) of the Firearms Act 1925 applies and a reference to “firearm” shall be read accordingly;
“ limited certificate ” has the same meaning as in section 3(11) (inserted by section 30 of the Criminal Justice Act 2006 ) of the Firearms Act 1925 .
(2) In respect of every firearm certificate that is granted or renewed on or after 31 December 2007—
(a) an excise duty at the rates specified in the second column of the Table to this section shall be charged, levied and paid on every firearm certificate of a description set out in the first column of the Table opposite the rate set out in the second column, and
(b) subsections (2) and (3) of section 18 of the Finance Act 1964 shall not have effect.
TABLE
Description of Firearm Certificate
Rate of Duty
Certificate for pistol, revolver or rifle
€170
Limited certificate for a shot-gun
€30
Where 2 or more limited certificates for shot-guns are granted to the same person and expire at the same time:
First certificate
Second and each subsequent certificate
€30
€30
Certificate for a shot-gun other than limited certificate
€115
Where 2 or more certificates for shot-guns other than limited certificates are granted to the same person and expire at the same time:
First certificate
Second and each subsequent certificate
€115
€30
Certificate for crossbow
€115
Where 2 or more certificates for crossbows are granted to the same person and expire at the same time:
First certificate
Second and each subsequent certificate
€115
€30
Certificate for prohibited weapon
€30
num: 69
paragraphs: — (1) In this section—
“ firearm certificate ” means a firearm certificate to which section 2 of the Firearms (Firearm Certificates for Non-Residents) Act 2000 applies and a reference to “ firearm ” shall be read accordingly;
“ limited certificate ” has the same meaning as in section 3(11) (inserted by section 30 of the Criminal Justice Act 2006 ) of the Firearms Act 1925 .
(2) In respect of every firearm certificate that is granted on or after 31 December 2007—
(a) an excise duty at the rates specified in the second column of the Table to this section shall be charged, levied and paid on every firearm certificate of a description set out in the first column of the Table opposite the rate set out in the second column, and
(b) subsections (2) and (3) of section 18 of the Finance Act 1964 shall not have effect.
TABLE
Description of Firearm Certificate
Rate of Duty
Certificate for pistol, revolver or rifle
€57
Limited certificate for a shot-gun
€10
Where 2 or more limited certificates for shot-guns are granted to the same person and expire at the same time:
First certificate
Second and each subsequent certificate
€10
€10
Certificate for a shot-gun other than limited certificate
€38
Where 2 or more certificates for shot-guns other than limited certificates are granted to the same person and expire at the same time:
First certificate
Second and each subsequent certificate
€38
€10
Certificate for crossbow
€38
Where 2 or more certificates for crossbows are granted to the same person and expire at the same time:
First certificate
Second and each subsequent certificate
€38
€10
Certificate for prohibited weapon
€10
num: 70
paragraphs: — (1) In this section “ authorisation of rifle or pistol club or shooting range ” means an authorisation under section 4A (inserted by section 33 of the Criminal Justice Act 2006 ) of the Firearms Act 1925 .
(2) An excise duty of €1,000 shall be charged, levied and paid on every authorisation of rifle or pistol club or shooting range that is granted or renewed on or after 31 December 2007.
num: 71
paragraphs: — (1) In this section “ firearms training certificate ” has the same meaning as in section 2A (inserted by section 28 of the Criminal Justice Act 2006 ) of the Firearms Act 1925 .
(2) In respect of every firearms training certificate that is issued on or after 31 December 2007 an excise duty at the rates specified in the second column of the Table to this section shall be charged, levied and paid on every firearms training certificate of a description set out in the first column of the Table opposite the rate set out in the second column.
TABLE
Description of Firearms Training Certificate
Rate of Duty
Certificate for a shot-gun
€115
Certificate for pistol, revolver or rifle
€170
num: 72
paragraphs: — (1) In this section “licence for reloading of ammunition” means a licence under section 10A (inserted by section 40 of the Criminal Justice Act 2006 ) of the Firearms Act 1925 .
(2) An excise duty of €90 shall be charged, levied and paid on every licence for reloading of ammunition that is granted or renewed on or after 31 December 2007.
num: 73
paragraphs: — (1) In this section “ authorisation to possess, use, carry, sell or expose for sale a restricted firearm ” means an authorisation under section 10 of the Firearms Act 1925 and to which subsections (4A) to (4G) (inserted by section 39 of the Criminal Justice Act 2006 ) of the Firearms Act 1925 relate.
(2) An excise duty of €405 shall be charged, levied and paid on every authorisation to possess, use, carry, sell or expose for sale a restricted firearm that is granted or renewed on or after 31 December 2007.
num: 74
paragraphs: — The Finance Act 2001 is amended by inserting the following new section after section 139:
“139A.— Any thing detained or seized under the law relating to excise may, in addition to being duly kept by an officer, also be kept in any secure premises or place designated by the Commissioners for such purpose, and the Commissioners may designate a premises or place under the control of a person contracted to them for such purpose.”.
num: 75
paragraphs: — In this Part and in Schedule 3 “Principal Act” means the Value-Added Tax Act 1972 .
num: 76
paragraphs: — Section 3 of the Principal Act is amended with effect from 1 May 2007—
(a) in subsection (1)(a) by substituting “including” for “other than”,
(b) in subsection (5)—
num: 77
paragraphs: — (1) Section 5 of the Principal Act is amended in subsection (6)—
(a) by deleting paragraph (e)(iv), and
(b) with effect from 1 January 2008—
(i) by substituting the word “intermediary” for “agent” in paragraph (f)(iii) and in subparagraphs (i)(II) and (ii) of paragraph (g), and
(ii) by inserting the following paragraph after paragraph (g):
“(gg) Subject to paragraph (f)(iii), the place of supply of services of an intermediary acting in the name and on behalf of another person, other than in cases where that intermediary takes part in the intra-Community transport of goods or in activities ancillary to the intra-Community transport of goods, is the place where the underlying transaction is supplied in accordance with this Act.”.
(2) Subsection (1)(a) comes into operation on such day as the Minister for Finance may by order appoint.
num: 78
paragraphs: — Section 7 of the Principal Act is amended by inserting the following after subsection (1):
num: 79
paragraphs: — Section 8 of the Principal Act is amended—
(a) with effect from 1 March 2007—
(i) in subsections (3), (3A) and (9), by substituting “€35,000” for “€27,500” in each place it occurs, and
(ii) in subsection (3) by substituting “€70,000” for “€55,000” in each place it occurs,
and
(b) in subsection (8)—
(i) in paragraph (a)—
(I) by substituting “, established in the State and engaged in the supply of goods or services in the course or furtherance of business,” for “established in the State”,
(II) by substituting “for the purpose of this Act, the said Commissioners may, whether following an application on behalf of those persons or otherwise” for “subject to such conditions as they may impose by regulations, the said Commissioners, for the purposes of this Act, may”,
(III) by substituting the following subparagraph for subparagraph (i):
“(i) by notice in writing to each of those persons deem them to be a single taxable person, referred to in this section as a ‘group’ and the persons so notified shall then be regarded as being in the group for as long as this paragraph applies to them, but the provisions of section 9 shall apply in respect of each of the members of the group, and—
(I) one of those persons, who shall be notified accordingly by the Commissioners, shall be responsible for complying with the provisions of this Act in respect of the group, and
(II) all rights and obligations arising under this Act in respect of the transactions of the group shall be determined accordingly, and”,
and
(IV) in subparagraph (ii) by substituting “make each person in the group” for “make each such person”,
(ii) by deleting paragraph (c), and
(iii) by inserting the following after paragraph (d):
“(e) The Revenue Commissioners may make regulations as seem to them to be necessary for the purposes of this subsection.”.
num: 80
paragraphs: — Section 10 of the Principal Act is amended:
(a) in subsection (3)—
(i) by deleting paragraph (a), and
(ii) in paragraph (c) by substituting “subsection (3A)” for “paragraph (a)”,
(b) by inserting the following subsection after subsection (3):
“(3A) (a) The Revenue Commissioners may, where they consider it necessary or appropriate to do so to ensure the correct collection of the tax, make a determination that the amount on which tax is chargeable on a supply of goods or services is the open market value of that supply, if they are satisfied that the actual consideration in relation to that supply is—
(i) lower than the open market value of that supply where the recipient of that supply has no entitlement to deduct tax under section 12, or is not entitled to deduct all of the tax chargeable on that supply, or is a flat-rate farmer,
(ii) lower than the open market value of that supply, being an exempted activity, where the supplier engages in the course or furtherance of business in non-deductible supplies or activities as defined in section 12(4)(a), or is a flat-rate farmer, or
(iii) higher than the open market value where the supplier engages in the course or furtherance of business in non-deductible supplies or activities as defined in section 12(4)(a), or is a flat-rate farmer,
and that—
(I) the supplier and the recipient of that supply are persons connected by financial or legal ties, being persons who are party to any agreement, understanding, promise or undertaking whether express or implied and whether or not enforceable or intended to be enforceable by legal proceedings, or
(II) either the supplier or the recipient of that supply exercises control over the other and for this purpose ‘control’ has the meaning assigned to it by section 8(3B).
(b) A value determined in accordance with this subsection shall be deemed to be the true value of the supply to which it applies, for all the purposes of this Act.
(c) The Revenue Commissioners may make regulations as seem to them to be necessary for the purposes of this subsection.
(d) A determination under this section may be made by an inspector of taxes or such other officer as the Revenue Commissioners may authorise for the purpose.”,
and
(c) in subsection (10) by inserting the following after the definition of ‘open market price’:
“ ‘ open market value ’, in relation to a supply of goods or services, means the total consideration excluding tax that a customer, at a marketing stage which is the same as the stage at which the supply of the goods or services takes place, would reasonably be expected to pay to a supplier at arm’s length under conditions of fair competition for a comparable supply of such goods or services;
but if there is no such comparable supply of goods or services then ‘ open market value ’ means—
(a) in respect of a supply of goods, an amount that is not less than the purchase price of the goods or of similar goods or, in the absence of a purchase price, the cost price, determined at the time of supply,
(b) in respect of a supply of services, an amount that is not less than the full cost to the supplier of providing the service;”.
num: 81
paragraphs: — Section 10A(1) of the Principal Act is amended with effect from 1 May 2007 in the definition of “margin scheme goods” by substituting “section 3(5)(d)” for “paragraphs (c) and (d) of subsection (5) of section 3”.
num: 82
paragraphs: — Section 10B of the Principal Act is amended with effect from 1 May 2007 by deleting paragraph (aa) of subsection (1).
num: 83
paragraphs: — Section 12 of the Principal Act is amended—
(a) with effect from 1 May 2007 in subsection (1)(a) by deleting subparagraph (ia), and
(b) in subsection (3)—
(i) with effect from 1 July 2007 in paragraph (a) by substituting the following for subparagraph (i):
“(i) expenditure incurred by the taxable person on food or drink, or accommodation other than qualifying accommodation in connection with attendance at a qualifying conference as defined in paragraph (ca), or other personal services, for the taxable person, the taxable person’s agents or employees, except to the extent, if any, that such expenditure is incurred in relation to a supply of services in respect of which that taxable person is accountable for tax,”,
num: 84
paragraphs: — With effect from 1 January 2007, section 12A of the Principal Act is amended in subsection (1) by substituting “5.2 per cent” for “4.8 per cent”.
num: 85
paragraphs: — Section 12B of the Principal Act is amended with effect from 1 May 2007 in subsection (2)(aa) by substituting “section 3(5)(d)” for “paragraphs (c) and (d) of subsection (5) of section 3”.
num: 86
paragraphs: — Section 12C of the Principal Act is amended in subsections (1A) and (1B) by substituting “section 3(5)(d)” for “section 3(5)(c) or (d)” wherever it occurs.
num: 87
paragraphs: — Section 14 of the Principal Act is amended with effect from 1 March 2007 in subsection (1) by substituting the following paragraph for paragraph (b):
“(b) the total consideration which such person is entitled to receive in respect of such person’s taxable supplies has not exceeded and is not likely to exceed €1,000,000 in any continuous period of 12 months,”.
num: 88
paragraphs: — With effect from 1 January 2007, section 15B is amended—
(a) in subsection (5A)—
(i) by substituting “the Slovak Republic,” for “the Slovak Republic, or” in subparagraph (ii), and
(ii) by inserting the following after subparagraph (ii):
“(iia) the date of the first use of the means of transport was before 1 January 1999 in the case of means of transport entering the State from the Republic of Bulgaria or Romania, or”,
and
(b) in the definition of ‘date of accession’ in subsection (7)(a) by inserting “or 1 January 2007 in respect of the Republic of Bulgaria and Romania” after “Slovak Republic”.
num: 89
paragraphs: — Section 16 of the Principal Act is amended by inserting the following subsection after subsection (2):
“(2A) (a) A taxable person who claims a deduction of tax pursuant to section 12 in respect of qualifying accommodation as defined in section 12(3)(ca) shall retain full and true records in relation to the attendance by the delegate at the relevant qualifying conference, including the details referred to in section 12(3)(ca) issued to that taxable person by the person responsible for organising that conference.
(b) A person responsible for organising a qualifying conference as defined in section 12(3)(ca) and to which section 12(3)(a)(i) relates shall keep full and true records of each such conference organised by that person.”.
num: 90
paragraphs: — Section 17 of the Principal Act is amended with effect from 1 May 2007—
(a) in subsection (1) by deleting the proviso to that subsection,
(b) by deleting subsections (1AA), (3AB), (5A) and (7A), and
(c) in subsection (1AB) by substituting “for the purposes of subsection (1AAA)” for “for the purposes of subsections (1AA), (1AAA)”.
num: 91
paragraphs: — Section 25 of the Principal Act is amended—
(a) in subsection (1)(ac) by inserting “or 10(3A)” after “section 8(3E)”, and
(b) in subsection (2) by deleting paragraph (i).
num: 92
paragraphs: — Section 32 of the Principal Act is amended in subsection (1) by inserting the following paragraph after paragraph (xxx):
“(xxxx) the making of a determination under section 10(3A);”.
num: 93
paragraphs: — The First Schedule to the Principal Act is amended by inserting the following after paragraph (v):
“(va) services closely related to medical care covered by section 61 or 61A of the Health Act 1970 which are undertaken by or on behalf of the Health Service Executive or by home care providers duly recognised by that Executive under section 61A of that Act;”.
num: 94
paragraphs: — Second Schedule to the Principal Act is amended:
(a) by inserting the following after subparagraph (iiib):
“(iiic) the supply of goods or services to international bodies recognised as such by the public authorities of the host Member State, and to members of such bodies, within the limits and under the conditions laid down by the international conventions establishing the bodies or by the agreements between the headquarters of those bodies and the host Member State of the headquarters;”,
(b) in paragraph (v) by substituting “maintenance, chartering and hiring” for “maintenance and hiring”, and
(c) in subparagraph (b) of paragraph (xii) by substituting “drinking water, juice extracted from, and other drinkable products derived from, fruit or vegetables,” for “including water”.
num: 95
paragraphs: — The Fourth Schedule to the Principal Act is amended, with effect from 1 January 2008, by substituting “intermediaries” for “agents” in paragraph (vii).
num: 96
paragraphs: — The Sixth Schedule to the Principal Act is amended—
(a) with effect from 1 March 2007 by substituting “€35,000” for “€27,500”, in paragraphs (viib) and (viic), and
(b) with effect from 1 July 2007, by inserting the following after paragraph (xv):
“(xva) children’s car safety seats,”.
num: 97
paragraphs: — With effect from 1 January 2007 in each provision of the Principal Act specified in the first column of Schedule 3 for the words set out in the second column of that Schedule at that entry there is substituted the words set out at the corresponding entry in the third column of that Schedule.
num: 98
paragraphs: — The European Communities (Value-Added Tax) Regulations 2006 ( S.I. No. 663 of 2006 ) shall, with effect from 1 January 2007, be deemed never to have had effect and are revoked.
num: 99
paragraphs: — In this Part “Principal Act ” means the Stamp Duties Consolidation Act 1999 .
num: 100
paragraphs: — (1) The Principal Act is amended—
(a) in section 1(1)—
(i) in the Table to the definition of “accountable person”—
(I) in column (1) by deleting “MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) which is a security for the payment or repayment of money which is a charge or incumbrance on property situated in the State other than shares in stocks or funds of the Government or the Oireachtas.”, and
(II) in column (2) by deleting “The mortgagee or obligee; in the case of a transfer, the transferee.”,
and
(ii) by deleting the definitions of “equitable mortgage” and “mortgage”,
(b) in section 20(8) by deleting paragraph (a),
(c) by deleting Chapter 5 of Part 5 (sections 57 and 58) and sections 83 and 107,
(d) in section 85(2)(a) by substituting the following for subparagraph (ii):
“(ii) any other loan capital;”,
(e) in section 105(2) by deleting paragraph (a),
(f) in section 112(2) by deleting “mortgage, bond, covenant,”,
(g) in section 113(b) by deleting “or by means of mortgage,”, and
num: 101
paragraphs: — (1) The Principal Act is amended—
(a) in section 1(1)—
(i) by substituting the following for the definition of “bill of exchange”:
“ ‘ bill of exchange ’ means a draft, an order or a cheque;”,
and
(ii) by deleting the definition of “promissory note”,
(b) in section 3(2)(b) by deleting “or a promissory note”,
(c) in section 12(3) by substituting “any transfer or lease (not being a duplicate or counterpart of a transfer or lease)” for “any transfer or lease”,
(d) by deleting sections 22, 24, 26, and 28,
(e) in section 23 by deleting “or promissory note”,
(f) in section 25—
(i) in subsection (1) by deleting “or a promissory note”, and
(ii) in subsection (2)—
(I) by deleting “or promissory note”, and
(II) by deleting “or note” in each place where it occurs,
(g) in section 73(1) by deleting paragraph (a),
(h) in section 112(2) by deleting “promissory note,”,
(i) in section 151(1)—
(i) by deleting paragraph (e), and
(ii) by substituting the following for paragraph (f):
“(f) the stamp on any bill of exchange which from any omission or error has been spoiled or rendered useless, although the same, being a bill of exchange, may have been accepted or endorsed, where another completed and duly stamped bill of exchange is produced identical in every particular, except in the correction of the error or omission, with the spoiled bill;”,
and
num: 102
paragraphs: — Section 81A of the Principal Act is amended by substituting the following for subsection (14):
“(14) This section applies as respects instruments executed on or after 25 March 2004 and before the date of the passing of the Finance Act 2007.”.
num: 103
paragraphs: — The Principal Act is amended—
(a) by inserting the following after section 81A:
“Transfers to young trained farmers.
num: 104
paragraphs: — (1) The Principal Act is amended by inserting the following after section 81B:
“81C.— (1) (a) In this section—
‘ conditions of consolidation ’ means the conditions of consolidation as set out in guidelines;
‘ consolidation certificate ’ means a certificate, issued for the purposes of this section by Teagasc to a farmer in relation to a sale and purchase of qualifying land both of which occur in the relevant period and within 18 months of each other, which identifies the lands concerned, the owners of such lands and certifies that Teagasc is satisfied, on the basis of information available to Teagasc at the time of so certifying, that the sale and purchase of qualifying land complies, or will comply, with the conditions of consolidation set down in guidelines;
‘ farmer ’ means a person who spends not less than 50 per cent of the person’s normal working time farming;
‘ farming ’ includes the occupation of woodlands on a commercial basis;
‘ guidelines ’ means guidelines made and published pursuant to paragraph (b)(i);
‘ interest in qualifying land ’ means an interest in qualifying land which is not subject to any power (whether or not contained in the instrument) on the exercise of which the qualifying land, or any part of or any interest in the qualifying land, may be revested in the person from whom it was purchased or in any person on behalf of such person;
‘ PPS Number ’, in relation to a person, means the person’s Personal Public Service Number within the meaning of section 262 of the Social Welfare Consolidation Act 2005 ;
‘ purchase of qualifying land ’ means a conveyance or transfer (whether on sale or operating as a voluntary disposition inter vivos) of an interest in qualifying land to a farmer and includes a conveyance or transfer where the qualifying land is conveyed or transferred to joint owners where not all the joint owners are farmers; and the date of the purchase of qualifying land shall be the date on which the conveyance or transfer is executed;
‘ qualifying land ’ means relevant land in respect of which a consolidation certificate has been issued by Teagasc;
‘ relevant land ’ means agricultural land, including lands suitable for occupation as woodlands on a commercial basis, in the State and such farm buildings together with the lands occupied with such farm buildings as are of a character appropriate to the relevant land but not including farm houses or mansion houses or the lands occupied with such farm houses and mansion houses unless such farm houses or mansion houses are derelict and unfit for human habitation;
‘ relevant period ’ means the period commencing on 1 July 2007 and ending on 30 June 2009;
‘ sale of qualifying land ’ means a conveyance or transfer (whether on sale or operating as a voluntary disposition inter vivos) of an interest in qualifying land by a farmer and includes a conveyance or transfer where the qualifying land is conveyed or transferred by joint owners where not all the joint owners are farmers; and the date of the sale of qualifying land shall be the date on which the conveyance or transfer is executed;
‘ valid consolidation certificate ’ means a consolidation certificate which, on any day, has not been withdrawn as at that day.
(b) For the purposes of this section—
(i) the Minister for Agriculture and Food with the consent of the Minister for Finance may make and publish guidelines, from time to time setting out—
(I) how an application for a consolidation certificate is to be made,
(II) the documentation required to accompany such an application,
(III) the conditions of consolidation, and
(IV) such other information as may be required in relation to such application,
(ii) where an application is made in that regard, Teagasc shall issue a consolidation certificate in respect of a sale and purchase of relevant land, where they are satisfied, on the basis of information available to Teagasc at that time, that the sale and purchase of such lands complies, or will comply, with the conditions of consolidation, and
(iii) Teagasc may, by notice in writing, withdraw any consolidation certificate already issued.
(2) This section applies to a purchase of qualifying land by a farmer on any day (in this section referred to as the ‘calculation day’) falling within the relevant period.
(3) Subject to subsections (4) and (5), stamp duty shall be chargeable on the instrument giving effect to the purchase of qualifying land to which this section applies as if it were a purchase of qualifying land made in consideration of a sum determined by the formula—
(P — S)
where—
P is the aggregate of—
(a) the value of the qualifying land being purchased, and
(b) the value of all other qualifying land purchased by the farmer in the relevant period where the date of the purchase falls in the period of 18 months ending on the calculation day and where any such purchase was treated by virtue of this subsection as having been made in consideration of a lesser amount in consequence of a sale of qualifying land being made before the commencement of that 18 month period, that lesser amount shall be treated as the value of that purchase,
and
S is the aggregate of the value of all the qualifying land sold by the farmer in the relevant period where the date of the sale falls in the period of 18 months ending on the calculation day, to the extent that it has not given rise to a repayment of duty under subsection (5) in respect of a purchase of qualifying land made before the commencement of that 18 month period.
(4) Where an amount of duty has been paid in accordance with subsection (3) and is not repayable (in this subsection referred to as the ‘relevant amount’) on a purchase of qualifying land by a farmer on a calculation day (in this subsection referred to as the ‘first calculation day’), the duty chargeable on a purchase of qualifying land by the farmer on a later calculation day, which falls within the period of 18 months commencing on the first calculation day, shall be reduced by the relevant amount.
(5) Where at any time in the period of 18 months commencing on a calculation day, qualifying land is sold by a farmer, that sale shall be treated as if it were a sale made on the calculation day and the duty chargeable, in accordance with subsection (3), on the instrument giving effect to the purchase of qualifying land made on the calculation day shall be recomputed in accordance with subsection (3) and an amount equal to the difference between—
(a) the duty charged on the instrument prior to the recomputation, and
(b) the duty that is chargeable on the instrument after the recomputation,
shall, subject to compliance with the conditions set out in subsection (6), be repaid by the Commissioners where a claim for repayment is made to them in that regard.
(6) A claim for relief under subsection (3) or a claim for relief by way of repayment under subsection (5), made to the Commissioners under this section, shall be allowed on the production to them of—
(a) the instrument giving effect to the purchase of the qualifying land,
(b) a certified copy of the instrument giving effect to the sale of the qualifying land,
(c) a valid consolidation certificate in relation to the purchase and sale of the qualifying land in respect of which the claim for relief is being made,
(d) a declaration of a kind referred to in subsection (7), made by each farmer who has purchased the qualifying land referred to in paragraph (a),
(e) a declaration made in writing by each person, who has purchased the qualifying land referred to in paragraph (a), in such form as the Commissioners may specify, declaring that it is the intention of such person—
(i) to retain ownership of his or her interest in the qualifying land, and
(ii) that the qualifying land will be used for farming,
for a period of not less than 5 years from the date on which the first claim for relief in respect of the qualifying land is made, and
(f) the PPS Number of each person who has purchased the qualifying land referred to in paragraph (a).
(7) The declaration referred to in subsection (6)(d) is a declaration made in writing by a farmer, in such form as the Commissioners may specify, which—
(a) is signed by the farmer, and
(b) declares that the farmer—
(i) will remain a farmer, and
(ii) will farm the qualifying land referred to in subsection (6)(a),
for a period of not less than 5 years from the date on which the first claim for relief in respect of the qualifying land is made.
(8) This section shall not apply to an instrument unless it has, in accordance with section 20, been stamped with a particular stamp denoting that it is duly stamped or, as the case may be, that it is not chargeable with any duty.
(9) (a) Subject to paragraph (b), where any person who purchased qualifying land by any instrument in respect of which relief was allowed by the Commissioners, disposes of such qualifying land, or part of such qualifying land, within a period of 5 years from the date on which the first claim for relief in respect of the qualifying land is allowed, then such person or, where there is more than one such person, each such person, jointly and severally, shall become liable to pay to the Commissioners a penalty of an amount equal to the amount of the difference between—
(i) the duty that would have been charged on the value of such qualifying land, if such qualifying land had been purchased by that person or, where there is more than one such person, each such person, by an instrument to which this section had not applied, and
(ii) the duty, if any, that was charged and is not repayable on the instrument concerned,
together with interest charged on that amount, calculated in accordance with section 159D, from the date of disposal of the qualifying land or, as the case may be, a part thereof, to the date the penalty is remitted.
(b) Paragraph (a) shall not apply to any disposal of qualifying land which is being compulsorily acquired but subsection (5) shall not apply to give relief, after that disposal, in respect of the duty already charged on the purchase of qualifying land.
(c) Where any claim for relief from duty under this section has been allowed and it is subsequently found that a declaration referred to in paragraph (d) or (e) of subsection (6)—
(i) was untrue in any material particular which would have resulted in the relief not being allowed, and
(ii) was made knowing same to be untrue or in reckless disregard as to whether it was true or not,
then the person or persons who made such a declaration, jointly and severally, shall become liable to pay to the Commissioners a penalty of an amount equal to the amount of the difference between—
(I) 125 per cent of the duty that would have been charged on the instrument had this section not applied due to all the facts not having been truthfully declared, and
(II) the duty, if any, that was charged and is not repayable on the instrument concerned,
together with interest charged on that amount, calculated in accordance with section 159D, from the date when the claim for relief was made to the Commissioners to the date the penalty is remitted.
(d) Where a consolidation certificate, purporting to be valid at the date when a claim for relief under this section is made to the Commissioners, is furnished to the Commissioners and it subsequently transpires that the consolidation certificate was not a valid consolidation certificate on that date, the parties to the instrument who have purchased the qualifying land, jointly and severally, shall become liable to pay to the Commissioners a penalty of an amount equal to the amount of the difference between—
(i) 125 per cent of the duty that would have been charged on the instrument had this section not applied to it, and
(ii) the duty, if any, that was charged and is not repayable on the instrument concerned,
together with interest charged on that amount, calculated in accordance with section 159D, from the date the claim for relief is made to the Commissioners to the date the penalty is remitted.
(10) Notwithstanding subsection (9)—
(a) where relief under this section was allowed in respect of any instrument, a disposal by a farmer or other joint owner of part of the qualifying land to a spouse for the purpose of creating a joint tenancy in the qualifying land, or where the instrument gave effect to the purchase of the qualifying land by joint owners, a disposal by one joint owner, to another joint owner (being a farmer) of any part of the qualifying land, shall not be regarded as a disposal to which subsection (9) applies, but on such disposal, such part of the qualifying land shall be treated for the purposes of subsection (9) as if it had been purchased immediately by the spouse or other joint owner by the instrument in respect of which relief was allowed,
(b) a person shall not be liable, in respect of the same matter, to more than one penalty under paragraph (a), (c) or (d) of subsection (9),
(c) a person shall not be liable, in respect of the same matter, to a penalty under paragraph (a) of subsection (9), if and to the extent that such person has paid a penalty under paragraph (c) or (d) of subsection (9),
(d) a person shall not be liable, in respect of the same matter, to a penalty under paragraph (c) of subsection (9), if and to the extent that such person has paid a penalty under paragraph (a) or (d) of subsection (9), and
(e) a person shall not be liable, in respect of the same matter, to a penalty under paragraph (d) of subsection (9), if and to the extent that such person has paid a penalty under paragraph (a) or (c) of subsection (9).
(11) This section shall not apply to any instrument effecting a purchase of qualifying land where the purchaser of such land or, as the case may be, any of the purchasers, is a company.
(12) This section applies as respects instruments executed on or after 1 July 2007 and on or before 30 June 2009.”.
(2) Subsection (1) comes into operation on the making of an order to that effect by the Minister for Finance.
num: 105
paragraphs: — (1) The Principal Act is amended by inserting the following after section 82A:
“82B.— (1) In this section ‘approved sports body’ means an ‘approved body of persons’ within the meaning of section 235(1) of the Taxes Consolidation Act 1997 .
(2) Stamp duty shall not be chargeable on any instrument operating as a conveyance, transfer or lease, of land to an approved sports body.
(3) Subsection (2) shall not apply to an instrument unless—
(a) the land conveyed, transferred or leased by the instrument will be used for the sole purpose of promoting athletic or amateur games or sports, and
(b) the instrument—
(i) contains a certificate, in such form as the Commissioners may specify, that this section applies, and
(ii) has, in accordance with section 20, been stamped with a particular stamp denoting that it is not chargeable with duty.
(4) (a) Where an approved sports body to whom land was conveyed, transferred or leased by any instrument to which subsection (2) applied—
(i) disposes of such land, or part of such land (in this subsection referred to as a ‘part disposal’), and
(ii) does not fully apply the proceeds from such disposal or, as the case may be, such part disposal, to the sole purpose of promoting athletic or amateur games or sports,
then such approved sports body shall become liable to pay to the Commissioners a penalty equal to an amount determined by the formula—
S x N
V
where—
S is the amount of stamp duty that would have been charged on that instrument had subsection (2) not applied,
V is the market value, immediately before the disposal or the part disposal, of all the land conveyed, transferred or leased by the instrument, and
N is the amount of proceeds from the disposal or, as the case may be, the part disposal that has not been, or will not be, applied to the sole purpose of promoting athletic or amateur games or sports.
(b) For the purposes of paragraph (a)—
(i) where any property is received by way of exchange, in whole or in part for a disposal, and has been, or will be, applied to the sole purpose of promoting athletic or amateur games or sports, an amount equal to the market value of such property, at the date of the disposal, shall be deemed to be proceeds from such disposal which have been, or will be, applied to that same purpose, and
(ii) where a disposal of land is effected in whole or in part by way of a voluntary disposition inter vivos, an amount equal to the market value of the lands disposed of, at the date of the disposal, less the amount, if any, received as proceeds from the disposal, shall be deemed to be proceeds from the disposal which have not been, or will not be, applied to the sole purpose of promoting athletic or amateur games or sports.
(5) Where an approved sports body to whom land was conveyed, transferred or leased by any instrument to which subsection (2) applied, ceases, at any time, to use the land, beneficially owned by it, for the sole purpose of promoting athletic or amateur games or sports, the approved sports body shall become liable to pay to the Commissioners a penalty equal to the amount of stamp duty which would have been charged on the instrument, in the first instance, had subsection (2) not applied.
(6) Interest shall be payable on a penalty incurred under subsection (4) or (5) calculated in accordance with section 159D, from the date of any disposal or cessation to the date the penalty is remitted.
(7) Notwithstanding subsections (4) and (5), the maximum penalty payable on any instrument shall not exceed the amount of duty which would have been charged on the instrument in the first instance had subsection (2) not applied.”.
(2) This section applies as respects instruments executed on or after 7 December 2006.
num: 106
paragraphs: — (1) Section 83A of the Principal Act is amended in subsection (1) by substituting the following for the definition of “site”:
“ ‘ site ’, in relation to an instrument of conveyance, transfer or lease, means land comprising both—
(a) the area of land on which a dwelling house, referred to in subsection (3)(c), is to be constructed, and
(b) an area of land for occupation and enjoyment with that dwelling house as its gardens or grounds which, exclusive of the area referred to in paragraph (a), does not exceed 0.4047 hectare,
but does not include an area of land on which a building is situated which building at the date of execution of that instrument—
(i) was used or was suitable for use as a dwelling or for other purposes, or
(ii) was in the course of being constructed or adapted for use as a dwelling or for other purposes.”.
(2) This section applies as respects instruments executed on or after 1 February 2007.
num: 107
paragraphs: — (1) The Principal Act is amended by inserting the following after section 83A:
“83B.— (1) Stamp duty shall not be chargeable on any instrument operating as a conveyance or transfer of land, the subject of the disposal by the child referred to in paragraph (d) (inserted by the Finance Act 2007) of section 599 (1) of the Taxes Consolidation Act 1997 .
(2) Subsection (1) shall not apply to an instrument unless the instrument—
(a) contains a certificate, in such form as the Commissioners may specify, that this section applies, and
(b) has, in accordance with section 20, been stamped with a particular stamp denoting that it is not chargeable with duty.”.
(2) This section applies as respects instruments executed on or after the date of the passing of this Act.
num: 108
paragraphs: — (1) Section 92B of the Principal Act is amended in subsection (8)—
(a) by substituting the following for paragraph (a):
“(a) (i) Notwithstanding subsection (1), a spouse to a marriage (in this subsection referred to as a ‘claimant’), the subject of a decree of divorce, a decree of judicial separation, a decree of nullity or a deed of separation (in this subsection referred to as a ‘decree’), shall be deemed to be a first time purchaser for the purposes of the definition in subsection (1), in respect of the first conveyance or transfer, including a conveyance or transfer operating as a voluntary disposition within the meaning of section 30, to the claimant, of a dwelling house, after the date of the decree, where the conditions set out in subparagraph (ii) are satisfied.
(ii) The conditions required by this subparagraph are that—
(I) immediately prior to the date of the decree, the claimant is not beneficially entitled to an interest in any dwelling house other than the dwelling house referred to in clause (II),
(II) the dwelling house, most recently acquired prior to the date of the decree, which was the only or main residence of the claimant and his or her spouse at some time prior to the date of the decree, did not cease to be occupied, at the date of the decree, by the spouse of the claimant as his or her only or main residence and the spouse was beneficially entitled to an interest in the dwelling house on that date or acquired such an interest after that date by virtue or in consequence of, the decree, and
(III) at the date of execution of the instrument, giving effect to the conveyance or transfer, the claimant is not beneficially entitled to an interest in the dwelling house referred to in clause (II).
(aa) (i) Where, by reason only of the fact that the first conveyance or transfer (referred to in paragraph (a)(i)) of a dwelling house was executed on or before the date of the decree, and as a consequence the claimant cannot satisfy the conditions set out in clauses (I) and (III) of paragraph (a)(ii), the claimant shall be deemed to be a first time purchaser for the purposes of the definition in subsection (1), where the first conveyance or transfer is executed in the period of 6 months ending on the date of the decree and the conditions set out in subparagraph (ii) are satisfied.
(ii) The conditions required by this subparagraph are that―
(I) the first conveyance or transfer was made in anticipation of the decree, and
(II) immediately before the date of the decree, the claimant was not beneficially entitled to an interest in any dwelling house other than the dwelling house referred to in subparagraph (i) and the dwelling house referred to in clause (II) of paragraph (a)(ii).
(iii) Where by virtue of subparagraph (i) a claimant is deemed to be a first time purchaser in respect of a first conveyance or transfer, the Commissioners, on a claim being made to them on that behalf and on the conditions set out in subparagraph (iv) being satisfied, shall cancel and repay such duty or part of such duty as would not have been chargeable had paragraph (a) applied to the conveyance or transfer when it was first presented for stamping.
(iv) The conditions required by this subparagraph are that the claimant, when making a claim for repayment, shall produce to the Commissioners—
(I) the stamped instrument,
(II) a copy of the decree,
(III) a declaration made in writing by the claimant, in such form as the Commissioners may specify, confirming to the satisfaction of the Commissioners that—
(A) the conveyance or transfer was made in connection with the decree,
(B) immediately before the date of the decree, the claimant was not beneficially entitled to an interest in any dwelling house other than the dwelling house referred to in subparagraph (i) and the dwelling house referred to in clause (II) of paragraph (a)(ii),
(C) the dwelling house referred to in clause (II) of paragraph (a)(ii) did not cease to be occupied, at the date of the decree, by the spouse of the claimant as his or her only or main residence and the spouse was beneficially entitled to an interest in the dwelling house on that date or acquired such an interest after that date by virtue or in consequence of the decree,
(D) at the time of making the claim for repayment, the claimant was not beneficially entitled to an interest in the dwelling house referred to in clause (II) of paragraph (a)(ii),
(E) since the date of execution of the conveyance or transfer, the conditions referred to in subsection (3)(b)(ii) or, as the case may be, section 92(1)(b)(ii) have been complied with and will be complied with for the remainder of the 5 year period referred to in the subsection or, as the case may be, the section,
(F) the conveyance or transfer is one to which subsection (3A) does not apply, and
(G) where the dwelling house was conveyed or transferred to the claimant and another person, that the other person was a first time purchaser within the meaning of subsection (1), immediately prior to the date of execution of the conveyance or transfer concerned,
(IV) the PPS Number of the claimant and any other person to whom the dwelling house was conveyed or transferred, and
(V) such other evidence that the Commissioners may require for the purposes of this subparagraph.
(v) Subsection (4) shall apply to a conveyance or transfer to which subparagraph (ii) applies as it applies to an instrument to which subsection (2) applies, with any necessary modifications.”,
and
(b) in paragraph (b)—
(i) in the definition of “decree of nullity” by substituting “in the State;” for “in the State.”, and
(ii) by inserting the following after the definition of “decree of nullity”:
“ ‘ deed of separation ’ means a deed of separation executed by both spouses to a marriage and the date of a deed of separation is the date on which such deed is executed by both spouses to the marriage;
‘ dwelling house ’ means a dwelling house or apartment or a part of a dwelling house or apartment;
‘ PPS Number ’, in relation to a person, means the person’s Personal Public Service Number within the meaning of section 262 of the Social Welfare Consolidation Act 2005 .”.
(2) This section applies as respects instruments executed on or after 1 February 2007.
num: 109
paragraphs: — (1) Part 6 of the Principal Act is amended—
(a) in section 68 by deleting the definitions of “market maker”, “member firm” and “relevant period”,
(b) in section 73(1) by deleting paragraph (b),
(c) by deleting section 74, and
(d) by substituting the following for section 75:
“Relief for intermediaries.
num: 75
paragraphs: — (1) In this section—
‘ excluded business ’ means any of the following:
(a) any business which consists in the making or managing of investments;
(b) any business which consists in, or is carried on for the purpose of, providing services to persons who are connected with the person carrying on the business; and the question of whether a person is connected with another person shall be determined in accordance with the provisions of section 10 of the Taxes Consolidation Act 1997 ;
(c) any business which consists in insurance business, or assurance business within the meaning of section 3 of the Insurance Act 1936 ;
(d) any business which consists in administering, managing or acting as trustee in relation to, a pension scheme, or which is carried on by the administrator, manager or trustee of such a scheme, in connection with or for the purposes of the scheme;
(e) any business which consists in operating, or acting as trustee in relation to, a collective investment scheme (within the meaning of section 88), or is carried on by the operator or trustee of such a scheme in connection with or for the purposes of the scheme;
‘ intermediary ’ means a person who carries on a bona fide business of dealing in securities and, for the purpose of this definition, the entering into derivative agreements referenced directly or indirectly to securities shall be treated as carrying on a business of dealing in securities;
‘ member firm ’ means a member of—
(a) the Irish Stock Exchange Limited,
(b) the London Stock Exchange plc, or
(c) any other exchange or market which is designated for the purposes of this section in regulations made by the Commissioners;
‘ operator ’, in relation to a collective investment scheme, means an administrator, manager or other such person who is authorised to act on behalf of, or in connection with, or for the purposes of, the scheme and habitually so acts in that capacity;
‘ recognised intermediary ’, in relation to an exchange or market, means a member of the exchange or market who is an intermediary and who is approved by the Commissioners as a recognised intermediary in accordance with arrangements made by the Commissioners with the exchange or market.
(2) For the purposes of this section, a transfer of securities is effected on an exchange or market if—
(a) it is subject to the rules of the exchange or, as the case may be, the market, and
(b) it is reported to the exchange or, as the case may be, the market, in accordance with the rules of the exchange or market concerned.
(3) Stamp duty shall not be chargeable on an instrument of transfer whereby any securities are on the sale of such securities transferred to a person or a nominee of such person, where—
(a) the person is a member firm of an exchange or market,
(b) the person is a recognised intermediary in relation to the exchange or market,
(c) the transfer of securities is effected—
(i) on the exchange or, as the case may be, the market,
(ii) on any exchange or market operated by the Irish Stock Exchange Limited or the London Stock Exchange plc, or
(iii) on any other exchange or market designated by the Commissioners for the purposes of this section,
and
(d) the transfer of securities is not effected in connection with an excluded business.
(4) (a) The Commissioners may, from time to time, make arrangements with an exchange or a market setting out how a member firm is to be approved by the Commissioners as a recognised intermediary.
(b) Every recognised intermediary shall, whenever and wherever required to do so, make available for inspection by an officer of the Commissioners authorised for that purpose, all books, documents and other records in the possession of or under the control of, the recognised intermediary, as are relevant for the purposes of the Commissioners ensuring compliance by the intermediary with this section.
(5) (a) The Commissioners may, from time to time, make regulations to designate an exchange or market for the purposes of this section.
(b) Every regulation made under this section shall be laid before DÃ¡il Ãireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by DÃ¡il Ãireann within the next 21 days on which DÃ¡il Ãireann 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.
Relief for clearing houses.
75A.— (1) In this section—
‘ clearing house ’ means a body or association which provides services related to the clearing and settlement of transactions and payments and the management of risks associated with the resulting contracts and which is regulated or supervised in the provision of those services (in this section referred to as ‘clearing services’) by a regulatory body, or an agency of government, of a Member State of the European Communities;
‘ clearing participant ’ means a member of a recognised clearing house who is permitted by the clearing house to provide clearing services in connection with a transfer of securities;
‘ client ’ means a person who gives instructions for securities to be sold;
‘ nominee ’ means a person whose business is or includes holding securities as a nominee for a recognised clearing house acting in its capacity as a provider of clearing services or, as the case may be, a nominee for a clearing participant or a non-clearing participant;
‘ non-clearing participant ’ means a member of an exchange or market when not acting as a clearing participant;
‘ recognised clearing house ’ means―
(a) Eurex Clearing AG,
(b) LCH.Clearnet Limited,
(c) SIS SegaInterSettle AG, or
(d) any other clearing house designated as a recognised clearing house for the purposes of this section by regulations made by the Commissioners.
(2) Stamp duty shall not be chargeable on an instrument of transfer whereby any securities are on the sale of such securities transferred in the circumstances referred to in subsection (3) where the conditions referred to in subsection (4) are satisfied.
(3) The circumstances referred to in this subsection are that the transfer of securities is—
(a) from a clearing participant or a nominee of a clearing participant, to another clearing participant or a nominee of that other clearing participant,
(b) from a client or a non-clearing participant or a nominee of a non-clearing participant, to a clearing participant or a nominee of a clearing participant,
(c) from a non-clearing participant or a nominee of a non-clearing participant or a clearing participant or a nominee of a clearing participant, to a recognised clearing house or a nominee of a recognised clearing house,
(d) from a person other than a clearing participant, to a recognised clearing house or a nominee of a recognised clearing house, as a result of a failure by a clearing participant to fulfil that clearing participant’s obligations in respect of the transfer of securities to the recognised clearing house or a nominee of the recognised clearing house,
(e) from a recognised clearing house or a nominee of a recognised clearing house, to a clearing participant or a nominee of a clearing participant or a non-clearing participant or a nominee of a non-clearing participant, or
(f) from a clearing participant, or a nominee of a clearing participant to a non-clearing participant or a nominee of a non-clearing participant.
(4) The conditions referred to in this subsection are that the person to whom the securities are transferred under a transfer of securities referred to in paragraphs (a) to (f) of subsection (3) (in this section referred to as the ‘ relevant transfer ’) is required on receipt of those securities to transfer securities under a matching transfer to another person, or in the case of a relevant transfer falling within paragraph (d), would have been so required if the failure referred to in that paragraph had not occurred.
(5) For the purposes of subsection (4), a ‘ matching transfer ’ means a transfer of securities under which—
(a) the securities transferred are of the same kind as the securities transferred under the relevant transfer, and
(b) the number of and consideration paid for, the securities transferred are identical to the number of and consideration paid for, the securities transferred under the relevant transfer.
(6) (a) The Commissioners may, from time to time, make regulations to designate a clearing house as a recognised clearing house for the purposes of this section.
(b) Every regulation made under this section shall be laid before DÃ¡il Ãireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by DÃ¡il Ãireann within the next 21 days on which DÃ¡il Ãireann 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) (a) Subject to paragraph (b), this section comes into operation on such day or days as the Minister for Finance may by order appoint and different days may be appointed for different purposes or different provisions.
(b) The Revenue Commissioners may, before this section comes into operation, make arrangements with an exchange or market setting out how a member firm is to be approved as a recognised intermediary by the Commissioners when this section comes into operation.
num: 110
paragraphs: — (1) The Principal Act is amended―
(a) by inserting the following after section 31:
“Resting in contract.
31A.― (1) Where―
(a) the holder of an estate or interest in land in the State enters into a contract or agreement with another person for the sale of the estate or interest to that other person or to a nominee of that other person, and
(b) a payment which amounts to, or as the case may be payments which together amount to, 25 per cent or more of the consideration for the sale has been paid to, or at the direction of, the holder of the estate or interest at any time pursuant to the contract or agreement, and
(c) within 30 days of the first such time a conveyance or transfer, made in conformity with the contract or agreement, and executed by the parties to the contract or agreement is not presented to the Commissioners for stamping with ad valorem duty chargeable on it,
then the contract or agreement shall be chargeable with the same ad valorem duty, to be paid by the other person, as if it were a conveyance or transfer of the estate or interest in the land.
(2) Where duty has been paid, in respect of a contract or agreement, in accordance with subsection (1), a conveyance or transfer made in conformity with the contract or agreement shall not be chargeable with any duty, and the Commissioners, on application, either shall denote the payment of the ad valorem duty on the conveyance or transfer, or shall transfer the ad valorem duty to the conveyance or transfer on production to them of the contract or agreement, duly stamped.
Licence agreements.
31B.― (1) In this section ‘ development ’, in relation to any land, means―
(a) the construction, demolition, extension, alteration or reconstruction of any building on the land, or
(b) any engineering or other operation in, on, over or under the land to adapt it for materially altered use.
(2) Where―
(a) the holder of an estate or interest in land in the State enters into an agreement with another person under which that other person, or a nominee of that other person, is entitled to enter onto the land to carry out development on that land, and
(b) by virtue of the agreement, otherwise than as consideration for the sale of all or part of the estate or interest in the land, the holder of the estate or interest in the land receives at any time a payment which amounts to, or as the case may be payments which together amount to, 25 per cent or more of the market value of the land concerned,
then within 30 days of the first such time, the agreement shall be chargeable with the same ad valorem duty, to be paid by that other person, as if it were a conveyance or transfer of the estate or interest in the land.”,
(b) by deleting section 36,
(c) by inserting the following after section 50:
“Agreements for more than 35 years charged as leases.
50A.― An agreement for a lease or with respect to the letting of any lands, tenements, or heritable subjects for any term exceeding 35 years, shall be charged with the same duty as if it were an actual lease made for the term and consideration mentioned in the agreement where 25 per cent or more of that consideration has been paid.”,
and
num: 111
paragraphs: — Section 159A of the Principal Act is amended in subsection (1) by substituting “the date the statement of liability was delivered to the Commissioners, the date the operator-instruction referred to in section 69 was made or the date the person achieves the standard within the meaning of section 81AA(11)(a).” for “the date the statement of liability was delivered to the Commissioners or the date the operator-instruction referred to in section 69 was made.”.
num: 112
paragraphs: — In this Part “Principal Act” means the Capital Acquisitions Tax Consolidation Act 2003 .
num: 113
paragraphs: — (1) Section 18 of the Principal Act is amended—
(a) by substituting the following for the definition of “ relevant period ” in subsection (1):
“ ‘ relevant period ’ means—
(a) in relation to an earlier relevant inheritance, the period of 5 years commencing on the date of death of the disponer,
(b) in relation to a settled relevant inheritance, the period of 5 years commencing on the date of death of the life tenant concerned,
(c) in relation to a will trust relevant inheritance, the period of 5 years commencing on the date when property becomes subject to a discretionary trust which was created under the will of the disponer, and
(d) in relation to a later relevant inheritance, the period of 5 years commencing on the latest date on which a later relevant inheritance was deemed to be taken from the disponer;”,
(b) by substituting the following for the definition of “the appropriate trust” in subsection (1):
“ ‘ the appropriate trust ’, in relation to a relevant inheritance, means the trust by which the inheritance was deemed to have been taken;
‘ will trust relevant inheritance ’ means a relevant inheritance deemed to be taken when property becomes subject to a discretionary trust which was created under the will of the disponer.”,
and
(c) by substituting the following for subsection (3):
“(3) Where, in the case of each earlier relevant inheritance, each settled relevant inheritance, each will trust relevant inheritance or each later relevant inheritance, as the case may be, taken from the same disponer, one or more objects of the appropriate trust became beneficially entitled in possession before the expiration of the relevant period to an absolute interest in the entire of the property of which that inheritance consisted on and at all times after the date of that inheritance (other than property which ceased to be subject to the terms of the appropriate trust by virtue of a sale or exchange of an absolute interest in that property for full consideration in money or money’s worth), then, in relation to all such earlier relevant inheritances, all such settled relevant inheritances, all such will trust relevant inheritances or all such later relevant inheritances, as the case may be, the tax so chargeable is computed at the rate of 3 per cent.”.
(2) This section applies to inheritances deemed to be taken on or after 1 February 2007.
num: 114
paragraphs: — (1) Section 21 of the Principal Act is amended by substituting the following for paragraph (b):
“(b) the valuation date of the taxable inheritance is the relevant chargeable date;”.
(2) This section applies to inheritances deemed to be taken on or after 1 February 2007.
num: 115
paragraphs: — (1) Section 51 of the Principal Act is amended in subsection (3) by substituting the following for paragraph (e):
“(e) to the extent to which section 86(6) or (7) applies, for the duration of the period from the valuation date to the date the exemption ceases to apply,
(f) to the extent to which section 102A(2) applies, for the duration of the period from the valuation date to the date the development land is disposed of.”.
(2) This section applies where the event that causes the exemption to cease to apply or the tax to be re-computed, as the case may be, occurs on or after 1 February 2007.
num: 116
paragraphs: — (1) Section 86 of the Principal Act is amended by inserting the following after subsection (3):
“(3A) For the purposes of subsection (3)(a), in the case of a gift―
(a) any period during which a donee occupied a dwelling house that was, during that period, the disponer’s only or main residence, shall be treated as not being a period during which the donee occupied the dwelling house unless the disponer is compelled, by reason of old age or infirmity, to depend on the services of the donee for that period,
(b) where paragraph (a)(i) of subsection (3) applies, the dwelling house referred to in that paragraph is required to be owned by the disponer during the 3 year period referred to in that paragraph, and
(c) where paragraph (a)(ii) of subsection (3) applies, either the dwelling house or the other property referred to in that paragraph is required to be owned by the disponer during the 3 year period referred to in that paragraph.”.
(2) This section applies to gifts taken on or after 20 February 2007.
num: 117
paragraphs: — (1) Section 89 of the Principal Act is amended in subsection (1) by substituting the following for paragraph (a) of the definition of “farmer”:
“(a) no deduction is made from the market value of property for any debts or encumbrances (except debts or encumbrances in respect of a dwelling house which is the only or main residence of the donee or successor and which is not agricultural property), and”.
(2) This section applies to gifts and inheritances taken on or after 1 February 2007.
num: 118
paragraphs: — Section 110A (inserted by the Finance Act 1993 ) of the Finance Act 1983 is amended—
(a) in subsection (9)—
(i) by substituting “on or after the date of the passing of the Finance Act 1993 and before 1 February 2007” for “on or after the date of the passing of the Finance Act, 1993 ”, and
(ii) by substituting “until the earlier of the expiration of 12 years from that date and 1 February 2007” for “for 12 years from that date”,
and
(b) by inserting the following after subsection (12):
“(13) Subsection (2) of this section shall not apply to the sale of an estate or interest in residential property completed on or after 1 February 2007.”.
num: 119
paragraphs: — In this Part “ Principal Act ” means the Taxes Consolidation Act 1997 .
num: 120
paragraphs: — With effect from the passing of this Act, section 1001 of the Principal Act is amended by substituting the following for paragraph (c) of subsection (3):
“(c) where within 21 days of the creation of the fixed charge the holder of the fixed charge furnishes in writing to the Revenue Commissioners the following details in relation to the charge:
(i) the name of the company on whose book debts the charge has been created;
(ii) the registration number of the company as issued by the Companies Registration Office to that company;
(iii) the tax registration number of the company as issued by the Revenue Commissioners to that company;
(iv) the date the fixed charge was created; and
(v) the name and address of the holder of the fixed charge;
to any relevant amount which the company was liable to pay before the date on which the holder is notified in writing by the Revenue Commissioners in accordance with paragraph (a).”.
num: 121
paragraphs: — (1) Subsection (2) of section 865A (inserted by the Finance Act 2003 ) of the Principal Act is amended by substituting “93 days” for “6 months”.
(2) Subsection (3) of section 21A (inserted by the Finance Act 2003 ) of the Value-Added Tax Act 1972 is amended by substituting “93 days” for “six months” in both places where it occurs.
(3) Subsection (3) of section 105D (inserted by the Finance Act 2003 ) of the Finance Act 2001 is amended by substituting “93 days” for “6 months” and “93 day period” for “6 month period”.
(4) Paragraph (a) of the definition of “relevant date” in subsection (1) of section 57 (amended by the Finance Act 2003 ) of the Capital Acquisitions Tax Consolidation Act 2003 is amended by substituting “93 days” for “183 days”.
(5) Paragraph (a) of the definition of “relevant date” in subsection (1) of section 159B (inserted by the Finance Act 2003 ) of the Stamp Duties Consolidation Act 1999 is amended by substituting “93 days” for “183 days”.
(6) This section applies to interest payable under—
(a) section 865A of the Principal Act,
(b) section 21A of the Value-Added Tax Act 1972 ,
(c) section 105D of the Finance Act 2001 ,
(d) section 57 of the Capital Acquisitions Tax Consolidation Act 2003 , or
(e) section 159B of the Stamp Duties Consolidation Act 1999 ,
on repayments to which those sections apply made on or after the passing of this Act.
num: 122
paragraphs: — (1) Section 1003A of the Principal Act is amended by inserting the following after subsection (11):
“(11A) (a) In the event that Fota House in County Cork is acquired by the Trust, either by way of a relevant gift under this section or otherwise, and the collection referred to in paragraph (b) is acquired by the Trust by way of gift, relief under this section shall, subject to paragraphs (c) and (d), be granted in respect of the collection on the basis that Fota House was acquired by the Trust by way of a relevant gift and the collection formed part of the contents of the building.
(b) The collection referred to in this paragraph (in this subsection referred to as the ‘ collection ’) is a collection—
(i) of either or both Irish paintings and furniture which was displayed in Fota House in the period 1983 to 1990,
(ii) which is to be housed by the Trust in Fota House, and
(iii) in respect of which the Minister, after consulting with such person (if any) in the matter as the Minister may deem to be necessary, is satisfied that the collection is important to establishing the aesthetic context of Fota House.
(c) This subsection shall not apply unless the collection is gifted to the Trust before the end of 2007.
(d) Relief under this section, in respect of the market value of the collection as determined in accordance with subsection (3), shall, where this subsection applies, be granted to the person making the gift to the Trust of the collection, notwithstanding that that person is not the person from whom Fota House was acquired by the Trust.”.
(2) Section 1003A of the Principal Act, as amended by subsection (1), applies as respects the year of assessment 2007 as if in subsection (2)(d) “€10,000,000” were substituted for “€6,000,000”.
num: 123
paragraphs: — The Principal Act is amended in Part 38—
(a) in section 888—
(i) in subsection (2)(e) by inserting the following after subparagraph (ii):
“(iia) the tax reference number of every such person,”,
and
(ii) by inserting the following after subsection (2):
“(3) (a) In this section ‘ tax reference number ’ means—
(i) in the case of an individual, the individual’s Personal Public Service Number within the meaning of section 262 of the Social Welfare Consolidation Act 2005 , and
(ii) in the case of any other person, the reference number stated on any return form of income or profits, or notice of assessment, issued to that person by the Revenue Commissioners.
(b) Where a payment, either in the nature of or for the purpose of rent or rent subsidy in relation to any premises, is to be made by any body referred to in subsection (2)(e), that body shall request from every person to whom that premises belongs that the person furnish to the body—
(i) the person’s tax reference number, or
(ii) where the person does not have a tax reference number, confirmation to that effect,
before the day on which the payment is to be made.
(c) A person to whom paragraph (b) relates shall comply with the request in a manner so as to enable the body to have that information before the day the payment is to be made.
(d) Where in making a return for the purposes of subsection (2)(e), the body is unable to provide the information required by subparagraph (iia) of that subsection in respect of a person because the person failed to furnish the information in accordance with paragraph (b), then the body shall, unless it can otherwise duly provide the information, state that it cannot provide the information so required.”,
(b) in section 898A by deleting “the Revenue Commissioners may require.” and substituting “the Revenue Commissioners may require and in the case of such returns or information referred to in paragraphs (d) and (e) of section 888(2) and in sections 891, 892 and 898, where the Revenue Commissioners so require, in an electronic format approved by them.”,
(c) in section 910 by inserting the following after subsection (2):
“(3) Where information is to be provided to the Revenue Commissioners in accordance with subsection (1) it shall be provided, where the Revenue Commissioners so require, in an electronic format approved by them.”,
and
(d) in section 914 by inserting the following after subsection (7):
“(8) Where a return is required to be made under this section, it shall be made, where the Revenue Commissioners so require, in an electronic format approved by the Revenue Commissioners.”.
num: 124
paragraphs: — The Principal Act is amended in Chapter 4 of Part 38—
(a) in section 905(2)—
(i) by substituting the following for paragraph (e):
“(e) An authorised officer shall not, without the consent of the occupier, enter any premises, or that portion of any premises, which is occupied wholly and exclusively as a private residence, except on production by the officer of a warrant issued under subsection (2A).”,
and
(ii) by deleting paragraph (f),
(b) in section 905(2A)(c) by deleting “or for the purpose of any criminal proceedings”, and
(c) by inserting the following after section 908B:
“Search warrants.
908C.— (1) In this section—
‘ the Acts ’ means the Waiver of Certain Tax, Interest and Penalties Act 1993 together with the meaning assigned to it in section 1078(1);
‘ authorised officer ’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section;
‘ commission ’, in relation to an offence, includes an attempt to commit the offence;
‘ computer ’ includes any electronic device capable of performing logical or arithmetical operations on data in accordance with a set of instructions;
‘ computer at the place which is being searched ’, includes any other computer, whether at that place or at any other place, which is lawfully accessible by means of that computer;
‘ information in non-legible form ’ means information which is kept (by electronic means or otherwise) on microfilm, microfiche, magnetic tape or disk or in any other non-legible form;
‘ material ’ means any books, documents, records or other things (including a computer);
‘ offence ’ means an offence under the Acts;
‘ place ’ includes any building (or part of a building), dwelling, vehicle, vessel, aircraft or hovercraft and any other place whatsoever;
‘ record ’ includes any information in non-legible form which is capable of being reproduced in a permanently legible form.
(2) If a judge of the District Court is satisfied by information given on oath by an authorised officer that there are reasonable grounds for suspecting—
(a) that an offence is being, has been or is about to be committed, and
(b) (i) that material which is likely to be of value (whether by itself or together with other information) to the investigation of the offence, or
(ii) that evidence of, or relating to the commission of, the offence,
is to be found in any place,
the judge may issue a warrant for the search of that place, and of any thing and any persons, found there.
(3) A warrant issued under this section shall be expressed and shall operate to authorise the authorised officer, accompanied by such other named officers of the Revenue Commissioners and such other named persons as the authorised officer considers necessary—
(a) to enter, at any time or times within one month from the date of issuing of the warrant (if necessary by the use of reasonable force), the place named in the warrant,
(b) to search, or cause to be searched, that place and any thing and any persons, found there, but no person shall be searched except by a person of the same sex unless express or implied consent is given,
(c) to require any person found there—
(i) to give his or her name, home address and occupation to the authorised officer, and
(ii) to produce to the authorised officer any material which is in the custody or possession of that person,
(d) to examine, seize and retain (or cause to be examined, seized and retained) any material found there, or in the possession of a person present there at the time of the search, which the authorised officer reasonably believes—
(i) is likely to be of value (whether by itself or together with other information) to the investigation of the offence, or
(ii) to be evidence of, or relating to the commission of, the offence, and
(e) to take any other steps which may appear to the authorised officer to be necessary for preserving any such material and preventing interference with it.
(4) The authority conferred by subsection (3)(d) to seize and retain (or to cause to be seized and retained) any material includes—
(a) in the case of books, documents or records, authority to make and retain a copy of the books, documents or records, and
(b) where necessary, authority to seize and, for as long as necessary, retain, any computer or other storage medium in which records are kept and to copy such records.
(5) An authorised officer acting under the authority of a warrant issued under this section may—
(a) operate any computer at the place which is being searched or cause any such computer to be operated by a person accompanying the authorised officer, and
(b) require any person at that place who appears to the authorised officer to be in a position to facilitate access to the information held in any such computer or which can be accessed by the use of that computer—
(i) to give to the authorised officer any password necessary to operate it,
(ii) otherwise to enable the authorised officer to examine the information accessible by the computer in a form in which the information is visible and legible, or
(iii) to produce the information in a form in which it can be removed and in which it is, or can be made, visible and legible.
(6) A person who—
(a) obstructs or attempts to obstruct the exercise of a right of entry and search conferred by virtue of a warrant issued under this section,
(b) obstructs the exercise of a right so conferred to examine, seize and retain material,
(c) fails to comply with a requirement under subsection (3)(c) or gives to the authorised officer a name, address or occupation that is false or misleading, or
(d) fails to comply with a requirement under subsection (5)(b),
is guilty of an offence and is liable on summary conviction to a fine not exceeding €3,000 or imprisonment for a term not exceeding 6 months or to both the fine and the imprisonment.
(7) Where an authorised officer enters, or attempts to enter, any place in the execution of a warrant issued under subsection (2), the authorised officer may be accompanied by a member or members of the Garda SÃ­ochÃ¡na, and any such member may arrest without warrant any person who is committing an offence under subsection (6) or whom the member suspects, with reasonable cause, of having done so.
(8) Any material which is seized under subsection (3) which is required for the purposes of any legal proceedings by an officer of the Revenue Commissioners or for the purpose of any criminal proceedings, may be retained for so long as it is reasonably required for the purposes aforesaid.
Order to produce evidential material.
908D.— (1) In this section—
‘ the Acts ’ means the Waiver of Certain Tax, Interest and Penalties Act 1993 together with the meaning assigned to it in section 1078(1);
‘ authorised officer ’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section;
‘ commission ’, in relation to an offence, includes an attempt to commit the offence;
‘ computer ’ includes any electronic device capable of performing logical or arithmetical operations on data in accordance with a set of instructions;
‘ information in non-legible form ’ means information which is kept (by electronic means or otherwise) on microfilm, microfiche, magnetic tape or disk or in any other non-legible form;
‘ material ’ means any books, documents, records or other things (including a computer);
‘ offence ’ means an offence under the Acts;
‘ record ’ includes any information in non-legible form which is capable of being reproduced in a permanently legible form.
(2) If a judge of the District Court is satisfied by information given on oath by an authorised officer that there are reasonable grounds for suspecting—
(a) that an offence is being, has been or is about to be committed, and
(b) that material—
(i) which is likely to be of value (whether by itself or together with other information) to the investigation of the offence, or
(ii) which constitutes evidence of, or relating to the commission of, the offence,
is in the possession or control of a person specified in the application,
the judge may order that the person shall—
(I) produce the material to the authorised officer for the authorised officer to take away, or
(II) give the authorised officer access to it,
either immediately or within such period as the order may specify.
(3) Where the material consists of or includes records contained in a computer, the order shall have effect as an order to produce the records, or to give access to them, in a form in which they are visible and legible and in which they can be taken away.
(4) An order under this section—
(a) in so far as it may empower an authorised officer to take away books, documents or records, or to be given access to them, shall also have effect as an order empowering the authorised officer to take away a copy of the books, documents or, as the case may be, records (and for that purpose the authorised officer may, if necessary, make a copy of them),
(b) shall not confer any right to production of, or access to, any document subject to legal privilege, and
(c) shall have effect notwithstanding any other obligation as to secrecy or other restriction on disclosure of information imposed by statute or otherwise.
(5) Any material taken away by an authorised officer under this section may be retained by the authorised officer for use as evidence in any criminal proceedings.
(6) (a) Information contained in books, documents or records which were produced to an authorised officer, or to which an authorised officer was given access, in accordance with an order under this section, shall be admissible in any criminal proceedings as evidence of any fact therein of which direct oral evidence would be admissible unless the information—
(i) is privileged from disclosure in such proceedings,
(ii) was supplied by a person who would not be compellable to give evidence at the instance of the prosecution,
(iii) was compiled for the purposes of, or in contemplation of, any—
(I) criminal investigation,
(II) investigation or inquiry carried out pursuant to or under any enactment,
(III) civil or criminal proceedings, or
(IV) proceedings of a disciplinary nature,
or unless the requirements of the provisions mentioned in paragraph (b) are not complied with.
(b) References in sections 7 (notice of documentary evidence to be served on accused), 8 (admission and weight of documentary evidence) and 9 (admissibility of evidence as to credibility of supplier of information) of the Criminal Evidence Act 1992 to a document or information contained in it shall be construed as including references to books, documents and records mentioned in paragraph (a) and the information contained in them, and those provisions shall have effect accordingly with any necessary modifications.
(7) A judge of the District Court may, on the application of an authorised officer, or of any person to whom an order under this section relates, vary or discharge the order.
(8) A person who without reasonable excuse fails or refuses to comply with an order under this section is guilty of an offence and liable on summary conviction to a fine not exceeding €3,000 or imprisonment for a term not exceeding 6 months or to both the fine and the imprisonment.”.
num: 125
paragraphs: — Section 1003 of the Principal Act is amended in subsection (1)(a)—
(a) in the definition of “approved body” by inserting the following after subparagraph (iv):
“(iva) the Crawford Art Gallery Cork Limited,”,
and
(b) in the definition of “selection committee” by inserting the following after subparagraph (vi):
“(via) the Director of the Crawford Art Gallery Cork Limited,”.
num: 126
paragraphs: — Section 1078 of the Principal Act is amended by inserting the following after subsection (1A):
“(1B) A person is guilty of an offence under this section if he or she, with the intention to deceive—
(a) purports to be, or
(b) makes any statement, or otherwise acts in a manner, that would lead another person to believe that he or she is,
an officer of the Revenue Commissioners.”.
num: 127
paragraphs: — Any thing detained or seized under the Customs Acts may, in addition to being duly kept by an officer of the Revenue Commissioners, also be kept in any secure premises or place designated by the Revenue Commissioners for such purpose, and the Revenue Commissioners may designate a premises or place under the control of a person contracted to them for such purpose.
num: 128
paragraphs: — The enactments specified in Schedule 4 —
num: 129
paragraphs: — All taxes and duties imposed by this Act are placed under the care and management of the Revenue Commissioners.
num: 130
paragraphs: — (1) This Act may be cited as the Finance Act 2007 .
(2) Part 1 shall be construed together with—
(a) in so far as it relates to income tax, the Income Tax Acts,
(b) in so far as it relates to corporation tax, the Corporation Tax Acts, and
(c) in so far as it relates to capital gains tax, the Capital Gains Tax Acts.
(3) Part 2 in so far as it relates to duties of excise, shall be construed together with the statutes which relate to those duties and to the management of those duties.
(4) Part 3 shall be construed together with the Value-Added Tax Acts 1972 to 2006 and may be cited together with those Acts as the Value-Added Tax Acts 1972 to 2007.
(5) Part 4 shall be construed together with the Stamp Duties Consolidation Act 1999 and the enactments amending or extending that Act.
(6) Part 5 shall be construed together with the Capital Acquisitions Tax Consolidation Act 2003 and the enactments amending or extending that Act.
(7) Part 6 shall be construed together with Part VI of the Finance Act 1983 and the enactments amending or extending that Part.
(8) Part 7 in so far as it relates to—
(a) income tax, shall be construed together with the Income Tax Acts,
(b) corporation tax, shall be construed together with the Corporation Tax Acts,
(c) capital gains tax, shall be construed together with the Capital Gains Tax Acts,
(d) customs, shall be construed together with the Customs Acts,
(e) duties of excise, shall be construed together with the statutes which relate to duties of excise and the management of those duties,
(f) value-added tax, shall be construed together with the Value-Added Tax Acts 1972 to 2007,
(g) stamp duty, shall be construed together with the Stamp Duties Consolidation Act 1999 and the enactments amending or extending that Act,
(h) residential property tax, shall be construed together with Part VI of the Finance Act 1983 and the enactments amending or extending that Part, and
(i) gift tax or inheritance tax, shall be construed together with the Capital Acquisitions Tax Consolidation Act 2003 and the enactments amending or extending that Act.
(9) Except where otherwise expressly provided in Part 1 , that Part is deemed to have come into force and takes effect as on and from 1 January 2007.
(10) Except where otherwise expressly provided for, where a provision of this Act is to come into operation on the making of an order by the Minister for Finance, that provision shall come into operation on such day or days as the Minister for Finance shall appoint either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions.