Finance Act 2009
Acts of the Oireachtas
Source: Acts of the Oireachtas

num: 1
paragraphs: — In this Part “Principal Act” means the Taxes Consolidation Act 1997 .
num: 2
paragraphs: — (1) The Principal Act is amended—
(a) in section 531A(1) by substituting the following for the definition of “ aggregate income”:
“ ‘aggregate income for the year of assessment’, in relation to an individual and a year of assessment, means the aggregate of the individual’s relevant emoluments in the year of assessment, including relevant emoluments that are paid in whole or in part for a year of assessment other than the year of assessment during which the payment is made, and relevant income for the year of assessment;”,
(b) in section 531B in paragraph (b) of the Table to subsection (1) by substituting the following for all of the words from “The income described in this paragraph” to “in accordance with the Income Tax Acts and—”:
“The income described in this paragraph, to be known as ‘relevant income’, is income, without regard to any amount deductible from or deductible in computing total income, from all sources as estimated in accordance with the Tax Acts, other than relevant emoluments, social welfare payments and similar type payments and excluded emoluments, and—”,
(c) in section 531B in paragraph (b)(iii) of the Table to subsection (1) by deleting “and”,
(d) in section 531B in paragraph (b)(iv) of the Table to subsection (1) by substituting “such payment,” for “such payment.”,
(e) in section 531B in paragraph (b) of the Table to subsection (1) by inserting the following after subparagraph (iv):
“(v) disregarding expenses, in respect of which an employee may be entitled to relief from income tax, which fall within Regulation 10(3) of the PAYE Regulations,
num: 3
paragraphs: — As respects the year of assessment 2009 and subsequent years of assessment, section 244 of the Principal Act is amended by inserting the following after subsection (1)—
“(1A) (a) This section shall not apply as respects interest paid on or after 1 May 2009.
(b) Notwithstanding paragraph (a), this section shall continue to apply—
(i) as respects the first 7 years of assessment for which an individual has an entitlement to relief under this section in respect of qualifying interest determined by reference to paragraph (iii) or (iv) of the definition of ‘relievable interest ’, and
(ii) as respects a period not exceeding 7 years of assessment for which an individual has an entitlement to relief under this section in respect of qualifying interest in relation to a qualifying loan.
(c) (i) Paragraph (b) shall not apply in respect of qualifying interest attributable to that part of a qualifying loan used to repay another qualifying loan (in this paragraph referred to as an ‘existing qualifying loan’) unless the qualifying interest on that existing qualifying loan would, had the existing qualifying loan not been repaid, have been interest referred to in paragraph (b)(i) or (ii).
(ii) Where subparagraph (i) applies, the number of years of assessment for which there is an entitlement to relief under this section in respect of qualifying interest attributable to that part of a qualifying loan used to repay the existing qualifying loan shall not exceed the number of years of assessment for which relief would have applied had the existing qualifying loan not been repaid.
(d) As respects the year of assessment 2009 only, the definition of ‘relievable interest’ is amended—
(i) in paragraph (i) by substituting ‘the amount of qualifying interest paid by the individual in the period 1 January 2009 to 30 April 2009 or, if less, €2,000 and the amount of qualifying interest paid by the individual in the period 1 May 2009 to 31 December 2009 or, if less, €4,000’ for ‘the amount of qualifying interest paid by the individual in the year of assessment or, if less, €6,000’, and
(ii) in paragraph (ii) by substituting ‘the amount of qualifying interest paid by the individual in the period 1 January 2009 to 30 April 2009 or, if less, €1,000 and the amount of qualifying interest paid by the individual in the period 1 May 2009 to 31 December 2009 or, if less, €2,000’ for ‘the amount of qualifying interest paid by the individual in the year of assessment or, if less, €3,000’.”.
num: 4
paragraphs: — As respects the year of assessment 2009 and subsequent years of assessment, section 244A of the Principal Act is amended by inserting the following after subsection (6)—
“(7) (a) Notwithstanding any other enactment, an officer of the Revenue Commissioners may request a qualifying lender to provide, in such form as the Revenue Commissioners may require, such information in relation to qualifying mortgage loans granted by the qualifying lender—
(i) as will or may assist an officer of the Revenue Commissioners to determine if relief is due under section 244 for a particular year of assessment, and
(ii) as is necessary for the proper administration of this section.
(b) The qualifying lender shall comply with a request under paragraph (a) no later than—
(i) 30 days after receipt of such request, or
(ii) any extension of the period referred to in subparagraph (i) as may be agreed with an officer of the Revenue Commissioners.
(c) Information provided to the Revenue Commissioners under this subsection shall be used by them only for the purposes of section 244 and this section and, notwithstanding section 872, shall be used for no other purpose.”.
num: 5
paragraphs: — Section 97 of the Principal Act is amended by inserting the following after subsection (2I):
“(2J) (a) Notwithstanding subsection (2) but subject to the other provisions of this section (including paragraph (b) of this subsection), the deduction authorised by subsection (2)(e) shall not exceed 75 per cent of the deduction that would, but for this subsection, be authorised by subsection (2)(e) in respect of interest accrued on or after 7 April 2009 on borrowed money employed in the purchase, improvement or repair of a premises which, at the time the interest accrues, is a residential premises and, for the purposes of this subsection, interest on such borrowed money shall be treated as accruing from day to day.
(b) For the purposes of paragraph (a)—
(i) borrowed money employed on the construction of a residential premises on land in which the person chargeable has an estate or interest shall, together with any borrowed money which that person employed in the acquisition of such land, be deemed to be borrowed money employed in the purchase of a residential premises, and
(ii) where a premises consists in part of residential premises and in part of premises which are not residential premises, paragraph (a) shall apply to the interest accrued on the part of the borrowed money employed in the purchase, improvement or repair of the premises that is attributable, on a just and reasonable basis, to residential premises.”.
num: 6
paragraphs: — Part 22 of the Principal Act is amended—
(a) in section 644A by inserting the following after subsection (5):
“(6) This section shall not apply to profits or gains arising to a person in the year of assessment 2009 or in any subsequent year of assessment.”,
and
(b) by inserting the following after section 644A:
“Treatment of losses from dealing in residential development land.
644AA.— (1) In this section—
‘ adjusted income ’ for a tax year means a person’s income from all sources for the tax year after taking into account any allowance, charge, deduction or loss attributable to a specific source to which the person is entitled in taxing the income from the source or which is required to be made in taxing the person’s income from the source, but without taking into account any allowance, charge, deduction or loss to which the person is entitled, or which is required to be made, in taxing the person’s income from all sources;
‘ adjusted profits or gains ’ in relation to a trade for a tax year means the amount, if any, of the profits or gains from the trade after taking into account any allowance, charge, deduction or loss to which a person is entitled in taxing the trade or which is required to be made in taxing the trade, and references to the adjusted profits or gains from the combined trade or from the non-specified trade shall be construed accordingly;
‘ combined trade ’ means a trade comprising partly of a specified trade and partly of a non-specified trade;
‘ non-specified trade ’, in relation to a combined trade, means the activities and operations of the combined trade that are the part of the trade that is not a specified trade;
‘ relevant loss ’, in relation to a tax year, means—
(a) in the case of a specified trade, the full amount of a loss sustained in the specified trade in the tax year, and
(b) in the case of a combined trade, so much of the amount of a loss sustained in the combined trade in the tax year as is attributable to a specified trade;
‘specified trade’ means, as the case may be, a trade, or the part of a combined trade, the profits or gains, if any, of which, for a tax year before the tax year 2009, were chargeable to tax in accordance with section 644A(3) (other than by virtue of subsection (5) of that section);
‘ tax ’ means income tax;
‘ tax year ’ means a year of assessment.
(2) For the purposes of subsections (3) to (8), where a trade is a combined trade, the part of the trade which is a specified trade and the part of the trade which is a non-specified trade shall each be treated as a separate trade and where, in order to give effect to the provisions of subsections (3) to (8), an apportionment of the total amount receivable from sales made and services rendered in the course of a combined trade and of expenses incurred in that trade is required to be made, such apportionment shall be made in a manner that is just and reasonable.
(3) Where, in respect of a tax year before the tax year 2009, a claim is made by a person (in this subsection and subsections (4) to (7) referred to as the ‘ claimant ’) in accordance with subsection (6) of section 381, which claim is in respect of, or includes, a relevant loss, then, notwithstanding subsection (1) of that section, unless the claim is made to and received by the Revenue Commissioners before 7 April 2009, that subsection shall not apply to so much of the loss as is a relevant loss and the claimant shall instead be entitled as regards the relevant loss to such repayment of tax as is provided for by subsection (4).
(4) (a) In relation to the relevant loss referred to in subsection (3), the repayment of tax to which the claimant is entitled shall be such amount as is necessary to secure that the aggregate amount of tax for the tax year ultimately borne by the claimant does not exceed the amount which would have been borne by the claimant if the interim amount of tax payable by the claimant for the tax year had been reduced by the amount (in this section referred to as the ‘tax credit’) determined in accordance with subsection (5).
(b) For the purposes of this subsection and subsections (6)(a) and (7)(a), the references to the ‘interim amount of tax payable by the claimant for the tax year’ shall be taken to mean the tax which would have been borne by that person for that tax year following any reduction in the income of that person for that tax year, to which the person is entitled in accordance with section 381(1), by—
(i) so much of the amount of a loss arising in a combined trade as is attributable to the non-specified trade, and
(ii) the amount of any other loss (other than the amount of the relevant loss).
(5) The tax credit referred to in subsection (4) shall be an amount equivalent to the amount determined by the formula—
A × 20
100
where A is the amount of the relevant loss.
num: 7
paragraphs: — Section 372AW of the Principal Act is amended—
(a) in subsection (1) by substituting the following for the definition of “ qualifying period”:
“ ‘ qualifying period ’ means the period commencing on 1 June 2008 and ending on 31 May 2013;”,
and
(b) in subsection (2)(b) by substituting “2 years” for “one year”.
num: 8
paragraphs: — Part 9 of the Principal Act is amended—
(a) in section 268(9) by substituting the following for paragraph (d):
“(d) by reference to paragraph (g), as respects capital expenditure incurred in the period commencing on 3 December 1997 and ending—
(i) on 31 December 2009, or
(ii) where subsection (17)(a) applies, on 30 June 2010, or
(iii) where subsection (17)(b) applies, on 30 June 2011,”,
(b) in section 268(9) by substituting the following for paragraphs (f) and (g):
“(f) by reference to paragraph (i), as respects capital expenditure incurred in the period commencing on 2 December 1998 and ending—
(i) on 31 December 2009, or
(ii) where subsection (17)(a) applies, on 30 June 2010, or
(iii) where subsection (17)(b) applies, on 30 June 2011,
(g) by reference to paragraph (j), as respects capital expenditure incurred in the period commencing—
(i) where subsection (2A)(d)(i) applies, on 15 May 2002, or
(ii) where subsection (2A)(d)(ii) applies, on 28 March 2003,
and ending—
(I) on 31 December 2009, or
(II) where subsection (17)(a) applies, on 30 June 2010, or
(III) where subsection (17)(b) applies, on 31 December 2013,”,
(c) in section 268(9) by substituting the following for paragraph (i):
“(i) by reference to paragraph (l), as respects capital expenditure incurred in the period commencing on 23 January 2007 and ending—
(i) on 31 December 2009, or
(ii) where subsection (17)(a) applies, on 30 June 2010, or
(iii) where subsection (17)(b) applies, on 30 June 2011, and”,
(d) in section 268 by inserting the following after subsection (16):
“(17) (a) This paragraph shall apply where—
(i) capital expenditure is incurred on the construction or refurbishment of a building or structure referred to in paragraphs (g), (i), (j) or (l) of subsection (1),
(ii) the construction or refurbishment work on the building or structure represented by that expenditure is exempted development for the purposes of the Planning and Development Act 2000 by virtue of section 4 of that Act or by virtue of Part 2 of the Planning and Development Regulations 2001 ( S.I. No. 600 of 2001 ) (in this subsection referred to as the ‘Regulations of 2001’), and
(iii) not less than 30 per cent of the total construction or refurbishment costs has been incurred on or before 31 December 2009.
(b) This paragraph shall apply where—
(i) capital expenditure is incurred on the construction or refurbishment of a building or structure referred to in paragraphs (g), (i), (j) or (l) of subsection (1),
(ii) a planning application (not being an application for outline permission within the meaning of section 36 of the Planning and Development Act 2000 ), in so far as planning permission is required, in respect of the construction or refurbishment work on the building or structure represented by that expenditure, is made in accordance with the Regulations of 2001,
(iii) an acknowledgement of the application, which confirms that the application was received on or before 31 December 2009, is issued by the planning authority in accordance with article 26(2) of the Regulations of 2001, and
(iv) the application is not an invalid application in respect of which a notice was issued by the planning authority in accordance with article 26(5) of the Regulations of 2001.”,
and
(e) in section 316 by inserting the following after subsection (2B):
“(2C) For the purposes only of determining, in relation to a claim for an allowance under this Part, whether and to what extent capital expenditure incurred on the construction or refurbishment of a building or structure referred to in paragraphs (g), (i), (j) or (l) of section 268(1) is incurred or not incurred in any of the periods referred to in paragraphs (d), (f), (g) and (i) of section 268(9), only such an amount of that capital expenditure as is properly attributable to work on the construction or refurbishment of the building or structure actually carried out in any such period shall (notwithstanding subsection (2) and any other provision of the Tax Acts as to the time when any capital expenditure is or is to be treated as incurred) be treated as having been incurred within that period.”.
num: 9
paragraphs: — (1) The Principal Act is amended in section 256(1) in the definition of “ appropriate tax ”—
(a) in paragraph (a) by substituting “25 per cent” for “23 per cent”,
(b) by substituting the following for paragraph (b):
“(b) subject to paragraph (c), in the case of interest paid in respect of any other relevant deposit, at the rate of 25 per cent, and”,
and
(c) by substituting the following for paragraph (c):
“(c) in the case of interest paid in respect of a relevant deposit, being a deposit made on or after 23 March 2000, other than interest which is—
(i) referred to in paragraph (a), or
(ii) payable annually or at more frequent intervals, or
(iii) specified interest within the meaning of section 260,
at the rate of 28 per cent;”.
(2) The Principal Act is amended in section 267B—
(a) in subsection (2)(b) by substituting “25 per cent” for “23 per cent”, and
(b) in subsection (3)(b) by substituting “25 per cent” for “23 per cent”.
(3) This section applies as respects any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8 of the Principal Act) made on or after 8 April 2009.
num: 10
paragraphs: — (1) The Principal Act is amended in section 730F(1)—
(a) by substituting the following for paragraph (a):
“(a) subject to paragraph (b), where the chargeable event falls on or after 1 January 2001, at the rate of 28 per cent,”,
and
(b) in paragraph (b) by substituting “(S+28) per cent” for “(S+26) per cent”.
(2) The Principal Act is amended in section 730J—
(a) in paragraph (a)(i) by substituting the following for clause (I):
“(I) where the payment is a relevant payment, at the rate of 25 per cent, and”,
(b) in paragraph (a)(i)(II)(A) by substituting “(S+28) per cent” for “(S+26) per cent”,
(c) in paragraph (a)(i)(II) by substituting the following for subclause (B):
“(B) in any other case, at the rate of 28 per cent,”,
and
(d) in paragraph (a)(ii)(I) by substituting “(H+25) per cent” for “(H+23) per cent”.
(3) The Principal Act is amended in section 730K(1)—
(a) by deleting “the rate determined by the formula” where it first occurs,
(b) in paragraph (a) by substituting “(S+28) per cent” for “(S+26) per cent”, and
(c) by substituting the following for paragraph (b):
“(b) in any other case, at the rate of 28 per cent”.
(4) The Principal Act is amended in Chapter 1A of Part 27—
(a) in section 739D by substituting the following for subsection (5A):
“(5A) The amount referred to in subsection (2)(dd) is the amount determined by the formula—
A × G × 100
100 - (G × 28)
where—
A is the appropriate tax payable on the transfer by a unit holder of entitlement to a unit in accordance with subsection (2)(d), and
G is the amount of the gain on that transfer of that unit divided by the value of that unit.”,
(b) in section 739E(1) by substituting the following for paragraph (a):
“(a) subject to paragraph (ba), where the amount of the gain is provided by section 739D(2)(a), at the rate of 25 per cent,”,
(c) in section 739E(1) by substituting the following for paragraph (b):
“(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 the rate of 28 per cent,”,
(d) in section 739E(1)(ba) by substituting “(S+28) per cent” for “(S+26) per cent”, and
(e) in section 739G(2)(c) by substituting “specified in” for “determined in accordance with”.
(5) The Principal Act is amended in Chapter 4 of Part 27—
(a) in section 747D(a)(i)(I)(A) by substituting “(S+28) per cent” for “(S+26) per cent”,
(b) in section 747D(a)(i)(I) by substituting the following for subclause (B):
“(B) in any other case, at the rate of 25 per cent,”,
(c) in section 747D(a)(i)(II)(A) by substituting “(S+28) per cent” for “(S+26) per cent”,
(d) in section 747D(a)(i)(II) by substituting the following for subclause (B):
“(B) in any other case, at the rate of 28 per cent,”,
(e) in section 747D(a)(ii)(I) by substituting “(H+25) per cent” for “(H+23) per cent”,
(f) in section 747E(1)(b) by deleting “the rate determined”,
(g) in section 747E(1)(b)(i)—
(i) by inserting “at the rate determined” before “by the formula”, and
(ii) by substituting “(S+28) per cent” for “(S+26) per cent”,
and
(h) in section 747E(1)(b) by substituting the following for subparagraph (ii):
“(ii) in any other case, at the rate of 28 per cent.”.
(6) (a) Subsection (1) applies and has effect as respects the happening of a chargeable event in relation to a life policy (within the meaning of Chapter 5 of Part 26 of the Principal Act) on or after 8 April 2009.
(b) Subsection (2) applies and has effect as respects the receipt by any person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26 of the Principal Act) on or after 8 April 2009.
(c) Subsection (3) applies and has effect as respects the disposal in whole or in part of a foreign life policy (within the meaning of Chapter 6 of Part 26 of the Principal Act) on or after 8 April 2009.
(d) Subsection (4) applies and has effect as respects the happening of a chargeable event in relation to an investment undertaking (within the meaning of section 739B(1) of the Principal Act) on or after 8 April 2009.
(e) Paragraphs (a) to (e) of subsection (5) apply and have effect as respects the receipt by any person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 8 April 2009.
(f) Paragraphs (f) to (h) of subsection (5) apply and have effect as respects the disposal in whole or in part by a person of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 8 April 2009.
num: 11
paragraphs: — (1) Part 22 of the Principal Act is amended—
(a) in section 644B by inserting the following after subsection (4):
“(5) (a) This section shall not apply to an accounting period ending after 31 December 2008.
(b) Where an accounting period of a company begins before 31 December 2008 and ends after that day, it shall be divided into 2 parts, one beginning on the day on which the accounting period begins and ending on 31 December 2008 and the other beginning on 1 January 2009 and ending on the day on which the accounting period ends, and both parts shall be treated for the purposes of this section as if they were separate accounting periods of the company.”,
and
(b) by inserting the following after section 644B:
“Relief from corporation tax for losses from dealing in residential development land.
644C.— (1) (a) In this section—
‘ corporation tax referable to dealing in residential develop ment land ’, in relation to an accounting period of a company, means the corporation tax referable to trading income from dealing in residential development land within the meaning of subsection (2) of section 644B as reduced under that section;
‘ relevant corporation tax’ , in relation to an accounting period of a company, means the corporation tax which would be chargeable on the company for the accounting period apart from—
(i) this section and sections 239, 241, 420B, 440 and 441, and
(ii) where the company carries on a life business (within the meaning of section 706), any corporation tax which would be attributable to policyholders’ profits;
‘ relevant trading income’ has the same meaning as it has in section 243A;
‘residential development land ’ has the same meaning as it has in section 644A(1).
(b) Where an accounting period of a company begins before 31 December 2008 and ends after that day, it shall be divided into 2 parts, one beginning on the day on which the accounting period begins and ending on 31 December 2008 and the other beginning on 1 January 2009 and ending on the day on which the accounting period ends, and both parts shall be treated for the purpose of this section as if they were separate accounting periods of the company.
(2) Notwithstanding subsection (1) of section 396, where a company claims that a loss incurred in a trade, the operations or activities of which consist of or include dealing in residential development land, in an accounting period ending on or before 31 December 2008 be set off against trading income of an accounting period beginning after that date, the said subsection (1) shall apply as if the amount of the loss so far as it relates to dealing in residential development land were reduced by 20 per cent.
(3) Notwithstanding subsection (2) of section 396, for the purposes of that subsection the amount of a loss incurred by a company in an accounting period in a trade, the operations or activities of which consist of or include dealing in residential development land, shall be deemed to be reduced—
(a) where the accounting period falls wholly before 1 January 2009, by the lesser of—
(i) the amount of the loss, and
(ii) the amount of the loss which relates to dealing in residential development land,
and
(b) where the accounting period begins before 1 January 2009 and ends on or after that day, by the lesser of—
(i) the amount of the loss, and
(ii) the amount of the loss which relates to dealing in residential development land,
incurred in the period beginning when the accounting period begins and ending on 31 December 2008.
(4) The computation of the amount of the loss which relates to dealing in residential development land for the purposes of subsections (2), (3)(a)(ii), (3)(b)(ii), (13)(b), (14)(a)(ii), (14)(b)(ii), (20)(b)(i)(II) and (20)(b)(ii)(II) shall take into account receipts and purchases, changes in values of stock and other expenses referable to residential development land and a proportion (determined on a just and reasonable basis) of receipts and expenses partly referable to dealing in residential development land and partly to other land or activities of the trade.
(5) Subsections (6) to (12) shall apply to the amount by which a loss in an accounting period is restricted under subsection (3) as if it were a loss (hereinafter in this section referred to as a ‘relevant loss’) incurred by the company in that accounting period in carrying on a separate trade of dealing in residential development land.
(6) Where in an accounting period a company incurs a relevant loss, the company may make a claim requiring that the loss be set off against profits of the company, being—
(a) income specified in section 21A(4)(b),
(b) relevant trading income,
(c) income to which section 21A(3) does not apply by virtue of section 21B, and
(d) profits attributable to chargeable gains,
of that accounting period and, if the company was then carrying on the trade, the losses of which are restricted under subsection (3), and if the claim so requires, of preceding accounting periods ending within the time specified in subsection (7), and subject to that subsection and any relief for an earlier trading loss, to the extent that the profits of any of those accounting periods consists of or includes profits or income specified in paragraphs (a) to (d), those profits or that income shall then be reduced by the amount of the loss to which this section applies or by so much of that amount as cannot be relieved against profits of a later accounting period.
(7) For the purposes of subsection (6), the time referred to in that subsection shall be a time immediately preceding the accounting period first mentioned in subsection (6) equal in length to the accounting period in which the loss is incurred, but the amount of the reduction which may be made under subsection (3) in the profits of an accounting period falling partly before that time shall not exceed a part of those profits proportionate to the part of the period falling within that time.
(8) Where in any accounting period a company incurs a relevant loss and the amount of that loss exceeds an amount equal to the aggregate of the amounts which could, if a timely claim for such set off had been made by the company, have been set off in respect of that loss for the purposes of corporation tax against profits of the company of that accounting period and any preceding accounting period in accordance with subsection (6), then the company may claim relief under this subsection in respect of the excess.
(9) Where for any accounting period a company claims relief under subsection (8) in respect of the excess, the relevant corporation tax of the company for that accounting period and, if the company was then carrying on the trade, the losses of which are reduced under subsection (3), and the claim so requires, for preceding accounting periods ending within the time specified in subsection (10) and subject to that subsection, shall be reduced by an amount equal to 20 per cent of the excess or so much of that amount as cannot be relieved against relevant corporation tax of a later accounting period.
(10) For the purposes of subsection (9), the time referred to in that subsection shall be a time immediately preceding the accounting period first mentioned in subsection (9) equal in length to the accounting period in which the loss is incurred, but the amount of the reduction which may be made under subsection (9) in the relevant corporation tax for an accounting period falling partly before that time shall not exceed a part of that corporation tax proportionate to the part of the period falling within that time.
(11) (a) Where a company makes a claim for relief for any accounting period under subsection (8) in respect of a relevant loss, an amount (which shall not exceed the amount of the excess in respect of which a claim under subsection (8) may be made), determined in accordance with paragraph (b), shall be treated for the purposes of the Tax Acts as an amount of loss relieved against profits of that accounting period.
(b) Subject to paragraph (c), the amount determined in accordance with this paragraph in relation to an accounting period is an amount equal to:
T × 100
20
where—
T is the amount by which the relevant corporation tax payable is reduced by virtue of subsection (9).
(c) (i) In this paragraph ‘ relevant amount ’ means an amount (not being an amount incurred by a company for the purposes of a trade carried on by it) of charges on income, expenses of management or other amount (not being an allowance to which effect is given under section 308(4)) which is deductible from, or may be treated as reducing, profits of more than one description.
(ii) For the purposes of paragraph (b), where as respects an accounting period of a company a relevant amount is deductible from, or may be treated as reducing, profits of more than one description, the amount by which corporation tax is reduced by virtue of subsection (9) shall be deemed to be the amount by which it would have been reduced if no relevant amount were so deductible or so treated.
(12) Subsections (3) to (11) shall apply in respect of any claim to relief under section 396(2) in respect of a loss in a trade, the operations or activities of which consist of or include dealing in residential development land and the claim is made on or after 7 April 2009.
(13) Notwithstanding subsection (1) of section 397, where, on or before 31 December 2008, a company ceasing to carry on a trade, the operations or activities of which include dealing in residential development land, has incurred a loss in the trade, in any accounting period falling wholly or partly within the period of 12 months ending on the day the company ceased to carry on the trade, then, for the purposes of subsection (1) of that section, the amount of that loss shall be deemed to be reduced by the lesser of—
(a) the amount of the loss, and
(b) the amount of the loss which relates to dealing in residential development land.
(14) Notwithstanding subsection (1) of section 397, where, on or after 1 January 2009, a company ceasing to carry on a trade, the operations or activities of which include dealing in residential development land, has incurred a loss in the trade, in any accounting period falling wholly or partly within the period of 12 months ending on the day the company ceased to carry on the trade, and falling wholly or partly before 1 January 2009, then, for the purposes of subsection (1) of that section, the amount of that loss shall be deemed to be reduced—
(a) where the accounting period falls wholly before 1 January 2009, by the lesser of—
(i) the amount of the loss, and
(ii) the amount of the loss which relates to dealing in residential development land,
and
(b) where the accounting period begins before 1 January 2009 and ends on or after that day, by the lesser of—
(i) the amount of the loss, and
(ii) the amount of the loss which relates to dealing in residential development land,
incurred in the period beginning when the accounting period begins and ending on 31 December 2008.
(15) Where a company ceasing to carry on a trade, the operations or activities of which include dealing in residential development land, makes a claim under section 397 in respect of a loss incurred in that trade and the loss is reduced under subsection (13) or (14) for an accounting period, then, subject to subsection (17) and to any relief for earlier losses, the company may claim relief under this subsection for that accounting period in respect of the amount by which the loss has been reduced.
(16) Where for any accounting period a company claims relief under subsection (15) in respect of a loss to which that subsection applies, the corporation tax paid by the company in respect of the income of the trade which is corporation tax referable to dealing in residential development land of the company for accounting periods falling wholly or partly within the 3 years preceding the period of 12 months mentioned in subsection (13) or (14) (or within any shorter period throughout which the company has carried on the trade) shall be reduced by an amount equal to 20 per cent of the loss, or by so much of that amount as cannot be relieved under this subsection against corporation tax of a later accounting period.
(17) (a) Relief shall not be given under subsection (16) in respect of any loss in so far as the loss has been or can be otherwise taken into account so as to reduce or relieve any charge to tax.
(b) Where a loss is incurred in an accounting period falling partly outside the period of 12 months mentioned in subsection (13) or (14), relief shall be given under subsection (16) in respect of a part only of that loss proportionate to the part of the period falling within that period of 12 months, and the amount of the reduction which may be made under that subsection in the corporation tax for an accounting period falling partly outside the 3 years mentioned in subsection (16) shall not exceed a part of that corporation tax proportionate to the part of the period falling within those 3 years.
(18) Where relief is claimed under section 397 in respect of an accounting period and the amount of loss, in respect of which relief is claimed, is reduced by virtue of subsection (2), then, for the purposes of granting relief under that section—
(a) the income from the trade for the accounting period shall be deemed to be reduced by an amount determined by the formula—
U × 100
20
where—
U is the amount of the corporation tax referable to dealing in residential development land payable by the company for the accounting period before relief given under subsection (16),
and
(b) the corporation tax paid by the company shall be deemed to be reduced by any corporation tax referable to dealing in residential development land paid by the company and not repaid to it for that accounting period.
(19) Subsections (13) to (18) shall apply in any case where a claim for relief under section 397 is made on or after 7 April 2009 in respect of a loss in a trade, the operations or activities of which include dealing in residential development land.
(20) (a) Notwithstanding subsections (1) and (6) of section 420 and section 421, where in an accounting period ending before 31 December 2009 the surrendering company has incurred a loss in a trade, the operations or activities of which consist of or include dealing in residential development land, then an amount of the loss, determined in accordance with paragraph (b), may not be set off for the purposes of corporation tax against the total profits of the claimant company for its corresponding accounting period.
(b) The amount determined in accordance with this paragraph in relation to an accounting period is an amount equal to—
(i) where the accounting period ends on or before 31 December 2008, the lesser of—
(I) the amount of the loss, and
(II) the amount of the loss which relates to dealing in residential development land,
and
(ii) where the accounting period begins before 1 January 2009 and ends after that date, the lesser of—
(I) the amount of the loss, and
(II) the amount of the loss which relates to dealing in residential development land,
incurred in the period beginning when the accounting period begins and ending on 31 December 2008.
(21) (a) Where in any accounting period the surrendering company has incurred a loss in a trade, the operations and activities of which consist of or include dealing in residential development land, and an amount of the loss (hereinafter in this section referred to as the ‘ restricted loss ’) may not be set off for the purposes of corporation tax against the total profits of the claimant company for its corresponding accounting period by virtue of subsection (20), then the corporation tax (if any) of the claimant company which is referable to dealing in residential development land for its corresponding accounting period may be reduced by 20 per cent of the restricted loss for that period.
(b) Where for any accounting period a company claims relief under this subsection, the surrendering company shall be treated as having surrendered, and the claimant company shall be treated as having claimed relief for, trading losses of an amount determined by the formula—
V × 100
20
where—
V is the amount by which the relevant corporation tax payable for the accounting period is reduced by virtue of paragraph (a).
(22) (a) Where in any accounting period the surrendering company has incurred a loss in a trade, the operations and activities of which consist of or include dealing in residential development land, the restricted loss as reduced by any amount treated as relieved by subsection (21)(b), may be set off for the purposes of corporation tax against—
(i) income specified in section 21A(4)(b),
(ii) relevant trading income,
(iii) income to which section 21A(3) does not apply by virtue of section 21B, and
(iv) profits attributable to chargeable gains,
of the claimant company for its corresponding accounting period as reduced by any amounts allowed as deductions against that income under section 243A or set off against that income under section 396A.
(b) Paragraph (a) shall not apply—
(i) to so much of a loss as is excluded from section 396(2) by section 396(4) or 663, or
num: 12
paragraphs: — (1) Section 626B of the Principal Act is amended in subsection (3)(d) by substituting “paragraphs (a) and (b) of subsection (3) of section 29 and subsection (6) of that section” for “paragraphs (a) and (b) of section 29(3)”.
(2) This section applies to disposals made on or after 7 May 2009.
num: 14
paragraphs: — (1) The Principal Act is amended—
(a) in section 28(3) by substituting “25 per cent” for “22 per cent”, and
(b) in section 649A(1) by substituting the following for paragraph (b):
“(b) in the case of a relevant disposal made on or after 8 April 2009, 25 per cent.”.
(2) This section applies to disposals made on or after 8 April 2009.
num: 15
paragraphs: — The Finance Act 1999 is amended—
num: 16
paragraphs: — The Finance Act 2005 is amended with effect as on and from 8 April 2009 by substituting the following for Schedule 2 to that Act (as amended by section 52 of the Finance (No. 2) Act 2008 ):
num: 17
paragraphs: — (1) Notwithstanding section 53 of the Finance (No. 2) Act 2008 , section 67 of the Finance Act 2002 shall apply as if paragraph (a) of subsection (1) of the said section 53 had not been enacted and the said paragraph (a) is deemed never to have had effect.
(2) Section 67 (1) of the Finance Act 2002 is amended by substituting “2 per cent” for “1 per cent”.
(3) Subsection (2) comes into operation on such day as the Minister for Finance may appoint by order.
num: 18
paragraphs: — Section 55 of the Finance (No. 2) Act 2008 is amended—
(a) in subsection (1) by substituting the following for the definition of “ airport ”:
“ ‘airport’ means an airport within the meaning of the Air Navigation and Transport (Amendment) Act 1998 , but does not include an airport from which the number of persons (including passengers) who departed on aircraft during the previous calendar year was less than 50,000;”,
and
(b) by substituting the following for subsection (4):
“(4) Every person liable to pay air travel tax shall, within 20 days or such other period as the Commissioners may determine, remit to the Commissioners the amount of air travel tax payable by him or her in respect of departures by passengers during the previous month or such other period as so determined.”.
num: 19
paragraphs: — Section 135B of the Finance Act 1992 is amended in subsection (6)(b) by substituting the following for subparagraph (ii):
“(ii) Where the first registered owner has disposed of the vehicle prior to the date of the making of the repayment claim the amount of the repayment shall be limited to an amount calculated as follows:
V × (OP — S)
OP
where—
V is the amount of vehicle registration tax overpaid,
S is the price, if any, received by the first registered owner at the time of disposal but where S is greater than OP, OP shall be taken as the price received, and
OP is the price, including all taxes, declared to the Commissioners at the time of first registration of the vehicle.”.
num: 20
paragraphs: — In this Part “Principal Act” means the Value-Added Tax Act 1972 .
num: 21
paragraphs: — Section 7 of the Principal Act is amended—
(a) in subsection (3) by substituting “subsection (3), (7) or (9) of section 7B” for “section 7B(3)”, and
(b) by inserting the following after subsection (5):
“(6) Where a person cancelled his or her waiver of exemption before 1 July 2008 then, for the purposes of applying section 12E, the adjustment period (within the meaning of that section or, as the context may require, the period to be treated as the adjustment period in accordance with section 4C(11)) in relation to any capital good the tax chargeable on that person’s acquisition or development of which that person was obliged to take into account when that person made that cancellation, shall be treated as if it ended on the date on which that cancellation had effect.”.
num: 22
paragraphs: — Section 7B of the Principal Act is amended—
(a) by substituting the following for subsection (2):
“(2) For the purposes of applying section 12E, the adjustment period (within the meaning of that section or, as the context may require, the period to be treated as the adjustment period in accordance with section 4C(11)) in relation to a capital good the tax chargeable on the landlord’s acquisition or development of which that landlord was obliged to take into account when that landlord cancelled his or her waiver of exemption, shall end on the date on which that cancellation had effect.”,
and
(b) by inserting the following after subsection (6):
“(7) (a) This subsection applies where—
(i) on 1 July 2008 a landlord had an interest in relevant immovable goods,
(ii) on the relevant date the landlord did not have an interest in any relevant immovable goods, and
(iii) that landlord’s waiver of exemption had not been cancelled on or before the relevant date in accordance with section 7(3).
(b) Where this subsection applies—
(i) the landlord’s waiver of exemption shall be treated as if it were cancelled in accordance with section 7(3) on the date of the passing of the Finance Act 2009, and
(ii) that landlord shall pay an amount, being the amount payable in accordance with section 7(3) in respect of the cancellation of that waiver, as if it were tax due by that landlord for the taxable period beginning on 1 May 2009.
(8) (a) This subsection applies where—
(i) in the period from 1 July 2008 to the relevant date, a landlord made a supply of relevant immovable goods during the adjustment period (within the meaning of section 12E or, as the context may require, the period to be treated as the adjustment period in accordance with section 4C(11)) in relation to those goods, and
(ii) tax was not chargeable on that supply.
(b) Where this subsection applies, then for the purposes of sections 4B(5), 12E(3)(d) and 12E(7)(b) the supply of the relevant immovable goods is treated as if it was made on the date of the passing of the Finance Act 2009.
(c) Paragraph (b) shall not apply where—
(i) the landlord’s waiver of exemption has been cancelled in accordance with subsection (7), or
(ii) the landlord cancels his or her waiver of exemption in accordance with section 7(3) before 1 July 2009.
(9) (a) This subsection applies where—
(i) on or after the date of the passing of the Finance Act 2009 a landlord has an interest in relevant immovable goods,
(ii) the landlord ceases, whether as a result of disposing of such goods or otherwise, to have an interest in any such goods, and
(iii) on the date when that landlord ceases to have any such interest, that landlord’s waiver of exemption has not been cancelled in accordance with section 7(3).
(b) Where this subsection applies—
(i) the landlord’s waiver of exemption shall be treated as if it were cancelled on the date referred to in paragraph (a)(iii), and
(ii) that landlord shall pay an amount, being the amount payable in accordance with section 7(3) in respect of the cancellation of that waiver, as if it were tax due by that landlord for the taxable period in which the waiver of exemption is so treated as cancelled.
(10) In this section—
‘ relevant immovable goods ’ means immovable goods the tax chargeable on the acquisition or development of which a landlord would be obliged to take into account in accordance with section 7(3) in relation to the cancellation of that landlord’s waiver of exemption;
‘ relevant date ’ means the date immediately before the date of the passing of the Finance Act 2009.”.
num: 23
paragraphs: — In this Part “Principal Act” means the Stamp Duties Consolidation Act 1999 .
num: 24
paragraphs: — The Principal Act is amended by inserting the following after section 83B:
“Exchange of houses.
83C.— (1) In this section—
‘excess land’ means an area of land other than land referred to in the definition of ‘house’;
‘house’ means a building or part of a building, used or suitable for use as a dwelling, and includes an area of land for occupation and enjoyment with the dwelling as its gardens or grounds which, exclusive of the area of the land on which the dwelling is constructed, does not exceed 0.4047 hectare;
‘house builder’ means a person who has constructed a new house and includes a person who is connected, within the meaning of section 10 of the Taxes Consolidation Act 1997 , with the first-mentioned person as part of an arrangement in connection with the construction or disposal of the house;
‘new house’ means a house that immediately prior to a conveyance, transfer or lease of the house by the house builder has not previously been occupied or sold;
‘ old house ’ means a house that, immediately prior to a conveyance or transfer of the house by an individual, has been occupied by the individual or any other individual.
(2) This section applies to an instrument which operates as a conveyance or transfer of an old house by an individual (whether alone or with other individuals) to a house builder where—
(a) the instrument contains a certificate that this section applies,
(b) either or both the house builder and any other person conveys, transfers or leases a new house to the individual (whether alone or with other individuals), and
(c) the conveyance or transfer of the old house is entered into in consideration of the conveyance, transfer or lease of the new house (in this section referred to as an ‘ exchange of houses ’).
(3) Notwithstanding section 37, stamp duty shall not be chargeable on an instrument to which this section applies in so far as the instrument effects the conveyance or transfer of an old house by an individual (whether alone or with other individuals) to a house builder.
(4) Where subsection (3) applies and the old house and the new house are not of equal value, any consideration paid or agreed to be paid for equality shall consist only of a payment in cash.
(5) Where excess land is conveyed or transferred by an individual to a house builder by an instrument to which this section applies, the instrument, in so far as it conveys or transfers excess land, shall be chargeable to stamp duty, in respect of the excess land, as if it were a conveyance or transfer on sale of the excess land with the substitution of the value of the excess land thereby conveyed or transferred for the amount or value of the consideration for the sale.
(6) Subsection (3) 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.
(7) For the purposes of subsection (6), where any exchange of houses is effected by more than one instrument, the instruments shall, for the purposes of section 20, be presented to the Commissioners at the same time.
(8) (a) Where relief from stamp duty arises under this section, on the first occurrence of either of the events specified in paragraph (c), the house builder shall become liable to pay the Commissioners an amount (in this subsection referred to as a ‘ clawback ’) equal to the amount of the duty that would have been charged on the instrument by virtue of section 37, in respect of the conveyance or transfer of the old house to the house builder, together with interest charged on that amount, calculated in accordance with section 159D, from the date of the first occurrence of either of the said events to the date the clawback is paid.
(b) Where relief from stamp duty arises under this section and it is subsequently found that the certificate, referred to in subsection (2)(a), contained in the instrument—
(i) was untrue in any material particular which would have resulted in the relief afforded by this section not applying, and
(ii) was included knowing same to be untrue or in reckless disregard as to whether it was true or not,
then, where a false certificate has been included in the instrument, the house builder shall be liable to pay to the Commissioners a penalty in an amount equal to 125 per cent of the duty that would have been charged on the instrument by virtue of section 37, in respect of the conveyance or transfer of the old house to the house builder, had all the facts been truthfully certified, together with interest charged on that amount, calculated in accordance with section 159D, from the date the instrument was executed to the date the penalty is paid.
(c) The events referred to in paragraph (a) are that—
(i) the old house, or part of the old house, is conveyed or transferred by the house builder to another person, or
(ii) the old house is not conveyed or transferred by the house builder to another person on or before 31 December 2010.
(9) Notwithstanding subsection (8)—
(a) a house builder shall not be liable to a clawback under paragraph (a) of subsection (8) if and to the extent that the house builder has paid a penalty under paragraph (b) of the said subsection,
(b) a house builder shall not be liable to a penalty under paragraph (b) of subsection (8) if and to the extent that the house builder has paid a clawback under paragraph (a) of the said subsection.
(10) This section applies as respects instruments executed on or after 7 May 2009 and on or before 31 December 2010.”.
num: 25
paragraphs: — (1) Section 101(1) of the Principal Act is amended in the definition of “ intellectual property ”—
(a) in paragraph (a) by substituting “, domain name, trade name, trade dress, brand, brand name, service mark or publishing title” for “or domain name”,
(b) by inserting the following after paragraph (e):
“(ea) any authorisation without which it would not be permissible for—
(i) a medicine, or
(ii) a product of any design, formula, process or invention,
to be sold for any purpose for which it was intended,
(eb) any rights derived from research undertaken, prior to any authorisation referred to in paragraph (ea), into the effects of—
(i) a medicine, or
(ii) a product of any design, formula, process or invention,”,
(c) in paragraph (f) by substituting “, (e), (ea) or (eb)” for “or (e)”,
(d) in paragraph (g) by substituting “(e), (ea), (eb)” for “(e)”,
(e) in paragraph (h) by substituting “(e), (ea), (eb), (f) or (g), or” for “(e), (f) or (g),”, and
(f) in paragraph (i) by substituting “(e), (ea), (eb)” for “(e)”.
(2) This section applies as respects instruments executed after 7 May 2009.
num: 26
paragraphs: — (1) Part 9 of the Principal Act is amended—
(a) by inserting the following after section 124A:
“Certain premiums of life assurance.
124B.— (1) In this section—
‘ assessable amount ’, in relation to a quarter, means the gross amount received by an insurer by means of premiums in that quarter for policies of insurance referred to in classes I, II, III, IV, V and VI of Annex I to the Directive, to the extent that the risks to which those policies of insurance relate are located in the State (being risks deemed to be located in the State by virtue of section 61);
‘ Directive ’ means Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 1 concerning life assurance;
‘ due date ’ means, in respect of the quarter ending on—
(a) 31 March in any year, 30 April in the same year,
(b) 30 June in any year, 31 July in the same year,
(c) 30 September in any year, 31 October in the same year, and
(d) 31 December in any year, 31 January in the following year;
‘ insurer ’ means—
(a) a person who is the holder of an assurance licence under the Insurance Act 1936 ,
(b) the holder of an authorisation within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 ( S.I. No. 360 of 1994 ), or
(c) the holder of an official authorisation to undertake insurance in Iceland, Liechtenstein or Norway, pursuant to the EEA Agreement within the meaning of the European Communities (Amendment) Act 1993 , who is carrying on the business of life assurance in the State;
‘life assurance’ means insurance of a class referred to in Annex I to the Directive;
‘premium’ has the same meaning as in the Insurance Act 1936 ;
‘ quarter’ , in relation to a year, means a period of 3 months ending on 31 March, 30 June, 30 September or 31 December.
(2) An insurer shall, in each year, not later than the due date for each quarter, commencing with the quarter ending on 30 September 2009, deliver to the Commissioners a statement in writing showing the assessable amount for the insurer in respect of that quarter.
(3) There shall be charged on every statement delivered pursuant to subsection (2) a stamp duty of an amount equal to 1 per cent of the assessable amount shown in the statement.
(4) The duty charged by subsection (3) on a statement delivered by an insurer pursuant to subsection (2) shall be paid by the insurer to the Commissioners on delivery of the statement.
(5) There shall be furnished to the Commissioners by an insurer such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by the insurer.
(6) In the case of failure by an insurer—
(a) to deliver not later than the due date any statement required to be delivered by the insurer pursuant to subsection (2), or
(b) to pay the stamp duty chargeable on any such statement on delivery of the statement,
the insurer shall—
(i) from that due date until the day on which the stamp duty is paid, be liable to pay, in addition to the stamp duty, interest on the stamp duty calculated in accordance with section 159D, and
(ii) from that due date, be liable to pay a penalty of €380 for each day the stamp duty remains unpaid.
(7) Where during any quarter but before the due date—
(a) an insurer ceases to carry on a business in the course of which the insurer is required to deliver a statement (in this subsection referred to as the ‘ first-men tioned statement ’) pursuant to subsection (2) (including any case where the insurer is so required by virtue of the prior operation of this subsection) but has not done so before that cesser, and
(b) another person (in this subsection referred to as the ‘ successor ’) acquires the whole, or substantially the whole, of the business,
then—
(i) the insurer is not required to deliver the first-mentioned statement, and
(ii) the successor shall—
(I) where the successor is, apart from this subsection, required to deliver a statement (in this subsection referred to as the ‘second-mentioned statement’) pursuant to subsection (2) (including any case where the successor is so required by virtue of the prior operation of this subsection) in respect of the same quarter but has not done so before that acquisition, include in that second-mentioned statement the assessable amount that would have been required to have been shown in the first-mentioned statement had the insurer not ceased to carry on the business concerned,
(II) where subparagraph (I) does not apply, deliver the first-mentioned statement as if the successor were the insurer.
(8) The delivery of any statement required by subsection (2) may be enforced by the Commissioners under section 47 of the Succession Duty Act 1853 in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.”,
(b) in section 125(3) by substituting “3 per cent” for “2 per cent”, and
(c) in section 126B(1) by substituting the following for the definition of “specified section”:
“ ‘ specified section ’ means section 123, 123A, 123B, 123C, 124, 124A, 124B or 125.”.
(2) (a) In this subsection “assessable amount”, “premiums” and “insurer” have, respectively, the meanings given to them in section 124B(1) (inserted by this section) of the Principal Act.
(b) Subsection (1)(a) applies as respects so much of the assessable amount as is comprised of premiums received on or after 1 August 2009 in respect of contracts of insurance whenever entered into by an insurer.
(3) (a) In this subsection “assessable amount”, “premiums” and “insurer” have, respectively, the meanings given to them in section 125(1) of the Principal Act.
(b) Subsection (1)(b) applies as respects so much of the assessable amount as is comprised of premiums received on or after 1 June 2009 in respect of offers of insurance or notices of renewal of insurance issued by an insurer on or after 8 April 2009.
1OJ No. L345, 19 December 2002, p.1.
num: 27
paragraphs: — (1) Schedule 2 to the Capital Acquisitions Tax Consolidation Act 2003 is amended—
(a) in the definition of “ group threshold ” in paragraph 1 of Part 1—
(i) in subparagraph (a) by substituting “€304,775” for “€381,000”,
(ii) in subparagraph (b) by substituting “€30,478” for “€38,100”, and
(iii) in subparagraph (c) by substituting “€15,239” for “€19,050”,
and
(b) by substituting “25” for “22” in the Table in Part 2.
(2) This section applies to gifts and inheritances taken on or after 8 April 2009.
num: 28
paragraphs: — In this Part “Principal Act” means the Taxes Consolidation Act 1997 .
num: 29
paragraphs: — (1) The Principal Act is amended—
(a) in section 172K(6) by substituting the following for paragraph (b):
“(b) Any amount of dividend withholding tax payable in accordance with this Chapter without the making of an assessment shall carry interest from the date when the amount becomes due and payable until payment—
(i) for any day or part of a day before 1 July 2009 during which the amount remains unpaid, at a rate of 0.0322 per cent, and
(ii) for any day or part of a day on or after 1 July 2009 during which the amount remains unpaid, at a rate of 0.0274 per cent.”,
(b) in section 240(3) by substituting the following for paragraph (a):
“(a) Any tax payable in accordance with section 239 without the making of an assessment shall carry interest from the date when the amount becomes due and payable until payment—
(i) for any day or part of a day before 1 August 1978 during which the amount remains unpaid, at a rate of 0.0492 per cent,
(ii) for any day or part of a day on or after 1 August 1978 and before 1 April 1998 during which the amount remains unpaid, at a rate of 0.0410 per cent,
(iii) for any day or part of a day on or after 1 April 1998 and before 1 July 2009 during which the amount remains unpaid, at a rate of 0.0322 per cent, and
(iv) for any day or part of a day on or after 1 July 2009 during which the amount remains unpaid, at a rate of 0.0274 per cent.”,
(c) in section 258(9) by substituting the following for paragraph (b):
“(b) Any amount of appropriate tax or amount on account of appropriate tax payable in accordance with this Chapter without the making of an assessment shall carry interest from the date when the amount becomes due and payable until payment—
(i) for any day or part of a day before 1 July 2009 during which the amount remains unpaid, at a rate of 0.0322 per cent, and
(ii) for any day or part of a day on or after 1 July 2009 during which the amount remains unpaid, at a rate of 0.0274 per cent.”,
(d) in section 531 by substituting the following for subsection (9):
“(9) Where the amount of tax which a person who is or is deemed to be a principal of the kind referred to in subsection (1) is liable under this section and any regulations under subsection (6) to pay to the Collector-General is not so paid, simple interest on the amount shall be paid by the person to the Collector-General and shall be calculated from the date on which the amount became due and payable until payment—
(a) for any day or part of a day before 1 August 1978 during which the amount remains unpaid, at a rate of 0.0492 per cent,
(b) for any day or part of a day on or after 1 August 1978 and before 1 April 1998 during which the amount remains unpaid, at a rate of 0.0410 per cent,
(c) for any day or part of a day on or after 1 April 1998 and before 1 July 2009 during which the amount remains unpaid, at a rate of 0.0322 per cent, and
(d) for any day or part of a day on or after 1 July 2009 during which the amount remains unpaid, at a rate of 0.0274 per cent.”,
(e) in section 730G(7) by substituting the following for paragraph (b):
“(b) Any amount of appropriate tax shall carry interest from the date when the amount becomes due and payable until payment—
(i) for any day or part of a day before 1 July 2009 during which the amount remains unpaid, at a rate of 0.0322 per cent, and
(ii) for any day or part of a day on or after 1 July 2009 during which the amount remains unpaid, at a rate of 0.0274 per cent.”,
(f) in section 739F(7) by substituting the following for paragraph (b):
“(b) Any amount of appropriate tax shall carry interest from the date when the amount becomes due and payable until payment—
(i) for any day or part of a day before 1 July 2009 during which the amount remains unpaid, at a rate of 0.0322 per cent, and
(ii) for any day or part of a day on or after 1 July 2009 during which the amount remains unpaid, at a rate of 0.0274 per cent.”,
(g) in section 991 by substituting the following for subsection (1):
“(1) Where an amount of tax which an employer is liable under this Chapter and any regulations under this Chapter to pay to the Revenue Commissioners is not so paid, simple interest on the amount shall be paid by the employer to the Revenue Commissioners, and such interest shall be calculated from the expiration of the period specified in the regulations for the payment of the amount until payment—
(a) for any day or part of a day before 1 August 1978 during which the amount remains unpaid, at a rate of 0.0492 per cent,
(b) for any day or part of a day on or after 1 August 1978 and before 1 April 1998 during which the amount remains unpaid, at a rate of 0.0410 per cent,
(c) for any day or part of a day on or after 1 April 1998 and before 1 July 2009 during which the amount remains unpaid, at a rate of 0.0322 per cent, and
(d) for any day or part of a day on or after 1 July 2009 during which the amount remains unpaid, at a rate of 0.0274 per cent.”,
and
(h) in section 1080 by substituting the following for the Table to subsection (2):
“Table
(Period)
(1)
(Percentage)
(2)
From 6 April 1963 to 31 July 1971
num: 0
paragraphs: 0164%
From 1 August 1971 to 30 April 1975
num: 0
paragraphs: 0246%
From 1 May 1975 to 31 July 1978
num: 0
paragraphs: 0492%
From 1 August 1978 to 31 March 1998
num: 0
paragraphs: 0410%
From 1 April 1998 to 31 March 2005
num: 0
paragraphs: 0322%
From 1 April 2005 to 30 June 2009
num: 0
paragraphs: 0273%
From 1 July 2009 to the date of payment
num: 0
paragraphs: 0219%
”.
(2) Section 159D of the Stamp Duties Consolidation Act 1999 is amended—
(a) in subsection (1) by inserting the following after the definition of “ period of delay ”:
“ ‘ relevant period ’, in relation to a period of delay which falls into more than one of the periods specified in column (1) of the Table to subsection (2), means any part of the period of delay which falls into, or is the same as, a period specified in that column;”,
and
(b) by substituting the following for subsection (2):
“(2) The amount of interest charged, chargeable, payable or recoverable in respect of any unpaid duty or other amount due and payable or recoverable under a specified provision—
(a) where one of the periods specified in column (1) of the Table to this subsection includes or is the same as the period of delay, shall be the amount determined by the formula—
A × D × P
where—
A is the duty or other amount due and payable under the specified provision which remains unpaid,
D is the number of days (including part of a day) forming the period of delay, and
P is the appropriate percentage in column (2) of the Table to this subsection opposite the period specified in column (1) of the said Table within which the period of delay falls or which is the same as the period of delay,
and
(b) where a continuous period formed by more than one period specified in column (1) of the Table to this subsection, but not (as in subsection (a)) only one such period, includes or is the same as the period of delay, shall be the aggregate of the amounts due in respect of each relevant period which forms part of the period of delay, and the amount due in respect of each such relevant period shall be determined by the formula—
A × D × P
where—
A is the duty or other amount due and payable under the specified provision which remains unpaid,
D is the number of days (including part of a day) forming the relevant period, and
P is the appropriate percentage in column (2) of the Table to this subsection opposite the period specified in column (1) of the said Table within which the period of delay falls or which is the same as the relevant period.
Table
(Period)
(1)
(Percentage)
(2)
From 1 April 2005 to 30 June 2009
num: 0
paragraphs: 0273%
From 1 July 2009 to the date of payment
num: 0
paragraphs: 0219%
”.
(3) Section 51 of the Capital Acquisitions Tax Consolidation Act 2003 is amended in subsection (2) by substituting the following for the Table to that subsection:
“Table
Part 1
(Period)
(1)
(Percentage)
(2)
From 31 March 1976 to 31 July 1978
num: 0
paragraphs: 0492%
From 1 August 1978 to 31 March 1998
num: 0
paragraphs: 0410%
From 1 April 1998 to 31 March 2005
num: 0
paragraphs: 0322%
From 1 April 2005 to 30 June 2009
num: 0
paragraphs: 0273%
From 1 July 2009 to the date of payment
num: 0
paragraphs: 0219%
Part 2
(1)
(2)
From 8 February 1995 to 31 March 1998
num: 0
paragraphs: 0307%
From 1 April 1998 to 31 March 2005
num: 0
paragraphs: 0241%
From 1 April 2005 to 30 June 2009
num: 0
paragraphs: 0204%
From 1 July 2009 to the date of payment
num: 0
paragraphs: 0164%
”.
(4) Section 21 (1) of the Value-Added Tax Act 1972 is amended—
(a) in paragraph (a) by substituting “0.0274” for “0.0322”, and
(b) in paragraph (b) by substituting “0.0274” for “0.0322”.
(5) Section 103 (2) of the Finance Act 2001 is amended by substituting the following for paragraph (a):
“(a) Without prejudice to the provisions of section 74 of the Finance Act 2002 concerning betting duty, where any amount of excise duty becomes payable under subsection (1) or under any other provision of the statutes which relate to the duties of excise, or any instrument relating to the duties of excise made under statute, and is not paid, simple interest on the amount shall be paid by the person liable to pay the duty and such interest shall be calculated from the date on which the amount became payable—
(i) for any day or part of a day before 1 July 2009 during which the amount remains unpaid, at a rate of 0.0322 per cent, and
(ii) for any day or part of a day on or after 1 July 2009 during which the amount remains unpaid, at a rate of 0.0274 per cent.”.
(6) Section 74 of the Finance Act 2002 is amended by substituting the following for subsection (1):
“(1) Where any amount of betting duty becomes payable under section 67 and is not paid, simple interest on the amount shall be paid by the person liable to pay the duty and such interest shall be calculated from the date on which the amount becomes payable—
(a) for any day or part of a day before 1 July 2009 during which the amount remains unpaid, at a rate of 0.0322 per cent, and
(b) for any day or part of a day on or after 1 July 2009 during which the amount remains unpaid, at a rate of 0.0274 per cent.”.
(7) (a) Subsections (1), (2), (3), (5) and (6) shall apply as respects any unpaid tax or duty, as the case may be, that has not been paid before 1 July 2009 regardless of whether that tax or duty became due and payable before, on or after that date.
(b) Subsection (4) shall apply as respects interest payable under section 21 of the Value-Added Tax Act 1972 for any day or part of a day commencing on or after 1 July 2009, in respect of an amount of value-added tax due to be paid or an amount of value-added tax refunded which was not properly refundable, as the case may be, whether before, on or after that date.
num: 30
paragraphs: — (1) Part 11D (inserted by section 21 of the Finance (No. 2) Act 2008 ) of the Principal Act is amended—
(a) in section 380Q(1), in the definition of “ dangerous sub stance ”, by substituting “Regulation 3” for “section 3”,
(b) in section 380Q by substituting the following for subsection (2):
“(2) This Part shall apply to any expenditure incurred on or after 1 January 2009 and before 1 January 2014.”,
(c) in section 380S(2) by substituting “section 380R(5)(a)(ii)” for “section 380R(5)(b)”,
(d) in section 380V(2)—
(i) by substituting “a relevant trade” for “that trade”, and
(ii) by substituting “380U(b)” for “380U(1)(b)”,
and
(e) in section 380W—
(i) in subsection (1) by substituting “380U(b)” for “380U(1)(b)”, and
(ii) in subsection (3) by substituting “Tax” for “Taxes”.
(2) Section 1077C(2)(b) (inserted by the Finance (No. 2) Act 2008 ) of the Principal Act is amended by substituting “person” for “individual”.
(3) The Stamp Duties Consolidation Act 1999 is amended—
(a) in section 87(3) by substituting “payment of that sum and, by means of a penalty,” for “payment of that sum and”,
(b) in section 87A(4)(b) by substituting “by means of a penalty, a sum equal to 1 per cent” for “a sum equal to 1 per cent”, and
(c) in section 134A—
(i) in subsection (7) by substituting “subsection (3)(a) and paragraphs (a)(i) and (b)(i) of subsection (5)” for “subsections (3)(a) and (5)(a)”,
(ii) in subsection (8) by substituting “subsection (3)(b) and paragraphs (a)(ii) and (b)(ii) of subsection (5)” for “subsections (3)(b) and (5)(b)”, and
(iii) in subsection (9) by substituting “subsection (3)(c) and paragraphs (a)(iii) and (b)(iii) of subsection (5)” for “subsections (3)(c) and (5)(c)”.
(4) The Finance (No. 2) Act 2008 is amended—
(a) in section 6(1)(c) by deleting subparagraph (ii), other than clause (II), and inserting the following paragraph after that clause:
“(iia) in paragraph (c)(ii)—
(I) by substituting ‘Table to this subsection’ for ‘Table to this section’, and
(II) by substituting ‘24,000’ for ‘15,000’,
and”,
and
num: 31
paragraphs: — All taxes and duties imposed by this Act are placed under the care and management of the Revenue Commissioners.
num: 32
paragraphs: — (1) This Act may be cited as the Finance Act 2009.
(2) Part 1 shall be construed together with—
(a) in so far as it relates to income tax and income levy, 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.
(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 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) duties of excise, shall be construed together with the statutes which relate to duties of excise and the management of those duties,
(e) value-added tax, shall be construed together with the Value-Added Tax Acts,
(f) stamp duty, shall be construed together with the Stamp Duties Consolidation Act 1999 and the enactments amending or extending that Act, and
(g) 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.
(8) 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 2009.
(9) 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.