Finance Act 2012
Source: Iris Oifigiúl 2012-04-06 00502-00502

num: 1
paragraphs: — In this Part “Principal Act” means the Taxes Consolidation Act 1997 .
num: 2
paragraphs: — (1) The Principal Act is amended in the Table to subsection (1) of section 531AM—
num: 3
paragraphs: — (1) Part 18D of the Principal Act is amended by inserting the following after section 531AAD:
“Property relief surcharge.
531AAE.— (1) In this section—
‘aggregate of the specified property reliefs’, in relation to a tax year and an individual, means the aggregate of the amounts of specified property reliefs used by the individual in respect of the tax year;
num: 4
paragraphs: — (1) The Principal Act is amended—
(a) in section 128A(4A)(d)(i)(II) by substituting “half of the aggregate” for “the aggregate”,
(b) in section 128E(6)(a) by substituting “for the purposes of income tax, income levy and universal social charge” for “income tax purposes”, and
(c) in section 985A by inserting the following after subsection (4A):
“(4B) Where—
(a) an employer pays emoluments to an employee in the form of shares (including stock),
(b) subsection (4) applies, and
(c) the employee has not made good to the employer the amount of the income tax required to be deducted under this Part and regulations made under this Part in respect of those shares,
then—
(i) the employer shall be entitled to withhold and to realise sufficient shares to meet that income tax liability,
(ii) the employee shall allow such withholding as is referred to in paragraph (i), and
(iii) the employer shall be acquitted and discharged of such withholding as if the amount of income tax required to be deducted had been paid to the employee.”.
(2) Paragraph (b) of subsection (1) shall be deemed to have effect as on and from—
(a) 1 January 2009 in the case of income levy,
(b) 1 January 2011 in the case of universal social charge, and
(c) 1 January 2012 in the case of income tax.
num: 5
paragraphs: — (1) Schedule 23A to the Principal Act is amended by inserting “Cricketer” after “Boxer”.
(2) This section applies for the year of assessment 2012 and subsequent years of assessment.
num: 6
paragraphs: — (1) Section 470B of the Principal Act is amended in subsection (4)—
(a) in subparagraph (i) by substituting “1 January 2013” for “1 January 2012”,
(b) in clause (II) by inserting “but before 1 January 2011” after “2010”,
(c) in clause (III) by inserting “but before 1 January 2012” after “2011”,
(d) in clause (III) by substituting “such total annual premium,” for “such total annual premium, and”,
(e) by inserting the following after clause (III):
“(IIIa) as respects a relevant contract renewed or entered into on or after 1 January 2012, the amount specified in column (5) of the Table to this subsection corresponding to the class of insured person mentioned in column (1) of that Table or, where the payment made to the authorised insurer is a monthly or other instalment towards the payment of the total annual premium due under the relevant contract, an amount equal to the amount so specified divided by the total number of instalments to be made to pay such total annual premium, and”,
and
(f) by substituting the following for the Table to that subsection:
“TABLE
Class of insured person
Amount of age-related tax credit
Amount of age-related tax credit
Amount of age-related tax credit
Amount of age-related tax credit
(1)
(2)
(3)
(4)
(5)
Aged 50 years and over but less than 55 years on the date the relevant contract is renewed or entered into, as the case may be.
€200.00
€200.00
Nil
Nil
Aged 55 years and over but less than 60 years on the date the relevant contract is renewed or entered into, as the case may be.
€200.00
€200.00
Nil
Nil
Aged 60 years and over but less than 65 years on the date the relevant contract is renewed or entered into, as the case may be.
€500.00
€525.00
€625.00
€600.00
Aged 65 years and over but less than 70 years on the date the relevant contract is renewed or entered into, as the case may be.
€500.00
€525.00
€625.00
€975.00
Aged 70 years and over but less than 75 years on the date the relevant contract is renewed or entered into, as the case may be.
€950.00
€975.00
€1,275.00
€1,400.00
Aged 75 years and over but less than 80 years on the date the relevant contract is renewed or entered into, as the case may be.
€950.00
€975.00
€1,275.00
€2,025.00
Aged 80 years and over but less than 85 years on the date the relevant contract is renewed or entered into, as the case may be.
€1,175.00
€1,250.00
€1,725.00
€2,400.00
Aged 85 years and over on the date the relevant contract is renewed or entered into, as the case may be.
€1,175.00
€1,250.00
€1,725.00
€2,700.00
”.
(2) The amendment to section 470B by section 5 (c) of the Health Insurance (Miscellaneous Provisions) Act 2011 shall be deemed never to have been enacted.
num: 7
paragraphs: — Section 126 of the Principal Act is amended for the year of assessment 2012 and each subsequent year of assessment by deleting subsection (5).
num: 8
paragraphs: — The Principal Act is amended in Chapter 1 of Part 15 by inserting the following after section 472C:
“472D.— (1) In this section—
‘associated company’, in relation to a relevant employer, means a company which is that employer’s associated company within the meaning of section 432;
‘control’ has the same meaning as in section 432;
‘emoluments’ has the same meaning as in Chapter 4 of Part 42;
‘key employee’ means an individual—
(a) who—
(i) is not, and has not been, a director of his or her employer or an associated company and is not connected to such a director,
(ii) does not, and did not, have a material interest in his or her employer or an associated company and is not connected to a person who has such a material interest, and
(iii) in the accounting period for which his or her employer was entitled to claim relief under section 766(2), performed 75 per cent or more of the duties of his or her employment in the conception or creation of new knowledge, products, processes, methods or systems,
and
(b) 75 per cent or more of the cost of the emoluments that arise from his or her employment with that relevant employer qualify as expenditure on research and development under section 766(1)(a) in the accounting period referred to in paragraph (a)(iii);
‘material interest’, in relation to a company, means the beneficial ownership of or ability to control, directly or through the medium of a connected company or connected companies or by any other indirect means, more than 5 percent of the ordinary share capital of the company;
‘ordinary share capital’, in relation to a company, means all the issued share capital (by whatever name called) of the company;
‘relevant emoluments’ means emoluments paid by a relevant employer to a key employee;
‘relevant employer’ means a company that is entitled to relief under section 766(2) and that employs a key employee;
‘tax year’ means a year of assessment for income tax purposes.
(2) (a) Where under section 766(2A) a relevant employer surrenders an amount for the benefit of a key employee, then subject to subsection (3), on the making of a claim, that employee shall be entitled for a tax year to have the income tax charged on his or her relevant emoluments for that tax year reduced by the amount surrendered.
(b) The tax year referred to in paragraph (a) is the tax year following the tax year during which the accounting period of the relevant employer ends in respect of which the amount surrendered under section 766(2A) relates.
(c) Notwithstanding that, for the tax year for which a claim is made under this section, an employee is no longer a key employee of the company that surrendered an amount referred to in paragraph (a) but is an employee of that company, then he or she shall be entitled to have the income tax charged on emoluments from that company for that tax year reduced by the amount so referred to, or the balance of that amount, as appropriate.
(3) (a) Notwithstanding subsection (2), the amount surrendered under section 766(2A) shall not for any tax year reduce the amount of income tax payable on the total income of a key employee including, where section 1017 or 1019 apply, on the total income of his or her spouse or his or her civil partner to not less than the income tax that would be charged if such total income were charged to income tax at a rate of 23 per cent.
(b) Paragraph (a) also applies where subsection (2) and paragraph (a) or (b) of subsection (4) applies for the same tax year.
(4) (a) Where, by virtue of subsection (3), part of the amount surrendered under section 766(2A) by a relevant employer to a key employee cannot be used by that employee to reduce the income tax charged on his or her relevant emoluments for the tax year referred to in subsection (2)(b), that employee shall be entitled to have the income tax charged on his or her relevant emoluments for the next tax year reduced by that part.
(b) If and so far as any part of the amount surrendered by a relevant employer under section 766(2A) to a key employee carried forward under paragraph (a) to the next tax year cannot be used in that next tax year, then it may be used in the next following tax year and so on for each succeeding tax year until the full amount of that part has been used or until the key employee referred to in paragraph (a) ceases to be an employee of the relevant employer that surrendered the amount under section 766(2A).
(5) The amount that a relevant employer is entitled to surrender, and so surrenders, under section 766(2A) to a key employee is exempt from income tax and shall not be reckoned in computing income for the purposes of the Income Tax Acts.
(6) No reduction shall be given under this section unless all tax deducted from emoluments paid by the relevant employer to the key employee for the tax year to which the claim relates has been remitted by the relevant employer to the Collector-General in accordance with regulations made under Chapter 4 of Part 42.
(7) Notwithstanding anything contained in this section, where for any tax year that the income tax charged on the emoluments of an individual is reduced by any part of an amount surrendered by his or her employer under section 766(2A) and it is found subsequently that that individual is not for any reason (including that the initial amount, within the meaning of section 766(2C), is not authorised by section 766) entitled to that reduction, or part of that reduction, then that individual shall pay to the Revenue Commissioners an amount of tax equal to that reduction, or equal to part of that reduction, as appropriate, of income tax granted under this section for that tax year.
(8) Notwithstanding the obligation on a company under section 766(2C) to notify a key employee of a relevant authorised amount (within the meaning of that section), where such notification is not received by the key employee, subsection (6) shall apply as if such notification had been received.
(9) Where for a tax year, an individual makes a claim for relief under this section, the individual shall, notwithstanding anything to the contrary in section 950 or 1084, be deemed for that tax year to be a chargeable person for the purposes of Part 41.”.
num: 9
paragraphs: — As respects the year of assessment 2012 and subsequent years of assessment, section 244 of the Principal Act is amended—
(a) in subsection (1)(a), in the definition of “relievable interest”, by substituting “31 December 2012” for “31 December 2011”,
(b) in subsection (1A) by substituting the following for paragraph (b):
“(b) Notwithstanding paragraph (a), this section shall continue to apply for the year of assessment 2010 and subsequent years of assessment up to and including the year of assessment 2017 in respect of qualifying interest paid in respect of a qualifying loan taken out on or after 1 January 2004 and on or before 31 December 2012.”,
(c) in subsection (1A)(c)(i) by substituting “paragraph (b)” for “paragraph (b)(i) or (ii)”,
(d) in subsection (2)(a)(i) by substituting “subsection (1A)(b)” for “subsection (1A)(b)(i)”, and
(e) in subsection (2)(a) by substituting the following for sub-paragraph (ii):
“(ii) notwithstanding subparagraph (i), 30 per cent for the year of assessment 2012 and subsequent years of assessment up to and including the year of assessment 2017 as respects qualifying interest paid on a qualifying loan taken out on or after 1 January 2004 and on or before 31 December 2008 to purchase an individual’s—
(I) first qualifying residence, or
(II) second or subsequent qualifying residence but only where the first qualifying residence was purchased on or after 1 January 2004.”.
num: 10
paragraphs: — As respects the year of assessment 2012 and each subsequent year of assessment, section 472A(1)(a) of the Principal Act is amended in the definition of “qualifying individual”, in paragraph (i)(I), by substituting “and, in respect of that period of unemployment, is entitled to credited contributions in accordance with section 33 of the Act of 2005 and regulations made under that section or has been in receipt of” for “and has, in respect of that period of unemployment, been in receipt of”.
num: 11
paragraphs: — Section 473A of the Principal Act is amended for the year of assessment 2012 and each subsequent year of assessment in subsection (4A)—
(a) in paragraph (a) by substituting “€2,250” for “€2,000”, and
(b) in paragraph (b) by substituting “€1,125” for “€1,000”.
num: 12
paragraphs: — (1) The Principal Act is amended—
(a) in Part 34 by inserting the following after section 823:
“823A.— (1) In this section—
‘qualifying day’, in relation to an office or employment of an individual, means a day on or after 1 January 2012 which is one of at least 4 consecutive days throughout the whole of which the individual is present in a relevant state for the purposes of the performance of the duties of the office or employment and which (taken as a whole) are substantially devoted to the performance of such duties, but no day shall be counted more than once as a qualifying day;
‘relevant office or employment’ means an office or employment part of the duties of which are performed in a relevant state on a qualifying day;
‘relevant period’, in relation to a year of assessment, means a continuous period of 12 months part only of which is comprised in the year of assessment;
‘relevant state’ means the Federative Republic of Brazil, the Russian Federation, the Republic of India, the Peoples Republic of China or the Republic of South Africa;
‘the specified amount’, in relation to a year of assessment and an individual, means an amount determined by the formula—
D × E
F
where—
D is the number of qualifying days in the year of assessment in relation to the individual,
num: 13
paragraphs: — Part 34 of the Principal Act is amended in section 825B—
(a) by inserting the following after subsection (1A):
“(1B) This section shall not apply for the tax year 2012 or any subsequent tax year.
(1C) Notwithstanding subsection (1B), this section shall continue to apply—
(a) for the tax years 2012 and 2013 but only as respects relevant employees who had an entitlement to relief under this section for the first time in the tax year 2009,
(b) for the tax years 2012, 2013 and 2014 but only as respects relevant employees who had an entitlement to relief under this section for the first time in the tax year 2010, and
(c) for the tax years 2012, 2013, 2014 and 2015 but only as respects relevant employees who had an entitlement to relief under this section for the first time in the tax year 2011.
(1D) Where for a tax year a relevant employee makes a claim under this section, relief shall not be given under section 823A, 825C or 472D for that tax year.”,
and
(b) in subsection (5)(b) by substituting “a reference to the end of the tax year in which the emoluments were remitted for the reference to the end of the tax year to which the assessment relates” for “a reference to the end of the tax year in which the emoluments were received for the reference to the end of the tax year in which the emoluments were remitted”.
num: 14
paragraphs: — The Principal Act is amended in Part 34 by inserting the following after section 825B:
“825C.— (1) In this section—
‘associated company’, in relation to a relevant employer, means a company which is the relevant employer’s associated company within the meaning of section 432;
‘relevant employer’ means a company that is incorporated, and tax resident, in a country or jurisdiction with the government of which arrangements are for the time being in force by virtue of subsection (1) or (1B) of section 826;
‘relevant employment’, in relation to a relevant employee, means an employment held by the relevant employee with a relevant employer;
‘relevant income’, in relation to a relevant employee and a tax year, means the relevant employee’s income, profits or gains for a tax year from an employment with a relevant employer or with an associated company, including any specified amount for which a deduction is claimed under subsection (3) but excluding the following:
(a) any expense to which section 118 applies;
(b) any amount treated as emoluments of an employment under section 121(2)(b)(ii);
(c) any sum treated for the purposes of section 112 as a perquisite of an employment by virtue of section 122;
(d) any payment to which section 123 applies;
(e) any sum deemed to be profits or gains arising or accruing from an employment by virtue of section 127(2);
(f) any bonus payment, whether contractual or otherwise;
(g) any gain to which section 128 applies;
(h) any shares or share based remuneration provided by or on behalf of the relevant employer or associated company of the relevant employer;
‘Revenue officer’ means an officer of the Revenue Commissioners;
‘specified amount’, in relation to a relevant employee and a tax year, means an amount determined by the formula—
(A-B) × 30 per cent
where—
A is the amount of the relevant employee’s income, profits or gains from his or her employment with a relevant employer or associated company for the tax year, excluding any amount that is not assessed to tax in the State, and after deducting any contribution or qualifying premium in respect of which there is provision for a deduction under section 774(7), 787, 787E or 787N, but where this amount exceeds €500,000, A shall be €500,000 (in this section referred to as the ‘upper threshold’), and
B is €75,000 (in this section referred to as the ‘lower threshold’);
‘tax year’ means a year of assessment for income tax purposes.
(2) (a) In this section ‘relevant employee’ means an individual who—
(i) for the whole of the 12 months immediately before his or her arrival in the State was a full time employee of a relevant employer and exercised the duties of his or her employment for that relevant employer outside the State,
(ii) arrives in the State in any of the tax years 2012, 2013 or 2014, at the request of his or her relevant employer to—
(I) perform in the State the duties of his or her employment for that employer, or
(II) to take up employment in the State with an associated company,
(iii) performs the duties of his or her employment in the State for that relevant employer or for that associated company, as appropriate, for a minimum period of 12 consecutive months from the date he or she takes up residence in the State, and
(iv) was not resident in the State for the 5 tax years immediately preceding the tax year in which he or she first arrives in the State for the purposes of performing the duties referred to in subparagraph (iii).
(b) In determining whether the duties of an employment are performed in the State, any duties performed outside the State, the performance of which is merely incidental to the performance of those duties in the State, shall be treated as having been performed in the State.
(3) (a) Where, for a tax year, a relevant employee—
(i) is resident in the State for tax purposes and is not resident elsewhere,
(ii) performs in the State the duties of his or her employment with a relevant employer or the duties of an employment with an associated company, and
(iii) has relevant income from his or her relevant employer or from the associated company which is not less than €75,000,
and makes a claim in that behalf, then that relevant employee shall be entitled, in respect of each of the 5 consecutive tax years commencing with the tax year for which he or she is first entitled to relief under this section, to have an amount of income, profits or gains from his or her employment with a relevant employer or from his or her employment with an associated company equal to the specified amount deducted from the income, profits or gains to be assessed on that relevant employee.
(b) A claim made under this section shall be accompanied by a certificate from a relevant employer or associated company, as the case may be, confirming that the conditions set out in subparagraphs (i), (ii) and (iii) of subsection (2)(a) are satisfied.
(4) A relevant employee shall be first entitled to claim relief under this section only for—
(a) the first tax year in which he or she arrives in the State for the purposes set out in subsection (2)(a)(ii) provided that for that tax year he or she is resident in the State for tax purposes and not resident elsewhere,
(b) if not resident in the State for tax purposes for that first tax year, the tax year following that first year provided that for that following tax year he or she is resident in the State and not resident elsewhere, or
(c) where in that first tax year, he or she is resident in the State for tax purposes and is also resident elsewhere, the tax year following that first tax year provided that for that following tax year he or she is resident in the State for tax purposes and not resident elsewhere.
(5) Where a relevant employee performs in the State the duties of a relevant employment or the duties of an employment with an associated company for less than an entire tax year in respect of which a claim under this section is made, the upper and lower thresholds and the amount of relevant income shall be reduced proportionately.
(6) In any tax year in which a relevant employee is entitled to make a claim for relief under subsection (3), the payment or reimbursement by the relevant employer or by an associated company of—
(a) the reasonable costs associated with one return trip from the State for the relevant employee, his or her spouse or civil partner, and a child of the relevant employee or of the relevant employee’s spouse or civil partner to—
(i) the country of residence of the relevant employee before his or her arrival in the State,
(ii) the country of residence of the relevant employee at the time of first employment by the relevant employer, or
(iii) the country of which the relevant employee or his or her spouse or civil partner is a national,
and
(b) the cost of fees, not exceeding €5,000 per annum in respect of each child of the relevant employee or each child of his or her spouse or civil partner, paid to a school established in the State and which has been approved by the Minister for Education and Skills for the purposes of providing primary or post-primary education to students,
shall not be chargeable to tax.
(7) Where for a tax year a relevant employee makes a claim for relief under this section—
(a) relief shall not be given under section 823A, 825A or 472D for that tax year, and
(b) section 71(3) shall not apply to any of the income, profits or gains from an employment with a relevant employer or with an associated company.
(8) Where for a tax year a relevant employee makes a claim for relief under this section, the relevant employee shall, notwithstanding anything to the contrary in section 950 or 1084, be deemed for that tax year to be a chargeable person for the purposes of Part 41.
(9) Notwithstanding the requirement on a relevant employer or associated company, as the case may be, to deduct tax under Chapter 4 of Part 42 on the specified amount, no such tax deduction need be made where, following an application by the relevant employer or associated company, as appropriate, a Revenue officer confirms in writing that no such deduction need be made.
(10) Where for a tax year a relevant employer or associated company, as the case may be, certifies that an employee meets the conditions as set out in subparagraphs (i), (ii) and (iii) of subsection (2)(a), the relevant employer or associated company shall be required to deliver to the Revenue Commissioners an annual return setting out—
(a) in respect of each such employee—
(i) the name and PPS Number, and
(ii) the amount of income, profits or gains in respect of which tax was not deducted in accordance with subsection (9),
and
(b) details of the increase in the number of employees employed, or details of the number of employees retained, by the relevant employer or associated company as a result of the assignment to the State of employees who benefit under this section.
(11) Where for a tax year a relevant employee is entitled to relief under Part 35 for tax paid, under the laws of a territory other than the State, on the income, profits or gains from an employment with the relevant employer or with an associated company, the amount of such income, profits or gains shall be excluded from the construction of ‘A’ in the formula in the definition of ‘specified amount’ in subsection (1).
(12) Notwithstanding anything in the Tax Acts, the income, profits or gains from an employment with a relevant employer or with an associated company shall, for the purposes of this section, be deemed not to include any amounts paid in respect of expenses for which deductions would be due under section 114.”.
num: 15
paragraphs: — Chapter 4 of Part 42 of the Principal Act is amended—
(a) in section 986(1)(m) by substituting “appropriate,” for “appropriate.”,
(b) in section 986(1) by inserting the following after paragraph (m):
“(n) for the making available by the Revenue Commissioners of an electronic system or systems to allow employers and employees to fulfil their obligations under this Chapter and regulations made under this Chapter and to allow further for electronic communications between the Revenue Commissioners, officers of the Revenue Commissioners, employers and employees and other persons pursuant to obligations under those provisions and for the provision of enhancements or other changes to that system or those systems, as the case may be, and for any replacement for any such system or systems,
(o) for requiring every employer who makes a payment to which this Chapter applies to an employee to notify the Revenue Commissioners within the period specified in the regulations of the employee particulars specified in the regulations,
(p) for requiring every employer who pays emoluments to which this Chapter applies exceeding the limit specified in subsection (5) to register with the Revenue Commissioners within the time limit specified in the regulations.”,
(c) in section 987(1) by inserting the following after paragraph (c):
“(d) to register with the Revenue Commissioners in accordance with Regulation 7 of the Income Tax (Employment) (Consolidated) Regulations 2001 ( S.I. No. 559 of 2001 ), or
(e) to keep and maintain a register of employees in accordance with Regulation 8 of the Income Tax (Employment) (Consolidated) Regulations 2001 ( S.I. No. 559 of 2001 ),”,
(d) in section 990(1A)(a) by substituting “may” for “shall” in each place,
(e) in section 990(2) by substituting “under this section” for “under subsection (1)”,
(f) in section 990(3) by substituting “under this section” for “under subsection (1)”,
(g) in section 997A(4) by substituting “paid by the company in a year of assessment, the tax remitted for that year of assessment” for “paid by the company, the tax remitted”, and
(h) in section 997A by inserting the following after subsection (6):
“(7) Notwithstanding section 960G and for the purposes of the application of this section, where a company has an obligation to remit any amount by virtue of the provisions of—
(a) the Social Welfare Consolidation Act 2005 and regulations made under that Act, as respects employment contributions,
(b) Part 18D and regulations made under that Part, as respects universal social charge, and
(c) this Chapter and regulations made under this Chapter, as respects income tax,
any amount remitted by the company for a year of assessment shall be set—
(i) firstly against employment contributions,
(ii) secondly against universal social charge, and
(iii) lastly against income tax.
(8) Where any person is aggrieved by a decision of the Revenue Commissioners on a claim for credit for tax deducted from emoluments, in so far as that decision is made by reference to any provision of this section, the provisions of section 949 shall apply to such decision as if it were a determination on a matter referred to in section 864.”.
num: 16
paragraphs: — (1) Section 372AP of the Principal Act is amended—
(a) in subsection (1) by deleting the definition of “relevant day”,
(b) in subsection (1), in paragraph (b)(ii) of the definition of “relevant period”, by substituting “after the date of such completion;” for “after the date of such completion,”,
(c) in subsection (1), in the definition of “relevant period”, by deleting all of the words from “but in relation to a premises” to the end of the definition,
(d) in subsection (2) by substituting “Subject to subsections (3), (4) and (5),” for “Subject to subsections (3), (4), (5), (8A), (8B) and (8C),”,
(e) in subsection (3) by deleting paragraph (c),
(f) in subsection (7) by substituting the following for “an amount as rent from that premises equal to the amount of that deduction or, as the case may be, the aggregate amount of those deductions.”:
“an amount as rent from that premises equal to the amount determined by the formula—
A - B
where—
A is the amount of the deduction or, as the case may be, the aggregate amount of the deductions under subsection (2) in respect of eligible expenditure incurred on or in relation to the premises, and
B is that part of the amount of any excess (within the meaning of section 384) that is attributable to the deduction or, as the case may be, the aggregate amount of the deductions under subsection (2) in respect of eligible expenditure incurred on or in relation to the premises and which has been carried forward under section 384 to the year of assessment in which either of the events, referred to in paragraphs (a) and (b), occurs.”,
(g) in subsection (8) by deleting paragraph (c), and
(h) by deleting paragraphs (8A), (8B), (8C) and (8D).
(2) Section 384 of the Principal Act is amended by inserting the following after subsection (2):
“(2A) Where section 372AP(7) applies, the amount of the excess, which by virtue of subsection (2) has been carried forward to a year of assessment in which either of the events referred to in section 372AP(7) occurs, shall be reduced by the amount represented by B in the formula in that section and this section shall not apply in that year of assessment or in any subsequent year of assessment to the amount of that reduction.”.
(3) Section 485C of the Principal Act is amended—
(a) in subsection (1), in the definition of “amount of specified relief”, by inserting “but subject to subsection (1A),” after “tax year,”, and
(b) by inserting the following after subsection (1):
“(1A) Where a balancing charge is made under section 274, in relation to a building or structure, on an individual for a tax year, then—
(a) to the extent that any unused capital allowances attributable to capital expenditure incurred on the construction or refurbishment of that building or structure, have been carried forward in accordance with section 304 or 305 to the tax year, and are used in that tax year to reduce the amount of the balancing charge, those allowances so used shall not be treated as an amount of specified relief under this Chapter, and
(b) any amount by which the balancing charge has been reduced in the manner referred to in paragraph (a), shall not be taken into account for the purposes of determining the adjusted income of the individual for the tax year.”.
(4) (a) Subsections (1)(f) and (2) apply to an event referred to in paragraph (a) or (b) of section 372AP(7) of the Principal Act that occurs on or after 1 January 2012.
(b) Subsection (3) applies to a balancing charge (within the meaning of section 274 of the Principal Act) that is made on or after 1 January 2012.
num: 17
paragraphs: — Part 12 of the Principal Act is amended by substituting the following for Chapter 4A (inserted by section 23 of the Finance Act 2011 ):
“Chapter 4A
Termination of carry forward of certain losses
Interpretation and general (Chapter 4A).
409F.— (1) This Chapter applies notwithstanding any other provision of the Tax Acts.
(2) In this Chapter—
‘active partner’ has the same meaning as in section 409A;
‘active trader’ has the same meaning as in section 409D;
‘area-based capital allowance’ means any allowance, or part of such allowance, made under Chapter 1 of Part 9 as that Chapter is applied—
(a) by section 323, 331, 332, 341, 342, 343, 344, 352, 353, 372C, 372D, 372M, 372N, 372V, 372W, 372AC or 372AD for a chargeable period, or
num: 18
paragraphs: — (1) Chapter 1 of Part 30 of the Principal Act is amended in section 772—
(a) in subsection (3A) by substituting the following for the construction of “A” in the formula in paragraph (a):
“A is—
(I) the amount equal to the value of the relevant individual’s accrued rights under the scheme (including accrued rights which relate to additional voluntary contributions under the scheme) exclusive of any lump sum paid in accordance with subsection (3)(f), or
(II) the amount equal to the value of the relevant individual’s accrued rights under the scheme which relate to additional voluntary contributions paid by that individual exclusive of any part of that amount paid by way of lump sum in accordance with subsection (3)(f) in conjunction with the scheme rules, and”,
(b) in subsection (3A)(aa) by substituting the following for subparagraph (ii):
“(ii) clause (I) of the construction of ‘A’ in the formula in paragraph (a) had never been enacted.”,
(c) in subsection (3B)(b) by substituting “other than in the case of an individual referred to in clause (II) of the construction of ‘A’ in the formula in subsection (3A)(a) and an individual referred to in subsection (3A)(aa)” for “other than in the case of an individual referred to in subsection (3A)(aa)”, and
(d) by inserting the following after subsection (3G):
“(3H) A retirement benefits scheme shall neither cease to be an approved scheme nor shall the Revenue Commissioners be prevented from approving a retirement benefits scheme for the purposes of this Chapter because of any provision in the rules of the scheme allowing a member who comes within the provisions of section 787TA to exercise an option in accordance with that section requiring an amount representing the value of, or part of the value of, the member’s accrued rights under the scheme at the date of the exercise of the option to be transferred by the trustees of the scheme to the member.”.
(2) Chapter 2 of Part 30 of the Principal Act is amended in section 784 by inserting the following after subsection (2D):
“(2E) Notwithstanding any other provision of this Chapter, a retirement annuity contract shall not cease to be an annuity contract for the time being approved by the Revenue Commissioners, nor shall the Revenue Commissioners be prevented from approving such a contract, notwithstanding that the contract provides for the annuity secured by the contract for an individual to be commuted, where the individual comes within the provisions of section 787TA, to such extent as may be necessary for the purpose of the exercise of an option by the individual in accordance with that section requiring an amount representing the value of, or part of the value of, the individual’s accrued rights under the contract at the date of the exercise of the option to be transferred to the individual by the person with whom the contract is made.”.
(3) Chapter 2 of Part 30 of the Principal Act is amended in section 784A—
(a) by deleting subsection (1BA),
(b) in subsection (1C) by substituting “section 790D(4)” for “subsection (1BA)(b)”,
(c) in subsection (1E) by substituting “subsection (1B)” for “subsections (1B) and (1BA)”,
(d) in subsection (3) by substituting “Subject to subsections (3A) and (4)” for “Subject to subsection (4)”,
(e) by inserting the following after subsection (3):
“(3A) Subsection (3) shall not apply where the distribution referred to in that subsection is made for the purpose of reimbursing, in whole or in part, an administrator (within the meaning of section 787O(1)) in respect of the payment by that administrator of income tax charged on a chargeable excess under the provisions of Chapter 2C of this Part in respect of the person beneficially entitled to the assets in the fund.”,
and
(f) in subsection (4)(c) by substituting the following for all of the words from “the qualifying fund manager shall” to the end of the provision:
num: 19
paragraphs: — (1) Section 176 of the Principal Act is amended in subsection (1)(b)(i) by substituting the following for clause (I):
“(I) on or before 31 October in the year in which inheritance tax is due to be paid in accordance with section 46 (2A) of the Capital Acquisitions Tax Consolidation Act 2003 in respect of a taxable inheritance (within the meaning of section 11 of that Act) of the company’s shares taken by that person, a liability to inheritance tax in respect of that inheritance, or”.
(2) This section applies as on and from 8 February 2012.
num: 20
paragraphs: — The Principal Act is amended—
(a) by inserting the following after section 664:
“Relief for increase in carbon tax on farm diesel.
664A.— (1) In this section—
‘accounting period’, in relation to a person, means—
(a) where the person is a company, an accounting period determined in accordance with section 27, or
(b) where the person is not a company, a period of one year ending on the date to which the accounts of the person are usually made up,
but, where accounts have not been made up or where accounts have been made up for a greater or lesser period than one year, the accounting period shall be such period not exceeding one year as the Revenue Commissioners may determine;
‘carbon tax’ means the carbon charge referred to in section 96(1A) (inserted by section 64 (1)(f) of the Finance Act 2010 ) of the Finance Act 1999 ;
num: 21
paragraphs: — Schedule 13 to the Principal Act is amended—
(a) by deleting paragraphs 136, 143, 153 and 170,
(b) by substituting the following for paragraph 177:
“177. Irish Bank Resolution Corporation Limited.”,
(c) by substituting the following for paragraph 178:
“178. Central Bank of Ireland.”,
and
(d) by inserting the following after paragraph 187:
“188. Health and Social Care Professional Council.”.
num: 22
paragraphs: — (1) Chapter 2 of Part 18 of the Principal Act is amended—
(a) in section 530(1) by substituting the following for paragraph (c) in the definition of “construction operations”:
“(c) the installation, alteration or repair in any building or structure of systems of heating, lighting, air-conditioning, soundproofing, ventilation, power supply, drainage, sanitation, water supply, or burglar or fire protection,”,
(b) in section 530(1) by substituting the following for paragraph (ca) in the definition of “construction operations”:
“(ca) the installation, alteration or repair in or on any building or structure of systems of telecommunications,”,
(c) in section 530(1) by substituting the following for the definition of “deduction summary”:
“ ‘deduction summary’, in relation to a return period, means a statement (adjusted as appropriate in accordance with regulations made under this Chapter) which the Revenue Commissioners cause to be issued to a registered principal setting out, in summary form—
(a) details in respect of each relevant payment notified by that principal under section 530C which is, in accordance with regulations made under this Chapter, the subject of a valid deduction authorisation at the time of issue of the deduction summary, and
(b) the aggregate amount of tax that is, based on the details referred to in paragraph (a), payable by the principal in respect of the return period,
and includes a statement to the effect that no such relevant payments were notified, where that is the case;”,
(d) in section 530(1) in the definition of “relevant contract”, by substituting “including persons in partnership” for “including a partnership in respect of which the principal has not received a relevant payments card”,
(e) in section 530(1) by inserting the following after the definition of “subcontractor”:
“ ‘technology systems failure’ means circumstances in which the electronic system put in place by the Revenue Commissioners for the efficient operation of this Chapter is not functioning or is not functioning properly at any particular time such that a person is unable to comply with an obligation under this Chapter or regulations made under this Chapter, or circumstances where a person concerned is unable to use the electronic system at any particular time because of a general or partial systems failure of an internet service provider or of an electricity service provider, occurring in the general locality of the person’s place of business;”,
(f) in section 530A(1) by deleting “or” where it last occurs in paragraph (f), by substituting “undertaking, or” for “undertaking.” in paragraph (g) and by inserting the following after paragraph (g):
“(h) a person who carries out the installation, alteration or repair in or on any building or structure of systems of telecommunications.”,
(g) in section 530B(1) by substituting the following for paragraph (a):
“(a) information in relation to—
(i) the identity of the subcontractor, including name and tax reference number,
(ii) the estimated contract value,
(iii) the estimated contract duration, including the estimated start date and estimated end date of the contract,
(iv) the location or locations at which relevant operations under the contract are to take place, and
(v) whether or not a contract is a labour only contract,”,
(h) in section 530B by inserting the following after subsection (1):
“(1A) (a) Before providing the information and declaration referred to in subsection (1), a principal shall be satisfied as to the identity of the subcontractor concerned.
(b) For the purposes of paragraph (a), a principal shall require documentary evidence of identity from the subcontractor and shall make and retain a copy of the documentary evidence provided, or record and retain relevant details from the documentary evidence given.”,
(i) in section 530B by substituting the following for subsection (4):
“(4) The Revenue Commissioners shall make regulations for the purposes of this section and such regulations may—
(a) specify the manner by which principals shall communicate electronically with the Revenue Commissioners,
(b) in the case of a labour only contract, provide for the submission of additional information in relation to the contract,
(c) provide for the issuing of an acknowledgement by the Revenue Commissioners to a principal following notification by the principal of a contract under subsection (1) and for the manner by which such acknowledgement may issue,
(d) provide for notification to a subcontractor by the Revenue Commissioners of details of a contract, including changes to the terms of a contract, in respect of which a principal has notified the Revenue Commissioners under subsection (1) that the subcontractor is a party and for the manner by which such notification may issue,
(e) provide for notification to the Revenue Commissioners by a principal of changes to the terms of a contract which has been notified under subsection (1),
(f) provide for a principal to notify a subcontractor where the Revenue Commissioners are unable to verify the identity of the subcontractor by reference to the name and tax reference number supplied to the Revenue Commissioners by the principal under subsection (1), and
(g) provide for any other related matters.”,
(j) in section 530C by substituting the following for subsection (3):
“(3) The Revenue Commissioners shall make regulations for the purposes of this section and such regulations may—
(a) specify the manner by which principals shall communicate electronically with the Revenue Commissioners,
(b) provide for the details to be supplied by a principal in relation to a payment referred to in subsection (1),
(c) specify the circumstances in which and the means by which a principal may cancel a notification given under subsection (1),
(d) specify the circumstances in which notification under this section is deemed not to have been given,
(e) provide for notification to a subcontractor where a payment notification is cancelled, and
(f) provide for any other related matters.”,
(k) in section 530D by substituting the following for subsection (5):
“(5) The Revenue Commissioners shall make regulations for the purposes of this section and such regulations may—
(a) specify the manner by which the Revenue Commissioners shall communicate electronically with a principal,
(b) provide for the circumstances in which a deduction authorisation shall be valid and for the period of validity of a deduction authorisation,
(c) specify the details to be contained in a deduction summary,
(d) specify the obligations on a principal to ensure that a deduction summary accurately reflects the details of all relevant payments made, and tax deducted, by a principal in a return period, and
(e) provide for any other related matters.”,
(l) in section 530E(1) by substituting the following for paragraph (c):
“(c) shall be 35 per cent where the Revenue Commissioners have made a determination that the subcontractor is a person to whom neither section 530G nor section 530H apply, and
(d) shall, in the case of a partnership, be the highest rate that would apply to any of the individual partners following a determination by the Revenue Commissioners under section 530I.”,
(m) in section 530F(2) by substituting the following for paragraph (b):
“(b) without prejudice to any other penalty to which the principal may be liable and without prejudice to section 1078, be liable to a penalty of €5,000 or the amount of the tax payable under paragraph (a), whichever is the lesser.”,
(n) in section 530F(3) by substituting the following for paragraph (a):
“(a) Where subsection (2)(a) applies and the principal submits the details of the relevant payment in a return for the relevant return period by the due date for the return and, if appropriate, provides the Revenue Commissioners with such details, in relation to the relevant contract in respect of which the relevant payment was made, as may be required by the Revenue Commissioners, the Revenue Commissioners shall establish the amount of tax that would have been due from the principal in respect of that payment had the rate of tax been the rate of tax last notified by the Revenue Commissioners to the subcontractor concerned under section 530I and, notwithstanding the provisions of subsection (2)(a), the tax due from the principal in respect of that payment by virtue of that subsection shall be the amount so established.”,
(o) in section 530F(3) by inserting the following after paragraph (b):
“(c) The amount of the penalty under subsection (2)(b) shall be calculated without reference to any adjustment of the tax due as a result of the application of paragraph (a).”,
(p) in section 530F by substituting the following for subsection (4):
“(4) Where, in making a relevant payment to a subcontractor, a principal deducts tax from the payment, the principal shall—
(a) provide the subcontractor with a copy of the deduction authorisation related to that payment, or
(b) arrange for the following details from the deduction authorisation to be given to the subcontractor by written or electronic means:
(i) the name and tax reference number of the principal,
(ii) the name and tax reference number of the subcontractor,
(iii) the gross amount of the payment, including the amount of tax deducted,
(iv) the amount of tax deducted,
(v) the rate at which tax was deducted,
(vi) the date of the payment, and
(vii) the unique reference number issued by the Revenue Commissioners on the deduction authorisation.”,
(q) in section 530F by inserting the following after subsection (6):
“(7) Where, due to a persistent technology systems failure, a principal is unable to give notification to the Revenue Commissioners under section 530C(1) and has no option but to make a relevant payment without complying with that provision, subsection (2) shall not apply to that payment if the principal—
(a) deducts tax from that payment at the rate last notified to the principal in respect of the subcontractor concerned, or if there was no such notification, deducts tax at a rate of 35 per cent from that payment,
(b) immediately upon rectification of the technology systems failure notifies the Revenue Commissioners, in accordance with this Chapter or regulations made under this Chapter, that the payment has been made,
(c) provides all details in relation to the payment that the Revenue Commissioners may require, and
(d) pays the tax deducted in accordance with paragraph (a) to the Revenue Commissioners on or before the due date for the making of a return for the period within which the principal notifies the Revenue Commissioners under paragraph (b).
(8) Where a principal complies with the requirements of subsection (7)—
(a) the principal shall be deemed to have deducted tax from a relevant payment in accordance with the terms of a valid deduction authorisation, and
(b) for the purposes of section 530K, the payment shall be deemed to have been made in the return period in which the principal notifies the Revenue Commissioners under subsection (7)(b).
(9) A principal shall, on request, provide the Revenue Commissioners with information in relation to the circumstances and details of a persistent technology systems failure under subsection (7).”,
(r) in section 530G(2) by substituting the following for paragraph (a):
“(a) engaged in the business of carrying out relevant contracts in partnership unless the partnership business itself has complied with the obligations referred to in subsection (1) and the Revenue Commissioners are satisfied that it will continue to comply with those obligations,”,
(s) in section 530H(3) by substituting the following for paragraph (a):
“(a) a person engaged in the business of carrying out relevant contracts in partnership unless the partnership business itself has complied with the obligations referred to in subsection (1) and the Revenue Commissioners are satisfied that it will continue to comply with those obligations, or”,
(t) in section 530H by inserting the following after subsection (3):
“(4) This section also applies to a person who satisfies the Revenue Commissioners that, in all the circumstances, the matter or matters referred to in subsection (1), (2) or (3), which would otherwise cause such person not to be a person to whom this section applies, ought to be disregarded for the purposes of this section.”,
(u) in section 530I by substituting the following for subsection (2):
“(2) Following a determination under subsection (1), the Revenue Commissioners shall notify the subcontractor of the determination and the rate of tax resulting from such determination.”,
(v) in section 530I by inserting the following after subsection (3):
“(4) The Revenue Commissioners shall not be obliged to make a determination under subsection (1)—
(a) until after a period of 30 days has elapsed following the previous determination made by the Revenue Commissioners in respect of a subcontractor,
(b) if an appeal by a subcontractor is awaiting determination under subsection (3), or
(c) until a period of 30 days has elapsed following determination of an appeal under subsection (3).”,
(w) in section 530J by substituting the following for subsection (3):
“(3) The Revenue Commissioners shall make regulations for the purposes of this section and such regulations may provide for—
(a) keeping and maintaining the register,
(b) registration and time for registration,
(c) the particulars to be submitted to the Revenue Commissioners for the purposes of registering a person as a principal,
(d) notification of change in relevant details,
(e) notification of cessation as a principal,
(f) cancellation of registration,
(g) the use of electronic means in connection with the registration process, and
(h) any other related matters.”,
(x) in section 530K by substituting the following for subsection (2):
“(2) (a) For the purposes of subsection (1), where the Revenue Commissioners issue, under section 530D(3), a deduction summary to a principal for a return period, the details on that summary shall, for the purposes of the Tax Acts, be deemed to be a return made by the principal to the Collector-General in respect of the return period and the amount of tax specified on that summary shall be deemed to be the amount specified by the principal of his or her tax liability under this Chapter in respect of that return period.
(b) Paragraph (a) does not apply where a principal is required to amend the details on a deduction summary in accordance with regulations made under this section and to submit a return under subsection (1) in accordance with those amended details, and so submits the required return.”,
(y) in section 530K by substituting the following for subsection (5):
“(5) The Revenue Commissioners shall make regulations for the purposes of this section and such regulations may provide for—
(a) the manner by which principals shall communicate electronically with the Revenue Commissioners,
(b) the particulars to be included in the return required under this section,
(c) the obligations on, and the actions to be taken by, a principal to ensure that any relevant payment made by a principal relating to a return period and the tax liability related to that payment are accurately reflected on the return required under this section,
(d) notification to a subcontractor in relation to actions taken by a principal as referred to in paragraph (c), and
(e) any other related matters.”,
(z) in section 530M by substituting the following for subsection (1):
“(1) Notwithstanding the requirements of section 530K(1), and without prejudice to any penalty to which the principal may be liable, a principal may, as appropriate—
(a) make a return required under section 530K(1) after the due date relating to the relevant return period, or
(b) amend a return after the making of the return or the deemed making of a return under section 530K(2) but—
(i) no amendment may be made in relation to any payment which has been the subject of a deduction authorisation under section 530D, and
(ii) no amendment may be made to a return where a Revenue officer has commenced an audit or other investigation in relation to the tax affairs of the principal to whom the return relates for the chargeable period in which the return period falls.”,
(aa) in section 530M by substituting the following for subsection (5):
“(5) The Revenue Commissioners shall make regulations for the purposes of this section and such regulations may provide for—
(a) the manner by which principals shall communicate electronically with the Revenue Commissioners,
(b) the particulars to be included in a return under this section,
(c) the actions to be taken by a principal to ensure that any relevant payment made by a principal relating to a return period and the tax liability related to that payment are accurately reflected on a return under this section,
(d) the format of a return which can be made in a case where a principal is appealing an assessment under section 530N, and
(e) any other related matters.”,
(ab) by substituting the following for section 530P:
“Treatment of deducted tax.
530P.— (1) Where a principal deducts tax from a payment to a subcontractor in accordance with section 530F, such tax shall be treated as a payment on account by the subcontractor—
(a) of income tax for that tax year, where the tax was deducted in the basis period for a tax year, or
(b) of corporation tax for that accounting period, where the tax was deducted in an accounting period of a company.
(2) For the purposes of this Chapter, tax treated in accordance with subsection (1) shall be known as deducted tax.
(3) (a) Deducted tax shall be available for offset by the Revenue Commissioners against other tax liabilities of a subcontractor and in this subsection ‘tax’ has the same meaning as in section 960A.
(b) The Revenue Commissioners shall notify a subcontractor of the amount of deducted tax, if any, which is offset against other tax liabilities of the subcontractor.
(4) Where an assessment to income tax or, as the case may be, corporation tax has been made in relation to a subcontractor for a chargeable period, then deducted tax related to that period less any amount which is either—
(a) required to meet the income tax or, as the case may be, corporation tax liability of the subcontractor, or
(b) offset against other tax liabilities of the subcontractor under subsection (3),
may, subject to section 865, be repaid to the subcontractor.
(5) No repayment of deducted tax shall be made, except in accordance with subsection (4).
(6) No amount of deducted tax shall be treated as a payment on account, set off or refunded more than once and no amount of deducted tax set off under subsection (3) or refunded under subsection (4) shall be treated as a payment on account.”,
(ac) in section 530R(1) by inserting “, and the provisions of section 530P shall, with any necessary modifications, apply” after “them”,
(ad) in section 530R by substituting the following for subsection (2):
“(2) Except where the principal concerned makes a separate payment to each member of the gang or group, a person authorised by the gang or group, or in the case of a partnership, the precedent partner, shall, in respect of tax deducted from relevant payments to the gang or group, give to the Revenue Commissioners—
(a) the name, address and tax reference number of every person in the gang or group, and
(b) details of the proportion of the tax deducted to which each person, named by virtue of this provision, is entitled.”,
(ae) in section 530S by substituting the following for subsection (1):
“(1) Before giving a notification to the Revenue Commissioners under section 530C, a principal shall obtain from the subcontractor concerned a statement setting out appropriate details of the work giving rise to the payment, and the cost of the work, and such statement shall bear the subcontractor’s name, business address and tax reference number.”,
(af) in section 530S(4) by substituting the following for paragraph (b):
“(b) Each subcontractor shall keep and maintain—
(i) a copy of each deduction authorisation supplied by a principal under section 530F(4)(a), or
(ii) a copy of any details given under section 530F(4)(b).”,
(ag) in section 530V by substituting the following for subsection (1):
“(1) Regulations made under this Chapter may contain such incidental, supplemental or consequential provisions as appear to the Revenue Commissioners to be necessary or expedient—
(a) to enable persons to fulfil their obligations under this Chapter or under regulations made under this Chapter, or
(b) to give effect to the proper implementation and efficient operation of the provisions of this Chapter or regulations made under this Chapter.
(1A) Regulations made under this Chapter shall be laid before DÃ¡il Ãireann as soon as may be after they are made and, if a resolution annulling those regulations is passed by DÃ¡il Ãireann within the next 21 days on which DÃ¡il Ãireann has sat after the regulations are laid before it, the regulations shall be annulled accordingly, but without prejudice to the validity of anything previously done under them.
(1B) (a) Anything required to be done by a principal under this Chapter or under regulations made under this Chapter may be done by another person acting under the authority of the principal.
(b) Where anything is done by such other person under the authority of the principal, this Chapter shall apply as if it had been done by the principal.
(c) Anything purporting to have been done by or on behalf of a principal shall for the purposes of this Chapter be deemed to have been done by the principal or by the principal’s authority, as the case may be, unless the contrary is proved.”,
and
(ah) in section 530V by substituting the following for subsection (3):
“(3) Anything to be done by or under this Chapter by the Revenue Commissioners, other than the making of regulations, may be done by any Revenue officer or may, if appropriate, be done through such electronic systems as the Revenue Commissioners may put in place for the time being for any such purpose.”.
(2) This section comes into operation on and from the passing of this Act.
num: 23
paragraphs: — Section 482 of the Principal Act is amended in subsection (5) by inserting the following after paragraph (b):
“(ba) Where qualifying expenditure is incurred after 8 February 2012, the 40 days referred to in paragraph (b)(ii)(I)(B) shall, in relation to the chargeable period in which expenditure is incurred, include the days which comprise National Heritage Week, as designated for each year by the Heritage Council, to the extent that it falls within the period referred to in paragraph (b)(ii)(I).”.
num: 24
paragraphs: — The Principal Act is amended in section 481—
(a) in subsection (1) by inserting the following definition after the definition of “authorised officer”:
“ ‘director’ shall be construed in accordance with section 433(4);”,
(b) in subsection (1), in the definition of “relevant investment”, by substituting “qualifying company,” for “qualifying company.”,
(c) in subsection (1) by inserting the following definition after the definition of “relevant investment”:
“ ‘specified relevant person’ means any director or secretary of the qualifying company.”,
(d) in subsection (2A)(g)(v) by substituting “subsection (2CA)” for “subsection (2C)(ba)”,
(e) in subsection (2C)(b) by substituting “subject to subsection (2CA),” for “subject to paragraph (ba),”,
(f) in subsection (2C) by deleting paragraph (ba),
(g) in subsection (2C) by deleting “and” before paragraph (d),
(h) in subsection (2C)(d) by substituting “fulfilled,” for “fulfilled.”,
(i) in subsection (2C) by inserting the following after paragraph (d):
“and
(e) if any sum representing—
(i) a repayment of a relevant investment, or
(ii) an amount in connection with a relevant investment, out of the proceeds of exploiting the film—
is paid to an allowable investor company or qualifying individual, as the case may be, before the Revenue Commissioners have notified the company in writing that a compliance report, as referred to in paragraph (d)(iii), has been received by them.”,
(j) by inserting the following after subsection (2C):
“(2CA) (a) Paragraph (b) of subsection (2C) shall not apply to financial arrangements in relation to a transaction, or series of transactions, where such arrangements have been approved by the Revenue Commissioners.
(b) The Revenue Commissioners shall not approve financial arrangements, to which paragraph (b) of subsection (2C) would, but for this subsection, apply unless:
(i) the arrangements relate to either or both—
(I) an investment made in a qualifying film, and
(II) the filming of part of a film in a territory other than a territory referred to in clause (I) or (II) of subsection (2C)(b)(i),
(ii) a request for approval is made by the qualifying company to the Revenue Commissioners before such arrangements are effected,
(iii) the qualifying company demonstrates to the satisfaction of the Revenue Commissioners that it can provide, if requested, sufficient records to enable the Revenue Commissioners to verify—
(I) in the case of an investment, the amount of the investment made in the qualifying company and the person who made the investment, and
(II) in the case of filming in a territory, the amount of each item of expenditure on the production of the qualifying film expended in the territory, whether expended by the qualifying company or by any other person,
and
(iv) they are satisfied that it is appropriate to grant such approval.
(c) In considering whether to grant an approval under this subsection in relation to financial arrangements, the Revenue Commissioners may seek any information they consider appropriate in relation to the arrangements or in relation to any person who is, directly or indirectly, a party to the arrangements.
(d) Where the Revenue Commissioners have approved financial arrangements in accordance with this subsection, no amount of money expended, either directly or indirectly, as part of the arrangements may be regarded, for the purposes of subsection (2A)(g)(iv), as an amount of money expended on either the employment of eligible individuals or on the provision of goods, services and facilities as referred to in that subsection.”,
(k) in subsection (2E)(m) by substituting “subsection (2CA)” for “subsection (2C)(ba)”, and
(l) by inserting the following after subsection (2E):
“(2F) Where a qualifying company fails to provide to the Revenue Commissioners a compliance report as referred to in subsection (2C)(d)(iii), within the time provided for in regulations made under subsection (2E)(h), the specified relevant person shall provide such compliance report to the Revenue Commissioners within 2 months after that time.”.
num: 25
paragraphs: — Section 486B(1) of the Principal Act is amended in the definition of “qualifying period” by substituting “31 December 2014” for “31 December 2011”.
num: 26
paragraphs: — (1) Part 16 of the Principal Act (as amended by section 33 (1)(a) of the Finance Act 2011 (No. 6 of 2011)) is amended in section 494(3)—
(a) in paragraph (a)(i) by substituting “and which carries on relevant trading activities from a fixed place of business in the State, or” for “where those activities are principally carried on in the State, or”,
(b) in paragraph (a)(ii) by substituting the following for clause (II):
“(II) both the holding of such shares or securities or the making of such loans and the carrying on of relevant trading activities where relevant trading activities are carried on from a fixed place of business in the State.”,
and
(c) by deleting paragraph (c).
(2) Section 33 of the Finance Act 2011 is amended by substituting the following for subsection (2):
“(2) (a) Subject to paragraphs (b) and (c), this section has effect in respect of shares issued on or after 25 November 2011.
(b) This section does not have effect in respect of shares issued before 25 November 2011 and, for all the purposes of Part 16 of the Principal Act in connection with those shares, the Principal Act has effect as if this section had not been enacted.
(c) This section does not have effect in respect of shares issued on or after 25 November 2011 and on or before 31 December 2011 where—
(i) the company issuing the shares, or
(ii) where the shares are acquired by an investment fund, the fund acquiring the shares,
elects by notice in writing to the Revenue Commissioners on or before 31 December 2011 that, for all the purposes of Part 16 of the Principal Act in connection with those shares, the Principal Act has effect as if this section had not been enacted.”.
num: 27
paragraphs: — (1) Part 29 of the Principal Act is amended in Chapter 2—
(a) in section 766(1)(a) by deleting “and”, where it last occurs, in subparagraph (IA) of paragraph (iii) of the definition of “expenditure on research and development” and by inserting after that clause—
“(IB) expenditure on research and development shall not include—
(A) except as provided for in subparagraphs (vii) and (viii) of subsection (1)(b), any amount paid to another person to carry on research and development activities, or
(B) expenditure incurred by a company in the management or control of research and development activities where such activities are carried on by another person,
and ‘in the carrying on by it of research and development activities’ shall be construed accordingly, and”,
(b) in section 766(1)(a) by inserting the following after the definition of “group expenditure on research and development”:
“ ‘key employee’ has the meaning ascribed to it by section 472D;”,
(c) in section 766(1)(a) in the definition of “qualifying group expenditure on research and development” by deleting “means an amount equal to the excess of the amount of group expenditure on research and development in relation to a relevant period over the threshold amount in relation to the relevant period;” and substituting the following:
“shall be determined by the following formula—
A + B
where—
A is so much of the amount of group expenditure on research and development in relation to a relevant period as does not exceed €100,000, and
B is the amount equal to the excess of the amount of group expenditure on research and development in relation to the relevant period over the threshold amount in relation to the relevant period,
but the amount of qualifying group expenditure on research and development in relation to a relevant period shall not exceed the amount of group expenditure on research and development in relation to that relevant period;”,
(d) in section 766(1)(a) by inserting the following after the definition of “research and development centre”:
“ ‘specified amount’ means an amount—
(i) paid by the Revenue Commissioners in accordance with subsection (4B) of this section or section 766A(4B), as the case may be, or
(ii) surrendered in accordance with subsection (2A),
and a claim in respect of a specified amount shall be construed accordingly;”,
(e) in section 766(1)(b)(v) by deleting “by or through the State, any board established by statute, any public or local authority or any other agency of the State;” and substituting the following:
“by or through—
(I) the State or another relevant Member State, or
(II) any board established by statute, any public or local authority or any other agency of the State or another relevant Member State;”,
(f) in section 766(1)(b)(vii) by deleting “5 per cent of that expenditure shall be treated as if it were expenditure incurred by the company on the carrying on by it of research and developing activities;” and substituting “the greater of 5 per cent of that expenditure or €100,000, shall, to the extent that it does not exceed the expenditure referred to in clause (I), be treated as if it were expenditure incurred by the company in the carrying on by it of research and development activities;”,
(g) in section 766(1)(b) by substituting the following for sub-paragraph (viii):
“(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 clause (II) of subparagraph (vii)) 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 notifies that person in writing that the payment is a payment to which this clause applies and that the person may not make a claim under this section in respect of such research and development activities,
then, so much of the sum so paid as does not exceed the greater of 10 per cent of that expenditure or €100,000, shall, to the extent that it does not exceed the expenditure referred to in clause (I), be treated as if it were expenditure incurred by the company in the carrying on by it of research and development activities and expenditure incurred by that other person in connection with the activities referred to in clause (II) shall not be expenditure on research and development;”,
(h) in section 766(2) by deleting “Where” and substituting “Subject to subsection (2A) where”,
(i) by inserting the following after section 766(2):
“(2A) (a) Subject to paragraph (c), where as respects any accounting period a company is entitled to reduce the corporation tax of that accounting period by an amount, in accordance with subsection (2), the company may instead on making a claim in that behalf to the appropriate inspector surrender all or part of that amount to one or such number of key employees as the company may specify but the aggregate of such amounts, attributable to such employees, may not exceed the amount so surrendered.
(b) The part of that amount that may be surrendered by the company may not exceed the corporation tax of the accounting period, which would be chargeable, if no claim could be made in accordance with subsection (2).
(c) A company may not make a claim under this subsection where, at the time of making such a claim the company has a liability (within the meaning of section 960H) in respect of the corporation tax of the accounting period referred to in subsection (2) or a previous accounting period.
(d) A claim in accordance with this subsection shall be made in such form as the Revenue Commissioners may prescribe and the company shall notify the key employee, in writing, of any amount surrendered to that employee.
(2B) Where as respects any accounting period a company makes a claim under subsections (2) and (2A) and in accordance with that claim—
(a) the corporation tax of an accounting period is reduced and an amount is surrendered, and
(b) either or both the amount so reduced or surrendered, as the case may be, is subsequently found not to have been as is authorised by this section,
then, the amount which is not so authorised shall be first attributable to a claim under subsection (2) in priority to a claim under subsection (2A).
(2C) Where in respect of an accounting period, a company makes a claim under subsection (2A) and it is subsequently found that the amount surrendered in accordance with that claim (hereafter in this section referred to as the ‘initial amount’) is not as authorised by this section, then, in relation to each key employee, the amount surrendered, which is authorised by this section, shall be an amount (hereafter in this section referred to as the ‘relevant authorised amount’) determined by the formula—
A × B
C
where—
A is the portion of the initial amount attributable to that key employee in accordance with the claim under subsection (2A),
B is the aggregate amount that may be surrendered by the company for that accounting period as is authorised by this section, and
C is the initial amount,
and the company shall notify the key employee in writing of the relevant authorised amount.”,
(j) by inserting the following after section 766(4B):
“(4C) Where a company (in this section and section 766A referred to as the ‘predecessor’) which has made a claim in accordance with this section ceases to carry on a trade which includes the carrying on by it of research and development activities and another company (in this section and section 766A referred to as the ‘successor’) commences to carry on the trade and those research and development activities (the cessation and commencement referred to in this section and section 766A as the ‘event’) and—
(a) both the predecessor and successor were, at the time of the event, members of the same group of companies within the meaning of section 411(1), and
(b) on or at any time within 2 years after the event the trade and the research and development activities are not carried on otherwise than by the successor,
then the successor may, to the extent that the predecessor has not used an amount to reduce the corporation tax of an accounting period in accordance with subsection (2), surrendered an amount in accordance with subsection (2A) or made a claim under subsection (4A) or (4B), carry forward any excess that the predecessor would have been entitled to carry forward in accordance with subsection (4).”,
(k) by substituting the following for subsection 766(7B):
“(7B) (a) Any amount payable by the Revenue Commissioners to the company or another company by virtue of subsection (4B) shall be deemed to be an overpayment of corporation tax, for the purposes only of section 960H(2).
(b) Any claim in respect of a specified amount shall be deemed for the purposes of section 1077E to be a claim in connection with a credit and, for the purposes of determining an amount in accordance with section 1077E(11) or 1077E(12), a reference to an amount of tax that would have been payable for the relevant periods by the person concerned shall be read as if it were a reference to a specified amount.
num: 28
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—
(i) 25 per cent where the policyholder is a company, and
(ii) 33 per cent in the case of any other policyholder,”,
and
(b) in paragraph (b) by substituting “(S + 33) per cent” for “(S + 30) per cent”.
(2) The Principal Act is amended in section 730J—
(a) in paragraph (a)(i)(I) by substituting “30 per cent” for “27 per cent”,
(b) in paragraph (a)(i)(II)(A) by substituting “(S + 33) per cent” for “(S + 30) per cent”,
(c) in paragraph (a)(i)(II)(B) by substituting “33 per cent” for “30 per cent”, and
(d) in paragraph (a)(ii)(I) by substituting “(H + 30) per cent” for “(H + 27) per cent”.
(3) The Principal Act is amended in section 730K(1)—
(a) in paragraph (a) by substituting “(S + 33) per cent” for “(S + 30) per cent”, and
(b) in paragraph (b) by substituting “33 per cent” for “30 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—
(a) where the unit holder is a company, by the formula—
A x G x 100
100 - (G x 25)
and
(b) in any other case, by the formula—
A x G x 100
100 - (G x 33)
where in relation to the formula in paragraphs (a) and (b)—
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—
(i) 25 per cent where the unit holder is a company, and
(ii) 30 per cent in any other case,”,
(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—
(i) 25 per cent where the unit holder is a company, and
(ii) 33 per cent in any other case,”,
(d) in section 739E(1)(ba) by substituting “(S + 33) per cent” for “(S + 30) per cent”,
(e) in section 739G(2)(c) by substituting “section 739E(1)(a)(i)” for “section 739E(1)(a)”, and
(f) in section 739G(2) by substituting the following for paragraph (e):
num: 29
paragraphs: — Chapter 5 of Part 26 of the Principal Act is amended—
(a) in section 730D(2)(b)(vi) by substituting “any Court,” for “any Court, or”,
(b) in section 730D(2)(b) by inserting the following after sub-paragraph (vii):
“(viii) a pension scheme being an exempt approved scheme within the meaning of section 774 or a trust scheme to which section 784 or 785 applies, or
(ix) an approved retirement fund within the meaning of section 784A or an approved minimum retirement fund within the meaning of section 784C,”,
(c) in section 730E(3)(e)(vi) by substituting “any Court,” for “any Court, or”, and
(d) in section 730E(3)(e) by inserting the following after sub-paragraph (vii):
“(viii) a pension scheme being an exempt approved scheme within the meaning of section 774 or a trust scheme to which section 784 or 785 applies, or
(ix) an approved retirement fund within the meaning of section 784A or an approved minimum retirement fund within the meaning of section 784C,”.
num: 30
paragraphs: — (1) Chapter 1 of Part 27 of the Principal Act is amended—
(a) in section 738(2) by substituting the following for paragraph (b):
“(b) (i) Subject to subparagraph (ii), as respects an undertaking for collective investment which is a company, the corporation tax which is chargeable on its profits on which corporation tax falls finally to be borne for a chargeable period beginning on or after 8 February 2012 shall, for the purposes of the Tax Acts, be such tax, before it is reduced by any credit, relief or other reduction under those Acts, computed as if the rate of corporation tax were 30 per cent.
(ii) For the purposes of this paragraph, as respects an undertaking for collective investment which is a company, where an accounting period of the company begins before 8 February 2012 and ends on or after that date, it shall be divided into 2 parts, one beginning on the date on which the accounting period begins and ending on 7 February 2012, and the other beginning on 8 February 2012 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 and the corporation tax for the chargeable period ending on 7 February 2012 shall be computed as if the rate of corporation tax were 20 per cent.”,
(b) in section 738(2)(d) by substituting the following for sub-paragraph (i):
“(i) the income tax which is chargeable on the income arising, and the capital gains tax which is chargeable on the chargeable gains accruing, in a year of assessment to the undertaking shall be the amount of such tax, before it is reduced by any credit, relief or other deduction under any provision, other than under this section, of the Tax Acts or the Capital Gains Tax Acts, which is the rate of 30 per cent of the income arising, and the chargeable gains accruing to the undertaking, but, in relation to the year of assessment commencing on 1 January 2012, payments made and gains realised in the period from 1 January 2012 to 7 February 2012 shall be chargeable to income tax or capital gains tax, as the case may be, at the rate of 20 per cent, and”,
(c) in section 739(1)(b) by substituting “rate of 30 per cent” for “standard rate”,
(d) in section 739(2)(d), in the construction of “A”, by substituting “is 30” for “is the standard rate per cent for the year of assessment in which the payment is made”, and
(e) in section 739(4)(a)(i) by substituting “rate of 30 per cent” for “standard rate of income tax”.
(2) (a) Paragraphs (c) and (d) of subsection (1) apply as respects payments made on or after 8 February 2012.
(b) Paragraph (e) of subsection (1) applies as respects any disposal made on or after 8 February 2012.
num: 31
paragraphs: — Section 739D of the Principal Act is amended—
(a) in subsection (7B)(a) and (b) by substituting “subsection (7) or (9), as the case may be,” for “subsection (7)” in each place, and
(b) by inserting the following after subsection (8D):
“(8E) (a) In this subsection—
‘relevant jurisdiction’ has the same meaning as in section 256F(1) of the Companies Act 1990 ;
‘scheme of migration’ means either of the following—
(i) a migrating company (within the meaning of section 256F of the Companies Act 1990 ) which holds an authorisation from the Central Bank of Ireland to carry on business in the State under Part XIII of that Act, and which authorisation has not been revoked, or
(ii) a unit trust which has migrated from a relevant jurisdiction and which holds an authorisation from the Central Bank of Ireland to carry on business in the State as an authorised unit trust scheme under the Unit Trusts Act 1990 or as a unit trust within the meaning of the relevant Regulations, and which authorisation has not been revoked.
(b) Where, under a scheme of migration, a company or a unit trust, as the case may be, comes within the definition of ‘investment undertaking’ in section 739B(1), the following provisions apply—
num: 32
paragraphs: — Section 739G(2) of the Principal Act is amended by substituting the following for paragraph (h):
“(h) the amount of a payment made to a unit holder—
(i) by an investment undertaking, or
(ii) arising from the transfer by way of sale, or otherwise, of an entitlement to a unit in an investment undertaking,
shall not be chargeable to income tax or capital gains tax where the unit holder is a company which is not resident in the State or the unit holder, not being a company, is neither resident nor ordinarily resident in the State,”.
num: 33
paragraphs: — Part 27 of the Principal Act is amended—
(a) in Chapter 1A by inserting the following after section 739H:
“Investment undertakings: amalgamations with offshore funds.
739HA.— (1) In this section—
‘material interest’ shall be construed in accordance with section 743;
‘offshore fund’ has the meaning assigned to it by section 743;
‘offshore state’ has the same meaning as in section 747B(1);
‘scheme of amalgamation’ means an arrangement whereby the assets of an investment undertaking are transferred to an offshore fund of an offshore state in exchange for the issue by the offshore fund of an offshore state of a material interest in that offshore fund to each of the unit holders in the investment undertaking, in proportion to the value of the units held by each unit holder, and as a result of which the value of those units becomes negligible.
(2) The cancellation of units in an investment undertaking arising from an exchange in relation to a scheme of amalgamation shall not be a chargeable event and the amount invested by a unit holder for, and the date of, the acquisition of a material interest in an offshore fund of an offshore state under that scheme shall for the purposes of Chapter 4 be the amount invested by the unit holder for, and the date of, the acquisition of those units in the investment undertaking.”,
and
(b) in Chapter 4 by inserting the following after section 747F:
“Offshore funds: amalgamations with investment undertakings.
747FA.— (1) In this section—
‘investment undertaking’ has the same meaning as in section 739B(1);
‘scheme of amalgamation’ means an arrangement whereby the assets of an offshore fund are transferred to an investment undertaking in exchange for the issue by the investment undertaking of units to each of the persons who have a material interest in the offshore fund, in proportion to the value of that interest, and as a result of which the value of that interest becomes negligible.
(2) Where, in connection with a scheme of amalgamation, a person disposes of a material interest in an offshore fund and receives, in place of that interest, units in an investment undertaking, the disposal of the interest in the offshore fund shall not give rise to a gain but the units acquired in the investment undertaking under that scheme shall for the purposes of Chapter 1A be treated as acquired at the same time and at the same cost as the interest in the offshore fund.”.
num: 34
paragraphs: — Section 747E of the Principal Act is amended—
(a) in subsection (1) by substituting “Subject to subsection (1A), where on or after” for “Where on or after”, and
(b) by inserting the following after subsection (1):
“(1A) (a) In this subsection—
‘umbrella scheme’ means an offshore fund—
(i) which is divided into a number of sub-funds, and
(ii) in which each person who has a material interest in a sub-fund is entitled to exchange the whole or part of such interest for an interest in another sub-fund of the offshore fund.
(b) A disposal under subsection (1) does not include any exchange by a person who has a material interest in a sub-fund of an offshore fund which is an umbrella scheme, effected by way of a bargain made at arm’s length by that offshore fund, of the whole or part of such interest for an interest in another sub-fund of that offshore fund.
(c) Any exchange referred to in paragraph (b) shall not be regarded as a disposal by a person of a material interest in an offshore fund which is an umbrella scheme.”.
num: 35
paragraphs: — Section 739D of the Principal Act is amended in subsection (8D)—
(a) in paragraph (a) by substituting the following for the definition of “scheme of migration and amalgamation”:
“ ‘scheme of migration and amalgamation’ means an arrangement whereby the assets of an offshore fund are transferred to an investment undertaking in exchange for the issue by the investment undertaking of units—
(i) to each of the persons who have an interest in the offshore fund, in proportion to the value of that interest, and as a result of which the value of that interest becomes negligible, or
(ii) to that offshore fund.”,
(b) in paragraph (b) by substituting “Subject to paragraph (d), a gain shall not be treated as arising” for “A gain shall not be treated as arising”,
(c) in paragraph (b)(ii) by substituting “inspector or other officer of the Revenue Commissioners nominated under subsection (7B)(d)” for “Collector-General”, and
(d) by inserting the following after paragraph (c):
“(d) A gain which, by virtue of paragraph (b), would not otherwise be treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder shall nevertheless be treated as so arising where, immediately before the chargeable event, the investment undertaking is in possession of any information which would reasonably suggest that the unit holder is resident in the State.”.
num: 36
paragraphs: — (1) Part 8 of the Principal Act is amended—
(a) in section 256(1) in the definition of “appropriate tax”—
(i) in paragraph (a) by substituting “30 per cent” for “27 per cent”,
(ii) in paragraph (b) by substituting “30 per cent” for “27 per cent”, and
(iii) in paragraph (c) by substituting “33 per cent” for “30 per cent”,
(b) in section 256(1) by inserting the following after the definition of “pension scheme”:
“ ‘Personal Retirement Savings Account’ has the same meaning as in section 787A;”,
(c) in section 256(1) by substituting the following for paragraph (k) of the definition of “relevant deposit”—
“(k) which is made by a PRSA provider and which is held for the purposes of a Personal Retirement Savings Account, where the PRSA provider has provided the relevant deposit taker with the number assigned to that provider by the Revenue Commissioners;”,
(d) in section 267B—
(i) in subsection (2)(b) by substituting “30 per cent” for “27 per cent”, and
(ii) in subsection (3)(b) by substituting “30 per cent” for “27 per cent”,
(e) in section 267F by deleting subsection (2),
(f) in the title to Chapter 7 by substituting “outside the State” for “within the European Communities”,
(g) in section 267M(1) by inserting the following before the definition of “specified interest”—
“ ‘foreign deposit interest’ means interest arising in a foreign territory which would be interest payable in respect of a relevant deposit within the meaning of section 256(1) if—
(a) paragraphs (c), (d) and (g) of the definition of ‘relevant deposit’ in section 256(1) were deleted, and
(b) there were included in the definition of ‘relevant deposit taker’ in section 256(1), bodies—
(i) established in accordance with the law of a foreign territory, and
(ii) authorised under the laws of that foreign territory to accept deposits of money;
‘foreign territory’ means a territory other than a Member State of the European Communities;”,
and
(h) in section 267M by substituting the following for subsection (2)—
“(2) (a) Notwithstanding section 15 and subject to paragraph (b), where the taxable income of an individual includes—
(i) specified interest, the part of taxable income, equal to that specified interest, shall be chargeable to tax at the rate specified in paragraph (b) of the definition of ‘appropriate tax’ in section 256(1), or
(ii) foreign deposit interest, so much of the part of taxable income, equal to that foreign deposit interest, as would otherwise be chargeable to tax at the standard rate, shall instead be chargeable to tax at the rate specified in paragraph (b) of the definition of ‘appropriate tax’ in section 256(1).
(b) Paragraph (a) shall not apply where any liability of the individual for a year of assessment in respect of the specified interest or foreign deposit interest, as the case may be, has not been discharged on or before the specified return date for the chargeable period (within the meaning of section 950) for that year, and where that paragraph does not apply, the part of taxable income, equal to that specified interest or that foreign deposit interest, shall be chargeable to tax at the rate of tax described in the Table to section 15 as the higher rate.”.
(2) (a) Paragraphs (a) to (e) of subsection (1) apply to any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8 of the Principal Act) made on or after 1 January 2012.
(b) Paragraphs (f) to (h) of subsection (1) apply to foreign deposit interest or specified interest (both within the meaning of section 267M(1) (as amended by subsection (1) (g)) of the Principal Act), as the case may be, which is received on or after 8 February 2012.
num: 37
paragraphs: — Part 8A of the Principal Act is amended—
(a) in section 267N by substituting the following for the definition of “finance company”:
“ ‘finance company’ means a company whose income consists wholly or mainly of either or both of the following—
(a) income from the leasing of machinery or plant, and
(b) income from the carrying on of specified financial transactions;”,
and
(b) by substituting the following for section 267U:
“267U.— (1) This Part applies to a specified financial transaction where a person who is—
(a) a party to the transaction, and
(b) within the charge to tax,
makes an election in writing to the inspector (within the meaning of section 950) that this Part applies to that transaction.
(2) An election under this section—
(a) shall be made in a form approved by the Revenue Commissioners and containing such particulars relating to the transaction concerned, and the parties to that transaction, as may be specified in that form, and
(b) may be made either in respect of an individual transaction or in respect of a series of transactions of a similar nature.
(3) Where an election is made in accordance with this section—
(a) this Part applies to that transaction or series of transactions, and
(b) the party making the election shall notify any other person who is a party to a specified financial transaction, that the transaction is a specified financial transaction.”.
num: 38
paragraphs: — (1) The Principal Act is amended—
(a) in section 33(1) by deleting “shall be charged by the Commissioners designated for that purpose by the Income Tax Acts, and”,
(b) in section 64(5) by substituting the following for paragraph (c):
num: 39
paragraphs: — (1) Section 198 of the Principal Act is amended in subsection (1)(c) by substituting the following for subparagraph (iii)—
“(iii) a person shall not be chargeable to income tax in respect of interest paid by a company—
(I) if the person is not a resident of the State and is regarded as being a resident of a relevant territory for the purposes of this subsection, or
(II) the person is a company controlled in accordance with section 172D(3)(b)(ii), or a company the principal class of shares of which are shares to which section 172D(3)(b)(iii) applies,
and the interest is interest to which section 64(2) applies, an interest payment to which section 246A applies or interest paid in respect of an asset covered security within the meaning of section 3 of the Asset Covered Securities Act 2001 ,”.
(2) This section shall apply to interest paid on or after the passing of this Act.
num: 40
paragraphs: — (1) Section 80A of the Principal Act is amended in subsection (1), in the definition of “specified assets”, by substituting “assets the predictable useful life of which does not exceed 8 years and which are” for “relevant short-term assets”.
(2) This section applies as respects accounting periods commencing on or after 1 January 2012.
num: 41
paragraphs: — (1) Section 110 of the Principal Act is amended in subsection (1) in the definition of “carbon offsets”—
(a) in paragraph (b) by substituting “reporting,” for “reporting, or”,
(b) by inserting the following after paragraph (b)—
“(ba) a forest carbon offset issued pursuant to the United Nations Reduced Emissions from Deforestation and Forest Degradation programme, or”,
and
(c) by substituting the following for paragraph (c)—
“(c) any right that is directly attributable to an offset, allowance, permit, licence or right to emit within paragraph (a), (b) or (ba);”.
(2) Section 110 of the Principal Act is amended in subsection (1), in paragraph (f) of the definition of “qualifying company”, by inserting “on or before the specified return date (within the meaning of section 950) for the first accounting period, in relation to which it is such a company,” after “prescribed form,”.
(3) Section 110 of the Principal Act is amended in subsection (4A) by substituting the following for paragraph (b)(i):
“(i) a person who is resident in the State or, if not so resident, is otherwise within the charge to corporation tax in the State in respect of that interest or other distribution, or”.
num: 42
paragraphs: — (1) The Principal Act is amended by inserting the following after section 452—
“452A.— (1) In this section—
‘additional tax’, in relation to a territory in respect of a qualifying company for an accounting period, means the amount determined by the formula—
A × B/100
where—
A is the specified amount for that territory in respect of the qualifying company for the accounting period, and
B is the rate per cent specified in section 21(1)(f);
‘deductible amount’, in relation to a territory in respect of a qualifying company for an accounting period, means the amount determined by the formula—
C × D/E
where—
C is the specified amount for that territory in respect of the qualifying company for the accounting period,
D is the specified tax in relation to such specified amount, and
E is the additional tax in relation to that specified amount;
‘foreign tax in respect of a qualifying company for an accounting period’ means, in relation to a company carrying on business in a territory, the amount determined by the formula—
F × G/100
where—
F is so much of the specified amount for the territory in respect of the qualifying company for the accounting period as is payable to the company carrying on business, and
G is the rate per cent of tax in the territory which is chargeable on—
(a) interest received in the territory by a company from sources outside the territory, or
(b) where the amount of interest payable to the company carrying on business is taken into account in computing business profits of that company, business profits;
‘interest’ means interest other than—
(a) yearly interest, and
(b) interest to which subsection (2B) of section 130, subsection (2)(a), (3)(a) or (3A)(a) of section 452 or subsection (2) of section 845A applies;
‘qualifying company’ means a company—
(a) which advances money in the ordinary course of a trade carried on in the State which includes the lending of money, and
(b) for which any interest payable in respect of money so advanced is taken into account in computing the income of that trade of the company;
‘specified amount’, in relation to a territory in respect of a qualifying company for an accounting period, means the amount of specified interest that is payable for that accounting period by the qualifying company to a company or more than one company carrying on a business in the territory where the interest is taken into account in that territory in computing the income, profits or gains of that business;
‘specified interest’, in relation to a qualifying company, means interest, payable by the company in the course of a trade referred to in the definition of ‘qualifying company’, which apart from this section, would be treated as a distribution by virtue only of section 130(2)(d)(iv);
‘specified tax’, in relation to a specified amount in respect of a qualifying company for an accounting period, means the lesser of—
(a) the additional tax in relation to that specified amount, and
(b) the aggregate amount of foreign tax in respect of the qualifying company for the accounting period, in relation to companies carrying on business in the territory to which the specified amount relates;
‘territory’ means a territory other than a relevant territory within the meaning of section 246.
(2) Section 130(2)(d)(iv) shall not apply to the deductible amount for a territory in respect of a qualifying company for an accounting period.”.
(2) This section applies in respect of accounting periods commencing on or after 1 January 2012.
num: 43
paragraphs: — (1) Section 238 of the Principal Act is amended in subsection (6) by deleting “resident in the State”.
(2) Section 241 of the Principal Act is amended in subsection (2)—
(a) in paragraph (a)(i) by substituting “section 238(2) or 246(2)” for “section 238(2)”,
(b) in paragraph (a)(ii) by substituting “section 238(2) or 246(2)” for “section 238(2)”,
(c) by deleting “and” before paragraph (b), and
(d) by substituting the following for paragraph (b):
“(b) section 239(5) shall apply to income tax in respect of payments referred to in paragraph (a), and
(c) income tax in respect of which a return is to be made under paragraph (a) shall, for the purposes of the charge, assessment, collection and recovery from the company making the payments of that tax and of any interest or penalties on that tax, be treated as if it were corporation tax chargeable for the accounting period for which the return is required under paragraph (a).”.
num: 44
paragraphs: — (1) The Principal Act is amended—
(a) by inserting the following after section 81B:
“Emissions allowances.
81C.— (1) In this section—
‘Directive’ has the same meaning as in section 540A;
‘emissions allowance’ means—
(a) an allowance within the meaning of Article 3 of the Directive,
(b) an emission reduction unit or ERU, within the meaning of Article 3 of the Directive, or
(c) a certified emission reduction or CER, within the meaning of Article 3 of the Directive;
‘profit and loss account’, in relation to an accounting period of a company, has the meaning assigned to it by generally accepted accounting practice and includes an income and expenditure account where a company prepares accounts in accordance with international accounting standards.
num: 45
paragraphs: — Section 486C of the Principal Act is amended in subsection (2)(a) by substituting “at any time in the period beginning on 1 January 2009 and ending on 31 December 2014” for “2009, 2010 or 2011”.
num: 46
paragraphs: — (1) Schedule 4 to the Principal Act is amended—
(a) by inserting the following after paragraph 39:
“39A. The Food Safety Authority of Ireland.”,
and
(b) by inserting the following after paragraph 92:
“92A. The Sustainable Energy Authority of Ireland.”.
(2) (a) Subsection (1) (a) is deemed to have come into force and have taken effect as on and from 1 January 1999.
(b) Subsection (1) (b) is deemed to have come into force and have taken effect as on and from 1 May 2002.
num: 47
paragraphs: — (1) Section 411 of the Principal Act is amended in subsection (1)—
(a) in paragraph (a), in the definition of “relevant Member State”, by substituting “made;” for “made.” in subparagraph (ii),
(b) in paragraph (a) by inserting the following after the definition of “relevant Member State”:
“ ‘relevant territory’ means—
(i) a relevant Member State,
(ii) not being such a Member State, a territory with the government of which arrangements having the force of law by virtue of section 826(1) have been made, or
(iii) not being a territory referred to in subparagraph (i) or (ii), a territory with the government of which arrangements have been made which on completion of the procedures set out in section 826(1) will have the force of law;”,
and
(c) by substituting the following for paragraph (c):
“(c) In determining for the purposes of this section and the following sections of this Chapter whether one company is a 75 per cent subsidiary of another company, the other company shall be treated as not being the owner of—
(i) any share capital which it owns directly in a company if a profit on a sale of the shares would be treated as a trading receipt of its trade,
(ii) any share capital which it owns indirectly and which is owned directly by a company for which a profit on the sale of the shares would be a trading receipt, or
(iii) any share capital which it owns directly in a company, not being a company—
(I) which by virtue of the law of a relevant territory, is resident for the purposes of tax in such a relevant territory, or
(II) the principal class of shares of which or, where the company is a 75 per cent subsidiary of another company, the principal class of shares of that other company, is substantially and regularly traded on a stock exchange in the State, on one or more than one recognised stock exchange in a relevant territory or territories or on such other stock exchange as may be approved of by the Minister for Finance for the purposes of Chapter 8A of Part 6.
(d) References in this Chapter to a company which is a surrendering company or a claimant company shall apply only to a company which, by virtue of the law of a relevant Member State, is resident for the purposes of tax in such a Member State.”.
(2) (a) This section applies as respects accounting periods ending on or after 1 January 2012.
(b) This section shall not have effect in relation to the determination of the amount of loss or other amount available for surrender under section 411(2) of the Principal Act for an accounting period beginning before 1 January 2012 and ending after that date to the extent that the loss or other amount is attributable to the part of the accounting period falling before that date.
(c) Any apportionment necessary for the purposes of giving effect to paragraph (b) shall be made in accordance with section 4(6) of the Principal Act.
num: 48
paragraphs: — (1) Section 835D of the Principal Act is amended in subsection (1) in paragraph (b) of the definition of “transfer pricing guidelines” by inserting “and 22 July 2010 and by the revision approved by the OECD Council on 22 July 2010” after “16 July 2009”.
(2) This section applies as on and from the date of the passing of this Act.
num: 49
paragraphs: — (1) Schedule 24 to the Principal Act is amended in paragraph 9DB by inserting the following at the end of that paragraph:
“(4) Where as respects any relevant royalties received in an accounting period by a company, any part of the foreign tax cannot, due to an insufficiency of income, be treated as reducing income under paragraph 7(3)(c) or under section 77(6B), then the amount which cannot be so treated shall, for the purposes of this paragraph, be unrelieved foreign tax.
(5) Where, as respects an accounting period, a company is in receipt of royalties from persons not resident in the State and such royalties are taken into account in computing the trading income of a trade carried on by the company, the company may—
(a) reduce the income (in this subparagraph referred to as ‘royalty income’) referable to any such payments by any unrelieved foreign tax, and
(b) allocate such reductions in such amounts and to such of its royalty income for that accounting period as it sees fit.
(6) The aggregate amount of reductions under subparagraph (5) in an accounting period cannot exceed the aggregate of the unrelieved foreign tax in respect of all relevant royalties for that accounting period.”.
num: 50
paragraphs: — (1) Section 77 of the Principal Act is amended by inserting the following after subsection (6):
“(6A) (a) In this subsection—
num: 51
paragraphs: — (1) The Principal Act is amended by inserting the following after section 633C—
“633D.— The transfer of all the assets and liabilities of a company which is a wholly owned subsidiary of another company (in this section referred to as the ‘parent company’) to the parent company, on that subsidiary company being dissolved without going into liquidation, shall not be treated as involving a disposal by the parent company of the share capital which it held in the subsidiary company immediately before the dissolution.”.
(2) Subsection (1) shall have effect in respect of assets and liabilities transferred on or after 1 January 2012.
num: 52
paragraphs: — (1) The Principal Act is amended in Schedule 24—
(a) in paragraph 4(5)(a) by substituting “paragraphs 9D, 9DB and 9DC” for “paragraphs 9D and 9DB”,
(b) in paragraph 4(5)(b) by deleting “and” where it last occurs in subclause (iv), by inserting “and” after “that paragraph),” in subclause (v) and by inserting the following after subclause (v):
“(vi) the amount of income of a company treated for the purposes of paragraph 9DC as referable to an amount of relevant leasing income (within the meaning of that paragraph),”,
and
(c) by inserting the following after paragraph 9DB:
“Unilateral Relief (leasing income)
9DC. (1) (a) In this paragraph—
‘leasing income’ means payments of any kind as consideration for the use of, or the right to use, industrial, commercial or scientific equipment;
‘relevant foreign tax’, in relation to leasing income receivable by a company, means tax—
(i) which under the laws of any foreign territory has been deducted from the amount of the lease payment,
(ii) which corresponds to income tax or corporation tax,
(iii) which has not been repaid to the company,
(iv) for which credit is not allowable under arrangements, and
num: 53
paragraphs: — (1) Section 21B of the Principal Act is amended in subsection (1)(a) by substituting the following for the definition of “relevant territory”:
“ ‘relevant territory’ means—
(i) a Member State of the European Communities,
(ii) not being such a Member State, a territory with the government of which arrangements having the force of law by virtue of section 826(1) have been made,
(iii) not being a territory referred to in subparagraph (i) or (ii), a territory with the government of which arrangements have been made which on completion of the procedures set out in section 826(1) will have the force of law, or
(iv) not being a territory referred to in subparagraph (i), (ii) or (iii), a territory the government of which has ratified the Convention referred to in section 826(1C);”.
(2) This section shall apply to dividends received on or after 1 January 2012.
num: 54
paragraphs: — Consequential on the expiration of the scheme of relief for certain manufacturing companies under Part 14 of the Principal Act, the provisions of that Act referred to in Schedule 1 are amended as provided for in that Schedule.
num: 55
paragraphs: — (1) The Principal Act is amended—
(a) in section 28(3) by substituting “30 per cent” for “25 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 7 December 2011, 30 per cent.”.
(2) This section applies to disposals made on or after 7 December 2011.
num: 56
paragraphs: — (1) Section 533 of the Principal Act is amended—
(a) by inserting the following after paragraph (d):
“(da) subject to paragraph (d), shares in, or securities of, a company incorporated in the State shall be situated in the State and, for the purposes of this paragraph, ‘shares’ includes warrants in respect of shares (including share warrants (within the meaning of section 88 of the Companies Act 1963 )) and any other instrument or security the value of which is derived from, or calculated by reference to, shares;”,
and
(b) in paragraph (e) by substituting “subject to paragraphs (d) and (da)” for “subject to paragraph (d)”.
(2) This section applies as on and from 8 February 2012.
num: 57
paragraphs: — (1) Section 562 of the Principal Act is amended by inserting the following after subsection (2):
“(2A) No adjustment shall be made in accordance with subsection (2) unless it is shown to the satisfaction of the inspector that the assignor, vendor, lessor or grantor of an option, as the case may be, has paid an amount equal to the amount of the contingent liability in respect of that liability.”.
(2) This section applies to disposals made on or after 8 February 2012.
num: 58
paragraphs: — (1) The Principal Act is amended—
(a) in section 584(3) by substituting “(10)” for “(9)”,
(b) in section 584 by inserting the following after subsection (9):
“(10) (a) In this subsection, ‘investment undertaking’ and ‘unit’ have the same meanings respectively as in section 739B.
(b) Subsection (3) shall not apply where the new holding comprises units in an investment undertaking, being a company.”,
(c) in section 585(1) by inserting the following definitions before the definition of “security”:
“ ‘investment undertaking’ and ‘unit’ have the same meanings respectively as in section 739B;”,
(d) in section 585 by inserting the following after subsection (1):
“(1A) For the purposes of this section, a conversion of securities shall not include a conversion of securities into units in an investment undertaking, being a company.”,
(e) in section 586(3) by inserting the following after paragraph (c):
“(d) This section shall not apply where the company issuing the shares or debentures is an investment undertaking within the meaning of section 739B.”,
and
(f) in section 587(4) by inserting the following after paragraph (c):
“(d) This section shall not apply where the company issuing the shares or debentures is an investment undertaking within the meaning of section 739B.”.
(2) This section applies to any shares or debentures issued by a company on or after 22 February 2012.
num: 59
paragraphs: — Section 598 of the Principal Act is amended by substituting the following for subsection (2):
“(2) (a) Subject to this section, where an individual who has attained the age of 55 years but has not attained the age of 66 years disposes of the whole or part of his or her qualifying assets, then—
(i) if the amount or value of the consideration for the disposal does not exceed €750,000, relief shall be given in respect of the full amount of capital gains tax chargeable on any gain accruing on the disposal;
(ii) if the amount or value of the consideration for the disposal exceeds €750,000, the amount of capital gains tax chargeable on the gain accruing on the disposal shall not exceed 50 per cent of the difference between the amount of that consideration and €750,000.
(b) Subject to this section, where an individual who has attained the age of 66 years disposes of the whole or part of his or her qualifying assets on or before 31 December 2013, then—
(i) if the amount or value of the consideration for the disposal does not exceed €750,000, relief shall be given in respect of the full amount of capital gains tax chargeable on any gain accruing on the disposal;
(ii) if the amount or value of the consideration for the disposal exceeds €750,000, the amount of capital gains tax chargeable on the gain accruing on the disposal shall not exceed 50 per cent of the difference between the amount of that consideration and €750,000.
(c) Subject to this section, where an individual who has attained the age of 66 years disposes of the whole or part of his or her qualifying assets on or after 1 January 2014, then—
(i) if the amount or value of the consideration for the disposal does not exceed €500,000, relief shall be given in respect of the full amount of capital gains tax chargeable on any gain accruing on the disposal;
(ii) if the amount or value of the consideration for the disposal exceeds €500,000, the amount of capital gains tax chargeable on the gain accruing on the disposal shall not exceed 50 per cent of the difference between the amount of that consideration and €500,000.
(d) For the purposes of paragraphs (a), (b) and (c), the amount of capital gains tax chargeable in respect of the gain shall be the amount of tax which would not have been chargeable but for that gain.”.
num: 60
paragraphs: — Section 599(1) of the Principal Act is amended by substituting the following for paragraph (b):
“(b) Subject to this section—
(i) where an individual who has attained the age of 55 years but has not attained the age of 66 years disposes of the whole or part of his or her qualifying assets to his or her child, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal;
(ii) where an individual who has attained the age of 66 years disposes of the whole or part of his or her qualifying assets to his or her child on or before 31 December 2013, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal;
(iii) where an individual who has attained the age of 66 years disposes of the whole or part of his or her qualifying assets to his or her child on or after 1 January 2014 and the market value of the qualifying assets is greater than €3,000,000, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal as if the consideration for the disposal had been €3,000,000.”.
num: 61
paragraphs: — (1) Section 611(1)(a) of the Principal Act is amended in subparagraph (iii) by inserting “the Local Government Computer Services Board, the Local Government Management Services Board, the Affordable Homes Partnership, Irish Water Safety, Limerick Northside Regeneration Agency, Limerick Southside Regeneration Agency,” after “the Friends of the National Collections of Ireland,”.
(2) This section applies to disposals made on or after 8 February 2012.
num: 62
paragraphs: — Section 613 of the Principal Act is amended by inserting the following after subsection (6):
“(7) No chargeable gain shall arise on the receipt of an amount of compensation whether in money or money’s worth under the Cessation of Turf Cutting Compensation Scheme administered by the Minister for Arts, Heritage and the Gaeltacht relating to the cessation of turf cutting on raised bog Special Areas of Conservation or Natural Heritage Areas, as required under the European Communities (Birds and Natural Habitats) Regulations 2011 ( S.I. No. 477 of 2011 ) or the Wildlife (Amendment) Act 2000 .”.
num: 63
paragraphs: — (1) Schedule 15 to the Principal Act is amended—
(a) by substituting the following for paragraph 9:
“9. Teagasc — The Agriculture and Food Development Authority.”,
and
(b) by inserting the following after paragraph 31:
“31A. The Dublin Institute of Technology in respect of any disposal made by it to the Grangegorman Development Agency.
31B. The Grangegorman Development Agency.”.
(2) This section applies to disposals made on or after 8 February 2012.
num: 64
paragraphs: — The Principal Act is amended by inserting the following section after section 604:
“604A.― (1) In this section―
‘EEA Agreement’ means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by the Protocol signed in Brussels on 17 March 1993;
‘EEA State’ means a state which is a contracting party to the EEA Agreement.
(2) This section applies to land or buildings situated in any EEA State (including the State)―
(a) which―
(i) were acquired for a consideration equal to their market value in the period commencing on 7 December 2011 and ending on 31 December 2013, or
(ii) were acquired in the period referred to in subparagraph (i) from a relative (within the meaning of section 10) and the consideration was not less than 75 per cent of their market value at the date they were acquired,
and
(b) which continue in the ownership of the person who acquired that land or those buildings for a period of at least 7 years from the date they were acquired.
(3) On a disposal of land or buildings to which this section applies, such portion of the gain shall not be a chargeable gain as represents the same proportion of the gain as 7 years bears to the period of ownership of such land or buildings.
(4) Relief under subsection (3) shall not apply―
(a) to land or buildings to which this section applies unless any income or profits or gains derived from the land or buildings concerned in the period of 7 years from the date they were acquired by the person who acquired them is income or profits or gains to which the Income Tax Acts or the Corporation Tax Acts apply, or
(b) where arrangements (within the meaning of section 546A) have been put in place and it can be shown that relief (apart from the relief given under subsection (3)) would be less if the arrangements had not been put in place.”.
num: 65
paragraphs: — (1) The Principal Act is amended by inserting the following section after section 79B:
“79C.― (1) In this section―
‘approved accounting standards’ means standards which are in accordance with generally accepted accounting principles in the State or in accordance with International Financial Reporting Standards (as promulgated by the International Accounting Standards Board);
num: 66
paragraphs: — (1) Section 579 of the Principal Act is amended—
(a) in subsection (1) by deleting “domiciled and” in each place,
(b) in subsection (2) by substituting the following for paragraph (b):
“(b) Notwithstanding paragraph (a), where a beneficiary under the settlement was neither resident nor ordinarily resident in the State in a year of assessment during which a gain accrued to the trustees, but was so resident or ordinarily resident in an earlier and subsequent year of assessment, the gain which would have accrued to that beneficiary if paragraph (a) had applied shall be treated as accruing in the first year of assessment in which he or she subsequently becomes resident or ordinarily resident in the State.
(c) Notwithstanding paragraph (a), where a person was excluded as a beneficiary under the settlement for a period of time but was subsequently included as a beneficiary of that settlement and a gain accrued to the trustees during a year of assessment when that beneficiary was so excluded, a gain which would have accrued to the beneficiary if paragraph (a) had applied shall be treated as accruing in the first year of assessment in which that person was subsequently included as a beneficiary of the settlement concerned.
(d) Notwithstanding paragraph (a), if a beneficiary is not treated under the provisions of paragraph (a), (b) or (c) as if any apportioned part of a gain accrued to him or her in a year of assessment and—
(i) the trustees have earlier realised a chargeable gain, and
(ii) the beneficiary receives a capital payment (within the meaning of section 579A(1)) from the trust during a year of assessment in which he or she is either resident or ordinarily resident in the State,
then, the beneficiary shall be treated as if an amount equal to—
(I) the capital payment, or
(II) the apportioned gain which would have accrued to him or her if paragraphs (a), (b) or (c) had applied,
whichever is less, were a chargeable gain accruing to him or her in the year of assessment in which the capital payment is received.
(e) For the purposes of this section, any amount referred to in paragraph (a), (b) or (c) shall be apportioned in such manner as is just and reasonable between persons having interests in the settled property, whether the interest is a life interest or an interest in reversion, and so that the chargeable gain is apportioned as near as may be according to the respective values of those interests, disregarding in the case of a defeasible interest the possibility of defeasance.”,
and
(c) in subsection (3) by deleting paragraph (b).
(2) This section applies to disposals made on or after 8 February 2012.
num: 67
paragraphs: — (1) The Principal Act is amended—
(a) by inserting the following section after section 610:
“610A.— (1) Subject to subsection (2), a gain shall not be a chargeable gain if it accrues to an approved body to the extent that the proceeds of the disposal giving rise to the gain or, if greater, the consideration for the disposal under the Capital Gains Tax Acts have, within 5 years of the receipt of the proceeds of the disposal or the consideration, as the case may be, been applied for the sole purpose of promoting athletic or amateur games or sports.
(2) A gain shall not be a chargeable gain if it accrues to an approved body to the extent that the proceeds of the disposal (or part thereof) giving rise to the gain or, if greater, the consideration for the disposal (or part thereof) have, within 5 years of the receipt of the proceeds of the disposal or the consideration, as the case may be, been donated for charitable purposes to a person or body of persons and—
(a) application has been made to the Minister for Finance specifying the person or body of persons to which the approved body proposes to make a donation and he or she has approved the making of the donation to the person or body of persons specified in the application,
(b) the donation is evidenced by a deed which stipulates that the donation is applicable and must be applied for the purposes of the charity only, and
(c) neither the donor nor a person connected to the donor receives a benefit in consequence of making the donation, either directly or indirectly.
(3) The Minister for Finance may refuse to approve the donation to the person or body of persons referred to in subsection (2) if he or she believes that the public good would not be served if the donation were made.
(4) The Revenue Commissioners may allow an extension of the period of 5 years referred to in subsection (1) for the application of proceeds for sporting purposes if they are satisfied that an approved body is in the process of applying proceeds for that purpose.
(5) The Revenue Commissioners may allow an extension of the period of 5 years referred to in subsection (2) for the making of a donation for charitable purposes if they are satisfied that an approved body is in the process of making such a donation.
(6) In this section ‘approved body’ means an approved body of persons within the meaning of section 235(1).”,
and
num: 68
paragraphs: — (1) The Finance Act 1999 is amended with effect as on and from 7 December 2011—
num: 69
paragraphs: — (1) The Finance Act 2005 is amended with effect as on and from 7 December 2011 by substituting the following for Schedule 2 to that Act (as amended by section 16 of the Finance Act 2009 ):
num: 70
paragraphs: — Chapter 1 of Part 2 of the Finance Act 2001 is amended—
(a) in section 96(1) by deleting the definitions of “accompanying administrative document”, “free warehouse” and “free zone”,
(b) in section 96(1) by substituting the following for the definition of “tax representative”:
“ ‘tax representative’ means a person approved by the Commissioners under section 109U for the purposes of that section;”,
(c) in section 96(1) by inserting the following definition:
“ ‘transaction’ means any action giving rise to a liability to, or a relief from, any duty of excise;”,
(d) in section 96(1) by substituting the following for the definition of “vehicle”:
“ ‘vehicle’ means a mechanically propelled vehicle or any other conveyance and includes—
(a) any craft or aircraft, and
(b) any container, trailer, tank or any other thing, which—
(i) is or may be used for the storage of goods in the course of carriage, and
(ii) is designed or constructed to be placed on, in or attached to any such vehicle or other conveyance;”,
(e) by substituting the following for section 97:
“97.— For the purposes of this Part the following are excisable products:
(a) alcohol products within the meaning of section 73 of the Finance Act 2003 ,
(b) tobacco products within the meaning of section 71 of the Finance Act 2005 , and
(c) mineral oils within the meaning of section 94 of the Finance Act 1999 .”,
(f) in section 98A(2) by substituting “that consignment is, except in the case of an irregular release, released for consumption” for “that consignment is released for consumption”,
(g) in section 99 by substituting the following for subsections (2) and (3):
“(2) The liability under subsection (1)(b) is fully or partly discharged where, and to the extent that, the consignment concerned has been (as the case may be)—
(a) received, under a suspension arrangement, into another tax warehouse in the State, or
(b) ended in accordance with subsection (1) of section 109K, and evidence to that effect has been received in accordance with subsection (2) of that section.
(3) A registered consignor is liable for payment of the excise duty on any consignment dispatched by such registered consignor under section 109E(1)(b), and that liability is fully or partly discharged where, and to the extent that, the consignment has ended in accordance with subsection (1) of section 109K, and evidence to that effect has been received in accordance with subsection (2) of that section.”,
(h) in section 99A by substituting the following for subsection (1):
“(1) In this section ‘authorised officer’ means an officer authorised in writing by the Commissioners to exercise the powers conferred by this section.”,
(i) by inserting the following after section 99A:
“Estimation of excise duty due.
99AA.— (1) Where a person who is required, by any provision of excise law, to make a return of the excise duty payable by such person for any period fails to do so within the time specified in the provision concerned, the Commissioners may, subject to subsection (2)—
(a) estimate the amount of duty payable by that person for such period, and
(b) serve notice (in this section referred to as a ‘notice of estimation’) on the person of the amount estimated.
(2) (a) Where the Commissioners are satisfied that the amount of any estimation is excessive or deficient, or that there is no liability for the period concerned, then they may accordingly reduce, increase or withdraw such estimation.
(b) In any case where an estimation is reduced or increased under paragraph (a), the Commissioners shall serve an amended notice of estimation on the person concerned.
(3) If at any time after a notice of estimation or amended notice of estimation, as the case may be, is served, the return referred to in subsection (1) is made, and excise duty is paid in accordance with that return together with any interest and costs that may have been incurred in connection with that payment, then the notice of estimation, or amended notice of estimation, shall stand discharged.
Time limits.
99AB.— (1) In this section ‘taxable period’ means a period in respect of which a person is required, by any provision of excise law, to make a return of the excise duty payable by that person for that period and to pay that amount.
(2) Subject to subsection (4), an assessment under section 99A or an estimation under section 99AA may be made at any time not later than 4 years from—
(a) except where paragraph (b) applies, the date of the transaction giving rise to the liability concerned,
(b) where the liability is in respect of a taxable period, the last day of such period.
(3) Subject to subsection (4), proceedings for the recovery of an amount of excise duty may not be instituted, or other action for such recovery taken, unless a notice of assessment, or another notification in writing stating that such amount is due, has been issued by the Commissioners before the expiry of a period of 4 years from—
(a) except where paragraph (b) applies, the date of the transaction giving rise to the liability to that amount,
(b) where the liability is in respect of a taxable period, the last day of such period.
(4) (a) Subsections (2) and (3) shall not apply in any case where there are reasonable grounds to believe that any form of fraud or neglect has been committed by or on behalf of any person in connection with the liability concerned.
(b) For the purposes of paragraph (a), and subject to paragraph (c), ‘neglect’ means negligence or a failure to give any notice, information or record, or to make any return, required to be given or made under any provision of excise law, within such time limit as may be allowed under the provision concerned.
(c) A person who fails, within the time limit referred to in paragraph (b), to satisfy any requirement referred to in that paragraph shall be deemed not to have neglected to do so where the person—
(i) satisfies the requirements within such further time as the Commissioners may allow in any particular case, or
(ii) shows to the satisfaction of the Commissioners that there was sufficient excuse for such failure, and where such person satisfies the requirements as soon as possible thereafter.”,
(j) by deleting section 100,
(k) in section 103(2)(a) by substituting “Where any amount of excise duty becomes payable” for “Without prejudice to the provisions of section 74 of the Finance Act 2002 concerning betting duty, where any amount of excise duty becomes payable”,
(l) in section 103 by inserting the following subsection:
“(3) Where an amount of excise duty has been repaid to a person, and where all or part of that amount is then found not to be properly refundable under any provision of excise law, simple interest shall be paid by the person on that amount or part of that amount at the rate of 0.0274 per cent for each day from the date the repayment is made to the date on which it was returned to the Commissioners or otherwise accounted for to their satisfaction.”,
(m) in section 104 by substituting the following for subsections (1), (2) and (3):
“(1) Subject to such conditions as the Commissioners may prescribe or otherwise impose, a full relief from excise duty shall be granted, by way of remission or repayment, on any excisable products that are shown to the satisfaction of the Commissioners to be delivered—
(a) under diplomatic arrangements in the State,
(b) to international organisations recognised as such by the State, and the members of such organisations based in the State, within the limits and under the conditions laid down by international conventions establishing such organisations or by other agreements,
(c) for consumption under any agreement entered into between the State and a country other than a Member State where such agreement also provides for exemption from value-added tax,
(d) for export or re-export from the State to a place outside the European Union, or
(e) to a tax-free shop at an airport for supply to passengers travelling to a destination outside of the European Union.
(2) Subject to such conditions as the Commissioners may prescribe or otherwise impose, a full relief from excise duty shall be granted on any alcohol products or tobacco products released for consumption in another Member State which―
(a) have been acquired by a private individual in such another Member State for his or her own use and not for commercial purposes, and
(b) are transported into the State by that private individual, and accompanied by him or her during such transportation.
(3) For the purpose of subsection (2) the question of whether the alcohol products or tobacco products, as the case may be, are for a private individual’s own use or are for commercial purposes shall be determined in accordance with regulations under section 153.”,
(n) in section 104 by inserting the following subsection:
“(5) Subject to such conditions as the Commissioners may prescribe or otherwise impose, a full relief from excise duty shall be granted, by way of repayment, on any excisable products that have been released for consumption in the State and which―
(a) have been dispatched to another Member State in accordance with section 109V, or
(b) have been sold and dispatched by a State vendor to a private individual in another Member State in accordance with section 109W.”,
(o) by deleting section 105,
(p) by deleting section 105A,
(q) by substituting the following for section 105B:
“105B.― (1) Subject to subsections (2) and (3), and without prejudice to the provisions of section 960H of the Taxes Consolidation Act 1997 relating to the offset of overpayments, where a person has, in respect of any period or transaction, paid an amount of excise duty, or interest on excise duty, which was not due, the Commissioners shall repay such amount to such person.
(2) Subject to subsection (3), a repayment shall only be made under subsection (1) where a claim for that repayment, in writing or such other form as the Commissioners may allow, is made to them within a period of 4 years from the date of payment to which the claim relates or from the date of any other transaction giving rise to an entitlement to a repayment.
(3) Subsection (2) does not apply where a person would, on due claim, be entitled to repayment of excise duty or interest paid on that duty under any other provision of excise law which provides for a shorter period within which a claim for repayment is to be made.
(4) Except as provided for by this section or by any other provision of excise law, or by section 941 of the Taxes Consolidation Act 1997 as it applies for the purposes of the duties of excise, the Commissioners shall not repay an amount of excise duty paid to them or pay interest in respect of an amount of excise duty paid to them.”,
(r) by deleting section 105C,
(s) in section 105D(1) by deleting the definition of “valid claim”,
(t) in section 108A(2) by substituting the following for paragraph (c):
“(c) the mixing or blending of excisable products with other excisable products or other materials, but only where―
(i) excise duty has been paid in full on the excisable products so mixed or blended, and
(ii) the amount so paid is not less than the amount chargeable on the mixture or blend,
(d) the production by a private individual of wine, beer or other fermented beverage to which a relief from alcohol products tax under section 77 (f) of the Finance Act 2003 applies.”,
and
(u) in section 109(7) by substituting the following for paragraph (b):
“(b) (i) Without prejudice to paragraph (a), and subject to subparagraph (ii), a tenant shall, at a level specified in the authorisation document, provide security for any excisable products received by such tenant as a consignee under a suspension arrangement.
(ii) Subparagraph (i) does not apply to consignments of mineral oil by sea that are received by a tenant and delivered immediately into storage tanks in the tax warehouse that are under the direct control of the proprietor.”.
num: 71
paragraphs: — Chapter 2A of Part 2 of the Finance Act 2001 is amended—
(a) in section 109E by substituting the following for subsection (3):
“(3) Except where, in accordance with section 109I(1)(b), a consignment is accompanied by a paper document, a consignment from a place in the State to another Member State shall be dispatched under the computerised system and under cover of the electronic administrative document.”,
(b) in section 109H by inserting the following after subsection (3):
“(3A) In the case of a consignment of mineral oil, the Commissioners may, subject to such conditions as they may prescribe or otherwise impose, permit the consignor to split the consignment into 2 or more consignments—
(a) where the splitting is carried out—
(i) in the territory of a Member State that allows such splitting, and the Member State has informed the European Commission accordingly under Article 23 of the Directive, and
(ii) under the computerised system in accordance with Article 6(1) of the Commission Regulation, and the competent authority of the Member State referred to in paragraph (a) is, by such means, informed of the place where such splitting is to take place,
and
(b) where the quantity consigned does not change.”,
(c) in section 109J(3)(a) by substituting “such conditions as the Commissioners may prescribe or otherwise impose” for “such conditions as the Commissioners may prescribe”, and
(d) by deleting section 109P.
num: 72
paragraphs: — Chapter 3 of Part 2 of the Finance Act 2001 is amended—
(a) in section 121 by substituting the following for paragraph (b):
“(b) to take possession or charge of any excisable products in the knowledge that an offence under paragraph (a) has been committed in relation to such excisable products.”,
(b) by substituting the following for section 122:
“122.— It is an offence under this section for any person to deliver any incorrect return, statement or accounts or to furnish any incorrect information—
(a) in connection with—
(i) any claim for relief or repayment under excise law,
(ii) the granting of a licence under section 101 of the Finance Act 1999 , or
(iii) any application for—
(I) authorisation as an authorised warehousekeeper, or approval of a tax warehouse, under section 109,
(II) authorisation as a registered consignor under section 109A,
(III) registration as a registered consignee under section 109J, or
(IV) approval as a tax representative under section 109U,
or
(b) for any other purposes in relation to any duty of excise.”,
(c) in section 123 by deleting paragraph (a),
(d) in section 131(1) by substituting “any question of fact” for “any dispute”,
(e) in section 131(1) by substituting “the burden of proof shall rest” for “the burden of proof in such dispute shall rest”, and
(f) by deleting section 132.
num: 73
paragraphs: — Chapter 4 of Part 2 of the Finance Act 2001 is amended—
(a) by substituting the following for section 133:
“133.— In this Chapter—
‘foreign packet’ means any item, addressed in the final form in which it is to be carried from a place outside the State and delivered to an address in the State, and includes a postal packet within the meaning of the Communications Regulation (Postal Services) Act 2011 ;
‘postal services’ has the same meaning as in the Communications Regulation (Postal Services) Act 2011 ;
‘officer’ means an officer of the Commissioners authorised by them in writing to exercise the powers conferred on officers by this Chapter.”,
(b) in section 135(1)(b) by substituting the following for subparagraph (ii):
“(ii) any excisable products being transported in or on, or in any manner attached to, the vehicle, are transported in accordance with any provision of Chapter 2A or 2B to which they may be subject, and conform in every material respect with the description of such excisable products in any electronic administrative document, simplified accompanying document, or other document that is required, under any such provision, for the consignment of the excisable products concerned, or
(iii) the vehicle has been, or is required to be, registered in any of the registers established and maintained under Chapter IV of Part II of the Finance Act 1992 ,”,
(c) in section 135(1)(d) by substituting the following for subparagraph (iii):
“(iii) to produce to the officer or accompanying officer any document referred to in paragraph (b)(ii).”,
(d) in section 136(1)(b) by substituting “carried on,” for “carried on, or”,
(e) in section 136(1) by substituting the following for paragraphs (bb) and (c):
“(c) bets liable to betting duty are reasonably believed to be accepted,
(d) any activity for the provision of postal services, or any other service for the delivery of foreign packets, is being, or is reasonably believed by the officer to be, carried on,
(e) any activity for the supply of electricity or natural gas is being, or is reasonably believed by the officer to be, carried on, or
(f) any records relating to, or reasonably believed by the officer to relate to, the products or activities referred to in paragraph (a), (b), (c) or (e) are kept, or are reasonably believed by such officer to be kept.”,
(f) in section 136(3) by substituting the following for paragraph (a):
“(a) carry out such search and investigation as such officer may consider to be proper, including the examination and the carrying out of searches, under section 135, of any vehicle on such premises or in such place,”,
(g) in section 136(3)(c) by substituting “subsection (1)(f)” for “subsection (1)(c)”,
(h) in section 136(3)(d) by substituting “subsection (1)(f)” for “subsection (1)(c)”,
(i) in section 136(3) by substituting the following for paragraph (e):
“(e) exercise the powers of detention under section 140 and of seizure under section 141.”,
(j) in section 136 by inserting the following after subsection (3):
“(3A) Where an authorised officer in or on any premises or place, referred to in subsection (1)(d) or pursuant to a warrant issued under subsection (5), has reason to believe that a foreign packet contains excisable products, and that any requirement—
(a) under excise law, for payment of the excise duty on such products, or
(b) for any declaration under Council Regulation 2913/92/EEC of 12 October 1992 6 , Commission Regulation 2454/93/EEC of 2 July 1993 7 , or Council Regulation 450/2008/EC of 23 April 2008 8 , in relation to such foreign packet,
has not been complied with, then such officer may open such foreign packet and examine its contents.”,
(k) by inserting the following after section 136:
“Power to stop, question and search for intra- Community baggage.
136A.— An officer, on production of the authorisation of such officer if required to do so by any person affected, may require any person entering the State from another Member State to stop, and to give to such officer—
(a) the name, address and date of birth of such person,
(b) any information in relation to any excisable products that may be in the possession or charge of such person,
(c) such excisable products for examination,
and, where such officer has reason to believe that such person is committing an offence in relation to such excisable products under section 119 or 121, such officer may search the baggage of such person and examine any such excisable products.”,
and
(l) by deleting section 137.
6 OJ No. L302, 19.10.1992, p.1
7 OJ No. L253, 11.10.1993, p.1
8 OJ No. L145, 04.06.2008, p.1
num: 74
paragraphs: — Chapter 5 of Part 2 of the Finance Act 2001 is amended—
(a) in section 144A by substituting the following for subsection (2):
“(2) Any power, function or duty conferred or imposed on the Commissioners by any provision of section 108A, 109, 109A, subsections (3) and (4) of section 109J or subsection (2) of section 109U, may be exercised on their behalf and, subject to their direction and control, by an officer authorised by them in writing for the purposes of the provision concerned.”,
(b) in section 145(3) by inserting the following after paragraph (e):
“(ee) a refusal to grant a licence under section 101 of the Finance Act 1999 , or a revocation under that section of any such licence that has been granted,”,
(c) in section 145 by deleting subsection (13),
(d) in section 153(2) by substituting “section 97” for “section 97(1)”,
(e) in section 153(2)(e) by substituting “registered consignee” for “registered trader”,
(f) in section 153(2) by deleting paragraph (f),
(g) in section 153(2) by substituting the following for paragraph (h):
“(h) specifying in relation to the electronic administrative document (within the meaning of Chapter 2A) and movements of excisable products between Member States under a suspension arrangement—
(i) the correct completion of that document and the person responsible for that completion,
(ii) the submission of that document and the cancellation or amendment of that document after it is submitted,
(iii) the submission of a report of receipt or report of export (both within the meaning of Chapter 2A),
(iv) the confirmation of receipt or export where the computerised system is unavailable,”,
(h) in section 153(2) by deleting paragraph (i),
(i) in section 153(2)(j) by substituting “the simplified accompanying document” for “such accompanying document”,
(j) in section 153(2) by deleting paragraph (k),
(k) in section 153(2)(l) by substituting “section 109J(7)” for “section 117”,
(l) in section 153(2)(t) by substituting “section 104(5)” for “section 105”, and
(m) in section 153(2)(t)(iv) by deleting “as provided for in section 117,”.
num: 75
paragraphs: — Chapter 1 of Part 2 of the Finance Act 2003 is amended—
(a) in section 73(1) by substituting the following for the definition of “illicit alcohol product”:
“ ‘illicit alcohol product’ means any alcohol product—
(a) that has, contrary to the requirements of section 108A of the Finance Act 2001 , been produced or processed in the State, otherwise than in a tax warehouse, or
(b) that is counterfeit goods;”,
(b) in section 75 by substituting the following for subsection (1):
num: 76
paragraphs: — Chapter 3 of Part 2 of the Finance Act 2005 is amended—
(a) in section 71(1) by deleting the definition of “tax representative”,
(b) in section 71 by deleting subsections (2) and (4),
(c) by substituting the following for section 72:
num: 77
paragraphs: — Chapter 1 of Part 2 of the Finance Act 2002 is amended by deleting sections 72, 73, 73A, 74, 75, 75A and 76.
num: 78
paragraphs: — (1) Chapter 1 of Part 2 of the Finance Act 1999 is amended—
(a) in section 94(1) by deleting the definitions of “business use”, “charitable organisation”, “dual use”, “energy intensive business”, “horticultural produce”, “horticultural producer”, “household”, “land”, “mineralogical process” and “ships’ stores”,
(b) in section 94(1) by substituting the following for the definition of “ASTM”:
“ ‘ASTM’ means ASTM International (formerly known as the American Society for Testing and Materials);”,
(c) in section 94(1) by substituting the following for the definition of “biofuel”:
“ ‘biofuel’ means any substitute fuel made from biomass;”,
(d) in section 94(1) by substituting the following for the definition of “coal”:
“ ‘coal’ includes coal and lignite, solid fuel manufactured from coal and lignite, and any other energy product within the meaning of Article 2.1 of the Directive in solid form;”,
(e) in section 94(1) by substituting the following for the definition of “dumper”:
num: 79
paragraphs: — Section 65 of the Finance Act 2010 is amended by substituting the following for subsection (1):
“(1) Chapter 1 of Part 2 of the Finance Act 1999 is amended—
(a) in section 94(1) (as amended by section 78 of the Finance Act 2012) by deleting the definition of ‘coal’,
(b) in section 95 by substituting the following for subsection (1) (as amended by section 78 of the Finance Act 2012):
‘(1) Subject to the provisions of this Chapter, and any regulations made under it, a duty of excise, to be known as mineral oil tax, shall be charged, levied and paid on all mineral oil—
(a) released for consumption in the State, or
(b) released for consumption in another Member State and brought into the State.’,
(c) in section 95(2) (as amended by section 78 of the Finance Act 2012) by substituting ‘Liability to mineral oil tax shall arise at the time when the mineral oil is’ for ‘Liability to mineral oil tax on mineral oil shall arise at the time when that mineral oil is’,
(d) in section 95(5) (as amended by section 78 of the Finance Act 2012) by substituting ‘only mineral oil’ for ‘only mineral oil and coal’, and
(e) by deleting section 100A (inserted by section 78 of the Finance Act 2012).”.
num: 80
paragraphs: — Chapter 1 of Part 2 of the Finance Act 2008 is amended—
(a) in section 58(1) by substituting “Subject to the provisions of this Chapter” for “In addition to any other duty which may be chargeable, and subject to the provisions of this Chapter”,
(b) in section 59(2) by deleting “(3),”,
(c) in section 59 by deleting subsection (3), and
(d) in section 60 by inserting the following after subsection (1):
“(1A) Any supplier that is not established in the State shall make such arrangements with the Commissioners as the Commissioners may require for the payment of the tax and accounting for it, and those arrangements shall include the appointment of a competent person in the State to give effect to them.”.
num: 81
paragraphs: — Chapter 2 of Part 3 of the Finance Act 2010 is amended—
(a) in section 66(1), in the definition of “CN Code”, by substituting “Commission Regulation (EC) No. 2031/2001” for “Commission Regulation (EEC) No. 2031/2001”,
(b) in section 67(1), with effect as on and from 1 May 2012, by substituting “€4.10” for “€3.07”,
(c) in section 67(3), with effect as on and from 1 May 2012, by substituting “€0.020” for “€0.015”,
(d) by substituting the following for section 68:
“68.— (1) Tax shall be charged at the time the natural gas is supplied by a supplier to a consumer and, except where subsection (2) applies, that supplier shall be accountable for and liable to pay the tax charged on the natural gas supplied by that supplier.
(2) A consumer shall be liable for any deficiency in the amount of tax paid on a supply, where that deficiency has resulted from false or misleading information furnished to the supplier concerned by that consumer, and no such liability shall attach to the supplier.”,
(e) in section 70 by inserting the following subsection:
“(3) Any supplier that is not established in the State shall make such arrangements with the Commissioners as the Commissioners may require for the payment of the tax and accounting for it, and those arrangements shall include the appointment of a competent person in the State to give effect to them.”,
(f) in section 71(1) by substituting the following for paragraph (a):
“(a) solely for the generation of electricity, or”,
(g) in section 71 by substituting the following for subsection (2):
“(2) Subject to such conditions as the Commissioners may prescribe or otherwise impose, a partial relief from tax shall be granted on any natural gas that is shown to the satisfaction of the Commissioners to have been supplied for use—
(a) in an installation that is covered by a greenhouse gas emissions permit, or
(b) for environmentally friendly heat and power cogeneration (other than micro-cogeneration within the meaning of Directive 2004/8/EC of the European Parliament and of the Council of 11 February 2004 16 ), where it is determined, by a competent authority designated for the purpose by the Minister, that such cogeneration meets the requirements for high-efficiency cogeneration under Directive 2004/8/EC of the European Parliament and of the Council of 11 February 2004.”,
and
(h) in section 71 by inserting the following subsection:
“(3) The relief under subsection (2) shall be calculated as the amount of tax chargeable on the natural gas supplied, less an amount calculated at the rate of €0.54 per megawatt hour.”.
16 OJ No. L52, 21.02.2004, p.50
num: 82
paragraphs: — Chapter 3 of Part 3 of the Finance Act 2010 is amended—
(a) in section 77, in the definition of “CN Code”, by substituting “Commission Regulation (EC) No. 2031/2001” for “Commission Regulation (EEC) No. 2031/2001”,
(b) by substituting the following for section 79:
“79.— (1) Tax shall be charged at the time the solid fuel is first supplied in the State by a supplier and, except where subsection (2) applies, that supplier shall be accountable for and liable to pay the tax charged.
(2) A consumer shall be liable for any deficiency in the amount of tax charged on a supply, where that deficiency has resulted from false or misleading information furnished to the supplier concerned by that consumer, and no such liability shall attach to the supplier.”,
and
(c) by substituting the following for section 82:
“82.— (1) Subject to such conditions as the Commissioners may prescribe or otherwise impose, a full relief from tax shall be granted on any solid fuel that is shown to the satisfaction of the Commissioners to have been delivered for use—
(a) solely for the generation of electricity, or
(b) for chemical reduction or in electrolytic or metallurgical processes.
(2) Subject to such conditions as the Commissioners may prescribe or otherwise impose, a relief from tax shall be granted on any solid fuel that is shown to the satisfaction of the Commissioners to have been delivered for use—
(a) in an installation that is covered by a greenhouse gas emissions permit, or
(b) for environmentally friendly heat and power cogeneration (other than micro-cogeneration within the meaning of Directive 2004/8/EC of the European Parliament and of the Council of 11 February 2004 17 ), where it is determined, by a competent authority designated for the purpose by the Minister, that such cogeneration meets the requirements for high-efficiency cogeneration under Directive 2004/8/EC of the European Parliament and of the Council of 11 February 2004.
(3) The relief under subsection (2) is—
(a) in the case of peat, a full relief, and
(b) in the case of coal, a partial relief, to be calculated as the amount of tax chargeable on the quantity of coal delivered, less an amount calculated at the rate of €4.18 per tonne.”.
17 OJ No. L52, 21.02.2004, p. 50
num: 83
paragraphs: — (1) Chapter IV (which relates to the registration and taxation of vehicles) of Part II of the Finance Act 1992 is amended—
(a) in section 130 by inserting the following after the definition of “the register”:
“ ‘registration’ includes re-registration;”,
(b) in section 130 by substituting the following for the definition of “vehicle”:
“ ‘vehicle’ means a mechanically propelled vehicle, including an unregistered vehicle—
(a) built up from the chassis, or
(b) built using a monocoque or an assembly serving an equivalent purpose as a chassis,
which chassis, monocoque or assembly is either new or unused or is derived from another unregistered vehicle;”,
(c) by deleting sections 130A, 130B and 131A,
(d) in section 132 by substituting in subsection (1) “Subject to the provisions of this Chapter” for “In addition to any other duty which may be chargeable, subject to the provisions of this Chapter”,
(e) by deleting section 132(5)(b),
(f) in section 133 by substituting the following for “new vehicle”:
“ ‘new vehicle’ means a vehicle that has not previously been registered or recorded on a permanent basis—
(a) in the State under this Chapter or, before 1 January 1993, under any enactment repealed or revoked by section 144A or under any other provision to like effect as this Chapter or any such enactment, or
(b) under a corresponding system for maintaining a record for vehicles and their ownership in another state,
and where the vehicle has been acquired under general conditions of taxation in force in the domestic market;”,
(g) by deleting subsections (1) to (5) of section 135B,
(h) in section 135B(6)(a) by substituting “sections 105B and 105D” for “sections 105B, 105C and 105D”,
(i) by deleting sections 135BA and 135C(3)(a),
(j) by inserting the following section after section 135C:
“Repayment of amounts of vehicle registration tax on export of certain vehicles.
135D.— (1) The Commissioners may repay to a person an amount calculated in accordance with this section of vehicle registration tax based on the open market selling price of a vehicle which has been removed from the State, where—
(a) the vehicle is a category M1 vehicle,
(b) the vehicle has been registered under section 131 and the vehicle registration tax has been paid,
(c) the vehicle was, immediately prior to being so removed, registered under section 131,
(d) within 30 days prior to being so removed—
(i) the vehicle and any documentation to which paragraph (b) or (c) relates, and
(ii) where applicable, a valid test certificate (within the meaning of the Road Traffic (National Car Test) Regulations 2003 ( S.I. No. 405 of 2003 )) in respect of the vehicle,
have been examined by a competent person and all relevant matters have been found by that person to be in order,
(e) at the time of examination to which paragraph (d) relates, the open market selling price of the vehicle (being the price to which subsection (2) relates) is not less than €2,000, and
(f) the requirements of subsection (3) have been complied with.
(2) The amount of vehicle registration tax to be repaid shall be calculated by reference to the open market selling price (being that price as determined by the Commissioners) of the vehicle at the time of the examination referred to in subsection (1)(d).
(3) A claim for repayment for an amount of vehicle registration tax under this section shall be made in such manner and in such form as may be approved by the Commissioners for that purpose and shall be accompanied by—
(a) documentation to prove to the satisfaction of the Commissioners that the vehicle was removed from the State within 30 days of its examination under this section, and
(b) proof that the vehicle has subsequently been registered in another Member State or has been permanently exported outside the European Union.
(4) The amount of vehicle registration tax calculated for repayment under this section in respect of a vehicle shall be reduced to take account of—
(a) the net amount of any remission or repayment of that tax previously allowed on the vehicle under this Chapter, and
(b) an administration charge of €500.
(5) Any repayment of vehicle registration tax under this section shall be to the person named, at the time of the examination referred to in subsection (1)(d), on the registration certificate issued in accordance with section 131(5)(a).”,
(k) in section 136A by substituting, in the first sentence of subsection (4), the following for the meaning assigned to “B” for the purpose of the formula in that subsection:
“B is an amount (if any) payable by the competent person to the Commissioners that is calculated by means of one or more than one formula or other means of calculation as may be prescribed.”,
(l) in section 141, in subsection (2), by deleting “and” where it last occurs in paragraph (m), by substituting “vehicles, and” for “vehicles.” in paragraph (w) and by inserting the following after paragraph (w):
“(x) for the purpose of the formula in subsection (4) of section 136A, prescribe one or more than one formula or other means of calculation for the purpose of the meaning assigned to ‘B’ in that subsection.”,
and
(m) by deleting section 142.
(2) Subsection (1)(j) comes into operation on such day or days as the Minister for Finance appoints by order.
num: 84
paragraphs: — In this Part “Principal Act” means the Value-Added Tax Consolidation Act 2010 .
num: 85
paragraphs: — The Principal Act is amended—
(a) in section 2(1), in the definition of “exempted activity”, by substituting the following for paragraph (b):
num: 86
paragraphs: — (1) The Principal Act is amended—
(a) in section 16 by inserting the following after subsection (4):
“(5) (a) In this subsection ‘construction work’, in relation to immovable goods, includes—
(i) construction, extension, alteration and demolition services, and
(ii) engineering work or other operations which adapt those immovable goods for materially altered use.
(b) Where an accountable person supplies construction work in the State to a taxable person (in this subsection referred to as a ‘recipient’) to whom the accountable person is connected (within the meaning of section 97(3)), then—
(i) the recipient shall, in relation to such supplies, be an accountable person or be deemed to be an accountable person and shall be liable to pay the tax chargeable as if that recipient made that supply in the course or furtherance of business, and
(ii) the person who supplied the construction work shall not be accountable for or liable to pay such tax in respect of those supplies.”,
(b) in section 19(1) by deleting paragraph (d),
(c) in section 41(4) by inserting “or (5)” after “section 16(3)”,
(d) in section 59(2) by inserting the following after paragraph (ia):
“(ib) the tax chargeable during the period, being tax for which the recipient (within the meaning of section 16(5)(b)) is liable by virtue of section 16(5)(b) in respect of supplies of construction work received by that recipient, but only where that recipient would be entitled to a deduction of that tax elsewhere under this subsection if that tax had been charged to such recipient by an accountable person,”,
and
(e) in section 66 by inserting the following after subsection (4A):
“(4B) (a) Where an accountable person supplies construction work to which section 16(5)(b) applies, the person shall issue a document to the recipient of such supplies indicating—
(i) that the recipient is liable to account for the tax chargeable on that supply, and
(ii) such other particulars as would be required to be included in that document if that document were an invoice required to be issued in accordance with subsection (1) but excluding the rate at which the tax is chargeable and the amount of tax payable.
(b) Where the recipient and the person who supplied the construction work so agree, section 71(1) may apply to this document as if it were an invoice.”.
(2) Subsection (1) applies as on and from 1 May 2012.
num: 87
paragraphs: — Section 46(1)(a) of the Principal Act is amended with effect from 1 January 2012 by substituting “23 per cent” for “21 per cent”.
num: 88
paragraphs: — Section 66 of the Principal Act is amended by deleting subsection (5).
num: 89
paragraphs: — Section 84 of the Principal Act is amended—
(a) in subsection (3) by inserting “and notwithstanding any other law” after “subsection (4)”, and
(b) by substituting the following for subsection (5):
“(5) This Chapter shall not require the retention of records or invoices or any of the other documents in respect of which the Revenue Commissioners notify the person concerned that retention is not required.”.
num: 90
paragraphs: — Section 95(12)(c) of the Principal Act is amended by inserting “(other than a development which is a refurbishment within the meaning of section 63(1))” after “development of those goods”.
num: 91
paragraphs: — Section 111(1) of the Principal Act is amended—
(a) in paragraph (c) by substituting “to the person;” for “to the person,”,
(b) by inserting the following after paragraph (c):
“(d) the total amount of tax refunded to the person in accordance with an order under section 103 was greater than the amount (if any) properly refundable to that person,”,
and
(c) by substituting the following for paragraph (i):
“(i) may, in accordance with regulations but subject to section 113, make an assessment in one sum of—
(I) the total amount of tax which in his or her opinion should have been paid,
(II) the total amount of tax (including a nil amount) which in accordance with section 99(1) should have been refunded, or
(III) the total amount of tax (including a nil amount) which in accordance with the order under section 103 should have been refunded,
as the case may be, in respect of such period, and”.
num: 92
paragraphs: — The Principal Act is amended by inserting the following after section 114:
“114A.— (1) Where an amount of tax is refunded to a person in accordance with an order under section 103 and—
(a) no amount of tax was properly refundable to that person under the order, or
(b) the amount of tax refunded is greater than the amount properly refundable to that person under that order,
then simple interest shall be paid by that person on any amount of tax refunded to that person which was not properly refundable to that person under that order, from the date the refund was made, at the rate of 0.0274 per cent for each day or part of a day during which the person does not correctly account for any such amount refunded which was not properly refundable.
(2) Subsection (1) shall apply to tax recoverable by virtue of a notice under section 111 (whether a notice of appeal under that section is received or not) as if the tax were tax which the person was liable to pay for the taxable period or, as the case may be, the later or latest taxable period included in the period comprised in the notice.”.
num: 93
paragraphs: — Section 115 of the Principal Act is amended by inserting the following after subsection (7A):
“(7B) A person who does not comply with a requirement specified in an order under section 103 shall be liable to a penalty of €4,000.”.
num: 94
paragraphs: — Schedule 2 to the Principal Act is amended—
(a) in paragraph 8(1), in column (2) of Part F of Table 1, by inserting “or other” after “cereal”, and
(b) in paragraph 8(1) by substituting the following for Table 2:
“Table 2
Ingredients and Weight Limits thereof for Bread as defined in column (2) of Part F of Table 1
(1)
Ingredients
(2)
Weight limits for the ingredients, as percentage of weight of flour included in the dough
Fats and sugars (including any fats and sugars contained in any bread improver)
Not exceeding 12% in aggregate
Dried fruit, vegetables, herbs and spices
Not exceeding 10% in aggregate
Yeast or other leavening or aerating agent, seeds, salt, malt extract, milk, water, gluten and bread improver
No limit
”.
num: 95
paragraphs: — (1) Schedule 3 to the Principal Act is amended—
(a) in paragraph 1(1), in paragraph (b) of the definition of “margin scheme supply”, by substituting “section 89(3);” for “section 89(3).”,
(b) in paragraph 1(1) by inserting the following after the definition of “margin scheme supply”:
“ ‘open farm’ means a facility the principal function of which is the exhibition (other than on an occasional basis) of animals and agricultural activities, and such exhibition may also include rural heritage.”,
and
(c) in paragraph 8 by substituting the following for subparagraph (4):
“(4) Admission to—
num: 96
paragraphs: — In this Part “Principal Act” means the Stamp Duties Consolidation Act 1999 .
num: 97
paragraphs: — (1) The Principal Act is amended—
(a) in section 90A by deleting subsection (4),
(b) in section 101 by deleting subsection (4),
(c) in section 101A by deleting subsection (4), and
num: 98
paragraphs: — Section 75A of the Principal Act is amended—
(a) in subsection (1), in the definition of “recognised clearing house”, by substituting the following for paragraph (c):
“(c) SIX x-clear AG, or”,
and
(b) in subsection (3) by inserting the following after paragraph (d):
“(da) from a recognised clearing house or a nominee of a recognised clearing house, to another recognised clearing house or a nominee of that recognised clearing house,”.
num: 99
paragraphs: — The Principal Act is amended by inserting the following after section 87A:
“87B.— (1) In this section—
‘cross-border merger’ has the same meaning as in Regulation 2(1) of the European Communities (Cross-Border Mergers) Regulations 2008 ( S.I. No. 157 of 2008 );
‘merger’ has the same meaning as in Regulation 4 of the European Communities (Mergers and Divisions of Companies) Regulations 1987 ( S.I. No. 137 of 1987 );
‘SE’ means a European public limited-liability company (Societas Europaea or SE) as provided for by the SE Regulation;
‘SE merger’ means the formation of an SE by merger of 2 or more companies in accordance with Article 2(1) and subparagraph (a) or (b) of Article 17(2) of the SE Regulation;
‘SE Regulation’ means Council Regulation (EC) No. 2157/2001 of 8 October 2001 18 on the Statute for a European company (SE).
(2) Stamp duty shall not be chargeable on an instrument made for the purposes of the transfer of assets pursuant to a merger, a cross-border merger or an SE merger.”.
18 OJ No. L294, 10.11.2001, p.1
num: 100
paragraphs: — (1) The Principal Act is amended—
(a) in section 1(1) by substituting the following for the definition of “stock”:
“ ‘stock’ includes any share in any stocks or funds transferable at the Bank of England or at the Bank of Ireland and any share in the stocks or funds of any foreign state or government, or in the capital stock or funded debt of any county council, corporation, company, or society in the State, or of any foreign corporation, company, or society and includes any option over any share in such stocks or funds;”,
(b) by inserting the following after section 82B:
“Pension schemes and charities.
82C.— (1) In this section—
‘Act of 1997’ means the Taxes Consolidation Act 1997 ;
‘charity’ means a body of persons or a trust established for charitable purposes only;
‘common contractual fund’ has the meaning given to it by section 739I(1)(a)(i) of the Act of 1997;
‘investment undertaking’ has the meaning given to it by section 739B(1) of the Act of 1997;
‘pension scheme’ means—
(a) a retirement benefits scheme, within the meaning of section 771 of the Act of 1997, approved by the Commissioners for the purposes of Chapter 1 of Part 30 of that Act,
(b) an annuity contract or a trust scheme or part of a trust scheme approved by the Commissioners under section 784 of the Act of 1997,
(c) a PRSA contract, within the meaning of section 787A of the Act of 1997, in respect of a PRSA product, within the meaning of that section,
(d) an approved retirement fund within the meaning of section 784A of the Act of 1997,
(e) an approved minimum retirement fund within the meaning of section 784C of the Act of 1997, or
(f) a scheme within the meaning of section 790B of the Act of 1997;
‘specified fund’ means a common contractual fund, investment undertaking, unit linked life fund, or unit trust, all the issued units or shares of which are assets such that if those assets were disposed of by the unit holder or shareholder any gain accruing would be wholly exempt from capital gains tax (otherwise than by reason of residence);
‘unit linked life fund’ means a fund in which assets are held by an assurance company for the purposes of its new basis business;
‘unit trust’ means a unit trust to which subsection (5)(a)(i) of section 731 of the Act of 1997 applies;
‘assurance company’ and ‘new basis business’ have the meanings given to them respectively by section 730A of the Act of 1997.
(2) Stamp duty shall not be chargeable on any instrument made for the purposes of a transfer of property—
(a) held by or for the benefit of a pension scheme or a charity, in circumstances where the property continues to be so held after the transfer has taken place,
(b) held by or for the benefit of a pension scheme or a charity to a specified fund, in circumstances where the specified fund issues units or shares to be held by or for the benefit of the pension scheme or the charity,
(c) held by a specified fund to or for the benefit of a pension scheme or charity, or
(d) held by a specified fund (in this paragraph referred to as a ‘transferring fund’) to another specified fund (in this paragraph referred to as a ‘receiving fund’) in circumstances where the receiving fund issues units or shares to—
(i) the transferring fund, or
(ii) the unit holders or shareholders in the transferring fund in respect of and in proportion to (or as nearly as they may be in proportion to) their holdings of units or shares in the transferring fund,
to be held by or for the benefit of the pension scheme or the charity.”,
(c) in section 88(1)(b)(iii) by substituting “(5) or (6)” for “(6)”,
(d) in section 88(1)(b)(iv) by substituting “company or other body corporate” for “company”,
(e) in section 88B by substituting the following for subsection (2):
“(2) Stamp duty shall not be chargeable on any instrument made for the purposes of or in connection with any arrangement between a foreign fund and a domestic fund, being an arrangement entered into for the purposes of or in connection with a scheme of reconstruction or amalgamation under which—
(a) the foreign fund transfers assets to the domestic fund and the domestic fund—
(i) issues units to persons who hold units in the foreign fund in respect of and in proportion to (or as nearly as may be in proportion to) their holdings of units in the foreign fund, or
(ii) issues units directly to the foreign fund,
or
(b) the domestic fund transfers assets to the foreign fund and the foreign fund—
(i) issues units to persons who hold units in the domestic fund in respect of and in proportion to (or as nearly as may be in proportion to) their holdings of units in the domestic fund, or
(ii) issues units directly to the domestic fund.”,
(f) by inserting the following after section 88E:
“Reconstruction or amalgamation of offshore funds.
88F.— Stamp duty shall not be chargeable on any instrument made for the purposes of or in connection with—
(a) a scheme of reconstruction or amalgamation of an offshore fund to which section 747F of the Taxes Consolidation Act 1997 refers, or
(b) an exchange referred to in paragraph (b) of section 747E(1A) of the Taxes Consolidation Act 1997 .”,
(g) by inserting the following after section 88F (inserted by paragraph (f)):
“Amalgamation of unit trusts.
88G.— Stamp duty shall not be chargeable on any instrument made for the purposes of or in connection with a scheme of amalgamation to which section 739D(8C) of the Taxes Consolidation Act 1997 refers.”,
(h) in section 90(2)(g)(ii) by substituting “a lease or an interest in a lease,” for “a lease,”, and
(i) in section 98(2) by substituting the following for paragraph (b):
“(b) the stocks or marketable securities of a company, other than a company which is an investment undertaking within the meaning of section 739B of the Taxes Consolidation Act 1997 , which is registered in the State.”.
(2) Subsection (1) (b) has effect in respect of instruments executed on or after 8 February 2012.
num: 101
paragraphs: — Section 90A of the Principal Act is amended by substituting the following for subsection (1):
“(1) In this section ‘greenhouse gas emissions allowance’ means carbon offsets within the meaning of section 110 (1) of the Taxes Consolidation Act 1997 .”.
num: 102
paragraphs: — Section 101 of the Principal Act is amended by substituting the following for subsection (1):
“(1) In this section ‘intellectual property’ means a specified intangible asset within the meaning of section 291A(1) of the Taxes Consolidation Act 1997 .”.
num: 103
paragraphs: — The Principal Act is amended by inserting the following after section 106B:
“106C.— Stamp duty shall not be chargeable on any conveyance, transfer or lease of land to the Grangegorman Development Agency in connection with its functions.”.
num: 104
paragraphs: — Section 123B of the Principal Act is amended—
(a) in subsection (1) by inserting the following definition before the definition of “bank”:
“ ‘account holder’ means the person authorised to charge amounts to a card account;”,
(b) in subsection (1) by inserting the following definition after the definition of “bank”:
“ ‘basic payment account’ means a card account that meets the following conditions—
(a) in the 3 years immediately preceding the opening of the card account, the account holder—
(i) did not have access to a card account, or
(ii) did have access to a card account (in this subparagraph referred to as the ‘old account’) but no amounts were charged to the old account in that period, the old account was closed at the time the card account was opened and any balance of funds was transferred to the card account,
(b) all amounts payable to the account holder under the Social Welfare Acts are paid into the card account, and
(c) in respect of 2 consecutive periods of 3 months ending on 31 March, 30 June, 30 September or 31 December, all amounts paid into the card account, other than those referred to in paragraph (b), do not exceed €2,000 in a period of 3 months;”,
and
(c) by substituting the following for subsection (3):
“(3) Notwithstanding subsection (2)—
(a) if the cash card, combined card or debit card is not used at any time during a year,
(b) if the cash card, combined card or debit card is issued in respect of a card account—
(i) which is a deposit account, and
(ii) the average of the daily positive balances in the account does not exceed €12.70 during that year,
or
(c) in relation to the year 2012, if the cash card, combined card or debit card is issued in respect of a basic payment account,
then it shall not be included in the statement relating to that year.”.
num: 105
paragraphs: — (1) Section 125 of the Principal Act is amended in subsection (2) by substituting “25 days” for “30 days”.
(2) Section 125A of the Principal Act is amended—
(a) in subsection (1), in the definition of “insured person”, by substituting “spouse or civil partner” for “spouse” in each place,
(b) in subsection (1), in the definition of “relevant contract”, by substituting “spouse or civil partner” for “spouse” in each place,
(c) by substituting the following for subsection (3):
“(3) There shall be charged on every statement delivered by an authorised insurer pursuant to subsection (2) a stamp duty at the rate of—
(a) where the relevant contract was renewed or entered into before 1 January 2010—
(i) €53 in respect of each insured person aged less than 18 years, and
(ii) €160 in respect of each insured person aged 18 years or over,
(b) where the relevant contract was renewed or entered into on or after 1 January 2010 and before 1 January 2011—
(i) €55 in respect of each insured person aged less than 18 years, and
(ii) €185 in respect of each insured person aged 18 years or over,
(c) where the relevant contract was renewed or entered into on or after 1 January 2011 and before 1 January 2012—
(i) €66 in respect of each insured person aged less than 18 years, and
(ii) €205 in respect of each insured person aged 18 years or over,
and
(d) where the relevant contract was renewed or entered into on or after 1 January 2012—
(i) €95 in respect of each insured person aged less than 18 years, and
(ii) €285 in respect of each insured person aged 18 years or over,
included in the statement.”,
and
(d) by deleting subsection (12).
(3) Section 125B(1) of the Principal Act is amended in the definition of “scheme” by substituting the following for subparagraphs (i) and (ii) of paragraph (a):
“(i) approved by the Commissioners for the purposes of Chapter 1 of Part 30 of that Act, or
(ii) approved by the Commissioners under any other enactment (including an enactment that is repealed) and in respect of which the provisions of Chapter 1 of Part 30 of the Act of 1997 were applied,”.
(4) Section 126B(1) of the Principal Act is amended—
(a) in the definition of “relevant person” by substituting the following for paragraphs (d) and (e):
“(d) an insurer within the meaning of section 124B,
(e) an insurer within the meaning of section 125,
(f) an authorised insurer within the meaning of section 125A, or
(g) a chargeable person within the meaning of section 125B;”,
and
(b) in the definition of “specified section” by substituting “125, 125A” for “125”.
(5) The Principal Act is further amended with effect from 1 January 2013 by substituting the following for section 125A:
“125A.— (1) In this section—
‘accounting period’ means—
(a) the period of 7 months commencing on 1 January 2013 and ending on 31 July 2013, and
(b) each subsequent period of 12 months commencing on 1 August and ending on 31 July;
‘authorised insurer’ means any undertaking (not being a restricted membership undertaking) entered in The Register of Health Benefits Undertakings, lawfully carrying on such business of medical insurance referred to in the definition of ‘relevant contract’ but, in relation to an individual, also means any undertaking (not being a restricted membership undertaking) authorised pursuant to Council Directive No. 73/239/EEC of 24 July 1973 19 , Council Directive No. 88/357/EEC of 22 June 1988 20 , and Council Directive No. 92/49/EEC of 18 June 1992 21 , where such a contract was effected with the individual when the individual was not resident in the State but was resident in another Member State of the European Communities;
‘due date’, in relation to an accounting period, means 21 September immediately following the end of the accounting period;
‘excluded contract of insurance’ means—
(a) a contract of insurance which comes within the meaning of paragraph (d) of the definition of ‘health insurance contract’ in section 2 (1) of the Health Insurance Act 1994 , or
(b) a contract of insurance relating solely to charges for public hospital in-patient services made under the Health (In-Patient Charges) Regulations 1987 ( S.I. No. 116 of 1987 );
‘in-patient indemnity payment’ has the same meaning as in section 2 (1) of the Health Insurance Act 1994 ;
‘insured person’, in relation to a relevant contract, means an individual, the spouse or civil partner of the individual, or the children or other dependents of the individual or of the spouse or civil partner of the individual, in respect of whom the relevant contract provides specifically, whether in conjunction with other benefits or not, for the reimbursement or discharge, in whole or in part, of actual health expenses (within the meaning of section 469 of the Taxes Consolidation Act 1997 );
‘relevant contract’ means a contract of insurance (not being an excluded contract of insurance) which provides for the making of in-patient indemnity payments under the contract and which, in relation to an individual, the spouse or civil partner of the individual, or the children or other dependents of the individual or of the spouse or civil partner of the individual, provides specifically, whether in conjunction with other benefits or not, for the reimbursement or discharge, in whole or in part, of actual health expenses (within the meaning of section 469 of the Taxes Consolidation Act 1997 ), being a contract of medical insurance;
‘restricted membership undertaking’ has the same meaning as in section 2 (1) of the Health Insurance Act 1994 ;
‘specified rate’ means—
(a) €95 in respect of an insured person aged less than 18 years, and
(b) €285 in respect of an insured person aged 18 years or over.
(2) Subject to subsections (7), (10) and (11), an authorised insurer shall, in respect of each accounting period and not later than the due date, deliver to the Commissioners a statement in writing showing the number of insured persons—
(a) aged less than 18 years on 1 January in the accounting period, and
(b) aged 18 years or over on 1 January in the accounting period,
in respect of whom a relevant contract between the authorised insurer and the insured person, being the individual referred to in the definition of ‘insured person’, is renewed, or entered into, during the accounting period concerned.
(3) There shall be charged on every statement delivered by an authorised insurer pursuant to subsection (2) a stamp duty in respect of each insured person at the specified rate.
(4) The duty charged by subsection (3) on a statement delivered by an authorised insurer pursuant to subsection (2) shall be paid by the authorised insurer on delivery of the statement.
(5) There shall be furnished to the Commissioners by an authorised insurer such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by the authorised insurer.
(6) In the case of failure by an authorised insurer in respect of an accounting period—
(a) to deliver not later than the due date any statement required by subsection (2) to be delivered by the authorised insurer, or
(b) to pay the stamp duty chargeable on any such statement on the delivery of the statement,
the authorised 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 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 duty remains unpaid.
(7) Where during any accounting period but before the due date—
(a) an authorised 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-mentioned statement’) pursuant to subsection (2) (including any case where the authorised 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 authorised insurer is not required to deliver the first-mentioned statement, and
(ii) the successor shall—
(I) if 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 accounting period but has not done so before that acquisition, include in that second-mentioned statement the number of insured persons that would have been required to have been shown in the first-mentioned statement had the authorised insurer not ceased to carry on the business concerned,
(II) if subparagraph (I) is not applicable, deliver the first-mentioned statement as if the successor were the authorised 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.
(9) The stamp duty, interest and any penalty payable under this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty payable by the authorised insurer which is under the care and management of the Commissioners.
(10) Where an insured person, being the individual referred to in the definition of ‘insured person’, shows to the satisfaction of an authorised insurer (in this subsection referred to as the ‘second authorised insurer’) that another authorised insurer (in this subsection referred to as the ‘first authorised insurer’) with whom that individual renewed, or entered into, a relevant contract during an accounting period, was required to include that insured person in a statement to be delivered pursuant to subsection (2) to the Commissioners in respect of the same accounting period, then the second authorised insurer, with whom the individual entered into a later relevant contract during the same accounting period, may exclude such insured person from the statement to be delivered pursuant to subsection (2) to the Commissioners by the second authorised insurer in respect of the same accounting period.
(11) Where an insured person, being an insured person under a relevant contract who is not the individual referred to in the definition of ‘insured person’ in relation to the relevant contract concerned, shows to the satisfaction of an authorised insurer (in this subsection referred to as the ‘second authorised insurer’) that another authorised insurer (in this subsection referred to as the ‘first authorised insurer’) with whom that person was an insured person named on a relevant contract renewed, or entered into, by an individual referred to in the definition of ‘insured person’ during an accounting period, was required to include that insured person in a statement to be delivered pursuant to subsection (2) to the Commissioners for the same accounting period, then the second authorised insurer, with whom the insured person entered into a relevant contract during the same accounting period, may exclude such insured person from the statement to be delivered pursuant to subsection (2) to the Commissioners by the second authorised insurer in respect of the same accounting period.
(12) Where—
(a) a relevant contract is renewed or entered into by an individual referred to in the definition of ‘insured person’ during an accounting period (in this subsection referred to as the ‘initial accounting period’), and
(b) the relevant contract is for a period of more than 12 months,
then, without prejudice to the treatment to be accorded to the relevant contract and the initial accounting period by subsection (2), the relevant contract shall be deemed, for the purposes of this section, to be renewed during—
(i) the accounting period which immediately succeeds the initial accounting period if the second 12 months, or lesser period, of the relevant contract commences during such immediately succeeding accounting period, and
(ii) each further accounting period where any subsequent 12 months, or lesser period, of the relevant contract commences during such further accounting period.”.
(6) Subsection (5) does not apply to any accounting period ending before 1 January 2013 and section 125A, as it applies immediately before that date, continues to apply to any duty payable in respect of any such accounting period.
19 OJ No. L228, 16.08.1973, p.3
20 OJ No. L172, 04.07.1988, p.1
21 OJ No. L228, 11.08.1992, p.1
num: 106
paragraphs: — Schedule 2B to the Principal Act is amended in paragraph 1 by substituting the following for subparagraph (k):
“(k) Level 6 Advanced Certificate in Horsemanship;
(l) Level 6 Specific Purpose Certificate in Farm Administration.”.
num: 107
paragraphs: — (1) Subject to subsection (2), the Principal Act is amended to the extent and in the manner specified in Schedule 3 .
num: 108
paragraphs: — In this Part “Principal Act” means the Capital Acquisitions Tax Consolidation Act 2003 .
num: 109
paragraphs: — (1) The Principal Act is amended in paragraph 1 of Part 1 of Schedule 2 in the definition of “group threshold”—
(a) in subparagraph (a) by substituting “€250,000” for “€244,000”,
(b) in subparagraph (b) by substituting “€33,500” for “€24,400”, and
(c) in subparagraph (c) by substituting “€16,750” for “€12,200”.
(2) The Principal Act is further amended—
num: 110
paragraphs: — (1) Section 2(1) of the Principal Act is amended by substituting the following for paragraph (b) of the definition of “child”:
“(b) a child who is adopted under an adoption order within the meaning of section 3 (1) of the Adoption Act 2010 or the subject of an intercountry adoption effected outside the State and recognised under that Act;”.
(2) This section applies as on and from 8 February 2012.
num: 111
paragraphs: — (1) The Principal Act is amended—
(a) in section 2 by inserting the following after subsection (1):
“(1A) For the purposes of the definition of ‘discretionary trust’ in subsection (1), any entity which is similar in its effect to a discretionary trust shall be treated as a discretionary trust irrespective of how it is described in the place where it is established.
(1B) Any reference in this Act to trustees in relation to a discretionary trust shall be deemed to include persons acting in a similar capacity to trustees in relation to an entity referred to in subsection (1A).”,
(b) in section 15 by inserting the following after subsection (1):
“(1A) For the purposes of this section and section 20, where a discretionary trust is created under the will (including under a codicil to that will) of a deceased person property shall be deemed to be subject to the trust on the date of death of that person.”,
(c) in section 18 in the definition of “relevant period” in subsection (1) by inserting “and” at the end of paragraph (b) and by deleting paragraph (c),
(d) in section 18 by deleting the definition of “the appropriate trust” in subsection (1) and by inserting the following before the definition of “earlier relevant inheritance”:
“ ‘appropriate trust’, in relation to a relevant inheritance, means the trust by which that inheritance was deemed to be taken;”,
(e) in section 18 by deleting the definition of “will trust relevant inheritance”,
(f) in section 18 by substituting the following for subsection (3):
“(3) Where, in the case of each earlier relevant inheritance, each settled 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 or all such later relevant inheritances, as the case may be, the tax so chargeable is computed at the rate of 3 per cent.”,
and
(g) in section 21 by substituting the following for paragraph (b):
“(b) (i) subject to subparagraph (ii), the valuation date of the taxable inheritance is the relevant chargeable date,
(ii) where—
(I) a charge for tax arises on a particular date by reason of section 15 or section 118 (in so far as that section relates to a provision repealed by this Act that corresponds to section 15), giving rise to a taxable inheritance (in this subparagraph referred to as the ‘first taxable inheritance’),
(II) on a later date, a charge for tax arises under or in consequence of the same disposition by reason of section 20 giving rise to a taxable inheritance (in this subparagraph referred to as the ‘second taxable inheritance’) comprising the same property or property representing that property, and
(III) the valuation date of the first taxable inheritance is a date after the chargeable date of the second taxable inheritance,
then the valuation date of the second taxable inheritance is the same date as the valuation date of the first taxable inheritance.”.
(2) This section applies on and from 8 February 2012.
num: 112
paragraphs: — (1) Section 36 of the Principal Act is amended by inserting the following after subsection (1):
“(1A) In subsections (1B) and (1C) ‘arrangement’ includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).
(1B) Notwithstanding subsection (1), where the exercise of, failure to exercise, or release of, a general power of appointment form part of an arrangement the main purpose or one of the main purposes of which is the avoidance of tax, tax shall be chargeable as if the disposition were the disposition under which the power was created and the person who created the power were the disponer.
(1C) Where the grant of a general power of appointment in or over property to any person forms part of an arrangement the main purpose or one of the main purposes of which is the avoidance of a charge to tax arising under sections 15(1) or 20(1), the grant of that general power of appointment shall not prejudice any such charge to tax.”.
(2) This section applies to gifts and inheritances (including inheritances referred to in sections 15(1) and 20(1) of the Principal Act) taken on or after 8 February 2012.
num: 113
paragraphs: — (1) Section 77(3) of the Principal Act is amended by substituting “the Chester Beatty Library, the Crawford Art Gallery Cork, the Irish Museum of Modern Art, the National Archives, the National Concert Hall, the National Gallery of Ireland, the National Library of Ireland, the National Museum of Ireland,” for “the National Gallery of Ireland, the National Museum of Science and Art or any other similar national institution,”.
(2) Section 78(7) of the Principal Act is amended by substituting “the Chester Beatty Library, the Crawford Art Gallery Cork, the Irish Museum of Modern Art, the National Archives, the National Concert Hall, the National Gallery of Ireland, the National Library of Ireland, the National Museum of Ireland,” for “the National Gallery of Ireland, the National Museum of Science and Art or any other similar national institution,”.
(3) This section applies to sales occurring on or after 8 February 2012.
num: 114
paragraphs: — (1) Section 89 of the Principal Act is amended—
(a) by inserting the following after subsection (1):
“(1A) For the purpose of paragraph (a) of the definition of ‘farmer’ in subsection (1), a loan secured on the dwelling-house referred to in that paragraph which is not used to purchase, repair or improve that dwelling-house will not be treated as a debt or an encumbrance.”,
and
(b) in subsection (4) by deleting paragraph (c).
(2) This section applies to gifts and inheritances taken on or after 8 February 2012.
num: 115
paragraphs: — (1) Section 45AA of the Principal Act is amended—
(a) in subsection (1) by deleting “, and the solicitor referred to in section 48(10),”,
(b) by inserting the following after subsection (1):
“(1A) The solicitor referred to in section 48(10) shall be assessable and chargeable for the tax payable by the person or persons referred to in paragraph (a) of that subsection to the same extent that those persons are chargeable to tax under section 11.”,
(c) in subsection (2) by inserting “and subsection (1A)” after “subsection (1)”,
(d) in subsections (2), (3) and (4) by inserting “and subsection (10)(a) of section 48” after “subsection (1)(a)” in each place it occurs, and
(e) in subsection (4) by substituting “paragraph (b) of that subsection and subsection (10)(a) of section 48” for “paragraph (b) of that subsection”.
(2) Section 46 of the Principal Act is amended by inserting the following after subsection (2B):
“(2C) In the case of inheritances referred to in sections 15(1) and 20(1), returns shall be delivered and tax shall be paid within 4 months of the valuation date of such inheritances.”.
(3) Section 51 of the Principal Act is amended by substituting the following for subsection (5):
“(5) A payment of tax by an accountable person is treated as a payment on account of tax for the purposes of this section, notwithstanding that the payment may be conditional or that the assessment of tax is incorrect.”.
(4) Section 57 of the Principal Act is amended in subsection (3) by substituting “commencing on 31 October in the year in which that tax was due to be paid in accordance with section 46(2A).” for “commencing on the valuation date or the date of payment of the tax concerned (where that tax has been paid within 4 months after the valuation date).”.
num: 116
paragraphs: — (1) The Principal Act is amended—
(a) in section 46(2A) by substituting “31 October” for “30 September” in each place,
(b) in section 51(2)(a) by substituting “1 November” for “1 October” in each place, and
(c) in section 53A(1) by substituting “31 October” for “30 September” in each place.
(2) This section applies on and from 8 February 2012.
num: 117
paragraphs: — In this Part “Principal Act” means the Taxes Consolidation Act 1997 .
num: 118
paragraphs: — Section 886 of the Principal Act is amended—
(a) in subsection (4)(a) by substituting “Notwithstanding any other law” for “Subject to paragraph (b)”,
(b) in subsection (4) by substituting the following for paragraph (b):
“(b) Paragraph (a) shall not require the retention of linking documents and records in respect of which the inspector notifies in writing the person who is required to retain them that retention is not required.”,
(c) by inserting the following after subsection (4)—
“(4A) For the purposes of this section—
(a) where a company is wound up, the liquidator, and
(b) where a company is dissolved without the appointment of a liquidator, the last directors, including any person occupying the position of director by whatever name called, of the company,
shall keep or retain the linking documents and records of the company for the period specified in subparagraph (i) or (ii), as appropriate, of subsection (4)(a).”,
and
(d) in subsection (5) by substituting “Any person who fails to comply with subsection (2), (3), (4) or (4A)” for “Any person who fails to comply with subsection (2), (3) or (4)”.
num: 119
paragraphs: — Section 912A of the Principal Act is amended—
(a) in subsection (2) by substituting “902A, 905,” for “902A,”, and
(b) by substituting the following for subsection (3):
“(3) Where sections 902A, 905, 907 and 908 have effect by virtue only of this section, they shall have effect as if the references in those sections to—
(a) tax, were references to foreign tax, and
(b) any provision of the Acts, were references to any provision of the law of a territory in accordance with which foreign tax is charged or collected.”.
num: 120
paragraphs: — Section 851A of the Principal Act is amended—
(a) in subsection (1), in the definition of “the Acts”, by inserting the following after paragraph (a):
“(aa) the Customs Acts,”,
and
(b) in subsection (7)(a) by substituting “taxpayer information” for “personal information”.
num: 121
paragraphs: — The Principal Act is amended—
(a) in section 891B(1) by deleting the definition of “collective fund”,
(b) in section 891B(1) in paragraph (a) of the definition of “relevant payment” by deleting “, a collective fund”,
(c) in section 891B(1) in the definition of “relevant person”—
(i) in paragraph (b) by substituting “financial institution, or” for “financial institution,”, and
(ii) by deleting paragraph (c),
(d) in section 891B(7)(b)(ii) by deleting “a person who does not comply with”, and
(e) by inserting the following after section 891B:
“Returns of certain information by investment undertakings.
891C.— (1) In this section—
(a) ‘investment undertaking’ has the same meaning as in section 739B(1) but does not include a common contractual fund within the meaning of section 739I;
(b) ‘unit’ and ‘unit holder’ have the same meanings respectively as in section 739B(1);
(c) ‘tax reference number’ has the same meaning as in section 891B(1).
(2) A reference in this section to a regulation or regulations shall be construed as a reference to a regulation or regulations made under subsection (3).
(3) The Revenue Commissioners, with the consent of the Minister for Finance, may by regulations provide that an investment undertaking be required—
(a) to make to the Revenue Commissioners a return of information relating to units of the investment undertaking concerned by reference to such date or dates, other than a date before 1 January 2012, as may be specified in the regulations, and
(b) subject to subsection (5)(a)(vi), to include in any such return the tax reference numbers of the unit holders at that time.
(4) Information in relation to units shall not be included in a return to be made under regulations if information in relation to such units is included or would be liable to be included in a return made in accordance with Chapter 3A.
(5) For the purposes of this section—
(a) the provisions of subsection (4) of section 891B shall apply subject to the following modifications and any other necessary modifications:
(i) in paragraph (a) by substituting ‘investment undertaking’ for ‘specified person’;
(ii) in paragraph (d) by substituting ‘the value of units’ for ‘the kind or kinds of relevant payments’;
(iii) by substituting the following for paragraph (e):
‘(e) defining, for the purposes of determining the unit holders or classes of unit holders to be included in a return to be made under regulations, the unit holders or classes of unit holders’;
(iv) by substituting the following for paragraph (f):
‘(f) determining for the purposes of including unit holders in a return to be made under regulations, the identity and place of residence or establishment of a unit holder’;
(v) in paragraph (g) by substituting ‘unit’ for ‘relevant payment’;
(vi) in paragraph (h)—
(I) by substituting the following for subparagraph (i):
‘(i) investment undertakings to obtain a tax reference number from unit holders—
(I) with whom they enter into contractual relationships, or
(II) for whom they undertake any transaction,
on or after a date specified in regulations, which shall not be earlier than the date such regulations come into force, for the purposes of including that number in a return under regulations, and’,
and
(II) in subparagraph (ii)—
(A) by substituting ‘investment undertaking’ for ‘specified person’ in each place,
(B) by substituting ‘unit holders’ for ‘customers’ in each place, and
(C) by deleting ‘where the relationship or transaction may give rise to a relevant payment’,
and
(vii) in paragraph (k) by substituting ‘units and the unit holders’ for ‘relevant payments and the persons to whom such payments were made’,
and
(b) the provisions of subsections (6) and (7) of section 891B shall apply subject to the modification that references in those subsections to ‘person’, ‘relevant person’ or ‘specified person’, as the case may be, shall be construed, where the context admits, as references to ‘investment undertaking’.
(6) Every regulation made 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.”.
num: 122
paragraphs: — The Principal Act is amended by inserting the following after section 891C (inserted by section 121 ):
“891D.— (1) In this section—
‘authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section;
‘central organisation’ has the meaning assigned in the definition of ‘electronic payment network’;
‘electronic network transaction’ means any transaction which is settled through an electronic payment network;
‘electronic payment facilitator’ means any person, other than a payment settlement entity, acting on behalf of a payment settlement entity who submits instructions to transfer funds to the account of the merchant to settle the reportable payment transaction;
‘electronic payment network’ means any agreement or arrangement—
(a) which involves the establishment of accounts with a body (in this section referred to as a ‘central organisation’) by persons who—
(i) are unrelated to the central organisation,
(ii) provide goods or services, and
(iii) have agreed to settle transactions for the provision of such goods or services pursuant to such agreement or arrangement,
(b) which provides for standards and mechanisms for settling such transactions, and
(c) which guarantees persons providing goods or services pursuant to such agreement or arrangement that such persons will be paid for providing such goods or services,
but does not include any agreement or arrangement which provides for the issue of payment cards;
‘electronic settlement organisation’ means the central organisation which has the contractual obligation to make payment to merchants of electronic network transactions;
‘merchant’ means—
(a) in the case of a payment card transaction, any person having an address in the State who accepts a payment card as payment, and
(b) in the case of an electronic network transaction, any person having an address in the State who accepts payment from an electronic settlement organisation in settlement of such transaction;
‘merchant acquirer’ means the person who has the contractual obligation to make payment to merchants in settlement of payment card transactions;
‘payment card’ means any card which is issued pursuant to an agreement or arrangement which provides for—
(a) one or more issuers of such cards,
(b) a network of persons unrelated to each other, and to the issuer, who agree to accept such cards as payment, and
(c) standards and mechanisms for settling the transactions between the merchant acquirers and the persons who agree to accept such cards as payment,
and the acceptance as payment of any account number or other indicators associated with a payment card shall be treated for the purposes of this section in the same manner as accepting such payment card as payment;
‘payment card transaction’ means any transaction in which a payment card is accepted as payment;
‘payment settlement entity’ means—
(a) in the case of a payment card transaction, the merchant acquirer, and
(b) in the case of an electronic network transaction, the electronic settlement organisation;
‘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 );
‘reportable payment transactions’ means, subject to regulations, any payment card transaction and any electronic network transaction;
‘services’, in relation to an electronic payment network, includes making arrangements directly or indirectly for persons to make voluntary payments with or without consideration for the benefit, in whole or in part, of another person;
‘tax reference number’, in relation to a person, means—
(a) in the case of a person who is an individual, the individual’s PPS Number, and
(b) in any other case—
(i) the reference number stated on any return of income form or notice of assessment issued to the person by a Revenue officer, or
(ii) the registration number of that person for the purposes of the Value-Added Tax Acts.
(2) The Revenue Commissioners may by regulations provide that a payment settlement entity be required—
(a) to make to the Revenue Commissioners an electronic return for or by reference to such year or years, other than a year earlier than 2010, of reportable payment transactions and such other information as may be specified in the regulations, and
(b) subject to subsection (4)(b), to include in any such return the tax reference numbers of merchants included in the return.
(3) Without prejudice to the generality of subsection (2), regulations may, in particular, provide for—
(a) determining the date by which a return required to be made under the regulations shall be made to the Revenue Commissioners,
(b) prescribing the manner in which returns are to be made,
(c) specifying the type of reportable payment transactions to be included in the return,
(d) imposing an obligation on payment settlement entities to request, on or after a date specified in regulations, a tax reference number from merchants, which date shall not be earlier than the date such regulations come into force, for the purposes of including that number in a return under regulations,
(e) imposing an obligation on every merchant to provide the payment settlement entity concerned with the relevant tax reference number upon request being made by such payment settlement entity, and
(f) specifying the details relating to the reportable payment transactions to be included in the return, including, but not limited to, the following—
(i) account and reference numbers,
(ii) information concerning the business or service conducted by the merchant,
(iii) information relating to the terminals used by the merchant, such as the number of terminals in use, the serial numbers of such terminals and the location of such terminals,
(iv) information relating to the merchant, including name, address, email address and contact numbers, and
(v) bank account information of merchants to and from which funds are transferred by the payment settlement entity.
(4) (a) A payment settlement entity shall make all reasonable efforts to obtain from a merchant that person’s tax reference number and the merchant shall provide to the payment settlement entity his or her tax reference number.
(b) Where the tax reference number provided for the purposes of this section is an individual’s PPS Number, the payment settlement entity shall only use that number (as so provided) for the purpose of including it in the return to be made under subsection (2) and for no other purpose.
(5) An authorised officer may at all reasonable times enter any premises or place of business of a payment settlement entity for the purposes of—
(a) determining whether—
(i) information included in a return made by a payment settlement entity was correct and complete, or
(ii) information not included in such a return was correctly not so included,
or
(b) examining the procedures put in place by that payment settlement entity for the purposes of ensuring compliance with that person’s obligations under this section.
(6) (a) Section 898O shall apply to—
(i) a failure by a payment settlement entity to deliver a return, and to each and every such failure, and
(ii) the making of an incorrect or incomplete return,
as it applies to a failure to deliver a return or to the making of an incorrect or incomplete return referred to in section 898O.
(b) A payment settlement entity which does not comply with—
(i) the requirements of an authorised officer in the exercise or performance of the officer’s powers or duties under this section or under regulations, or
(ii) any requirement imposed on the payment settlement entity by regulations made under subsection (2),
shall be liable to a penalty of €3,000.”.
num: 123
paragraphs: — The Principal Act is amended in section 898K—
(a) by substituting the following for subsection (3):
“(3) This section shall cease to apply as on and from 31 December 2011.”,
and
(b) by deleting subsection (4).
num: 124
paragraphs: — Section 1077E of the Principal Act is amended in subsection (1), in the definition of “the Acts”, by substituting “Parts 18A, 18B, 18C and 18D” for “Parts 18A and 18B”.
num: 125
paragraphs: — Part 42 of the Principal Act is amended—
(a) in section 960A by substituting “Chapters 1B, 1C and 1D” for “Chapters 1B and 1C”,
(b) in section 960B by substituting “Chapters 1B, 1C and 1D” for “Chapters 1B and 1C”, and
(c) by inserting the following after Chapter 1C:
“Chapter 1D
Power to require statement of affairs, security, etc.
960R.— (1) In this section—
‘asset’ includes any interest in an asset;
‘prescribed’ means prescribed by the Revenue Commissioners;
‘specified date’, in relation to a notice under subsection (3), means the date specified in the notice.
(2) For the purposes of this section, the cost of acquisition to a person of an asset shall include—
(a) the amount or value of the consideration, in money or money’s worth, given by the person or on the person’s behalf for the acquisition of the asset, together with the incidental costs to the person of the acquisition or, if the asset was not acquired by the person, any expenditure incurred by the person in acquiring the asset, and
(b) the amount of any expenditure incurred on the asset by the person or on that person’s behalf for the purpose of enhancing the value of the asset, being expenditure reflected in the state or nature of the asset at the specified date, and any expenditure incurred by the person in establishing, preserving or defending the person’s title to, or to a right over, the asset.
(3) Where tax is due and outstanding by a person and that person has failed to discharge that tax, the Collector-General may require—
(a) that person, by notice in writing given to that person, and
(b) where that person and his or her spouse or civil partner are jointly assessed to income tax under section 1017 or 1031C, that person’s spouse or civil partner, by notice in writing given to the spouse or civil partner,
to deliver to the Collector-General within such time specified in the notice or within such period as the Collector-General may allow a statement of affairs in the prescribed form as at the date specified in the notice.
(4) For the purposes of subsection (3), a request in writing by the Collector-General to clarify any matter contained in the statement of affairs shall be deemed to be a requirement to deliver a statement of affairs.
(5) In this section ‘statement of affairs’, in relation to a notice under subsection (3), means—
(a) where the person to whom notice is given is acting otherwise than in a representative capacity or as a trustee, a statement of all the assets wherever situated to which that person is beneficially entitled on the specified date and all the liabilities for which that person is liable on the specified date,
(b) where the person to whom notice is given is a person (‘the first-mentioned person’) acting in a representative capacity for a person (‘the second-mentioned person’), a statement of all the assets wherever situated to which the second-mentioned person is beneficially entitled which give rise to tax in respect of which the first-mentioned person is liable in a representative capacity or are assets in respect of which the first-mentioned person performed functions or duties in a representative capacity and all the liabilities for which the first-mentioned person is liable on the specified date,
(c) where the person to whom notice is given is a trustee of a trust, a statement of all the assets and liabilities comprised in the trust on the specified date, or
(d) where the person to whom notice is given is the spouse or civil partner referred to in section (3)(b), a statement of all assets wherever situated to which that spouse or civil partner is beneficially entitled on the specified date and all the liabilities for which that spouse or civil partner is liable on the specified date.
(6) Any assets to which a minor child of, or a minor child of the civil partner of, the person referred to in paragraph (a) or (b) of subsection (3) is beneficially entitled shall be included in that person’s statement of affairs under this section where—
(a) such assets at any time before their acquisition by the minor child were disposed of by that person whether to that minor child or not, or
(b) the consideration for the acquisition of such assets by the minor child was provided directly or indirectly by that person.
(7) A statement of affairs delivered under this section shall contain in respect of each asset included in the statement—
(a) a full description,
(b) its location on the specified date,
(c) the cost of acquisition to the person beneficially entitled to that asset,
(d) the date of acquisition,
(e) if it was acquired otherwise than by means of a bargain at arm’s length, the name and address of the person from whom it was acquired and the consideration, if any, given to that person in respect of its acquisition, and
(f) details of all policies of insurance (if any) whereby the risk of any kind of damage or injury, or the loss or depreciation of the asset is insured.
(8) A statement of affairs delivered under this section shall, in the case of an asset which is an interest other than an absolute interest, contain particulars of the title under which the beneficial entitlement arises.
(9) A statement of affairs delivered under this section shall be signed by the person by whom it is delivered and shall include a declaration by that person that it is to the best of that person’s knowledge, information and belief correct and complete.
(10) The Collector-General or an officer nominated by the Revenue Commissioners may require the declaration referred to in subsection (9) to be made on oath.”.
num: 126
paragraphs: — (1) The Principal Act is amended by inserting the following after section 960R (inserted by section 125 ):
“960S.— (1) In this section—
‘business’ means a business that was or is carried on by a company or partnership and includes a business that was or is carried on by an individual;
‘connected person’ means a person connected with another person within the meaning of section 10;
‘management of the business’ includes acting in a capacity such that the person was or is able, directly or indirectly, to control the management of that business either as a connected person or otherwise;
‘tax’ means—
(a) income tax deductible in accordance with Chapter 4 of Part 42 and any regulations made under that Chapter,
(b) tax deductible in accordance with Chapter 2 of Part 18 and any regulations made under that Chapter,
(c) universal social charge chargeable in accordance with Part 18D, or
(d) value-added tax chargeable in accordance with the Value-Added Tax Acts.
(2) The Collector-General may require a person carrying on a business to give security, or further security, of such amount and in such form as the Collector-General considers appropriate for the payment of tax that is, or may become, due from that person—
(a) where the person, in relation to a business that has ceased to trade, was involved in the management of the business and tax arose while the business was trading which has not been paid in full, or
(b) in relation to the current business, where tax due to be paid by that person has not been paid within 30 days of the due date for payment of the tax.
(3) Where a requirement under subsection (2) arises, the Collector-General shall cause a notice in writing to that effect to be served on the person.
(4) Where a person is served with a notice in accordance with subsection (3), it shall be an offence for that person to engage in business until such security, or further security, is provided to the Collector-General.
(5) Where a notice is served on a person in accordance with subsection (3), the person may, on giving notice to the Revenue Commissioners within the period of 30 days from the date of the service of the notice, appeal the requirement of giving any security under subsection (2) to the Appeal Commissioners.
(6) Where a person gives a notice of appeal in accordance with subsection (5), subsection (4) shall not apply until the Appeal Commissioners determine the matter.”.
(2) Section 1078(2) of the Principal Act is amended by inserting the following after paragraph (f):
“(fa) fails to comply with the requirement in section 960S(4),”.
num: 127
paragraphs: — The Principal Act is amended by inserting the following after section 908D:
“Order to produce documents or provide information.
908E.— (1) In this section and in section 908F—
‘authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section;
‘relevant offence’ means—
(a) an offence under section 186 of the Customs Consolidation Act 1876 ,
(b) an offence under section 139 (5) of the Finance Act 1992 ,
(c) an offence under section 1056, 1078 or 1078A,
(d) an offence under subsection (1A), (1B) or (3) of section 102 of the Finance Act 1999 ,
(e) an offence under section 119 of the Finance Act 2001 ,
(f) an offence under section 79 of the Finance Act 2003 ,
(g) an offence under section 78 of the Finance Act 2005 .
(2) For the purposes of the investigation of a relevant offence, an authorised officer may apply to a judge of the District Court for an order under this section in relation to—
(a) the making available by a person of any particular documents or documents of a particular description, or
(b) the provision by a person of particular information by answering questions or making a statement containing the information,
or both.
(3) On an application under subsection (2), a judge of the District Court, if satisfied by information on oath of the authorised officer making the application that—
(a) there are reasonable grounds for suspecting that a person has possession or control of particular documents or documents of a particular description,
(b) there are reasonable grounds for believing that the documents are relevant to the investigation of the relevant offence concerned,
(c) there are reasonable grounds for suspecting that the documents (or some of them) may constitute evidence of or relating to the commission of that relevant offence, and
(d) there are reasonable grounds for believing that the documents should be produced or that access to them should be given, having regard to the benefit likely to accrue to the investigation and any other relevant circumstances,
may order the person to—
(i) produce the documents to an authorised officer to take away and, if the judge considers it appropriate, to identify and categorise the documents to be so produced in the particular manner (if any) sought in the application or in such other manner as the judge may direct and to produce the documents in that manner, or
(ii) give such an officer access to them,
either immediately or within such period as the order may specify.
(4) On an application under subsection (2), a judge of the District Court, if satisfied by information on oath of the authorised officer making the application that—
(a) there are reasonable grounds for suspecting that a person has information which he or she has failed or refused without reasonable excuse to give to the authorised officer having been requested to do so,
(b) there are reasonable grounds for believing that the information is relevant to the investigation of the relevant offence concerned,
(c) there are reasonable grounds for suspecting that the information (or some of it) may constitute evidence of or relating to the commission of that relevant offence, and
(d) there are reasonable grounds for believing that the information should be provided, having regard to the benefit likely to accrue to the investigation and any other relevant circumstances,
may, subject to subsection (5), order the person to—
(i) provide the information to an authorised officer by answering the questions specified in the application or making a statement setting out the answers to those questions or both, and
(ii) make a declaration of the truth of the answers to such questions,
either immediately or within such period as the order may specify.
(5) The references in subsections (2)(b) and (4) to information that may be the subject of an order under this section are references to information that the person concerned has obtained in the ordinary course of business.
(6) An order under this section relating to documents in any place may, on the application of the authorised officer concerned under subsection (2), require any person, being a person who appears to the judge of the District Court to be entitled to grant entry to the place, to allow an authorised officer to enter it so as to obtain access to the documents.
(7) Where the documents concerned are not in legible form, an order under this section shall have effect as an order—
(a) to give to an authorised officer any password necessary to make the documents legible and comprehensible,
(b) otherwise to enable the authorised officer to examine the documents in a form in which they are legible and comprehensible, or
(c) to produce the documents to the authorised officer in a form in which they can be removed and in which they are, or can be made, legible and comprehensible.
(8) An order under this section—
(a) in so far as it may empower an authorised officer to take away a document, or to be given access to it, shall also have effect as an order empowering the officer to make a copy of the document and to take the copy away,
(b) shall not confer any right to production of, or access to, any document subject to legal professional 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.
(9) (a) Where a document is, or may be, taken away by an authorised officer pursuant to an order under this section, any person to whom the order relates, or who is affected by the order, may request the authorised officer to permit the person to retain the document, or to have it returned to the person, while the officer takes or retains a copy of it.
(b) The authorised officer concerned may accede to a request under paragraph (a) but only if he or she is satisfied that—
(i) the document is required by the person for the purposes of his or her business or for some other legitimate purpose, and
(ii) the person undertakes in writing—
(I) to keep the document safely and securely, and
(II) when requested by the authorised officer to do so, to furnish it to the authorised officer in connection with any criminal proceedings for which it is required.
(c) A failure or refusal by a person to comply with an undertaking given by him or her under paragraph (b)(ii) shall not prejudice the admissibility in evidence in any criminal proceedings of a copy of the document concerned.
(10) Any documents taken away by an authorised officer pursuant to an order under this section may be retained by the officer for use as evidence in any criminal proceedings.
(11) A statement or admission made by a person pursuant to an order under this section shall not be admissible as evidence in proceedings brought against the person for an offence (other than an offence under subsection (16), (17) or (18)).
(12) (a) An order under this section providing that documents be produced, or that access to them be given, by a person may, if the judge of the District Court considers it appropriate to do so, require the person to furnish a certificate to an authorised officer affirming—
(i) the authenticity of the documents, and
(ii) in the case of documents in non-legible form that are reproduced in legible form, the system and manner of that reproduction,
either when the documents are produced, or access to them is given, or at such time thereafter as may be specified in the order.
(b) The Revenue Commissioners may make regulations for the purposes of this subsection specifying the manner in which documents of different types or classes, or copies of them, may be authenticated.
(13) Where a person who produces documents pursuant to an order under this section claims a lien on those documents or some of them, the production shall be without prejudice to the lien.
(14) A judge of the District Court may, on the application of any person to whom an order under this section relates or an authorised officer, vary or discharge the order.
(15) A judge of the District Court may, on the application of any person who is affected by an order under this section whose request for the return of documents under subsection (9) has not been acceded to, make an order regarding the return of the documents concerned to that person if the judge considers it appropriate to do so subject to such conditions (if any) as the judge may direct.
(16) A person who without reasonable excuse fails or refuses to comply with an order under this section shall be guilty of an offence and shall be liable—
(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months or both, or
(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding 2 years or both.
(17) A person who, in purported compliance with an order under this section provides information or makes a statement which is false or misleading in a material particular knowing it to be so false or misleading, or being reckless as to whether it is so, shall be guilty of an offence and shall be liable—
(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months or both, or
(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding 2 years or both.
(18) A person who without reasonable excuse fails or refuses to comply with an undertaking given by him or her under subsection (9)(b)(ii) shall be guilty of an offence and shall be liable on summary conviction to a class A fine or imprisonment for a term not exceeding 12 months or both.
(19) An application for an order under subsection (2) shall be made to a judge of the District Court who is assigned to the district court district in which the documents sought are located or the person from whom the documents or information are sought ordinarily resides or carries on any profession, business or occupation or, if that person is a company (within the meaning of the Companies Acts), the district court district in which the registered office of the company is situated or the company carries on any business.
(20) Nothing in this section shall affect the operation of a provision in any other enactment under which a court may order a person to produce any documents to a person in connection with the investigation of an offence.
Privileged legal material.
908F.— (1) In this section ‘privileged legal material’ means a document which, in the opinion of the court concerned, a person is entitled to refuse to produce or to give access to it on the grounds of legal professional privilege.
(2) If a person refuses to produce a document or give access to it pursuant to an order of a judge of the District Court under section 908E on the grounds that the document is privileged legal material, an authorised officer may apply to a judge of that Court for a determination as to whether the document is privileged legal material.
(3) A person who refuses to produce a document or give access to it pursuant to an order of a judge of the District Court under section 908E on the grounds that the document is privileged legal material may apply to a judge of the District Court for a determination as to whether the document is privileged legal material.
(4) A person who refuses to produce a document or give access to it pursuant to an order of a judge of the District Court under section 908E on the grounds that the document is privileged legal material shall preserve the document and keep it in a safe and secure place pending the determination of an application under subsection (2) or (3) and shall, if it is so determined not to be privileged legal material, produce it in accordance with the order.
(5) Pending the making of a final determination of an application under subsection (2) or (3), the judge of the District Court may give such interim or interlocutory directions as the judge considers appropriate including, without prejudice to the generality of the foregoing, in a case in which the volume of documents that are the subject of the application is substantial, directions as to the appointment of a person with suitable legal qualifications possessing the level of experience, and the independence from any interest falling to be determined between the parties concerned, that the judge considers to be appropriate for the purpose of—
(a) examining the documents, and
(b) preparing a report for the judge with a view to assisting or facilitating the judge in the making by him or her of his or her determination as to whether the documents are privileged legal material.
(6) An application under subsection (2), (3) or (5) may, if the judge of the District Court so directs, be heard otherwise than in public.
(7) Notice of an application under subsection (2) shall be served on the person to whom the order concerned relates and notice of an application under subsection (3) shall be served on the authorised officer who seeks to compel the production of the document concerned or to be given access to it.
(8) An appeal against the determination of a judge of the District Court under this section shall lie to the Circuit Court and no further appeal shall lie from an order of the Circuit Court made on an appeal under this section.
(9) Rules of court may make provision for the expeditious hearing of applications to a judge of the District Court, and any appeals against the determinations of such a judge, under this section.”.
num: 128
paragraphs: — (1) Part 37 of the Principal Act is amended—
(a) in section 865(1)(a) by substituting the following for the definition of “the Acts”:
“ ‘Acts’ means the Tax Acts, the Capital Gains Tax Acts, Part 18A, Part 18C and Part 18D and instruments made thereunder;”,
(b) in section 865(1)(a) by substituting the following for the definition of “tax”:
“ ‘tax’ means any income tax, corporation tax, capital gains tax, income levy, domicile levy or universal social charge and includes—
(i) any interest, surcharge or penalty relating to any such tax, levy or charge,
(ii) any sum arising from the withdrawal or clawback of a relief or an exemption relating to any such tax, levy or charge,
(iii) any sum required to be deducted or withheld by any person and paid or remitted to the Revenue Commissioners or the Collector-General, as the case may be, and
(iv) any amount paid on account of any such tax, levy or charge or paid in respect of any such tax, levy or charge;”,
(c) in section 865(1)(b) by substituting the following for subclauses (A) and (B) of clause (I):
“(A) would arise out of the assessment to tax, made at the time the statement or return was furnished, on foot of the statement or return, or
(B) would have arisen out of the assessment to tax, that would have been made at the time the statement or return was furnished, on foot of the statement or return if an assessment to tax had been made at that time,”,
and
(d) by inserting the following new section after section 865A:
“No offset where repayment prohibited.
865B.— (1) In this section—
‘Acts’ means—
(a) the statutes relating to the duties of excise and to the management of those duties,
(b) the Tax Acts,
(c) the Capital Gains Tax Acts,
(d) Parts 18A, 18C and 18D,
(e) the Capital Acquisitions Tax Consolidation Act 2003 and the enactments amending or extending that Act,
(f) the Stamp Duties Consolidation Act 1999 and the enactments amending or extending that Act,
(g) the Value-Added Tax Consolidation Act 2010 and the enactments amending or extending that Act, and
(h) any instruments made under any of the statutes and enactments specified in paragraphs (a) to (g);
‘relevant period’, in relation to a repayment, means—
(a) in the case of corporation tax, the accounting period of the company in respect of which the repayment arises,
(b) in the case of income tax, capital gains tax, income levy, universal social charge or domicile levy, the year of assessment in respect of which the repayment arises,
(c) in the case of stamp duties, the year of assessment or accounting period, as the case may be, within which falls the event in respect of which the repayment arises,
(d) in the case of gift tax or inheritance tax, the year of assessment or accounting period, as the case may be, within which falls the latest of the dates referred to in section 57 (3) of the Capital Acquisitions Tax Consolidation Act 2003 and in respect of which the repayment arises,
(e) in the case of excise duty, the year of assessment or accounting period, as the case may be, within which falls the act or event in respect of which the repayment arises, and
(f) in the case of value-added tax, the year of assessment or accounting period, as the case may be, within which falls the taxable period in respect of which the repayment arises;
‘repayment’ includes a refund;
‘tax’ means any income tax, corporation tax, capital gains tax, value-added tax, excise duty, stamp duty, gift tax, inheritance tax, income levy, domicile levy or universal social charge and includes—
(a) any interest, surcharge or penalty relating to any such tax, duty, levy or charge,
(b) any sum arising from the withdrawal or clawback of a relief or an exemption relating to any such tax, duty, levy or charge,
(c) any sum required to be deducted or withheld by any person and paid or remitted to the Revenue Commissioners or the Collector-General, as the case may be, and
(d) any amount paid on account of any such tax, duty, levy or charge or paid in respect of any such tax, duty, levy or charge;
‘taxable period’ has the same meaning as in section 2 of the Value-Added Tax Consolidation Act 2010 .
(2) Subject to subsections (3) and (4), where a repayment of any tax cannot be made to a person by virtue of the operation of—
(a) section 865,
(b) section 105B of the Finance Act 2001 ,
(c) section 99 of the Value-Added Tax Consolidation Act 2010 ,
(d) section 159A of the Stamp Duties Consolidation Act 1999 ,
(e) section 57 of the Capital Acquisitions Tax Consolidation Act 2003 , or
(f) any other provision of any of the Acts,
then, notwithstanding any other enactment or rule of law, that repayment shall not be set against any other amount of tax due and payable by, or from, that person.
(3) Where a repayment of tax cannot be made to a person in respect of a relevant period, it may be set against the amount of tax to which paragraph (a) of subsection (4) applies which is due and payable by the person in the circumstances set out in paragraph (b) of that subsection.
(4) (a) The amount of tax to which this paragraph applies is the amount, or so much of the amount, of tax that is due and payable by the person in respect of the relevant period as does not exceed the amount of the repayment that cannot be made to the person in respect of that relevant period.
(b) The circumstances set out in this paragraph are where tax is due and payable in respect of the relevant period by virtue of an assessment that is made or amended, or any other action that is taken for the recovery of tax, at a time that is 4 years or more after the end of the relevant period.
(5) No tax shall be set against any other amount of tax except as is provided for by the Acts.”.
(2) The Stamp Duties Consolidation Act 1999 is amended in section 159B by substituting the following for subsection (6):
“(6) Except as provided for by this Act or section 941 of the Taxes Consolidation Act 1997 as it applies for the purposes of stamp duties, the Commissioners shall not repay an amount of duty paid to them or pay interest in respect of an amount of duty paid to them.”.
(3) The Capital Acquisitions Tax Consolidation Act 2003 is amended in section 57 by substituting the following for subsection (9):
“(9) Except as provided for by this Act or by section 941 of the Taxes Consolidation Act 1997 as it applies for the purposes of capital acquisitions tax, the Commissioners shall not repay an amount of tax paid to them or pay interest in respect of an amount of tax paid to them.”.
(4) The Value-Added Tax Consolidation Act 2010 is amended in section 105(6)(b) by substituting “ section 941 of the Taxes Consolidation Act 1997 as it applies for the purposes of value-added tax” for “any provision of any other enactment”.
(5) This section shall apply as respects any tax (within the meaning of section 865B (inserted by subsection (1)(d)) of the Principal Act) paid or remitted to the Revenue Commissioners or the Collector-General, as the case may be, whether before, on or after the passing of this Act.
num: 129
paragraphs: — (1) The Principal Act is amended in the manner and to the extent specified in Schedule 4 .
(2) The Principal Act is amended by deleting Parts 39 and 41.
(3) Subject to subsections (4) and (5), this section takes effect on and from 1 January 2013.
(4) This section applies—
(a) in the case of a chargeable period (within the meaning of section 321(2) of the Principal Act) which is an accounting period of a company, as respects chargeable periods that start on or after 1 January 2013, and
(b) in a case other than that referred to in paragraph (a), as respects the year of assessment 2013 and subsequent years of assessment.
(5) This section does not affect the application of the provisions of the Principal Act, which are amended or deleted by this section, as respects chargeable periods prior to those referred to in subsection (4).
num: 130
paragraphs: — (1) Section 811 of the Principal Act is amended by inserting the following after subsection (5):
“(5A) (a) In this subsection—
‘assessment’ includes a first assessment, an additional assessment, an additional first assessment and an estimate or estimation;
‘amendment’, in relation to an assessment, includes the adjustment, alteration or correction of the assessment.
(b) Where the opinion of the Revenue Commissioners, that a transaction is a tax avoidance transaction, becomes final and conclusive, then for the purposes of giving effect to this section, any time limit provided for by Part 41, or by any other provision of the Acts, on the making or amendment of an assessment or on the requirement or liability of a person to pay tax or to pay additional tax—
(i) shall not apply, and
(ii) shall not affect the collection and recovery of any amount of tax or additional tax that becomes due and payable.”.
(2) (a) Subsection (1) applies to any assessment to tax or any amendment of any assessment to tax which is made, on or after 28 February 2012, so that the tax advantage resulting from a tax avoidance transaction, in respect of which a notice of opinion has become final and conclusive, is withdrawn from or denied to any person concerned.
(b) For the purposes of paragraph (a), “assessment”, “amendment”, “tax advantage”, “tax avoidance transaction”, “notice of opinion” and “final and conclusive” shall be read in accordance with section 811 of the Principal Act.
num: 131
paragraphs: — (1) The enactments specified in Schedule 5 are amended to the extent and manner specified in paragraphs 1 to 5 of, and the Table to, that Schedule.
(2) (a) Subject to paragraph (b), this section applies on and from the date of passing of this Act.
num: 132
paragraphs: — Section 195 of the Principal Act is amended by inserting the following after subsection (15):
“(16) (a) The Revenue Commissioners may publish, or cause to be published, the name of an individual who is the subject of a determination under subsection (2).
(b) Publication under paragraph (a) may, as appropriate, include the title or category of the work of an individual.”.
num: 133
paragraphs: — Section 884 of the Principal Act is amended—
(a) in subsection (2) by substituting the following for subparagraph (aa):
“(aa) such information, accounts, statements, reports and further particulars—
(i) relevant to the tax liability of the company, or
(ii) otherwise relevant to the application of the Corporation Tax Acts to the company,
as may be required by the notice or specified in the prescribed form in respect of the return,”,
and
(b) by inserting the following after subsection (2):
“(2A) In the case of a company which is required—
(a) to deliver a return under this section for a period, and
(b) under the Companies Act 1963 to prepare or make out accounts for a period consisting of or including the whole of that period,
the authority to require the delivery of accounts as part of the return is limited to such accounts, containing such information and having annexed to them such documents, as are required to be prepared or made out under that Act.”.
num: 134
paragraphs: — (1) The Principal Act is amended—
(a) in section 216A(3A) by substituting “a child of the individual or of the civil partner of the individual” for “a child of the individual”,
(b) in section 286A(3) by substituting “on the death of his or her spouse or civil partner, and that spouse or civil partner” for “on the death of his or her spouse, and that spouse”,
(c) in section 462(2)(b) by substituting “in the case of civil partners who are not living separately” for “in the case of civil partners where they are not living separately and apart”,
(d) in section 604(11) by substituting the following for paragraph (a):
“(a) In this subsection ‘dependent relative’, in relation to an individual, means a relative of the individual, or of the wife or husband of the individual, who is incapacitated by old age or infirmity from maintaining himself or herself, or a person, whether or not he or she is so incapacitated, and—
(i) who is the widowed father or widowed mother of the individual or of the wife or husband of the individual, or
(ii) who is the father or mother of the individual or of the wife or husband of the individual and is a surviving civil partner who has not subsequently married or entered into another civil partnership.”,
(e) in section 784A(4)(b)(ii) by substituting “any child of the individual or any child of the civil partner of the individual” for “any child of the individual”,
(f) in section 787K(1)(c)(iv) by substituting “widow, widower or surviving civil partner” for “widow or widower”,
(g) in section 1031A(2) by substituting “living separately” for “living separately and apart”, and
(h) in section 1031J(1) by substituting the following for the definition of “maintenance arrangement”:
“ ‘maintenance arrangement’ means—
(a) an order of a court under Part 5 or 12 of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 , or
(b) a trust, covenant, agreement, arrangement or any other act giving rise to a legally enforceable obligation and made or done in consideration or in consequence of—
(i) the dissolution or annulment of a civil partnership, or
(ii) living separately in the circumstances referred to in section 1031A(2),
and a maintenance arrangement relates to the civil partnership in consideration or in consequence of the dissolution or annulment of which, or of the living separately in the circumstances referred to in section 1031A(2) to which, the maintenance arrangement was made or arises;”.
(2) The Capital Acquisitions Tax Consolidation Act 2003 is amended—
num: 135
paragraphs: — Section 161 of the Finance Act 2010 is amended by substituting the following for subsection (10):
“(10) This section applies for the years of assessment 2010 and 2011.”.
num: 136
paragraphs: — (1) Section 531AA(1) of the Principal Act is amended in paragraph (a) of the definition of “relevant individual” by deleting “, and is a citizen of,”.
(2) This section applies to domicile levy chargeable for the year 2012 and subsequent years.
num: 137
paragraphs: — (1) Schedule 24A to the Principal Act is amended—
(a) in Part 1—
(i) by inserting the following between paragraphs 1A and 1:
“1AA. The Double Taxation Relief (Taxes on Income and on Capital) (Republic of Armenia) Order 2012 ( S.I. No. 21 of 2012 ).”,
(ii) by inserting the following after paragraph 14:
“14A. The Double Taxation Relief (Taxes on Income and on Capital) (Federal Republic of Germany) Order 2012 ( S.I. No. 22 of 2012 ).”,
(iii) by inserting the following after paragraph 31:
“31A. The Double Taxation Relief (Taxes on Income and Capital Gains) (Republic of Panama) Order 2012 ( S.I. No. 25 of 2012 ).”,
and
(iv) by inserting the following between paragraphs 35 and 35A:
“35AA. The Double Taxation Relief (Taxes on Income) (Kingdom of Saudi Arabia) Order 2012 ( S.I. No. 26 of 2012 ).”,
and
(b) in Part 3—
(i) by inserting the following after paragraph 4:
“4A. The Exchange of Information Relating to Tax Matters (Grenada) Order 2012 ( S.I. No. 23 of 2012 ).”,
and
(ii) by inserting the following after paragraph 9:
“10. The Exchange of Information Relating to Tax Matters (Republic of Vanuatu) Order 2012 ( S.I. No. 24 of 2012 ).”.
(2) This section applies on and from the date of the passing of this Act.
num: 138
paragraphs: — The enactments specified in Schedule 6 —
num: 139
paragraphs: — (1) In this section—
“ capital services ” has the same meaning as it has in the principal section;
“Capital Services Redemption Account” has the same meaning as it has in the principal section;
“ fifty-ninth additional annuity” means the sum charged on the Central Fund under subsection (3);
“principal section” means section 22 of the Finance Act 1950 .
(2) In relation to the 29 successive financial years commencing with the financial year ending on 31 December 2012, subsection (3) of section 82 of the Finance Act 2011 shall have effect with the substitution of “€118,056,952” for “€141,616,974”.
(3) A sum of €118,068,355 to redeem borrowings in respect of capital services and interest on such borrowings shall be charged annually on the Central Fund or the growing produce of that Fund in the 30 successive financial years commencing with the financial year ending on 31 December 2012.
(4) The fifty-ninth additional annuity shall be paid into the Capital Services Redemption Account in such manner and at such times in the relevant financial year as the Minister for Finance may determine.
(5) Any amount of the fifty-ninth additional annuity, not exceeding €90,750,000 in any financial year, may be applied toward defraying the interest on the public debt.
(6) The balance of the fifty-ninth additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section.
num: 140
paragraphs: — All taxes and duties imposed by this Act are placed under the care and management of the Revenue Commissioners.
num: 141
paragraphs: — (1) This Act may be cited as the Finance Act 2012.
(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 income levy, Part 18A of the Taxes Consolidation Act 1997 ,
(c) in so far as it relates to universal social charge, Part 18D of the Taxes Consolidation Act 1997 ,
(d) in so far as it relates to corporation tax, the Corporation Tax Acts, and
(e) 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) income levy, shall be construed together with Part 18A of the Taxes Consolidation Act 1997 ,
(c) universal social charge, shall be construed together with Part 18D of the Taxes Consolidation Act 1997 ,
(d) corporation tax, shall be construed together with the Corporation Tax Acts,
(e) capital gains tax, shall be construed together with the Capital Gains Tax Acts,
(f) customs, shall be construed together with the Customs Acts,
(g) duties of excise, shall be construed together with the statutes which relate to duties of excise and the management of those duties,
(h) value-added tax, shall be construed together with the Value-Added Tax Acts,
(i) stamp duty, shall be construed together with the Stamp Duties Consolidation Act 1999 and the enactments amending or extending that Act,
(j) domicile levy, shall be construed together with Part 18C of the Taxes Consolidation Act 1997 ,
(k) residential property tax, shall be construed together with Part VI of the Finance Act 1983 and the enactments amending or extending that Part, and
(l) 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 on and from 1 January 2012.
(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.