Finance Act, 2001

In short

This law, the Finance Act, 2001, primarily deals with various aspects of taxation in Ireland, including income tax, corporation tax, and capital gains tax, as well as excise duties. It introduces new provisions and amends existing ones related to these taxes.

What it regulates

• Income Tax, Corporation Tax, and Capital Gains Tax.
• Excise duties, including their interpretation, liability, and payment.
• Specific tax reliefs, exemptions, and allowances for individuals and companies.
• The movement and warehousing of excisable products within the community.

Who it concerns

• Individuals subject to income tax, capital gains tax, and those benefiting from or affected by various tax reliefs.
• Companies subject to corporation tax and capital gains tax.
• Businesses and individuals involved in the production, distribution, or consumption of excisable products.

Key points

• It includes provisions for tax credits and alterations of income tax rates.
• It addresses reliefs for health expenses, rent, and trade union subscriptions.
• It details the taxation of certain perquisites and special savings incentive accounts.
• It outlines rules for the warehousing, liability, and payment of excise duties, and mutual assistance for recovery of claims.