{"html": "<div class=\"lf-doc\"><div class=\"lf-abs\"><span class=\"lf-abs-num\">(5)</span>An authorised officer may make extracts from or copies of all or any part of the books, records or other documents or other material made available to him or her or require that copies of books, records, or other documents be made available to him or her, in exercising or performing his or her powers or duties under this section.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(6)</span>An authorised officer when exercising or performing his or her powers or duties under this section shall, on request, produce his or her authorisation for the purposes of this section.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(7)</span>An employee of a qualifying lender who fails to comply with the requirements of the authorised officer in the exercise or performance of the authorised officer's powers or duties under this section shall be liable to a penalty of €1,265.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(8)</span>A qualifying lender which fails to comply with the requirements of the authorised officer in the exercise or performance of the authorised officer's powers or duties under this section shall be liable to a penalty of €19,045 and if that failure continues a further penalty of €2,535 for each day on which the failure continues.”.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(4)</span>As respects the year of assessment 2001 and subsequent years of assessment, the Principal Act is amended in Chapter 4 of Part 38 by the insertion of the following after section 904F (inserted by subsection (3)): “Power of inspection: claims by qualifying insurers.</div>\n<p class=\"lf-p\">904G.—(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; ‘qualifying insurer’ and ‘qualifying long-term care policies’ have the same meanings respectively as in section 470A.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>An authorised officer may at all reasonable times enter any premises or place of business of a qualifying insurer for the purpose of auditing for a year of assessment claims made by the qualifying insurer under section 470A(8)(b)(ii).</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>Without prejudice to the generality of subsection (2), the authorised officer may— (a) examine the procedures put in place by the qualifying insurer in relation to the vouching of claims referred to in that subsection, and (b) check a sample of the cases in respect of which such a claim has been made to determine whether the procedures referred to in paragraph (a) have been observed in practice and whether they are adequate.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(4)</span>An authorised officer may require a qualifying insurer or an employee of the qualifying insurer to furnish information, explanations and particulars and to give all assistance which the authorised officer reasonably requires for the purposes of his or her audit and examination under subsections (2) and (3).</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(5)</span>An authorised officer when exercising or performing his or her powers or duties under this section shall, on request, produce his or her authorisation for the purposes of this section.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(6)</span>An employee of a qualifying insurer who fails to comply with the requirements of the authorised officer in the exercise or performance of the authorised officer's powers or duties under this section shall be liable to a penalty of £1,000.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(7)</span>A qualifying insurer which fails to comply with the requirements of the authorised officer in the exercise or performance of the authorised officer's powers or duties under this section shall be liable to a penalty of £15,000 and, if that failure continues, a further penalty of £2,000 for each day on which the failure continues.</div>\n<p class=\"lf-p\">Power of inspection: qualifying savings managers.</p>\n<p class=\"lf-p\">904H.—(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; ‘qualifying savings manager’ has the same meaning as in section 848B (inserted by the Finance Act, 2001); ‘special savings incentive account’ has the same meaning as in section 848B (inserted by the Finance Act, 2001).</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>An authorised officer may at all reasonable times enter any premises or place of business of a qualifying savings manager, or a person (in this section referred to as an ‘appointed person’) appointed by a qualifying savings manager in accordance with section 848R (inserted by the Finance Act, 2001), for the purposes of auditing compliance with the provisions of Part 36A (inserted by the Finance Act, 2001) and without prejudice to the generality of the foregoing the authorised officer may— (a) audit the returns made in accordance with sections 848P and 848Q (inserted by the Finance Act, 2001), (b) examine the procedures put in place by the qualifying savings manager, or as the case may be, the appointed person, so as to ensure compliance with the obligations imposed by Part 36A (inserted by the Finance Act, 2001), (c) examine all, or a sample of, special savings incentive accounts to determine— (i) whether those procedures have been observed in practice, (ii) whether the terms under which each such account was commenced and continues, are in accordance with the terms referred to in section 848C (inserted by the Finance Act, 2001), and (iii) whether the qualifying savings manager, in respect of each such account, is, where appropriate, in possession of a declaration referred to in sections 848F, 848I, and 848O (inserted by the Finance Act, 2001), and is not in possession of any information which would reasonably suggest that any such declaration is incorrect, and (d) examine any notice and declaration referred to in section 848N(3) (inserted by the Finance Act, 2001).</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>An authorised officer may require a qualifying savings manager, or (as the case may be) the appointed person, or an employee of either such person, to produce all or any of the records relating to the management by him or her of special savings incentive accounts and furnish information, explanations and particulars and to give all assistance, which the authorised officer reasonably requires for the purposes of his or her audit and examination under subsection (2).</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(4)</span>An employee of a qualifying savings manager or of an appointed person who fails to comply with the requirements of the authorised officer in the exercise or performance of the authorised officer's powers or duties under this section shall be liable to a penalty of £1,000.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(5)</span>A qualifying savings manager or an appointed person who fails to comply with the requirements of the authorised officer in the exercise or performance of the authorised officer's powers or duties under this section shall be liable to a penalty of £15,000 and, if that failure continues, a further penalty of £2,000 for each day on which the failure continues.”.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(5)</span>As respects the year of assessment 2002 and subsequent years of assessment— (a) section 904G (inserted by subsection (4)) of the Principal Act is amended— (i) by the substitution in subsection (6) of “€1,265” for “£1,000”, and (ii) by the substitution in subsection (7) of— (I) “€19,045” for “£15,000”, and (II) “€2,535” for “£2,000”, and (b) section 904H (inserted by subsection (4)) of the Principal Act is amended— (i) by the substitution in subsection (4) of “€1,265” for “£1,000”, and (ii) by the substitution in subsection (5) of— (I) “€19,045” for “£15,000”, and (II) “€2,535” for “£2,000”.</div>\n<p class=\"lf-p\">Tax relief at source for certain interest.</p>\n<p class=\"lf-p\">23.—(1) As respects the year of assessment 2002 and subsequent years of assessment, the Principal Act is amended in Chapter 3 of Part 8 by the insertion of the following section after section 244: “Application of section 244 (relief for interest paid on certain home loans) of Principal Act.</p>\n<h4 class=\"lf-art\" id=\"a-244a\"><span class=\"lf-art-num\">Section 244A</span></h4>\n<p class=\"lf-p\">244A.—(1) (a) In this section— (i) ‘qualifying dwelling’, in relation to an individual, means a qualifying residence situated in the State; ‘qualifying lender’ has the meaning assigned to it by subsection (3); ‘qualifying mortgage interest’, in relation to an individual and a year of assessment, means the qualifying interest paid by the individual in the year of assessment in respect of a qualifying mortgage loan; ‘qualifying mortgage loan’, in relation to an individual, means a qualifying loan or loans secured by the mortgage of freehold or leasehold estate or interest in a qualifying dwelling, and (ii) ‘appropriate percentage’, ‘qualifying interest’, ‘qualifying loan’, ‘qualifying residence’ and ‘relievable interest’ have the same meanings, respectively, as they have in section 244. (b) This section provides for a scheme whereby relief due under section 244 shall, in certain circumstances, be given by way of deduction at source (‘the tax relief at source scheme’) under subsection (2)(a) and in no other manner.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>(a) Where an individual makes a payment of qualifying mortgage interest to a qualifying lender in respect of which relief is due under section 244, the individual shall be entitled in accordance with regulations to deduct and retain out of it an amount equal to the appropriate percentage, for the year of assessment in which the payment is due, of the relievable interest. (b) A qualifying lender to which a payment referred to in paragraph (a) is made— (i) shall accept in accordance with regulations the amount paid after deduction in discharge of the individual's liability to the same extent as if the deduction had not been made, and (ii) may, on making a claim in accordance with regulations, recover from the Revenue Commissioners an amount equal to the amount deducted.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>The following bodies shall be qualifying lenders— (a) a bank holding a licence under section 9 of the Central Bank Act, 1971 ; (b) a building society incorporated or deemed to be incorporated under the Building Societies Act, 1989 ; (c) a trustee savings bank within the meaning of the Trustee Savings Banks Act, 1989 ; (d) ACC Bank plc; (e) a local authority; (f) a body which— (i) (I) holds a licence or similar authorisation, corresponding to a licence referred to in paragraph (a), or (II) has been incorporated in a manner corresponding to that referred to in paragraph (b), under the law of any other Member State of the European Communities, and (ii) provides qualifying mortgage loans; and (g) a body which applies to the Revenue Commissioners for registration as a qualifying lender and in respect of which the Revenue Commissioners, having regard to the activities and objects of the body, are satisfied is entitled to be so registered.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(4)</span>(a) The Revenue Commissioners shall maintain, and publish in such manner as they consider appropriate, a register for the purposes of subsection (3). (b) If the Revenue Commissioners are satisfied that an applicant for registration is entitled to be registered, they shall register the applicant with effect from such date as may be specified by them. (c) If it appears to the Revenue Commissioners at any time that a body which is registered under this subsection would not be entitled to be registered if it applied for registration at that time, the Revenue Commissioners may, by written notice given to the body, cancel its registration with effect from such date as may be specified by them in the notice. (d) Any body which is aggrieved by the failure of the Revenue Commissioners to register it or by the cancellation of its registration, may, by notice given to the Revenue Commissioners before the end of the period of 30 days beginning with the date on which the body is notified of the Revenue Commissioners' decision, require the matter to be determined by the Appeal Commissioners and the Appeal Commissioners shall hear and determine the matter in like manner as an appeal.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(5)</span>(a) The Revenue Commissioners shall make regulations providing generally as to administration of this section and those regulations may, in particular and without prejudice to the generality of the foregoing, include provision— (i) that a claim under subsection (2)(b)(ii) shall be— (I) made in such form and manner, (II) made at such time, and (III) accompanied by such documents, as provided for in the regulations, (ii) that, in circumstances specified in regulations, a claim may be made under subsection (2)(b)(ii) where a payment is due but not made; (iii) for the making by qualifying lenders, in such form and manner as may be prescribed, of monthly returns containing particulars in relation to— (I) each individual making payments of qualifying mortgage interest, (II) the amount of qualifying mortgage interest paid or due by the individual to date in the year of assessment, (III) the amount deducted by the individual, or the amount he or she would have been entitled to deduct, under subsection (2)(a), (IV) the estimated qualifying mortgage interest to be paid by the individual in the year of assessment, (V) the total amount of qualifying mortgage loans of the qualifying lender outstanding at the date of the return, (VI) the total amount claimed by the qualifying lender under subsection (2)(b)(ii) for the month to which the return relates, (VII) qualifying mortgage loans repaid in full in that month, and (VIII) such other matters as may be specified; (iv) for the transmission by the Revenue Commissioners to qualifying lenders, on a monthly basis, of such details as may be specified in the regulations in relation to— (I) qualifying mortgage loans, and (II) individuals with qualifying mortgage loans, which are necessary for the operation of this section; (v) in relation to the obligations and entitlements of individuals with qualifying mortgage loans under the tax relief at source scheme; (vi) in relation to the obligations and entitlements of qualifying lenders under the tax relief at source scheme; (vii) for deeming of certain qualifying mortgage loans, in such circumstances as may be specified in the regulations, as being no longer entitled to relief under this section; (viii) for the granting of appropriate relief in any case where inadequate or excessive relief has been granted under this section; and (ix) for the implementation of this section where a qualifying lender disposes of all or part of its qualifying mortgage loans. (b) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann 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.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(6)</span>(a) Where any amount is paid to a qualifying lender by the Revenue Commissioners as an amount recoverable by virtue of subsection (2)(b)(ii) but is an amount to which that qualifying lender is not entitled, that amount shall be repaid by the qualifying lender. (b) There shall be made such assessments, adjustments or set-offs as may be required for securing repayment of the amount referred to in paragraph (a) and the provisions of this Act relating to the assessment, collection and recovery of income tax shall, in so far as they are applicable and with necessary modification, apply in relation to the recovery of such amount.”.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>Schedule 29 to the Principal Act is amended in column 1 by the insertion after “section 121” of “section 244A and Regulations under that section”.</div>\n<p class=\"lf-p\">Provision of certain information: transitional.</p>\n<p class=\"lf-p\">24.—(1) In this section “qualifying lender” has the same meaning as in section 244A (inserted by this Act) of the Principal Act.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>(a) A qualifying lender shall, on receipt of a request from the Revenue Commissioners, furnish to them the information specified in paragraph (b) in relation to every individual having a loan or loans, secured by the mortgage of freehold or leasehold estate or interest in a dwelling, with that qualifying lender in the year of assessment 2001. (b) The information referred to in paragraph (a) is as follows— (i) the name and address of the individual, and (ii) the account number of the qualifying lender relating to the loan or loans referred to in paragraph (a).</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>The information referred to in subsection (2) shall be used by the Revenue Commissioners for the purpose of facilitating the granting of relief under section 244A of the Principal Act and shall not be used for any other purpose.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(4)</span>The provisions of section 872 of the Principal Act shall not apply or have effect in relation to information acquired by the Revenue Commissioners under the provisions of this section.</div>\n<p class=\"lf-p\">Amendment of section 120A (exemption from benefit-in-kind of certain childcare facilities) of Principal Act.</p>\n<p class=\"lf-p\">25.—Section 120A of the Principal Act is amended in the definition of “qualifying premises”— (a) by the substitution in paragraph (b) of “service” for “service, or” and by the insertion in paragraph (c) of “or” after “service,”, (b) by the insertion of the following after paragraph (c): “(d) are made available by the employer jointly with other persons or are made available by any other person or persons and the employer is wholly or partly responsible for capital expenditure on the construction or refurbishment of the premises,”, and (c) by the insertion after subsection (2) of the following: “(3) In the case of a qualifying premises within the meaning of paragraph (d) of the definition of ‘qualifying premises’, the exemption provided for in subsection (2) shall be limited to the amount expended by the employer on capital expenditure on the construction or refurbishment of the premises.”.</p>\n<p class=\"lf-p\">Amendment of section 669A (interpretation (Chapter 3)) of Principal Act.</p>\n<p class=\"lf-p\">26.—Section 669A of the Principal Act is amended by the substitution of the following for paragraph (b) of the definition of “qualifying quota”: “(b) a milk quota purchased by a lessee who entered into a lease agreement with a lessor in respect of that quota prior to 13 October 1999 and which ends on or after 31 March 2000 and which complies with the provisions of Council Regulation (EEC) No. 857/84 of 31 March 19841 or Council Regulation (EEC) No. 3950 of 28 December 1992;”.</p>\n<p class=\"lf-p\">Amendment of section 669C (effect of sale of quota) of Principal Act.</p>\n<p class=\"lf-p\">27.—Section 669C of the Principal Act is amended in subsection (2) by the substitution of “chargeable period” for “accounting period.”.</p>\n<p class=\"lf-p\">Amendment of section 530 (interpretation (Chapter 2)) of Principal Act.</p>\n<p class=\"lf-p\">28.—Section 530 of the Principal Act is amended in subsection (1): (a) by the insertion before the definition of “construction operations” of the following definition: “‘certified subcontractor’, in relation to a principal, means a subcontractor— (a) in respect of whom the principal holds, at the time of making a payment under a relevant contract to the subcontractor, a relevant payments card for the year in which the payment is made, and (b) in respect of whom the principal has not received a notice under paragraph (a) of subsection (13) of section 531;”, and (b) by the insertion after the definition of “subcontractor” of the following definition: “‘uncertified subcontractor’ means a subcontractor who is not a certified subcontractor.”.</p>\n<p class=\"lf-p\">Relief for fees paid for third level education, etc.</p>\n<p class=\"lf-p\">29.—(1) Chapter 1 of Part 15 of the Principal Act, is amended by the insertion of the following after section 473— “Relief for fees paid for third level education, etc.</p>\n<p class=\"lf-p\">473A.—(1) In this section— ‘academic year’, in relation to an approved course, means a year of study commencing on a date not earlier than the 1st day of August in a year of assessment; ‘appropriate percentage’, in relation to a year of assessment, means a percentage equal to the standard rate of tax for that year; ‘approved college’, in relation to a year of assessment, means— (a) a college or institution of higher education in the State which— (i) provides courses to which a scheme approved by the Minister under the Local Authorities (Higher Education Grants) Acts, 1968 to 1992, applies, or (ii) operates in accordance with a code of standards which from time to time may, with the consent of the Minister for Finance, be laid down by the Minister, and which the Minister approves for the purposes of this section; (b) any university or similar institution of higher education in a Member State of the European Union (other than the State) which— (i) is maintained or assisted by recurrent grants from public funds of that or any other Member State of the European Union (including the State), or (ii) is a duly accredited university or institution of higher education in the Member State in which it is situated; (c) a college or institution in another Member State of the European Union providing distance education in the State, which— (i) provides courses to which a scheme approved by the Minister under the Local Authority (Higher Education Grants) Acts, 1968 to 1992, applies, or (ii) operates in accordance with a code of standards which from time to time may, with the consent of the Minister for Finance, be laid down by the Minister, and which the Minister approves for the purposes of this section; (d) any university or similar institution of higher education in any country, other than the State or a Member State of the European Union which— (i) is maintained or assisted by recurrent grants from public funds of that country, or (ii) is a duly accredited university or institution of higher education in the country in which it is situated; ‘approved course’ means— (a) a full-time or part-time undergraduate course of study provided by a college to which paragraph (a), (b) or (c) of the definition of ‘approved college’ relates which— (i) is of at least 2 academic years' duration, and (ii) in the case of a course provided by a college to which paragraph (a)(ii) or (c)(ii) of the definition of ‘approved college’ relates, the Minister, having regard to a code of standards which from time to time may, with the consent of the Minister for Finance, be laid down by the Minister in relation to the quality of education to be offered on such approved course, approves of for the purposes of this section;</p>\n<p class=\"lf-p\">(b) a postgraduate course of study leading to a postgraduate award, based on a thesis or on the results of an examination or both, in an approved college— (i) of not less than one academic year, but not more than 4 academic years, in duration, (ii) that requires an individual, undertaking the course, to have been conferred with a degree or an equivalent qualification, and (iii) that, in the case of a course provided by a college to which paragraph (a)(ii) of the definition of ‘approved college’ relates, the Minister, having regard to any code of standards which from time to time may, with the consent of the Minister for Finance, be laid down by the Minister in relation to the quality of education to be offered on such approved course, approves for the purposes of this section; ‘dependant’, in relation to an individual, means a spouse or child of the individual or a person in respect of whom the individual is or was the legal guardian; ‘the Minister’ means the Minister for Education and Science; ‘qualifying fees’, in relation to an approved course and an academic year, means the amount of fees chargeable in respect of tuition to be provided in relation to that course in that year which, with the consent of the Minister for Finance, the Minister approves of for the purposes of this section.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>Subject to this section, where an individual for a year of assessment proves that he or she has, on his or her own behalf or on behalf of his or her dependant, made a payment in respect of qualifying fees in respect of an approved course for the academic year in relation to that course commencing in that year of assessment, the income tax to be charged on the individual for that year of assessment, other than in accordance with section 16(2), shall be reduced by an amount which is the lesser of— (a) the amount equal to the appropriate percentage of the aggregate of all such payments proved to be so made, and (b) the amount which reduces that income tax to nil.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>In the case of an individual who is a married person assessed to tax for a year of assessment in accordance with section 1017, any payment in respect of qualifying fees made by the individual's spouse shall, except where section 1023 applies, be deemed to have been made by the individual.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(4)</span>For the purposes of this section, a payment in respect of qualifying fees shall be regarded as not having been made in so far as any sum in respect of, or by reference to, such fees has been or is to be received, directly or indirectly, by the individual, or, as the case may be, his or her dependant, from any source whatever by means of grant, scholarship or otherwise.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(5)</span>(a) Where the Minister is satisfied that an approved college, within the meaning of paragraph (a)(ii) or (c)(ii) of the definition of ‘approved college’, or an approved course in that college, no longer meets the appropriate code of standards laid down, the Minister may by notice in writing given to the approved college withdraw, with effect from the year of assessment following the year of assessment in which the notice is given, the approval of that college or course, as the case may be, for the purposes of this section. (b) Where the Minister withdraws the approval of any college or course for the purposes of this section, notice of its withdrawal shall be published as soon as may be in Iris Oifigiúil.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(6)</span>Any claim for relief under this section made by an individual in respect of fees paid to an approved college shall be accompanied by a statement in writing made by the approved college concerned stating each of the following, namely— (a) that the college is an approved college for the purposes of this section, (b) the details of the course undertaken by the individual or his or her dependant, (c) the duration of the course, and (d) the amount of the fees paid in respect of the course.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(7)</span>Where for the purposes of this section any question arises as to whether— (a) a college is an approved college, or (b) a course of study is an approved course, the Revenue Commissioners may consult with the Minister.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(8)</span>On or before 1 July in each year of assessment, the Minister shall furnish the Revenue Commissioners with full details of— (a) all colleges and courses in respect of which approval has been granted and not withdrawn for the purposes of this section, and (b) the amount of the qualifying fees in respect of each such course for the academic year commencing in that year of assessment.”.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>Chapter 1 of Part 15 of the Principal Act is further amended by the deletion in Part 2 of the Table to section 458 of “section 474”, “section 474A”, “section 475” and “section 475A” and by the insertion of “section 473A” after “section 473”.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>Sections 474, 474A, 475 and 475A of the Principal Act, are repealed.</div>\n<p class=\"lf-p\">Seafarer allowance, etc.</p>\n<p class=\"lf-p\">30.—Section 472B of the Principal Act is amended— (a) in subsection (4)— (i) as respects the year of assessment 2001, by the substitution of “125 days” and “£3,700” for “169 days” and “£5,000”, respectively, and (ii) as respects the year of assessment 2002 and subsequent years of assessment, by the substitution of “€6,350” for “£5,000”, and (b) by the insertion after subsection (4) of the following: “(4A) (a) Notwithstanding subsection (4), but subject to paragraph (b)— (i) as respects the year of assessment 2001, the reference in that subsection to ‘125 days’ shall be construed as a reference to ‘119 days’, and (ii) as respects the year of assessment 2002 and subsequent years of assessment, the reference in that subsection to ‘169 days’ shall be construed as a reference to ‘161 days’. (b) Paragraph (a) shall come into operation on such day as the Minister for Finance may by order appoint.”.</p>\n<p class=\"lf-p\">Amendment of section 823 (deduction for income earned outside the State) of Principal Act.</p>\n<p class=\"lf-p\">31.—(1) Section 823 of the Principal Act is amended— (a) in subsection (1)— (i) by the substitution of the following for the definition of “qualifying day”: “‘qualifying day’, in relation to an office or employment of an individual, means a day on or before 31 December 2003 which is one of at least 11 consecutive days throughout the whole of which the individual is absent from the State for the purposes of the performance of the duties of the office or employment or of those duties and the duties of other offices or employments of the individual outside the State 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;”, and (ii) in the formula in the definition of “the specified amount”, by the substitution as respects the year of assessment 2001, of “270” for “365”, and (b) in subsection (3)— (i) after “90 days” by the insertion of “or, in the case where subparagraph (i) applies and the year of assessment concerned is the year of assessment 2001, 67 days”, and (ii) by the substitution as respects the year of assessment 2001, of “£18,500” for “£25,000”.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>Subparagraph (a)(i) of subsection (1) shall apply as on and from 26 January 2001.</div>\n<p class=\"lf-p\">Rent-a-room relief.</p>\n<p class=\"lf-p\">32.—(1) The Principal Act is amended in Chapter 1 of Part 7 by the insertion of the following after section 216: “216A.—(1) In this section— ‘qualifying residence’, in relation to an individual for a year of assessment, means a residential premises situated in the State which is occupied by the individual as his or her sole or main residence during the year of assessment; ‘relevant sums’ means all sums arising in respect of the use for the purposes of residential accommodation, of a room or rooms in a qualifying residence and includes sums arising in respect of meals, cleaning, laundry and other similar goods and services which are incidentally supplied in connection with that use; ‘residential premises’ means a building or part of a building used as a dwelling.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>(a) This subsection applies if— (i) relevant sums, chargeable to income tax under Case IV or Case V of Schedule D, arise to an individual (regardless of whether the relevant sums are chargeable to income tax under Case IV or Case V or under both Case IV and Case V), and (ii) the amount of the relevant sums does not exceed the individual's limit for the year of assessment. (b) In ascertaining the amount of relevant sums for the purposes of this subsection no deduction shall be made in respect of expenses or any other matter. (c) Where this subsection applies the following shall be treated as nil for the purposes of the Income Tax Acts— (i) the profits or gains of the year of assessment, and (ii) the losses of any such year of assessment, in respect of relevant sums arising to an individual. (d) Where an individual has relevant sums chargeable to income tax under Case V of Schedule D and an election under subsection (3)(a) has not been made, an allowance under section 284, which would on due claim being made be granted, shall be deemed to have been granted.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>(a) Subsection (2) shall not apply for a year of assessment if an individual so elects by notice in writing to the inspector on or before the specified return date for the chargeable period (within the meaning of section 950). (b) An election under this subsection shall have effect only for the year of assessment for which it is made.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(4)</span>The provisions of the Income Tax Acts relating to the making of returns shall apply as if this section had not been enacted.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(5)</span>Subject to subsections (6) and (7), the limit of an individual referred to in subsection (2) is £6,000.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(6)</span>As respects the year of assessment 2001 the limit referred to in subsection (5) is £4,440.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(7)</span>Where relevant sums arise to more than one individual in respect of a qualifying residence the limits referred to in subsections (5) and (6) shall be divided by the number of such individuals.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(8)</span>Where subsection (2) applies, the receipt of relevant sums shall not operate so as to restrict or reduce any entitlement to relief under section 244 or 604.”.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>Section 216A (inserted by subsection (1)) of the Principal Act is amended as respects the year of assessment 2002 and subsequent years of assessment— (a) in subsection (5) by the substitution of “€7,620” for “£6,000”, and (b) by the deletion of subsection (6).</div>\n<h3 class=\"lf-part\">Chapter 3</h3>\n<p class=\"lf-p\">Income Tax, Corporation Tax and Capital Gains Tax Special savings incentive accounts.</p>\n<p class=\"lf-p\">33.—(1) The Principal Act is amended by the insertion after Part 36 of the following: “PART 36A Special savings incentive accounts Interpretation.</p>\n<p class=\"lf-p\">848B.—(1) In this Part— ‘deposit account’ means an account beneficially owned by an individual, which is— (a) an account into which a deposit (within the meaning of section 256(1)) is made, or (b) an account with a relevant European institution into which repayable funds are lodged; ‘investment undertaking’ has the meaning assigned to it in section 739B and ‘units in an investment undertaking’ shall be construed accordingly; ‘PPS Number’, in relation to an individual, means that individual's Personal Public Service Number within the meaning of section 223 of the Social Welfare (Consolidation) Act, 1993 ; ‘qualifying assets’, subject to section 848G, means— (a) deposit accounts, (b) shares within the meaning of section 2(1) of the Credit Union Act, 1997 , (c) units in an investment undertaking, (d) units in, or shares of, a relevant UCITS, (e) relevant life assurance policies, (f) shares issued by a company, wherever incorporated, officially listed on a recognised stock exchange, and (g) securities issued by or on behalf of a government; ‘qualifying individual’ means an individual who at the time of opening a special savings incentive account— (a) is 18 years of age, or older, and (b) is resident in the State; ‘qualifying savings manager’ means— (a) a person who is a holder of a licence granted under section 9 of the Central Bank Act, 1971 , or a person who holds a licence or other similar authorisation under the law of any other Member State of the European Communities which corresponds to a licence granted under that section, (b) a building society within the meaning of section 256, (c) a trustee savings bank within the meaning of the Trustee Savings Banks Act, 1989 , (d) ACC Bank plc, (e) the Post Office Savings Bank, (f) a credit union within the meaning of the Credit Union Act, 1997 , (g) an investment undertaking, (h) the holder of— (i) an authorisation issued by the Minister for Enterprise, Trade and Employment under the European Communities (Life Assurance) Regulations of 1984 ( S.I. No. 57 of 1984 ), as amended, or, (ii) an authorisation granted by the authority charged by law with the duty of supervising the activities of insurance undertakings in a Member State of the European Communities, other than the State, in accordance with Article 6 of Directive No. 79/267/EEC1 , who is carrying on the business of life assurance in the State, or (iii) an official authorisation to undertake insurance in Iceland, Liechtenstein and Norway pursuant to the EEA Agreement within the meaning of the European Communities (Amendment) Act, 1993</p>\n<p class=\"lf-p\">, and who is carrying on the business of life assurance in the State, (i) a person which is an authorised member firm of the Irish Stock Exchange, within the meaning of the Stock Exchange Act, 1995 , or a member firm (which carries on a trade in the State through a branch or agency) of a stock exchange of any other Member State of the European Communities, (j) a firm approved under section 10 of the Investment Intermediaries Act, 1995 , which is authorised to hold client money, other than a firm authorised as a Restricted Activity Investment Product Intermediary, where the firm's authorisation permits it to engage in the proposed activities, or a business firm which has been authorised to provide similar investment business services under the laws of a Member State of the European Communities which correspond to that Act, or (k) the Minister for Finance, acting through the Agency (within the meaning of section (1) of the National Treasury Management Agency Act, 1990 ); ‘relevant European institution’ means an institution which is a credit institution (within the meaning of the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 ( S.I. No. 395 of 1992 )) which has been authorised by the Central Bank of Ireland to carry on business of a credit institution in accordance with the provisions of the supervisory enactments (within the meaning of those Regulations); ‘relevant UCITS’ means a UCITS situated in a Member State of the European Communities, other than the State, which has been authorised by the competent authorities of the Member State in which it is situated; ‘relevant life assurance policy’ means a policy of assurance which satisfies the conditions specified in subsection (3); ‘special savings incentive account’ has the meaning assigned to it in section 848C; ‘tax credit’, in relation to a subscription, has the meaning assigned to it in section 848D(1); ‘UCITS’ means undertakings for collective investment in transferable securities within the meaning of Article 1 of Council Directive 85/6112 and references to— (a) ‘the Member State in which UCITS is situated’ and (b) a UCITS which has been ‘authorised by the competent authorities of the Member State in which it is situated’, shall have the same meanings as in Articles 3 and 4 respectively of that Directive; ‘units in, or shares of, a relevant UCITS’ means the rights or interests (however described) of the holder of units or shares in that relevant UCITS.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>Nothing in this Part shall be construed as authorising or permitting a person who is a qualifying savings manager to provide any services which that person would not otherwise be authorised or permitted to provide in the State.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>The conditions referred to in the definition of ‘relevant life assurance policy’ in subsection (1) are that the policy of assurance is on the life of a person who beneficially owns the policy, and that the terms and conditions of the policy provide— (a) for an express prohibition of any transfer of the policy, or the rights conferred by the policy or any share or interest in the policy or rights respectively, other than the cash proceeds from the termination of the policy or a partial surrender of the rights conferred by the policy, to that person, (b) the policy, the rights conferred by the policy and any share or interest in the policy or rights respectively, shall not be capable of assignment, other than that the proceeds on the termination of the policy (other than on the death of the policyholder) may be transferred from a qualifying savings manager to another qualifying savings manager in accordance with the provisions of this Part, and (c) the policy is not issued in the course of annuity business or pension business, within the meaning of section 706.</div>\n<p class=\"lf-p\">Special savings incentive account.</p>\n<p class=\"lf-p\">848C.—A special savings incentive account is a scheme of investment commenced on or after 1 May 2001 and on or before 30 April 2002 by a qualifying individual with a qualifying savings manager (who is registered in accordance with section 848R) under terms which include the following— (a) apart from tax credits, in relation to subscriptions, subscribed by the qualifying savings manager under section 848E(1)(b)(ii) only the qualifying individual, or the spouse of that individual, may subscribe to the account, (b) such subscriptions are funded by the qualifying individual, or the spouse of that individual, from funds available to either or both of them out of their own resources without recourse to borrowing, or the deferral of repayment (whether in respect of capital or interest) of sums already borrowed, (c) subject to paragraph (d), such subscriptions, ignoring any amounts withdrawn from the account by the qualifying individual— (i) in the month the account is commenced and in each of the 11 months immediately after that month, are of an amount agreed between the qualifying individual and the qualifying savings manager when the account is commenced, which amount shall not be less than £10, and (ii) in any one month, do not exceed £200, (d) such subscriptions, made in the month which is the month in which the fifth anniversary of the day of commencing the account falls, or thereafter, shall not be subscriptions for the purposes of section 848D, (e) such subscriptions and tax credits, in relation to such subscriptions, are to be used, and used only, by the qualifying savings manager to acquire qualifying assets which— (i) are held in the account and managed by the qualifying savings manager, and (ii) are beneficially owned by the qualifying individual, (f) all or any of the qualifying assets can not be assigned or otherwise pledged, as security for a loan, (g) on commencing the account, the qualifying individual makes a declaration of a kind referred to in section 848F, (h) for the account to be treated as maturing (otherwise than in respect of the death of the qualifying individual) in accordance with section 848H(1), the qualifying individual shall make a declaration of a kind referred to in section 848I within the period commencing 60 days before and ending 30 days after the fifth anniversary of the commencement of the account, (i) that at the request of the qualifying individual, and within such time as shall be agreed, the account, with all rights and obligations of the parties thereto may be transferred to another qualifying savings manager in accordance with the provisions of this Part,</p>\n<p class=\"lf-p\">(j) that the qualifying savings manager will notify the qualifying individual if he or she ceases to be a qualifying savings manager, or ceases to be registered in accordance with section 848R, and (k) that the qualifying savings manager will take reasonable measures— (i) to establish that the PPS Number, contained in the declaration referred to in paragraph (g), made by a qualifying individual, is the PPS Number in relation to that individual, and (ii) to ensure that the terms, provided for in this section, under which the account is commenced are and continue to be complied with, and (l) that the qualifying savings manager will retain a copy of all material used to establish the correctness of each PPS Number contained in a declaration in accordance with paragraph (k)(i), for so long as the declaration is required to be retained under section 848R(11) and on being so required by an inspector, will make such material available for inspection.</p>\n<p class=\"lf-p\">Tax credits.</p>\n<p class=\"lf-p\">848D.—Where a qualifying individual, or the spouse of that individual, subscribes to a special savings incentive account— (a) the qualifying individual shall be treated, for the purposes of the Tax Acts, as having paid a grossed up amount, which amount, after deducting income tax at the standard rate for the year of assessment 2001, leaves the amount of the subscription, and (b) the qualifying individual shall be entitled to be credited with the amount of income tax (in this Part referred to as the ‘tax credit’, in relation to the subscription) treated as having been so deducted, in accordance with the provisions of this Part and not under any other provision of the Tax Acts.</p>\n<p class=\"lf-p\">Payment of tax credit.</p>\n<p class=\"lf-p\">848E.—(1) Where a qualifying individual subscribes to a special savings incentive account, and the qualifying savings manager of that account complies with the provisions of section 848P in relation to that subscription— (a) the Revenue Commissioners shall, subject to that section, pay to the qualifying savings manager the tax credit in relation to that subscription, and (b) that tax credit shall— (i) be beneficially owned by the qualifying individual, and (ii) on receipt, be immediately subscribed by the qualifying savings manager to the special savings incentive account.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>Subject to this Part, exemption from income tax and capital gains tax shall be allowed in respect of the income and chargeable gains arising in respect of qualifying assets held in a special savings incentive account.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>A deposit (within the meaning of section 256(1)) made to a deposit account which is a qualifying asset, shall not be a relevant deposit (within the meaning of that section) for the purposes of Chapter 4 of Part 8.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(4)</span>Notwithstanding subsection (2), where in a year of assessment an individual commences a special savings incentive account, the individual is obliged to include in a return, required to be delivered by the individual under section 951, or as the case may be, section 879, in respect of that year of assessment, a statement to the effect that the individual has commenced such an account.</div>\n<p class=\"lf-p\">Declaration on commencement.</p>\n<p class=\"lf-p\">848F.—The declaration referred to in section 848C(g) is a declaration in writing made by the qualifying individual to the qualifying savings manager which— (a) is made and signed by the qualifying individual, (b) is made in such form— (i) as may be prescribed or authorised by the Revenue Commissioners, and (ii) which contains a reference to the offence of making a false declaration under section 848T, (c) contains the qualifying individual's— (i) name, (ii) address of his or her permanent residence, (iii) PPS Number, and (iv) date of birth, (d) declares at the time the declaration is made, that the qualifying individual— (i) is resident in the State, (ii) has not commenced another special savings incentive account, (iii) is the person who will beneficially own the qualifying assets to be held in the account, (iv) will subscribe to the account from funds available to him or her, or his or her spouse, from their own resources, without recourse to borrowing, or the deferral of repayment (whether in respect of capital or interest) of sums already borrowed, and (v) will not assign or otherwise pledge qualifying assets to be held in the account as security for a loan, and (e) contains an undertaking that if at any time the declaration ceases to be materially correct, the qualifying individual will advise the qualifying savings manager accordingly.</p>\n<p class=\"lf-p\">Acquisition of qualifying assets.</p>\n<p class=\"lf-p\">848G.—(1) Qualifying assets held in a special savings incentive account, managed by a qualifying savings manager and beneficially owned by a qualifying individual may not at any time— (a) be purchased (or otherwise acquired) by the qualifying savings manager, otherwise than— (i) out of money which the qualifying savings manager holds in the account, and (ii) by way of a bargain made at arm's length, (b) be purchased from the qualifying individual or any person connected with that individual (within the meaning of section 10), or (c) be connected with any other asset or liability of the qualifying individual or any other person connected with that individual (within the meaning of section 10) and for this purpose a qualifying asset is connected with another asset or a liability if the terms under which either asset or the liability is acquired and held would be different if the qualifying asset, the other asset or the liability, had not been acquired and held.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>Shares fulfil the condition as to official listing in paragraph (f) of the definition of ‘qualifying assets’ in section 848B(1) if in pursuance of a public offer, a qualifying savings manager applies for the allotment or allocation to him or her of shares in a company which are due to be admitted to such listing within 30 days of the allocation or allotment, and which, when admitted to such a listing, would be qualifying assets.</div>\n<p class=\"lf-p\">Termination of special savings incentive account.</p>\n<p class=\"lf-p\">848H.—(1) A special savings incentive account is treated as maturing— (a) 30 days after the fifth anniversary of the end of the month in which a subscription was first made to the account where the qualifying individual has made a declaration of a kind referred to in section 848I, or, (b) on the day of the death of the qualifying individual, whichever event first occurs.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>A special savings incentive account is treated as ceasing, where at any time before the account is treated as maturing— (a) any of the terms referred to in section 848C are not complied with, or (b) the qualifying individual is neither resident nor ordinarily resident in the State.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>Where a special savings incentive account is treated as maturing or ceasing— (a) the account thereafter shall not be a special savings incentive account for the purposes of section 848E, and (b) the assets remaining in the account after having regard to all liabilities to tax on gains treated as accruing to the account under this Part shall— (i) where the assets are shares, securities, or units in, or shares of, a relevant UCITS, be treated for the purposes of the Capital Gains Tax Acts, as having been acquired by the qualifying individual at their then market value at that time, (ii) where the asset is a relevant life assurance policy, be treated as if it were a policy commenced at that time and in respect of which premiums in an amount equal to the market value of the policy at that time had been paid at that time, for the purposes of Chapter 5 of Part 26, and (iii) where the asset is units in an investment undertaking, be treated as if the units had been acquired at that time, for their market value at that time, for the purposes of Chapter IA of Part 27.</div>\n<p class=\"lf-p\">Declaration on maturity.</p>\n<p class=\"lf-p\">848I.—The declaration referred to in section 848C(h) is a declaration in writing made by the qualifying individual to the qualifying savings manager which— (a) is made and signed by the qualifying individual, (b) is made in such form— (i) as may be prescribed or authorised by the Revenue Commissioners, and (ii) which contains a reference to the offence of making a false declaration under section 848T, (c) contains the qualifying individual's— (i) name, (ii) address of his or her permanent residence, (iii) PPS Number, and (iv) date of birth, (d) declares that at all times in the period from which the account was commenced until the date the declaration is made, the qualifying individual— (i) was the beneficial owner of the qualifying assets held in the account, (ii) had only one special savings incentive account, (iii) was resident or ordinarily resident in the State, (iv) subscribed to the account from funds available to the qualifying individual or his or her spouse without recourse to borrowing, or the deferral of repayment (whether of capital or interest) of sums borrowed when the account was commenced, and (v) did not assign or otherwise pledge qualifying assets held in the account as security for a loan.</p>\n<p class=\"lf-p\">Gain on maturity.</p>\n<p class=\"lf-p\">848J.—(1) On the day on which a special savings incentive account is treated as maturing, a gain shall be treated as accruing on the account in an amount determined under subsection (2).</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>The amount of the gain referred to in subsection (1) is an amount equal to the aggregate market value of all assets (including cash) held in the account on the day the account is treated as maturing, less the sum of all subscriptions (including subscriptions made by the qualifying savings manager under section 848E(1)(b)(ii)), made to the account on or before that day to the extent that they have not previously been treated, in accordance with subsection (3), as having been withdrawn from the account.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>For the purposes of subsection (2) where there is a withdrawal from an account, the amount withdrawn (before being reduced by any tax liability arising under this Part in respect of any gain treated as accruing to the account as a result of the withdrawal) shall be treated as a withdrawal of subscriptions to the extent that the amount withdrawn does not exceed the total amount of subscriptions (including subscriptions made by the qualifying savings manager in accordance with section 848E(1)(b)(ii)) made to the account since commencement, reduced by the amount of such subscriptions previously treated as subscriptions withdrawn from the account under this subsection.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(4)</span>For the purposes of subsection (3) where there is a withdrawal of assets (other than cash) from an account the amount withdrawn shall be the amount which is the market value of those assets at the time of their withdrawal.</div>\n<p class=\"lf-p\">Gain on cessation.</p>\n<p class=\"lf-p\">848K.—(1) On the day on which a special savings incentive account is treated as ceasing, a gain shall be treated as accruing on the account in an amount determined under subsection (2).</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>The amount of the gain referred to in subsection (1) is an amount equal to the aggregate market value of all assets (including cash) held in the account on the day the account is treated as ceasing.</div>\n<p class=\"lf-p\">Gain on withdrawal.</p>\n<p class=\"lf-p\">848L.—(1) Where before a special savings incentive account is treated as maturing or ceasing (as the case may be) a qualifying individual withdraws cash or other assets from the account, a gain shall be treated as accruing on the account in an amount determined under subsection (2).</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>The amount of the gain referred to in subsection (1) is— (a) where the withdrawal is in cash, the amount of that cash, and (b) where the withdrawal is of assets (other than cash) an amount equal to the market value of such assets on the day of withdrawal.</div>\n<p class=\"lf-p\">Taxation of gains.</p>\n<p class=\"lf-p\">848M.—(1) A qualifying savings manager shall be liable to tax (in this Part referred to as ‘relevant tax’) on a gain treated under this Part as accruing to a special savings incentive account in an amount equal to 23 per cent of the amount of that gain.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>A qualifying savings manager who becomes liable under subsection (1) to an amount of relevant tax shall be entitled to withdraw sufficient funds from the account to which the gain is treated as accruing to satisfy that liability and the qualifying individual shall allow such withdrawal; but where there are no funds or insufficient funds available in the account out of which the qualifying savings manager may satisfy, or fully satisfy, such liability, the amount of relevant tax for which there are insufficient funds so available shall be a debt due to the qualifying savings manager from the qualifying individual.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>Subject to section 848P, the relevant tax in respect of a gain which in accordance with that section, is required to be included in a return, shall be due at the time by which the return is to be made and shall be paid by the qualifying fund manager without the making of an assessment; but relevant tax which has become so due may be assessed on the qualifying savings manager (whether or not it has been paid when the assessment is made) if that tax or any part of it is not paid on or before the due date.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(4)</span>Where it appears to the inspector that there is any amount of relevant tax which ought to have been, but has not been, included in a return, or where the inspector is dissatisfied with any return, the inspector may make an assessment on the qualifying savings manager to the best of his or their judgment, and any amount of relevant tax due under an assessment made by virtue of this subsection shall be treated for the purposes of interest on unpaid tax as having been payable at the time when it would have been payable if a correct return had been made.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(5)</span>(a) Any relevant tax assessed on a qualifying savings manager under this Chapter shall be due within one month after the issue of the notice of assessment (unless that tax is due earlier under subsection (3)) subject to any appeal against the assessment, but no such appeal shall affect the date when any amount is due under subsection (3). (b) On the determination of an appeal against an assessment under this section any relevant tax overpaid shall be repaid.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(6)</span>(a) The provisions of the Income Tax Acts relating to— (i) assessments to income tax, (ii) appeals against such assessments (including the rehearing of appeals and the statement of a case for the opinion of the High Court), and (iii) the collection and recovery of income tax, shall, in so far as they are applicable, apply to the assessment, collection and recovery of relevant tax. (b) Any amount of relevant tax payable in accordance with this Part without the making of an assessment shall carry interest at the rate of 1 per cent for each month or part of a month from the date when the amount becomes due and payable. (c) Subsections (2) to (4) of section 1080 shall apply in relation to interest payable under paragraph (b) as they apply in relation to interest payable under section 1080. (d) In its application to any relevant tax charged by any assessment made in accordance with this section, section 1080 shall apply as if subsection (1)(b) of that section were deleted.</div>\n<p class=\"lf-p\">Transfer of special savings incentive account.</p>\n<p class=\"lf-p\">848N.—(1) Where arrangements are made by a qualifying individual to transfer his or her special savings incentive account from one qualifying savings manager (in this section referred to as the ‘transferor’) to another qualifying savings manager (in this section referred to as the ‘transferee’) or the account is transferred in consequence of the transferor ceasing to act or to be a qualifying savings manager, the following provisions of this section shall apply.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>Where a transfer takes place under subsection (1)— (a) all subscriptions to the special savings incentive account in so far as they have not been applied to acquire qualifying assets, and all qualifying assets in the account, must be made to a single transferee, (b) the qualifying individual shall make a declaration of a kind referred to in section 848O to the transferee, and (c) the transferee shall thereafter for the purposes of this Part be the qualifying savings manager of the special savings incentive account transferred.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>The transferor shall within 30 days after the date of transfer— (a) give to the transferee a notice containing the information specified in subsection (4) and the declaration specified in subsection (5), and (b) pay to the transferee the aggregate of the amounts referred to in subsection (4)(b)(vi).</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(4)</span>The information referred to in subsection (3) is— (a) as regards the qualifying individual his or her— (i) name, (ii) address of permanent residence, (iii) date of birth, (iv) PPS Number, and (b) as respects the special savings incentive account transferred pursuant to this section— (i) the date of transfer, (ii) the date the account was commenced, (iii) the identification of the assets held in the account, (iv) the total of all subscriptions made to the account by the qualifying individual, or the spouse of that individual, (v) the total of all tax credits, in relation to subscriptions, subscribed to the account, (vi) the amount of any dividends, and other amounts payable in respect of qualifying assets held in the account and amounts of tax credits, which have not been received by the transferor at the date of transfer, and (vii) the amount of each withdrawal from the account and the date of each such withdrawal.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(5)</span>The declaration referred to in subsection (3) is a declaration in writing made and signed by the transferor to the effect that— (a) the transferor has fulfilled all obligations under this Part, (b) the transferor has transferred to the transferee all money and qualifying assets held in the account and that where registration of any such transfer is required, the transferor has taken the necessary steps to ensure that those qualifying assets can be registered in the name of the transferee, and (c) that, to the best of the qualifying savings manager's knowledge and belief, the information contained in the notice referred to in subsection (3) is correct.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(6)</span>Notwithstanding section 848C, where a special savings incentive account is being transferred in accordance with this section it shall not be treated as ceasing should, during the period of the transfer, the qualifying assets held in the account, temporarily cease to be managed by a qualifying savings manager, or a qualifying savings manager who is registered in accordance with section 848R.</div>\n<p class=\"lf-p\">Declaration on transfer.</p>\n<p class=\"lf-p\">848O.—The declaration referred to in section 848N(2)(b) is a declaration in writing made by the qualifying individual to the qualifying savings manager who is the transferee referred to in that section, which— (a) is made and signed by the qualifying individual, (b) is made in such form— (i) as may be prescribed or authorised by the Revenue Commissioners, and (ii) which contains a reference to the offence of making a false declaration under section 848T. (c) contains the qualifying individual's— (i) name, (ii) address of his or her permanent residence, (iii) PPS Number, and (iv) date of birth, and (d) declares— (i) at the time the declaration is made, that the qualifying individual— (I) has not commenced another special savings incentive account, and (II) is the person who beneficially owns the qualifying assets held in the account being transferred, (ii) at the time the special savings incentive account was commenced, the qualifying individual was resident in the State, (iii) that subscriptions to the account have been and will continue to be made from funds available to him or her, or his or her spouse, out of their own resources without recourse to borrowing, or the deferral of repayment (whether in respect of capital or interest) of sums borrowed when the account was commenced, and (iv) has not and will not assign or otherwise pledge qualifying assets held in the account as security for a loan.</p>\n<p class=\"lf-p\">Monthly returns.</p>\n<p class=\"lf-p\">848P.—A qualifying savings manager who is or was registered in accordance with section 848R, shall, within 15 days of the end of every month, make a return (including, where it is the case, a nil return) to the Revenue Commissioners, which— (a) specifies in respect of all special savings incentive accounts managed by the qualifying savings manager in that month— (i) the aggregate amount of tax credits, in relation to the aggregate of subscriptions made to those accounts in that month, (ii) the aggregate amount of relevant tax to which the qualifying savings manager is liable in respect of gains treated as accuring on those accounts in that month, and (iii) the net amount (being the difference between the amounts specified in paragraphs (a) and (b)) due from or, as the case may be, to, the Revenue Commissioners, and (b) contains a declaration in a form prescribed or authorised by the Revenue Commissioners that, to the best of the qualifying savings manager's knowledge and belief, the information referred to in paragraph (a) is correct.</p>\n<p class=\"lf-p\">Annual returns.</p>\n<p class=\"lf-p\">848Q.—A qualifying savings manager who is or was registered in accordance with section 848R shall in respect of each year of assessment, on or before 28 February in the year following the year of assessment, make a return (including, where it is the case, a nil return), to the Revenue Commissioners which in respect of the year of assessment— (a) specifies in respect of each special incentive savings account managed by the qualifying savings manager— (i) the name of the qualifying individual, (ii) the address of that individual's permanent residence, (iii) the PPS Number of the individual, (iv) the date the account was commenced, (v) the total amount of subscriptions made by the qualifying individual, or the spouse of that individual, to the account, (vi) the total amount of tax credits, in respect of subscriptions, subscribed to the account, and (vii) in respect of each gain accuring on the account— (I) the amount of relevant tax to which the qualifying savings manager has thereby become liable, and (II) whether the gain accrued under section 848J, 848K or 848L. and (b) containing a declaration, in a form prescribed or authorised by the Revenue Commissioners, that to the best of the qualifying savings manager's knowledge and belief— (i) in respect of each special savings incentive account referred to in the return, the terms referred to in section 848C have been and are being complied with, and (ii) the information referred to in paragraph (a) and the declaration referred to in subparagraph (i) is correct.</p>\n<p class=\"lf-p\">Registration etc.</p>\n<p class=\"lf-p\">848R.—(1) A person can not be a qualifying savings manager unless the person is included in a register maintained by the Revenue Commissioners of persons registered in accordance with subsection (5).</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>Where at any time a qualifying savings manager does not have a branch or business establishment in the State, or has such a branch or business establishment but does not intend to carry out all the functions as a qualifying savings manager at that branch or business establishment, the qualifying savings manager shall not be registered in accordance with subsection (5) unless the qualifying savings manager appoints for the time being a person, who— (a) where an individual, is resident in the State, and (b) where not an individual, has a business establishment in the State, to be responsible for securing the discharge of the obligations which fall to be discharged by the qualifying savings manager under this Part, and advises the Revenue Commissioners of the identity of that person and the fact of that person's appointment.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>Where a person has been appointed in accordance with subsection (2), and subject to subsection (4) that person shall— (a) be entitled to act on the qualifying savings manager's behalf for any of the purposes of the provisions of this Part, (b) shall secure (where appropriate by acting on the qualifying savings manager's behalf) the qualifying savings manager's compliance with and discharge of the obligations under this Part, and (c) shall be personally liable in respect of any failure of the qualifying savings manager to comply with or discharge any such obligations as if the obligations imposed on the qualifying savings manager were imposed jointly and severally on the qualifying savings manager and the person concerned.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(4)</span>The appointment of a person in accordance with subsection (2) shall be treated as terminated in circumstances where— (a) the Revenue Commissioners have reason to believe that the person concerned— (i) has failed to secure the discharge of any of the obligations imposed on a qualifying savings manager under this Part, or (ii) does not have adequate resources to discharge those obligations, and (b) the Revenue Commissioners have notified the qualifying savings manager and that person that they propose to treat the appointment of that person as having terminated with effect from the date of the notice.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(5)</span>If the Revenue Commissioners are satisfied that an applicant for registration is entitled to be registered, they shall register the applicant with effect from such date as may be specified by them.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(6)</span>If it appears to the Revenue Commissioners at any time that a qualifying savings manager who is registered under this section— (a) would not be entitled to be registered if it applied for registration at that time, or (b) has not complied with the provisions of this Part, the Revenue Commissioners may, by written notice given to the qualifying savings manager, cancel its registration with effect from such date as may be specified in the notice.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(7)</span>Any qualifying savings manager who is aggrieved by the failure of the Revenue Commissioners to register it or by the cancellation of its registration, may, by notice given to the Revenue Commissioners before the end of the period of 30 days beginning with the date on which the qualifying savings manager was notified of the Revenue Commissioners decision, require the matter to be determined by the Appeal Commissioners and the Appeal Commissioners shall hear and determine the matter in like manner as an appeal.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(8)</span>A qualifying savings manager shall give notice to the Revenue Commissioners and the qualifying individuals whose special savings incentive accounts he or she manages of his or her intention to cease to act as the qualifying savings manager not less than 30 days before he or she so ceases so that his or her obligations to the Revenue Commissioners can be conveniently discharged at or about the time he or she ceases to so act, and the notice to the qualifying individuals shall inform them of their right to transfer their special savings incentive accounts under section 848N.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(9)</span>Subject to subsection (10), every return to be made by a qualifying savings manager under section 848P and 848Q shall be made in electronic format approved by the Revenue Commissioners and shall be accompanied by a declaration made by the qualifying savings manager, in a form prescribed or authorised for that purpose by the Revenue Commissioners, to the effect that the return is correct.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(10)</span>Where the Revenue Commissioners are satisfied that a qualifying savings manager does not have the facilities to make a return under section 848P or 848Q in the format referred to in subsection (9), such returns shall be made in writing in a form prescribed or authorised by the Revenue Commissioners, and shall be accompanied by a declaration made by the qualifying savings manager, on a form prescribed or authorised for that purpose by the Revenue Commissioners, to the effect that the return is correct.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(11)</span>A qualifying savings manager shall retain— (a) in respect of each special savings incentive account which is treated as maturing, the declarations of a kind referred to in sections 848F, 848I and 848O for a period of 3 years after the date on which the account was treated as maturing, and (b) in respect of each special savings incentive account which is treated as ceasing, the declarations of a kind referred to in sections 848F and 848O for a period of 3 years after the date on which the account was treated as ceasing, and on being so required by notice given to him or her in writing by an inspector, make available for inspection all or any such declarations.</div>\n<p class=\"lf-p\">Regulations.</p>\n<p class=\"lf-p\">848S.—(1) The Revenue Commissioners shall make regulations providing generally as to the administration of this Part and those regulations may, in particular and without prejudice to the generality of the foregoing include provisions— (a) as to the manner in which a qualifying savings manager is to register under section 848R, (b) as to the manner in which a return is to be made under section 848P, (c) as to the manner in which a return is to be made under section 848Q, (d) as to the manner in which tax credits are to be paid under section 848E(1), or the net amount referred to in section 848P(a)(iii), (e) as to the circumstances in which the Revenue Commissioners may require a qualifying savings manager to give a bond or guarantee to the Revenue Commissioners which is sufficient to indemnify the Commissioners against any loss arising by virtue of the fraud or negligence of the qualifying savings manager in relation to the operation of the provisions of this Part, and (f) as to the manner in which a qualifying savings manager ensures compliance with the terms of special savings incentive accounts provided for in section 848C.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann 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.</div>\n<p class=\"lf-p\">Offences.</p>\n<p class=\"lf-p\">848T.—A person who makes a declaration under section 848F, section 848I, section 848O or section 848N(5) which is false, shall be guilty of an offence and shall be liable on summary conviction to a fine of £1,500, or, at the discretion of the court, to imprisonment for a term not exceeding 6 months or to both the fine and the imprisonment.</p>\n<p class=\"lf-p\">Disclosure of information.</p>\n<p class=\"lf-p\">848U.—Notwithstanding any obligation as to secrecy or other restriction upon disclosure of information imposed by or under statute or otherwise, where a qualifying savings manager has reasonable grounds to suspect that the terms, provided for under section 848C, under which a special savings incentive account was commenced, are not being complied with, the qualifying savings manager shall inform the Revenue Commissioners accordingly.”.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>(a) The Principal Act is amended in Part 36A (inserted by subsection (1))— (i) in section 848C(b)(i) by the substitution of “€12.50” for “£10”, (ii) in section 848C(b)(ii) by the substitution of “€254” for “£200”, and (iii) in section 848T by the substitution of “€1,900” for “£1,500”. (b) This subsection shall apply as on and from 1 January 2002.</div>\n<p class=\"lf-p\">Amendment of section 97 (computational rules and allowable deductions) of Principal Act.</p>\n<p class=\"lf-p\">34.—Section 97 (as amended by the Finance (No. 2) Act, 1998 ) of the Principal Act is amended— (a) in subsection (2B)— (i) by the substitution in paragraph (d) for “1997, or” of “1997,”, (ii) by the substitution in paragraph (e) for “during the year.” of “during the year, or”, and (iii) by the insertion of the following after paragraph (e): “(f) in the purchase, improvement or repair of a premises which complies with the conditions of subsection (2F).”, and (b) by the insertion of the following after subsection (2E): “(2F) (a) The conditions of this subsection are— (i) the premises was converted into multiple residential units prior to 1 October 1964, (ii) the premises was acquired by the chargeable person under a contract which was evidenced in writing on or after 5 January 2001, (iii) subsequent to the acquisition by the chargeable person of the premises, the number of residential units is not, subject to subparagraph (iv), reduced to less than 50 per cent of the total number of residential units contained in the premises at date of acquisition, (iv) the premises consists throughout the year of a minimum of 3 residential units, (v) at all times during the year (except for reasonable periods of temporary disuse between the ending of one lease and the commencement of another lease) not less than 50 per cent of the residential units in the premises are let under a lease where the lesses in the case of each such letting is either— (I) a local authority, or a person nominated by a local authority under an agreement in writing between the lessor and that local authority, or (II) a person who, at the commencement of the tenancy, is entitled to a payment under section 179 of the Social Welfare (Consolidation) Act, 1993 , in respect of rent, and (vi) all the requirements of the following Regulations— (I) the Housing (Standards for Rented Houses) Regulations, 1993 ( S.I. No. 147 of 1993 ), (II) the Housing (Rent Books) Regulations, 1993 ( S.I. No. 146 of 1993 ), and (III) the Housing (Registration of Rented Houses) Regulations, 1996 ( S.I. No. 30 of 1996 ), as amended by the Housing (Registration of Rented Houses) (Amendment) Regulations, 2000 ( S.I. No. 12 of 2000 ), are complied with in relation to the premises throughout the year, and (b) in this subsection— ‘local authority’, in relation to a premises, means the council of a country or the corporation of a country or other borough or, where appropriate, the council of an urban district in whose functional area the premises is located; ‘residential unit’ means a separately contained part of a residential premises used or suitable for use as a dwelling.”.</p>\n<p class=\"lf-p\">Amendment of section 177 (conditions as to residence and period of ownership) of Principal Act.</p>\n<p class=\"lf-p\">35.—As respects a redemption, repayment or purchase of its own shares by a company to which section 176 applies on or after 15 February 2001, section 177 of the Principal Act is amended by the substitution of the following for subsection (6): “(6) The shares shall have been owned by the vendor throughout the period of— (a) where the shares were appropriated to the vendor under an approved scheme (within the meaning of Chapter 1 of Part 17), and to which the provisions of subsections (4) to (7) of section 515 do not apply, 3 years, and (b) in any other case, 5 years, ending on the date of redemption, repayment or purchase, as the case may be.”.</p>\n<p class=\"lf-p\">Amendment of section 198 (certain interest not to be chargeable) of Principal Act.</p>\n<p class=\"lf-p\">36.—(1) Section 198 of the Principal Act is amended in subsection (1)— (a) by the substitution in the definition of “tax” in paragraph (a) for “corporation tax” of “income tax or corporation tax, as is appropriate,”, (b) by the substitution in paragraph (b) for “company” of “person” in each place in which it occurs, (c) by the deletion of “and” at the end of subparagraph (i) of paragraph (c), (d) by the substitution in subparagraph (ii)(II) of paragraph (c) for “relevant territory,” of “relevant territory,” and by the insertion of “and” at the end of that subparagraph, (e) by the insertion after subparagraph (ii) of paragraph (c) of the following: “(iii) a person shall not be chargeable to income tax in respect of interest paid by a company if— (I) the person is not resident in the State, and (II) the person is regarded for the purposes of this subsection as being a resident of a relevant territory, and the interest is interest to which section 64(2) applies.”.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>This section shall apply as respects interest paid on or after the date of the passing of this Act.</div>\n<p class=\"lf-p\">Treatment of certain interest payments.</p>\n<p class=\"lf-p\">37.—(1) Part 8 of the Principal Act is amended— (a) in section 243— (i) by the insertion after subsection (1) of the following: “(1A) For the purposes of this section, ‘bank’ includes building society within the meaning of section 256(1).”, and (ii) in subsection (5)(a)— (I) in subparagraph (I) by the deletion of “or”, and (II) by the substitution for subparagraph (II) of the following: “(II) the interest is interest referred to in paragraph (a), (b) or (h) of section 246(3), or (III) the interest is interest to which section 64(2) applies,”, and (b) in section 246(1)— (i) by the substitution for the definitions of “a collective investment undertaking” and “collective investor” of the following: “‘bank’ includes building society within the meaning of section 256(1);” and (ii) by the substitution for the definition of “relevant person” of the following: “‘investment undertaking’ means— (a) a unit trust mentioned in section 731(5)(a), (b) a special investment scheme within the meaning given to it in section 737, or (c) an investment undertaking within the meaning given to it in section 739B; ‘relevant person’ means— (a) a company, or (b) an investment undertaking;”.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>This section shall apply to interest paid on or after the date of passing of this Act.</div>\n<p class=\"lf-p\">Amendment of Part 20 (companies' chargeable gains) of Principal Act.</p>\n<p class=\"lf-p\">38.—(1) Part 20 of the Principal Act is amended— (a) in section 615 as respects a disposal on or after 15 February 2001 by the substitution for subsection (2) of the following: “(2) (a) Subject to this section, where— (i) any scheme of reconstruction or amalgamation involves the transfer of the whole or part of a company's business to another company, (ii) (I) the company acquiring the assets is resident in the State at the time of the acquisition, or the assets are chargeable assets in relation to that company immediately after that time, and (II) the company from which the assets are acquired is resident in the State at the time of the acquisition, or the assets are chargeable assets in relation to that company immediately before that time, and (iii) the first-mentioned company receives no part of the consideration for the transfer (otherwise than by the other company taking over the whole or part of the liabilities of the business), then, in so far as relates to corporation tax on chargeable gains, both companies shall be treated as if any assets included in the transfer were acquired by the one company from the other company for a consideration of such amount as would secure that on the disposal by means of the transfer neither a gain nor a loss would accrue to the company making the disposal, and for the purposes of section 556 the acquiring company shall be treated as if the respective acquisitions of the assets by the other company had been the acquiring company's acquisition of the assets. (b) For the purposes of paragraph (a)— (i) an asset is a ‘chargeable asset’ in relation to a company at any time if, were the asset to be disposed of by the company at that time, any gain accruing to the company would be a chargeable gain, and (ii) a reference to a company shall apply only to a company which, by virtue of the law of a Member State of the European Communities, is resident for the purposes of tax in such a Member State, and for this purpose ‘tax’, in relation to a Member State of the European Communities other than the State, means any tax imposed in the Member State which corresponds to corporation tax in the State.”, (b) in section 616— (i) in subsection (1)— (I) by the substitution for paragraph (a) of the following: “(a) subject to section 621(1), a reference to a company or companies shall apply only to a company or companies, as limited by subsection (2), being a company or, as the case may be, companies which, by virtue of the law of a Member State of the European Communities, is or are resident for the purposes of tax in such a Member State, and for this purpose ‘tax’, in relation to a Member State of the European Communities other than the State, means any tax imposed in the Member State which corresponds to corporation tax in the State, and references to a member or members of a group of companies shall be construed accordingly;”,</p>\n<p class=\"lf-p\">(II) in paragraph (e) by the substitution of “State;” for “State.”, and (III) by the insertion after paragraph (e) of the following: “(f) an asset is a ‘chargeable asset’ in relation to a company at any time if, were the asset to be disposed of by the company at that time, any gain accruing to the company would be a chargeable gain.”, and (ii) in subsection (2)(b), by the deletion of “(although resident in the State)”, (c) in section 617 as respects a disposal on or after 15 February 2001 by the substitution for subsection (1) of the following: “(1) Notwithstanding any provision in the Capital Gains Tax Acts fixing the amount of the consideration deemed to be received on a disposal or given on an acquisition, where— (a) a member of a group of companies disposes of an asset to another member of the group, (b) the company making the disposal is resident in the State at the time of the disposal or the asset is a chargeable asset in relation to that company immediately before that time, and (c) the other company is resident in the State at the time of the disposal or the asset is a chargeable asset in relation to that company immediately after that time, both members shall, except where provided by subsections (2) and (3), be treated, in so far as relates to corporation tax on chargeable gains, as if the asset acquired by the member to whom the disposal is made were acquired for a consideration of such amount as would secure that on the other member's disposal neither a gain nor a loss would accure to that other member; but, where it is assumed for any purpose that a member of a group of companies has sold or acquired an asset, it shall be assumed also that it was not a sale to or acquisition from another member of the group.”, (d) in section 618 as respects an acquisition or disposal on or after 15 February 2001— (i) by the substitution for subsection (1) of the following: “(1) Where— (a) a company which is a member of a group of companies acquires an asset as trading stock of a trade to which this section applies, (b) the acquisition is from another company which is a member of the group, and (c) the asset did not form part of the trading stock of any such trade carried on by the other company, the company acquiring the asset shall be treated for the purposes of section 596 as having acquired the asset otherwise than as trading stock and immediately appropriated it for the purposes of the trade as trading stock.”, (ii) by the insertion in subsection (2) after “formed part of the trading stock of a trade” of “to which this section applies”, and</p>\n<p class=\"lf-p\">(iii) by the insertion after subsection (2) of the following: “(3) This section applies to— (a) a trade carried on by a company which is resident in the State, and (b) a trade carried on in the State through a branch or agency by a company which is not so resident.”, (e) in section 619 as respects an acquisition on or after 15 February 2001 in subsections (1) and (2) by the substitution of “in the course of a disposal to which section 617 applies” for “at a time when both were members of the group”, (f) by the substitution for section 620 of the following: “Replacement of business assets by members of group.</p>\n<p class=\"lf-p\">620.—(1) For the purposes of this section ‘old assets’ and ‘new assets’ have the same meanings as in section 597.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>Subject to subsection (4), for the purposes of section 597 all the trades to which this section applies carried on by members of a group of companies shall be treated as a single trade (except in a case of one member of the group acquiring, or acquiring the interest in, the new assets from another member or disposing of, or disposing of the interest in, the old assets to another member).</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>This section applies to— (a) any trade carried on by a company which is resident in the State, and (b) any trade carried on in the State through a branch or agency of a company which is not so resident.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(4)</span>This section shall not apply unless— (a) the company disposing of the old assets is resident in the State at the time of the disposal, or the assets are chargeable assets in relation to that company immediately before that time, and (b) the company acquiring the new assets is resident in the State at the time of acquisition, or the assets are chargeable assets in relation to that company immediately after that time.”, (g) by the insertion after section 620 of the following: “Deemed disposal in certain circumstances.</div>\n<p class=\"lf-p\">620A.—(1) This section applies in relation to a company where— (a) at any time on or after 15 February 2001 an asset ceases to be a chargeable asset in relation to the company— (i) where at the time of the acquisition of the asset by the company the asset consisted of shares deriving their value or the greater part of their value from assets specified in paragraph (a) or (b) of section 29(3), by virtue of the assets ceasing to so derive their value or the greater part of their value, or (ii) by virtue of the asset becoming situated outside the State, and (b) (i) the company acquired the asset in the course of— (I) a transfer to which section 615 applies, or (II) a disposal to which section 617 applies, or (ii) by virtue of section 620 the asset constitutes new assets for the purposes of section 597.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>Where this section applies in relation to a company, the company shall be deemed for the purposes of the Capital Gains Tax Acts and the Corporation Tax Acts— (a) to have disposed of the asset immediately before the time when it ceased to be a chargeable asset in relation to the company, and (b) immediately to have reacquired it, at its market value at that time.”, (h) in section 621 as respects a case in which the depreciatory transaction (within the meaning of section 621) is on or after 15 February 2001 by the substitution for the definition of a group of companies of the following: “a group of companies' may consist of companies some or all of which are not resident for the purposes of tax in a Member State of the European Communities.”, (i) in section 623 as respects an asset acquired on or after 15 February 2001 by the substitution for subsection (2) of the following: “(2) This section applies where— (a) a company (in this section referred to as the ‘chargeable company’) which is a member of a group of companies acquires an asset from another company which at the time of acquisition was a member of the group. (b) the chargeable company ceases to be a member of the group within the period of 10 years after the time of the acquisition, (c) the chargeable company is resident in the State at the time of acquisition of the asset, or the asset is a chargeable asset in relation to that company immediately after that time, and (d) the other company is resident in the State at the time of that acquisition, or the asset is a chargeable asset in relation to that company immediately before that time.”, (j) in section 624(5) by the substitution of “a company which is not resident in a Member State of the European Communities” for “a company resident outside the State”, and (k) in section 629(1) in the definition of “group” by the substitution of “a Member State of the European Communities” for “the State”.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>(a) Except where the context otherwise requires and subject to paragraph (b), this section applies from 15 February 2001. (b) (i) Subsection (1) (f) applies in relation to cases in which— (I) either the disposal or acquisition is on or after 15 February 2001, or (II) both the disposal and acquisition are on or after that date. (ii) In a case to which subparagraph (i)(I) relates, any question of whether a company was, at the time of the acquisition or disposal corresponding to the disposal or acquisition referred to in that subparagraph, a member of a group shall be determined in accordance with section 616 as amended by subsection (1)(b).</div>\n<p class=\"lf-p\">Amendment of section 590 (attribution to participants of chargeable gains accruing to non-resident company) of Principal Act.</p>\n<p class=\"lf-p\">39.—(1) Section 590 of the Principal Act is amended in subsection (16)— (a) in paragraph (b)(i) by the substitution of “section 617 (other than paragraphs (b) and (c) of subsection (1)), section 618 (with the omission of the words ‘to which this section applies’ in subsections (1)(a) and (2), of ‘such’ in subsection (1)(c) and of subsection (3)), section 619(2) (with the substitution for ‘in the course of a disposal to which section 617 applies’ of ‘at a time when both were members of the group’) and section 620(2) (with the omission of the words ‘to which this section applies’)” for “sections 617 to 620”, (b) in paragraph (b)(ii) by the insertion after “section 623” of “(apart from paragraphs (c) and (d) of subsection (2))”.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>This section applies in cases in which section 617, 618, 619(2) or 620(2), as the case may be, have effect as amended by this Act.</div>\n<p class=\"lf-p\">Amendment of Schedule 18A (restriction on set-off of pre-entry losses) to Principal Act.</p>\n<p class=\"lf-p\">40.—(1) Schedule 18A to the Principal Act is amended in paragraph 1— (a) in subparagraph (3) by the substitution of “at the time immediately before the relevant event occurred in relation to it by a company which is or was” for “by a company at the time immediately before the company became”, (b) by the insertion after subparagraph (3) of the following: “(3A) (a) In this paragraph references to the relevant event occurring in relation to a company— (i) in a case in which— (I) the company was resident in the State at the time when it became a member of the relevant group, or (II) the asset was a chargeable asset in relation to the company at that time, are references to the company becoming a member of that group; (ii) in any other case, are references to whichever is the first of— (I) the company becoming resident in the State, or (II) the asset becoming a chargeable asset in relation to the company. (b) For the purposes of paragraph (a), an asset is a ‘chargeable asset’ in relation to a company at any time if, were the asset to be disposed of by the company at that time, any gain accruing to the company would be a chargeable gain.”, (c) in subparagraph (4)(a) by the substitution of “the relevant event occurred in relation to it” for “the company became a member of the relevant group”, and (d) in subparagraph (5)— (i) in the opening words by the substitution of “the relevant event occurred in relation to the company by reference to which that asset is a pre-entry asset” for “the company by reference to which the asset is a pre-entry asset became a member of the relevant group”, (ii) in clause (a) by the substitution of “a relevant event has occurred in relation to a company” for “a company has become a member of the relevant group”, and (iii) in clause (b) by the substitution of “a relevant event occurred in relation to a company” for “a company became a member of the relevant group”.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>(a) This section applies in relation to— (i) where chargeable gains are to be included in a company's total profits, the amount to be included in respect of chargeable gains in the company's total profits for any accounting period ending on or after 15 February 2001, and (ii) in any other case, the amount on which a company is chargeable in accordance with section 31 for the year of assessment 2000-2001 and any subsequent year of assessment. (b) For the purposes of this section, any question whether a company was, in relation to any time before 15 February 2001, a member of a group shall be determined by reference to the Principal Act before its amendment by this Act.</div>\n<p class=\"lf-p\">Amendment of Schedule 24 (relief from income tax and corporation tax by means of credit in respect of foreign tax) to Principal Act.</p>\n<p class=\"lf-p\">41.—(1) Schedule 24 of the Principal Act is amended— (a) in paragraph 3 by the substitution for “Credit shall not be allowed” of “Subject to paragraphs 9A, 9B and 9C, credit shall not be allowed”, (b) in paragraph 4(4)(e) by the insertion after “644B” of “by any fraction”, (c) in paragraph 9A— (i) in subparagraph (3) by the substitution for “company resident in the State” of “company falling within subparagraph (3A)”, (ii) by the insertion after subparagraph (3) of the following subparagraph: “(3A) (a) A company falls within this subparagraph if— (i) it is resident in the State, or (ii) it is, by virtue of the law of a Member State of the European Communities other than the State, resident for the purposes of tax in such a Member State and the dividend referred to in subparagraph (3) forms part of the profits of a branch or agency of the company in the State. (b) For the purposes of subparagraph (a)(ii), ‘tax’, in relation to a Member State of the European Communities other than the State, means any tax imposed in the Member State which corresponds to corporation tax in the State.”, and (iii) in subparagraph (4)(b) by the substitution for “company resident in the State” of “company falling within subparagraph (3A)”, (d) in paragraph 9B— (i) in subparagraph (1) by the substitution for “an Irish company” of “a company falling within subparagraph (1A) (in this paragraph referred to as the ‘relevant company’)”, and by the substitution for “the Irish company” of “the relevant company”, (ii) by the insertion after subparagraph (1) of the following subparagraph: “(1A) (a) A company falls within this subparagraph if— (i) it is resident in the State, or (ii) it is, by virtue of the law of a Member State of the European Communities other than the State, resident for the purposes of tax in such a Member State and the dividend referred to in subparagraph (1) forms part of the profits of a branch or agency of the company in the State. (b) For the purposes of subparagraph (a)(ii), ‘tax’, in relation to a Member State of the European Communities other than the State, means any tax imposed in the Member State which corresponds to corporation tax in the State.”, (iii) in subparagraphs (2) and (3) by the substitution for “the Irish company” of “the relevant company”, (iv) in subparagraph (4) by the substitution for “an Irish company” of “a relevant company”, and (v) in subparagraph (5) by the deletion of the definition of “Irish company”, and (e) by the insertion after paragraph 9B, but in Part 2, of the following:</p>\n<p class=\"lf-p\">“9C.—(1) In this paragraph— ‘relevant company’ means a company which— (a) is not resident in the State, (b) is, by virtue of the law of a Member State of the European Communities other than the State, resident for the purposes of tax in such a Member State, and (c) carries on a trade in the State through a branch or agency, and for the purposes of subparagraph (b) of this definition ‘tax’, in relation to a Member State of the European Communities other than the State, means any tax imposed in the Member State which corresponds to corporation tax in the State; ‘relevant tax’ means foreign tax paid in respect of the income or chargeable gains of a branch or agency in the State of a relevant company, other than such tax paid in a territory in which the company is liable to tax by reason of domicile, residence, place of management or other similar criterion.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>A relevant company shall, as respects an accounting period, be entitled to such relief under this Schedule in respect of relevant tax as would, if the branch or agency in the State had been a company resident in the State, have been given under any arrangements to that company resident in the State.”.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>This section applies as respects accounting periods ending on or after 15 February 2001.</div>\n<p class=\"lf-p\">Amendment of section 89 (valuation of trading stock at discontinuance of trade) of Principal Act.</p>\n<p class=\"lf-p\">42.—(1) Section 89 of the Principal Act is amended— (a) by the substitution in subsection (1) for paragraph (b) of the following: “(b) For the purposes of this section— (i) ‘trading stock’, in relation to a trade, includes any services, article or material which, if the trade were a profession, would be treated as work in progress of the profession for the purposes of section 90, and references to the sale or transfer of trading stock shall be construed accordingly; (ii) two persons are connected with each other if— (I) they are connected with each other within the meaning of section 10; (II) one of them is a partnership and the other has a right to a share in the partnership; (III) one of them is a body corporate and the other has control over that body; (IV) both of them are partnerships and some other person has a right to a share in each of them; or (V) both of them are bodies corporate or one of them is a partnership and the other is a body corporate and, in either case, some other person has control over both of them; and in this subparagraph the references to a right to a share in a partnership are references to a share of the assets or income of the partnership and control has the meaning given by section 11.”, (b) by the substitution in subsection (2)(a) for “the price paid for such trading stock on such sale or the value of the consideration given for such trading stock on such transfer, as the case may be” of “the amount determined in accordance with subsections (3) and (4)”, and (c) by the insertion of the following after subsection (2): “(3) Subject to subsection (4), paragraph 2(2) of Schedule 16 and paragraph 4(2) of Schedule 17, the value of any trading stock falling to be valued under subsection (2)(a) shall be taken— (a) except where the person to whom it is sold or transferred is connected with the person who makes the sale or transfer, to be the amount (in this subsection and subsection (4) referred to as ‘the price actually received for it’) realised on the sale or, as the case may be, which is in fact the value of the consideration given for the transfer, and (b) if those persons are connected with each other, to be what would have been the price actually received for it had the sale or transfer been a transaction between independent persons dealing at arm's length.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(4)</span>If— (a) trading stock is sold or transferred to a person in circumstances where subsection (3)(b) would, apart from this subsection, apply for determining the value of stock so sold or transferred, (b) the amount which would be taken in accordance with subsection (3)(b) to be the value of the stock sold or transferred to that person is more than the acquisition value of that stock and also more than the price actually received for it, and (c) the person by whom the stock is sold or transferred includes in a return required to be delivered under section 951 for the chargeable period in which the trade is discontinued an election signed by both parties to the sale or transfer that this subsection shall apply, then the stock so sold or transferred shall be taken to have a value equal to whichever is the greater (taking all the stock so sold or transferred together) of its acquisition value and the price actually received for it or, in a case where they are the same, to either of them.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(5)</span>In subsection (4) ‘acquisition value’, in relation to any trading stock, means the amount which, in computing for any tax purposes the profits or gains of the discontinued trade, would have been deductible as representing the purchase price of that stock if— (a) the stock had, immediately before the discontinuance, been sold in the course of the trade for a price equal to whatever would be its value in accordance with subsection (3)(b), and (b) the period for which those profits or gains were to be computed began immediately before the sale.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(6)</span>Where any trading stock falls to be valued under subsection (2)(a), the amount determined in accordance with subsections (3) and (4) to be the amount to be brought into account as the value of that stock in computing profits or gains of the discontinued trade shall also be taken, for the purpose of making any deduction in computing the profits or gains of any trade carried on by the purchaser, to be the cost of that stock to the purchaser.”.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>This section applies from 6 December 2000.</div>\n<p class=\"lf-p\">Dividend withholding tax.</p>\n<p class=\"lf-p\">43.—(1) Chapter 8A (inserted by the Finance Act, 1999 ) of Part 6 of the Principal Act is amended— (a) in section 172A(1)(a)— (i) by the insertion of the following definitions after the definition of “approved body of persons” (inserted by the Finance Act, 2000 ): “‘approved minimum retirement fund’ has the same meaning as in section 784C; ‘approved retirement fund’ has the same meaning as in section 784A;”, (ii) by the insertion of the following definition after the definition of “qualifying employee share ownership trust”: “‘qualifying fund manager’ has the same meaning as in section 784A;”, (iii) by the insertion of the following definition after the definition of “qualifying non-resident person”: “‘qualifying savings manager’ has the same meaning as in section 848B (inserted by the Finance Act, 2001);”, and (iv) by the insertion of the following definition after the definition of “special portfolio investment account”: “‘special savings incentive account’ has the same meaning as in section 848M (inserted by the Finance Act, 2001);”, (b) in section 172B, by the insertion of the following after subsection (7) (inserted by the Finance Act, 2000 ): “(8) This section shall not apply where a relevant distribution is made by a company resident in the State to another company so resident and the company making the relevant distribution is a 51 per cent subsidiary of that other company.”, (c) in section 172C— (i) in subsection (2)— (I) in paragraph (a), by the insertion after “Schedule 2A” of “, but this paragraph is without prejudice to the operation of section 172B(8)”, (II) by the insertion of the following after paragraph (b): “(ba) a qualifying fund manager or a qualifying savings manager who— (i) is receiving the relevant distribution as income arising in respect of assets held— (I) in the case of a qualifying fund manager, in an approved retirement fund or an approved minimum retirement fund, and (II) in the case of a qualifying savings manager, in a special savings incentive account, and (ii) has made a declaration to the relevant person in relation to the relevant distribution in accordance with paragraph 4A of Schedule 2A,”, and (III) by the insertion of the following after paragraph (d): “(da) a person who— (i) is entitled to exemption from income tax under Schedule F in respect of the relevant distribution by virtue of section 189(2), subsection (2) or (3)(b) of section 189A or section 192(2), and (ii) has made a declaration to the relevant person in relation to the relevant distribution in accordance with paragraph 6A of Schedule 2A,”,</p>\n<p class=\"lf-p\">and (ii) in subsection (3)— (I) by the deletion of “and” in paragraph (a), and (II) by the insertion of the following after paragraph (b): “(c) a qualifying fund manager or a qualifying savings manager who receives a relevant distribution as income arising in respect of assets held— (i) in the case of a qualifying fund manager, in an approved retirement fund or an approved minimum retirement fund, and (ii) in the case of a qualifying savings manager, in a special savings incentive account, and (d) the trustees of a qualifying trust (within the meaning of section 189A) who receive a relevant distribution as income arising in respect of the trust funds (within the meaning of that section),”, (d) in section 172D, by the deletion of subsection (1), and (e) in section 172F(3)(a)(ii)(II), by the substitution of “paragraph 9(f)” for “subparagraphs (f) and (g) of paragraph 9”.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>Schedule 2A (inserted by the Finance Act, 1999 ) to the Principal Act is amended— (a) by the insertion of the following after paragraph 4: “Declaration to be made by qualifying fund manager or qualifying savings manager 4A. The declaration referred to in section 172C(2)(ba)(ii) shall be a declaration in writing to the relevant person which— (a) is made by the person (in this paragraph referred to as the ‘declarer’) beneficially entitled to the relevant distribution in respect of which the declaration is made, (b) is signed by the declarer, (c) is made in such form as may be prescribed or authorised by the Revenue Commissioners, (d) declares that, at the time the declaration is made, the person beneficially entitled to the relevant distribution is a person referred to in section 172C(2)(ba)(i), (e) contains the name and tax reference number of the person, (f) contains a statement that, at the time when the declaration is made, the relevant distribution in respect of which the declaration is made will be applied as income of an approved retirement fund, an approved minimum retirement fund or, as the case may be, a special savings incentive account, (g) contains an undertaking that, if the person mentioned in paragraph (d) ceases to be an excluded person, the declarer will, by notice in writing, advise the relevant person in relation to the relevant distribution accordingly, and (h) contains such other information as the Revenue Commissioners may reasonably require for the purposes of Chapter 8A of Part 6.”, and (b) by the insertion of the following after paragraph 6: “Declaration to be made by persons entitled to exemption from income tax under Schedule F 6A. The declaration referred to in section 172C(2)(da)(ii) shall be a declaration in writing to the relevant person which— (a) is made by the person (in this paragraph referred to as ‘the declarer’) beneficially entitled to the relevant distributions in respect of which the declaration is made, (b) is signed by the declarer, (c) is made in such form as may be prescribed or authorised by the Revenue Commissioners, (d) declares that, at the time when the declaration is made, the person beneficially entitled to the relevant distribution is a person referred to in section 172C(2)(da)(i), (e) contains the name and tax reference number of the person, (f) contains an undertaking by the declarer that, if the person mentioned in subparagraph (d) ceases to be an excluded person, the declarer will, by notice in writing, advise the relevant person in relation to the relevant distributions accordingly, and</div>\n<p class=\"lf-p\">(g) contains such other information as the Revenue Commissioners may reasonably require for the purposes of Chapter 8A of Part 6.”.</p>\n<p class=\"lf-p\">Amendment of provisions relating to exploration and exploitation activities.</p>\n<p class=\"lf-p\">44.—The Principal Act is amended— (a) in section 13 by the substitution for subsection (4) of the following: “(4) Where exploration or exploitation activities are carried on by a person on behalf of the holder of a licence or lease granted under the Petroleum and Other Minerals Development Act, 1960 , such holder shall, for the purpose of an assessment to income tax, be deemed to be the agent of that person.”, (b) in section 567 by the substitution for subsection (3) of the following: “(3) Where exploration or exploitation activities are carried on by a person on behalf of the holder of a licence or lease granted under the Petroleum and Other Minerals Development Act, 1960 , such holder shall for the purpose of an assessment to capital gains tax be deemed to be the agent of that person.”, and (c) in Schedule 1 by the insertion after paragraph 6 of the following: “Interpretation 7. In this Schedule a reference to a licence granted under the Petroleum and Other Minerals Development Act, 1960 , includes a reference to a lease granted under that Act.”.</p>\n<p class=\"lf-p\">Donations to approved bodies, etc.</p>\n<p class=\"lf-p\">45.—(1) Part 36 of the Principal Act is amended by the insertion of the following after section 848— “Donations to approved bodies.</p>\n<p class=\"lf-p\">848A.—(1) (a) In this section— ‘appropriate certificate’, in relation to a relevant donation by a donor who is an individual, other than an individual referred to in subsection (7), to an approved body, means a certificate which is in such form as the Revenue Commissioners may prescribe and which contains— (i) statements to the effect that— (I) the donation satisfies the requirements of subsection (3), and (II) the donor has paid or will pay to the Revenue Commissioners income tax of an amount equal to income tax at the standard rate or the higher rate or partly at the standard rate and partly at the higher rate, as the case may be, for the relevant year of assessment on the grossed up amount of the donation, but not being— (A) income tax which the donor is entitled to charge against any other person or to deduct, retain or satisfy out of any payment which the donor is liable to make to any other person, or (B) appropriate tax within the meaning of Chapter 4 of Part 8, (ii) a statement specifying how much of the grossed up amount referred to in subparagraph (i)(II) has been or will be liable to income tax at the standard rate and the higher rate for the relevant year of assessment, and (iii) the identifying number, known as the Personal Public Service Number (PPSN), of the donor; ‘approved body’ means a body specified in Part 1 of Schedule 26A; ‘relevant accounting period’ in relation to a relevant donation means the accounting period in which the relevant donation is made; ‘relevant donation’ means a donation which satisfies the requirements of subsection (3) and takes the form of the payment by a person (in this section referred to as the ‘donor’) of a sum or sums of money amounting to at least £200 to an approved body which is made— (i) where the donor is a company, in an accounting period, and (ii) where the donor is an individual, in a year of assessment; ‘relevant year of assessment’, in relation to a relevant donation, means the year of assessment in which the relevant donation is made. (b) For the purposes of this section and in relation to a donation by a donor who is an individual (other than an individual referred to in subsection (7)), references to the grossed up amount are to the amount which after deducting income tax at the standard rate or the higher rate or partly at the standard rate and partly at the higher rate, as the case may be, for the relevant year of assessment leaves the amount of the donation. (c) This section shall be construed together with Schedule 26A.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>Where it is proved to the satisfaction of the Revenue Commissioners that a person has made a relevant donation the provisions of subsection (4), subsection (7) or subsection (9), as the case may be, shall apply.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>A donation will satisfy the requirements of this section if— (a) it is not subject to a condition as to repayment, (b) neither the donor nor any person connected with the donor receives a benefit in consequence of making the donation, either directly or indirectly, (c) it is not conditional on or associated with, or part of an arrangement involving, the acquisition of property by the approved body, otherwise than by way of gift, from the donor or a person connected with the donor, (d) subject to subsection (4)— (i) it would not be deductible in computing for the purposes of corporation tax the profits or gains of a trade or profession, and (ii) it would not be an expense of management deductible in computing the total profits of a company, (e) in respect of a donation made by an individual, the individual— (i) is resident in the State for the relevant year of assessment, (ii) has, except in the case of an individual referred to in subsection (7), given an appropriate certificate in relation to the donation to the approved body, and (iii) has, except in the case of an individual referred to in subsection (7), paid the tax referred to in such appropriate certificate and is not entitled to claim a repayment of that tax or any part of that tax.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(4)</span>Where a company makes a relevant donation in any accounting period and claims relief from tax by reference thereto, the amount thereof shall, for the purposes of corporation tax, be treated as— (a) a deductible trading expense of a trade carried on by the company in, or (b) an expense of management deductible in computing the total profits of the company for, that accounting period.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(5)</span>A claim by a company under this section shall be made with the return required to be delivered under section 951 for the accounting period in which the relevant donation is made.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(6)</span>Where a relevant donation is made by a donor in an accounting period of a company or in a year of assessment which is less than 12 months, the amounts specified in the definition of ‘relevant donation’ shall be proportionately reduced.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(7)</span>Where a relevant donation is made to an approved body in a year of assessment by an individual who is a chargeable person (within the meaning of Part 41) for the year of assessment, the amount of the donation shall be deducted from or set off against any income of the individual chargeable to income tax for that year of assessment and tax shall where necessary be discharged or repaid accordingly, and the total income of the individual or, where the individual's spouse is assessed to income tax in accordance with section 1017, the total income of the spouse shall be calculated accordingly; but any such deduction or set-off shall not be taken into account in determining the net relevant earnings (within the meaning of section 787) of the individual or, as the case may be, the individual's spouse for the year of assessment.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(8)</span>Where a relevant donation is made to an approved body by an individual who is a chargeable person (within the meaning of Part 41) a claim under this section shall be made with the return required to be made by that individual under section 951 for the year of assessment in which the donation is made.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(9)</span>Where a donation is a relevant donation made by a donor who is an individual (other than an individual referred to in subsection (7) to an approved body, the Tax Acts shall apply in relation to the approved body as if— (a) the grossed up amount of the donation were an annual payment which was the income of the approved body received by it under deduction of tax, in the amounts and at the rates specified in the statement referred to in paragraph (ii) of the definition of ‘appropriate certificate’ for the relevant year of assessment, and (b) the provisions of those Acts which apply in relation to a claim to repayment of tax applied in relation to any claim to repayment of such tax by an approved body; but, if the total amount of the tax referred to in paragraph (ii) of the definition of ‘appropriate certificate’ is not paid, the amount of any repayment which would otherwise be made to an approved body in accordance with this section shall not exceed the amount of tax actually paid by the donor.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(10)</span>The details contained in an appropriate certificate shall be given by the approved body to the Revenue Commissioners in an electronic format approved by the Revenue Commissioners in connection with the making of a claim to repayment of tax to which subsection (9)(b) refers and where it is so given it shall be accompanied by a declaration made by the approved body, on a form prescribed or authorised for that purpose by the Revenue Commissioners, to the effect that the details are correct and complete.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(11)</span>Where the Revenue Commissioners are satisfied that an approved body does not have the facilities to give the details contained in an appropriate certificate in the electronic format referred to in subsection (10), such details shall be given in writing in a form prescribed or authorised by the Revenue Commissioners and shall be accompanied by a declaration made by the approved body to the effect that the claim is correct and complete.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(12)</span>Section 764 shall apply as if subsection (1)(b) were deleted and subsection (2) shall be construed accordingly.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(13)</span>Section 88, 484, 485, 485A, 485B, 486, 486A and 767, subparagraphs (ii) and (iii) of subsection (1)(b), and subsection (3), of section 792 and section 848 are repealed.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(14)</span>Where any body to which Part 2 or Part 3 of Schedule 26A relates has been approved or is the holder of an authorisation, as the case may be, under any enactment and, that approval or authorisation has not been withdrawn on the day prior to the coming into operation of this section, such body shall be deemed to be an approved body for the purposes of this section.”.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(2)</span>Chapter 1 of Part 15 of the Principal Act is amended by the substitution in Part 2 of the Table to section 458 of “section 848A(7)” for “section 485A(4)”.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(3)</span>In respect of a donation made on or after 1 January 2002, m“relevant donation” in subsection (1)(a) of section 848A of the Principal Act (inserted by subsection (1)) is amended by the substitution of “€250” for “£200”.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">(4)</span>The Principal Act is amended by the insertion of the following after Schedule 26: “ Section 848A .</div>\n<p class=\"lf-p\">SCHEDULE 26A</p>\n<h3 class=\"lf-part\">PART 1</h3>\n<p class=\"lf-p\">List of approved bodies for the purposes of section 848A 1. A body approved for education in the arts in accordance with Part 2.</p>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">2.</span>A body approved as an eligible charity in accordance with Part 3.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">3.</span>An institution of higher education within the meaning of section 1 of the Higher Education Authority Act, 1971 , or any body established in the State for the sole purpose of raising funds for such an institution.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">4.</span>An institution in the State in receipt of public funding which provides courses to which a scheme approved by the Minister for Education and Science under the Local Authorities (Higher Education Grants) Acts, 1968 to 1992, applies or any body established in the State for the sole purpose of raising funds for such an institution.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">5.</span>An institution of higher education in the State which provides courses which are validated by the Higher Education Training and Awards Council under the provisions of the Qualifications (Education and Training) Act, 1999 .</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">6.</span>An institution or other body in the State which provides primary education up to the end of sixth standard, based on a programme prescribed or approved by the Minister for Education and Science.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">7.</span>An institution or other body in the State which provides post-primary education up to the level of either or both the Junior Certificate and the Leaving Certificate based on a programme prescribed or approved by the Minister for Education and Science.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">8.</span>STEIF which is the Scientific and Technological Education (Investment) Fund established under the Scientific and Technological Education (Investment) Fund Act, 1997 (as amended by the Scientific and Technological Education (Investment) Fund (Amendment) Act, 1998 ).</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">9.</span>The company incorporated under the Companies Acts, 1963 to 1990, on 20 September 1990 as First Step Limited.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">10.</span>The Malting Research Committee of the Irish Malters Association.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">11.</span>The European Research Institute of Ireland.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">12.</span>The Equine Foundation.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">13.</span>The Dun Research Foundation.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">14.</span>The Institute of Ophthalmology.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">15.</span>The Mater College for Research and Postgraduate Education.</div>\n<div class=\"lf-abs\"><span class=\"lf-abs-num\">16.</span>St. Luke's Institute of Cancer Research.</div></div>", "next": 239856}