Taxes Consolidation Act, 1997

In short

This law, the Taxes Consolidation Act, 1997, brings together and organises various laws related to taxes in Ireland. It covers how different types of income, profits, and gains are taxed.

What it regulates

• Income tax, corporation tax, and capital gains tax.
• Rules for specific types of income, like from government securities, foreign dividends, and rents.
• Provisions for tax reliefs, allowances, and exemptions.
• Regulations for certain industries, professions, and special areas.

Who it concerns

• Individuals subject to income tax or capital gains tax.
• Companies subject to corporation tax.

Key points

• It defines how income tax, corporation tax, and capital gains tax are charged.
• It includes detailed rules for calculating tax on various sources of income and profits.
• It outlines different types of allowances and reliefs that can reduce tax liabilities.
• It contains specific provisions for areas like capital expenditure, urban renewal, and certain financial transactions.