Finance Act, 1997

In short

This law, the Finance Act, 1997, primarily deals with various aspects of taxation, including income tax, corporation tax, capital gains tax, and customs and excise duties. It introduces amendments to existing tax provisions and establishes new schemes and reliefs.

What it regulates

• Income Tax, Corporation Tax, and Capital Gains Tax.
• Customs and Excise duties, including Vehicle Registration Tax and duties on hydrocarbons and tobacco products.
• Urban Renewal Reliefs, specifically introducing a new scheme for the Dublin Docklands Area.
• Amendments to various sections of previous Finance Acts and Income Tax Acts.

Who it concerns

• Individuals subject to income tax, capital gains tax, and those involved in certain financial activities.
• Companies subject to corporation tax, including those involved in specific industries or located in designated areas.
• Farmers, sub-contractors, and employers.
• Harbour authorities and port companies.

Key points

• It amends provisions related to exemption from income tax, alters income tax rates, and adjusts personal reliefs.
• It introduces tax relief for fees paid for training courses and for agreed pay restructuring.
• It provides for accelerated capital allowances for construction or refurbishment in the Dublin Docklands Area.
• It includes amendments regarding the taxation of social welfare benefits, gifts to third-level institutions, and employee share ownership trusts.