Finance Act 2003

Finance Act 2003 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 2003 Finance Act 2003 Finance Act 2003 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Open PDFOscail PDF Print Full ActPriontáil an tAcht Iomlán Number 3 of 2003 FINANCE ACT 2003 ARRANGEMENT OF SECTIONS

PART 1

Income Tax, Corporation Tax and Capital Gains Tax

Chapter 1

Interpretation Section

Section 1

Interpretation (Part 1).

Chapter 2

Income Tax

Section 2

Age exemption.

Section 3

Employee tax credit.

Section 4

Amendment of section 122 (preferential loan arrangements) of Principal Act.

Section 5

Amendment of section 126 (tax treatment of certain benefits payable under Social Welfare Acts) of Principal Act.

Section 6

Application of PAYE to perquisites, benefits-in-kind, etc.

Section 7

Payment of tax in respect of share options in certain circumstances.

Section 8

Payment of tax under section 128 (tax treatment of directors of companies and employees granted rights to acquire shares or other assets) of Principal Act.

Section 9

Amendment of section 244 (relief for interest paid on certain home loans) of Principal Act.

Section 10

Amendment of Chapter 1 (payments in respect of professional services by certain persons) of Part 18 of, and Schedule 13 to, Principal Act.

Section 11

Amendment of section 65 (Cases I and II: basis of assessment) of Principal Act.

Section 12

Restriction of reliefs where individual is not actively participating in certain trades.

Section 13

Income tax: ring-fence on use of certain capital allowances on certain industrial buildings and other premises.

Section 14

Pension arrangements.

Chapter 3

Income Tax, Corporation Tax and Capital Gains Tax

Section 15

Amendment of Part 16 (income tax relief for investment in corporate trades — business expansion scheme and seed capital scheme) of Principal Act.

Section 16

Rental income: restriction of relief for certain interest.

Section 17

Claims for repayment, interest on repayments and time limits for assessment.

Section 18

Amendment of section 666 (deduction for increase in stock values) of Principal Act.

Section 19

Amendment of section 667 (special provisions for qualifying farmers) of Principal Act.

Section 20

Amendment of Chapter 4 (transmission capacity rights) of Part 29 of Principal Act.

Section 21

Amendment of section 848A (donations to approved bodies) of Principal Act.

Section 22

Amendment of Schedule 26A (donations to approved bodies, etc.) to Principal Act.

Section 23

Wear and tear allowances.

Section 24

Capital allowances for certain day hospitals.

Section 25

Provisions relating to certain industrial buildings or structures.

Section 26

Amendment of Part 10 (income tax and corporation tax: reliefs for renewal and improvement of certain urban areas, certain resort areas and certain islands) of Principal Act.

Section 27

Amendment of Chapter 7 (qualifying areas) of Part 10 of Principal Act.

Section 28

Amendment of section 372T (non-application of relief in certain circumstances and provision against double relief) of Principal Act.

Section 29

Amendment of Chapter 10 (designated areas of certain towns) of Part 10 of Principal Act.

Section 30

Amendment of Chapter 11 (reliefs for lessors and owner-occupiers in respect of expenditure incurred on the provision of certain residential accommodation) of Part 10 of Principal Act.

Section 31

Amendment of section 749 (dealers in securities) of Principal Act.

Section 32

Conditions relating to relief in respect of expenditure incurred on provision of certain student accommodation.

Section 33

Relevant contracts tax.

Section 34

Filing date for certain returns and elections.

Section 35

Amendment of certain provisions relating to exempt income.

Section 36

Transfer of rent.

Section 37

Matching of relevant foreign currency assets with foreign currency liabilities.

Section 38

Exchange of information.

Section 39

Amendment of section 404 (restriction on use of capital allowances for certain machinery or plant) of Principal Act.

Section 40

Amendment of section 407 (restriction on use of losses and capital allowances for qualifying shipping trade) of Principal Act.

Section 41

Amendment and repeals consequential on abolition of tax credits and advance corporation tax.

Section 42

Amendment of Part 41 (self assessment) of Principal Act.

Section 43

National Development Finance Agency.

Section 44

Restriction on deductibility of certain interest.

Section 45

Amendment of Chapter 2 (additional matters to be treated as distributions, charges to tax in respect of certain loans and surcharges on certain undistributed income) of Part 13 of Principal Act.

Section 46

Amendment of section 249 (rules relating to recovery of capital and replacement loans) of Principal Act.

Section 47

Amendment of section 289 (calculation of balancing allowances and balancing charges in certain cases) of Principal Act.

Section 48

Securitisation and related matters.

Section 49

Wholesale debt instruments and related matters.

Section 50

Amendment of section 737 (special investment schemes) of Principal Act.

Section 51

Amendment of Chapter 1 (income tax and corporation tax) of Part 45 of Principal Act.

Section 52

Cessation of special investment business as separate business.

Section 53

Amendment of Chapter 1A (investment undertakings) of Part 27 of Principal Act.

Section 54

Amendment of section 706 (interpretation and general (Part 26)) of Principal Act.

Section 55

Amendment of section 747E (disposal of an interest in off-shore funds) of Principal Act.

Section 56

Amendment of Schedule 2B (investment undertaking declarations) of Principal Act.

Section 57

Amendment of Part 26 (life assurance companies) of Principal Act.

Section 58

Amendment of section 481 (relief for investment in films) of Principal Act.

Chapter 4

Corporation Tax

Section 59

Provisions relating to loss relief.

Section 60

Unilateral credit relief.

Section 61

Amendment of section 130 (matters to be treated as distributions) of Principal Act.

Section 62

Amendment of Part 24A (tonnage tax) of Principal Act.

Section 63

Amendment of section 430 (meaning of “close company”) of Principal Act.

Section 64

Amendment of Schedule 4 (exemption of specified non-commercial State sponsored bodies from certain tax provisions) to Principal Act.

Chapter 5

Capital Gains Tax

Section 65

Amendment of section 556 (adjustment of allowable expenditure by reference to consumer price index) of Principal Act.

Section 66

Restriction of relief on issue of debentures etc.

Section 67

Restriction of deferral of capital gains tax.

Section 68

Amendment of section 598 (disposal of business or farm on “retirement”) of Principal Act.

Section 69

Amendment of Chapter 3 (capital gains tax) of Part 2 of Principal Act.

Section 70

Amendment of Chapter 1 (assets and acquisition and disposal of assets) of Part 19 of Principal Act.

Section 71

Amendment of section 980 (deduction from consideration on disposal of certain assets) of Principal Act.

Section 72

Amendment of Schedule 15 (list of bodies for the purposes of section 610) to Principal Act.

PART 2

Excise

Chapter 1

Alcohol Products Tax

Section 73

Interpretation (Chapter 1).

Section 74

Qualification to meanings given to certain alcohol products.

Section 75

Charging and rates.

Section 76

Liability and payment.

Section 77

Reliefs.

Section 78

Repayment.

Section 79

Offences and penalties.

Section 80

Amendments relative to penalties.

Section 81

Regulations.

Section 82

General provisions.

Section 83

Repeals and revocations.

Section 84

Continuity.

Section 85

Care and management of alcohol products tax.

Section 86

Commencement.

Chapter 2

Miscellaneous

Section 87

Amendment of section 97 (excisable products) of Finance Act 2001.

Section 88

Amendment of section 109 (warehousing) of Finance Act 2001.

Section 89

Amendment of Chapter 2 of Part 2 (Intra-Community movement) of Finance Act 2001.

Section 90

Amendment of section 136 (entry and search of premises) of Finance Act 2001.

Section 91

Rates of mineral oil tax.

Section 92

Spirits.

Section 93

Offences in relation to keeping, selling or delivering of unexcised spirits.

Section 94

Amendment of section 102 (offences) of Finance Act 1999.

Section 95

Amendment of section 103 (presumptions in certain proceedings) of Finance Act 1999.

Section 96

Tobacco products.

Section 97

Amendment of section 103 (payment) of Finance Act 2001.

Section 98

Amendment of Chapter 1 (interpretation, liability and payment) of Part 2 of Finance Act 2001.

Section 99

Administrative penalties for breach of provisions or regulations.

Section 100

Delegation of powers, functions and duties of Commissioners.

Section 101

Amendment of section 130 (interpretation) of Finance Act 1992.

Section 102

Amendment of section 131 (registration of vehicles by Revenue Commissioners) of Finance Act 1992.

Section 103

Amendment of section 132 (charge of excise duty) of Finance Act 1992.

Section 104

Amendment of section 134 (permanent reliefs) of Finance Act 1992.

Section 105

Amendment of section 135C (remission or repayment in respect of vehicle registration tax on certain hybrid electric vehicles) of Finance Act 1992.

Section 106

Amendment of section 141 (regulations) of Finance Act 1992.

Section 107

Gaming licences.

Section 108

Amendment of section 43 (gaming machine licence duty) of Finance Act 1975.

Section 109

Amendment of section 120 (interpretation (Chapter III)) of Finance Act 1992.

Section 110

Amendment of section 123 (rates of duty) of Finance Act 1992.

Section 111

Time limits.

PART 3

Value-Added Tax

Section 112

Interpretation (Part 3).

Section 113

Amendment of section 1 (interpretation) of Principal Act.

Section 114

Amendment of section 4 (special provisions in relation to the supply of immovable goods) of Principal Act.

Section 115

Amendment of section 5 (supply of services) of Principal Act.

Section 116

Special scheme for electronic services.

Section 117

Amendment of section 7 (waiver of exemption) of Principal Act.

Section 118

Amendment of section 8 (taxable persons) of Principal Act.

Section 119

Amendment of section 11 (rates of tax) of Principal Act.

Section 120

Amendment of section 12B (special scheme for means of transport supplied by taxable dealers) of Principal Act.

Section 121

Amendment of section 16 (duty to keep records) of Principal Act.

Section 122

Amendment of section 17 (invoices) of Principal Act.

Section 123

Amendment of section 19 (tax due and payable) of Principal Act.

Section 124

Amendment of section 20 (refund of tax) of Principal Act.

Section 125

Interest on refunds of tax.

Section 126

Amendment of section 22 (estimation of tax due for a taxable period) of Principal Act.

Section 127

Amendment of section 27 (fraudulent returns, etc.) of Principal Act.

Section 128

Amendment of section 29 (recovery of penalties) of Principal Act.

Section 129

Amendment of section 30 (time limits) of Principal Act.

Section 130

Amendment of section 32 (regulations) of Principal Act.

Section 131

Amendment of Fourth Schedule to Principal Act.

PART 4

Stamp Duties

Section 132

Interpretation (Part 4).

Section 133

Amendment of section 1 (interpretation) of Principal Act.

Section 134

Amendment of section 36 (certain contracts for sale of lease-hold interests to be chargeable as conveyances on sale) of Principal Act.

Section 135

Amendment of section 69 (operator-instruction deemed to be an instrument of conveyance or transfer) of Principal Act.

Section 136

Amendment of section 79 (conveyances and transfers of property between certain bodies corporate) of Principal Act.

Section 137

Amendment of section 81 (relief from stamp duty in respect of transfers to young trained farmers) of Principal Act.

Section 138

Foreign Government securities.

Section 139

Exemption of National Development Finance Agency, etc. from stamp duty.

Section 140

Amendment of Part 9 (levies) of Principal Act.

Section 141

Levy on certain financial institutions.

Section 142

Amendment of Part 11 (management provisions) of Principal Act.

Section 143

Amendment of Schedule 1 to Principal Act.

PART 5

Capital Acquisitions Tax

Section 144

Interpretation (Part 5).

Section 145

Time limits for capital acquisitions tax.

Section 146

Administrative changes.

Section 147

Amendment of section 47 (signing of returns, etc.) of Principal Act.

Section 148

Amendment of section 55 (payment of tax on certain assets by instalments) of Principal Act.

Section 149

Amendment of section 69 (exemption of small gifts) of Principal Act.

Section 150

Amendment of section 81 (exemption of certain securities) of Principal Act.

Section 151

Technical amendments (Part 5).

Section 152

Amendment of section 100 (exclusion of value of excepted assets) of Principal Act.

Section 153

Transitional provisions (Part 5).

PART 6

Residential Property Tax

Section 154

Amendment of section 100 (market value exemption limit) of Finance Act 1983.

Section 155

Time limits.

PART 7

Miscellaneous

Section 156

Interpretation (Part 7).

Section 157

Amendment of Chapter 4 (collection and recovery of income tax on certain emoluments (PAYE system)) of Part 42 of Principal Act.

Section 158

Amendment of section 899 (inspector's right to make enquiries) of Principal Act.

Section 159

Amendment of Chapter 4 (revenue powers) of Part 38 of Principal Act.

Section 160

Amendment of section 1078 (revenue offences) of Principal Act.

Section 161

Amendment of Chapter 4 (revenue offences) of Part 47 of Principal Act.

Section 162

Amendment of section 1061 (recovery of penalties) of Principal Act.

Section 163

Miscellaneous technical amendments in relation to tax.

Section 164

Mandatory electronic filing and payment of tax.

Section 165

Cesser of certain payments out of Central Fund.

Section 166

Payments from Central Fund to certain persons.

Section 167

Amendment of section 136 (write-off of certain repayable advances to Shannon Free Airport Development Company Limited) of Finance Act 2002.

Section 168

Amendment of section 160 (establishment of Small Savings Reserve Fund) of Finance Act 1994.

Section 169

Capital Services Redemption Account.

Section 170

Care and management of taxes and duties.

Section 171

Short title, construction and commencement.

SCHEDULE 1 Repeals and Revocations Relating to Excise Law SCHEDULE 2 Rates of Alcohol Products Tax SCHEDULE 3 Rates of Excise Duty on Tobacco Products SCHEDULE 4 Gaming Licences SCHEDULE 5 Stamp Duty on Instruments SCHEDULE 6 Miscellaneous Technical Amendments in Relation to Tax Acts Referred to Asset Covered Securities Act 2001 2001, No. 47 Building Societies Act 1989 1989, No. 17 Capital Acquisitions Tax Act 1976 1976, No. 8 Capital Acquisitions Tax Consolidation Act 2003 2003, No. 1 Central Bank Act 1971 1971, No. 4 Central Bank Act 1989 1989, No. 16 Central Bank Act 1998 1998, No. 2 Child Care Act 1991 1991, No. 17 Companies Act 1963 1963, No. 33 Companies Acts 1963 to 2001 Courts of Justice Act 1924 1924, No. 10 Credit Union Act 1997 1997, No. 15 Criminal Procedure Act 1967 1967, No. 12 Customs Act 1956 1956, No. 7 Customs Consolidation Act 1876 39 & 40 Vict., c.36 Dormant Accounts Act 2001 2001, No. 32 Dublin Docklands Development Authority Act 1997 1997, No. 7 Family Law (Divorce) Act 1996 1996, No. 33 Finance Act 1901 1 Edw. 7, c.7 Finance Act 1902 2 Edw. 7, c.7 Finance Act 1911 1 & 2 Geo. 5, c.48 Finance Act 1914 5 Geo 5, c.7 Finance Act 1915 5 & 6 Geo. 5, c.62 Finance Act 1921 11 & 12 Geo. 5, c.32 Finance Act 1932 1932, No. 20 Finance Act 1940 1940, No. 14 Finance Act 1949 1949, No. 13 Finance Act 1950 1950, No. 18 Finance Act 1951 1951, No. 15 Finance Act 1956 1956, No. 22 Finance Act 1963 1963, No. 23 Finance Act 1966 1966, No. 17 Finance Act 1975 1975, No. 6 Finance Act 1976 1976, No. 16 Finance Act 1977 1977, No. 18 Finance Act 1979 1979, No. 11 Finance Act 1980 1980, No. 14 Finance Act 1981 1981, No. 16 Finance (No. 2) Act 1981 1981, No. 28 Finance Act 1983 1983, No. 15 Finance Act 1984 1984, No. 9 Finance Act 1985 1985, No. 10 Finance Act 1986 1986, No. 13 Finance Act 1988 1988, No. 12 Finance Act 1989 1989, No. 10 Finance Act 1992 1992, No. 9 Finance Act 1993 1993, No. 13 Finance Act 1994 1994, No. 13 Finance Act 1996 1996, No. 9 Finance Act 1997 1997, No. 22 Finance Act 1998 1998, No. 3 Finance Act 1999 1999, No. 2 Finance Act 2000 2000, No. 3 Finance Act 2001 2001, No. 7 Finance Act 2002 2002, No. 5 Finance (Excise Duty on Tobacco Products) Act 1977 1977, No. 32 Finance (Excise Duties) (Vehicles) Act 1952 1952, No. 24 Gaming and Lotteries Act 1956 1956, No. 2 Industrial Development Act 1995 1995, No. 28 Inland Revenue Act 1880 43 & 44 Vict., c.20 Investment Intermediaries Act 1995 1995, No. 11 Irish Charges Act 1801 41 Geo. 3 c.32 King's Inns Library Act 1945 1945, No. 22 Local Government Act 2001 2001, No. 37 National Development Finance Agency Act 2002 2002, No. 29 National Treasury Management Agency (Amendment) Act 2000

2000, No. 30 Pensions (Amendment) Act 2002 2002, No. 18 Planning and Development Act 2000 2000, No. 30 Postal and Telecommunications Services Act 1983 1983, No. 24 Revenue Act 1906 6 Edw. 7, c.20 Spirits Act 1880 43 & 44 Vict., c.24 Stamp Duties Consolidation Act 1999 1999, No. 31 Stock Exchange Act 1995 1995, No. 8 Succession Duty Act 1853 16 & 17 Vict., c.51 Taxes Consolidation Act 1997 1997, No. 39 Urban Renewal Act 1998 1998, No. 27 Valuation Act 2001 2001, No. 13 Value-Added Tax Act 1972 1972, No. 22 Value-Added Tax Acts 1972 to 2002 Waiver of Certain Tax, Interest and Penalties Act 1993 1993, No. 24 Wireless Telegraphy Acts 1926 to 1988 Number 3 of 2003 FINANCE ACT 2003 AN ACT TO PROVIDE FOR THE IMPOSITION, REPEAL, REMISSION, ALTERATION AND REGULATION OF TAXATION, OF STAMP DUTIES AND OF DUTIES RELATING TO EXCISE AND OTHERWISE TO MAKE FURTHER PROVISION IN CONNECTION WITH FINANCE INCLUDING THE REGULATION OF CUSTOMS. [28th March, 2003] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

PART 1

Income Tax, Corporation Tax and Capital Gains Tax

Chapter 1

Interpretation Interpretation (Part 1).

1.—In this Part “Principal Act” means the Taxes Consolidation Act 1997 .

Chapter 2

Income Tax Age exemption.

2.—As respects the year of assessment 2003 and subsequent years of assessment, section 188 of the Principal Act is amended, in subsection (2), by substituting “€30,000” for “€26,000” (inserted by the Finance Act 2002 ) and “€15,000” for “€13,000” (as so inserted).

Employee tax credit.

3.—(1) As respects the year of assessment 2003 and subsequent years of assessment, section 472 of the Principal Act is amended, in subsection (4), by substituting “€800” for “€660” (inserted by the Finance Act 2002 ) in both places where it occurs.

(2)

Section 3

of the Finance Act 2002 , shall have effect subject to the provisions of this section.

Amendment of section 122 (preferential loan arrangements) of Principal Act.

4.—Section 122 of the Principal Act is amended, as respects the year of assessment 2003 and subsequent years of assessment, by substituting in the definition of “the specified rate” in paragraph (a) of subsection (1)— (a) “4.5 per cent” for “5 per cent” (inserted by the Finance Act 2002 ) in both places where it occurs, and (b) “11 per cent” for “12 per cent” (inserted by the Finance Act 2001 ).

Amendment of section 126 (tax treatment of certain benefits payable under Social Welfare Acts) of Principal Act.

5.—Section 126 of the Principal Act is amended by substituting the following for paragraph (b) (inserted by the Finance Act 2002 ) of subsection (8): “(b) Notwithstanding subsection (3) and the Finance Act 1992 (Commencement of Section 15) (Unemployment Benefit and Pay-Related Benefit) Order 1994 ( S.I. No. 19 of 1994 ), subsection (3)(b) shall not apply in relation to unemployment benefit paid or payable, in the period commencing on 6 April 1997 and ending on 31 December 2004, to a person employed in short-time employment.”.

Application of PAYE to perquisites, benefits-in-kind, etc.

6.—(1) The Principal Act is amended— (a) in section 119 by substituting the following for subsection (4): “(4) For the purposes of subsection (3), the annual value of the use of an asset shall be taken to be— (a) in the case of an asset being premises, the rent which might reasonably be expected to be obtained on a letting from year to year if the tenant undertook to pay all usual tenant's rates, and if the landlord undertook to bear the costs of repairs and insurance, and the other expenses, if any, necessary for maintaining the premises in a state to command that rent, and (b) in the case of any other asset, 5 per cent of the market value (within the meaning of section 548) of the asset at the time when it was first applied by the body corporate in making any provision mentioned in section 118(1).”, (b) in section 121— (i) in subsection (1)(a)— (I) by substituting the following for the definition of “car”: “ ‘car’ means any mechanically propelled road vehicle designed, constructed or adapted for the carriage of the driver or the driver and one or more other persons other than— (a) a motor-cycle, (b) a van (within the meaning of section 121A), or (c) a vehicle of a type not commonly used as a private vehicle and unsuitable to be so used;”, and (II) by inserting the following definition after the definition of “employment”: “ ‘motor-cycle’ means a mechanically propelled vehicle with less than four wheels and the weight of which unladen does not exceed 410 kilograms;”, (ii) in subsection (2)(b), by substituting the following for subparagraph (ii)— “(ii) there shall be treated for that year as emoluments of the employment by reason of which the car is made available, and accordingly chargeable to income tax, the amount, if any, by which the cash equivalent of the benefit of the car for the year exceeds the aggregate for the year of the amount which the employee is required to make good and actually makes good to the employer in respect of any part of the costs of providing or running the car.”, (iii) by substituting the following for paragraph (a) of subsection (3)— “(a) The cash equivalent of the benefit of a car for a year of assessment shall be 30 per cent of the original market value of the car.”, (iv) in subsection (4)— (I) by substituting the following for paragraph (a): “(a) Where in relation to a person the business mileage for a year of assessment exceeds 15,000 miles the cash equivalent of the benefit of the car for that year, instead of being the amount ascertained under subsection (3) shall be the percentage of the original market value of the car applicable to the business mileage under the Table to this subsection.”,

(II) by inserting the following after paragraph (b): “(c) Where a car in respect of which this section applies in relation to a person for a year of assessment is made available to the person for part only of that year, the cash equivalent of the benefit of that car as respects that person for that year shall be an amount determined by applying paragraph (a) as if— (i) the figure 15,000 referred to in that paragraph were replaced by a figure (in this paragraph referred to as the ‘new figure’) determined by the formula— A 15,000 × ___ 365 where— A is the number of days in the part of the year, and (ii) each figure in columns (1), (2) and (3) of the Table to this section were reduced in the same proportion as the new figure bears to 15,000.”, (III) by substituting the following for the Table to that subsection: “ TABLE Business Mileage Percentage of original market value lower limit upper limit

(1)

(2)

121A.—(1) In this section— ‘van’ means a mechanically propelled road vehicle which— (a) is designed or constructed solely or mainly for the carriage of goods or other burden, (b) has a roofed area or areas to the rear of the driver's seat, and (c) has no side windows or seating fitted in that roofed area or areas.

985A.—(1) This section applies to emoluments in the form of— (a) perquisites and profits whatever which are chargeable to tax under section 112 excluding perquisites or profits whatever in the form of shares (including stock) in a company, but including— (i) an expense incurred by a body corporate in the provision of a benefit, other than a contribution to a PRSA (within the meaning of Chapter 2A of Part 30), for an employee which is treated as a perquisite for the purposes of section 112 by virtue of section 118, (ii) the benefit arising from a preferential loan which is treated as a perquisite for the purposes of section 112 by virtue of section 122, and (iii) a perquisite to which section 112A applies, (b) the benefit of the private use of a car which is chargeable to tax by virtue of section 121, and (c) the benefit of the private use of a van which is chargeable to tax by virtue of section 121A.

Payment of tax in respect of share options in certain circumstances.

7.—Part 5 of the Principal Act is amended in section 128A— (a) in subsection (1)(a), by deleting “on or after 6 April 2000” and substituting “in the period from 6 April 2000 to the date of the passing of the Finance Act 2003”, (b) by inserting the following after subsection (4): “(4A) (a) Notwithstanding subsection (4), where an election has been made in accordance with subsection (3) and— (i) relevant shares are disposed of (in this subparagraph referred to as the ‘first-mentioned disposal’), and (I) but for this subparagraph, tax would be payable, by reference to the first-mentioned disposal, in accordance with subsection (4)(a), and (II) the market value of those shares at the date of the first-mentioned disposal is less than the tax chargeable under section 128, by reference to the exercise of an option to acquire those shares, then an amount, being an amount equal to that market value, shall be due and payable to the Collector-General within 30 days after the date of the first-mentioned disposal or, if later, on or before 30 June 2003, and the balance of the tax chargeable remaining unpaid after that payment shall be payable in the event of, and by reference to, disposals of any shares in a company in a year of assessment, in accordance with paragraph (d), being disposals after the date of the first-mentioned disposal, or (ii) relevant shares are held at 31 December in the year of assessment beginning 7 years after the relevant year (in this subparagraph referred to as the ‘first-mentioned date’), and (I) but for this subparagraph, tax would be payable in accordance with subsection (4)(b), and (II) the market value of the relevant shares is, at the first-mentioned date, less than the tax chargeable under section 128, by reference to the exercise of an option to acquire those shares, then an amount, being an amount equal to that market value, shall be due and payable to the Collector-General within 30 days after the date of the first-mentioned date and the balance of the tax chargeable remaining unpaid after that payment shall be payable in the event of, and by reference to, disposals of any shares in a company in a year of assessment, in accordance with paragraph (d), being disposals after the first-mentioned date. (b) Where a person who is entitled to make an election in accordance with subsection (3), after 6 February 2003 and on or before 31 October in the year of assessment following the relevant year in respect of relevant shares, does not do so, or tax chargeable under section 128, in respect of any gain realised by the exercise before 6 February 2003 of a right to acquire shares, is due after 6 February 2003 but on or before 31 October in the year of assessment following the relevant year, and the market value of the shares on—

(i) that 31 October, or (ii) where the shares are disposed of before that date, the date of the disposal (referred to in this paragraph as the ‘first-mentioned disposal’) of the shares, is less than the tax chargeable under section 128, then an amount, being an amount equal to that market value, shall be due and payable to the Collector-General within 30 days after the said 31 October, and the balance of the tax chargeable remaining unpaid after that payment shall be payable in the event of, and by reference to, disposals of any shares in a company in a year of assessment, in accordance with paragraph (d), being disposals after the said 31 October or the date of the first-mentioned disposal of the shares, as the case may be. (c) In all cases other than those referred to in paragraph (a) or (b), where tax is chargeable under section 128 on an amount equal to a gain realised by the exercise, at any time before 6 February 2003, of a right to acquire shares in a company, and the market value of the shares on— (i) that date, or (ii) where the shares are disposed of before that date, the date of the disposal of the shares, is less than the tax chargeable under section 128, then an amount, being an amount equal to that market value, shall be due and payable to the Collector-General on or before 30 June 2003, and the balance of the tax chargeable remaining unpaid after that payment shall be payable in the event of, and by reference to, disposals of any shares in a company in a year of assessment, in accordance with paragraph (d), being disposals after 6 February 2003. (d) (i) A payment that is to be made in the event of, and by reference to, disposals of any shares in a year of assessment shall be a payment which is the lesser of— (I) the aggregate of the balances of unpaid tax referred to in paragraphs (a), (b) and (c), as reduced by tax payable in accordance with this paragraph by reference to disposals of shares in a previous year of assessment, and (II) the aggregate of the net gains (if any) arising in respect of disposals of shares in the year of assessment. (ii) For the purposes of subparagraph (i)(II), the net gain arising in relation to a disposal of shares shall be the market value at the date of disposal of those shares reduced by so much of the aggregate of— (I) the amount of the consideration, if any, given for the shares (including, where relevant, the grant of a right to acquire the shares), (II)(A) where this subsection does not apply to the payment of income tax chargeable under section 128 by reference to the acquisition of the shares, the amount of the income tax so chargeable, or

(B) where this subsection does apply to the payment of income tax chargeable under section 128 by reference to the acquisition of the shares, the total amount paid, before the date of the disposal, in respect of that income tax, and (III) capital gains tax chargeable by reference to the disposal of the shares, as does not exceed that market value. (iii) For the purposes of subparagraph (ii), the income tax or capital gains tax, as the case may be, so chargeable shall be the amount by which the income tax or capital gains tax, as the case may be, chargeable on the taxpayer for the year of assessment would have been reduced if the acquisition or disposal of the shares, as the case may be, had not taken place. (iv) Payments referred to in paragraph (d)(i) which are to be made by reference to disposals of shares shall be due and payable to the Collector-General on or before 31 October in the year following the year of assessment in which the disposal of those shares takes place. (e) (i) A taxpayer who wishes to be entitled to avail of the provisions of this subsection shall so elect, by giving notice in writing to the inspector, on or before 1 June 2003 in a form prescribed or authorised by the Revenue Commissioners, and the notice shall contain details of— (I) the date of exercise of the option, (II) the number of shares acquired by exercise of the option, (III) the market value of the shares at date of exercise of that option, and (IV) such further particulars for the purposes of this subsection as may be required or indicated by the Revenue Commissioners. (ii) The inspector or such other officer as the Revenue Commissioners shall appoint in that behalf may admit a late election under subparagraph (i) in circumstances where he or she is satisfied that the delay in making the election was due to absence, illness or other reasonable cause. (f) In any case where, at any time, the requirements of this subsection have not been fully complied with, any amount of tax chargeable under section 128 which is unpaid shall be due and payable as if this subsection had not been enacted. (g) Any tax chargeable under section 128 which is due and payable in accordance with subsection (4) or this subsection, which remains unpaid at the date of death of the chargeable person, shall be discharged by the Revenue Commissioners. (h) Any amount paid before 6 February 2003 in respect of tax chargeable under section 128 shall not be repaid by reference to any provision of this subsection. (i) The reference in paragraph (d) to the disposal of shares includes a reference to the disposal of shares by the spouse of the person chargeable—

(I) in a case where section 1017 applies, or (II) in a case where that section does not apply, but the disposal by the spouse is subsequent to a transfer, on or after 25 February 2003, of the shares from the other spouse, except where the spouses are separated in the circumstances referred to in paragraph (a) or (b) of section 1015(2), or their marriage has been dissolved under either section 5 of the Family Law (Divorce) Act 1996 , or the law of a country or jurisdiction other than the State, being a dissolution that is entitled to be recognised as valid in the State. (j) A person shall not, at any time, be entitled to avail of the provisions of this subsection where, at that time, he or she has not paid, or agreed an arrangement acceptable to the Collector-General for the payment of, tax due and payable which is chargeable under section 128 in respect of the exercise of a right to acquire shares to which this subsection does not apply. (k) In this subsection— ‘market value’ shall be construed in accordance with section 548; ‘shares’ includes securities within the meaning of section 135 and stock. (4B) In any case where the provisions of subsection (4A) apply, the amount by which the market value of the shares at the time of acquisition exceeds the market value at the date of disposal of those shares, or any part of that amount, shall not be an allowable loss for the purposes of the Capital Gains Tax Acts until such time as the tax liability of the person under section 128 has been paid in full to the Collector-General.”, (c) in subsection (5), by substituting “subsections (4)(a) and (4A)” for “subsection (4)(a)”, and (d) in subsection (7), by substituting “subsections (4) and (4A) but notwithstanding any provisions of subsection (4A) that subsection shall have no effect as respects the payment of any tax in relation to a gain realised by the exercise on or after 6 February 2003 of a right to acquire shares.” for “subsection (4).”.

Payment of tax under section 128 (tax treatment of directors of companies and employees granted rights to acquire shares or other assets) of Principal Act.

8.—(1) Chapter 5 of Part 5 of the Principal Act is amended— (a) by inserting the following after section 128A: “Payment of tax under section 128.

128B.—(1) This section applies where, by virtue of section 128, a person (in this section referred to as a ‘taxable person’) is chargeable to tax under Schedule E for a year of assessment on an amount equal to the gain realised by the exercise, on or after 30 June 2003, of a right to acquire shares (in this section referred to as ‘relevant shares’) in a company.

Amendment of section 244 (relief for interest paid on certain home loans) of Principal Act.

9.—(1) Section 244(1)(a) of the Principal Act is amended, in the definition of “relievable interest”, by substituting— (a) “7 years” for “5 years”, (b) “€8,000” for “€6,350”, and (c) “€4,000” for “€3,175”.

Amendment of Chapter 1 (payments in respect of professional services by certain persons) of Part 18 of, and Schedule 13 to, Principal Act.

10.—(1) Chapter 1 of Part 18 of the Principal Act is amended: (a) in section 520(1), in the definition of “relevant payment”— (i) in subparagraph (i) by substituting “applies,” for “applies, and”, (ii) in subparagraph (ii) by substituting “section, and” for “section;”, and (iii) by inserting the following after subparagraph (ii): “(iii) a payment by one accountable person to another in reimbursement of a relevant payment;”, and (b) in section 525 by substituting the following for subsection (6): “(6) The provisions of Chapter 2 relating to the assessment, collection and recovery of tax deductible under section 531(1) shall apply to the assessment, collection and recovery of appropriate tax.”.

Part 2

of the National Treasury Management Agency (Amendment) Act 2000 . (State Claims Agency).

Amendment of section 65 (Cases I and II: basis of assessment) of Principal Act.

11.—Section 65 of the Principal Act is amended in subsection (3) by inserting “notwithstanding anything to the contrary in section 66(2),” after “then,”.

Restriction of reliefs where individual is not actively participating in certain trades.

12.—(1) Chapter 4 of Part 12 of the Principal Act is amended by inserting the following after section 409C: “409D.—(1) In this section— ‘active trader’, in relation to a trade, means an individual who works for the greater part of his or her time on the day-to-day management or conduct of the trade; ‘electronic’ includes electrical, digital, magnetic, optical, electromagnetic, biometric, photonic and any other form of related technology; ‘specified provisions’ means sections 305 and 381; ‘specified trade’ means a trade consisting of or including— (a) the generation of electricity, (b) trading operations which are petroleum activities (within the meaning of section 21A), (c) the development or production of— (i) films, (ii) film projects, (iii) film properties, or (iv) music properties, (d) the acquisition of rights to participate in the revenues of— (i) film properties, or (ii) music properties, or (e) the production of, the distribution of, or the holding of an interest in— (i) either or both a film negative and its associated soundtrack, a film tape or a film disc, (ii) an audio tape or audio disc, or (iii) a film property produced by electronic means or a music property produced by electronic means; ‘relevant year of assessment’ means— (a) in relation to a trade consisting of or including the generation of electricity, the year of assessment 2002 or any subsequent year during which the individual carried on such trade otherwise than as an active trader, and (b) in relation to any other specified trade, the year of assessment 2003 or any subsequent year during which the individual carried on that trade otherwise than as an active trader.

Income tax: ring-fence on use of certain capital allowances on certain industrial buildings and other premises.

13.—(1) Chapter 4 of Part 12 of the Principal Act is amended by inserting the following section after section 409D (inserted by section 12 ): “409E.—(1) In this section— ‘company’ has the same meaning as in section 4; ‘rent’ has the same meaning as in Chapter 8 of Part 4; ‘relevant interest’ has the same meaning as in section 269; ‘residue of expenditure’ shall be construed in accordance with section 277; ‘specified amount of rent’, in relation to a specified building and an individual for a year of assessment, means the amount of the surplus in respect of the rent from the specified building to which the individual becomes entitled for the year of assessment, as computed in accordance with section 97(1); ‘specified building’ means— (a) a building or structure, or a part of a building or structure, which is or is to be an industrial building or structure by reason of its use or deemed use for a purpose specified in section 268(1) and in relation to which an allowance has been, or is to be, made to a company under Chapter 1 of Part 9, or (b) any other building or structure, or a part of any other building or structure, in relation to which an allowance has been, or is to be, so made to a company by virtue of Part 10 or section 843 or 843A, in respect of— (i) the capital expenditure incurred or deemed to be incurred on the construction or refurbishment of the building or structure or, as the case may be, the part of the building or structure, or (ii) the residue of that expenditure.

Pension arrangements.

14.—(1) The Principal Act is hereby amended— (a) in Part 19, by substituting the following for subsection (2) of section 608: “(2) A gain shall not be a chargeable gain if accruing to a person from the person's disposal of assets held by that person as part of a fund approved under section 774, 784(4) or 785(5) or held by that person as PRSA assets (within the meaning of section 787A).”, (b) in Chapter 1 of Part 30— (i) in section 774— (I) by substituting in subsection (7)(b)(ii), “in the case of a contribution to which paragraph (ba) applies, be apportioned” for “be apportioned”, (II) by inserting the following after paragraph (b) of subsection (7): “(ba) This paragraph applies to a contribution, which is not an ordinary annual contribution, and which— (i) is required by the rules of the scheme to be made, in respect of a benefit to which section 772(3)(b) applies, by way of deduction from a lump sum payable to the employee in accordance with section 772(3)(f), or (ii) is, following resumption of or change of employment, made, on retirement, in connection with the repayment by the employee to the scheme of superannuation contributions previously refunded to the employee or of relevant benefits provided to the employee on the employee's leaving an employment in relation to service in which the superannuation contributions or, as the case may be, the relevant benefits related.”, (III) by inserting the following after paragraph (c) of subsection (7): “(d) Where in any year of assessment a reduction or a greater reduction would be made under this section in the remuneration of an individual but for an insufficiency of remuneration, the amount of the reduction which would have been made but for that reason, less the amount of the reduction which is made in that year, shall be carried forward to the next year of assessment, and shall be treated for the purposes of relief under this section as the amount of an annual contribution paid in the next year of assessment. (e) In so far as an amount once carried forward under paragraph (d) (and treated as an amount of an annual contribution paid in the next year of assessment) is not deducted from or set off against the individual's remuneration for that year of assessment, it shall be carried forward again to the following year of assessment (and treated as the amount of an annual contribution paid in that year of assessment) and so on for succeeding years.”, and (IV) by inserting the following after subsection (7): “(8) Subject to paragraphs (b) and (ba) of subsection (7) where in relation to a year of assessment any contribution, which is not an ordinary annual contribution, is paid by an employee under the scheme after the end of the year of assessment but before the specified return date for the chargeable period (within the meaning of Part 41), the contribution may, if the individual so elects on or before that date, be treated for the purposes of this section as paid in the earlier year (and not in the year in which it is paid); but where the amount of that contribution, together with any other contribution to the scheme paid by the individual in the year to which the contribution relates (or treated as so paid by virtue of any previous election under this subsection), exceeds the maximum amount of contributions allowed to be deducted in that year, the election shall have no effect as respects the excess.”,

(ii) in section 776— (I) by substituting in subsection (2)(b)(ii), “in the case of a contribution to which paragraph (ba) applies, be apportioned” for “be apportioned”, (II) by the insertion after subsection (2)(b) of the following paragraph: “(ba) This paragraph applies to a contribution, which is not an ordinary annual contribution, and which— (i) is required by the statute under which the scheme is established or by any other statute or regulation to be made in respect of the provision of a pension for any widow, widower, children or dependants of the officer or employee by way of a deduction from a lump sum payable to the employee on retirement, or (ii) is, following resumption of or on change of employment, made, on retirement, in connection with the repayment by the officer or employee to the scheme of superannuation contributions previously refunded to the officer or employee or of relevant benefits provided to the officer or employee on the officer or employee's leaving the office or employment in relation to service in which the superannuation contributions or, as the case may be, the relevant benefits related.”, (III) by inserting the following after paragraph (c) of subsection (2): “(d) Where in any year of assessment a reduction or a greater reduction would be made under this section in the remuneration of an individual but for an insufficiency of remuneration, the amount of the reduction which would have been made but for that reason, less the amount of the reduction which is made in that year, shall be carried forward to the next year of assessment, and shall be treated for the purposes of relief under this section as the amount of an annual contribution paid in the next year of assessment. (e) In so far as an amount once carried forward under paragraph (d) (and treated as an amount of an annual contribution paid in the next year of assessment) is not deducted from or set off against the individual's remuneration for that year of assessment, it shall be carried forward again to the following year of assessment (and treated as the amount of an annual contribution paid in that year of assessment) and so on for succeeding years.”, and (IV) by inserting the following after subsection (2): “(3) Subject to paragraphs (b) and (ba) of subsection (2), where in relation to a year of assessment any contribution, which is not an ordinary annual contribution, is paid by an employee under the scheme after the end of the year of assessment but before the specified return date for the chargeable period (within the meaning of Part 41), the contribution may, if the individual so elects on or before that date, be treated for the purposes of this section as paid in the earlier year (and not in the year in which it is paid); but where the amount of that contribution, together with any other contribution to the scheme paid by the individual in the year to which the contribution relates (or treated as so paid by virtue of any previous election under this subsection), exceeds the maximum amount of contributions allowed to be deducted in that year, the election shall have no effect as respects the excess.”,

(c) in Chapter 2 of Part 30— (i) in section 783— (I) in subsection (1)(a)— (A) by substituting “In this Chapter” for “In this section”, (B) by inserting the following after the definition of “approved retirement fund”: “ ‘close company’ has the same meaning as in section 430; ‘connected person’ has the same meaning as in section 10;”, and (C) by inserting the following after the definition of “investment income”: “ ‘participator’ has the same meaning as in section 433;”, (II) in subsection (2)— (a) by substituting in paragraph (a), “benefits of a kind referred to in paragraphs (b) and (c) of section 772(3), including any similar benefit provided under a statutory scheme established under a public statute,” for “a lump sum payable on the termination of the service through death before the age of 70 years or some lower age or disability before the age of 70 or some lower age”, and (b) by inserting the following after paragraph (b): “(c) For the purposes of calculating the amount of any reduction in net relevant earnings in respect of any qualifying premium or of any PRSA contribution (within the meaning of Chapter 2A of this Part) this Chapter and Chapter 2A shall apply as if any contribution by an employee to a sponsored superannuation scheme relating to service in an office or employment, which is not a pensionable office or employment within the meaning of paragraph (a), were a payment of a qualifying premium for which relief had been given under this Chapter.”, (ii) in section 784A, by inserting the following after subsection (1): “(1A) Without prejudice to the generality of subsection (1)(d), where assets of an approved retirement fund are used in connection with any of the transactions referred to in subsection (1B), the transaction shall be regarded as a distribution for the purposes of this section of the amount specified in that subsection. (1B) The transactions referred to in subsection (1A) and the amount to be regarded as a distribution in relation to any such transaction are as follows— (a) in the case of a loan made to the individual beneficially entitled to the assets in an approved retirement fund or to any person connected with that individual, the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of the assets of the approved retirement fund used to make such a loan or used as security for such a loan, (b) in the case of the acquisition of property from the individual beneficially entitled to the assets in an approved retirement fund or from any person connected with that individual, the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of the assets in the approved retirement fund used in or in connection with that acquisition,

(c) in the case of the sale of any asset in an approved retirement fund to the individual beneficially entitled to the assets in an approved retirement fund or to any person connected with that individual, the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of the asset sold, (d) in the case of the acquisition of— (i) any property which is to be used as holiday property, or (ii) property which is to be used as a residence, by the individual beneficially entitled to the assets in the approved retirement fund or by any person connected with that individual, the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of the assets in the approved retirement fund used in or in connection with that acquisition, but where property is acquired, on or after 6 February 2003, in relation to the acquisition of which a distribution is not treated as arising under this Chapter and that property commences to be used for one of the purposes mentioned in subparagraphs (i) or (ii) of this paragraph, the distribution shall be treated as arising at the date such use commences and the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of the assets of the approved retirement fund used in or in connection with the acquisition together with any assets used in or in connection with any expenditure on the improvement or repair of the property in question, (e) in the case of the acquisition of shares or any other interest in a company, which is a close company or which would be a close company but for the fact that the company is not resident in the State, in relation to which the individual beneficially entitled to the assets in the approved retirement fund or a person connected with that individual is a participator, the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of assets in the approved retirement fund used in or in connection with that acquisition, and (f) in the case of the acquisition of tangible moveable property, the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of the assets in the approved retirement fund used in or in connection with that acquisition. (1C) An amount which has been regarded as a distribution from an approved retirement fund, in accordance with this section, shall not be regarded as an asset in that approved retirement fund for any purpose.

(1D) Any property, the acquisition or sale of which is regarded as giving rise to a distribution of assets in an approved retirement fund, shall not be regarded as an asset in that approved retirement fund. (1E) For the purposes of subsection (1B) references to the value of an asset in an approved retirement fund shall, except where the asset is cash, be construed as references to the market value of the asset, within the meaning of section 548.”, (iii) in section 784A, by inserting the following after subsection (7): “(8) (a) Within one month of commencing to act as manager of approved retirement funds, a qualifying fund manager shall give notice to that effect to the Revenue Commissioners. (b) A qualifying fund manager who commenced to act as manager of an approved retirement fund prior to the passing of the Finance Act 2003 shall give notice to that effect to the Revenue Commissioners within three months of the passing of that Act. (c) A notice under paragraph (a) or (b) shall specify the date the qualifying fund manager commenced to so act.”, and (iv) in section 784C(5), by substituting “, including any distribution or amount regarded under this Chapter as a distribution, other than—” for “other than—”, (d) in Chapter 2A of Part 30— (i) in subsection (1) of section 787E, by substituting the following for subparagraphs (a) to (c): “(a) in the case of an individual who at any time during the year of assessment was of the age 30 years or over but had not attained the age of 40 years, 20 per cent, (b) in the case of an individual who at any time during the year of assessment was of the age 40 years or over but had not attained the age of 50 years, 25 per cent, (c) in the case of an individual who at any time during the year of assessment was of the age 50 years or over or who for the year of assessment was a specified individual, 30 per cent, and (d) in any other case, 15 per cent,”, (ii) in subsection (3) of section 787E, by substituting “Where during a year of assessment an individual is a member either of an approved scheme or of a statutory scheme (hereafter referred to as a ‘scheme’) in relation to an office or employment, not being a scheme under which the benefits provided in respect of that service are limited to benefits of a kind referred to in paragraphs (b) and (c) of section 772(3), including any similar benefit provided under a statutory scheme established under a public statute,” for “Where during a year of assessment an individual is a member either of an approved scheme or of a statutory scheme (hereafter referred to as a ‘scheme’) in relation to an office or employment”,

(iii) in section 787G, by inserting the following after subsection (4): “(4A) Without prejudice to the generality of subsection (4), the circumstances in which a PRSA administrator shall, for the purposes of this Chapter, be treated as making assets of a PRSA available to an individual shall include the use of those assets in connection with any transaction which would, if the assets were assets of an approved retirement fund, be regarded under section 784A as giving rise to a distribution for the purposes of that section and the amount to be regarded as made available shall be calculated in accordance with that section.”, (e) in Chapter 4 of Part 30, by inserting the following after section 790: “Limit on earnings.

790A.—Notwithstanding anything in this Part, for the purposes of giving relief to an individual under— (a) Chapter 1 of this Part in respect of an employee's contribution to a retirement benefits scheme, (b) Chapter 2 of this Part in respect of a qualifying premium under an annuity contract, and (c) Chapter 2A of this Part in respect of a PRSA contribution, the aggregate of the individual's remuneration, within the meaning of Chapter 1, and net relevant earnings, within the meaning of Chapter 2 and 2A, shall not exceed €254,000.”, (f) in Part 42, by substituting in subparagraph (ii) of paragraph (g) (inserted by the Pensions (Amendment) Act 2002 ) of section 986(1), “Chapter 1, Chapter 2 or Chapter 2A of Part 30” for “Chapter 1 or Chapter 2A of Part 30”, and (g) in Schedule 29, in column 3, by inserting “section 784A(8)”, after “section 734(5)”.

Chapter 3

Income Tax, Corporation Tax and Capital Gains Tax Amendment of Part 16 (income tax relief for investment in corporate trades — business expansion scheme and seed capital scheme) of Principal Act.

15.—Part 16 of the Principal Act is amended— (a) in section 494(2)(b), by substituting “sections 496(2)(a)(iv) and 496(2)(a)(xv)” for “section 496(2)(a)(iv)”, (b) in section 495(3)(a)(ii)(III), by inserting the following after “section 496(2)(a)(iv)”: “and, in the case of a company to which this clause applies, its business shall be regarded as having complied with the conditions of this clause throughout the relevant period (where, otherwise, it would not have done so) if it so complied for that part of the relevant period up to and including 31 December 2002”, (c) in section 496— (i) in subsection (2)(a)(ii)(III), by substituting “1979,” for “1979, or”, (ii) in subsection (2)(a)(ii)(IV)— (I) by inserting “and before the passing of the Finance Act 2003” after “6 April 2001”, and (II) by substituting “concerned, or” for “concerned,”, (iii) by inserting the following after subsection (2)(a)(ii)(IV): “(V) as respects a subscription for eligible shares issued on or after the passing of the Finance Act 2003, a County Enterprise Board (being a board referred to in the Schedule to the Industrial Development Act 1995 ) has, in accordance with guidelines agreed between the board and the Minister for Enterprise, Trade and Employment, with the consent of the Minister for Finance, given a certificate certifying that the service industry is a qualifying service industry for the purposes of this section,”, (iv) in subsection (2)(a)(iv), by inserting the following after “(within the meaning of section 332)”: “and in the case of a relevant investment made on or before 31 December 2002, trading operations undertaken on or after 1 January 2003 on an exchange facility established in the Customs House Docks Area will be deemed to be relevant trading operations for the purposes of this section notwithstanding the expiry, in accordance with the provisions of section 446(2)(b), of the certificate given by the Minister for Finance under that subsection”, (v) by inserting the following after subsection (2)(a)(xiv): “(xv) in respect of a relevant investment made on or after 1 January 2003, the rendering of trading operations carried on for the purposes of or in connection with trading operations on an exchange facility established in the Custom House Docks Area (within the meaning of section 322),”, (vi) by deleting subsection (2)(b), and (vii) in subsection (4)(b)(III), by substituting “subsections (2)(a)(iv) and (2)(a)(xv)” for “subsection (2)(a)(iv)”, and (d) in section 497(4)(a), by substituting “sections 496(2)(a)(iv) and 496(2)(a)(xv)” for “section 496(2)(a)(iv)”.

Rental income: restriction of relief for certain interest.

16.—(1) The Principal Act is amended— (a) in section 97— (i) in subsection (2G), by substituting “in the purchase, other than from the spouse of the person chargeable” for “in the purchase”, and (ii) by inserting the following after subsection (2G): “(2H) The reference to ‘spouse’ in subsection (2G) does not include a spouse to a marriage— (a) in which the spouses are separated under an order of a court of competent jurisdiction or by deed of separation, or (b) that has been dissolved under either— (i) section 5 of the Family Law (Divorce) Act 1996 , or (ii) the law of a country or jurisdiction other than the State, being a divorce that is entitled to be recognised as valid in the State.”, and (b) in section 248A, by inserting the following after subsection (3): “(4) Notwithstanding subsection (3), subsection (2) shall apply in relation to interest referred to in subsection (2) where the purpose of the loan is the purchase of a residential premises from the spouse of the individual to whom relief is given under section 248 or 253.

Claims for repayment, interest on repayments and time limits for assessment.

17.—(1) With effect from the day appointed by the Minister for Finance in accordance with the provisions of subsection (2), the Principal Act is amended— (a) by substituting the following for section 865: “Repayment of tax.

865.—(1) (a) In this section and section 865A— the ‘Acts’ means the Tax Acts and the Capital Gains Tax Acts and instruments made thereunder; ‘chargeable period’ has the meaning assigned to it by section 321; ‘correlative adjustment’ means an adjustment of profits under the terms of arrangements entered into by virtue of section 826; ‘tax’ means any tax, including interest thereon, paid by a person under or in accordance with any provision of the Acts; ‘valid claim’ shall be construed in accordance with paragraph (b). (b) For the purposes of subsection (3)— (i) where a person furnishes a statement or return which is required to be delivered by the person in accordance with any provision of the Acts for a chargeable period, such a statement or return shall be treated as a valid claim where all the information which the Revenue Commissioners may reasonably require to enable them determine if and to what extent a repayment of tax is due to the person for that chargeable period is contained in the statement or return, (ii) where all information which the Revenue Commissioners may reasonably require, to enable them determine if and to what extent a repayment of tax is due to a person for a chargeable period, is not contained in such a statement or return as is referred to in subparagraph (i), a claim to repayment of tax by that person for that chargeable period shall be treated as a valid claim when that information has been furnished by the person, and (iii) to the extent that a claim to repayment of tax for a chargeable period arises from a correlative adjustment, the claim shall not be regarded as a valid claim until the quantum of the correlative adjustment is agreed in writing by the competent authorities of the two Contracting States.

Interest on repayments.

865A.—(1) Where a person is entitled to a repayment of tax for a chargeable period and that repayment, or part of the repayment, arises because of a mistaken assumption made by the Revenue Commissioners in the application of any provision of the Acts, that repayment or that part of the repayment shall, subject to section 1006A(2A), carry interest for each day or part of a day for the period commencing with the day after the end of the chargeable period or, as the case may be, the end of each of the chargeable periods for which the repayment is due or the date on which the tax was paid (whichever is the later) and ending on the day on which the repayment is made.

“(1A) Notwithstanding subsection (1), an assessment under Schedule E in respect of emoluments to which this Chapter applies shall not be made for any year of assessment— (a) where paragraph (a) of that subsection applies, unless the person assessable has requested the assessment— (i) in the case of any year of assessment prior to the year of assessment 2003, within 5 years, and (ii) in the case of the year of assessment 2003 or any subsequent year of assessment, within 4 years, from the end of the year of assessment concerned, and (b) where paragraph (b) or (c) of that subsection applies, at any time later than 4 years from the end of the year of assessment concerned.”.

Amendment of section 666 (deduction for increase in stock values) of Principal Act.

18.—(1) Section 666 of the Principal Act is amended by the substitution of the following for subsection (4): “(4) (a) A deduction shall not be allowed under this section in computing a company's trading income for any accounting period which ends after 31 December 2004. (b) Any deduction allowed by virtue of this section in computing the profits or gains of the trade of farming for an accounting period of a person other than a company shall not apply for any purpose of the Income Tax Acts for any year of assessment later than the year 2004.”.

Amendment of section 667 (special provisions for qualifying farmers) of Principal Act.

19.—(1) Section 667 of the Principal Act is amended in paragraph (b) of subsection (2) by the substitution of the following for subparagraph (ii): “(ii) on or after 6 April 1995 and on or before 31 December 2004, for the year of assessment in which the individual becomes a qualifying farmer and for each of the 3 immediately succeeding years of assessment.”.

Amendment of Chapter 4 (transmission capacity rights) of Part 29 of Principal Act.

20.—(1) Chapter 4 of Part 29 of the Principal Act is amended— (a) in section 769A(1), by inserting the following after the definition of “capacity rights”: “ ‘control’ shall be construed in accordance with section 432; ‘qualifying expenditure’ means capital expenditure incurred on the purchase of capacity rights, but does not include expenditure incurred on or after 6 February 2003 which consists of a licence fee or other payment paid to the Commission for Communications Regulation in respect of a licence or permission granted by that Commission on or after that date under— (a) the Wireless Telegraphy Acts 1926 to 1988, or (b) the Postal and Telecommunications Services Act 1983 ;”, (b) in section 769B— (i) by substituting “qualifying expenditure” for “capital expenditure” in both places where it occurs in subsection (1) and in the meaning of “A” in subsection (2)(b), and (ii) by inserting the following after subsection (2): “(3) (a) Notwithstanding any other provisions of this Chapter, where a company (in this paragraph referred to as the ‘buyer’) incurs qualifying expenditure on the purchase from another company (in this paragraph referred to as the ‘seller’) of capacity rights, no allowances shall be made under this Chapter to the buyer in respect of that expenditure if both companies are companies within a group of companies, unless an allowance had been made under this Chapter to the seller (or would have been made to the seller if it had not sold those rights) in respect of the capital expenditure it incurred on the purchase of those rights. (b) For the purposes of this subsection— (i) a ‘group of companies’ means a company and any other companies of which it has control or with which it is associated, and (ii) a company is associated with another company where it could reasonably be considered that— (I) any person or any group of persons or groups of persons having a reasonable commonality of identity has or have, as the case may be, or had the means or power, either directly or indirectly, to determine the trading operations carried on or to be carried on by both companies, or (II) both companies are under the control of any person or any group of persons or groups of persons having a reasonable commonality of identity.”, (c) in section 769C, by substituting “qualifying expenditure” for “capital expenditure” in each place where it occurs in subsections (1) to (5), (d) in section 769E(2), by substituting “qualifying expenditure” for “capital expenditure”, and (e) in section 769F by the substitution of “on the date of the passing of the Finance Act 2003” for “on such day as the Minister for Finance may, by order, appoint”.

Amendment of section 848A (donations to approved bodies) of Principal Act.

21.—(1) Section 848A of the Principal Act is amended— (a) in subsection (1)(a), in the definition of “relevant donation” by the insertion of “, subject to subsection (3A),” after “means”, and (b) by the insertion of the following after subsection (3): “(3A) (a) Notwithstanding any other provision of this section, where the aggregate of the amounts of all donations made by an individual in any year of assessment to an approved body or approved bodies with which the individual is associated is in excess of 10 per cent of the total income of the individual for that year of assessment, the amount of the excess shall not be treated as a relevant donation for the purposes of this section. (b) For the purposes of this subsection— (i) an individual is associated with an approved body if, at the time the donation is made, the individual is an employee or member of, the approved body or another approved body which is associated with that approved body, and (ii) an approved body is associated with another approved body if, at the time the donation is made, it could reasonably be considered that— (I) any person or any group of persons or groups of persons having a reasonable commonality of identity has or have, or had the means or power, either directly or indirectly, to determine the activities carried on or to be carried on by both approved bodies, or (II) any person or any group of persons or groups of persons having a reasonable commonality of identity exercises or exercise, or is or are able to exercise, control over the affairs of both approved bodies.”.

Amendment of Schedule 26A (donations to approved bodies, etc.) to Principal Act.

22.—(1) Schedule 26A to the Principal Act is amended in Part 1 by inserting the following after paragraph 18: “19. The company incorporated under the Companies Acts 1963 to 2001, on 30 January 2003, as US-Ireland Alliance Limited.”.

Wear and tear allowances.

23.—(1) The Principal Act is amended— (a) in section 284(2)— (i) in paragraph (a), by substituting “paragraphs (aa), (ab) and (ad)” for “paragraphs (aa) and (ab)”, (ii) by inserting the following after paragraph (ac): “(ad) Notwithstanding any other provision of this subsection but subject to subsection (4), where capital expenditure is incurred on or after 4 December 2002 on the provision of machinery or plant, the amount of the wear and tear allowance to be made shall be an amount equal to 12.5 per cent of the actual cost of the machinery or plant, including in that actual cost any expenditure in the nature of capital expenditure on the machinery or plant by means of renewal, improvement or reinstatement; but this paragraph shall not apply in the case of— (i) machinery or plant to which subsection (3A) relates, (ii) machinery or plant which consists of a car within the meaning of section 286, used for qualifying purposes, within the meaning of that section, or (iii) machinery or plant provided under the terms of a binding contract evidenced in writing before 4 December 2002 and in respect of the provision of which capital expenditure is incurred on or before 31 January 2003.”, and (iii) in paragraph (b), by substituting “the amount specified in any other provision of this subsection” for “the amount specified in subparagraph (i) or (ii) of paragraph (a), the amount specified in paragraph (aa) or, as the case may be, the amount specified in subparagraph (i) or (ii) of paragraph (ab)”, (b) in section 310, by substituting the following for subsection (2A): “(2A) Where, by virtue of subsection (2), a person is entitled to an allowance under section 284 then, for the purposes of determining the amount of wear and tear allowances to be made for any chargeable period or its basis period for the purposes of this section, section 284 shall apply— (a) as if the reference in paragraph (aa) of subsection (2) of that section to ‘20 per cent of the actual cost of the machinery or plant, including in that actual cost any expenditure in the nature of capital expenditure on the machinery or plant by means of renewal, improvement or reinstatement’ were a reference to ‘20 per cent of the capital sum contributed in the chargeable period or its basis period’, and (b) as if the reference in paragraph (ad) of subsection (2) of that section to ‘12.5 per cent of the actual cost of the machinery or plant, including in that actual cost any expenditure in the nature of capital expenditure on the machinery or plant by means of renewal, improvement or reinstatement’ were a reference to ‘12.5 per cent of the capital sum contributed in the chargeable period or its basis period’.”,

and (c) in section 692(2), by substituting “as if the references in paragraphs (a)(i), (aa) and (ad) of that section to 15 per cent, 20 per cent and 12.5 per cent, respectively, were each a reference to 100 per cent” for “as if the reference to paragraph (a)(i) of that section to 15 per cent were a reference to 100 per cent”.

Capital allowances for certain day hospitals.

24.—(1) Section 268 of the Principal Act is amended, in subsection (2A), by substituting the following for paragraph (d) of the definition of ‘qualifying hospital’: “(d) has the capacity to provide— (i) out-patient services and accommodation on an overnight basis of not less than 70 in-patient beds, or (ii) day-case and out-patient medical and surgical services and accommodation for such services of not less than 40 beds,”.

Provisions relating to certain industrial buildings or structures.

25.—(1) Chapter 1 of Part 9 of the Principal Act is amended— (a) in section 268— (i) in subsection (3) by substituting “shall, subject to subsection (13), be deemed” for “shall be deemed”, (ii) in subsection (12)— (I) by substituting the following for “6 April 2001,”: “6 April 2001 (being capital expenditure in respect of which but for this subsection a writing-down allowance in excess of 4 per cent would be available under section 272 for a chargeable period),”, and (II) by substituting the following for paragraph (c): “(c) that, in the case of expenditure incurred on or after 1 January 2003 on the construction or refurbishment of a building or structure provided for the purposes of a project which is subject to the notification requirements of— (i) the ‘Multisectoral framework on regional aid for large investment projects’1 prepared by the Commission of the European Communities and dated 7 April 1998, or (ii) the ‘Multisectoral framework on regional aid for large investment projects’2 prepared by the Commission of the European Communities and dated 19 March 2002, as the case may be, approval of the potential capital allowances involved has been received from that Commission by the Minister for Finance, or by such other Minister of the Government, agency or body as may be nominated for that purpose by the Minister for Finance, and”, and (iii) by inserting the following after subsection (12): “(13) (a) Notwithstanding subsection (3) but subject to paragraph (b), a holiday cottage referred to in that subsection shall not, as respects capital expenditure incurred on or after 4 December 2002 on its construction (within the meaning of section 270), be deemed to be a building or structure in use for the purposes of the trade of hotelkeeping. (b) This subsection shall not apply as respects expenditure incurred on or before 31 December 2004 on the construction or refurbishment of a holiday cottage if— (i) (I) a planning application (not being an application for outline permission within the meaning of section 36 of the Planning and Development Act 2000 ) in respect of the holiday cottage is made in accordance with the Planning and Development Regulations 2001 to 2002, (II) an acknowledgement of the application, which confirms that the application was received on or before 31 May 2003, is issued by the planning authority in accordance with article 26(2) of the Planning and Development Regulations 2001 ( S.I. No. 600 of 2001 ), and (III) the application is not an invalid application in respect of which a notice is issued by the planning authority in accordance with article 26(5) of those regulations,

or (ii) (I) a planning application in respect of the holiday cottage was made in accordance with the Local Government (Planning and Development) Regulations 1994 ( S.I. No. 86 of 1994 ), not being an application for outline permission within the meaning of article 3 of those regulations, (II) an acknowledgement of the application, which confirms that the application was received on or before 10 March 2002, was issued by the planning authority in accordance with article 29(2)(a) of the regulations referred to in clause (I), and (III) the application was not an invalid application in respect of which a notice was issued by the planning authority in accordance with article 29(2)(b)(i) of those regulations.”, (b) in section 272— (i) in subsection (3)(c)— (I) in subparagraph (i) by deleting “or” after “1994,”, (II) in subparagraph (ii) by inserting “or” after “1994,”, and (III) by inserting the following after subparagraph (ii): “(iii) subject to subsection (8), 4 per cent of the expenditure referred to in subsection (2)(c), if the capital expenditure on the construction (within the meaning of section 270) of the building or structure is incurred on or after 4 December 2002,”, (ii) in subsection (4)(c)— (I) in subparagraph (i) by deleting “or” after “1994,”, (II) in subparagraph (ii) by inserting “or” after “1994,”, and (III) by inserting the following after subparagraph (ii): “(iii) subject to subsection (8), 25 years beginning with the time when the building or structure was first used, in the case where the capital expenditure on the construction (within the meaning of section 270) of the building or structure is incurred on or after 4 December 2002,”, and (iii) by inserting the following after subsection (7): “(8) Subsections (3)(c)(iii) and (4)(c)(iii) (as inserted by the Finance Act 2003) shall not apply as respects capital expenditure incurred on or before 31 December 2004 on the construction or refurbishment of a building or structure if— (a) (i) a planning application (not being an application for outline permission within the meaning of section 36 of the Planning and Development Act 2000 ) in respect of the building or structure is made in accordance with the Planning and Development Regulations 2001 to 2002, (ii) an acknowledgement of the application, which confirms that the application was received on or before 31 May 2003, is issued by the planning authority in accordance with article 26(2) of the Planning and Development Regulations 2001 ( S.I. No. 600 of 2001 ), and (iii) the application is not an invalid application in respect of which a notice is issued by the planning authority in accordance with article 26(5) of those regulations,

(b) (i) a planning application in respect of the building or structure was made in accordance with the Local Government (Planning and Development) Regulations 1994 ( S.I. No. 86 of 1994 ), not being an application for outline permission within the meaning of article 3 of those regulations, (ii) an acknowledgement of the application, which confirms that the application was received on or before 10 March 2002, was issued by the planning authority in accordance with article 29(2)(a) of the regulations referred to in subparagraph (i), and (iii) the application was not an invalid application in respect of which a notice was issued by the planning authority in accordance with article 29(2)(b)(i) of those regulations, or (c) (i) the construction or refurbishment of the building or structure is a development in respect of which an application for a certificate under section 25

or (c) (i) the construction or refurbishment of the building or structure is a development in respect of which an application for a certificate under section 25

Amendment of Part 10 (income tax and corporation tax: reliefs for renewal and improvement of certain urban areas, certain resort areas and certain islands) of Principal Act.

26.—Part 10 of the Principal Act is amended— (a) in section 372A— (i) in subsection (1), in the definition of “relevant local authority”, by substituting the following for paragraph (a): “(a) in relation to a qualifying area— (i) the county council or the city council or the borough council or, where appropriate, the town council, within the meaning of the Local Government Act 2001 , in whose functional area the area is situated, or (ii) the authorised company (within the meaning of section 3

Amendment of Chapter 7 (qualifying areas) of Part 10 of Principal Act.

27.—(1) Chapter 7 of Part 10 of the Principal Act is amended— (a) in section 372A(1) by inserting the following after the definition of “existing building”: “ ‘facade’, in relation to a building or structure or part of a building or structure, means the exterior wall of the building or structure or, as the case may be, the part of the building or structure which fronts on to a street;”, (b) in section 372B— (i) by substituting the following for paragraph (b) of subsection (1): “(b) where such an area or areas is or are to be a qualifying area— (i) for the purposes of section 372D— (I) one or more of the categories of building or structure mentioned in subsection (2) shall or shall not be a qualifying premises within the meaning of that section, and (II) that area or those areas shall be a qualifying area for the purposes of either or both the construction of, and the refurbishment of, a qualifying premises within the meaning of that section; (ii) for the purposes of section 372AR, that area or those areas shall be a qualifying area for the purposes of one or more of the following: (I) the construction of, (II) the conversion into, and (III) the refurbishment (within the meaning of Chapter 11 of this Part) of, a qualifying premises (within the meaning of that Chapter),”, (ii) by substituting the following for subsection (2): “(2) The categories of building or structure referred to in subsection (1)(b)(i)(I) shall be— (a) buildings or structures which consist of office accommodation, (b) multi-storey car parks, (c) any other buildings or structures and in respect of which not more than 10 per cent of the capital expenditure incurred in the qualifying period on their construction or refurbishment relates to the construction or refurbishment of office accommodation, (d) the facade of a building or structure or part of a building or structure referred to in paragraph (a), (e) the facade of a building or structure or part of a building or structure referred to in paragraph (c).”, and (iii) by inserting the following after subsection (2): “(2A) The power to make an order under subsection (1) includes the power to amend or revoke the order.”, (c) in section 372BA by inserting the following after subsection (2): “(2A) The power to make an order under subsection (1) includes the power to amend or revoke the order.”, (d) in section 372D— (i) in subsection (2)(a), by substituting the following for subparagraph (ii): “(ii) where any activity— (I) carried on in the qualifying premises, or (II) in a case where the facade of a building or structure or part of a building or structure is a qualifying premises, carried on in the building or structure or the part of the building or structure,

is not a trade, as if it were a trade.”, and (ii) in subsection (3A)— (I) by substituting the following for paragraph (a)(ii): “(ii) apart from the capital expenditure incurred in the qualifying period on the construction or refurbishment of the qualifying premises, expenditure is incurred on the upper floor or floors of the existing building or the replacement building, as the case may be, which is— (I) eligible expenditure within the meaning of Chapter 11 of this Part (being eligible expenditure on necessary construction, or conversion expenditure or refurbishment expenditure within the meaning of that Chapter), or (II) qualifying expenditure within the meaning of Chapter 11 of this Part (being qualifying expenditure on necessary construction, on conversion or on refurbishment within the meaning of that Chapter), and in respect of which a deduction has been given, or would on due claim being made be given, under section 372AP or 372AR.”, and (II) by substituting the following for paragraph (b): “(b) Notwithstanding paragraph (a), subsection (2) shall not apply in relation to so much (if any) of the capital expenditure incurred in the qualifying period on the construction or refurbishment of the qualifying premises as exceeds the amount of the deduction, or the aggregate amount of the deductions, which has been given, or which would on due claim being made be given, under section 372AP or 372AR in respect of the eligible expenditure referred to in paragraph (a)(ii)(I) or the qualifying expenditure referred to in paragraph (a)(ii)(II).”, and (e) in section 372K— (i) in subsection (1), by substituting the following for paragraph (c): “(c) in respect of expenditure incurred on or after 1 January 2003 on the construction or refurbishment of any building or structure or qualifying premises provided for the purposes of a project which is subject to the notification requirements of— (i) the ‘Multisectoral framework on regional aid for large investment projects’1 prepared by the Commission of the European Communities and dated 7 April 1998, or (ii) the ‘Multisectoral framework on regional aid for large investment projects’2 prepared by the Commission of the European Communities and dated 19 March 2002, as the case may be, unless approval of the potential capital allowances involved has been received from that Commission by the Minister for Finance, or by such other Minister of the Government, agency or body as may be nominated for that purpose by the Minister for Finance.”, and (ii) in subsection (2), by substituting “sections 372C and 372D” for “sections 372C, 372D, 372G and 372H”.

Amendment of section 372T (non-application of relief in certain circumstances and provision against double relief) of Principal Act.

28.—Section 372T(1) of the Principal Act is amended by inserting the following after paragraph (aa): “(ab) in respect of expenditure incurred on or after 1 January 2003 on the construction or refurbishment of any building or structure or qualifying premises provided for the purposes of a project which is subject to the notification requirements of— (i) the ‘Multisectoral framework on regional aid for large investment projects’1 prepared by the Commission of the European Communities and dated 7 April 1998, or (ii) the ‘Multisectoral framework on regional aid for large investment projects’2 prepared by the Commission of the European Communities and dated 19 March 2002, as the case may be, unless approval of the potential capital allowances involved has been received from that Commission by the Minister for Finance, or by such other Minister of the Government, agency or body as may be nominated for that purpose by the Minister for Finance,”.

Amendment of Chapter 10 (designated areas of certain towns) of Part 10 of Principal Act.

29.—(1) Chapter 10 of Part 10 of the Principal Act is amended—