(b) where, but for this Chapter, no assessment to tax would be made on that individual for the year, the provisions of the Tax Acts, including in particular those provisions relating to the assessment, collection and recovery of tax and the payment of interest on unpaid tax, shall apply as respects any tax due by virtue of this subsection.”.
\nSCHEDULE 25B List of Specified Reliefs and Method of Determining Amount of Specified Relief Used in a Tax Year Reference Number Specified Relief Amount of Specified Relief used in a Tax Year
\n(1)
\n(2)
\nSo much of any distribution made out of exempt profits (within the meaning of section 140) as is received by the individual in the tax year.
\n2.
\nSo much of any distribution made out of disregarded income (within the meaning of section 141) or treated as a distribution made out of disregarded income as is received by the individual in the tax year and to which distribution section 141(3)(a)(i) applies for that year.
\n3.
\nSo much of any distribution made out of exempted income (within the meaning of section 142) as is received by the individual in the tax year.
\n4.
\nSo much of any distribution made out of relieved income (within the meaning of section 143) as is received by the individual in the tax year.
\n5.
\nSo much of any profits or gains arising to the individual for the tax year from the publication, production or sale, as the case may be, of— (a) a work or works in relation to which the Revenue Commissioners have made a determination under clause (I) or (II) of subsection (2)(a)(ii) of section 195, or (b) a work of the individual in the same category as that work.
\n6.
\nSo much of any profits or gains arising for the tax year— (a) to the owner of a stallion, which is ordinarily kept on land in the State, from the sale of services of mares within the State by the stallion, or (b) to the part-owner of such a stallion from the sale of such services or of rights to such services, or (c) to the part-owner of a stallion, which is ordinarily kept on land outside the State, from the sale of services of mares by the stallion or of rights to such services, where the part-owner carries on in the State a trade which consists of or includes bloodstock breeding and it is shown to the satisfaction of the inspector, or on appeal to the satisfaction of the Appeal Commissioners, that the part-ownership of the stallion was acquired and is held primarily for the purposes of the service by the stallion of mares owned or partly-owned by the part-owner of the stallion in the course of that trade.
\n7.
\nSo much of any profits or gains arising to the individual for the tax year from the occupation (within the meaning of section 232) of woodlands (within the meaning of that section) managed on a commercial basis and with a view to the realisation of profits.
\n8.
\nSo much of any profits or gains arising for the tax year— (a) to the owner of a stud greyhound, which is ordinarily kept in the State, from the sale of services of greyhound bitches within the State by the stud greyhound, or (b) to the part-owner of such a stud greyhound from the sale of such services or of rights to such services, or (c) to the part-owner of a stud greyhound, which is ordinarily kept outside the State, from the sale of services of greyhound bitches by the stud greyhound or of rights to such services, where the part-owner carries on in the State a trade which consists of or includes greyhound breeding and it is shown to the satisfaction of the inspector, or on appeal to the satisfaction of the Appeal Commissioners, that the part-ownership of the stud greyhound was acquired and is held primarily for the purposes of the service by the stud greyhound of greyhound bitches owned or partly-owned by the part-owner of the stud greyhound in the course of that trade.
\n9.
\nSo much of any income from a qualifying patent (within the meaning of section 234) arising to the individual for the tax year that the individual is entitled to have disregarded for the purposes of the Income Tax Acts in accordance with section 234(2)(a).
\n10.
\nThe amount of any payment of interest by the individual in the tax year, being interest eligible for relief under section 248 for the tax year in which the interest is paid, which is deducted from or set off against the income of the individual for that year.
\n11.
\nSection 248 (relief for interest paid on loans used to acquire an interest in a company) as extended by section 250 (extension of relief under section 248 to certain individuals in relation to loans applied in acquiring interest in certain companies).
\nThe amount of any payment of interest by the individual in the tax year, being interest eligible for relief under section 248 as extended by section 250 for the tax year in which the interest is paid, which is deducted from or set off against the income of the individual for that year.
\n12.
\nThe amount of any payment of interest by the individual in the tax year, being interest eligible for relief under section 253 for the tax year in which the interest is paid, which is deducted from or set off against the income of the individual for that year.
\n13.
\nAn amount equal to— (a) the aggregate amount of writing-down allowances (within the meaning of section 272) made to the individual for the tax year under section 272, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, in respect of the following buildings or structures: (i) an industrial building or structure within the meaning of— (I) section 268(1)(d), (II) section 268(1)(g), (III) section 268(1)(i), (IV) section 268(1)(j), (V) section 268(1)(k), (VI) section 268(1)(l) (inserted by the Finance Act 2006), (ii) a building or structure which is deemed to be a building or structure in use for the purposes of the trade of hotel-keeping by virtue of section 268(3), (iii) a building or structure which is deemed to be a building or structure in use for the purposes of a trade referred to in section 268(1)(g) by virtue of section 268(3B), but there shall not be included in the aggregate any allowance referred to in section 272(3)(c)(iii), or (b) where full effect has not been given in respect of the aggregate for that tax year, the part of that aggregate in respect of which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n14.
\nAn amount equal to— (a) the aggregate amount of writing-down allowances (within the meaning of section 272) as increased under section 273 made to the individual for the tax year under section 272 as modified by section 273, including any such increased allowances or part of any such increased allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of the aggregate in respect of which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n15.
\nAn amount equal to— (a) the aggregate amount of balancing allowances (within the meaning of section 274) made to the individual for the tax year under section 274, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, in respect of the following buildings or structures: (i) an industrial building or structure within the meaning of— (I) section 268(1)(d), (II) section 268(1)(g), (III) section 268(1)(i), (IV) section 268(1)(j), (V) section 268(1)(k), (VI) section 268(1)(l) (inserted by the Finance Act 2006), (ii) a building or structure which is deemed to be a building or structure in use for the purposes of the trade of hotel-keeping by virtue of section 268(3), (iii) a building or structure which is deemed to be a building or structure in use for the purposes of a trade referred to insection 268(1)(g) byvirtue of section268(3B), (iv) a building or structure in respect of which an allowance under section 272 as increased under section 273 was made, but there shall not be included in the aggregate any balancing allowance made in respect of a building or structure to which section 272(3)(c)(iii) applies, or (b) where full effect has not been given in respect of the aggregate for that year, the part of that aggregate in respect of which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n16.
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 323, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n17.
\nWhere any further deduction is given to the individual for the tax year under section 324(2), the amount by which that deduction reduces the amount of the individual’s profits or gains to be charged to tax under Case I or Case II of Schedule D.
\n18.
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 331, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n19.
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 332, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n20.
\nWhere any further deduction is given to the individual for the tax year under section 333(2), the amount by which that deduction reduces the amount of the individual’s profits or gains to be charged to tax under Case I or Case II of Schedule D.
\n21.
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 341, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n22.
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 342, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n23.
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 343, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n24.
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 344, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n25.
\nWhere any further deduction is given to the individual for the tax year under section 345(3), the amount by which that deduction reduces the amount of the individual’s profits or gains to be charged to tax under Case I or Case II of Schedule D.
\n26.
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 352, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n27.
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 353, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n28.
\nWhere any further deduction is given to the individual for the tax year under section 354(3), the amount by which that deduction reduces the amount of the individual’s profits or gains to be charged to tax under Case I or Case II of Schedule D.
\n29.
\nSection 372C (accelerated capital allowances in relation to construction or refurbishment of certain industrial buildings or structures).
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 372C, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n30.
\nSection 372D (capital allowances in relation to construction or refurbishment of certain commercial premises).
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 372D, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n31.
\nSection 372M (accelerated capital allowances in relation to construction or refurbishment of certain industrial buildings or structures).
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 372M, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n32.
\nSection 372N (capital allowances in relation to construction or refurbishment of certain commercial premises).
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 372N, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n33.
\nSection 372V (capital allowances in relation to construction or refurbishment of certain park and ride facilities).
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 372V, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n34.
\nSection 372W (capital allowances in relation to construction or refurbishment of certain commercial premises).
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 372W, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n35.
\nSection 372AC (accelerated capital allowances in relation to construction or refurbishment of certain industrial buildings or structures).
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 372AC, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n36.
\nSection 372AD (capital allowances in relation to construction or refurbishment of certain commercial premises).
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 372AD, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n37.
\nSection 372AP (relief for lessors).
\nAn amount equal to the lesser of— (a) the aggregate of the amounts the individual deducts in the tax year under section 372AP in computing for the purpose of section 97(1) the amount of a surplus or deficiency in respect of the rent from each qualifying premises (within the meaning of section 372AM) and each special qualifying premises (within the meaning of that section), and (b) the aggregate of the gross amount of each rent received by the individual plus the individual’s total receipts from easements for the tax year less the deductions authorised by section 97(2) to which the individual is entitled for the tax year, other than any deduction authorised by section 372AP, but where both amounts are the same, the amount shall be the amount given under paragraph (a).
\n38.
\nSection 372AU(1) (saver for relief due, and for clawback of relief given under, old schemes).
\nAn amount equal to the lesser of— (a) the aggregate of the amounts the individual deducts in the tax year by virtue of the provisions of section 372AU(1) in computing for the purpose of section 97(1) the amount of a surplus or deficiency in respect of the rent from each premises, and (b) the aggregate of the gross amount of each rent received by the individual plus the individual’s total receipts from easements (in this paragraph referred to as the ‘total rents’) for the tax year less the deductions authorised by section 97(2) to which the individual is entitled for the tax year, including the amount determined under this Schedule as the amount of specified relief in respect of section 372AP but only to the extent that that amount is less than the individual’s total rents for the tax year, but where both amounts are the same, the amount shall be the amount given under paragraph (a).
\n39.
\nTo the extent that any loss or any part of a loss sustained by the individual in the tax year is referable to a further deduction given to the individual under section 324, 333, 345, 354 or paragraph 13 of Schedule 32, the amount of the loss or any portion of the loss that is so referable in respect of which relief is given to the individual for the tax year under section 381 less any amount of such loss as is carried forward under section 382.
\n40.
\nTo the extent that any loss or any part of a loss sustained by the individual in the tax year is referable to capital allowances, being allowances which are specified reliefs, made to the individual for the tax year, the amount of the loss or any portion of the loss that is so referable in respect of which relief is given to the individual for the tax year under section 381 less any amount of such loss as is carried forward under section 382.
\n41.
\nTo the extent that any loss or any part of a loss is referable to capital allowances, being allowances which are specified reliefs, made to the individual for any previous tax year, the amount of the loss or any portion of the loss that is so referable which is carried forward to the tax year under section 382 and in respect of which the individual is given relief under that section for the tax year less any part of that loss for which relief cannot be given under that section for that year.
\n42.
\nTo the extent that any loss or any part of a loss is referable to a specified relief to which the individual is or was entitled to for a tax year, the amount of the loss or any portion of the loss that is so referable in respect of which the individual is given relief under section 383 for that year.
\n43.
\nTo the extent that any loss or any part of a loss is referable to a specified relief, the amount of the loss or any portion of the loss that is so referable in respect of which the individual is given relief under section 384 for the tax year less any part of that loss for which relief cannot be given under that section for that year.
\n44.
\nTo the extent that a terminal loss (within the meaning of section 385) or any part of such a loss is referable to a specified relief, the amount of the loss or any portion of the loss that is so referable in respect of which the individual is given relief under section 385 for the tax year.
\n45.
\nThe amount of a relevant deduction (within the meaning of section 481) that is deducted from the individual’s total income for the tax year under section 481, including any amount of relief carried forward under that section to that year and deducted from the individual’s total income for that year.
\n46.
\nThe amount of qualifying expenditure (within the meaning of section 482) incurred by the individual in the tax year for which relief is given for the tax year under section 381, including any amounts in respect of which relief is given in that year by virtue of section 482(3).
\n47.
\nSection 485F (carry-forward of excess relief).
\nThe total amount deducted from the individual’s total income for the tax year under section 485F in respect of all amounts of excess relief carried forward by the individual to that year under that section.
\n48.
\nThe total amount deducted from the individual’s total income for the tax year under section 489(3) in respect of any amount subscribed for eligible shares by the individual in the tax year, including any amount of relief carried forward under section 490(3) to that year and deducted from the individual’s total income for that year.
\n49.
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 843, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n50.
\nSection 843A (capital allowances for buildings used for certain childcare purposes).
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as that Chapter is applied by section 843A, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n51.
\nSection 847A (donations to certain sports bodies).
\nThe amount of a relevant donation (within the meaning of section 847A) made by an individual in a relevant year of assessment (within the meaning of that section) which is deducted from the individual’s total income in the tax year.
\n52.
\nSection 848A (donations to approved bodies).
\nThe amount of a relevant donation (within the meaning of section 848A) made by an individual in a relevant year of assessment (within the meaning of that section) which is deducted from the individual’s total income for the tax year.
\n53.
\nParagraph 11 (Urban Renewal Scheme, 1986— capital allowances in relation to certain commercial premises in designated areas other than the Customs House Docks Area) of Schedule 32.
\nAn amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual for the tax year under Chapter 1 of Part 9 as applied by virtue of paragraph 11 of Schedule 32, including any such allowances or part of any such allowances made to the individual for a previous tax year and carried forward from that previous year in accordance with Part 9, or (b) where full effect has not been given in respect of that aggregate for that tax year, the part of that aggregate to which full effect has been given for that tax year in accordance with section 278 and section 304 or 305, as the case may be, or any of those sections as applied or modified by any other provision of the Tax Acts.
\n54.
\nParagraph 13 (Urban Renewal Scheme, 1986— double rent allowance in relation to certain premises in designated areas other than the Customs House Docks Area) of Schedule 32.
\nWhere any further deduction is given to the individual for the tax year by virtue of paragraph 13 of Schedule 32, the amount by which that deduction reduces the amount of the individual’s profits or gains to be charged to tax under Case I or Case II of Schedule D. ”.
\nIncome Tax, Corporation Tax and Capital Gains Tax Amendment of section 481 (relief for investment in films) of Principal Act.
\n18.— (1) Section 481 of the Principal Act is amended— (a) by substituting the following for subsection (2)(c): “(c) The specified percentage shall not exceed 80 per cent but, in any case to which this paragraph relates, the total cost of production of the film which is met by relevant investments shall not exceed €35,000,000.”, and (b) by inserting the following after subsection (22): “(22A) Any functions which are authorised by this section to be performed or discharged by the Revenue Commissioners may be performed or discharged by an authorised officer and any references in this section to the Revenue Commissioners shall, with any necessary modifications, be construed as including references to the authorised officer.”.
\nAmendment of section 659 (farming: allowances for capital expenditure on the construction of farm buildings etc., for control of pollution) of Principal Act.
\n19.— Section 659 of the Principal Act is amended in subsection (3B)(a) by substituting the following for the definition of “residual amount”: “ ‘residual amount’, in relation to capital expenditure incurred in a chargeable period, means an amount equal to 50 per cent of that expenditure or— (i) €31,750, where incurred in a chargeable period ending before 1 January 2006, and (ii) €50,000, in any other case, whichever is the lesser;”.
\nDonation of designated securities to approved bodies.
\n20.— (1) The Principal Act is amended— (a) in section 611(1)(a) by substituting “Subject to section 848A, where a disposal of an asset” for “Where a disposal of an asset”, and (b) in section 848A— (i) in subsection (1)(a)— (I) by inserting the following after the definition of “approved body”: “ ‘designated securities’ means— (i) shares (including stock), and (ii) debentures, of a class quoted on a recognised stock exchange;”, and (II) by substituting the following for the definition of “relevant donation”: “ ‘relevant donation’ means, subject to subsection (3A), a donation which satisfies the requirements of subsection (3) and takes the form of the payment or the donation, as the case may be, by a person (in this section referred to as the ‘donor’) of either or both— (i) a sum or sums of money, and (ii) designated securities, valued at their market value at the time the donation is made, amounting to, in aggregate, at least €250 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;”, and (ii) by inserting the following after subsection (9): “(9A) Section 611 does not apply to a disposal of an asset, being a relevant donation for the purposes of this section, where— (a) a claim for relief from tax, or (b) a claim for repayment of tax, is made under this section in respect of that relevant donation.”.
\nAmendment of section 373 (interpretation (Part 11)) of Principal Act.
\n21.— Section 373 of the Principal Act is amended in subsection (2)— (a) by substituting “1 January 2002;” for “1 January 2002.” in paragraph (n)(ii), and (b) by inserting the following after paragraph (n): “(o) €23,000, where the expenditure was incurred— (i) in an accounting period ending on or after 1 January 2006, or (ii) in a basis period for a year of assessment, where that basis period ends on or after 1 January 2006.”.
\nAmendment of Chapter 3 (income tax and corporation tax) of Part 7 (income tax and corporation tax exemptions) of Principal Act.
\n22.— Chapter 3 of Part 7 of the Principal Act is amended— (a) in section 231 by inserting the following after subsection (3): “(4) Subsections (1) to (3) do not apply to any profits or gains arising after 31 July 2008 to an owner or a part-owner of a stallion.”, and (b) in section 233 by inserting the following after subsection (4): “(5) Subsections (1) to (4) do not apply to any profits or gains arising after 31 July 2008 to an owner or a part-owner of a stud greyhound.”.
\nAmendment of Schedule 26A (donations to approved bodies, etc.) to Principal Act.
\n23.— Schedule 26A to the Principal Act is amended in Part 1 by inserting the following after paragraph 19: “20. The company designated by the Minister for Finance by order under section 122
\nAmendment of section 817 (schemes to avoid liability to tax under Schedule F) of Principal Act.
\n24.— (1) Section 817 of the Principal Act is amended by substituting the following for subsection (2): “(2) This section shall apply for the purposes of counteracting any scheme or arrangement undertaken or arranged by a close company, or to which the close company is a party, being a scheme or arrangement the purpose of which, or one of the purposes of which, is to secure that any shareholder in the close company avoids or reduces a charge or assessment to income tax under Schedule F by directly or indirectly extracting, or enabling such extracting of, either or both money and money’s worth from the close company, for the benefit of the shareholder, without the close company paying a dividend, or (apart from subsection (4)) making a distribution, chargeable to tax under Schedule F.”.
\nResidential reliefs — various schemes.
\n25.— Chapter 11 of Part 10 of the Principal Act is amended— (a) in section 372AL— (i) in subsection (1) in the definition of “qualifying period”— (I) in paragraph (a)— (A) by substituting “31 December 2006, or” for “31 July 2006,” in subparagraph (ii), and (B) by inserting the following after subparagraph (ii): “(iii) where subsections (2) and (3) apply, 31 July 2008,”, (II) in paragraph (b) by substituting “ending on 31 December 2006 or, where subsections (1A) and (3) apply, ending on 31 July 2008” for “ending on 31 July 2006”, (III) in paragraphs (c)(i) and (c)(ii) by substituting “ending on 31 December 2006 or, where subsections (1A) and (3) apply, ending on 31 July 2008” for “ending on 31 July 2006”, (IV) in paragraph (d) by substituting “ending on 31 December 2006 or, where subsections (1A) and (3) apply, ending on 31 July 2008” for “ending on 31 July 2006”, (V) in paragraph (e) by substituting “ending on 31 December 2006 or, where subsections (1A) and (3) apply, ending on 31 July 2008” for “ending on 31 July 2006”, (VI) in paragraph (f)— (A) by substituting “31 December 2006, or” for “31 July 2006.” in subparagraph (ii), and (B) by inserting the following after subparagraph (ii): “(iii) where subsections (1A) and (3) apply, 31 July 2008,”, and (VII) in paragraph (g) by substituting “commencing on 6 April 2001 and ending on 31 July 2008” for “commencing on 6 April 2001”, and (ii) by inserting the following after subsection (2): “(3) This subsection shall apply in relation to the construction, conversion or refurbishment of a building or part of a building which fronts on to a qualifying street or the site of which is wholly within a tax incentive area where— (a) the person who is constructing, converting or, as the case may be, refurbishing the building or the part of the building has, on or before 31 December 2006, carried out work to the value of not less than 15 per cent of the actual construction, conversion or, as the case may be, refurbishment costs of the building or the part of the building, and (b) the person referred to in paragraph (a) or, where the building or the part of the building is sold by that person, the person who is claiming a deduction under section 372AP or under section 372AR, as the case may be, can show that the condition in paragraph (a) was satisfied.”, and (b) in section 372AS by inserting the following after subsection (1): “(1A) (a) Where a person incurs eligible expenditure or qualifying expenditure at any time in the period 1 January 2006 to 31 July 2008 on or in relation to a qualifying premises or a special qualifying premises the amount of eligible expenditure or qualifying expenditure which is to be treated under subsection (1) as having been incurred in the qualifying period for the purposes of granting a deduction under section 372AP or under section 372AR, as the case may be, shall be reduced—
\n(i) in the case of expenditure incurred in the period 1 January 2007 to 31 December 2007, to 75 per cent, and (ii) in the case of expenditure incurred in the period 1 January 2008 to 31 July 2008, to 50 per cent, of the amount which, apart from this subsection, would otherwise be so treated and, for those purposes, references in this Chapter to expenditure which is to be treated under section 372AS(1) as having been incurred in the qualifying period shall be construed accordingly. (b) For the purposes of paragraph (a) and in determining whether and to what extent eligible expenditure or qualifying expenditure is incurred or not incurred on or in relation to a qualifying premises or a special qualifying premises in— (i) the period from 1 January 2006 to 31 December 2006, (ii) the period from 1 January 2007 to 31 December 2007, or (iii) the period from 1 January 2008 to 31 July 2008, only such an amount of that expenditure as is properly attributable to work on the construction of, conversion into, or refurbishment of, the qualifying premises or, as the case may be, the refurbishment of the special qualifying premises actually carried out in such a period shall be treated as having been incurred in that period.”.
\nRestriction of expenditure incurred on the construction and refurbishment of certain industrial and commercial buildings.
\n26.— (1) Part 9 of the Principal Act is amended— (a) in section 270, by inserting the following after subsection (3): “(4) This subsection applies where capital expenditure on the construction or refurbishment of a building or structure (or, in the case of section 843, qualifying expenditure within the meaning of that section) is incurred at any time in the period from 1 January 2006 to 31 July 2008 and the building or structure— (a) is, or by virtue of section 268(3) is deemed to be, an industrial building or structure within the meaning of section 268(1)(d), (b) is an industrial building or structure within the meaning of section 268(1)(k), (c) is a qualifying multi-storey car park within the meaning of section 344, (d) is a building or structure to which section 372C applies or a qualifying premises within the meaning of section 372D, (e) is a building or structure to which section 372M applies or a qualifying premises within the meaning of section 372N, (f) is a qualifying park and ride facility within the meaning of section 372U or a qualifying premises within the meaning of section 372W, (g) is a building or structure to which section 372AC applies or a qualifying premises within the meaning of section 372AD, (h) is a qualifying premises within the meaning of section 843, or (i) is a qualifying residential unit within the meaning of section 268(3A).
\n(d) The provisions of this subsection shall apply prior to the application of the provisions of subsections (5) and (6) and where the provisions of this subsection apply to reduce the amount of capital expenditure which is to be treated as incurred in the period from 1 January 2007 to 31 July 2008, such reduction shall be made in relation to expenditure incurred in the period from 1 January 2008 to 31 July 2008 in priority to the period from 1 January 2007 to 31 December 2007. (e) Where a building or structure to which this subsection applies is sold by the person who constructed or refurbished the building or structure, such person shall, at the time of such sale, supply the purchaser with a copy of the certificate referred to in paragraph (b)(i) for the purposes of the making of a claim by the purchaser under any of the provisions of this Part.”, and (b) in section 316— (i) in subsection (2A), by substituting “31 July 2008” for “31 July 2006” in each place where it occurs, and (ii) by inserting the following after subsection (2A): “(2B) For the purposes only of determining, in relation to a claim for an allowance under this Part, whether and to what extent capital expenditure incurred on the construction or refurbishment of a building or structure referred to in paragraph (a), (b), (c), (d), (e), (f), (g), (h) or (i) of section 270(4) (as inserted by the Finance Act 2006) is incurred or not incurred in— (a) (i) where section 270(4)(i) applies, the period from 1 January 2006 to 24 March 2007, and (ii) in any other case, the period from 1 January 2006 to 31 December 2006, (b) (i) where section 270(4)(i) applies, the period from 25 March 2007 to 31 December 2007, and (ii) in any other case, the period from 1 January 2007 to 31 December 2007, or (c) the period from 1 January 2008 to 31 July 2008, only such an amount of that capital expenditure as is properly attributable to work on the construction or refurbishment of the building or structure actually carried out in such a period shall (notwithstanding subsection (2) and any other provision of the Tax Acts as to the time when any capital expenditure is or is to be treated as incurred) be treated as having been incurred in that period.”.
\nCapital allowances for hotels, holiday camps and holiday cottages.
\n27.— (1) Chapter 1 of Part 9 of the Principal Act is amended— (a) in section 268(13)— (i) in paragraph (a) by substituting “subject to paragraphs (b) and (c)” for “subject to paragraph (b)”, (ii) in paragraph (b) by substituting “31 December 2006” for “31 July 2006”, and (iii) by inserting the following after paragraph (b): “(c) This subsection shall not apply as respects expenditure incurred on or before 31 July 2008 on the construction or refurbishment of a holiday cottage if— (i) the conditions of subparagraph (i), (ii) or (iii), as the case may be, of paragraph (b) have been satisfied, (ii) subject to paragraphs (a) and (b) of section 270(7)— (I) the person who is constructing or refurbishing the holiday cottage has, on or before 31 December 2006, carried out work to the value of not less than 15 per cent of the actual construction or, as the case may be, refurbishment costs of the holiday cottage, and (II) the person referred to in clause (I) or, where the holiday cottage is sold by that person, the person who is claiming a deduction under this Chapter in relation to the expenditure incurred, can show that the condition in clause (I) was satisfied, (iii) a binding contract in writing under which expenditure on the construction or refurbishment of the holiday cottage is incurred was in existence on or before 31 July 2006, and (iv) such other conditions, as may be specified in regulations made for the purposes of this subparagraph by the Minister for Finance, have been satisfied; but such conditions shall be limited to those necessary to ensure compliance with the laws of the European Communities governing State aid or with a decision of the Commission of the European Communities as to whether aid to which this subsection relates is compatible with the common market having regard to Article 87 of the European Communities Treaty.”, (b) in section 272— (i) in subsections (3)(c)(iii) and (4)(c)(iii) by substituting “subject to subsections (8) and (9)” for “subject to subsection (8)”, (ii) in subsection (8) by substituting “31 December 2006” for “31 July 2006”, and (iii) by inserting the following after subsection (8): “(9) Subsections (3)(c)(iii) and (4)(c)(iii) shall not apply as respects capital expenditure incurred on or before 31 July 2008 on the construction or refurbishment of a building or structure if— (a) the conditions of paragraph (a), (b), (ba) or (c), as the case may be, of subsection (8) have been satisfied, (b) subject to paragraphs (a) and (b) of section 270(7)—
\n(i) the person who is constructing or refurbishing the building or structure has, on or before 31 December 2006, carried out work to the value of not less than 15 per cent of the actual construction or, as the case may be, refurbishment costs of the building or structure, and (ii) the person referred to in subparagraph (i) or, where the building or structure is sold by that person, the person who is claiming a deduction under this Chapter in relation to the expenditure incurred, can show that the condition in subparagraph (i) was satisfied, (c) a binding contract in writing under which expenditure on the construction or refurbishment of the building or structure is incurred was in existence on or before 31 July 2006, and (d) such other conditions, as may be specified in regulations made for the purposes of this paragraph by the Minister for Finance, have been satisfied; but such conditions shall be limited to those necessary to ensure compliance with the laws of the European Communities governing State aid or with a decision of the Commission of the European Communities as to whether aid to which this subsection relates is compatible with the common market having regard to Article 87 of the European Communities Treaty.”, and (c) in section 274— (i) in subsection (1)(b)(iii)(III) by substituting “subject to subsections (1A) and (1B)” for “subject to subsection (1A)”, (ii) in subsection (1A) by substituting “31 December 2006” for “31 July 2006”, and (iii) by inserting the following after subsection (1A): “(1B) Subsection (1)(b)(iii)(III) shall not apply as respects capital expenditure incurred on or before 31 July 2008 on the construction or refurbishment of a building or structure if— (a) the conditions of paragraph (a), (b), (ba) or (c), as the case may be, of subsection (1A) have been satisfied, (b) subject to paragraphs (a) and (b) of section 270(7)— (i) the person who is constructing or refurbishing the building or structure has, on or before 31 December 2006, carried out work to the value of not less than 15 per cent of the actual construction or, as the case may be, refurbishment costs of the building or structure, and (ii) the person referred to in subparagraph (i) or, where the building or structure is sold by that person, the person who is claiming a deduction under this Chapter in relation to the expenditure incurred, can show that the condition in subparagraph (i) was satisfied, (c) a binding contract in writing under which expenditure on the construction or refurbishment of the building or structure is incurred was in existence on or before 31 July 2006, and
\n(d) such other conditions, as may be specified in regulations made for the purposes of this paragraph by the Minister for Finance, have been satisfied; but such conditions shall be limited to those necessary to ensure compliance with the laws of the European Communities governing State aid or with a decision of the Commission of the European Communities as to whether aid to which this subsection relates is compatible with the common market having regard to Article 87 of the European Communities Treaty.”,
\nCapital allowances for sports injuries clinics.
\n28.— Section 268 of the Principal Act is amended— (a) in subsection (2B)— (i) in paragraph (f), by substituting “during the period of 10 years beginning with the time referred to in section 272(4)(h)” for “during the period of 7 years referred to in section 272(4)(h)”, and (ii) in paragraph (I) by inserting “subject to paragraph (II),” before “includes”, (b) in subsection (9), by substituting the following for paragraph (h): “(h) by reference to paragraph (k), as respects capital expenditure incurred in the period commencing on 15 May 2002 and ending on 31 December 2006 or, where subsection (16) applies, ending on 31 July 2008.”, and (c) by inserting the following after subsection (15): “(16) This subsection shall apply in relation to the construction or refurbishment of a qualifying sports injuries clinic where— (a) the person who is constructing or refurbishing the clinic has, on or before 31 December 2006, carried out work to the value of not less than 15 per cent of the actual construction or, as the case may be, refurbishment costs of the clinic, and (b) the person referred to in paragraph (a) or, where the clinic is sold by that person, the person who is claiming a deduction under this Chapter in relation to the expenditure incurred, can show that the condition in paragraph (a) was satisfied.”.
\nCapital allowances for multi-storey car parks.
\n29.— (1) Section 344 of the Principal Act is amended— (a) in subsection (1), in the definition of “qualifying period”— (i) in paragraph (c) by substituting “31 December 2006” for “31 July 2006” and “the purposes of this definition, or” for “the purposes of this definition;”, and (ii) by inserting the following after paragraph (c): “(d) 31 July 2008, where in relation to the construction or refurbishment of the qualifying multi-storey car park— (i) the relevant local authority has issued the certificate referred to in paragraph (c) on or before 31 December 2003, and (ii) (I) the person who is constructing or refurbishing the qualifying multi-storey car park has, on or before 31 December 2006, carried out work to the value of not less than 15 per cent of the actual construction or, as the case may be, refurbishment costs of the qualifying multi-storey car park, and (II) the person referred to in clause (I) or, where the qualifying multi-storey car park is sold by that person, the person who is claiming a deduction under Chapter 1 of Part 9 in relation to the expenditure incurred, can show that the condition in clause (I) was satisfied;”, and (b) in subsection (2)(a), by substituting “Subject to subsections (3) to (6A) and (as inserted by the Finance Act 2006) sections 270(4), 270(5), 270(6) and 316(2B)” for “Subject to subsections (3) to (6A)”.
\nCapital allowances for industrial and commercial premises in urban renewal areas and commercial premises on living over the shop streets.
\n30.— (1) Chapter 7 of Part 10 of the Principal Act is amended— (a) in section 372A— (i) in subsection (1), in the definition of “qualifying period”— (I) in paragraph (a): (A) by substituting “31 December 2006, or” for “31 July 2006,” in subparagraph (ii); and (B) by inserting the following after subparagraph (ii): “(iii) where subsections (1A) and (3) apply, 31 July 2008,”, (II) in paragraph (b): (A) by substituting “31 December 2006, or” for “31 July 2006;” in subparagraph (ii); and (B) by inserting the following after subparagraph (ii): “(iii) where subsections (1B) and (3) apply, 31 July 2008;”, and (ii) by inserting the following after subsection (2): “(3) Subject to paragraphs (a) and (b) of section 270(7), this subsection shall apply in relation to the construction or refurbishment of a building or structure or a part of a building or structure which fronts on to a qualifying street or the site of which is wholly within a qualifying area where— (a) the person who is constructing or refurbishing the building or structure or the part of the building or structure has, on or before 31 December 2006, carried out work to the value of not less than 15 per cent of the actual construction or, as the case may be, refurbishment costs of the building or structure or the part of the building or structure, and (b) the person referred to in paragraph (a) or, where the building or structure or the part of the building or structure is sold by that person, the person who is claiming a deduction under Chapter 1 of Part 9 in relation to the expenditure incurred, can show that the condition in paragraph (a) was satisfied, and (c) in the case of a building or structure or a part of a building or structure the site of which is wholly within a qualifying area where— (i) a binding contract in writing under which expenditure on the construction or refurbishment of the building or structure or the part of a building or structure is incurred was in existence on or before 31 July 2006, and (ii) such other conditions, as may be specified in regulations made for the purposes of this subparagraph by the Minister for Finance, have been satisfied; but such conditions shall be limited to those necessary to ensure compliance with the laws of the European Communities governing State aid or with a decision of the Commission of the European Communities as to whether aid to which this subsection relates is compatible with the common market having regard to Article 87 of the European Communities Treaty.”, (b) in section 372B(1)—
\n(i) in paragraph (c): (I) by substituting “31 December 2006, or” for “31 July 2006,” in subparagraph (ii); and (II) by inserting the following after subparagraph (ii): “(iii) where subsections (1A) and (3) of section 372A apply, 31 July 2008,”, (ii) in paragraph (d): (I) by substituting “31 December 2006, or” for “31 July 2006.” in subparagraph (ii); and (II) by inserting the following after subparagraph (ii): “(iii) where subsections (2) and (3) of section 372AL apply, 31 July 2008.”, (c) in section 372BA(1)— (i) in paragraph (bb): (I) by substituting “31 December 2006, or” for “31 July 2006,” in subparagraph (ii); and (II) by inserting the following after subparagraph (ii): “(iii) where subsections (1B) and (3) of section 372A apply, 31 July 2008,”, (ii) in paragraph (c): (I) by substituting “in section 372AL” for “in section 372A”; (II) by substituting “31 December 2006, or” for “31 July 2006.” in subparagraph (ii); and (III) by inserting the following after subparagraph (ii): “(iii) where subsections (1A) and (3) of section 372AL apply, 31 July 2008.”, (d) in section 372C, in subsections (2) and (3), by substituting “Subject to subsection (4) and (as inserted by the Finance Act 2006) sections 270(4), 270(5), 270(6), 270(7) and 316(2B)” for “Subject to subsection (4)”, and (e) in section 372D(2)(a), by substituting “Subject to paragraph (b), subsections (3) to (5) and (as inserted by the Finance Act 2006) sections 270(4), 270(5), 270(6), 270(7) and 316(2B)” for “Subject to paragraph (b) and subsections (3) to (5)”.
\nCapital allowances for industrial and commercial premises in rural renewal areas.
\n31.— (1) Chapter 8 of Part 10 of the Principal Act is amended— (a) in section 372L— (i) in subsection (1) in the definition of “qualifying period”— (I) in subparagraph (ii) of paragraph (a), by substituting “31 December 2006, or” for “31 July 2006,” and (II) by inserting the following after subparagraph (ii) of paragraph (a): “(iii) where subsections (2) and (3) apply, 31 July 2008;”, and (ii) by inserting the following after subsection (2): “(3) Subject to paragraphs (a) and (b) of section 270(7), this subsection shall apply in relation to the construction or refurbishment of a building or structure the site of which is wholly within a qualifying rural area where— (a) the person who is constructing or refurbishing the building or structure has, on or before 31 December 2006, carried out work to the value of not less than 15 per cent of the actual construction or, as the case may be, refurbishment costs of the building or structure, (b) the person referred to in paragraph (a) or, where the building or structure is sold by that person, the person who is claiming a deduction under Chapter 1 of Part 9 in relation to the expenditure incurred, can show that the condition in paragraph (a) was satisfied, (c) a binding contract in writing, under which expenditure on the construction or refurbishment of the building or structure is incurred, was in existence on or before 31 July 2006, and (d) such other conditions, as may be specified in regulations made for the purposes of this paragraph by the Minister for Finance, have been satisfied; but such conditions shall be limited to those necessary to ensure compliance with the laws of the European Communities governing State aid or with a decision of the Commission of the European Communities as to whether aid to which this subsection relates is compatible with the common market having regard to Article 87 of the European Communities Treaty.”, (b) in section 372M, in subsections (2) and (3), by substituting “Subject to subsection (4) and (as inserted by the Finance Act 2006) sections 270(4), 270(5), 270(6), 270(7) and 316(2B)” for “Subject to subsection (4)”, and (c) in section 372N(2)(a), by substituting “Subject to paragraph (b), subsections (3) to (5) and (as inserted by the Finance Act 2006) sections 270(4), 270(5), 270(6), 270(7) and 316(2B)” for “Subject to paragraph (b) and subsections (3) to (5)”.
\nCapital allowances for park and ride facilities and related commercial premises.
\n32.— (1) Chapter 9 of Part 10 of the Principal Act is amended— (a) in section 372U— (i) in subsection (1) in the definition of “qualifying period”— (I) in paragraph (b), by substituting “31 December 2006, or” for “31 July 2006;” and (II) by inserting the following after paragraph (b): “(c) where subsections (1A) and (3) apply, 31 July 2008;”, and (ii) by inserting the following after subsection (2): “(3) This subsection shall apply in relation to the construction or refurbishment of a building or structure which is a qualifying park and ride facility or a qualifying premises (within the meaning of section 372W(1)) where— (a) the person who is constructing or refurbishing the building or structure has, on or before 31 December 2006, carried out work to the value of not less than 15 per cent of the actual construction or, as the case may be, refurbishment costs of the building or structure, and (b) the person referred to in paragraph (a) or, where the building or structure is sold by that person, the person who is claiming a deduction under Chapter 1 of Part 9 in relation to the expenditure incurred, can show that the condition in paragraph (a) was satisfied.”, (b) in section 372V(1)(a), by substituting “Subject to subsections (2) to (4A) and (as inserted by the Finance Act 2006) section 270(4), 270(5), 270(6) and 316(2B)” for “Subject to subsections (2) to (4A)”, and (c) in section 372W(2)(a), by substituting “Subject to paragraphs (b) and (c), subsections (3) to (5A) and (as inserted by the Finance Act 2006) sections 270(4), 270(5), 270(6) and 316(2B)” for “Subject to paragraphs (b) and (c) and subsections (3) to (5A)”.
\nCapital allowances for industrial and commercial premises in town renewal areas.
\n33.— (1) Chapter 10 of Part 10 of the Principal Act is amended— (a) in section 372AA— (i) in subsection (1) in the definition of “qualifying period”— (I) in paragraph (b) by substituting “31 December 2006, or” for “31 July 2006;” and (II) by inserting the following after paragraph (b): “(c) where subsections (1A) and (3) apply, 31 July 2008;”, and (ii) by inserting the following after subsection (2): “(3) Subject to paragraphs (a) and (b) of section 270(7), this subsection shall apply in relation to the construction or refurbishment of a building or structure or part of a building or structure the site of which is wholly within a qualifying area where— (a) the person who is constructing or refurbishing the building or structure or the part of the building or structure has, on or before 31 December 2006, carried out work to the value of not less than 15 per cent of the actual construction or, as the case may be, refurbishment costs of the building or structure or the part of the building or structure, (b) the person referred to in paragraph (a) or, where the building or structure or the part of the building or structure is sold by that person, the person who is claiming a deduction under Chapter 1 of Part 9 in relation to the expenditure incurred, can show that the condition in paragraph (a) was satisfied, (c) a binding contract in writing under which expenditure on the construction or refurbishment of the building or structure or the part of a building or structure is incurred was in existence on or before 31 July 2006, and (d) such other conditions, as may be specified in regulations made for the purposes of this paragraph by the Minister for Finance, have been satisfied; but such conditions shall be limited to those necessary to ensure compliance with the laws of the European Communities governing State aid or with a decision of the Commission of the European Communities as to whether aid to which this subsection relates is compatible with the common market having regard to Article 87 of the European Communities Treaty.”, (b) in section 372AB(1)(c)— (i) by substituting the following for subparagraph (I): “(I) in the case of sections 372AC and 372AD— (A) where subsection (1A) of section 372AA applies, end after 31 December 2006, or (B) where subsections (1A) and (3) of section 372AA apply, end after 31 July 2008, and”, and (ii) by substituting the following for subparagraph (II): “(II) in the case of any provision of Chapter 11 of this Part— (A) where subsection (1A) of section 372AL applies, end after 31 December 2006, or
\n(B) where subsections (1A) and (3) of section 372AL apply, end after 31 July 2008.”, (c) in section 372AC, in subsections (2) and (3), by substituting “Subject to section 372AJ and (as inserted by the Finance Act 2006) sections 270(4), 270(5), 270(6), 270(7) and 316(2B)” for “Subject to section 372AJ”, and (d) in section 372AD(2)(a), by substituting “Subject to paragraph (b), subsections (3) and (4), section 372AJ and (as inserted by the Finance Act 2006) sections 270(4), 270(5), 270(6), 270(7) and 316(2B)” for “Subject to paragraph (b), subsections (3) and (4) and section 372AJ”.
\nCapital allowances for buildings used for third level educational purposes.
\n34.— (1) Section 843 of the Principal Act is amended— (a) in subsection (1), in the definition of “qualifying period” by substituting “31 December 2006 or, where subsection (1A) applies, ending on 31 July 2008” for “31 July 2006”, (b) by inserting the following after subsection (1): “(1A) This subsection shall apply in relation to the construction of a qualifying premises where— (a) the person who is constructing the qualifying premises has, on or before 31 December 2006, carried out work to the value of not less than 15 per cent of the actual construction costs of the qualifying premises, and (b) the person referred to in paragraph (a) or, where the qualifying premises is sold by that person, the person who is claiming a deduction under Part 9 in relation to the expenditure incurred, can show that the condition in paragraph (a) was satisfied.”, and (c) in subsection (2), by substituting “Subject to subsections (2A) to (7) and (as inserted by the Finance Act 2006) sections 270(4), 270(5), 270(6) and 316(2B)” for “Subject to subsections (2A) to (7)”.
\nCapital allowances for qualifying private hospitals.
\n35.— (1) Chapter 1 of Part 9 of the Principal Act is amended— (a) in section 268(2A) in the definition of “qualifying hospital”— (i) by deleting “(within the meaning of the Tobacco (Health Promotion and Protection) Regulations, 1995 ( S.I. No. 359 of 1995 ))”, (ii) in paragraph (f)— (I) in subparagraph (xiii), by deleting “and”, (II) in subparagraph (xiv), by inserting “and” after “paediatric,” and (III) by inserting the following after subparagraph (xiv): “(xv) mental health services (within the meaning of the Mental Health Act 2001 ),”, (iii) by inserting the following after paragraph (f): “(fa) in the case of a building or structure which— (i) is first used on or after 1 February 2007, or (ii) where capital expenditure on the refurbishment of the building or structure is incurred, is, subsequent to the incurring of that expenditure, first used on or after 1 February 2007, provides to the Health Service Executive relevant data, for onward transmission to the Minister for Health and Children and the Minister for Finance, in relation to— (I) the amount of the capital expenditure actually incurred on the construction or refurbishment of the building or structure, (II) the number and nature of the investors that are investing in the building or structure, (III) the amount to be invested by each investor, and (IV) the nature of the structures which are being put in place to facilitate the investment in the building or structure, together with such other information as may be specified by the Minister for Finance, in consultation with the Minister for Health and Children, as being of assistance in evaluating the costs, including but not limited to exchequer costs, and the benefits arising from the operation of tax relief under this Part for qualifying hospitals,”, (iv) by substituting the following for paragraph (h): “(h) in respect of which the Health Service Executive, in consultation with the Minister for Health and Children and with the consent of the Minister for Finance, gives an annual certificate in writing during the period of— (i) 10 years beginning with the time referred to in section 272(4)(ga)(i), or (ii) as respects a building or structure which is first used on or after 1 February 2007, 15 years beginning with the time when the building or structure was first used, or (iii) where capital expenditure on the refurbishment of a building or structure is incurred and, subsequent to the incurring of that expenditure, the building or structure is first used on or after 1 February 2007, 15 years beginning with the time when the building or structure was first used subsequent to the incurring of that expenditure,
\nstating that it is satisfied that the hospital complies with the conditions mentioned in paragraphs (a), (c), (d), (e), (f), (fa) and (g),”, and (v) in paragraph (I) by inserting “subject to paragraph (II),” before “includes”, (b) in section 272(4)— (i) by deleting “and” at the end of paragraph (g), (ii) by inserting the following after paragraph (g): “(ga) in relation to a building or structure which is to be regarded as an industrial building or structure within the meaning of paragraph (j) of section 268(1)— (i) 7 years beginning with the time when the building or structure was first used, or (ii) as respects a building or structure which is first used on or after 1 February 2007, 15 years beginning with the time when the building or structure was first used, or (iii) where capital expenditure on the refurbishment of the building or structure is incurred and, subsequent to the incurring of that expenditure, the building or structure is first used on or after 1 February 2007, 15 years beginning with the time when the building or structure was first used subsequent to the incurring of that expenditure, and”, and (iii) in paragraph (h) by deleting “(j) or”, and (c) in section 274(1)(b)— (i) by deleting “and” at the end of subparagraph (vi), (ii) by inserting the following after subparagraph (vi): “(via) in relation to a building or structure which is to be regarded as an industrial building or structure within the meaning of paragraph (j) of section 268(1)— (I) 10 years after the building or structure was first used, or (II) as respects a building or structure which is first used on or after 1 February 2007, 15 years after the building or structure was first used, or (III) where capital expenditure on the refurbishment of the building or structure is incurred and, subsequent to the incurring of that expenditure, the building or structure is first used on or after 1 February 2007, 15 years after the building or structure was first used subsequent to the incurring of that expenditure, and”; and (iii) in subparagraph (vii)— (I) by deleting “(j) or”, and (II) by substituting “10 years after” for “10 years beginning with the time when”.
\nCapital allowances for qualifying mental health centres.
\n36.— (1) Chapter 1 of Part 9 of the Principal Act is amended— (a) in section 268— (i) in subsection (1)— (I) by deleting “or” where it last occurs in paragraph (j) and by substituting “clinic, or” for “clinic,” in paragraph (k), and (II) by inserting the following after paragraph (k): “(l) for the purposes of a trade which consists of the operation or management of a qualifying mental health centre,”, (ii) by inserting the following after subsection (1B): “(1C) In this section ‘qualifying mental health centre’ means a centre (within the meaning of section 62 of the Mental Health Act 2001 ) which— (a) is an approved centre for the purposes of the Mental Health Act 2001 , (b) has the capacity to provide day-patient and out-patient services and accommodation on an overnight basis of not less than 20 in-patient beds, (c) provides to the Health Service Executive relevant data, for onward transmission to the Minister for Health and Children and the Minister for Finance, in relation to— (i) the amount of the capital expenditure actually incurred on the construction or refurbishment of the centre, (ii) the number and nature of the investors that are investing in the centre, (iii) the amount to be invested by each investor, and (iv) the nature of the structures which are being put in place to facilitate the investment in the centre, together with such other information as may be specified by the Minister for Finance, in consultation with the Minister for Health and Children, as being of assistance in evaluating the costs, including but not limited to exchequer costs, and the benefits arising from the operation of tax relief under this Part for qualifying mental health centres, (d) undertakes to the Health Service Executive— (i) to make available annually, for the treatment of persons who have been awaiting day-patient, in-patient or out-patient services as public patients, not less than 20 per cent of its capacity, subject to service requirements to be specified by the Health Service Executive in advance and to the proviso that nothing in this subparagraph shall require the Health Service Executive to take up all or any part of the capacity made available to the Health Service Executive by the centre, and (ii) in relation to the fees to be charged in respect of the treatment afforded to any such person, that such fees shall not be more than 90 per cent of the fees which would be charged in respect of similar treatment afforded to a person who has private medical insurance, and (e) in respect of which the Health Service Executive, in consultation with the Minister for Health and Children and with the consent of the Minister for Finance, gives an annual certificate in writing during the period of—
\n(i) 15 years beginning with the time when the centre was first used, or (ii) where capital expenditure on the refurbishment of the centre is incurred, 15 years beginning with the time when the centre was first used subsequent to the incurring of that expenditure, stating that it is satisfied that the centre complies with the conditions mentioned in paragraphs (a), (b), (c) and (d), and— (I) subject to paragraph (II), includes any part of the centre which consists of rooms used exclusively for the assessment or treatment of patients, but (II) does not include any part of the centre which consists of consultants’ rooms or offices. (1D) Where the relevant interest in relation to capital expenditure incurred on the construction of a building or structure in use for the purposes specified in subsection (1)(l) is held by— (a) a company, (b) the trustees of a trust, (c) an individual who is involved in the operation or management of the centre concerned either as an employee or director or in any other capacity, or (d) a property developer (within the meaning of section 372A), in the case where either such property developer or a person connected with such property developer incurred the capital expenditure on the construction of that building or structure, then, notwithstanding that subsection, that building or structure shall not, as regards a claim for any allowance under this Part by any such person, be regarded as an industrial building or structure for the purposes of this Part, irrespective of whether that relevant interest is held by the person referred to in paragraph (a), (b), (c) or (d), as the case may be, in a sole capacity or jointly or in partnership with another person or persons.”, and (iii) in subsection (9)— (I) by deleting “and” at the end of paragraph (g) and by substituting “2008, and” for “2008.” in paragraph (h) (as amended by the Finance Act 2006), and (II) by inserting the following after paragraph (h): “(i) by reference to paragraph (l), as respects capital expenditure incurred on or after the date of the coming into operation of section 36 of the Finance Act 2006.”, (b) in section 272— (i) in subsection (3)— (I) by deleting “and” at the end of paragraph (g) and by substituting “subsection (2)(c), and” for “subsection (2)(c).” in paragraph (h), and (II) by inserting the following after paragraph (h): “(i) in relation to a building or structure which is to be regarded as an industrial building or structure within the meaning of paragraph (l) of section 268(1), 15 per cent of the expenditure referred to in subsection (2)(c).”,
\nand (ii) in subsection (4)— (I) by deleting “and” at the end of paragraph (ga) (as inserted by the Finance Act 2006) and by substituting “used, and” for “used.” in paragraph (h), and (II) by inserting the following after paragraph (h): “(i) in relation to a building or structure which is to be regarded as an industrial building or structure within the meaning of paragraph (l) of section 268(1)— (I) 15 years beginning with the time when the building or structure was first used, or (II) where capital expenditure on the refurbishment of the building or structure is incurred, 15 years beginning with the time when the building or structure was first used subsequent to the incurring of that expenditure.”, and (c) in section 274(1)(b)— (i) by deleting “and” at the end of subparagraph (via) (as inserted by the Finance Act 2006) and by substituting “used, and” for “used.” in subparagraph (vii), and (ii) by inserting the following after subparagraph (vii): “(viii) in relation to a building or structure which is to be regarded as an industrial building or structure within the meaning of paragraph (l) of section 268(1)— (I) 15 years after the building or structure was first used, or (II) where capital expenditure on the refurbishment of the building or structure is incurred, 15 years after the building or structure was first used subsequent to the incurring of that expenditure.”.
\nCapital allowances for convalescent homes, registered nursing homes and qualifying residential units.
\n37.— Chapter 1 of Part 9 of the Principal Act is amended— (a) in section 268(3A) by substituting the following for paragraph (d): “(d) (i) is leased to a person or persons who has or have been certified, by a person who is registered in the register established under section 26 of the Medical Practitioners Act 1978 , as requiring such accommodation by reason of old age or infirmity, or (ii) is leased to the registered nursing home on condition that it will be subsequently leased to a person or persons referred to in subparagraph (i) and which is subsequently used for no other purpose other than use by such person or persons.”; (b) in section 268(3B), by substituting “the period commencing on 25 March 2002 and ending on 31 July 2008” for “the period of 5 years commencing on the date of the passing of the Finance Act 2002 ”, (c) in section 272(4), by substituting the following for paragraph (f): “(f) in relation to a building or structure which is to be regarded as an industrial building or structure within the meaning of paragraph (g) or (i) of section 268(1)— (i) 7 years beginning with the time when the building or structure was first used, or (ii) as respects a building or structure which is first used on or after 1 February 2007, 15 years beginning with the time when the building or structure was first used, or (iii) where capital expenditure on the refurbishment of the building or structure is incurred and, subsequent to the incurring of that expenditure, the building or structure is first used on or after 1 February 2007, 15 years beginning with the time when the building or structure was first used subsequent to the incurring of that expenditure,”, and (d) in section 274(1)(b)— (i) in subparagraph (ii) by substituting “paragraph (c) or (e)” for “paragraph (c), (e), (g) or (i)”, and (ii) by inserting the following after subparagraph (ii): “(iia) in relation to a building or structure which is to be regarded as an industrial building or structure within the meaning of paragraph (g) or (i) of section 268(1)— (I) 10 years after the building or structure was first used, or (II) as respects a building or structure which is first used on or after 1 February 2007, 15 years after the building or structure was first used, or (III) where capital expenditure on the refurbishment of the building or structure is incurred and, subsequent to the incurring of that expenditure, the building or structure is first used on or after 1 February 2007, 15 years after the building or structure was first used subsequent to the incurring of that expenditure,”.
\nCapital allowances for buildings used for certain childcare purposes.
\n38.— Section 843A of the Principal Act is amended— (a) in subsection (3)— (i) by deleting “and” at the end of paragraph (a), and (ii) by substituting the following for paragraph (b): “(b) subject to paragraph (c), in subsection (4)(a)(ii) of that section the reference to 25 years were a reference to 7 years, and (c) in the case of a qualifying premises which— (i) is first used on or after 1 February 2007, or (ii) where qualifying expenditure on the refurbishment or conversion of the qualifying premises is incurred, is, subsequent to the incurring of that expenditure, first used on or after 1 February 2007, in subsection (4)(a) of that section, the following were substituted for subparagraph (ii): “(ii) 15 years beginning with the time when the building or structure was first used, or where capital expenditure on the refurbishment or conversion of the building or structure is incurred, 15 years beginning with the time when the building or structure was first used subsequent to the incurring of that expenditure.”, (b) in subsection (4) by inserting “, but subject to subsection (4A)” after “section 274(1)”, and (c) by inserting the following after subsection (4): “(4A) In the case of a qualifying premises to which subparagraph (i) or (ii) of subsection (3)(c) applies, then notwithstanding section 274(1), no balancing allowance or balancing charge shall be made in relation to a qualifying premises by reason of any event referred to in that section which occurs— (a) where subparagraph (i) of subsection (3)(c) applies, more than 15 years after the qualifying premises was first used, or (b) where subparagraph (ii) of subsection (3)(c) applies, more than 15 years after the qualifying premises was first used subsequent to the incurring of the qualifying expenditure on the refurbishment or conversion of the qualifying premises.”.
\nBalancing charges for certain buildings and structures.
\n39.— (1) Part 9 of the Principal Act is amended— (a) in section 274— (i) in subsection (1)(b), by substituting “Notwithstanding paragraph (a) and subsection (2A)(b)” for “Notwithstanding paragraph (a)”, and (ii) by inserting the following after subsection (2)— “(2A) (a) In this subsection ‘relevant facility’ means a building or structure which— (i) is in use for the purposes of a trade referred to in paragraph (g) of section 268(1), (ii) is in use as a qualifying residential unit (within the meaning of section 268(3A)) which, by virtue of section 268(3B), is deemed to be a building or structure referred to in subparagraph (i), (iii) is in use for the purposes of a trade referred to in paragraph (i) of section 268(1), (iv) is in use for the purposes of a trade referred to in paragraph (j) of section 268(1), (v) is in use for the purposes of a trade referred to in paragraph (l) (as inserted by the Finance Act 2006) of section 268(1), or (vi) is a qualifying premises (within the meaning of section 843A(1)) which is in use for the purposes of providing the service or services referred to in paragraph (b) of the definition of ‘qualifying premises’ in that section. (b) Where— (i) a building or structure is a relevant facility to which subparagraph (i), (ii), (iii), (iv), (v) or (vi) of paragraph (a) applies, (ii) an allowance has been made under this Chapter in respect of capital expenditure incurred on the construction or refurbishment of the building or structure, and (iii) the building or structure concerned ceases to be a relevant facility, then, subject to paragraph (c), such cessation shall be treated as an event which gives rise to a balancing charge under this section and that balancing charge shall be made on the person entitled to the relevant interest in the building or structure concerned immediately before that event occurs, for the chargeable period related to that event. (c) Paragraph (b) shall not apply if, within 6 months of the cessation referred to in subparagraph (iii) of that paragraph, the building or structure concerned is again a relevant facility by virtue of the application of any subparagraph of paragraph (a), other than the subparagraph by virtue of which the building or structure was previously treated as a relevant facility.”, and (b) in section 318— (i) in paragraph (c) by deleting “and” at the end of that paragraph, (ii) in paragraph (d) by substituting “sums, and” for “sums.”, and (iii) by inserting the following after paragraph (d): “(e) where the event is a cessation referred to in section 274(2A)(b), the aggregate of—
\n(i) the residue of expenditure (within the meaning of section 277) incurred on the construction or refurbishment of the building or structure immediately before that event, and (ii) the allowances made under Chapter 1 of this Part in respect of the capital expenditure incurred on the construction or refurbishment of the building or structure.”.
\nAmendment of section 812 (taxation of income deemed to arise from transfers of right to receive interest from securities) of Principal Act.
\n40.— (1) Section 812 of the Principal Act is amended— (a) in subsection (2)(a)— (i) by inserting “and” at the end of subparagraph (ii), and (ii) by deleting subparagraph (iii), and (b) by deleting subsection (2)(b).
\nAmendment of Part 36A (special savings incentive accounts) of Principal Act.
\n41.— (1) Part 36A of the Principal Act is amended in section 848H by inserting the following after subsection (4): “(5) Where a special savings incentive account is treated as maturing and the qualifying individual so requires for the purposes of Part 36B, the qualifying savings manager shall issue to the qualifying individual a ‘maturity statement’, in relation to the account, being a statement which specifies— (a) the name and address of the qualifying individual, (b) the PPS Number of the qualifying individual, (c) the maturity date in relation to the account, being the date on which the account was treated as maturing, (d) the gross funds in relation to the account, being the value of the assets in the account immediately before the maturity date, (e) the maturity tax in relation to the account, being the liability to tax on gains treated as accruing to the account on the maturity date, (f) the net funds in relation to the account, being the value of the assets remaining in the account immediately after the maturity date and the maturity tax discharged, and (g) the name and address of the qualifying savings manager.”.
\nPensions: incentive tax credits.
\n42.— The Principal Act is amended by inserting the following after Part 36A: “PART 36B Pensions: incentive tax credits Interpretation (Part 36B).
\n848V.— In this Part— ‘additional voluntary contributions’ and ‘retirement benefits scheme’ have, respectively, the meanings assigned to them in section 770; ‘administrator’ means, subject to section 848AD— (a) in the case of a PRSA, a PRSA administrator, (b) in the case of a retirement benefits scheme, an administrator within the meaning of section 770, and (c) in the case of an annuity contract, a person mentioned in section 784 who is lawfully carrying on the business of granting annuities on human life, including the person mentioned in section 784(4A)(ii); ‘annuity contract’ means an annuity contract or a trust scheme or part of a trust scheme for the time being approved by the Revenue Commissioners under section 784; ‘gross funds’, ‘maturity date’, ‘maturity statement’, ‘maturity tax’ and ‘net funds’, in relation to a special savings incentive account have, respectively, the meanings assigned to them in section 848H(5); ‘gross income’, in relation to an individual for a year of assessment, means the aggregate of— (a) the income of the individual from all sources for the year of assessment before any reduction is made from that income in respect of allowances, losses, deductions and other reliefs, including reductions by virtue of sections 372AP, 372AR and 372AU and, otherwise than where such allowances are made in taxing a trade, allowances under Part 9, and (b) the amount of income for the year of assessment which is exempt from tax under the Tax Acts; ‘PPS Number’, in relation to an individual, means the individual’s Personal Public Service Number within the meaning of section 262 of the Social Welfare Consolidation Act 2005 ; ‘PRSA administrator’ and ‘PRSA contribution’ have, respectively, the meanings assigned to them in Chapter 2A of Part 30; ‘special savings incentive account’ has the meaning assigned to it in section 848C and ‘account’ shall be construed accordingly.
\nTransfer of funds on maturity of SSIA.
\n848W.— This Part applies to an individual— (a) whose gross income, for the year of assessment (in this section referred to as the ‘previous year’) immediately before the year of assessment in which the maturity date of the individual’s special savings incentive account falls, does not exceed €50,000, and (b) none of whose taxable income for the previous year is chargeable to tax at the higher rate, or in the case of an individual who is married, none of whose taxable income for that year would be so chargeable if, where it is not the case, the individual had made an application under section 1023 and that application had effect for that year, and who— (i) within the 3 month period commencing on the maturity date— (I) furnishes his or her maturity statement to an administrator, and (II) subscribes an amount (in this Part referred to as a ‘pension subscription’) being equal to all or part of the net funds, in relation to his or her special savings incentive account, to the administrator— (A) as an additional voluntary contribution, (B) as a PRSA contribution, or (C) as a premium under an annuity contract, (ii) makes a declaration of a kind referred to in section 848X, (iii) does not make a claim, under any provision of the Tax Acts, to a deduction for income tax purposes in respect of the pension subscription other than in respect of the amount by which it exceeds €7,500, the tax credit in relation to the pension subscription or the additional tax credit, and (iv) does not reduce any amount which he or she is required to pay, in the year in which he or she becomes entitled to be credited with tax credits under section 848Y, under a retirement benefits scheme, or as a PRSA contribution or as a premium under an annuity contract.
\nDeclaration.
\n848X.— The declaration, referred to in section 848W, is a declaration in writing made by an individual to an administrator which— (a) is made and signed by the 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 848AF, (c) contains the individual’s— (i) name, (ii) address of his or her permanent residence, (iii) PPS Number, (iv) date of birth, and (v) amount of pension subscription, and (d) declares that— (i) the individual’s gross income, for the year of assessment immediately before the year of assessment in which the maturity date of his or her special savings incentive account falls, does not exceed €50,000, (ii) none of the individual’s taxable income for the previous year is chargeable to tax at the higher rate, or in the case of an individual who is married, none of the individual’s taxable income for that year would be so chargeable if, where it is not the case, the individual had made an application under section 1023 and that application had effect for that year, (iii) the individual will not make a claim under any provision of the Tax Acts, to a deduction for income tax purposes in respect of the pension subscription other than in respect of the amount by which it exceeds €7,500, the tax credit in relation to the pension subscription or the additional tax credit, and (iv) the individual has not and will not reduce any amount which he or she is required to pay, in the year in which he or she becomes entitled to be credited with tax credits under section 848Y, under a retirement benefits scheme, or as a PRSA contribution or as a premium under an annuity contract.
\nEntitlement to pension tax credit.
\n848Y.— Where an individual has made a declaration of a kind referred to in section 848X, and furnished to the administrator a maturity statement and a pension subscription, the individual shall, when the pension subscription is irrevocable— (a) subject to this Part, be treated for the purposes of the Tax Acts as having paid to the administrator a grossed up amount, which amount, after deducting income tax at the rate of 25 per cent, leaves the amount of the pension subscription, and (b) subject to section 848Z, be entitled to be credited, in accordance with the provisions of this Part and not under any other provision of the Tax Acts, with the amount of income tax (in this Part referred to as the ‘tax credit’, in relation to the pension subscription) treated as having been so deducted.
\nTax credits.
\n848Z.— (1) A tax credit in relation to a pension subscription shall not exceed €2,500.
\nPayment of tax credits.
\n848AA.— Where an individual becomes entitled to a tax credit, in relation to his or her pension subscription, and an additional tax credit, and the administrator complies with section 848AB— (a) the Revenue Commissioners shall, subject to that section, pay to the administrator, the tax credit and the additional tax credit, (b) those tax credits shall, on receipt, be immediately treated by the administrator as an additional voluntary contribution, a PRSA contribution, or as the case may be, a premium under an annuity contract, made by the individual, and (c) the pension subscription to the extent that it does not exceed €7,500 and the amount of those tax credits shall be disregarded for the purposes of any claim by the individual to relief under Chapters 1, 2, 2A and 2B of Part 30.
\nMonthly return.
\n848AB.— An administrator who is or was registered in accordance with section 848AD, 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 individuals who in the previous month became entitled, under this Part, to be credited with tax credits— (i) the aggregate amount of tax credits in relation to pension subscriptions, (ii) the aggregate amount of additional tax credits, and (iii) the number of pension subscriptions concerned, distinguishing between additional voluntary contributions, PRSA contributions and premiums under an annuity contract, and (b) contains a declaration in a form prescribed or authorised by the Revenue Commissioners that, to the best of the administrator’s knowledge and belief, the information referred to in paragraph (a) is correct.
\nOther returns.
\n848AC.— An administrator who is or was registered in accordance with section 848AD, shall, in respect of each of the 4 month periods ending on 30 September 2006, 31 January 2007, 31 May 2007 and 30 September 2007, on or before the 28th day of the month following the end of the period, make a return to the Revenue Commissioners (including, where it is the case, a nil return) which specifies— (a) in respect of each individual for whom tax credits were claimed in the period— (i) the name of the individual, (ii) the address of the individual, (iii) the PPS Number of the individual, (iv) the maturity date in relation to the individual’s special savings incentive account, (v) the gross funds in relation to the account, (vi) the net funds in relation to the account, (vii) the maturity tax in relation to the account, (viii) the amount of the pension subscription, (ix) the amount of the tax credit in relation to the pension subscription that was claimed and paid, (x) the amount of the additional tax credit that was claimed and paid, and (xi) whether the tax credits were treated as an additional voluntary contribution, a PRSA contribution or a premium under an annuity contract, and (b) in relation to tax credits claimed in the period— (i) the total amount of tax credits, in relation to pension subscriptions, and (ii) the total amount of additional tax credits.
\nRegistration and audit of administrators.
\n848AD.— (1) A person cannot be an administrator for the purposes of this Part unless the person is included in a register maintained by the Revenue Commissioners for the purposes of this Part.
\nRegulations (Part 36B).
\n848AE.— (1) The Revenue Commissioners may 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 provision— (a) as to the manner in which an administrator is to be registered under section 848AD, (b) as to the manner in which a return is to be made under section 848AB, and how errors in such a return are to be corrected, (c) as to the manner in which a return is to be made under section 848AC, and how errors in such a return are to be corrected, (d) as to the manner in which tax credits are to be claimed and paid, (e) as to the period for which the documents referred to in section 848G are required to be retained, and (f) as to the manner in which the Revenue Commissioners may examine the procedures put in place by an administrator to ensure compliance with the provisions of this Part.
\nOffences (Part 36B).
\n848AF.— A person who makes a declaration under section 848X or 848AB which is false, is liable on summary conviction to a fine of €3,000, or at the discretion of the court, to imprisonment for a term not exceeding 6 months or to both the fine and the imprisonment.
\nRetention of declarations.
\n848AG.— An administrator shall retain in respect of each individual to whom this Part applies— (a) the maturity statement in relation to the individual’s special savings incentive account, and (b) the declaration of a kind referred to in section 848X made by the individual, for such period and in such form as the Revenue Commissioners may by regulation provide.”.
\nAmendment of section 530 (interpretation (Chapter 2)) of Principal Act.
\n43.— Section 530 of the Principal Act is, with effect from 7 March 2006, amended by inserting the following after subsection (3): “(4) This Chapter applies in relation to relevant operations which are carried out in the State regardless of whether or not one or more of the following circumstances apply in respect of those operations: (a) that either or both the principal and the subcontractor under the relevant contract under which the operations are so carried out— (i) is not or are not resident in the State for the year of assessment or accounting period, as may be appropriate, in which the operations are carried out, or (ii) in relation to those relevant operations, is not or are not, or not deemed to be, carrying on in the State― (I) through a branch or agency or otherwise, a trade in respect of which the principal or subcontractor, as the case may be, is liable to income tax or corporation tax, as may be appropriate, or (II) through a permanent establishment, within the meaning of arrangements having the force of law by virtue of section 826(1)(a), a business; (b) that the relevant contract under which the relevant operations are carried out is not subject to the law of the State; (c) that payment in respect of the relevant operations is made outside the State.”.
\nAmendment of section 531 (payments to subcontractors in certain industries) of Principal Act.
\n44.— (1) Section 531 of the Principal Act is amended— (a) by inserting the following after subsection (5): “(5A) A claim to repayment under regulations made in accordance with paragraph (b) or (c) of subsection (5) shall not be allowed at a time at which a claim to repayment in respect of the chargeable period (within the meaning of section 321), within which the period for which the claim to repayment relates falls, would not be allowed under section 865(4).”, (b) in subsection (11)— (i) in paragraph (a)— (I) by substituting “Subject to subsection (11A), the Revenue Commissioners shall” for “The Revenue Commissioners shall”, and (II) by substituting the following for subparagraph (v): “(v) that there is good reason to expect that that person, partnership or company will comply with the obligations referred to in subparagraphs (iii) and (iv) in relation to periods ending after the date of termination of the qualifying period, and”, and (ii) in paragraph (b) by substituting “A person referred to in paragraph (a) in respect of whom the Revenue Commissioners are not satisfied in relation to the matters specified in subparagraph (i) to (iv) and (vi) of that paragraph” for “A person in respect of whom the Revenue Commissioners are not satisfied in relation to the matters specified in subparagraphs (i) to (iv) and (vi) of paragraph (a)”, (c) by inserting the following after subsection (11): “(11A) Where a person applies for a certificate of authorisation in accordance with subsection (11) (in this subsection referred to as the ‘first-mentioned person’) and relevant operations (being construction operations, forestry operations or meat processing operations, as the case may be) similar to those being carried out or to be carried out by that person were previously, or are being, carried out by another person (in this subsection referred to as the ‘second-mentioned person’), and the second-mentioned person— (a) is a company connected (within the meaning of section 10 as it applies for the purposes of the Tax Acts) with the first-mentioned person or would have been such a company but for the fact that the company has been wound up or dissolved without being wound up, (b) is a company and the first-mentioned person is a partnership in which— (I) a partner is or was able, or (II) where more than one partner is a shareholder, those partners together are or were able, directly or indirectly, whether with or without a connected person or connected persons (within the meaning of section 10 as it applies for the purposes of the Tax Acts), to control more than 15 per cent of the ordinary share capital of the company, or
\n(c) the second-mentioned person is a partnership and the first-mentioned person is a company in which— (I) a partner is or was able, or (II) where more than one partner is a shareholder, those partners together are or were able, directly or indirectly, whether with or without a connected person or connected persons (within the meaning of section 10 as it applies for the purposes of the Tax Acts), to control more than 15 per cent of the ordinary share capital of the company, then, a certificate of authorisation shall not be issued under subsection (11) to the first-mentioned person unless the second-mentioned person is in compliance with the obligations imposed on that person by the Tax Acts, the Capital Gains Tax Acts and the Value-Added Tax Act 1972 in relation to the matters specified in paragraphs (a)(iii) and (iv) of subsection (11).”, (d) in subsection (12), by substituting the following for paragraph (d): “(d) Subject to the following provisions of this subsection and to subsection (13), where, on the making to them by a principal of an application under paragraph (a), (b) or (c), the Revenue Commissioners are satisfied that a relevant payments card in respect of the subcontractor concerned ought to be issued, they shall issue such a card to the principal who, on receiving the card, shall, during the year of assessment (or the unexpired portion of the year of assessment) to which the relevant payments card relates, be entitled, subject to any limit imposed on the card in accordance with paragraph (e), to make payment, without deduction of tax, to the subcontractor named on the card but, in the case of an application to which paragraph (b) applies, or an application to which paragraph (c) applies where the relevant payments card mentioned in subparagraph (i) of that paragraph was issued following an application made under and in accordance with paragraph (b), any such payments shall be made by the principal directly to the nominated bank account. (e) Where it appears requisite to them to do so for the protection of the revenue, the Revenue Commissioners may, by specifying the amount thereof on a relevant payments card, impose a limit (in this section referred to as the ‘specified limit’) on the amount of the payments that a principal may make, without deduction of tax, to the subcontractor named on the card. (f) Where a specified limit has been applied by them for a year of assessment in relation to a relevant payments card by virtue of paragraph (e), the Revenue Commissioners, at the request of the subcontractor named on the card, shall, as may be appropriate, amend the limit by reducing or, if they consider it appropriate to do so in the circumstances, increasing or removing it.