(i) as if the qualifying premises were, at all times at which it is a qualifying premises, a building or structure in respect of which an allowance is to be made for the purposes of income tax or corporation tax, as the case may be, under Chapter 1 of Part 9 by reason of its use for the purpose specified in section 268(1)(a), and (ii) where any activity carried on in the qualifying premises is not a trade, as if (for the purposes only of the making of allowances and charges by virtue of subparagraph (i)), it were a trade. (b) An allowance shall be given by virtue of this subsection in relation to any qualifying expenditure on a qualifying premises only in so far as that expenditure is incurred in the qualifying period.
\nSection 372AAC (capital allowances in relation to conversion or refurbishment of certain commercial premises) An amount equal to— (a) the aggregate amount of allowances (including balancing allowances) made to the individual under Chapter 1 of Part 9 as that Chapter is applied by section 372AAC, including any such allowance or part of any allowances made to the individual for a previous tax year and carried forward from that previous tax 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. ”.
\nIncentives for certain aviation services facilities.
\n31.— (1) The Principal Act is amended— (a) in section 268(1) by deleting “or” where it last occurs in paragraph (l) and by substituting “unit, or” for “unit,” in paragraph (m), (b) in section 268(1) by inserting the following after paragraph (m): “(n) for the purposes of a trade which consists of— (i) the maintenance, repair or overhaul of aircraft used to carry passengers or cargo for hire or reward, or (ii) the dismantling of aircraft of the kind referred to in subparagraph (i), for the purposes of the salvaging or recycling of parts or materials,”, (c) in section 268 by inserting the following after subsection (1E): “(1F) 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)(n) is held by a property developer (within the meaning of section 843A) or a person who is connected with the property developer, in the case where either of such persons incurred the capital expenditure on the construction of that building or structure, or such expenditure was incurred by any other person connected with the property developer, 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 in a sole capacity or jointly or in partnership with another person or persons.”, (d) in section 268(9) by deleting “and” where it last occurs in paragraph (i) and by substituting “2008, and” for “2008.” in paragraph (j), (e) in section 268(9) by inserting the following after paragraph (j): “(k) by reference to paragraph (n), as respects capital expenditure incurred in the period commencing on the date of the coming into operation of section 31 of the Finance Act 2013 and ending 5 years after that date.”, (f) in section 272(3) by deleting “and” at the end of paragraph (i) and by substituting “subsection (2)(c), and” for “subsection (2)(c).” in paragraph (j), (g) in section 272(3) by inserting the following after paragraph (j): “(k) in relation to a building or structure which is to be regarded as an industrial building or structure within the meaning of paragraph (n) of section 268(1), 15 per cent of the expenditure referred to in subsection (2)(c).”, (h) in section 272(4) by deleting “and” at the end of paragraph (i) and by substituting “that expenditure, and” for “that expenditure.” in paragraph (j),
\n(i) in section 272(4) by inserting the following after paragraph (j): “(k) in relation to a building or structure which is to be regarded as an industrial building or structure within the meaning of paragraph (n) of section 268(1)— (i) 7 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, 7 years beginning with the time when the building or structure was first used subsequent to the incurring of that expenditure.”, (j) in section 274(1)(b) by deleting “and” at the end of subparagraph (viii) and by substituting “that expenditure, and” for “that expenditure.” in subparagraph (ix)(II), (k) in section 274(1)(b) by inserting the following after subparagraph (ix): “(x) in relation to a building or structure which is to be regarded as an industrial building or structure within the meaning of paragraph (n) of section 268(1)— (I) 7 years after the building or structure was first used, or (II) where capital expenditure on the refurbishment of the building or structure is incurred, 7 years after the building or structure was first used subsequent to the incurring of that expenditure.”, (l) in section 316(2C) by substituting “paragraph (g), (i), (j), (l) or (n) of section 268(1) is incurred or not incurred in any of the periods referred to in paragraph (d), (f), (g), (i) or (k) of section 268(9),” for “paragraphs (g), (i), (j) or (l) of section 268(1) is incurred or not incurred in any of the periods referred to in paragraphs (d), (f), (g) and (i) of section 268(9),”, (m) in Schedule 25B by inserting the following after clause (VII) of paragraph (a)(i) of the matter set out opposite reference number 13: “(VIII) section 268(1)(n) (inserted by the Finance Act 2013),”, and (n) in Schedule 25B by inserting the following after clause (VII) of paragraph (a)(i) of the matter set out opposite reference number 15: “(VIII) section 268(1)(n) (inserted by the Finance Act 2013),”.
\nAmendment of Chapter 3 (other obligations and returns) of Part 38 of Principal Act.
\n32.— Chapter 3 of Part 38 of the Principal Act is amended by inserting the following after section 891D: “Implementation of the Agreement to Improve Tax Compliance and Provide for Reporting and Exchange of Information concerning Tax Matters (United States of America) Order 2013.
\n891E.— (1) This section applies for the purpose of implementing the Agreement to Improve Tax Compliance and Provide for Reporting and Exchange of Information concerning Tax Matters (United States of America) Order 2013 ( S.I. No. 33 of 2013 ).
\n(n) specifying the records and documents used to identify the holder of a U.S. reportable account that must be retained by the registered financial institution, (o) specifying the financial accounts in respect of which the financial institution is not required to identify the account holder, (p) setting out the circumstances in which a registered financial institution is required to aggregate financial accounts held by the same individual or entity for the purposes of reporting information on those accounts, (q) specifying the actions to be taken by a registered financial institution where there is a change in circumstances with respect to the holder of a financial account, (r) setting out the conditions under which a financial institution may appoint a third party as its agent to carry out the duties and obligations imposed on it by the regulations, (s) setting out the circumstances in which an account held by an NFFE will be a U.S. reportable account, (t) setting out the circumstances in which a registered financial institution may make a nil return, (u) specifying the information to be reported by the registered financial institution in relation to payments made to non-participating financial institutions, (v) imposing an obligation on— (i) a financial institution to obtain a tax reference number from persons, being persons who fall within a category specified in the regulations or who are otherwise specified by the regulations as persons in relation to whom the foregoing action in this paragraph must be taken and— (I) with whom the institution enters into a contractual relationship, or (II) for whom the institution undertakes any transaction, on or after a date specified in the regulations, which shall not be earlier than the commencement of the regulations (and such persons are in this paragraph referred to as ‘customers’) for the purposes of including that number in a return under the regulations, and (ii) customers to provide a financial institution with their tax reference number on request by the financial institution where, on or after a date specified in the regulations— (I) such customers enter into a contractual relationship with the financial institution, or (II) the financial institution undertakes any transaction for such customers, being respectively— (A) a relationship which resultsin the opening, operation, administration or management of a financial account, or (B) a transaction which arisesin relation to a financial account, (w) defining ‘books’ and ‘records’ for the purposes of the regulations,
\n(x) in relation to any of the matters specified in the preceding paragraphs, determining the manner of keeping records and setting the period for the retention of records so kept, (y) enabling the authorisation of Revenue officers, for the purpose of such officers— (i) requiring— (I) the production of books, records or other documents, (II) the provision of information, explanations and particulars, and (III) persons to give all such assistance as may reasonably be required and as is specified in the regulations, in relation to financial accounts within such time as may be specified in the regulations, and (ii) making extracts from or copies of books, records or other documents or requiring that copies of such books, records and documents be made available, and (z) specifying such supplemental and incidental matters as appear to the Revenue Commissioners to be necessary— (i) to enable persons to fulfill their obligations under the regulations, or (ii) for the general administration and implementation of the regulations, including— (I) delegating to a Revenue officer the authority to perform any acts and discharge any functions authorised by this section or the regulations to be performed or discharged by the Revenue Commissioners, and (II) the authorisation by the Revenue Commissioners of Revenue officers to exercise any powers, to perform any acts or to discharge any functions conferred by this section or by the regulations.
\n(9)
\nof the Post Office Savings Bank Act 1861 shall not apply to the disclosure of information required to be included in a return made under the regulations made under this section and, accordingly, this section shall apply to information to which, but for this subsection, the said section 4 would apply.
\nCorporation Tax Amendment of surcharges on undistributed investment and estate income and undistributed income of service companies.
\n33.— (1) Section 440(1) of the Principal Act is amended in paragraph (b)(i) by substituting “€2,000” for “€635” in each place.
\nAmendment of section 486C (relief from tax for certain start-up companies) of Principal Act.
\n34.— (1) Section 486C of the Principal Act is amended— (a) in subsection (2)(a) by substituting “at any time” for “in at any time”, (b) by substituting the following for subsection (3): “(3) Where a company carries on a qualifying trade in an accounting period falling partly within the relevant period in relation to that qualifying trade, then, for the purposes of this section, the income from the qualifying trade for that accounting period shall be the amount of the income of the qualifying trade for that part of the accounting period and that part of the accounting period shall be treated as a separate accounting period.”, (c) in subsection (4)(a) by deleting “wholly or partly”, (d) in subsection (4)(b) by deleting “wholly or partly”, (e) in subsection (4)(c) by substituting “For the purposes of this subsection and subsection (4A)” for “For the purposes of this subsection”, (f) in subsection (4)(d) by substituting “For the purposes of this subsection and subsection (4A)” for “For the purposes of this subsection”, (g) by inserting the following after subsection (4): “(4A) (a) In this subsection— ‘accounting period following the relevant period’, in relation to a company carrying on a qualifying trade, means an accounting period commencing on a date which occurs after the expiry of the relevant period in relation to the qualifying trade; ‘corporation tax referable to the qualifying trade’, in relation to an accounting period of a company, means the corporation tax payable by the company for the accounting period, so far as it is referable to— (i) income from the qualifying trade for that accounting period, and (ii) chargeable gains on the disposal of relevant assets in relation to the trade in that accounting period. (b) (i) Where for an accounting period of a company falling within the relevant period in relation to a qualifying trade carried on by the company— (I) the total corporation tax payable by the company for the accounting period does not exceed the lower relevant maximum amount, and (II) the total contribution for the accounting period exceeds the corporation tax referable to the qualifying trade for that accounting period, the amount (in paragraph (c) referred to as a ‘first relevant amount’) of the excess referred to in clause (II) shall be available to reduce, in accordance with this subsection, the corporation tax referable to the qualifying trade for an accounting period following the relevant period. (ii) Where for an accounting period of a company falling within the relevant period in relation to a qualifying trade carried on by a company—
\n(I) the total corporation tax payable by the company for the accounting period exceeds the lower relevant maximum amount but does not exceed the upper relevant maximum amount, and (II) the total contribution for the accounting period exceeds the corporation tax referable to the qualifying trade for that accounting period, an amount (in paragraph (c) referred to as a ‘second relevant amount’) determined by the following formula: [C — (3 x (T — M) x C/T)] — R where— C is the total contribution for the accounting period, T is the total corporation tax payable by the company for the accounting period, M is the lower relevant maximum amount, and R is the amount of relief to which the company is entitled under subsection (4)(b) for the accounting period, shall be available to reduce, in accordance with this subsection, the corporation tax referable to the qualifying trade for an accounting period following the relevant period. (c) For the purposes of this subsection, the aggregate of all amounts which are— (i) the first relevant amount, or (ii) the second relevant amount, if any, for each accounting period falling within the relevant period, shall be referred to as a ‘specified aggregate’. (d) (i) Subject to paragraphs (e) and (f), where a company carries on a qualifying trade in an accounting period following the relevant period, the corporation tax referable to the qualifying trade for that accounting period shall be reduced by the specified aggregate. (ii) Subject to paragraphs (e) and (f), where there is a reduction in the corporation tax for an accounting period following the relevant period by virtue of subparagraph (i) and the specified aggregate exceeds the amount of that reduction, the corporation tax referable to the qualifying trade for the next accounting period shall be reduced by the amount of that excess and so much of that excess as is not applied to reduce that corporation tax shall, in turn, be applied by the company to reduce the corporation tax referable to the qualifying trade for the succeeding accounting period and so on for each succeeding accounting period. (e) As respects a qualifying trade carried on by a company, the amount by which the corporation tax referable to the qualifying trade for an accounting period following the relevant period may be reduced under this subsection shall not exceed the lesser of— (i) such corporation tax, and (ii) the total contribution, for that accounting period. (f) So much of a specified aggregate as is applied by a company to reduce corporation tax under this subsection shall be so applied only once.”,
\n(h) in subsection (5) by substituting “subsections (4) and (4A)” for “subsection (4)”, and (i) in subsection (7) by substituting “subsections (4) and (4A)” for “subsection (4)”.
\nAmendment of section 288 (balancing allowances and balancing charges) of Principal Act.
\n35.— (1) Section 288 of the Principal Act is amended in subsection (3C) by substituting “5 years” for “10 years”.
\nAmendment of section 226 (certain employment grants and recruitment subsidies) of and Schedule 4 (exemption of specified non-commercial State-sponsored bodies from certain tax provisions) to Principal Act.
\n36.— (1) Section 226 of the Principal Act is amended in subsection (1)— (a) by inserting the following after paragraph (d): “(dd) as respects grants or subsidies paid on or after the 1st day of September 2005, the Wage Subsidy Scheme, being a scheme administered by the Department of Social Protection,”, and (b) by deleting paragraph (e).
\nAmendment of section 396B (relief for certain trading losses on a value basis) of Principal Act.
\n37.— (1) Section 396B of the Principal Act is amended in subsection (5)— (a) by substituting “Subject to paragraph (b), where a company” for “Where a company”, (b) by renumbering the existing provision as paragraph (a) of that subsection, and (c) by inserting the following after paragraph (a): “(b) (i) In this paragraph ‘relevant amount’ means an amount (not being an amount incurred by a company for the purposes of a trade carried on by it) of charges on income, expenses of management or other amount (not being an allowance to which effect is given under section 308(4)) which is deductible from, or may be treated as reducing, profits of more than one description. (ii) For the purposes of paragraph (a), where as respects an accounting period of a company a relevant amount is deductible from, or may be treated as reducing, profits of more than one description, the amount by which corporation tax is reduced by virtue of subsection (3) shall be deemed to be the amount by which it would have been reduced if no relevant amount were so deductible or so treated.”.
\nAmendment of section 411 (surrender of relief between members of groups and consortia) of Principal Act.
\n38.— (1) Section 411 of the Principal Act is amended in subsection (1) by substituting the following for paragraph (c): “(c) In determining for the purposes of this section and the following provisions of this Chapter whether one company (in this paragraph referred to as the ‘first-mentioned company’) is a 75 per cent subsidiary of another company— (i) the other company shall be treated as not being the owner of— (I) any share capital which it owns directly in a company if a profit on a sale of the shares would be treated as a trading receipt of its trade, (II) any share capital which it owns indirectly and which is owned directly by a company for which a profit on the sale of the shares would be a trading receipt, or (III) any share capital which it owns directly or indirectly in a company that is not a company which, by virtue of the law of a relevant territory, is resident for the purposes of tax in such a relevant territory, and (ii) the first-mentioned company shall not be treated as a 75 per cent subsidiary of the other company unless— (I) that other company, by virtue of the law of a relevant territory, is resident for the purposes of tax in such a relevant territory, or (II) the principal class of shares of that other company or, where the company is a 75 per cent subsidiary of another company, the principal class of shares of that other company, is substantially and regularly traded on a stock exchange in the State, on one or more than one recognised stock exchange in a relevant territory or territories or on such other stock exchange as may be approved of by the Minister for Finance for the purposes of Chapter 8A of Part 6.”.
\nRate of appropriate tax for companies.
\n39.— (1) The Principal Act is amended in section 730F— (a) in subsection (1) by substituting “Subject to subsection (1B), in this section” for “In this section”, and (b) by inserting the following after subsection (1A): “(1B) Where the policyholder is a company— (a) the rate specified in subsection (1)(a)(i) shall not apply unless the policyholder has made the declaration referred to in paragraph (b), and (b) the rate specified in subsection (1)(a)(ii) shall apply unless immediately before the chargeable event, the life assurance company is in possession of a declaration from the policyholder to the effect that the policyholder is a company and which includes the company’s tax reference number (within the meaning of section 891B(1)).”.
\nLife assurance policies and investment funds.
\n40.— (1) The Principal Act is amended in section 730F(1)— (a) in paragraph (a)(ii) by substituting “36 per cent” for “33 per cent”, and (b) in paragraph (b) by substituting “(S + 36) per cent” for “(S + 33) per cent”.
\nREITS.
\n41.— The Principal Act is amended— (a) in section 153 by inserting the following after subsection (4): “(4A) Subsection (4) shall not apply to a property income dividend (within the meaning of section 705A).”, (b) in section 172D by inserting the following after subsection (3A): “(3B) Subsections (2) and (3) shall not apply to a property income dividend (within the meaning of section 705A).”, and (c) by inserting the following Part after Part 25: “PART 25A Real Estate Investment Trusts Interpretation and application.
\n705A.— In this Part— ‘aggregate income’, in relation to a company or group, means the aggregate profits of the company or group, as the case may be, as— (a) reduced by the aggregate net gains of the company or group, as the case may be, where aggregate net gains arise, or (b) increased by the aggregate net losses of the company or group, as the case may be, where aggregate net losses arise; ‘aggregate net gains’, in relation to a company or group, means the amount by which the sum of the gains recognised in arriving at the aggregate profits of the company or group, as the case may be, being gains which arise on the revaluation or disposal of investment property or other non-current assets, exceeds the sum of the losses so recognised, being losses which arise on such revaluation or disposal; ‘aggregate net losses’, in relation to a company or group, means the amount by which the sum of the losses recognised in arriving at the aggregate profits of the company or group, as the case may be, being losses which arise on the revaluation or disposal of investment property or other non-current assets, exceeds the sum of the gains so recognised, being gains which arise on such revaluation or disposal; ‘aggregate profits’, in relation to a company or group, means the profit that is stated in accounts of the company or consolidated accounts of the group, as the case may be, being accounts made up in accordance with relevant accounting standards, or, where such accounts or consolidated accounts, as the case may be, have not been made up, the profits which would be so stated if such accounts or consolidated accounts, as the case may be, were made up in accordance with those standards; ‘authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this Part; ‘control’ shall be construed in accordance with section 432; ‘distribution’ has the same meaning as in the Corporation Tax Acts; ‘group’ means a group of companies comprising a holding company and its wholly-owned subsidiaries and a reference to a member of a group shall be construed as a reference to any company in the group; ‘group Real Estate Investment Trust’ means a group, where— (a) the principal company of that group: (i) has given a notice under section 705E, and (ii) complies with the conditions in section 705B(1)(a), and (b) the group complies with the conditions in section 705B(1)(b), and any references to ‘group REIT’ shall be construed accordingly; ‘holding company’ means a company that holds another company as its wholly-owned subsidiary and, for the purpose of this definition and for the purpose of the immediately preceding definition, a company shall be a wholly-owned subsidiary of another company if and so long as 100 per cent of its ordinary share capital is directly owned by that other company;
\n‘market value’ shall be construed in accordance with section 548; ‘principal company’ means the company within a group that gives a notice to the Revenue Commissioners under section 705E(2); ‘property income’, in relation to a company or group, means the property profits of the company or group, as the case may be, as— (a) reduced by the property net gains of the company or group, as the case may be, where property net gains arise, or (b) increased by the property net losses of the company or group, as the case may be, where property net losses arise; ‘property income dividend’ means a dividend paid by a REIT or the principal company of a group REIT, as the case may be, from its property income; ‘property net gains’, in relation to a company or group, means the amount by which the sum of the gains recognised in arriving at the aggregate profits of the company or group, as the case may be, being gains which arise on the revaluation or disposal of investment property or other non-current assets which are assets of the property rental business, exceeds the sum of the losses so recognised, being losses which arise on such revaluation or disposal; ‘property net losses’, in relation to a company or group, means the amount by which the sum of the losses recognised in arriving at the aggregate profits of the company or group, as the case may be, being losses which arise on the revaluation or disposal of investment property or other non-current assets which are assets of the property rental business, exceeds the sum of the gains so recognised, being gains which arise on such revaluation or disposal; ‘property profits’, in relation to a company or group, means an amount which is the lesser of— (a) the amount which would be the aggregate profits of the company or group, as the case may be, if the residual business, if any, of the company or group, as the case may be, were disregarded, and (b) the aggregate profits of that company or group, as the case may be; ‘property rental business’ means a business which is carried on by a REIT or a group REIT, as the case may be, for the sole purpose of generating rental income in the State or outside the State, and, for the purpose of this definition, such businesses of a group are to be treated as a single business; ‘qualifying investor’ in relation to a REIT or a group REIT, as the case may be, means— (a) an investment undertaking within the meaning of section 739B(1), or (b) a person referred to in paragraph (a), (b), (f) or (ka) of section 739D(6);
\n‘Real Estate Investment Trust’ means a company which— (a) has given a notice under section 705E, and (b) complies with the conditions in section 705B(1), and any references to ‘REIT’ shall be construed accordingly; ‘recognised stock exchange’ means a stock exchange in a Member State, being a stock exchange which— (a) is regulated by the appropriate regulatory authority of that Member State, and (b) other than in the case of the Irish Stock Exchange, has substantially the same level of recognition in that Member State as the Irish Stock Exchange has in the State; ‘relevant accounting standards’ has the meaning assigned to it in Schedule 17A; ‘rental income’ means any rent-charge or payment in the nature of rent in respect of— (a) residential premises within the meaning of section 96(1), and (b) any building other than such residential premises; ‘residual business’, in relation to a REIT or a group REIT, means any business carried on by the REIT or group REIT, as the case may be, which is not property rental business; ‘specified accounting period’ means the accounting period in which the company or principal company, as the case may be, gives a notice under section 705E; ‘specified debt’ means any debt incurred by a REIT or group REIT in respect of monies borrowed by, or advanced to, the REIT or group REIT, as the case may be; ‘specified return date for the accounting period’ has the same meaning as in section 959A; ‘the Acts’ means the Tax Acts and the Capital Gains Tax Acts.
\nConditions for notice under section 705E.
\n705B.— (1) Subject to subsections (2) and (3), the notice referred to in section 705E shall contain a statement to the effect that— (a) each of the following conditions, in relation to a REIT or the principal company of a group REIT, as the case may be, is met throughout the specified accounting period, namely— (i) it is resident in the State and not resident in another territory, (ii) it is incorporated under the Companies Acts, (iii) its shares are listed on the main market of a recognised stock exchange in a Member State, and (iv) it is not a close company within the meaning of Chapter 1 of Part 13, and (b) each of the following conditions, in relation to a REIT or group REIT, as the case may be, is reasonably expected to be met at the end of the specified accounting period, namely— (i) at least 75 per cent of the aggregate income of the REIT or group REIT derives from carrying on property rental business, (ii) it conducts property rental business consisting of at least three properties, the market value of no one of which is more than 40 per cent of the total market value of the properties constituting the property rental business, (iii) it maintains a property financing costs ratio (within the meaning of section 705H(1)) of at least 1.25:1, (iv) at least 75 per cent of the aggregate market value of the assets of the REIT or group REIT relates to assets of the property rental business of the REIT or group REIT, as the case may be, (v) it ensures that the aggregate of the specified debt shall not exceed an amount equal to 50 per cent of the aggregate market value of the assets of the business or businesses of the REIT or group REIT, as the case may be, and (vi) subject to having sufficient distributable reserves, it distributes to the shareholders of the REIT or the shareholders of the principal company of the group REIT, as the case may be, at least 85 per cent of the property income for each accounting period of the REIT or group REIT, as the case may be, by way of property income dividend, on or before the specified return date for the accounting period in relation to the REIT, or the principal company of the group REIT, as the case may be.
\nConditions regarding shares.
\n705C.— (1) In this section— ‘ordinary shares’ means shares other than preference shares; ‘preference shares’ means shares which do not carry any right to dividends other than dividends at a rate per cent of the nominal value of the shares which is fixed, and which carry rights in respect of dividends and capital which are comparable with those general for fixed-dividend shares quoted on a stock exchange in the State.
\nConditions regarding an accounting period.
\n705D.— Subject to subsections (2) and (3) of section 705B, where a notice has been given under section 705E by— (a) a company, all of the conditions in section 705B(1) must continue to be met by that company for each accounting period following the specified accounting period until a notice has been issued in accordance with section 705O, (b) a principal company in respect of a group, the conditions in section 705B(1)(a) must continue to be met by that principal company for each accounting period following the specified accounting period until a notice has been issued in accordance with section 705O, and (c) a principal company in respect of a group, the conditions in section 705B(1)(b) must continue to be met by that group for each accounting period following the specified accounting period until a notice has been issued in accordance with section 705O.
\nNotice to become a Real Estate Investment Trust.
\n705E.— (1) A company shall not be a REIT unless it gives a notice to the Revenue Commissioners under this section.
\nDuration of Real Estate Investment Trust.
\n705F.— A company or group shall not be a REIT or a group REIT, as the case may be, after the date specified in a notice issued in accordance with section 705O to the company or group, as the case may be.
\nCharge to tax.
\n705G.— (1) Notwithstanding anything in the Acts, but subject to the provisions of this Part, a company which is a REIT or a member of a group REIT shall not be chargeable to tax in respect of— (a) income of its property rental business, or (b) chargeable gains accruing on the disposal of assets of that property rental business.
\nProfit: financing cost ratio.
\n705H.— (1) In this section— ‘property financing costs’ means costs, being costs of debt finance or finance leases for the purposes of property rental business, which are taken into account in arriving at aggregate profits, including amounts in respect of— (a) interest, discounts, premiums, or net swap or hedging costs, and (b) fees or other expenses associated with raising debt finance or arranging finance leases; ‘property financing costs ratio’ means the ratio of the sum of property income and property financing costs of a company or group to the property financing costs of the company or group, as the case may be.
\nFunds awaiting reinvestment.
\n705I.— (1) This section applies where— (a) a REIT or group REIT disposes of a property of its property rental business, or (b) a REIT or a principal company, in the case of a group REIT, raises cash from the issue of ordinary share capital, and the REIT or group REIT, as the case may be, holds the proceeds.
\nTaxation of shareholders.
\n705J.— (1) This section applies where a REIT or group REIT, as the case may be, pays a property income dividend.
\nTaxation of certain shareholders.
\n705K.— (1) In this section, and subject to subsection (2), ‘holder of excessive rights’ means a person, other than a qualifying investor, who— (a) is beneficially entitled, directly or indirectly, to at least 10 per cent of the distribution referred to in section 705B(1)(b)(iv), (b) is beneficially entitled to, or controls directly or indirectly— (i) at least 10 per cent of the share capital of, or voting rights in, the REIT, or (ii) in the case of a group REIT, to at least 10 per cent of the share capital of, or voting rights in, the principal company.
\nTransfer of assets.
\n705L.— (1) Where a company becomes a REIT, the assets of the company before it becomes a REIT shall be deemed, for the purposes of the Capital Gains Tax Acts, to have been— (a) sold by the company immediately before it becomes a REIT, and (b) reacquired by the company immediately on becoming a REIT, and such deemed sale and reacquisition shall be treated as being for a consideration equal to the market value of the assets on the date specified by the company, in accordance with section 705E(3)(a), in a notice under that section.
\nAnnual statement to Revenue.
\n705M.— (1) Every REIT, or principal company in respect of a group REIT, shall, in respect of each accounting period, by 28 February in the year following the year in which the accounting period ends, make a statement to the Revenue Commissioners in electronic format approved by them, confirming that the conditions in section 705D have been met in relation to the REIT or group REIT, as the case may be, throughout the accounting period specified in the statement.
\nBreach of conditions regarding distributions.
\n705N.— Where for an accounting period a REIT or group REIT does notcomply with the provisions of section 705B(1)(b)(iv) in respect of the requirement to distribute at least 85 per cent of its property income— (a) the REIT or the principal company of the group REIT, as the case may be, shall be charged to corporation tax under Case IV of Schedule D in respect of an amount calculated by subtracting the amount of property income distributed in respect of that accounting period from the amount equal to 85 per cent of the property income of that accounting period, and (b) no loss, deficit, expense or allowance may be set off against the first-mentioned amount in paragraph (a) in charging that amount to corporation tax, but, where a company is restricted from making a distribution by reason of any provision of the Companies Acts, regard shall be had to such restriction in determining the amount, if any, chargeable to tax by virtue of paragraph (a).
\nCessation Notice.
\n705O.— (1) Subsection (2) shall apply if a REIT or group REIT gives a notice in writing to the Revenue Commissioners specifying a date from which it will cease to be a REIT or group REIT, as the case may be.
\nEffect of cessation.
\n705P.— (1) Where a notice is given under sections 705O(1) or (4), a company or group which has ceased to be a REIT or group REIT, as the case may be, is to be treated for corporation tax purposes as having ceased, at the date specified in the notice of cessation, to be a REIT or group REIT.
\nAnti-avoidance provision.
\n705Q.— (1) This Part shall not apply to any transaction engaged in by, or on behalf of, a REIT or group REIT, or to which it is directly, or indirectly, a party unless the transaction has been undertaken for bona fide commercial reasons and does not form part of any arrangement or scheme of which the main purpose, or one of the main purposes, is the avoidance of liability to tax.
\nTax treatment of investment limited partnerships.
\n42.— (1) The Principal Act is amended— (a) in section 246(1), in the definition of “investment undertaking”, by deleting “or” in paragraph (c), by substituting “(inserted by the Finance Act 2005 ), or” for “(inserted by the Finance Act 2005 );” in paragraph (d) and by inserting the following after paragraph (d): “(e) an investment limited partnership within the meaning of section 739J;”, (b) in section 734(1)(a), in the definition of “collective investment undertaking”, by substituting “(iii) a limited partnership (other than an investment limited partnership within the meaning of the Investment Limited Partnerships Act 1994 ) which—” for “(iii) a limited partnership which—”, (c) in section 739B(1) in the definition of “investment undertaking”— (i) in paragraph (b) by inserting “and” after “issued pursuant to the relevant Regulations,”, (ii) by deleting “and” before paragraph (d), and (iii) by deleting paragraph (d), (d) in section 739D(6), by inserting the following paragraph after paragraph (c): “(cc) is an investment limited partnership within the meaning of section 739J which has made a declaration to the investment undertaking in accordance with paragraph 4A of Schedule 2B,”, (e) by inserting the following section after section 739I: “Investment limited partnerships.
\n739J.— (1) (a) In this section ‘investment limited partnership’ means an investment limited partnership within the meaning of the Investment Limited Partnerships Act 1994 . (b) For the purposes of this section the definitions of ‘relevant gains’, ‘relevant income’, ‘relevant payment’, ‘relevant profits’, ‘unit’ and ‘unit holder’ shall apply, with any necessary modifications, to an investment limited partnership as they apply to an investment undertaking.
\nCapital Gains Tax Capital gains: rate of charge.
\n43.— (1) The Principal Act is amended— (a) in section 28(3) by substituting “33 per cent” for “30 per cent”, and (b) in section 649A(1) by substituting the following for paragraph (b): “(b) in the case of a relevant disposal made on or after 6 December 2012, 33 per cent.”.
\nAmendment of references to “Irish currency” in certain provisions of Principal Act.
\n44.— The Principal Act is amended by substituting “the currency of the State” for “Irish currency” in each place in the following provisions: (a) section 532(b); (b) subsections (1)(a) and (6) of section 541; (c) section 541A(1).
\nAmendment of section 29 (chargeable persons) of Principal Act.
\n45.— Section 29 of the Principal Act is amended by inserting the following after subsection (5): “(5A) (a) This subsection shall apply where an individual referred to in subsection (4) transfers, outside the State, any chargeable gains referred to in that subsection to his or her spouse or civil partner. (b) Where this subsection applies, any amounts received in the State on or after 13 February 2013 which derive from the transfer of chargeable gains referred to in paragraph (a) shall be treated, for the purpose of subsection (4), as if they had been received in the State by the individual referred to in that subsection.”.
\nAmendment of section 541C (tax treatment of certain venture fund managers) of Principal Act.
\n46.— Section 541C of the Principal Act is amended— (a) by substituting the following for subsection (1): “(1) In this section— ‘carried interest’, in relation to a qualifying venture capital fund, means the share of profits (where the share ratio was agreed at the commencement of the qualifying venture capital fund) referred to in paragraph (b) of the definition of ‘total profits’ that are received by a company, partnership or individual in respect of the management of the qualifying venture capital fund; ‘carried interest to which this section applies’, in relation to a qualifying venture capital fund, means an amount of carried interest which is not greater than 20 per cent of the total profits of a qualifying venture capital fund and which is a proportion of carried interest derived from the relevant investment; ‘EEA Agreement’ means the Agreement on the European Economic Area signed in Oporto on 2 May 1992, as adjusted by all subsequent amendments to that Agreement; ‘EEA State’ means a state which is a contracting party to the EEA Agreement; ‘innovation activities’ means development of new technological, telecommunication, scientific or business processes; ‘investor’, in relation to a relevant investment, means a person other than a person entitled to carried interest or a person connected with that person; ‘proportion of carried interest derived from the relevant investment’ means an amount of carried interest determined by the formula— A x B C where— A is carried interest, B is the value of all relevant investments in an EEA State (including the State) of the qualifying venture capital fund, and C is the value of all relevant investments of the qualifying venture capital fund; ‘qualifying venture capital fund’ means an entity structured in the form of a partnership the main purpose of which is to make relevant investments and where the individuals, companies or partnerships which invest in the partnership are either limited partners or general partners (as defined in the partnership agreement) who are obliged under a legally binding agreement to provide capital sums for investment purposes over a period of time; ‘relevant investment’ means any investment made in unquoted shares or securities of a private trading company on or after 1 January 2009, where the qualifying venture capital fund retains the shares or securities in the company for a period of at least 3 years from the date of the initial investment and that company is— (a) carrying on a business of research and development activities or innovation activities, and
\n(b) not carrying on an excepted trade within the meaning of section 21A; ‘research and development activities’ has the same meaning as in section 766(1); ‘total profits’, in relation to a qualifying venture capital fund, means the sum of— (a) the profits which are attributable to investors in the fund by reference to an agreed initial rate of return, and (b) the balance of the profits of the fund over and above those calculated by reference to the agreed initial rate of return.”, and (b) in subsection (2)(a) by inserting “an individual or” before “a partnership”.
\nAmendment of section 599 (disposals within family of business or farm) of Principal Act.
\n47.— Section 599 of the Principal Act is amended— (a) in subsection (1)(a) by substituting “subparagraph” for “paragraph” in subparagraph (iii), (b) in subsection (1)(b) by inserting the following after subparagraph (ii): “(iia) where an individual who has attained the age of 66 years disposes of the whole or part of his or her qualifying assets to his or her child on or after 1 January 2014 and the market value of the qualifying assets is €3,000,000 or less, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal;”, (c) in subsection (1) by substituting the following for paragraph (c): “(c) For the purposes of paragraph (b), the capital gains tax chargeable in respect of the gain shall be the amount of tax which would not have been chargeable but for that gain, but nothing in that paragraph shall affect the computation of gains accruing on the disposal of assets other than qualifying assets by an individual who makes a disposal to which that paragraph applies.”, and (d) by substituting the following for subsection (2): “(2) The consideration on the disposal of qualifying assets by the individual referred to in subparagraph (iii) of subsection (1)(b) on or after 1 January 2014 shall be aggregated for the purposes of that subparagraph.”.
\nRelief for farm restructuring.
\n48.— (1) The Principal Act is amended by inserting the following section after section 604A: “604B.— (1) (a) In this section— ‘agricultural land’ means land used for the purposes of farming and such farm buildings together with the land occupied with such farm buildings as are of a character appropriate to such land but not including farm houses or mansion houses or the land occupied with such farm houses and mansion houses unless such farm houses or mansion houses are derelict and unfit for human habitation; ‘exchange of farm land’ means an exchange under which an interest in agricultural land is conveyed or transferred by a farmer to another farmer in exchange for receiving, by way of conveyance or transfer, an interest in agricultural land from that other farmer and includes an exchange where the agricultural land is conveyed or transferred by or to joint owners where all the joint owners (other than the spouse or civil partner of a joint owner) are farmers; and the date of the exchange shall be the date on which the conveyance or transfer is executed; ‘farm restructuring certificate’ means a certificate issued for the purposes of this section by Teagasc to a farmer in relation to a sale and purchase or an exchange of qualifying land where— (i) the first sale or purchase of qualifying land occurs in the relevant period and the subsequent sale or purchase of that land occurs within the period of 24 months commencing on or after the date of the first sale or purchase of such land, or (ii) the exchange occurs in the relevant period, and which identifies the land concerned, the owner or owners of such land and certifies that Teagasc is satisfied, on the basis of information available to Teagasc at the time of so certifying, that the sale and purchase or the exchange of qualifying land complies, or will comply, with the conditions relating to farm restructuring set down in the guidelines; ‘farmer’ means an individual who spends not less than 50 per cent of that individual’s normal working time farming; ‘guidelines’ means guidelines made and published pursuant to paragraph (b)(i); ‘interest in qualifying land’ means an interest in qualifying land which is not subject to any power on the exercise of which the qualifying land, or any part of any interest in the qualifying land, may be revested in the person from whom it was purchased or exchanged or in any person on behalf of such person; ‘purchase of qualifying land’ means a conveyance or transfer of an interest in qualifying land to a farmer and includes a conveyance or transfer where the qualifying land is conveyed or transferred to joint owners where all the joint owners (other than the spouse or civil partner of a joint owner) are farmers; and the date of purchase of qualifying land shall be the date on which the conveyance or transfer is executed;
\n‘qualifying land’ means agricultural land in respect of which a farm restructuring certificate has been issued by Teagasc and that certificate has not been withdrawn; ‘relevant period’ means the period commencing on 1 January 2013 and ending on 31 December 2015; ‘sale of qualifying land’ means a conveyance or transfer of an interest in qualifying land by a farmer and includes a conveyance or transfer where the qualifying land is conveyed or transferred by joint owners where all the joint owners (other than the spouse or civil partner of a joint owner) are farmers; and the date of the sale of qualifying land shall be the date on which the conveyance or transfer is executed; ‘Teagasc’ means Teagasc — the Agricultural and Food Development Authority. (b) For the purposes of this section— (i) the Minister for Agriculture, Food and the Marine with the consent of the Minister for Finance may make and publish guidelines, from time to time, setting out— (I) how an application for a farm restructuring certificate, in relation to a sale and purchase, or exchange, of agricultural land, is to be made, (II) the documentation required to accompany such an application, (III) the conditions relating to farm restructuring, and (IV) such other information as may be required in relation to such application, (ii) where an application is made in that regard, Teagasc shall issue a farm restructuring certificate in respect of a sale and purchase, or an exchange, of agricultural land, where they are satisfied, on the basis of the information available to Teagasc at that time, that the sale and purchase or exchange of such land complies, or will comply, with the conditions relating to farm restructuring, and (iii) Teagasc may, by notice in writing, withdraw any farm restructuring certificate already issued.
\nExcise Rates of tobacco products tax.
\n49.— The Finance Act 2005 is amended with effect as on and from 6 December 2012 by substituting the following for Schedule 2 to that Act (as amended by section 69 of the Finance Act 2012 ): “SCHEDULE 2 Rates of Tobacco Products Tax (With effect as on and from 6 December 2012) Description of Product Rate of Tax Cigarettes Rate of tax at— (a) except where paragraph (b) applies, €237.69 per thousand together with an amount equal to 8.83 per cent of the price at which the cigarettes are sold by retail, or (b) €271.91 per thousand in respect of cigarettes sold by retail where the rate of tax would be less than that rate had the rate been calculated in accordance with paragraph (a).
\nCigars Rate of tax at €275.342 per kilogram.
\nFine-cut tobacco for the rolling of cigarettes Rate of tax at €248.608 per kilogram.
\nOther smoking tobacco Rate of tax at €191.022 per kilogram. ”.
\nAmendment of Chapter 1 (mineral oil tax) of Part 2 of Finance Act 1999.
\n50.— (1) Chapter 1 of Part 2 of the Finance Act 1999 is amended— (a) in section 97 by inserting the following after subsection (3): “(4) For the purposes of this section, the application of a rate lower than the appropriate standard rate includes the application of a full or partial relief from mineral oil tax under any provision of excise law.”, (b) in section 101 by substituting the following for subsection (13): “(13) The Commissioners may compile a list of persons who hold an auto-fuel trader’s licence or a marked fuel trader’s licence, and of the premises or places in respect of which those licences are in force, and notwithstanding any obligation to maintain secrecy or any other restriction on the disclosure or production of information obtained by or furnished to them, the Commissioners may, by electronic means or otherwise, make available to the public— (a) those lists, and (b) in a case where any such licence has been revoked, the name of the person who held the licence, the details of the premises or place concerned and the date of revocation of the licence.”, (c) by inserting the following section before section 102: “Return of oil movements.
\n101B.— (1) A mineral oil trader who— (a) is required, under section 101, to hold an auto-fuel trader’s licence or a marked fuel trader’s licence, or (b) produces, sells or deals in, keeps for sale or delivery, or delivers liquefied petroleum gas, or heavy oil for use for air navigation, shall furnish to an officer, in such form as the Commissioners may require, a return (in this section referred to as a ‘return of oil movements’) of the mineral oil sold, dealt in, kept for sale or delivery, supplied or delivered by that mineral oil trader during a month or such other period as the Commissioners may prescribe or otherwise require.
\nRelief for qualifying road transport operators.
\n51.— Chapter 1 of Part 2 of the Finance Act 1999 is amended by inserting the following before section 100: “Relief for qualifying road transport operators.
\n99A.— (1) In this section— ‘competent authority’ in relation to another Member State, means the authority that has responsibility in that Member State for the administration of excise duties on mineral oil; ‘fuel card’ means a card or other electronic means, issued by a fuel card provider, for the primary purpose of purchasing petrol or gas oil; ‘fuel card provider’ means a company or other entity, or any association of such companies or entities, which provides fuel cards to persons, subject to an agreement with such persons; ‘gas oil’ means gas oil on which mineral oil tax at the standard rate (within the meaning of section 97(2)) has been paid; ‘qualifying motor vehicle’ means— (a) a motor vehicle designed and constructed solely for the carriage of goods by road, and with a maximum permissible gross laden weight of not less than 7.5 tonnes, or (b) a motor vehicle designed and constructed for the carriage of passengers by road, and within the definition of a category M2 or M3 vehicle in Annex II of Directive 2007/46/EC of the European Parliament and of the Council of 5 September 2007 3 ; ‘qualifying road transport operator’, as the case requires, means— (a) a person who holds a national road haulage operator’s licence or an international road haulage operator’s licence granted under section 2 of the Road Traffic and Transport Act 2006 , (b) a person, other than a person referred to in paragraph (a), who holds a Community licence within the meaning of Regulation (EC) No. 1072/2009 of the European Parliament and of the Council of 21 October 2009 4 , (c) a person who holds a national road passenger transport operator’s licence or an international road passenger transport operator’s licence granted under section 2 of the Road Traffic and Transport Act 2006 , or (d) a person, other than a person referred to in paragraph (c), who holds a Community licence within the meaning of Regulation (EC) No. 1073/2009 of the European Parliament and of the Council of 21 October 2009 5 ; ‘repayment period’ means a period prescribed for the purposes of this section.
\nAmendment of Chapter 1 (interpretation, liability and payment) of Part 2 of Finance Act 2001.
\n52.— Chapter 1 of Part 2 of the Finance Act 2001 is amended— (a) in section 105B(1) by substituting “Subject to subsections (2), (3) and (4) and to section 105BA” for “Subject to subsections (2) and (3)”, and (b) by inserting the following section after section 105B: “Unjust enrichment.
\n105BA.— (1) In this section— ‘claimant’ means a person who submits a claim for repayment under section 105B(1); ‘overpaid amount’ means an amount which is subject to repayment under section 105B(1).
\nAmendment of section 109B (interpretation (Chapter 2A)) of Finance Act 2001.
\n53.— Section 109B of the Finance Act 2001 is amended— (a) by substituting the following for the definition of “place of direct delivery”: “ ‘place of direct delivery’ means a place appointed by a designated consignee as the place of delivery for a consignment, other than— (a) where the designated consignee is an authorised warehousekeeper, a tax warehouse approved in relation to that authorised warehouse- keeper under section 109 and entered as such on the SEED register, or (b) where the designated consignee is a registered consignee, the address of that registered consignee as entered on the SEED register;”, and (b) by inserting the following definition: “ ‘SEED register’ means the register of economic operators and of premises authorised as tax warehouses that is required to be maintained by the Commissioners under Article 19 of Council Regulation (EU) No. 389/2012 of 2 May 2012 6 ;”.
\nAmendment of Chapter 4 (powers of officers) of Part 2 of Finance Act 2001.
\n54.— Chapter 4 of Part 2 of the Finance Act 2001 is amended— (a) in section 135(1)(d)(ii) by substituting “any excisable products in or on, or in any manner attached to, the vehicle” for “any products being so transported”, and (b) by substituting the following for section 136A: “136A.— Where an officer has reason to believe that a person entering the State may, in relation to excisable products in the baggage of the person or otherwise transported by that person, be committing an offence under section 119 or 121, the officer, on production of the authorisation of that officer if so required by that person, may— (a) require that person to stop, and to give to that officer— (i) the name, address and date of birth of that person, (ii) any information in relation to such excisable products or baggage, and (iii) such excisable products for examination, and (b) examine any such baggage and excisable products.”.
\nAmendment of Chapter 5 (miscellaneous) of Part 2 of Finance Act 2001.
\n55.— Chapter 5 of Part 2 of the Finance Act 2001 is amended by substituting the following for section 144A: “144A.— (1) Subject to subsections (2) and (3), any power, function or duty conferred or imposed on the Commissioners by any provision of excise law may, subject to the direction and control of the Commissioners, be exercised or performed on their behalf by an officer.
\nAmendment of Chapter 3 (tobacco products tax) of Part 2 of Finance Act 2005.
\n56.— Chapter 3 of Part 2 of the Finance Act 2005 is amended— (a) in section 71(1) by inserting the following definitions: “ ‘illicit tobacco product’ means any tobacco product that has, contrary to the requirements of section 108A of the Finance Act 2001 , been produced or processed in the State otherwise than in a tax warehouse; ‘prohibited goods’ means any machinery, apparatus, equipment, vessel, materials, substance or other thing which is being used, or was used, or is intended to be used, in the production or processing of any illicit tobacco product; ‘unmanufactured tobacco’ means any thing that falls to be classified as such under the combined nomenclature of the European Communities referred to in Article 1 of Council Regulation (EEC) No. 2658/87 of 23 July 1987 7 ;”, (b) in section 78(3) by inserting “sell or deliver,” after “keep for sale or delivery,”, and (c) by inserting the following section after section 78: “Illicit manufacture of tobacco products.
\n78A.— (1) It is an offence under this subsection— (a) to produce or process any illicit tobacco product or to attempt such production or processing, or to be concerned with any such production, processing, attempted production or attempted processing, (b) to knowingly deal in any illicit tobacco product, (c) to keep prohibited goods on any premises or other land or on any vehicle, or (d) to deliver, or to be in the process of delivering, any illicit tobacco product or prohibited goods.
\n(5)
\nof the Criminal Procedure Act 1967 shall apply in relation to an offence under this section as if, in place of the penalties specified in subsection (3) of that section, there were specified in that subsection the penalties provided for by subsection (2)(a) of this section, and the reference in subsection (2)(a) of section 13 of the Criminal Procedure Act 1967 to the penalties provided for in subsection (3) of that section shall be construed and apply accordingly.
\nAmendment of Chapter 1 (betting duty) of Part 2 of Finance Act 2002.
\n57.— (1) Chapter 1 of Part 2 of the Finance Act 2002 is amended— (a) in section 67 by inserting the following after subsection (3): “(3A) (a) Subject to paragraph (b) and to such conditions as the Revenue Commissioners may prescribe or otherwise impose, a bookmaker shall not be liable for betting duty on a bet made, laid or otherwise entered into by the bookmaker where it is shown to the satisfaction of the Revenue Commissioners to have been transferred by that bookmaker to another bookmaker and accepted by the other bookmaker. (b) Where paragraph (a) applies, the bet so transferred shall, from the time it is accepted by that other bookmaker, be liable to betting duty under subsection (1) and that other bookmaker shall be liable for payment of the betting duty.”, and (b) in section 77(1)— (i) in paragraph (b) by substituting “betting duty, and” for “betting duty,”, (ii) in paragraph (c) by substituting “them.” for “them, and”, and (iii) by deleting paragraph (d).
\nRates of alcohol products tax.
\n58.— The Finance Act 2003 is amended with effect as on and from 6 December 2012 by substituting the following for Schedule 2 to that Act: “SCHEDULE 2 Rates of Alcohol Products Tax (With effect as on and from 6 December 2012) Description of Product Rate of Tax Spirits: €36.85 per litre of alcohol in the spirits Beer:
\nExceeding 0.5% vol but not exceeding 1.2% vol €0.00 Exceeding 1.2% vol but not exceeding 2.8% vol €9.56 per hectolitre per cent of alcohol in the beer Exceeding 2.8% vol €19.13 per hectolitre per cent of alcohol in the beer Wine:
\nStill and sparkling, not exceeding 5.5% vol €123.51 per hectolitre Still, exceeding 5.5% vol but not exceeding 15% vol €370.64 per hectolitre Still, exceeding 15% vol €537.81 per hectolitre Sparkling, exceeding 5.5% vol €741.28 per hectolitre Other Fermented Beverages:
\nStill and sparkling, not exceeding 2.8% vol €40.08 per hectolitre Still and sparkling, exceeding 2.8% vol but not exceeding 6.0% vol €80.16 per hectolitre Still and sparkling, exceeding 6.0% vol but not exceeding 8.5% vol €185.36 per hectolitre Still, exceeding 8.5% vol €262.92 per hectolitre Sparkling, exceeding 8.5% vol €525.85 per hectolitre
\nStill and sparkling, not exceeding 5.5% vol €123.51 per hectolitre Still, exceeding 5.5% vol €370.64 per hectolitre Sparkling, exceeding 5.5% vol €741.28 per hectolitre Intermediate Beverages:
\nStill, not exceeding 15% vol €370.64 per hectolitre Still, exceeding 15% vol €537.81 per hectolitre Sparkling €741.28 per hectolitre ”.
\nAmendment of Chapter 1 (electricity tax) of Part 2 of Finance Act 2008.
\n59.— Chapter 1 of Part 2 of the Finance Act 2008 is amended— (a) in section 63(1) by substituting “craft,” for “craft.” in paragraph (g) and by inserting the following after that paragraph: “(h) to have been used under diplomatic arrangements in the State.”, and (b) in section 64(1) by substituting “paragraphs (b), (c), (d) and (h)” for “paragraphs (b), (c) and (d)”.
\nAmendment of Chapter 2 (natural gas carbon tax) of Part 3 of Finance Act 2010.
\n60.— Chapter 2 of Part 3 of the Finance Act 2010 is amended in section 71(1)— (a) by deleting “or” in paragraph (a) and by substituting “processes, or” for “processes.” in paragraph (b), and (b) by inserting the following after paragraph (b): “(c) under diplomatic arrangements in the State.”.
\nAmendment of Chapter 3 (solid fuel carbon tax) of Part 3 of Finance Act 2010.
\n61.— (1) Chapter 3 of Part 3 of the Finance Act 2010 is amended— (a) by substituting the following for Schedule 1: “SCHEDULE 1 Rates of Solid Fuel Carbon Tax (With effect as on and from 1 May 2013) Description of Solid Fuel Rate of Tax Coal €26.33 per tonne Peat:
\nPeat briquettes €18.33 per tonne Milled peat €8.99 per tonne Other peat €13.62 per tonne ”, (b) in section 77 by substituting the following for the definition of “supplier”: “ ‘supplier’ means an accountable person for the purposes of Part 2 of the Value-Added Tax Consolidation Act 2010 who supplies solid fuel or any other person who is a taxable person within the meaning of section 2 of that Act who supplies solid fuel;”, (c) in section 78(3) by substituting “€10” for “€15”, (d) by substituting the following for section 79: “79.— (1) Tax shall be charged at the time the solid fuel is first supplied in the State by a supplier and, except where subsections (2) or (3) apply, that supplier shall be accountable for and liable to pay the tax charged.
\nPeat briquettes €36.67 per tonne Milled peat €17.99 per tonne Other peat €27.25 per tonne ”, and (b) in section 78(3) (as amended by subsection (1) (c)) by substituting “€20” for “€10”.
\nAmendment of section 130 (interpretation) of Finance Act 1992.
\n62.—
\nof the Finance Act 1992 is amended— (a) by substituting the following for the definition of “category C vehicle”: “ ‘category C vehicle’ means a category M2 vehicle, a category M3 vehicle, a category N2 vehicle, a category N3 vehicle, a category T1 vehicle, a category T2 vehicle, a category T3 vehicle, a category T4 vehicle, a category T5 vehicle or a listed vehicle;”, (b) by substituting the following for the definition of “conversion”: “ ‘conversion’ means the modification of the vehicle, which, in relation to— (a) a registered vehicle, means the modification of the vehicle in such manner that any of the particulars recorded for the purpose of its registration are altered, (b) an unregistered vehicle, means the modification of the vehicle in such manner that any of the particulars recorded for the purpose of its type-approval or, if it has been registered previously in another jurisdiction, for the purpose of the most recent such registration, are altered;”, and (c) by deleting the definitions of “crew cab” and “pick-up”.
\nAmendment of section 132 (charge of excise duty) of Finance Act 1992.
\n63.—
\nof the Finance Act 1992 is amended in subsection (3) with effect as on and from 1 January 2013— (a) in paragraph (d)(ii) by substituting “a vehicle that, at all stages of manufacture, is classified as a category N1 vehicle with less than 4 seats and has, at any stage of manufacture,” for “a category N1 vehicle that, at the time of manufacture, has less than 4 seats and has”, and (b) by substituting the following for the Table to that subsection: “Table CO 2 Emissions (CO 2 g/km) Percentage payable of the value of the vehicle 0g/km up to and including 80g/km 14% or €280 whichever is the greater More than 80g/km up to and including 100g/km 15% or €300 whichever is the greater More than 100g/km up to and including 110g/km 16% or €320 whichever is the greater More than 110g/km up to and including 120g/km 17% or €340 whichever is the greater More than 120g/km up to and including 130g/km 18% or €360 whichever is the greater More than 130g/km up to and including 140g/km 19% or €380 whichever is the greater More than 140g/km up to and including 155g/km 23% or €460 whichever is the greater More than 155g/km up to and including 170g/km 27% or €540 whichever is the greater More than 170g/km up to and including 190g/km 30% or €600 whichever is the greater More than 190g/km up to and including 225g/km 34% or €680 whichever is the greater More than 225g/km 36% or €720 whichever is the greater ”.
\nAmendment of section 135C (remission or repayment in respect of vehicle registration tax, etc.) of Finance Act 1992.
\n64.— Section 135C of the Finance Act 1992 is amended by substituting “31 December 2013” for “31 December 2012” in each place.
\nAmendment of section 135D (repayment of amounts of vehicle registration tax on export of certain vehicles) of Finance Act 1992.
\n65.— Section 135D (inserted by section 83
\nAmendment of section 136 (authorisation of manufacturers, distributors and dealers and periodic payment of duty) of Finance Act 1992.
\n66.—
\nof the Finance Act 1992 is amended by substituting the following for subsection (6): “(6) For the purposes of subsection (5) the Commissioners may, subject to compliance with such conditions for securing payment as they may think fit to impose, permit payment of vehicle registration tax to be deferred to a day not later than the 15th day of the month following that in which the tax is charged.”.
\nValue-Added Tax Interpretation (Part 3).
\n67.— In this Part “Principal Act” means the Value-Added Tax Consolidation Act 2010 .
\nReceivers and liquidators.
\n68.— The Principal Act is amended— (a) in section 28 by inserting the following after subsection (3): “(4) Where, in the case of a business carried on, or that has ceased to be carried on, by an accountable person, services (being services that are supplied using the assets or part of the assets of an accountable person) are, under any power exercisable by another person (including a receiver or liquidator), supplied by that other person in or towards the satisfaction of a debt owed by the accountable person, or in the course of winding up of a company, then those services shall be deemed to be supplied by the accountable person in the course or furtherance of his or her business.
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