Finance Act, 1996

In short

This law, the Finance Act, 1996, primarily deals with various aspects of taxation, including income tax, corporation tax, capital gains tax, customs and excise duties, and value-added tax. It introduces amendments to existing tax provisions and establishes new reliefs and regulations across these areas.

What it regulates

• Income Tax, Corporation Tax, and Capital Gains Tax.
• Customs and Excise duties, including Vehicle Registration Tax, duties on bets, gaming machine licenses, hydrocarbons, spirits, and tobacco products.
• Value-Added Tax (VAT) on the supply of goods and services, and imported goods.
• Reliefs and allowances for specific investments, expenditures, and activities.

Who it concerns

• Individuals subject to income tax, capital gains tax, and those receiving certain benefits or making specific payments.
• Companies subject to corporation tax, including those involved in corporate trades, collective investment undertakings, and certain industrial activities.
• Persons involved in the import, sale, or use of vehicles, hydrocarbons, spirits, tobacco products, and those making bets or operating gaming machines.
• Auctioneers, flat-rate farmers, and other taxable persons under Value-Added Tax regulations.

Key points

• It amends provisions related to income tax exemptions, rates, and personal reliefs.
• It introduces reliefs for investment in corporate trades and for fees paid for part-time third-level education.
• It addresses the taxation treatment of unemployment benefit and Hepatitis C compensation payments.
• It includes provisions for capital allowances, reliefs for renewal and improvement in certain resort areas, and investment in films.