Finance (No. 2) Act 2011

Finance (No. 2) Act 2011 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 2011 Finance (No. 2) Act 2011 Finance (No. 2) Act 2011 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Open PDFOscail PDF Print Full ActPriontáil an tAcht Iomlán Number 8 of 2011 FINANCE (No. 2) ACT 2011 ARRANGEMENT OF SECTIONS Section

Section 1

Section 2

Section 3

Section 4

Section 5

Section 6

Acts referred to Finance (No. 2) Act 2008 2008, No. 25 Pensions Act 1990 1990, No. 25 Protection of Employees (Employers' Insolvency) Act 1984 1984, No. 21 Stamp Duties Consolidation Act 1999 1999, No. 31 Succession Duty Act 1853 16 & 17 Vict., c.51 Taxes Consolidation Act 1997 1997, No. 39 Value-Added Tax Consolidation Act 2010 2010, No. 31 Number 8 of 2011 FINANCE (No. 2) ACT 2011 AN ACT TO PROVIDE FOR THE IMPOSITION, REPEAL, REMISSION, ALTERATION AND REGULATION OF TAXATION, OF STAMP DUTIES AND OF DUTIES RELATING TO EXCISE AND OTHERWISE TO MAKE FURTHER PROVISION IN CONNECTION WITH FINANCE. [22nd June, 2011] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Amendment of section 766B (limitation of tax credits to be paid under section 766 or 766A) of Taxes Consolidation Act 1997 .

1.— (1) Section 766B of the Taxes Consolidation Act 1997 is amended— (a) by substituting the following for subsection (1): “(1) In this section— ‘payroll liabilities’ means— (a) the amount of income tax which the company is required, by or under Chapter 4 of Part 42, to remit to the Collector-General for the relevant payroll period in respect of emoluments, as defined in section 983, paid to, or on account of, all employees and directors, (b) the amount of Pay Related Social Insurance Contributions in respect of the reckonable earnings and reckonable emoluments of all directors and employees which the company is required to remit to the Collector-General for the relevant payroll period by or under the Social Welfare Acts, and (c) any other amount of levies or charges the company is required, by or under Parts 18A, 18B or 18D, to remit to the Collector-General for the relevant payroll period; ‘relevant payroll period’ means the period— (a) beginning at the time the period immediately preceding, and equal in length to, the accounting period in which the expenditure was incurred begins, and (b) ending at the time that accounting period ends.”, and (b) by substituting the following for subsection (3)(b): “(b) the aggregate of the amounts payable by the company in respect of payroll liabilities for the relevant payroll period in which the expenditure was incurred as reduced by the lesser of— (i) the amount by which the aggregate of any amounts payable to the company in respect of claims made under section 766(4B) or 766A(4B), as the case may be, in respect of expenditure incurred in a previous accounting period, exceeds the payroll liabilities in respect of the period— (I) beginning at the time that the accounting period in respect of which the first such claim was made begins, and (II) ending at the time the accounting period immediately preceding the accounting period in which the expenditure was incurred ends, and (ii) the amount of the payroll liabilities for the period— (I) beginning at the time at which the relevant payroll period begins, and (II) ending at the time the accounting period immediately preceding the accounting period in which the expenditure was incurred ends.”.

Amendment of section 55 (air travel tax) of Finance (No. 2) Act 2008.

2.—

Section 55

of the Finance (No. 2) Act 2008 is amended by inserting the following after subsection (2): “(2A) Subsection (2) shall not apply in respect of any departure of a passenger on an aircraft from an airport on or after such day as the Minister for Finance may appoint by order.”.

Rates of value-added tax.

3.— The Value-Added Tax Consolidation Act 2010 is amended with effect on and from 1 July 2011— (a) in section 46(1) by substituting “paragraphs (b), (c), (ca) and (d)” for “paragraphs (b), (c) and (d)” in paragraph (a), (b) in section 46(1) by inserting “subject to paragraph (ca),” before “13.5 per cent” in paragraph (c), (c) in section 46(1) by inserting the following after paragraph (c): “(ca) during the period 1 July 2011 to 31 December 2013, 9 per cent in relation to goods or services of a kind specified in paragraphs 3(1) to (3), 7, 8, 11, 12 and 13(3) of Schedule 3 on which tax would, but for this paragraph, be chargeable in accordance with paragraph (c);”, and (d) in section 18(1)(a)(III), subsections (1) and (2) of section 48 and sections 50(2) and 95(8)(a) by substituting “paragraph (c) or (ca), as appropriate, of section 46(1)” for “section 46(1)(c)” in each place where it occurs.

Levy on pension schemes, etc.

4.— (1) The Stamp Duties Consolidation Act 1999 is amended— (a) by inserting the following after section 125A: “Levy on pension schemes.

125B.— (1) In this section— ‘Act of 1997’ means the Taxes Consolidation Act 1997 ; ‘administrator’, in relation to a scheme, means the trustees or other persons having the management of the assets of the scheme, and in particular, but without prejudice to the generality of the foregoing, references to the administrator of a scheme include— (a) an administrator, within the meaning of section 770(1) of the Act of 1997, (b) a person mentioned in section 784 or 785 of the Act of 1997, lawfully carrying on the business of granting annuities on human life, including the person mentioned in section 784(4A)(ii) of that Act, and (c) a PRSA administrator, within the meaning of section 787A(1) of the Act of 1997; ‘assets’ means all property, including investments, deposits, debts and contracts of assurance, held for the purposes of a scheme, other than excluded assets; ‘chargeable amount’, in relation to a chargeable person and any assets, means the aggregate market value of the assets (other than an asset that is land, in which case the market value of the land shall be taken as not including the amount of any outstanding borrowings used to acquire the land)— (a) on 30 June for the year 2011, 2012, 2013 or 2014, as the case may be, or (b) where the assets are not contracts of assurance and are held for the purposes of a scheme of a kind described in paragraph (a) of the definition of ‘scheme’ that is a defined benefit scheme or a one member scheme and the chargeable person so decides, and where accounts are prepared to an appropriate accounting standard, on the last day of the accounting period of the scheme ended in the period of 12 months immediately preceding 30 June of the year 2011, 2012, 2013 or 2014, as the case may be, and in respect of which the chargeable person is the administrator or insurer on the date concerned; ‘chargeable person’, in relation to the assets of a scheme, means— (a) where the assets are not contracts of assurance, the administrator in relation to the scheme, and (b) where the assets are contracts of assurance, the insurer in relation to such a contract, and, where the context admits, includes a successor within the meaning of subsection (9); ‘contract of assurance’ means— (a) any contract of a type described in section 706(3) of the Act of 1997, and (b) any other policy or contract of assurance made by an insurer with a person or persons having the management of a scheme of a kind described in paragraph (a) of the definition of ‘scheme’, other than a one member scheme;

‘defined benefit scheme’ has the meaning assigned to it in section 2(1) of the Pensions Act 1990 ; ‘due date’ means 25 September of the year 2011, 2012, 2013 or 2014, as the case may be; ‘excluded assets’, in relation to a scheme of a kind described in paragraph (a) of the definition of ‘scheme’, means assets representing the liabilities of the scheme which are attributable to the provision of relevant benefits (within the meaning of section 770 of the Act of 1997) in respect of any member of such a scheme— (a) whose employment in relation to the scheme at the date the chargeable amount for the year concerned is determined— (i) is and always was, or (ii) where the employment has ceased before that date, whose employment always had been, exercised wholly outside the State and who, at that date, was not in receipt of such benefits, and (b) whose employment in relation to the scheme was wholly exercised outside the State and who at the date the chargeable amount for the year concerned is determined was in receipt of such benefits; ‘insurer’ means an insurance undertaking within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 ( S.I. No. 360 of 1994 ); ‘market value’ shall be construed in accordance with section 548 of the Act of 1997; ‘member’, in relation to a scheme of a kind described in paragraph (a) of the definition of ‘scheme’, means any person admitted to membership under the rules of the scheme; ‘one member scheme’ means a scheme of a kind described in paragraph (a) of the definition of ‘scheme’ in respect of which approval of the scheme by the Commissioners requires the person or persons having the management of the scheme to deliver annual scheme accounts to the Commissioners; ‘pension fund’, in relation to an insurer, shall be construed in accordance with subsection (2) of section 706 of the Act of 1997 and as if the business referred to in paragraph (a) of that subsection includes policies of assurance referred to in paragraph (b) of the definition of ‘contract of assurance’; ‘scheme’ means— (a) a retirement benefits scheme, within the meaning of section 771 of the Act of 1997— (i) approved by the Commissioners for the purposes of Chapter 1 of that Act, or (ii) approved by the Commissioners under any other enactment (including an enactment that is repealed) and in respect of which the provisions of Chapter 1 of the Act of 1997 were applied, other than a scheme where— (I) the trustees have passed a resolution to wind up the scheme, and

(II) the employer is insolvent for the purposes of the Protection of Employees (Employers’ Insolvency) Act 1984, (b) an annuity contract or a trust scheme or part of a trust scheme approved by the Commissioners under section 784 or 785 of the Act of 1997 or, as the case may be, under both of those sections of that Act, other than an annuity contract or trust scheme or part of a trust scheme so approved in respect of which a lump sum, to which paragraph (b) of section 784(2) of the Act of 1997 applies, has been paid to the individual entitled to an annuity under the contract, trust scheme or part of a trust scheme, as the case may be, or (c) a PRSA contract, within the meaning of section 787A of the Act of 1997, in respect of a PRSA product, within the meaning of that section, other than a PRSA contract in respect of which a lump sum, to which paragraph (a) of section 787G(3) of the Act of 1997 applies, has been paid or made available to the PRSA contributor; ‘valuation date’ means the appropriate date as determined for the purposes of paragraph (a) or (b) of the definition of ‘chargeable amount’.

Care and management of taxes and duties.

5.— All taxes and duties imposed by this Act are placed under the care and management of the Revenue Commissioners.

Short title and construction.

6.— (1) This Act may be cited as the Finance (No. 2) Act 2011.

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