(ii) any necessary apportionment shall be made so that expenses laid out or expended in earning the income referred to in subparagraph (i) shall be attributed to the specified trade on a just and reasonable basis and the amount of the expenses shall be an amount which would be attributed to a distinct and separate company, engaged in the same activities, if it were independent of, and dealing at arm’s length with the relevant company. (b) Where a relevant company has carried on a specified trade for one or more previous accounting periods, then the method or methods of apportionment used for the purposes of this section shall be applied consistently between accounting periods, unless there has been a significant change in the conduct of the relevant company’s trade or business.
\nInteraction with sections 766, 766A and 766B 769J. For the purposes of determining the amount of any claim made pursuant to section 766(4B)(a), the excess referred to in that section shall be calculated as if this Chapter did not apply.
\nAdaptation of provisions relating to relief for relevant trading losses and relevant charges on income 769K. (1) For the purposes of this section relevant trading losses and relevant trading charges relating to a specified trade relevant to a qualifying asset which was the subject of a claim under section 769I(2) shall be the amount of such losses or charges as reduced by— where— QE is the qualifying expenditure on the qualifying asset, UE is the uplift expenditure, and OE is the overall expenditure on the qualifying asset.
\nDocumentation 769L. (1) (a) A relevant company in relation to all qualifying assets in respect of which a claim was made under section 769I(2) shall have available such records as may reasonably be required for the purposes of determining whether, in relation to such an asset, the qualifying profits has been computed in accordance with this Chapter. (b) The records shall demonstrate that— (i) overall income from the qualifying asset, (ii) qualifying expenditure on the qualifying asset, and (iii) overall expenditure on the qualifying asset, have been tracked, and the relevant company shall have available documentation on this tracking which shows how such expenditures and income are linked to the qualifying asset. (c) If the relevant company has opted under subsection (3) of section 769H for this Chapter to apply in the manner specified in that subsection, then, in relation to any family of assets referred to in that subsection, the relevant company shall also have available records that support the reasonableness of the company having opted as mentioned in this paragraph, including such records as are required to support— (i) the commonality of scientific, technological or engineering challenges underlying the research and development activities which were undertaken and which resulted in the qualifying assets, (ii) the consistency of the chosen method of grouping with the organisation of research and development activities carried on by the relevant company, (iii) the creation of a nexus between expenditures and a family of assets, or (iv) the choice of a family of assets with which to create that nexus, as may be relevant in each case. (d) A relevant company in claiming that a derivative work or an adaptation represents a qualifying asset shall have available records which— (i) identify the original work and the derivation or adaptation therefrom, (ii) the costs associated with both the original work and the derivative work or the adaptation, and (iii) support any method of apportionment of income between the original work and the derivative work or adaptation.
\nAnti-avoidance 769M. Qualifying expenditure on the qualifying asset and overall income from the qualifying asset shall not include any amount unless that amount is expended or received for bona fide commercial purposes and is not part of a scheme or arrangement the main purpose, or one of the main purposes, of which is the avoidance of tax.
\nApplication of Part 35A 769N. Where a relevant company is a company to which Part 35A applies, then section 835D shall apply, with any necessary modifications, to: (a) determining the market value of the intellectual property, as required by the definition of acquisition costs; (b) apportioning income, as required in the definition of ‘overall income from the qualifying asset’; (c) apportionments of research and development activities as required in the definition of ‘qualifying expenditure on the qualifying asset’; (d) any apportionments required under section 769I; and (e) any apportionments required under section 769O.
\nTransitional measures 769O. (1) Subject to subsection (4) for the purposes of determining the qualifying profits in relation to a qualifying asset for accounting periods beginning on or after 1 January 2016 but on or before 31 December 2019— (a) acquisition costs in relation to a qualifying asset shall include any acquisition costs incurred prior to 1 January 2016, (b) group outsourcing costs in relation to a qualifying asset shall include any group outsourcing costs incurred prior to 1 January 2016 and where group outsourcing costs incurred prior to 1 January 2016 related to more than one qualifying asset, those costs shall be apportioned on a just and reasonable basis, and (c) qualifying expenditure on the qualifying asset shall— (i) be calculated with reference to qualifying expenditure in relation to all qualifying assets in the 48 month period ending on the last day of the accounting period, and (ii) be— (I) calculated in accordance with this Chapter, and (II) calculated as a portion of the total qualifying expenditure on qualifying assets, where the expenditure is incurred prior to 1 January 2016.
\nTime limits 769P. (1) Where a company has submitted an application to a Patents Office which would result in a qualifying asset if the patent or protection sought were granted, then the company may make a claim under section 769I(2) — (a) in the accounting period in which the application is submitted, and if the application is subsequently refused then the company shall amend each return, within the meaning of section 959A, in which a deduction under section 769I(5) was claimed, and pay any additional tax and interest due accordingly, or (b) subject to subsection (2), in the accounting period in which the application is granted, and notwithstanding anything to the contrary in section 959AA or section 865, a Revenue officer shall amend an assessment for each accounting period in which overall income from a qualifying asset arose, and any tax to be repaid shall be repaid accordingly and for the purposes of section 865A any such claim shall not be a valid claim on any date before the return, within the meaning of section 959A, for the accounting period in which the application is granted is filed.
\nApplication 769Q. This Chapter shall apply to accounting periods which commence on or after 1 January 2016 and before 1 January 2021.”, (b) in Chapter 5 of Part 29 by inserting the following after section 769Q (inserted by paragraph (a)): “Companies with income arising from intellectual property of less than €7,500,000 769R. (1) In this section— ‘average overall income from intellectual property’ in respect of an accounting period means the lower of — (a) the overall income from intellectual property for an accounting period, or (b) an amount calculated as:
\nA x N where — A is the average monthly overall income from intellectual property for the last 60 months, and N is the number of months in the accounting period; ‘company threshold amount’ means €7,500,000 and where an accounting period is shorter than 12 months, this amount shall be reduced proportionately; ‘intellectual property for small companies’ means inventions that are certified by the Controller of Patents, Designs and Trade Marks as being novel, non-obvious and useful; ‘overall income from intellectual property’ means the following amounts arising to the company in respect of an accounting period— (a) any royalty or other sums in respect of the use of intellectual property, (b) where the sales price of a product or service, excluding both duty due or payable and any amount of value-added tax charged in the sales price, includes an amount which is attributable to a qualifying asset, such portion of the income from those sales as, on a just and reasonable basis, is attributable to the value of the qualifying asset, (c) any amount for the grant of a licence to exploit intellectual property, and (d) any amounts of insurance, damages or compensation in relation to intellectual property, where that amount is taken into account in computing, for the purposes of assessment to corporation tax, the profits of a trade; ‘turnover threshold amount’ means €50,000,000 and where an accounting period is shorter than 12 months, this amount shall be reduced proportionately.
\nCountry-by-country reporting 33. The Principal Act is amended in Chapter 3 of Part 38 by inserting the following after section 891G (inserted by section 74 ): “891H. (1) In this section— ‘constituent entity’, ‘fiscal year’, ‘MNE group’, ‘qualifying competent authority agreement’, ‘reporting entity’, ‘surrogate parent entity’, ‘systemic failure’ and ‘ultimate parent entity’, have the meanings given to them respectively by Article 1 of the OECD model legislation; ‘competent authority’ means a competent authority for the purposes of a qualifying competent authority agreement; ‘income tax’ means income tax or corporation tax or any foreign tax that corresponds to income tax or corporation tax in the State; ‘country-by-country report’, in relation to an MNE group, means a report that contains the information set out in subsection (4) ; ‘OECD’ means the Organisation for Economic Co-operation and Development; ‘OECD model legislation’ means the Model Legislation Related to Country-by-Country Reporting contained in Annex IV to Chapter V of the OECD Report of 2015; ‘OECD Report of 2015’ means the ‘Transfer Pricing Documentation and Country-by-Country Reporting, Action 13 - 2015 Final Report’ published by the OECD on 5 October 2015.
\nAmendment of section 831 of Principal Act (implementation of Council Directive No. 90/435/EEC concerning the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States) 34. (1) Section 831 of the Principal Act is amended— (a) in subsection (1)(a) by deleting the definition of “arrangements”, (b) in subsection (1)(a), in the definition of “bilateral agreement”, by substituting “arrangements having the force of law by virtue of section 826(1)” for “arrangements”, (c) in subsection (3)(a), by substituting “arrangements having the force of law by virtue of section 826(1) ” for “arrangements”, and (d) by inserting the following after subsection (6) — “(7) (a) Subsections (1) to (5) shall not apply to an arrangement or a series of arrangements which— (i) has been put in place for the main purpose of, or one of the main purposes of which is, obtaining a tax advantage that defeats the object or purpose of the Directive, and (ii) is not genuine having regard to all the facts and circumstances. (b) For the purposes of paragraph (a)(ii), an arrangement or series of arrangements shall be regarded as not genuine to the extent that it is not put into place for valid commercial reasons which reflect economic reality. (c) In this subsection and subsection (6), an arrangement may comprise more than one step or part.”.
\nCapital Gains Tax Entrepreneur relief 35. The Principal Act is amended— (a) in section 597A, by inserting the following after subsection (5): “(6) Subject to section 597AA(5) — (a) subsection (2) shall not apply where the subsequent disposal referred to in that subsection is made on or after 1 January 2016, and (b) subsection (3) shall not apply where the second-mentioned subsequent disposal in that subsection is made on or after 1 January 2016.”, and (b) by inserting the following after section 597A: “Revised entrepreneur relief 597AA. (1) (a) In this section— ‘51 per cent subsidiary’ has the same meaning as it has in section 9(1)(a); ‘development land’ has the same meaning as it has in section 648; ‘group’ means a holding company and all companies which are 51 per cent subsidiaries of the holding company; ‘holding company’ means a company whose business consists wholly or mainly of the holding of shares of all companies which are its 51 per cent subsidiaries; ‘qualifying business’ means a business other than— (a) the holding of securities or other assets as investments, (b) the holding of development land, or (c) the development or letting of land; ‘qualifying group’ means a group, the business of each 51 per cent subsidiary (other than a holding company) in which consists wholly or mainly of the carrying on of a qualifying business; ‘qualifying person’ means an individual who is or has been a director or employee of a company (or companies in a qualifying group) who— (a) is or was required to spend not less than 50 per cent of that individual’s working time in the service of that company (or those companies) in a managerial or technical capacity, and (b) has served in that capacity for a continuous period of 3 years in the period of 5 years immediately prior to the disposal of the chargeable business assets of which the disposal of shares in the company (or one of those companies) forms the whole or part; ‘relevant company’ means a company (including a company in a qualifying group) the disposal of shares in which forms the whole or part of the disposal of chargeable business assets; ‘relevant individual’ means an individual who has been the beneficial owner of the chargeable business assets for a continuous period of not less than 3 years in the 5 years immediately prior to the disposal of those assets; ‘working time’ means any time that an employee or director is— (a) at his or her place of work or, in the case of an employee, at his or her employer’s disposal, and (b) carrying on or performing the activities or duties of his or her work.
\n(b) (i) For the purposes of the definition of ‘qualifying person’ in paragraph (a), any period during which the individual was a director or employee of— (I) a company that was treated as being the same company, for the purposes of section 586, as a relevant company, or (II) a company involved in a scheme of reconstruction or amalgamation under section 587 with a relevant company, shall be taken into account in calculating the periods during which the individual was a director or employee. (ii) For the purposes of the definition of ‘relevant individual’ in paragraph (a), any period during which the individual owned shares in— (I) a company that was treated as being the same company, for the purposes of section 586, as a relevant company, or (II) a company involved in a scheme of reconstruction or amalgamation under section 587 with a relevant company, shall be taken into account in calculating the periods during which the individual was a beneficial owner.
\nAmendment of section 29 of Principal Act (persons chargeable) 36. (1) Section 29 of the Principal Act is amended— (a) in subsection (1) by— (i) substituting “company.” for “company;” in the definition of “security”, and (ii) deleting “references to the disposal of assets mentioned in paragraphs (a) and (b) of subsection (3) and in subsection (6) include references to the disposal of shares deriving their value or the greater part of their value directly or indirectly from those assets, other than shares quoted on a stock exchange.”, and (b) by inserting the following subsection after subsection (1) — “(1A) (a) In this subsection— ‘arrangement’ includes any agreement, understanding, scheme, transaction or series of transactions; ‘relevant assets’ means assets mentioned in— (i) subsection (3)(a) or (b), or (ii) subsection (6). (b) A disposal of relevant assets, for the purpose of this section, includes the disposal of shares deriving their value or the greater part of their value directly or indirectly from those assets, other than shares quoted on a stock exchange. (c) In calculating the portion of the value of shares attributable directly or indirectly to relevant assets for the purposes of paragraph (b), account shall not be taken of any arrangement that— (i) involves a transfer of money from a person connected with the company in which those shares are held, (ii) is made before a disposal of relevant assets, and (iii) the main purpose or one of the main purposes of which is the avoidance of tax.”.
\nAmendment of section 541B of Principal Act (restrictive covenants) 37. (1) Section 541B of the Principal Act is amended in subsection (1) by substituting “the person referred to in paragraph (a)” for “the person to whom it is paid”.
\nAmendment of section 542 of Principal Act (time of disposal and acquisition) 38. Section 542 of the Principal Act is amended by inserting the following subsections after subsection (1): “(1A) Notwithstanding subsection (1)(c), the time of the disposal of land which has been compulsorily acquired shall be the time at which the compensation amount in respect of that compulsory acquisition is received, where that amount is received on or after 1 January 2016. (1B) Notwithstanding subsection (1)(d), the time of the deemed accrual of a chargeable gain in respect of a disposal of land which has been compulsorily acquired shall be the time at which the compensation amount in respect of that compulsory acquisition is received, where that amount is received on or after 1 January 2016.”.
\nAmendment of section 590 of Principal Act (attribution to participators of chargeable gains accruing to non-resident company) 39. Section 590(7) of the Principal Act is amended by inserting the following after paragraph (a): “(aa) a chargeable gain accruing on the disposal of assets where it is shown to the satisfaction of the Revenue Commissioners that the disposal was made for bona fide commercial reasons and did not form part of an arrangement of which the main purpose or one of the main purposes was the avoidance of liability to capital gains tax or corporation tax,”.
\nAmendment of Part 20 of Principal Act (companies’ chargeable gains) 40. Chapter 1 of Part 20 of the Principal Act is amended— (a) in section 615(2)(a), by substituting the following for subparagraph (iv): “(iv) the company acquiring the assets is not— (I) an authorised investment company (within the meaning of Part XIII of the Companies Act 1990 ) that is an investment undertaking (within the meaning of section 739B), or (II) an authorised ICAV (within the meaning of section 2 of the Irish Collective Asset-management Vehicles Act 2015 (No. 2 of 2015)),”, and (b) in section 617(1)(c)(ii), by— (i) substituting “section 739B),” for “section 739B), or” in Clause I, (ii) substituting “section 705A), or” for “section 705A),” in Clause II, and (iii) inserting the following after Clause II: “(III) an authorised ICAV (within the meaning of section 2 of the Irish Collective Asset-management Vehicles Act 2015 (No. 2 of 2015)),”.
\nAmendment of section 615 of Principal Act (company reconstruction or amalgamation: transfer of assets) 41. (1) Section 615 of the Principal Act is amended by inserting the following after subsection (4): “(4A) (a) In this subsection— ‘arrangement’ includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable); ‘tax’ means income tax, corporation tax or capital gains tax. (b) This section shall not apply to a scheme of reconstruction or amalgamation involving the transfer of the whole or part of a company’s business to another company unless it is shown that the reconstruction or amalgamation is effected for bona fide commercial reasons and does not form part of an arrangement the main purpose, or one of the main purposes, of which is the avoidance of liability to tax.”.
\nAmendment of section 980 of Principal Act (deduction from consideration on disposal of certain assets) 42. Section 980(3) of the Principal Act is amended by inserting “(or the sum of €1,000,000 if the asset disposed of is a house (within the meaning of section 372AK))” after “€500,000”.
\nExcise Amendment of Chapter 1 of Part 2 of Finance Act 2003 (alcohol products tax) 43. (1) Chapter 1 of Part 2 of the Finance Act 2003 is amended— (a) in section 73 in the definition of “counterfeit goods” by substituting “Regulation (EU) No. 608/2013 of the European Parliament and of the Council of 12 June 201326 ” for “Council Regulation (EC) No. 1383/2003 of 22 July 200327 ”, and (b) in section 78A by substituting the following for subsection (2): “(2) Relief under subsection (1) shall be granted by the Commissioners either by means of remission or repayment.”.
\nAmendment of Chapter 4 of Part 2 of Finance Act 2001 (powers of officers) 44. Chapter 4 of Part 2 of the Finance Act 2001 is amended— (a) in section 133 by inserting the following definitions: “ ‘the Acts’ has the meaning assigned to it by section 1078
\n(ii) by substituting the following for paragraph (c) of subsection (3): “(c) in relation to any records referred to in subsection (1)(f) — (i) search for, inspect and take copies of or extracts from any such records (including, in the case of any information in a non- legible form, a copy of, or of an extract from, such information in a permanent legible form), (ii) require any person present to produce any such records which are in that person’s possession, custody or procurement and in the case of information in a non-legible form, to produce it in a legible form or to reproduce it in a permanent legible form, (iii) remove and, for as long as necessary, retain (or cause to be removed and retained) any record found there, or in the possession of a person present there at the time of the search, where an officer reasonably believes the record is likely to be of value (whether by itself or together with other information)— (I) to the investigation of an offence under excise law, or for the purpose of any legal proceedings under excise law, or (II) as evidence of, or relating to, the commission of an offence under excise law, or (III) in the assessment of any duty payable under excise law or any other tax payable under the Acts, and (iv) take any other steps which may appear to the officer to be necessary for preserving any such record and preventing interference with it,”, (iii) by substituting the following for subsection (6): “(6) A search warrant issued under this section shall be expressed and shall operate to authorise a named officer accompanied by such other officers and such other persons as the officer considers necessary— (a) to enter, at any time or times within one month of the date of issuing of the warrant, (if necessary by the use of reasonable force) the premises or place named or specified in the warrant, (b) to search, or cause to be searched, such premises or place and to inspect any thing or record found there, (c) to require any person present to produce for inspection any record or thing in that person’s possession, custody, or procurement, (d) to seize any thing found there, or in the possession of a person there, if there are reasonable grounds for suspecting that the thing is liable to forfeiture under the law relating to excise, or exercise, in relation to any thing so found or in the possession of such a person, the power of detention under section 140, (e) to remove, or cause to be removed, from there any thing or record that the officer has reason to believe may be of value to the investigation of an excise offence, or as evidence in proceedings under excise law, or for the purpose of assessing any duty payable under excise law or any other tax payable under the Acts, and to retain such thing or record for so long as it is reasonably required for these purposes,
\n(f) to take any other steps which may appear to the officer to be necessary for preserving any such thing or record and preventing interference with it.”, and (iv) by the addition of the following subsections after subsection (6): “(7) The authority conferred by a search warrant issued under this section to retain (or to cause to be retained) any record or thing includes— (a) in the case of books, documents or records, authority to make and retain a copy of the books, documents or records, and (b) authority to remove and, for as long as necessary, retain, any computer or other storage medium in which records are kept and to inspect, copy, or cause to be copied, such records.
\nRates of tobacco products tax 45. The Finance Act 2005 is amended with effect as on and from 14 October 2015 by substituting the following for Schedule 2 (as amended by section 60 of the Finance Act 2014 (No. 37 of 2014)) to that Act: “SCHEDULE 2 Rates of Tobacco Products Tax (With effect as on and from 14 October 2015) ”.
\nAmendment of section 99 of Finance Act 2001 (liability of persons) 46. (1)
\nof the Finance Act 2001 is amended by inserting the following after subsection (12): “(13) Where a person is required to furnish a return or make a claim, submission or declaration for the purposes of any requirement of excise law, this return, claim, submission or declaration, as the case may be, shall be made by such electronic means as the Commissioners may require and, without prejudice to the generality of section 917E of the Taxes Consolidation Act 1997 , the relevant provisions of Chapter 6 of Part 38 of that Act shall apply to any such return, claim, submission or declaration.”.
\nAmendment of section 109 of Finance Act 2001 (authorisation of warehousekeepers and approval of tax warehouses) 47.
\nof the Finance Act 2001 is amended— (a) by inserting the following after subsection (2): “(2A) The granting to, or the holding by, an applicant or holder, as the case may be, of an authorisation shall be conditional on the applicant or authorised warehousekeeper complying with excise law in relation to excisable products, including the requirements of this Chapter relating to the systems (including the accounting and stock control systems) and procedures of the business to which the authorisation relates.”, (b) by substituting the following for subsection (3): “(3) (a) The Commissioners shall grant an authorisation under this section only where it is shown to their satisfaction that the applicant, or where the applicant is a company, any director or person having control (within the meaning of section 11 of the Taxes Consolidation Act 1997 ) of that company, can satisfy the conditions of authorisation. (b) The Commissioners shall grant an authorisation only where it is shown to their satisfaction that the business activity to be carried out in the tax warehouse under the authorisation is to be undertaken with a view to the realisation of profits from legitimate trade in excisable products. (c) The Commissioners shall not grant an authorisation where an applicant or, where the applicant is a company, any director or person having control (within the meaning of section 11 of the Taxes Consolidation Act 1997 ) of that company has, in the 10 years prior to such application for the authorisation, been convicted of— (i) any indictable offence under the Acts referred to in section 1078
\nand (d) by substituting the following for subsection (12): “(12) An authorisation under this section is at all times subject to the conditions of authorisation, and the Commissioners may revoke an authorisation where— (a) the authorised warehousekeeper or, where the authorised warehousekeeper is a company, any director or person having control (within the meaning of section 11 of the Taxes Consolidation Act 1997 ) of that company has in the preceding 10 years been convicted of— (i) any indictable offence under the Acts referred to in section 1078
\nAmendment of section 130 of Finance Act 1992 (interpretation) 48.
\nof the Finance Act 1992 is amended by substituting the following for the definition of “motor caravan”: “‘motor caravan’ means a vehicle within the meaning of paragraph 5.1 of Annex II to Directive 2007/46/EC that has the dimensions prescribed in regulations (if any) made by the Commissioners under section 141(2)(t);”.
\nAmendment of section 135D of Finance Act 1992 (repayment of amounts of vehicle registration tax on export of certain vehicles) 49. (1) Section 135D of the Finance Act 1992 is amended— (a) in subsection (1)(d)(ii) by substituting “within the meaning of the Road Traffic (National Car Test) Regulations 2014 ( S.I. No. 322 of 2014 )” for “within the meaning of the Road Traffic (National Car Test) Regulations 2003 ( S.I. No. 405 of 2003 )”, and (b) in subsection (4)(b) by substituting “€100” for “€500”.
\nAmendment of section 141 of Finance Act 1992 (regulations) 50.
\nof the Finance Act 1992 is amended in subsection (2)(t), by inserting “the required vehicle dimensions and” after “prescribe”.
\nValue-Added Tax Interpretation (Part 3) 51. In this Part “Principal Act” means the Value-Added Tax Consolidation Act 2010 .
\nSupplies of gas, electricity, gas certificates and electricity certificates - reverse charge 52. (1) The Principal Act is amended— (a) in section 16 by inserting the following after subsection (5): “(6) (a) In this subsection— ‘gas’ means gas supplied through the natural gas distribution system. (b) Where a taxable person who carries on a business in the State makes a supply of gas or of electricity to a taxable dealer who carries on a business in the State (in this subsection referred to as a ‘recipient’), then— (i) the recipient shall, in relation to that supply, be an accountable person or be deemed to be an accountable person and shall be liable to pay the tax chargeable as if that recipient made that supply in the course or furtherance of business, and (ii) the person who supplied that gas or electricity shall not be accountable for or liable to pay such tax in respect of that supply.
\n(4D) (a) Where a taxable person who carries on a business in the State makes a supply of a gas or an electricity certificate (within the meaning of section 16(7)(a)), to a recipient (within the meaning of section 16(7)(b)), the person shall issue a document to the recipient indicating— (i) that the recipient is liable to account for the tax chargeable on that supply, and (ii) such other particulars as would be required to be included in that document if that document were an invoice required to be issued in accordance with subsection (1) but excluding the rate at which tax is chargeable and the amount of tax payable. (b) Where the recipient and the person who supplied the gas or electricity certificate so agree, section 71(1) may apply to this document as if it were an invoice.”.
\nAdjustments to returns 53. The Principal Act is amended— (a) in section 76(4)(a)(i), by inserting “, or an adjustment to a return as referred to in section 77A,” after “or section 77”, and (b) by inserting the following after section 77: “Adjustments to returns 77A. (1) Where, following the submission to the Collector-General of a return (in this section referred to as an ‘original return’) required to be furnished under section 76 or 77, as appropriate, that return is adjusted by an accountable person by means of— (a) a correction to the original return, (b) a replacement of the original return, or (c) a supplement to the original return, (in this section and in section 76(4) referred to as an ‘adjustment to a return’) the provisions of any enactment relating to value-added tax shall apply to that adjustment to a return as if it were a return required to be furnished under section 76 or 77, as appropriate.
\nExempted education activities 54. The Principal Act is amended— (a) in section 18— (i) in subsection (1)(a), by substituting “section 52 and, paragraph 3(4) or 4(3) of Schedule 1” for “section 52 and paragraph 3(4) of Schedule 1”, and (ii) in subsection (1)(a)(III) by substituting “paragraph (a), (c) or (ca) ” for “paragraph (c) or (ca) ”, (b) in Schedule 1— (i) by substituting the following subparagraph for subparagraph (3) of paragraph 4: “(3) (a) The provision by a recognised body of children’s or young people’s education, school or university education, or vocational training or retraining (including the supply of goods and services incidental to that provision, other than the supply of research services), but excluding instruction in the driving of mechanically propelled road vehicles other than— (i) vehicles designed or constructed for the carriage of 1.5 tonnes of goods or more, or (ii) vehicles designed or constructed for the carriage of more than 9 persons (including the driver). (b) In this subparagraph— ‘recognised body’ means— (i) a public body, (ii) any of the following bodies: (I) a recognised school within the meaning of the Education Act 1998 ; (II) an education or training provider within the meaning of the Education and Training Boards Act 2013 , to which section 22 of that Act applies; (III) a body in receipt of moneys advanced under section 21 of the Further Education and Training Act 2013 ; (IV) a body providing training for initial or continued access to a regulated profession, within the meaning of the Recognition of Professional Qualifications (Directive 2005/36/EC) Regulations 2008 (S.I. No. 139 of 2008); (V) a body providing a course leading to an award which is recognised within the National Framework of Qualifications; (VI) a body, included for the time being on a list published by the Minister for Justice and Equality from time to time, which provides a course, attendance at which, that Minister considers provides an acceptable basis for the granting of an immigration permission; (VII) a body providing a course leading to an award by an approved college, within the meaning assigned by section 473A of the Taxes Consolidation Act 1997 ; (VIII) a provider of a programme of education and training, within the meaning of the Qualifications and Quality Assurance (Education and Training) Act 2012 which is, for the time being, validated under section 45 of that Act; (IX) a body, providing education to children or young people which, if provided by a recognised school within the meaning of
\nsection 10 of the Education Act 1998 , would be the curriculum prescribed under section 30 of that Act.”, and (ii) by inserting the following subparagraph after subparagraph (3) — “(4) tuition given privately by teachers and covering school or university education.”.
\nAmendment of section 64 of Principal Act (capital goods scheme) 55. Section 64 of the Principal Act is amended by inserting the following after subsection (8): “(8A) (a) Paragraph (b) applies where— (i) either— (I) a capital goods owner supplies a capital good which has not been completed and tax is chargeable on that supply, or (II) a capital goods owner transfers (other than a transfer to which subsection (10)(c) applies) a capital good which has not been completed and tax would have been chargeable on that transfer but for the application of section 20(2)(c), (ii) at the time of that supply or transfer, that owner and the person to whom the capital good is supplied or transferred are connected within the meaning of section 97, and (iii) the amount of tax— (I) chargeable on the supply of that capital good, (II) that would have been chargeable on the transfer of that capital good but for the application of section 20(2)(c), or (III) that would have been chargeable on the supply but for the application of section 56, is less than the total tax incurred in relation to that capital good by the capital goods owner making that supply or transfer. (b) The capital goods owner shall calculate an amount, which shall be payable by that owner as if it were tax due in accordance with Chapter 3 of Part 9 for the taxable period in which the supply or transfer occurs, in accordance with the formula— K — L where— K is the total tax incurred in relation to that capital good by the capital goods owner making that supply or transfer, and L is the amount of tax chargeable on the supply of that capital good, or the amount of tax that would have been chargeable on the transfer of that capital good but for the application of section 20(2)(c), or the amount of tax that would have been chargeable on the supply but for the application of section 56.”.
\nAmendment of section 65 of Principal Act (registration) 56. Section 65 of the Principal Act is amended by inserting the following after subsection (2): “(2A) The Revenue Commissioners may cancel the registration number which has been assigned to a person in accordance with subsection (2), where that person does not become or ceases to be an accountable person.”.
\nAmendment of section 87 of Principal Act (margin scheme - taxable dealers) 57. The Principal Act is amended in section 87— (a) in subsection (1) by substituting the following definition for the definition of “means of transport”— “ ‘means of transport’ means— (a) motorised land vehicles with an engine cylinder capacity exceeding 48 cubic centimetres or a power exceeding 7.2 kilowatts, other than agricultural machinery, and (b) vessels exceeding 7.5 metres in length and aircraft with a take-off weight exceeding 1,550 kilogrammes, other than vessels and aircraft of the kind referred to in paragraph 4(2) of Schedule 2, which are intended for the transport of persons or goods, other than new means of transport supplied where section 24(1)(b) applies in relation to that supply;”, and (b) by inserting the following subsection after subsection (2) — “(2A) A taxable dealer shall not apply the margin scheme to a supply of a new means of transport where section 24(1)(b) applies in relation to that supply.”.
\nCancellation of a registration number - special provisions for notification and publication 58. The Principal Act is amended by inserting the following after section 108C: “Cancellation of a registration number - special provisions for notification and publication 108D. Where— (a) a registration number assigned to a person in accordance with section 65(2) is cancelled, and (b) it appears requisite to the Revenue Commissioners to do so for the protection of the revenue, the Commissioners may, notwithstanding any obligation as to secrecy or other restriction upon disclosure of information imposed on them by any enactment or otherwise— (i) inform the suppliers to the person to whom that registration number relates, insofar as it is practicable, that that person’s registration number has been cancelled and furnish them with— (I) that cancelled registration number, (II) the date from which that registration number has been cancelled, and (III) the name and address of the person to whom that registration number had been assigned, (ii) publish in Iris Oifigiúil— (I) the cancelled registration number, (II) the date from which that registration number has been cancelled, and (III) the name and address of the person to whom that registration number had been assigned, and (iii) make publicly available the information which has been published in accordance with paragraph (ii) in any other publication and in any manner, form, format or media.”.
\nAmendment of section 110 of Principal Act (estimation of tax due) 59. Section 110 of the Principal Act is amended in subsection (2) by substituting the following for paragraph (c) — “(c) if, after the service of the notice, the person— (i) furnishes a return, in accordance with regulations, in respect of the period specified in the notice, and (ii) pays tax in accordance with the return, together with any interest and costs which may have been incurred in connection with the default, the notice shall stand discharged and the person may claim, in accordance with regulations, a refund of any excess tax which may have been paid in respect of the period specified in the notice.”.
\nAmendment of Schedule 1 to Principal Act (exempt activities) 60. Schedule 1 to the Principal Act is amended in paragraph 10 by inserting the following subparagraphs after subparagraph (1A): “(1B) The acceptance of bets by a remote bookmaker (within the meaning of section 64 of the Finance Act 2002 ) from persons outside the State. (1C) The supply of services by a remote betting intermediary (within the meaning of section 64 of the Finance Act 2002 ) to persons outside the State, the consideration for which consists of commission charges for the use of the remote betting intermediary facilities.”.
\nStamp Duties Interpretation (Part 4) 61. In this Part “Principal Act” means the Stamp Duties Consolidation Act 1999 .
\nAmendment of Schedule 2B to Principal Act (qualifications for applying for relief from stamp duty in respect of transfers to young trained farmers) 62. Schedule 2B to the Principal Act is amended in paragraph 3— (a) in subparagraph (h) by substituting “University of Limerick;” for “University of Limerick.”, and (b) by inserting the following after subparagraph (h): “(i) Bachelor of Science (Honours) in Agriculture awarded by the Dundalk Institute of Technology.”.
\nAmendment of section 81AA of Principal Act (transfers to young trained farmers) 63. Section 81AA of the Principal Act is amended in subsection (16) by substituting “31 December 2018” for “31 December 2015”.
\nAmendment of section 123B of Principal Act (cash, combined and debit cards) 64. (1) Section 123B of the Principal Act is amended— (a) in subsection (1) — (i) by deleting the definitions of “bank” and “building society”, (ii) by inserting the following definitions: “ ‘cash transaction’ means a transaction by means of which a person obtains cash from an automated teller machine situated in the State by means of a cash card or a combined card; ‘credit institution’ has the same meaning as it has in the European Union (Capital Requirements) Regulations 2014 ( S.I. No. 158 of 2014 ); ‘credit union’ has the same meaning as it has in the Credit Union Acts 1997 to 2012; ‘financial institution’ has the same meaning as it has in the European Union (Capital Requirements) Regulations 2014;”, (iii) by substituting the following for the definition of “card account”: “ ‘card account’ means an account maintained by a promoter to which— (a) amounts of cash obtained by a person by means of a cash card are charged, or (b) amounts in respect of goods, services or cash obtained by a person by means of a combined card or debit card are charged;”, (iv) in the definition of “basic payment account”, by substituting “one of the following” for “one of the following banks”, (v) in the definition of “promoter”, by substituting “means a credit institution or a financial institution other than a credit union or An Post and any of its subsidiaries” for “means a bank or building society”, and (vi) in the definition of “quarter”, by substituting “into a card account.” for “into a card account;”, (b) by substituting the following for subsection (2): “(2) A promoter shall, within one month of the end of each year, commencing with the year 2016, deliver to the Commissioners a statement in writing showing— (a) the number of cash cards and combined cards issued at any time by the promoter that are valid on 31 December in the year, (b) the number of cash transactions completed in the year using a card valid on 31 December in the year in respect of each type of card, (c) the number of cash cards to which the monetary cap referred to in subsection (4) has been applied, (d) the number of combined cards, both functions of which were used in the year, to which the monetary cap referred to in subsection (4) has been applied, and (e) the number of combined cards, only the cash card function of which was used in the year, to which the monetary cap referred to in subsection (4) has been applied.”, (c) by inserting the following subsection after subsection (2):
\n“(2A) For the purposes of subsection (2), a cash card or a combined card shall be valid on 31 December of a particular year where— (a) the card has not expired or been cancelled before that date, and (b) on that date, the address of the person to whom the card was issued is in the State. (2B) A promoter shall, within one month of the end of each year, commencing with the year 2016, deliver to the Commissioners a statement in writing showing the number of each type of card to which the monetary cap referred to in subsection (4) has not been applied, together with the number of cash transactions in the year in respect of those cards. (2C) Where a cash card or combined card issued by a promoter in respect of a card account and valid on 31 December in a particular year (in this subsection referred to as the ‘final card’) has been issued following the cancellation or expiry in that year of another card of the same type issued by the promoter in respect of the card account (in this subsection referred to as a ‘previous card’), each such previous card shall be taken to be the final card for the purposes of this section.”, (d) by substituting the following for subsection (3): “(3) Notwithstanding subsection (2) — (a) if the cash card or combined card is not used at any time during a year, (b) if the cash card or combined card is issued in respect of a card account— (i) which is a deposit account, and (ii) the average of the daily positive balances in the account does not exceed €12.70 during that year, or (c) if the cash card or combined card is issued in respect of a basic payment account, then it shall not be included in the statement relating to that year.”, (e) by substituting the following for subsection (4): “(4) Stamp duty shall be charged on every statement delivered in pursuance of subsection (2) at the rate of €0.12 for each cash transaction included in the statement, but the amount charged in respect of— (a) any individual combined card, both functions of which were used in the year, shall not exceed €5, (b) any individual combined card, only the cash card function of which was used in the year, shall not exceed €2.50, and (c) any individual cash card, shall not exceed €2.50.”, and (f) in subsection (9) by substituting “of a cash card or combined card” for “of a cash card, combined card or debit card”.
\nAmendment of section 124 of Principal Act (credit cards and charge cards) 65. Section 124 of the Principal Act is amended in subsection (1)(a) — (a) by substituting the following for the definition of “bank”: “ ‘bank’ means a credit institution or a financial institution other than a credit union or An Post and any of its subsidiaries;”, and (b) by inserting the following definitions: “ ‘credit institution’ has the same meaning as it has in the European Union (Capital Requirements) Regulations 2014 ( S.I. No. 158 of 2014 ); ‘credit union’ has the same meaning as it has in the Credit Union Acts 1997 to 2012; ‘financial institution’ has the same meaning as it has in the European Union (Capital Requirements) Regulations 2014;”.
\nCapital Acquisitions Tax Interpretation (Part 5) 66. In this Part “Principal Act” means the Capital Acquisitions Tax Consolidation Act 2003 .
\nAmendment of Schedule 2 to Principal Act (computation of tax) 67. (1) Part 1 of Schedule 2 to the Principal Act is amended in paragraph 1(a), in the definition of “group threshold”, by substituting “€280,000” for “€225,000”.
\nMiscellaneous Interpretation (Part 6) 68. In this Part “Principal Act” means the Taxes Consolidation Act 1997 .
\nTax treatment of return of value on certain shares where shareholders affected by postal delays 69. The Principal Act is amended by inserting the following section after section 847B: “Tax treatment of return of value on certain shares where shareholders affected by postal delays 847C. (1) In this section— ‘company’ means Standard Life plc; ‘deadline specified by the company’ means 4.30 pm on 18 March 2015; ‘relevant person’ means a person whose form electing to take B shares in the company was received after the deadline specified by the company; ‘return of value’ means the dividend paid in respect of fully paid bonus C shares issued to shareholders in the company in accordance with the terms of a return of value and related share consolidation which was completed by the company on or about 20 March 2015.
\nMarriage equality 70. The Principal Act is amended— (a) in section 2 by inserting the following after subsection (3A): “(3B) In the Tax Acts, any reference, howsoever expressed, to an individual or a claimant— (a) being a man, a married man or a husband, shall be construed as including, as necessary, a reference to a woman, a married woman or a wife, and (b) being a woman, a married woman or a wife shall be construed as including, as necessary, a reference to a man, a married man or a husband.”, (b) in section 5 by inserting the following after subsection (1): “(1A) In the Capital Gains Tax Acts, any reference, howsoever expressed, to an individual— (a) being a man, a married man or a husband, shall be construed as including, as necessary, a reference to a woman, a married woman or a wife, and (b) being a woman, a married woman or a wife, shall be construed as including, as necessary, a reference to a man, a married man or a husband.”, and (c) in section 1019 by deleting subsection (6).
\nAmendment of Chapter 3 of Part 33 of Principal Act (mandatory disclosure of certain transactions) 71. Part 33 of the Principal Act is amended— (a) in section 817HA(4)(b) by inserting the following after “officer”: “, by the specified return date for the chargeable period, within the meaning assigned to it by section 959A,”, and (b) in section 817L(3) by substituting “working days” for “days”.
\nAmendment of section 851A of Principal Act (confidentiality of taxpayer information) 72. Section 851A of the Principal Act is amended in subsection (1) by substituting the following for the definition of “professional body”: “‘professional body’ means— (a) an accountancy body that comes within the supervisory remit of the Irish Auditing and Accounting Supervisory Authority, (b) the Irish Auditing and Accounting Supervisory Authority, (c) the Irish Taxation Institute, or (d) the Law Society of Ireland;”.
\nAmendment of section 886 of Principal Act (obligation to keep certain records) 73. Section 886(4) of the Principal Act is amended by inserting the following paragraph after paragraph (a): “(aa) Where a person to whom this section applies ceases to be a person to whom subparagraph (i), (ii) or (iii), as appropriate, of subsection (2) (a) applies, that person (or such other person on that person’s behalf) required to keep the linking documents and records shall keep or retain the linking documents and records notwithstanding that a period of 5 years has elapsed from the date of such cessation.”.
\nAmendment of Part 38 of Principal Act (returns of income and gains, other obligations and returns, and Revenue powers) 74. Part 38 of the Principal Act is amended— (a) by inserting the following after section 891F: “Implementation of Council Directive 2014/107/EU of 9 December 2014 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation 891G. (1) This section provides for the collection and reporting of certain information in respect of financial accounts held by any person who is regarded by virtue of the laws of a jurisdiction other than the State as resident in that jurisdiction for the purposes of tax.
\nand (ii) customers to provide a reporting financial institution with their TIN on request by the reporting financial institution where, on or after a date specified in the regulations— (I) such customers enter into a contractual relationship with the reporting financial institution, or (II) the reporting financial institution undertakes any transaction for such customers, being respectively— (A) a relationship which results in the opening, operation, administration or management of a financial account, or (B) a transaction which arises in relation to a financial account, (n) defining ‘books’ and ‘records’ for the purposes of the regulations, (o) 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, (p) 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 (q) specifying such supplemental and incidental matters as appear to the Revenue Commissioners to be necessary— (i) to enable persons to fulfil 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(8)
\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.
\nAmendment of Chapter 4 of Part 38 of Principal Act (Revenue powers) 75. Chapter 4 of Part 38 of the Principal Act is amended— (a) in section 902— (i) in subsection (1) — (I) by substituting “section 900(1) ;” for “section 900(1).” in the definition of “books, records or other documents” and “liability”, and (II) by inserting the following after the definition of “books, records or other documents” and “liability”: “ ‘taxpayer’ includes any person whose identity is not known to the authorised officer and includes a group or class of persons whose individual identities are not so known to the authorised officer.”, (ii) in subsection (5) by inserting “, where known,” after “taxpayer”, and (iii) in subsection (6), by substituting the following for “the taxpayer concerned.”: “the taxpayer concerned— (a) in a case where the identity of the taxpayer is known to the authorised officer at the time the notice is served under subsection (2), at that time or as soon as is practicable thereafter, and (b) in any other case, as soon as is practicable after the time the identity of the taxpayer becomes known to the authorised officer.”, (b) in section 902A— (i) by inserting the following after subsection (2): “(2A) In making an application under subsection (2), an authorised officer may request the judge to provide that any order made under subsection (4) shall be subject to a condition that, save for the purposes of complying with the order, the existence of or any details of the order shall not be disclosed (whether directly or indirectly) to any person.”, and (ii) in subsection (3) — (I) by inserting the following after “subsection (2)”: “, whether or not it includes a request to be made under subsection (2A),”, (II) in paragraph (b), by substituting “failure),” for “failure), and”, and (III) by inserting the following after paragraph (b): “(ba) that, in a case where the application includes a request made under subsection (2A), there are reasonable grounds for suspecting that a disclosure, referred to in subsection (2A) would lead to serious prejudice to the proper assessment or collection of tax, and”, (c) in section 906A— (i) in subsection (1) — (I) by substituting “Revenue Commissioners;” for “Revenue Commissioners.” in the definition of “tax”, and (II) by inserting the following after the definition of “tax”: “‘taxpayer’ includes any person whose identity is not known to the authorised officer and includes a group or class of persons whose individual identities are not so known to the authorised officer.”,
\n(ii) in subsection (7) by inserting “, where known,” after “taxpayer”, and (iii) by substituting the following for “the taxpayer concerned.” in subsection (8): “the taxpayer concerned— (a) in a case where the identity of the taxpayer is known to the authorised officer at the time the notice is served under subsection (2), at that time or as soon as is practicable thereafter, and (b) in any other case, as soon as is practicable after the time the identity of the taxpayer becomes known to the authorised officer.”, (d) in section 908— (i) by inserting the following after subsection (2): “(2A) In making an application under subsection (2), an authorised officer may request the judge to provide that any order made under subsection (5) shall be subject to a condition that, save for the purposes of complying with the order, the existence of or any details of the order shall not be disclosed (whether directly or indirectly) to any person.”, and (ii) in subsection (3) — (I) by inserting the following after “under subsection (2) ”: “, whether or not it includes a request to be made under subsection (2A),”, (II) in paragraph (b), by substituting “failure),” for “failure), and”, and (III) by inserting the following after paragraph (b): “(ba) that, in a case where the application includes a request made under subsection (2A), there are reasonable grounds for suspecting that a disclosure, referred to in subsection (2A) would lead to serious prejudice to the proper assessment or collection of tax, and”, and (e) in section 912A— (i) in subsection (2), by substituting “907, 907A and” for “907 and”, and (ii) in subsection (3), by substituting “907, 907A and” for “907 and”.
\nAmendment of section 888 of Principal Act (returns, etc. by lessors, lessees and agents) 76. (1) Section 888 of the Principal Act is amended— (a) in subsection (1) by inserting the following definition: “ ‘local property tax number’ means the unique identification number assigned to a residential property by the Revenue Commissioners under section 27 of the Finance (Local Property Tax) Act 2012 and ‘residential property’ has the same meaning as in section 2 of that Act;”, (b) in subsection (2)(d) — (i) by inserting the following after subparagraph (i): “(ia) the local property tax number of each such premises that is a residential property,”, and (ii) by inserting the following after subparagraph (ii): “(iia) the tax reference number of every such person,”, (c) in subsection (2)(e) by inserting the following after subparagraph (i): “(ia) the local property tax number of each premises that is a residential property,”, and (d) in subsection (3) by substituting the following for paragraph (d): “(d) A person referred to in subsection (2)(d) who manages any premises or is in receipt of rent or other payments arising from any premises shall request from every person to whom such premises belongs— (i) the person’s tax reference number, or (ii) where the person does not have a tax reference number, confirmation to that effect, and that person shall comply with the request. (e) Where in making a return for the purposes of paragraph (d) or (e) of subsection (2), the person or body is unable to provide the information required by subparagraph (iia) of those paragraphs in respect of a person because that person failed to furnish the information in accordance with paragraphs (b) or (d), then the person or body shall, unless they can otherwise duly provide the information, state that they cannot provide the information so required.”.
\nDischarge of Revenue Commissioners’ and Collector-General’s functions 77. The Principal Act is amended by substituting the following for section 960B: “Discharge of Revenue Commissioners’ and Collector-General’s functions 960B. The Revenue Commissioners may nominate in writing any Revenue officer to perform any acts and to discharge any functions authorised by Chapters 1B, 1C and 1D to be performed or discharged by the Revenue Commissioners or the Collector-General other than the acts and functions referred to in subsections (1) to (4) of section 960N, and references in this Part to ‘Revenue Commissioners’ and ‘Collector-General’ shall be read accordingly.”.
\nAmendment of section 1077E of Principal Act (penalty for deliberately or carelessly making incorrect returns, etc.) 78. Section 1077E(11) of the Principal Act is amended— (a) in paragraph (a) — (i) by inserting “or could have been claimed” after “the relevant periods”, and (ii) by inserting “, claim” after “declaration”, and (b) in paragraph (b) — (i) by inserting “, or refundable to,” after “the relevant periods by”, and (ii) by inserting “, claim” after “declaration”.
\nAmendment of section 826 of Principal Act (agreements for relief from double taxation) 79. (1) Section 826 of the Principal Act is amended by— (a) inserting the following subsection after subsection (1C): “(1D) Where— (a) the Government by order declare— (i) that arrangements, in relation to any matter referred to in subparagraph (i) or (ii) of subsection (1) (a) and specified in the order, have been made with an authority, other than a government, of a territory outside the State, and (ii) that it is expedient that those arrangements should have the force of law, and (b) the order so made is referred to in Part 1 of Schedule 24A, then, subject to this section and to the extent provided for in this section, the arrangements shall, notwithstanding any enactment, have the force of law as if each such order were an Act of the Oireachtas on and from the date of the insertion of a reference to the order into Part 1 of Schedule 24A.”, and (b) inserting the following subsection after subsection (9): “(10) For the purposes of an order under subsection (1D), where an order is made under that subsection in relation to a territory outside the State— (a) any reference to country in this Act or any other enactment shall be construed as including a reference to the territory, and (b) any reference to government in this Act or any other enactment shall be construed as including a reference to the authority, referred to in subsection (1D), of the territory.”.
\nAmendment of Schedule 24A to Principal Act (arrangements made by the Government with the government of any territory outside the State in relation to affording relief from double taxation and exchanging information in relation to tax) 80. Schedule 24A to the Principal Act is amended— (a) in Part 1— (i) by inserting the following after paragraph 11: “11A. The Double Taxation Relief (Taxes on Income) (Federal Democratic Republic of Ethiopia) Order 2015 ( S.I. No. 435 of 2015 ).”, (ii) by substituting the following for paragraph 14A: “14A. The Double Taxation Relief (Taxes on Income and on Capital) (Federal Republic of Germany) Order 2012 ( S.I. No. 22 of 2012 ) and the Double Taxation Relief (Taxes on Income and on Capital) (Federal Republic of Germany) Order 2015 ( S.I. No. 438 of 2015 ).”, (iii) by substituting the following for paragraph 31: “31. The Double Taxation Relief (Taxes on Income) (Pakistan) Order 1974 ( S.I. No. 260 of 1974 ) and the Double Taxation Relief (Taxes on Income) (Pakistan) Order 2015 ( S.I. No. 436 of 2015 ).”, and (iv) by substituting the following for paragraph 44: “44. The Double Taxation Relief (Taxes on Income) (Republic of Zambia) Order 1973 ( S.I. No. 130 of 1973 ) and the Double Taxation Relief (Taxes on Income and Capital Gains) (Republic of Zambia) Order 2015 ( S.I. No. 437 of 2015 ).”, and (b) in Part 3— (i) by inserting the following after paragraph 1A: “1AA. The Exchange of Information Relating to Tax Matters (Argentine Republic) Order 2015 ( S.I. No. 439 of 2015 ).”, (ii) by inserting the following after paragraph 1AA (inserted by sub paragraph (i)): “1AB. The Exchange of Information Relating to Tax Matters (Commonwealth of The Bahamas) Order 2015 ( S.I. No. 440 of 2015 ).”, and (iii) by inserting the following after paragraph 8AA: “8AB. The Exchange of Information Relating to Tax Matters (Saint Christopher (Saint Kitts) and Nevis) Order 2015 ( S.I. No. 441 of 2015 ).”.
\nFuel grant 81. (1) The Minister may pay, out of moneys provided by the Oireachtas, a grant to a person in respect of hydrocarbon oil used for combustion in the engine of a vehicle used by a severely and permanently disabled person— (a) as a driver, where the disablement is of such a nature that the person concerned could not drive any vehicle unless it is specially constructed or adapted to take account of that disablement, or (b) as a passenger, where the vehicle has been specially constructed or adapted to take account of the passenger’s disablement.
\nOffences and penalties relating to fuel grant 82. (1) A person who furnishes information for the purpose of receiving the grant referred to in section 81 of this Act which is false or misleading, knowing it to be false or misleading in a material respect or being reckless as to whether it is so false or misleading, is guilty of an offence.
\nExemption in respect of fuel grant 83. The Principal Act is amended by inserting the following section after section 192C: “Exemption in respect of fuel grant 192D. A payment made under section 81 of the Finance Act 2015 shall be exempt from income tax and shall not be reckoned in computing income for the purposes of the Income Tax Acts.”.
\nAmendment of section 92 of Finance Act 1989 84.
\nExemption in respect of water conservation grant 85. The Principal Act is amended by inserting the following section after section 192D: “Exemption in respect of water conservation grant 192E. A payment made under section 5 of the Water Services Act 2014 shall be exempt from income tax and shall not be reckoned in computing income for the purposes of the Income Tax Acts.”.
\nMiscellaneous amendments of Principal Act in relation to authorisations granted under section 9A of Central Bank Act 1971 86. (1) (a) The provision of the Principal Act specified in column (2), opposite a reference number specified in column (1) is amended— (i) if no words are specified in column (3) opposite the reference number in column (1), by inserting the words specified in column (4) opposite that reference number, and (ii) in every other case, by substituting the words specified in column (4), opposite the reference number in column (1), for the words specified in column (3) opposite that reference number. (b) In paragraph (a), a reference to a column is a reference to the column in the Table set out in the Schedule.
\nAmendment of section 54 of Finance Act 1970 87. Section 54 of the Finance Act 1970 is amended by substituting the following for subsection (5): “(5) The Minister for Finance may purchase securities created or issued by him either under this section or under any other provision of an Act of the Oireachtas whenever and so often as he thinks fit and in any manner, whether in the open market or otherwise, and any such securities so purchased shall be cancelled. (5A) The purchase price and the expenses and other costs paid or incurred by the Minister for Finance under subsection (5) of this section shall be charged on the Central Fund or the growing produce thereof.”.
\nMiscellaneous technical amendments in relation to tax 88. (1) The Principal Act is amended— (a) in section 118B(1), in the definition of “exempt employee benefit”, by substituting “subsection (2)(a)(i), (ii) and (iii) ” for “subsection (2)(a)(i) and (ii) ”, (b) in Part 36 by renumbering the existing section numbered 848AA (inserted by section 48 of the Finance Act 2014 as section 847B, (c) in paragraph 9FB(7) of Schedule 24 by deleting “the Federal Republic of Germany,”, and (d) in Schedule 25B by substituting the following for “for the tax year under section 823A” in the matter set out in column (3) opposite the entry at Reference Number 48A: “under section 823A for the tax years 2012, 2013, 2014, 2016 and for each subsequent tax year”.
\nCare and management of taxes and duties 89. All taxes and duties imposed by this Act are placed under the care and management of the Revenue Commissioners.
\nShort title, construction and commencement 90. (1) This Act may be cited as the Finance Act 2015.
\nSCHEDULE Miscellaneous Amendments of Principal Act in relation to Authorisations granted under section 9A of Central Bank Act 1971
\nTABLE Reference No.
\nProvision of Principal Act Words to be substituted Substituting words
\n(1)
\n(2)
\n(3)
\n2 section 172E(4)(a) (a) is a company which holds a licence granted under section 9 of the Central Bank Act 1971 , or a person who holds a licence or other similar authorisation under the law of any relevant territory which corresponds to that section, (a) is a company which holds a licence granted under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971 , or a person who holds a licence or other similar authorisation under the law of any relevant territory or of an EEA state which corresponds to the said section 9, 3 section 172G(4)(a) (a) is a company which holds a licence granted under section 9 of the Central Bank Act 1971 , or a person who holds a licence or other similar authorisation under the law of any relevant territory which corresponds to that section, (a) is a company which holds a licence granted under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971 , or a person who holds a licence or other similar authorisation under the law of any relevant territory or of an EEA state which corresponds to the said section 9, 4 section 244A(1)(a)(i) “EEA Agreement” means the Agreement on the European Economic Area signed at 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;
\n5 section 244A(3)(a) (a) a bank holding a licence under section 9 of the Central Bank Act 1971 ; (a) a bank holding a licence under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971 ;
\n6 section 244A(3)(f) (i) (I) holds a licence or similar authorisation, corresponding to a licence referred to in paragraph (a), or (II) has been incorporated in a manner corresponding to that referred to in paragraph (b), under the law of any other Member State of the European Communities, (i) (I) holds a licence or similar authorisation, corresponding to a licence granted under section 9 of the Central Bank Act 1971 , or (II) has been incorporated in a manner corresponding to that referred to in paragraph (b), under the law of an EEA state, other than the State, 7 section 256(1) “EEA Agreement” means the Agreement on the European Economic Area signed at 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;
\n8 section 256(1), in paragraph (a) of the definition of “relevant deposit taker” (a) a person who is a holder of a licence granted under section 9 of the Central Bank Act 1971 , or a person who holds a licence or other similar authorisation under the law of any other Member State of the European Communities which corresponds to a licence granted under that section, (a) a person who is a holder of a licence granted under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971 , or a person who holds a licence or other similar authorisation under the law of an EEA state, other than the State, which corresponds to a licence granted under the said section 9, 9 section 519C(1) “EEA Agreement” means the Agreement on the European Economic Area signed at 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;
\n10 section 519C(1), in paragraph (a) of the definition of “qualifying savings institution” (a) a person who is a holder of a licence granted under section 9 of the Central Bank Act 1971 , or a person who holds a licence or other similar authorisation under the law of any other Member State of the European Communities which corresponds to a licence granted under that section, (a) a person who is a holder of a licence granted under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971 , or a person who holds a licence or other similar authorisation under the law of an EEA state, other than the State, which corresponds to a licence granted under the said section 9, 11 section 730A(1), in paragraph (a) of the definition of “financial institution” (a) a person who holds a licence under section 9 of the Central Bank Act 1971 , (a) a person who holds a licence under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971 , 12 section 784A(1) (a) “EEA Agreement” means the Agreement on the European Economic Area signed at 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;
\n13 section 784A(1)(a), in paragraph (a) of the definition of “qualifying fund manager” (a) a person who is a holder of a licence granted under section 9 of the Central Bank Act 1971 , or a person who holds a licence or other similar authorisation under the law of any other Member State of the European Communities which corresponds to a licence granted under that section, (a) a person who is a holder of a licence granted under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971 , or a person who holds a licence or other similar authorisation under the law of an EEA state, other than the State, which corresponds to a licence granted under the said section 9, 14 section 784A(7)(a)(I) a Member State of the European Communities an EEA state 15 section 845A(1)
\n16 section 891B(1)