Finance Act 2017

Finance Act 2017 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 2017 Finance Act 2017 Finance Act 2017 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 41 of 2017 FINANCE ACT 2017 CONTENTS PART 1 Income Tax, Universal Social Charge, Corporation Tax and Capital Gains Tax Chapter 1 Interpretation 1. Interpretation (Part 1) Chapter 2 Universal Social Charge 2. Amendment of section 531AN of Principal Act (rate of charge) Chapter 3 Income Tax 3. Amendment of section 15 of Principal Act (rate of charge) 4. Amendment of section 466A of Principal Act (home carer tax credit) 5. Amendment of section 472AB of Principal Act (earned income tax credit) 6. Amendment of section 244 of Principal Act (relief for interest paid on certain home loans) 7. Benefit in kind: relief relating to electric vehicles 8. Taxation of certain perquisites: employees of authorised insurers and tied health insurance agents 9. Amendment of section 458 of Principal Act (deductions allowed in ascertaining taxable income and provisions relating to reductions in tax) Chapter 4 Income Tax, Corporation Tax and Capital Gains Tax 10. Key Employee Engagement Programme 11. Amendment of section 285A of Principal Act (acceleration of wear and tear allowances for certain energy-efficient equipment) 12. Amendment of Parts 9 and 36 of, and Schedule 25B to, Principal Act (capital allowances for equipment and buildings used for the purposes of providing childcare services or a fitness centre to employees) 13. Pre-letting expenditure in respect of vacant premises 14. Amendment of certain anti-avoidance provisions of Principal Act 15. Amendment of section 664 of Principal Act (relief for certain income from leasing of farm land) 16. Amendment of Part 16 of Principal Act (income tax relief for investment in corporate trades - employment and investment incentive and seed capital scheme) 17. Amendment of Part 26 of Principal Act (life assurance companies) 18. Amendment of Chapter 1A of Part 27 of Principal Act (investment undertakings) 19. Irish real estate funds Chapter 5 Corporation Tax 20. Amendment of section 110 of Principal Act (securitisation) 21. Amendment of section 769K of Principal Act (adaptation of provisions relating to relief for relevant trading losses and relevant charges on income) 22. Amendment of section 76A of Principal Act (computation of profits or gains of a company - accounting standards) 23. Amendment of section 135 of Principal Act (distributions: supplemental) 24. Charges on income for corporation tax purposes 25. Amendment of section 291A of Principal Act (intangible assets) Chapter 6 Capital Gains Tax 26. Amendment of section 29 of Principal Act (persons chargeable) 27. Amendment of section 626B of Principal Act (exemption from tax in the case of gains on certain disposals of shares) 28. Amendment of section 980 of Principal Act (deduction from consideration on disposal of certain assets) 29. Amendment of section 604B of Principal Act (relief for farm restructuring) 30. Amendment of Chapter 6 of Part 19 of Principal Act (transfers of business assets) 31. Amendment of Part 20 of Principal Act (companies’ chargeable gains) 32. Amendment of section 613 of Principal Act (miscellaneous exemptions for certain kinds of property) 33. Amendment of section 604A of Principal Act (relief for certain disposals of land or buildings) 34. Amendment of section 598 of Principal Act (disposals of business or farm on “retirement”) PART 2 Excise Chapter 1 Sugar Sweetened Drinks Tax 35. Interpretation (Chapter 1) 36. Charging and rates of sugar sweetened drinks tax 37. Liability to pay sugar sweetened drinks tax 38. Registration of sugar sweetened drinks suppliers and exporters 39. Returns and payment by sugar sweetened drinks suppliers 40. Relief from sugar sweetened drinks tax for supplies made outside the State 41. Returned sugar sweetened drinks 42. Repayments of sugar sweetened drinks tax 43. Records 44. Offence and penalty (Chapter 1) 45. Regulations (Chapter 1) 46. Care and management (Chapter 1) 47. Commencement (Chapter 1) Chapter 2 Miscellaneous 48. Amendment of Chapter 4 of Part 2 of Finance Act 2001 (powers of officers) 49. Rates of tobacco products tax 50. Amendment of Chapter 1 of Part 2 of Finance Act 2002 (consolidation and modernisation of betting duties law) 51. Amendment of section 137A of Finance Act 2001 (substitute fuels) 52. Amendment of section 99A of Finance Act 1999 (relief for qualifying road transport operators) 53. Amendment of section 130 of Finance Act 1992 (interpretation) 54. Amendment of section 135D of Finance Act 1992 (repayment of amounts of vehicle registration tax on export of certain vehicles) PART 3 Value-Added Tax 55. Interpretation (Part 3) 56. Amendment of Schedule 3 to Principal Act (goods and services chargeable at the reduced rate) 57. Exempted education activities 58. Miscellaneous amendments to Principal Act PART 4 Stamp Duties 59. Interpretation (Part 4) 60. Amendment of Schedule 1 to Principal Act (stamp duties on instruments) 61. Repayment of stamp duty where land used for residential development 62. Shares deriving value from immovable property situated in State 63. Miscellaneous stamp duty amendments 64. Amendment of section 106B of Principal Act (housing authorities and Affordable Homes Partnership) 65. Amendments in relation to certain farming reliefs 66. Amendment of section 79 of Principal Act (conveyances and transfers of property between certain bodies corporate) 67. Amendment of section 80 of Principal Act (reconstructions or amalgamations of companies) 68. Farm consolidation relief PART 5 Capital Acquisitions Tax 69. Interpretation (Part 5) 70. Amendment of section 85 of Principal Act (exemption relating to retirement benefits) 71. Amendment of section 86 of Principal Act (exemption relating to certain dwellings) 72. Amendment of section 89 of Principal Act (provisions relating to agricultural property) PART 6 Miscellaneous 73. Interpretation (Part 6) 74. Amendment of section 122 of Principal Act (preferential loan arrangements) 75. Appealable matters 76. Taxpayer information 77. PAYE modernisation 78. Amendment of Chapter 4 of Part 38 of Principal Act (Revenue powers) 79. Amendment of section 531AA of Principal Act (interpretation: Part 18C) 80. Provision to modify agreements for relief from double taxation 81. Amendment 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) 82. Consequential amendments to the Acts following enactment of Companies Act 2014 83. Mergers, divisions and transfers of assets 84. Amendment of section 865 of Principal Act (repayment of tax) 85. Amendment of section 67 of Finance Act 1988 (capital services redemption account) 86. Report of Minister for Finance 87. Care and management of taxes and duties 88. Short title, construction and commencement SCHEDULE 1 PAYE Modernisation SCHEDULE 2 Consequential Amendments to the Acts (within the meaning of section 82) following enactment of Companies Act 2014 SCHEDULE 3 Appealable Matters SCHEDULE 4 Sugar Sweetened Drinks Tax Acts Referred to Appropriation Act 1965 (No. 21) Appropriation Act 1969 (No. 30) Betting Act 1931 (No. 27) Building Control Act 1990 (No. 3) Capital Acquisitions Tax Consolidation Act 2003 (No. 1) Central Bank Act 1971 (No. 24) Child Care Act 1991 (No. 17) Commissioners of Public Works (Functions and Powers) Act 1996 (No. 3) Companies (Amendment) Act 1983 (No. 13) Companies Act 1963 (No. 33) Companies Act 1990 (No. 33) Companies Act 2014 (No. 38) Companies Acts 1963 to 1990 Companies Acts 1963 to 1999 Customs Act 2015 (No. 18) Customs Consolidation Act 1876 (39 & 40 Vict. c. 36) Education Act 1998 (No. 51) Electricity Regulation Act 1999 (No. 23) Finance Act 1970 (No. 14) Finance Act 1988 (No. 12) Finance Act 1992 (No. 9) Finance Act 1999 (No. 2) Finance Act 2001 (No. 7) Finance Act 2002 (No. 5) Finance Act 2005 (No. 5) Finance Act 2012 (No. 9) Finance Act 2016 (No. 18) Industrial and Provident Societies Act 1893 (56 & 57 Vict. c.39) Planning and Development Act 2000 (No. 30) Qualifications and Quality Assurance (Education and Training) Act 2012 (No. 28) Regional Technical Colleges Act 1992 (No. 16) Stamp Duties Consolidation Act 1999 (No. 31) Taxes Consolidation Act 1997 (No. 39) Universities Act 1997 (No. 24) Value-Added Tax Consolidation Act 2010 (No. 31) Number 41 of 2017 FINANCE ACT 2017 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 including the regulation of customs. [25th December, 2017] Be it enacted by the Oireachtas as follows: PART 1 Income Tax, Universal Social Charge, Corporation Tax and Capital Gains Tax Chapter 1 Interpretation Interpretation (Part 1) 1. In this Part “Principal Act” means the Taxes Consolidation Act 1997 . Chapter 2 Universal Social Charge Amendment of section 531AN of Principal Act (rate of charge) 2. (1) Section 531AN of the Principal Act is amended— (a) in subsection (3)— (i) by substituting “€19,372” for “€18,772”, and (ii) by substituting “2 per cent” for “2.5 per cent”, (b) in subsection (3A)(a) by substituting “2 per cent” for “2.5 per cent”, (c) in subsection (4) by substituting “2020” for “2018”, and (d) by substituting the following Table for the Table to that section: “TABLE PART 1 Part of aggregate income Rate of universal social charge (1) (2) The first €12,012 0.5 per cent The next €7,360 2 per cent The next €50,672 4.75 per cent The remainder 8 per cent PART 2 Part of aggregate income Rate of universal social charge (1) (2) The first €12,012 0. 5 per cent The remainder 2 per cent ”. (2) Subsection (1) applies for the year of assessment 2018 and each subsequent year of assessment. Chapter 3 Income Tax Amendment of section 15 of Principal Act (rate of charge) 3. As respects the year of assessment 2018 and subsequent years of assessment section 15 of the Principal Act is amended— (a) in subsection (3)(i), by substituting “€25,550” for “€24,800”, and (b) by substituting the following Table for the Table to that section: “TABLE PART 1 Part of taxable income (1) Rate of tax (2) Description of rate (3) The first €34,550 20 per cent the standard rate The remainder 40 per cent the higher rate PART 2 Part of taxable income (1) Rate of tax (2) Description of rate (3) The first €38,550 20 per cent the standard rate The remainder 40 per cent the higher rate PART 3 Part of taxable income (1) Rate of tax (2) Description of rate (3) The first €43,550 20 per cent the standard rate The remainder 40 per cent the higher rate ”. Amendment of section 466A of Principal Act (home carer tax credit) 4. (1) Section 466A of the Principal Act is amended by substituting “€1,200” for “€1,100”. (2) Subsection (1) applies for the year of assessment 2018 and each subsequent year of assessment. Amendment of section 472AB of Principal Act (earned income tax credit) 5. (1) Section 472AB of the Principal Act is amended in subsection (2)— (a) in paragraph (a), by substituting “€1,150” for “€950”, and (b) in paragraph (b), by substituting “€1,150” for “€950”. (2) Subsection (1) applies for the year of assessment 2018 and each subsequent year of assessment. Amendment of section 244 of Principal Act (relief for interest paid on certain home loans) 6. Section 244 of the Principal Act is amended— (a) in subsection (1)(a) by substituting the following for the definition of “qualifying interest”: “‘qualifying interest’, in relation to an individual and a year of assessment, means— (i) as respects a year of assessment before 2018, the amount of interest paid by the individual in respect of a qualifying loan, (ii) as respects the year of assessment 2018, 75 per cent of the amount of interest paid by the individual in respect of a qualifying loan, (iii) as respects the year of assessment 2019, 50 per cent of the amount of interest paid by the individual in respect of a qualifying loan, and (iv) as respects the year of assessment 2020, 25 per cent of the amount of interest paid by the individual in respect of a qualifying loan;”, (b) in subsection (1A)(b) by substituting “2020” for “2017”, (c) in subsection (2)(a)(ii) by substituting “2020” for “2017”, and (d) by inserting the following after subsection (10): “(11) For the purposes of the application of this section, the definition of ‘relievable interest’ in subsection (1)(a) has effect as if— (a) in subparagraph (i) of that definition— (i) as respects the year of assessment 2018, ‘€4,500’, (ii) as respects the year of assessment 2019, ‘€3,000’, and (iii) as respects the year of assessment 2020, ‘€1,500’, were substituted for ‘€6,000’, (b) in subparagraph (ii) of that definition— (i) as respects the year of assessment 2018, ‘€2,250’, (ii) as respects the year of assessment 2019, ‘€1,500’, and (iii) as respects the year of assessment 2020, ‘€750’, were substituted for ‘€3,000’, (c) in subparagraph (iii) of that definition— (i) as respects the year of assessment 2018, ‘€15,000’, (ii) as respects the year of assessment 2019, ‘€10,000’, and (iii) as respects the year of assessment 2020, ‘€5,000’, were substituted for ‘€20,000’, and (d) in subparagraph (iv) of that definition— (i) as respects the year of assessment 2018, ‘€7,500’, (ii) as respects the year of assessment 2019, ‘€5,000’, and (iii) as respects the year of assessment 2020, ‘€2,500’, were substituted for ‘€10,000’.”. Benefit in kind: relief relating to electric vehicles 7. Part 5 of the Principal Act is amended— (a) in Chapter 3, by inserting the following after section 118(5G): “(5H) Subsection (1) shall not apply to expense incurred by the body corporate in, or in connection with, the provision, for a director or employee, in any of its business premises, of a facility for the electric charging of vehicles, where all the employees and directors of that body corporate can avail of the facility.”, and (b) in Chapter 4— (i) in section 121— (I) in subsection (1)(a), by inserting the following after the definition of “car”: “ ‘electric vehicle’ means a vehicle that derives its motive power exclusively from an electric motor;”, and (II) in subsection (2)(b)— (A) in subparagraph (i), by deleting “and”, (B) in subparagraph (ii), by substituting “car, and” for “car.”, and (C) by inserting the following after subparagraph (ii): “(iii) notwithstanding subparagraph (ii), no amount shall be treated as emoluments of the employment where the car provided is— (I) an electric vehicle, and (II) provided during the period 1 January 2018 to 31 December 2018.”, and (ii) in section 121A— (I) in subsection (1), by inserting the following definition: “ ‘electric vehicle’ has the meaning assigned to it by section 121;”, and (II) in subsection (2)(b)— (A) in subparagraph (i), by deleting “and”, (B) in subparagraph (ii), by substituting “van, and” for “van.”, and (C) by inserting the following after subparagraph (ii): “(iii) notwithstanding subparagraph (ii), no amount shall be treated as emoluments of the employment where the van provided is— (I) an electric vehicle, and (II) provided during the period 1 January 2018 to 31 December 2018.”. Taxation of certain perquisites: employees of authorised insurers and tied health insurance agents 8. Chapter 1 of Part 5 of the Principal Act is amended by inserting the following section after section 112A: “Taxation of certain perquisites: employees of authorised insurers and tied health insurance agents 112AA. (1) In this section— ‘authorised insurer’ has the meaning assigned to it by section 470; ‘emoluments’ has the meaning assigned to it by section 983; ‘employee’ includes an office holder and any person who is an employee within the meaning of section 983; ‘relevant contract’ means a contract of insurance, or any other agreement, arrangement or transaction, as the case may be, which provides specifically, whether in conjunction with other benefits or not, for the reimbursement or discharge, in whole or in part, of— (a) actual health expenses (within the meaning of section 469), being a contract of medical insurance, or (b) dental expenses other than expenses in respect of routine dental treatment (within the meaning of section 469), being a contract of dental insurance; ‘relevant contract price’ is the amount that would be payable, by an individual who is neither a relevant employee nor connected with a relevant employee, under a relevant contract, by way of a bargain made at arm’s length, before deducting any amount the individual would have been entitled to deduct and retain by virtue of section 470(3)(a); ‘relevant employee’ means an employee of— (a) an authorised insurer, (b) a tied health insurance agent, or (c) any person connected with a person referred to in paragraph (a) or (b); ‘tied health insurance agent’ means any person who, directly or indirectly, enters into an agreement or arrangement with an authorised insurer— (a) whereby that person undertakes to refer all proposals of insurance, made under a relevant contract, to the authorised insurer with whom the person has made or entered into the agreement or arrangement, or (b) which restricts in any way that person’s freedom to refer proposals of insurance, made under a relevant contract, to an authorised insurer other than the authorised insurer with whom the agreement or arrangement has been made or entered into. (2) This section applies where— (a) a relevant employee enters into a relevant contract, or (b) an individual connected with a relevant employee enters into a relevant contract, arising from, or in connection with, the employment of the relevant employee. (3) Where this section applies in relation to a relevant contract— (a) an amount determined by the formula— (A - B) where— A is the relevant contract price for the year, and B is the sum of the amount paid, if any, for the year by the relevant employee and the connected individual, under the relevant contract, shall be treated as emoluments of the employment of the relevant employee in a year of assessment, (b) Chapter 3 of this Part shall not apply, and (c) section 112A shall not apply to the relevant employee or the employer of the relevant employee. (4) Where an amount is treated as emoluments in a year of assessment under this section— (a) for the purposes of section 470, the amount (referred to in this subsection and subsection (5) as the ‘notional payment amount’) shall be treated as if it was an amount paid— (i) under the relevant contract concerned to an authorised insurer by the relevant employee concerned, and (ii) in the year of assessment, and (b) subject to subsection (5), notwithstanding that the payment of the notional payment amount is deemed under paragraph (a) to occur after 6 April 2001— (i) section 470(3) shall not apply to the notional payment amount, and (ii) section 470(2) shall apply to the notional payment amount as if the relevant employee concerned had made a payment under a relevant contract of that amount to an authorised insurer. (5) Where an amount (in this subsection referred to as the ‘actual payment amount’) is paid under the relevant contract concerned by the relevant employee concerned or an individual connected to that employee— (a) section 470(2) shall apply subject to the following modifications: (i) a reference to a payment shall be construed as a reference to an amount being the sum of the notional payment amount and the actual payment amount; (ii) the amount by which the income tax to be charged on the individual for the year of assessment, other than in accordance with section 16(2), is reduced shall itself be reduced by the percentage of the relevant contract price which the actual payment amount represents, and (b) section 470(3) shall apply subject to the following modifications: (i) a reference to a payment shall be construed as a reference to an amount being the sum of the notional payment amount and the actual payment amount; (ii) the amount the individual shall be entitled to deduct and retain shall be reduced by the percentage of the relevant contract price which the notional payment amount represents.”. Amendment of section 458 of Principal Act (deductions allowed in ascertaining taxable income and provisions relating to reductions in tax) 9. The Principal Act is amended in Part 2 of the Table to section 458 by inserting the following after “Section 472”: “Section 472AB Section 472BA”. Chapter 4 Income Tax, Corporation Tax and Capital Gains Tax Key Employee Engagement Programme 10. (1) The Principal Act is amended by inserting the following section after section 128E: “128F. (1) In this section— ‘connected persons’ shall be construed in accordance with section 10; ‘control’ shall be construed in accordance with section 432; ‘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; ‘emoluments’ has the same meaning as in section 983; ‘excluded activities’ means— (a) adventures or concerns in the nature of trade, (b) dealing in commodities or futures in shares, securities or other financial assets, (c) financial activities, (d) professional services companies, (e) dealing in or developing land, (f) building and construction, (g) forestry, and (h) operations carried out in the coal industry or in the steel and shipbuilding sectors; ‘financial activities’ has the same meaning as in section 488; ‘market value’ shall be construed in accordance with section 548; ‘option price’ means a predetermined price at which an employee or director can purchase a share at some time in the future; ‘ordinary shares’ means shares forming part of a company’s ordinary share capital; ‘professional services’ means— (a) services of a medical, dental, optical, aural or veterinary nature, (b) services of an architectural, quantity surveying or surveying nature, and related services, (c) services of accountancy, auditing, taxation or finance, (d) services of a solicitor or barrister and other legal services, and (e) geological services; ‘qualifying company’ means, subject to subsection (10), a company that— (a) is incorporated in the State, or in an EEA state other than the State, and is resident in the State, or is resident in an EEA state other than the State and carries on business in the State through a branch or agency, (b) exists wholly or mainly for the purpose of carrying on a qualifying trade on a commercial basis with a view to the realisation of profit, the profits or gains of which are charged to tax under Case I of Schedule D, (c) throughout the entirety of any relevant period— (i) is an unquoted company none of whose shares, stock or debentures are listed in the official list of a stock exchange, or quoted on an unlisted securities market of a stock exchange other than— (I) on the market known as the Enterprise Securities Market of the Irish Stock Exchange, or (II) on any similar or corresponding market of the stock exchange— (A) in a territory other than the State with the government of which arrangements having the force of law by virtue of section 826(1) have been made, or (B) in an EEA state other than the State, and (ii) is not regarded as a company in difficulty for the purposes of the Commission Guidelines on State aid for rescuing and restructuring non-financial undertakings in difficulty 1 , and (d) at the date of grant of the qualifying share option— (i) is a micro, small or medium sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC of 6 May 2003 2 concerning the definition of micro, small and medium sized enterprises, and (ii) the total market value of the issued but unexercised qualifying share options of the company does not exceed €3,000,000; ‘qualifying individual’, in respect of a qualifying share option, means an individual who throughout the entirety of the relevant period— (a) is a full time employee or full time director of the qualifying company, and (b) is required to devote substantially the whole of his or her time to the service of the company, with a minimum requirement for the individual to work at least 30 hours per week for the qualifying company; ‘qualifying share option’ means a right granted to an employee or director of a qualifying company to purchase a predetermined number of shares at a predetermined price, by reason of the individual’s employment or office in the qualifying company, where— (a) the shares which may be acquired by the exercise of the share option are new ordinary fully paid up shares in a qualifying company, which carry no present or future preferential right to dividends or to a company’s assets on its winding up and no present or future preferential right to be redeemed, (b) the option price at date of grant is not less than the market value of the same class of shares at that time, (c) there is a written contract or agreement in place specifying— (i) the number and description of the shares which may be acquired by the exercise of the share option, (ii) the option price, and (iii) the period during which the share options may be exercised, (d) the total market value of all shares, in respect of which qualifying share options have been granted by the qualifying company to an employee or director, does not exceed— (i)€100,000 in any one year of assessment, (ii)€250,000 in any 3 consecutive years of assessment, or (iii) 50 per cent of the annual emoluments of the qualifying individual in the year of assessment in which the qualifying share option is granted, (e) the share option is exercised by the qualifying individual in the relevant period, (f) the shares are in a qualifying company, and (g) the share option can not be exercised more than 10 years from the date of grant; ‘qualifying trade’ means trading activities other than excluded activities; ‘relevant period’ means a period of not less than 12 months beginning on the date a qualifying share option is granted to an employee or director of the qualifying company and ending on the date the share option is exercised by the qualifying individual. (2) For the purposes of this section— (a) an individual shall not be a qualifying individual if his or her employment or office is not capable of lasting at least 12 months from the date on which the qualifying share option is granted, (b) an individual shall cease to be a qualifying individual if he or she, together with any connected persons, acquire beneficial ownership of, or the ability to control, directly or indirectly, or through the medium of a connected company or connected companies or by any other indirect means, more than 15 per cent of the ordinary share capital of the qualifying company, and (c) where a qualifying company allows an individual to exercise a qualifying share option, despite having ceased to be an employee or a director of the company, the individual shall be deemed to satisfy the requirements set out in paragraphs (a) and (b) of the definition of ‘qualifying individual’ in subsection (1), in respect of the period the individual is not employed by the company, if the exercise occurs within 90 days of the individual ceasing to hold the employment or office concerned with the qualifying company. (3) Any gain realised on the exercise of a qualifying share option granted on or after 1 January 2018 and before 1 January 2024 shall be exempt from income tax and shall not be reckoned in computing income for the purposes of the Income Tax Acts. (4) A company whose business consists wholly of the holding of shares in a qualifying company shall be a qualifying company for the purposes of this section, where the shares are directly held and comprise of the entire issued share capital. (5) A period of less than 12 months shall be deemed to be a relevant period where, following the grant of a share option, during that period— (a) a transaction is entered into pursuant to a compromise, arrangement or scheme applicable to or affecting all the ordinary share capital of the qualifying company, (b) a transaction takes place that forms part of a general offer made to holders of shares of the same class as the shares acquired by the director or employee or of shares in the same company and made in the first instance on a condition such that if it is satisfied the person making the offer will have control of that company, or (c) the qualifying company allows an issued but unexercised qualifying share option to transfer to an individual’s estate on their death, where— (i) the qualifying share option is exercised within 12 months of the individual’s death, (ii) the deceased would have satisfied the requirements set out in paragraphs (a) and (b) of the definition of ‘qualifying individual’ in subsection (1) up to the date of his or her death, and (iii) the company is a qualifying company throughout the relevant period. (6) Notwithstanding section 547(1)(a), the qualifying individual shall be deemed for the purposes of the Capital Gains Tax Acts to have acquired the shares, acquired by the exercise of the qualifying share option, for a consideration equal to the amount paid for their acquisition. (7) Where in any year of assessment a qualifying company grants a qualifying share option under this section, or allots any shares or transfers any asset in pursuance of such a right, or gives any consideration for the assignment or release in whole or in part of such a right, or receives notice of the assignment of such a right, the qualifying company shall deliver particulars thereof to the Revenue Commissioners, in a format approved by them, not later than 31 March in the year of assessment following that year. (8) A qualifying company shall, when required to do so by notice in writing by the Revenue Commissioners, furnish the Revenue Commissioners, within such time as may be specified in the notice (not being less than 30 days), with such information, in relation to the relief provided by this section, as the Revenue Commissioners may reasonably require from the qualifying company for the purposes of publishing the following information in relation to all qualifying companies: (a) the name of the company; (b) the address of the company; (c) the Companies Registration Office number of the company; (d) the date of exercise of the qualifying share options; (e) the amount of the tax advantage granted under this section; (f) in respect of the principal activity carried on by the company, the NACE classification code, as determined in accordance with Regulation (EC) No. 1893/2006 of the European Parliament and of the Council of 20 December 2006 3 No. L393, 30. 12. 2006, p. 1 establishing the statistical classification of economic activities NACE Revision 2 and amending Council Regulation (EEC) No. 3037/90 as well as certain EC Regulations on specific statistical domains; (g) the territorial unit, within the meaning of the NUTS Level 2 classification specified in Annex 1 to Regulation (EC) No. 1059/2003 of the European Parliament and of the Council of 26 May 2003 4 amended by Regulation (EC) No. 1888/2005 of the European Parliament and of the Council of 26 October 2005 5 , Commission Regulation (EC) No. 105/2007 of 1 February 2007 6 , Regulation (EC) No. 176/2008 of the European Parliament and of the Council of 20 February 2008 7 , Regulation (EC) No. 1137/2008 of the European Parliament and of the Council of 22 October 2008 8 , Commission Regulation (EU) No. 31/2011 of 17 January 2011 9 , Council Regulation (EU) No. 517/2013 of 13 May 2013 10 , Commission Regulation (EU) No. 1319/2013 of 9 December 2013 11 , Commission Regulation (EU) No. 868/2014 of 8 August 2014 12 and Commission Regulation (EU) No. 2066/2016 of 21 November 2016 13 , in which the company is located. (9) No obligation as to secrecy imposed by section 851A shall preclude the Revenue Commissioners from publishing information obtained by them under this section. (10) A company shall not be regarded as a qualifying company for the purposes of this section where the company fails to comply with the requirements of subsection (7) or (8). (11) This section shall not apply unless the qualifying share option is granted for bona fide commercial reasons, the main purpose of which is to recruit or retain employees in the qualifying company 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. (12) Where this section applies relief under Part 16 shall not apply.”. (2) Subsection (1) shall come into operation on such day as the Minister for Finance may appoint by order. Amendment of section 285A of Principal Act (acceleration of wear and tear allowances for certain energy-efficient equipment) 11. Section 285A(1) of the Principal Act is amended in the definition of “relevant period” by substituting “31 December 2020” for “31 December 2017”. Amendment of Parts 9 and 36 of, and Schedule 25B to, Principal Act (capital allowances for equipment and buildings used for the purposes of providing childcare services or a fitness centre to employees) 12. (1) Chapter 2 of Part 9 of the Principal Act is amended by inserting the following after section 285A: “Acceleration of wear and tear allowances for childcare and fitness centre equipment 285B. (1) In this section— ‘qualifying expenditure’ means capital expenditure incurred on qualifying machinery or plant by a person carrying on a qualifying trade; ‘qualifying machinery or plant’ means machinery or plant in use in a qualifying premises; ‘qualifying premises’ has the same meaning as it has in section 843B; ‘qualifying trade’ has the same meaning as it has in section 843B. (2) Where a person has incurred qualifying expenditure, and for any chargeable period a wear and tear allowance is to be made under section 284, subsection (2) of that section shall apply as if the reference in paragraph (ad) of that subsection to 12. 5 per cent were a reference to 100 per cent.”. (2) (a) Part 36 of the Principal Act is amended by inserting the following after section 843A: “Capital allowances for buildings used for the purposes of providing childcare services or a fitness centre to employees 843B. (1) In this section— ‘childcare services’ means any form of childminding services or supervised activities to care for children, whether or not provided on a regular basis, in respect of which it can be shown that the applicable requirements of the Child Care Act 1991 (Early Years Services) Regulations 2016 ( S.I. No. 221 of 2016 ) have been complied with; ‘construction’ has the same meaning as it has in section 270; ‘fitness centre’ means a gymnasium used exclusively in providing a range of facilities designed to improve and maintain the physical fitness and health of participants; ‘qualifying expenditure’ means expenditure incurred by an employer, carrying on a qualifying trade or a profession, on the construction of a qualifying premises; ‘qualifying premises’ means a building or structure which is in use for the purposes of providing either childcare services or the facilities of a fitness centre to employees of the employer referred to in the immediately preceding definition, and where that employer is a company, whether the employees of that company or of a company connected with that company; ‘qualifying trade’ means a trade, other than a trade which consists of the provision of childcare services or a trade which consists wholly or partly of the provision of the facilities of a fitness centre. (2) The provisions of the Tax Acts relating to the making of allowances or charges in respect of capital expenditure incurred on the construction of an industrial building or structure shall, notwithstanding anything to the contrary in those provisions, apply in relation to qualifying expenditure on a qualifying premises— (a) 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 (b) 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 paragraph (a)), it were a trade. (3) In relation to qualifying expenditure incurred on a qualifying premises, section 272 shall apply as if— (a) in subsection (3)(a)(ii) of that section the reference to 4 per cent were a reference to 15 per cent, and (b) in subsection (4)(a) of that section the following were substituted for subparagraph (ii): ‘(ii) where capital expenditure on the construction 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.’. (4) Notwithstanding section 274(1), no balancing allowance or balancing charge shall be made in relation to a qualifying premises by reason of any event, referred to in that section, which occurs more than 7 years after the qualifying premises was first used subsequent to the incurring of the qualifying expenditure on the construction of the qualifying premises. (5) Where relief is given by virtue of this section in relation to qualifying expenditure incurred on the construction of a building or structure, relief shall not be given in respect of that expenditure under any other provision of the Tax Acts. (6) A person shall not be entitled to allowances under this section while that person is regarded as an undertaking in difficulty for the purposes of the Commission Guidelines on State aid for rescuing and restructuring non-financial undertakings in difficulty 14 .”. (b) Schedule 25B to the Principal Act is amended by inserting the following after the matter set out opposite reference number 50: “ 50A. Section 843B (capital allowances for buildings used for the purposes of providing childcare services or a fitness centre to employees) 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 843B, including any such allowances 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. ”. (3) This section comes into operation on such day as the Minister for Finance may appoint by order. Pre-letting expenditure in respect of vacant premises 13. The Principal Act is amended by inserting the following section after section 97: “97A. (1) In this section— ‘specified day’ means the day falling on or after the date of the passing of the Finance Act 2017 on which a vacant premises is first let as a residential premises after the end of the period during which it is not occupied; ‘specified period’, in relation to a vacant premises, means the period of 12 months ending the day before the specified day; ‘vacant premises’ means any premises that is not occupied for the entire of the period of 12 months immediately before the specified day. (2) Subject to subsection (3), this section shall apply to expenditure incurred by the person chargeable on or before 31 December 2021 on a vacant premises. (3) Notwithstanding section 105 and subject to subsections (4) and (5), where a person incurs expenditure on a vacant premises during the specified period and such expenditure is, apart from this section, not authorised as a deduction under section 97(2) in computing a surplus or deficiency for the purposes of Case V of Schedule D in respect of that premises but would have been so authorised under section 97(2) if it had been incurred on or after the specified day then the expenditure shall be treated for that purpose as having been incurred on the specified day. (4) The deduction authorised by subsection (3) shall not exceed €5,000 in respect of each vacant premises. (5) Where a deduction has been authorised under this section and the person referred to in subsection (3) ceases to let the premises concerned as a residential premises within a period of 4 years beginning on the specified day then— (a) an amount equal to the deduction shall be deemed to be profits or gains computed under section 97(1) in the year of assessment in which that person ceases to let the premises concerned as a rented residential premises, and (b) assessments shall, as necessary, be made or amended to give effect to this subsection. (6) An allowance or deduction in relation to a vacant premises shall not be made under any provision of the Tax Acts other than this section in respect of any expenditure treated under this section as incurred on the specified day.”. Amendment of certain anti-avoidance provisions of Principal Act 14. The Principal Act is amended— (a) in section 579 by substituting the following for subsection (6): “(6) This section shall not apply— (a) in relation to a loss accruing to the trustees of the settlement, or (b) where it is shown in writing or otherwise to the satisfaction of the Revenue Commissioners that, at the time when the charge to capital gains tax arises, genuine economic activities are carried on by the settlement in a relevant Member State (within the meaning of section 806(11)(a)).”, (b) in section 579A by substituting the following for subsection (9A): “(9A) This section shall not apply where it is shown in writing or otherwise to the satisfaction of the Revenue Commissioners that, at the time when the charge to capital gains tax arises, genuine economic activities are carried on by the settlement in a relevant Member State (within the meaning of section 806(11)(a)).”, (c) in section 590(7) by substituting the following for paragraph (aa): “(aa) a chargeable gain accruing on the disposal of an asset where it is shown in writing or otherwise to the satisfaction of the Revenue Commissioners that, at the time of the disposal, genuine economic activities are carried on by the company in a relevant Member State (within the meaning of section 806(11)(a)),”, and (d) in section 806(11) by substituting the following for paragraph (b): “(b) Where a non-resident person is resident in a relevant Member State, subsection (10) shall apply as if the following were substituted for paragraphs (b), (c), (d) and (e) of that subsection: ‘(b) Subsections (4) and (5) shall not apply where the individual concerned shows in writing or otherwise to the satisfaction of the Revenue Commissioners that genuine economic activities are carried on by the non-resident person in the relevant Member State.’.”. Amendment of section 664 of Principal Act (relief for certain income from leasing of farm land) 15. (1) Section 664 of the Principal Act is amended— (a) in subsections (1) and (7), by substituting “EU Basic Payment Scheme” for “EU Single Payment Scheme”, and (b) in subsection (8), by substituting the following for paragraphs (a) and (b): “(a) a qualifying lessee of the lease (in this paragraph referred to as the ‘first mentioned lease’), or a person connected with that qualifying lessee of the first mentioned lease, is a qualifying lessor of another qualifying lease (in this paragraph referred to as the ‘second mentioned lease’) where the qualifying lessor of the first mentioned lease is a qualifying lessee of the second mentioned lease, (b) a qualifying lessee of the lease (in this paragraph referred to as the ‘first mentioned lease’) is a qualifying lessor of another qualifying lease (in this paragraph referred to as the ‘second mentioned lease’) where that qualifying lessor of the first mentioned lease, or a person connected with that qualifying lessor, is a qualifying lessee of the second mentioned lease, or”. (2) Subsection (1)(b) shall come into operation on 2 November 2017. Amendment of Part 16 of Principal Act (income tax relief for investment in corporate trades - employment and investment incentive and seed capital scheme) 16. (1) Section 488 of the Principal Act is amended, in the definition of “associate”, by deleting “, except that the reference in paragraph (b) of that subsection to any relative of a participator shall be excluded from such meaning”. (2) Section 492 of the Principal Act is amended— (a) in subsection (4)— (i) by substituting “if the individual, or an associate of the individual,” for “if he or she”, and (ii) by substituting “to acquire any of” for “to acquire more than 30 per cent of”, (b) in subsection (6)(a)— (i) by substituting “if the individual, or an associate of the individual,” for “if he or she”, and (ii) by substituting “to receive any of” for “to receive more than 30 per cent of”, and (c) by substituting the following subsection for subsection (8): “(8) For the purposes of subsections (4) and (6)(a), no account shall be taken of— (a) shares in the company concerned which are held by the individual concerned where— (i) that individual was entitled to relief under this Part in respect of the acquisition of those shares, and (ii) that individual, or a person connected with that individual, does not at any time in the specified period control (within the meaning of section 432) the company concerned, or (b) shares subscribed for upon the formation of the company concerned where— (i) the company has issued no shares other than those subscribed for on formation, and (ii) the company has not yet commenced carrying on, or made preparations for the carrying on of, any trade or business.”. (3) This section shall have effect as respects shares issued on or after 2 November 2017. Amendment of Part 26 of Principal Act (life assurance companies) 17. Part 26 of the Principal Act is amended— (a) in section 710(1)— (i) in paragraph (b) by substituting “;” for “.”, and (ii) by inserting the following after paragraph (b): “(c) for the purposes of Schedule 24, any foreign tax arising in respect of the profits excluded in making the computation under paragraph (a) shall be treated as solely attributable to those profits so excluded and that foreign tax— (i) shall not be allowed as a credit or deduction against corporation tax arising on any other profits of the assurance company, (ii) shall not be a foreign tax by which income is reduced in accordance with paragraph 7(3)(c) of that Schedule, and (iii) shall not otherwise be deducted from any other profits of the assurance company.”, (b) in section 730A(5)— (i) in paragraph (a) by deleting “and”, (ii) in paragraph (b) by substituting “annuitants, and” for “annuitants.”, and (iii) by inserting the following after paragraph (b): “(c) for the purposes of Schedule 24, any foreign tax arising in respect of the profits excluded in making the computation under paragraph (a) shall be treated as solely attributable to those profits so excluded and that foreign tax— (i) shall not be allowed as a credit or deduction against corporation tax arising on any other profits of the assurance company, (ii) shall not be a foreign tax by which income is reduced in accordance with paragraph 7(3)(c) of that Schedule, and (iii) shall not otherwise be deducted from any other profits of the assurance company.”, and (c) in section 730C(2) by substituting the following for paragraph (a): “(a) by way of security for a debt, or the discharge of a debt secured by the rights concerned, where the debt is a debt due to— (i) a financial institution, or (ii) a qualifying company within the meaning of section 110, where the debt was originated by a financial institution and the life policy was assigned, in whole or in part, by way of security for that debt, to that financial institution,”. Amendment of Chapter 1A of Part 27 of Principal Act (investment undertakings) 18. Chapter 1A of Part 27 of the Principal Act is amended by inserting the following section: “Electronic account filing requirement 739FA. (1) In this section, ‘electronic means’ includes electrical, digital, magnetic, optical, electromagnetic, biometric, photonic means of transmission of data and other forms of related technology by means of which data is transmitted. (2) The Revenue Commissioners, with the consent of the Minister for Finance, may make regulations under this section with respect to the provision by— (a) an investment undertaking, or (b) where the investment undertaking is an umbrella scheme, a sub-fund of that scheme, of financial statements, prepared in accordance with the generally accepted accounting practice specified in the prospectus of the investment undertaking to the Revenue Commissioners by electronic means. (3) Without prejudice to the generality of subsection (2), regulations under this section may, in particular, include provisions— (a) specifying the investment undertaking, group of investment undertakings or class of investment undertakings, including sub-funds of umbrella schemes where relevant, to which the regulation applies, (b) determining the date in any year by which the financial statements required to be made under the regulations shall be provided to the Revenue Commissioners, (c) prescribing the electronic means by which the financial statements are to be delivered, (d) prescribing the format in which the financial statements are to be delivered, and (e) 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. (4) Where a person on whom the obligation concerned is imposed under regulations under this section— (a) fails to provide financial statements by the date required by those regulations, or (b) provides financial statements in a form other than that required by those regulations, that person shall be liable to a penalty of €1,520. (5) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly but without prejudice to the validity of anything previously done under the regulation.”. Irish real estate funds 19. (1) Chapter 1B of Part 27 of the Principal Act is amended— (a) in section 739K— (i) in subsection (1)— (I) in paragraph (c) of the definition of “IREF assets”, by inserting “, which are actively and substantially traded on such stock exchange,” after “stock exchange”, (II) by deleting paragraph (a) of the definition of “IREF excluded profits”, (III) by inserting the following after the definition of “IREF withholding tax”: “ ‘PRSA’ means a Personal Retirement Savings Account within the meaning of section 787A;”, (IV) by inserting the following after the definition of “purchased IREF profits”: “ ‘qualifying intermediary’ means an intermediary (within the meaning of section 739B(1)) who is authorised by the Central Bank of Ireland under— (a) before 3 January 2018, the European Communities (Markets in Financial Instruments) Regulations 2007 ( S.I. No. 60 of 2007 ), and (b) on and after 3 January 2018, the European Union (Markets in Financial Instruments) Regulations 2017 ( S.I. No. 375 of 2017 );”, (V) in the definition of “specified person”— (A) by substituting the following for paragraph (a): “(a) a fund approved under section 774, 784(4) or 785(5), an approved retirement fund within the meaning of section 784A, an approved minimum retirement fund within the meaning of section 784C, a PRSA (including a vested PRSA within the meaning of section 790D(1)) or a person exempt from income tax under section 790B (collectively referred to in this Chapter as ‘pension schemes’),”, (B) by substituting the following for paragraph (b): “(b) an investment undertaking, or, where appropriate, a sub-fund that is a unit holder in another sub-fund of the same umbrella scheme,”, (C) in paragraph (f), by substituting “pension scheme” for “scheme” and “pension schemes” for “schemes”, and (D) in paragraph (g), by substituting “valid declaration made by the unit holder or, where applicable under subsection (1A), by the qualifying intermediary,” for “valid declaration,”, and (ii) by inserting the following after subsection (1): “(1A) A qualifying intermediary who carries on a trade which consists of, or includes, the holding in a nominee capacity of units in an IREF, that is not a personal portfolio IREF, on behalf of unit holders (that come within paragraphs (a), (d) or (e) of the definition of ‘specified person’, or within paragraph (f) of that definition pursuant to its reference to paragraph (a) thereof), may make a declaration in accordance with Schedule 2C, on behalf of those unit holders in respect of that IREF.”, (b) in section 739M(3), by substituting “pension scheme, undertaking” for “scheme, undertaking” in each place where it occurs, (c) in section 739N— (i) in subsection (1)(b), by substituting “pension scheme” for “scheme”, and (ii) by inserting the following after subsection (3): “(4) An IREF (referred to in this subsection as the ‘first mentioned IREF’) shall not be treated as a personal portfolio IREF of a unit holder which is an IREF (referred to in this subsection as the ‘second mentioned IREF’) where the holding of the units— (a) in the first mentioned IREF by the second mentioned IREF is for bona fide commercial purposes, and (b) is not part of a scheme or arrangement the main purpose, or one of the main purposes of which, is the avoidance of tax. (5) Section 29(3) shall not apply to the disposal of an asset which derives its value, or the greater part of its value, directly or indirectly from units in an IREF.”, (d) in section 739O— (i) in subsection (1), by substituting “person, or connected persons within the meaning of section 10,” for “persons”, and (ii) in subsection (2)(b) by substituting “unit holder who is a specified person” for “unit holder”, (e) in section 739P(1)(a), by substituting “subject to section 739QA, the IREF shall” for “the IREF shall”, (f) in section 739Q— (i) in subsection (3), by substituting “pension scheme” for “scheme” in each place where it occurs, and (ii) by inserting the following after subsection (4): “(5) (a) No repayment of withholding tax may be made pursuant to subsection (3) where the IREF taxable profits, to which the IREF taxable amount is referable, arose prior to the pension scheme, undertaking or company indirectly investing in the units in respect of which the IREF taxable event occurs. (b) No repayment of withholding tax shall be made pursuant to this section other than where it would be reasonable to consider that the repayment arises from transactions or arrangements, which were carried out for bona fide commercial reasons, and do not form part of an arrangement of which the main purpose, or one of the main purposes, is the avoidance of tax.”, (g) by inserting the following sections after section 739Q: “Advance clearance procedures for indirect investors in respect of withholding tax 739QA. (1) A person who is entitled to a full refund of any withholding tax under section 739Q(3) (in this section referred to as the ‘indirect investor’) may, in advance of an IREF taxable event in respect of which withholding tax under section 739P or section 739T would arise, apply to the Revenue Commissioners for a certificate that— (a) withholding tax should not be deducted in respect of an IREF taxable event, or (b) withholding tax deducted should be paid directly to the indirect investor. (2) The details of any IREF taxable event in respect of which a certificate is provided under subsection (1), notwithstanding that tax is not withheld under section 739P or 739T, shall be included on the account delivered under section 739T(3)(c), or the return required under section 739R, as applicable. (3) An application under subsection (1) shall be made in such form as is provided from time to time by the Revenue Commissioners and shall include such particulars as may be set out in that form including the following: (a) details of the indirect investment in the units of an IREF; (b) why the IREF would not be considered a personal portfolio IREF of the indirect investor concerned; (c) the withholding tax that will be suffered; (d) confirmation that the withholding tax is not otherwise repayable; (e) confirmation that the indirect investor would not be a specified person if it was a unit holder in the IREF; (f) confirmation that the indirect investor would be entitled to a refund of tax under section 739Q(3). Advance clearance procedures for direct investors in respect of withholding tax 739QB. (1) A person who is entitled to a full refund of any withholding tax under section 739T(6) may, in advance of an IREF taxable event in respect of which withholding tax under section 739T would arise, apply to the Revenue Commissioners for a certificate that withholding tax should not be deducted in respect of an IREF taxable event. (2) The details of any IREF taxable event in respect of which a certificate is provided under subsection (1), notwithstanding that tax is not withheld under section 739T, shall be included together with the account delivered under section 739T(3)(c). (3) An application under this section shall be made in such form as is provided from time to time by the Revenue Commissioners and shall include such particulars as may be set out in that form including the following: (a) details of the investment in the units of an IREF; (b) why the IREF would not be considered a personal portfolio IREF of the unit holder; (c) the withholding tax …