Finance (No. 2) Act, 2000
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PART 2 Anti-Speculative Property Tax | ||
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Interpretation (Part 2). |
5.—(1) In this Part, save where the context otherwise requires— “Act of 1976” means the Capital Acquisitions Tax Act, 1976 ; | |
“Act of 1997” means the Taxes Consolidation Act, 1997 ; | ||
“accountable person” means— | ||
(a) if the assessable person is an individual (other than a person to whom paragraph (d) applies), the individual or the individual's personal representative, | ||
(b) if the assessable person is a body corporate, the secretary of the body corporate or the person who performs the duties of secretary, | ||
(c) if the assessable person is a discretionary trust, the trustee of that trust, | ||
(d) if the assessable person is a minor child or is a person of unsound mind having a guardian or a committee, the guardian or committee, as the case may be; | ||
“appropriate part”, in relation to property in which a limited interest subsists, means that part of the property which bears the same proportion to the entire property as the gross annual value of the limited interest bears to the gross annual value of the entire property, and where the property concerned comprises more than one unit of residential property the property to which the person concerned is beneficially entitled in possession shall be deemed to include the appropriate part of each and every unit of residential property comprised in the entire property; | ||
“assessable person” means an individual, a body corporate or a discretionary trust; | ||
“Collector” means the Collector-General appointed under section 851 of the Act of 1997; | ||
“the Commissioners” means the Revenue Commissioners; | ||
“date of the disposition” has the meaning assigned to it by section 2 of the Act of 1976; | ||
“discretionary trust” has the meaning assigned to it by section 2 of the Act of 1976; | ||
“disponer” has the meaning assigned to it by section 2 of the Act of 1976; | ||
“disposition” has the meaning assigned to it by section 2 of the Act of 1976; | ||
“donee” has the meaning assigned to it by section 2 of the Act of 1976; | ||
“entitled in possession” has the meaning assigned to it by section 2 of the Act of 1976; | ||
“earned income” has the meaning assigned to it by section 3 of the Act of 1997; | ||
“gift” has the meaning assigned to it by section 2 of the Act of 1976; | ||
“health board” includes the Eastern Regional Health Authority and an Area Health Board established under the Health (Eastern Regional Health Authority) Act, 1999 ; | ||
“interest in expectancy” has the meaning assigned to it by section 2 of the Act of 1976; | ||
“limited interest” has the meaning assigned to it by section 2 of the Act of 1976; | ||
“market value”, in relation to any property, means the market value thereof ascertained in accordance with section 14 ; | ||
“on a death” has the meaning assigned to it by section 2 of the Act of 1976; | ||
“personal representatives” has the meaning assigned to it by section 799(1) of the Act of 1997; | ||
“relevant residential property” means— | ||
(a) in relation to an assessable person (other than a discretionary trust), all interests in residential property to which that person is beneficially entitled in possession, and | ||
(b) in relation to an assessable person being a discretionary trust, all interests in residential property, other than an interest in expectancy in property to which, for the time being, a person is beneficially entitled in possession, which are comprised in the trust; | ||
“residential property” means— | ||
(a) a building or part of a building situate in the State used or suitable for use as a dwelling, and | ||
(b) land situate in the State which the occupier of a building or part of a building used as a dwelling has for his or her own occupation and enjoyment with the said building or part as its garden or grounds of an ornamental nature, | ||
but does not include— | ||
(i) an approved building within the meaning of section 482 of the Act of 1997, | ||
(ii) a building or part of a building which is a qualifying premises within the meaning of the following sections of the Act of 1997— | ||
(I) section 325, 326 or 327, | ||
(II) section 334, 335 or 336, | ||
(III) section 346, 347 or 348, | ||
(IV) section 356, 357 or 358, | ||
(V) section 361, 362 or 363, | ||
(VI) section 372F, 372G or 372H (inserted by section 76 of the Finance Act, 1998 ), | ||
(VII) section 372P, 372Q or 372R (inserted by section 77 of the Finance Act, 1998 ), | ||
(VIII) section 380B, 380C or 380D (inserted by section 50 of the Finance Act, 1999 ), | ||
(IX) section 372X (inserted by section 70 (1) of the Finance Act, 1999 ), or | ||
(X) section 372AE, 372AF or 372AG (inserted by section 89 of the Finance Act, 2000 ), | ||
and in respect of which a deduction was or is available under any of those sections in computing for the purposes of section 97(1) of the Act of 1997 the amount of a surplus or deficiency in respect of the rent from the qualifying premises, | ||
(iii) a building or structure which is an industrial building or structure by virtue of being a holiday cottage of the type referred to in section 268(3) of the Act of 1997, | ||
(iv) a building or structure which is in use as a tourist accommodation facility where the building or structure is— | ||
(I) a holiday apartment registered under Part III of the Tourist Traffic Act, 1939 , or | ||
(II) other self-catering accommodation specified in a list published under section 9 of the Tourist Traffic Act, 1957 , | ||
(v) a building let for rent or other valuable consideration, for a period of at least 6 months during the 12 month period immediately prior to the relevant valuation date, in respect of which the lessor is required to comply with and has complied with all the requirements of the following Regulations— | ||
(I) the Housing (Standards for Rented Houses) Regulations, 1993 ( S.I. No. 147 of 1993 ), | ||
(II) the Housing (Rent Books) Regulations, 1993 ( S.I. No. 146 of 1993 ), and | ||
(III) the Housing (Registration of Rented Houses) Regulations, 1996 ( S.I. No. 30 of 1996 ), as amended by the Housing (Registration of Rented Houses) (Amendment) Regulations, 2000 ( S.I. No. 12 of 2000 ), | ||
(vi) a building which forms part of the trading stock of a business other than a building from which income is derived being income which is not earned income or which would not be earned income if it were received by an individual, | ||
(vii) a building which, if it were the subject matter of a conveyance on sale executed on the relevant valuation date, would not be treated as residential property for the purpose of charging stamp duty on that conveyance, | ||
(viii) a building let by a Minister of the Government, a housing authority (within the meaning of section 23 of the Housing (Miscellaneous Provisions) Act, 1992 ), a health board or Shannon Free Airport Development Company Limited, | ||
(ix) a building let by a voluntary body approved by the Minister for the Environment and Local Government under section 6 of the Housing (Miscellaneous Provisions) Act, 1992 , | ||
(x) a building let by a voluntary body standing approved by the Minister for Health and Children, or by a health board, for the purposes of providing accommodation for elderly persons or persons with a mental handicap or psychiatric disorder; | ||
“tax” means anti-speculative property tax chargeable by virtue of this Part; | ||
“trading stock” has the meaning assigned to it by section 89 of the Act of 1997; | ||
“valuation date”, in relation to a year, means 6 April in such year. | ||
(2) For the purposes of this Part, where any interest in residential property to which a person is beneficially entitled in possession is a limited interest, the whole or the appropriate part of the property in which the limited interest subsists shall be property to which the person is beneficially entitled in possession. | ||
(3) Where, under or in consequence of any disposition, any person other than the disponer is, on the relevant valuation date, beneficially entitled in possession to a limited interest in residential property, that disponer shall, or the purposes of this Part, be deemed to be the person beneficially entitled in possession to that interest on that date and this Part shall apply accordingly unless— | ||
(a) the date of the disposition is before 15 June 2000, and | ||
(b) some interest in that residential property was already comprised in that disposition, or already in the beneficial ownership of that disponer, before 15 June 2000. | ||
(4) For the purposes of this Part, subsection (2) shall apply with any necessary modifications in relation to property comprised in a discretionary trust which includes an interest which is a limited interest as it applies in relation to property to which a person is beneficially entitled in possession and which includes an interest which is a limited interest. | ||
(5) Where, on the relevant valuation date, an interest in residential property is subject to a compulsory purchase order or to a contract for sale, other than a contract which was evidenced in writing before 15 June 2000, tax shall be payable in respect of that interest on that valuation date in all respects as if that compulsory purchase order or that contract for sale had never come into existence. | ||
(6) For the purposes of this Part, where an individual who occupies residential property as his or her only or main residence acquires another residential property (in this paragraph referred to as the “second property”) with a view to the second property becoming his or her only or main residence, neither residential property shall be relevant residential property in relation to the individual in the period of 6 months beginning with the date of acquisition of the second property. |