Finance Act, 2001

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Amendment of enactments consequent on changeover to Euro.

240.—(1) (a) Subject to subsection (2), in each provision specified in column (1) of Schedule 5 for the words or amount set out in column (2) of that Schedule at that entry there shall be substituted the words or amount set out at the corresponding entry in column (3) of that Schedule.

(b) Where words are or an amount is mentioned more than once in a provision specified in column (1) of Schedule 5, then the substitution provided for by paragraph (a) shall apply as respects those words or that amount to each mention of those words or that amount in that provision.

(2) Subsection (1) shall apply—

(a) to the extent that the amendments relate to income tax and related matters, other than the amendments relating to such matters referred to in subparagraphs (ii), (iii), (iv), (v) and (vi) of paragraph (l), as respects the year of assessment 2002 and subsequent years of assessment,

(b) to the extent that the amendments relate to capital gains tax and related matters, other than the amendments relating to such matters referred to in paragraph (l) (vii), as respects the year of assessment 2002 and subsequent years of assessment,

(c) to the extent that the amendments relate to corporation tax and related matters, other than the amendments relating to such matters referred to in subparagraphs (i), (iii) and (iv) of paragraph (l), for accounting periods ending on or after 1 January 2002,

(d) to the extent that the amendments relate to customs duties and related matters, as on and from 1 January 2002,

(e) to the extent that the amendments relate to duties of excise and related matters, as on and from 1 January 2002,

(f) to the extent that the amendments relate to value-added tax and related matters, as on and from 1 January 2002,

(g) to the extent that the amendments relate to capital acquisitions tax and related matters, other than the amendments relating to such matters referred to in subparagraphs (viii) and (ix) of paragraph (l), as respects gifts or inheritances taken on or after 1 January 2002,

(h) to the extent that the amendments relate to stamp duties and related matters, other than the amendments relating to such matters referred to in subparagraphs (x), (xi), (xii) and (xiii) of paragraph (l), as respects instruments executed on or after 1 January 2002,

(i) to the extent that section 1086 of the Taxes Consolidation Act, 1997 is amended, as respects specified sums such as are referred to in paragraphs (c) and (d) of section 1086(2) of that Act which the Revenue Commissioners accept or undertake to accept on or after 1 January 2002,

(j) to the extent that section 100 of the Finance Act, 1983 is amended, as respects any sale of an estate or interest in residential property the date of the contract for which is on or after 1 January 2002,

(k) to the extent that the enactment amended imposes any fine, forfeiture, penalty or punishment for any act or omission, as respects any act or omission which takes place or begins on or after 1 January 2002,

and

(l) to the extent that—

(i) section 110 of the Taxes Consolidation Act, 1997 (in this paragraph referred to as the “Act of 1997”) is amended, as respects a company acquiring qualifying assets on or after 1 January 2002,

(ii) sections 201 and 202 of the Act of 1997 and Schedule 3 to that Act are amended, as respects payments made on or after 1 January 2002,

(iii) section 404(6) of the Act of 1997 is amended, as respects a lease entered into on or after 1 January 2002,

(iv) section 481(2)(c) of the Act of 1997 is amended, as respects a certificate issued under subsection (2)(a)(i) of that section on or after 1 January 2002,

(v) section 491 of the Act of 1997 is amended, as respects eligible shares (within the meaning of section 488 of that Act) issued on or after 1 January 2002,

(vi) section 494(1) of the Act of 1997 is amended, as respects a relevant investment (within the meaning of section 488 of that Act) being an individual's first such investment made on or after 1 January 2002, and sections 494(5) and 494(6)(b) of that Act are amended, as respects a subscription for eligible shares (within the meaning of section 488 of that Act) where the specified date (within the meaning of section 494 of that Act) in relation to that subscription is a date on or after 1 January 2002,

(vii) sections 598 and 602 of the Act of 1997 are amended, as respects disposals made on or after 1 January 2002,

(viii) the First and Second Schedule to the Capital Acquisitions Tax Act, 1976 and section 54(1)(b) of that Act are amended, as respects the computation of tax on gifts and inheritances taken on or after 1 January 2002,

(ix) sections 146 (4B)(a)(i)(I), 146(4B)(a)(i)(II)(B), 146 (4C)(b) and 146(4C)(c) of the Finance Act, 1994 are amended, as respects applications for registration made on or after 1 January 2002,

(x) sections 117 (1) and 117(2)(a) of the Stamp Duties Consolidation Act, 1999 (in this paragraph referred to as the “Act of 1999”) are amended, as respects transactions occurring on or after 1 January 2002,

(xi) sections 123(3)(b)(ii) and 123(4) of the Act of 1999 are amended, as respects any statement which falls to be delivered by a promoter under section 123 of that Act, on or after 1 January 2002, and

(xii) sections 124(1)(c), 124(2)(c) and 124(2)(d)(ii) of the Act of 1999 are amended, as respects any statement which falls to be delivered by a bank or promoter under section 124 of that Act on or after 1 January 2002, and

(xiii) section 146(3) of the Act of 1999 is amended, as respects any licence granted by the Commissioners under section 146(1) of that Act on or after 1 January 2002.