Finance Act 2006
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SCHEDULE 2 Miscellaneous Technical Amendments in Relation to Tax | ||
1. The Taxes Consolidation Act 1997 is amended in accordance with the following provisions: | ||
(a) in section 21A— | ||
(i) in subsection (1) by inserting the following after subsection (4): | ||
“(4A) In subsection (4) ‘income from the sale of goods’, in relation to an accounting period in the course of a trade carried on by a company, means such income as would be ‘the income from the sale of those goods’ in such a period in the course of the trade for the purposes of a claim under section 448(2), if— | ||
(i) the company had sufficient profits, and | ||
(ii) the company made a claim for relief under this Part.”, | ||
and | ||
(ii) in subsection (4)(a) by deleting “within the meaning of section 454”, | ||
(b) in section 243B— | ||
(i) in subsection (1) by substituting the following for the definition of “charges on income paid for the purposes of the sale of goods”: | ||
“ ‘charges on income paid for the purpose of the sale of goods’, in relation to the course of a trade in an accounting period, means such amount as would be the amount of the income from the sale of goods in that period if, notwithstanding section 448(4), the words ‘the company’s income for the relevant accounting period from the sale in the course of the trade mentioned in that subsection of goods and merchandise’ used for the purposes of section 448(3) were a reference to the amount of so much of the charges on income paid wholly and exclusively for the purposes of the trade in that period as appears to the inspector or on appeal to the Appeal Commissioners to be referable to charges on income paid for the purpose of the sale of goods and merchandise;”, | ||
(ii) by substituting the following for subsection (2): | ||
“(2) Where a company pays relevant trading charges on income in an accounting period and the amount so paid exceeds an amount equal to the aggregate of the amounts allowed as deductions against the income of the company for the accounting period in accordance with section 243A, then the company may claim relief under this section for the accounting period in respect of the excess.”, | ||
and | ||
(iii) in subsection (3)— | ||
(I) in paragraph (a) by deleting “(within the meaning of section 454)”, and | ||
(II) in paragraph (b) by substituting “charges on income paid for the purpose of the sale of goods” for “charges on income paid for the purposes of the sale of goods (within the meaning of section 454)”, | ||
(c) in section 267G by substituting the following for the definition of “the Directive”: | ||
“ ‘the Directive’ means Council Directive 2003/49/EC of 3 June 2003 24 as amended;”, | ||
(d) in section 268— | ||
(i) in subsection (3) by substituting “the National Tourism Development Authority” for “Bord Fáilte Éireann”, and | ||
(ii) in subsection (12) by substituting “the National Tourism Development Authority” for “Bord Fáilte Éireann”, | ||
(e) in section 273— | ||
(i) in subsection (1), in the definition of “qualifying expenditure”, by substituting “the National Tourism Development Authority” for “Bord Fáilte Éireann”, and | ||
(ii) in subsection (7)(b) by substituting “the National Tourism Development Authority” for “Bord Fáilte Éireann”, | ||
(f) in section 285(7)(b) by substituting “the National Tourism Development Authority” for “Bord Fáilte Éireann”, | ||
(g) in section 353(1) in paragraph (a) of the definition of “qualifying tourism facilities”, by substituting “the National Tourism Development Authority” for “Bord Fáilte Éireann”, | ||
(h) in section 396B— | ||
(i) in subsection (1) by inserting before the definition of ‘relevant corporation tax’ the following definition: | ||
“ ‘a loss from the sale of goods’, in relation to the course of a trade in an accounting period, means such amount as would be the amount of the income from the sale of goods in that period if, notwithstanding section 448(4), the words ‘the company’s income for the relevant accounting period from the sale in the course of the trade mentioned in that subsection of goods and merchandise’ used for the purposes of section 448(3) were a reference to the amount of so much of the loss, computed as for the purposes of section 396(2), from the trade in the period as appears to the inspector or on appeal to the Appeal Commissioners to be referable to a loss incurred in the sale of goods and merchandise, but does not include a loss such as is mentioned in section 407(4)(b);”, | ||
(ii) by substituting the following for subsection (2): | ||
“(2) Where in any accounting period a company carrying on a trade incurs a relevant trading loss and the amount of the loss exceeds an amount equal to the aggregate of the amounts which could, if a timely claim for such set off had been made by the company, have been set off in respect of that loss for the purposes of corporation tax against income of the company of that accounting period and any preceding accounting period in accordance with section 396A(3), then the company may claim relief under this section in respect of the excess.”, | ||
and | ||
(iii) in subsection (3)— | ||
(I) in paragraph (a) by deleting “(within the meaning of section 455)”, and | ||
(II) in paragraph (b) by deleting “(within the meaning of section 455)”, | ||
(i) in section 405(3) by substituting “the National Tourism Development Authority” for “Bord Fáilte Éireann”, | ||
(j) in section 420B— | ||
(i) in subsection (1) by inserting the following before the definition of ‘relevant corporation tax’: | ||
“ ‘charges on income paid for the purpose of the sale of goods ’, in relation to the course of a trade in an accounting period, means such amount as would be the amount of the income from the sale of goods in that period if, notwithstanding section 448(4), the words ‘the company’s income for the relevant accounting period from the sale in the course of the trade mentioned in that subsection of goods and merchandise’ used for the purposes of section 448(3) were a reference to the amount of so much of the charges on income paid wholly and exclusively for the purposes of the trade in that period as appears to the inspector or on appeal to the Appeal Commissioners to be referable to charges on income paid for the purpose of the sale of goods and merchandise; | ||
‘a loss from the sale of goods’, in relation to the course of a trade in an accounting period, means such amount as would be the amount of the income from the sale of goods in that period if, notwithstanding section 448(4), the words ‘the company’s income for the relevant accounting period from the sale in the course of the trade mentioned in that subsection of goods and merchandise’ used for the purposes of section 448(3) were a reference to the amount of so much of the loss, computed as for the purposes of section 396(2), from the trade in the period as appears to the inspector or on appeal to the Appeal Commissioners to be referable to a loss incurred in the sale of goods and merchandise, but does not include a loss such as is mentioned in section 407(4)(b);”, | ||
(ii) in subsection (2)— | ||
(I) by deleting paragraph (b), and | ||
(II) in paragraph (c) by deleting “or 456”, | ||
and | ||
(iii) in subsection (3)(a) by deleting “(within the meaning of section 455)” and “(within the meaning of section 454)”, | ||
(k) in section 421(2) by inserting “in accordance with section 420” after “Group relief”, | ||
(l) in section 434(5)(b) (as amended by the Finance Act 2002 ) by substituting the following for subparagraph (i): | ||
“(i) an amount equal to the amount specified in subparagraph (ii) of paragraph (a),”, | ||
(m) in section 482— | ||
(i) in subsection (1)(a), in the definition of “tourist accommodation facility”, by substituting “the National Tourism Development Authority” for “Bord Fáilte Éireann” in both places where it occurs, and | ||
(ii) in subsection (2)(b)— | ||
(I) in subparagraph (ii), by substituting “the National Tourism Development Authority” for “Bord Fáilte Éireann”, and | ||
(II) in subparagraphs (ii) and (iii), by substituting “the Authority” for “the Board” in each place where it occurs, | ||
(n) in section 488(1), in the definition of “certifying agency”, by substituting “the National Tourism Development Authority” for “Bord Fáilte Éireann”, | ||
(o) in section 495(6)— | ||
(i) in paragraph (a) by substituting “the National Tourism Development Authority” for “Bord Fáilte Éireann”, and | ||
(ii) in paragraph (b) by substituting “the National Tourism Development Authority” for “Bord Fáilte Éireann”, | ||
(p) in section 496(9)— | ||
(i) in paragraph (a) by substituting “the National Tourism Development Authority” for “Bord Fáilte Éireann”, | ||
(ii) in paragraph (b) by substituting “the National Tourism Development Authority” for “Bord Fáilte Éireann”, and | ||
(iii) in paragraph (c)(i) by substituting “the National Tourism Development Authority” for “Bord Fáilte Éireann”, | ||
(q) in section 497(5) by substituting “The National Tourism Development Authority” for “Bord Fáilte Éireann”, | ||
(r) in section 831(1) by substituting the following for the definition of “the Directive”: | ||
“ ‘the Directive’ means Council Directive No. 90/435/EEC of 23 July 1990 25 as amended;”, | ||
(s) in section 865 by inserting the following after subsection (7): | ||
“(8) Where the Revenue Commissioners make a repayment of tax referred to in subsection (2), they may if they so determine repay any such amount directly into an account, specified by the person to whom the amount is due, in a financial institution.”, | ||
and | ||
(t) in Schedule 15 by substituting “10. The National Tourism Development Authority.” for paragraph 10. | ||
2. The Capital Acquisitions Tax Consolidation Act 2003 is amended in section 77(7)(a) by substituting “the National Tourism Development Authority” for “Bord Fáilte Éireann (in this section referred to as “the Board”)”. | ||
3. The Stamp Duties Consolidation Act 1999 is amended in section 1(1)— | ||
(a) in the interpretation given to “stock certificate to bearer” by substituting “by whatever name known;” for “by whatever name known.”, and | ||
(b) by inserting the following after the interpretation given to “stock certificate to bearer”: | ||
“ ‘Teagasc ’ means Teagasc — The Agricultural and Food Development Authority.”. | ||
4. The Finance Act 1999 is amended— | ||
(a) in section 103(3) by substituting “under section 102” for “with contravening that section”, and | ||
(b) in section 105(3) by substituting “relating to the duties of customs” for “relating to the customs”. | ||
5. The Finance Act 2001 is amended— | ||
(a) in section 96— | ||
(i) by deleting the definition of “Order of 1975”, and | ||
(ii) in the definition of “mineral oil” by substituting “paragraph (d)” for “paragraph (c)”, | ||
and | ||
(b) in section 109(8) by substituting “products” for “goods”. | ||
6. Section 73 of the Finance Act 2003 is amended in the definition of “prescribed” by substituting “, or determined in accordance with,” for “or determined in”. | ||
7. Section 71 of the Finance Act 2005 is amended in the definition of “prescribed” by substituting “, or determined in accordance with,” for “or determined in”. | ||
8. The Value-Added Tax Act 1972 is amended in sections 17(12)(a)(i) and 17(12)(a)(iii) by substituting “by the taxable person” for “to the taxable person”. | ||
9. (a) As respects paragraph 1— | ||
(i) subparagraphs (a), (b) and (h) and subparagraphs (j) to (l) apply to accounting periods ending on or after 2 February 2006, | ||
(ii) subparagraphs (c), (r) and (s) have effect as on and from the passing of this Act, and | ||
(iii) subparagraphs (d) to (g), subparagraph (i), subparagraphs (m) to (q) and subparagraph (t) are deemed to have come into force and have taken effect as on and from 28 May 2003. | ||
(b) Paragraph 2 is deemed to have come into force and have taken effect as on and from 28 May 2003. | ||
(c) Paragraph 3 has effect as on and from the passing of this Act. | ||
(d) Paragraph 4 is deemed to have come into force and have taken effect as on and from 1 October 2001. | ||
(e) Paragraph 5 is deemed to have come into force and have taken effect as on and from 25 March 2005. | ||
(f) Paragraph 6 is deemed to have come into force and have taken effect as on and from 1 July 2004. | ||
(g) Paragraph 7 has effect as on and from the passing of this Act. | ||
(h) Paragraph 8 has effect as on and from the passing of this Act. | ||