Finance Act 2008

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Number 3 of 2008

FINANCE ACT 2008

ARRANGEMENT OF SECTIONS

PART 1

Income Tax, Corporation Tax and Capital Gains Tax

Chapter 1

Interpretation

Section

1. Interpretation (Part 1).

Chapter 2

Income Tax

2. Amendment of section 15 (rate of charge) of Principal Act.

3. Personal tax credits.

4. Age exemption.

5. Cesser of exemption limits.

6. Amendment of section 473 (allowance for rent paid by certain tenants) of Principal Act.

7. Amendment of section 244 (relief for interest paid on certain home loans) of Principal Act.

8. Amendment of section 122 (preferential loan arrangements) of Principal Act.

9. Amendment of section 467 (employed person taking care of incapacitated individual) of Principal Act.

10. Amendment of section 472C (relief for trade union subscriptions) of Principal Act.

11. Amendment of section 216A (rent-a-room relief) of Principal Act.

12. Amendment of Schedule 13 (accountable persons for purposes of Chapter 1 of Part 18) to Principal Act.

13. Amendment of Schedule 12A (approved savings-related share option schemes) to Principal Act.

14. Amendment of section 515 (excess or unauthorised shares) of Principal Act.

15. Amendment of section 657 (averaging of farm profits) of Principal Act.

16. Tax treatment of directors and employees who acquire convertible securities.

17. Amendment of section 986 (regulations) of Principal Act.

18. Amendment of tax treatment of income from certain possessions in Great Britain or Northern Ireland.

19. Share schemes: returns of information.

20. Restructuring and diversification aid for sugar beet growers.

21. Revenue approved salary sacrifice agreements.

22. Amendment of section 201 (exemptions and reliefs in respect of tax under section 123) of Principal Act.

23. Limitation on amount of certain reliefs used by certain high income individuals.

Chapter 3

Income Tax, Corporation Tax and Capital Gains Tax

24. Amendment of Part 16 (income tax relief for investment in corporate trades — business expansion scheme and seed capital scheme) of Principal Act.

25. Amendment of section 81A (restriction of deductions for employee benefit contributions) of Principal Act.

26. Capital allowances for qualifying specialist palliative care units.

27. Mid-Shannon corridor tourism infrastructure investment scheme.

28. Capital allowances for buildings and structures in registered caravan and camping sites.

29. Amendment of restriction on property developers under certain schemes and of capital allowances for certain childcare facilities.

30. Decommissioning of fishing vessels: amendment of section 288 (balancing allowances and balancing charges) of Principal Act.

31. Capital allowances and expenses for business cars.

32. Amendment of section 481 (relief for investment in films) of Principal Act.

33. Amendment of section 668 (compulsory disposals of livestock) of Principal Act.

34. Amendment of Schedule 26A (donations to approved bodies, etc. ) to Principal Act.

35. Amendment of section 531 (payments to subcontractors in certain industries) of Principal Act.

36. Amendment of section 110 (securitisation) of Principal Act.

37. Equalisation reserves for credit insurance and reinsurance business of companies.

38. Amendment of section 730D (gain arising on a chargeable event) of Principal Act.

39. Amendment of Chapter 1A (investment undertakings) of Part 27 of Principal Act.

40. Amendment of section 768 (allowance for know-how) of Principal Act.

41. Expenditure involving crime.

42. Certain transfers of assets between companies.

Chapter 4

Corporation Tax

43. Tax treatment of certain dividends, etc.

44. Amendment of Part 13 (close companies) of Principal Act.

45. Amendment of Part 24 (taxation of profits of certain mines and petroleum taxation) of Principal Act.

46. Acceleration of wear and tear allowances for certain energy-efficient equipment.

47. Preliminary tax.

48. Purchase of own shares — supplementary.

49. Amendment of Schedule 24 (relief from income tax and corporation tax by means of credit in respect of foreign tax) to Principal Act.

50. Amendment of section 766 (tax credit for research and development expenditure) of Principal Act.

51. Dividends paid in connection with disposals of shares or securities.

52. Amendment of Schedule 4 (exemption of specified non-commercial state sponsored bodies from certain tax provisions) to Principal Act.

53. Amendment of section 448 (relief from corporation tax) of Principal Act.

Chapter 5

Capital Gains Tax

54. Amendment of Chapter 6 (transfers of business assets) of Part 19 of Principal Act.

55. Amendment of section 603A (disposal of site to child) of Principal Act.

56. Amendment of Schedule 15 (list of bodies for purposes of section 610) to Principal Act.

PART 2

Excise

Chapter 1

Electricity Tax

57. Interpretation (Chapter 1).

58. Charging and rates.

59. Liability.

60. Returns and payment.

61. Mixed supply.

62. Registration.

63. Reliefs.

64. Repayments.

65. Offence and penalty.

66. Regulations (Chapter 1).

67. Care and management (Chapter 1).

68. Commencement (Chapter 1).

Chapter 2

Miscellaneous

69. Amendment of Chapter 1 of Part 2 (consolidation and modernisation of general excise law) of Finance Act 2001.

70. Amendment of Part 2 (consolidation and modernisation of general excise law) of Finance Act 2001.

71. Rates of mineral oil tax.

72. Amendment of Chapter 1 (mineral oil tax) of Part 2 of Finance Act 1999.

73. Amendment of section 78A (relief for small breweries) of Finance Act 2003.

74. Rates of tobacco products tax.

75. Increase in duties on retailers’ off-licences.

76. Repeals relating to excise law.

77. Amendment of penalties on summary conviction for certain excise offences.

78. Amendment of section 130 (interpretation) of Finance Act 1992.

79. Amendment of section 132 (charge of excise duty) of Finance Act 1992.

80. Amendment of section 134 (permanent reliefs) of Finance Act 1992.

81. Remission or repayment in respect of vehicle registration tax on certain hybrid electric vehicles, or certain flexible fuel vehicles, or certain electric vehicles, or certain electric motorcycles.

PART 3

Value-Added Tax

82. Interpretation (Part 3).

83. Amendment of section 1 (interpretation) of Principal Act.

84. Amendment of section 2 (charge of value-added tax) of Principal Act.

85. Amendment of section 3 (supply of goods) of Principal Act.

86. Amendment of section 4 (special provisions in relation to the supply of immovable goods) of Principal Act.

87. Amendment of section 4A (person liable to pay tax in relation to certain supplies of immovable goods) of Principal Act.

88. Supplies of immovable goods, etc.

89. Amendment of section 5 (supply of services) of Principal Act.

90. Amendment of section 7 (waiver of exemption) of Principal Act.

91. Option to tax lettings of immovable goods, etc.

92. Amendment of section 8 (accountable persons) of Principal Act.

93. Amendment of section 10 (amount on which tax is chargeable) of Principal Act.

94. Amendment of section 12 (deduction for tax borne or paid) of Principal Act.

95. Amendment of section 12B (special scheme for means of transport supplied by taxable dealers) of Principal Act.

96. Amendment of section 12C (special scheme for agricultural machinery) of Principal Act.

97. Amendment of section 12D (adjustment of tax deductible in certain circumstances) of Principal Act.

98. Capital goods scheme.

99. Amendment of section 14 (determination of tax due by reference to cash receipts) of Principal Act.

100. Amendment of section 16 (duty to keep records) of Principal Act.

101. Amendment of section 17 (invoices) of Principal Act.

102. Amendment of section 19 (tax due and payable) of Principal Act.

103. Amendment of section 26 (penalties generally) of Principal Act.

104. Amendment of section 27 (fraudulent returns, etc.) of Principal Act.

105. Amendment of section 32 (regulations) of Principal Act.

106. Amendment of First Schedule to Principal Act.

107. Amendment of Sixth Schedule to Principal Act.

108. Amendment of penalties (Part 3).

109. Miscellaneous amendments relating to amendment of definition of taxable person.

PART 4

Stamp Duties

110. Interpretation (Part 4).

111. Electronic stamping of instruments.

112. Amendment of section 5 (agreement as to payment of stamp duty on instruments) of Principal Act.

113. Amendment of section 45A (aggregation of transactions) of Principal Act.

114. Amendment of section 75 (relief for intermediaries) of Principal Act.

115. Amendment of section 79 (conveyances and transfers of property between certain bodies corporate) of Principal Act.

116. Amendment of section 80 (reconstructions or amalgamations of companies) of Principal Act.

117. Amendment of section 83A (transfer of site to child) of Principal Act.

118. Amendment of section 85 (certain loan capital and securities) of Principal Act.

119. Reconstructions or amalgamations of certain investment undertakings.

120. Greenhouse gas emissions allowance.

121. Housing authorities and Affordable Homes Partnership.

122. Owner-occupier reliefs: amendment of Chapter 2 (other instruments) of Part 7 of Principal Act.

123. Amendment of Part 9 (levies) of Principal Act.

124. Assessment of duty charged on statements.

125. Amendment of Schedule 1 to Principal Act.

PART 5

Capital Acquisitions Tax

126. Interpretation (Part 5).

127. Amendment of section 57 (overpayment of tax) of Principal Act.

128. Amendment of section 62 (certificate relating to registration of title based on possession) of Principal Act.

129. Amendment of section 106 (arrangements for relief from double taxation) of Principal Act.

PART 6

Miscellaneous

130. Interpretation (Part 6).

131. Amendment of section 1003 (payment of tax by means of donation of heritage items) of Principal Act.

132. Amendment of section 1003A (payment of tax by means of donation of heritage property to Irish Heritage Trust) of Principal Act.

133. Amendment of section 891B (returns of certain payments made by certain persons) of Principal Act.

134. Questioning of suspects in Garda Sí­ochána custody in certain circumstances.

135. Amendment of section 818 (interpretation (Part 34)) of Principal Act.

136. Amendment of section 888 (returns etc. by lessors, lessees and agents) of Principal Act.

137. Miscellaneous amendments in relation to claims for repayment of tax.

138. Amendment of penalties on summary conviction for certain revenue offences.

139. Provisions relating to certain customs regulations.

140. Amendment of section 811A (transactions to avoid liability to tax: surcharge, interest and protective notifications) of Principal Act.

141. Miscellaneous technical amendments in relation to tax.

142. Capital Services Redemption Account.

143. Care and management of taxes and duties.

144. Short title, construction and commencement.

SCHEDULE 1

Amendments Consequential on Changes in Personal Tax Credits

SCHEDULE 2

Rates of Electricity Tax

SCHEDULE 3

Repeals Relating to Excise Law

PART 1

Repeals

PART 2

Revocation

SCHEDULE 4

Miscellaneous Amendments Relating to the Amendment of the Definition of Taxable Person

SCHEDULE 5

Stamp Duty on Instruments

SCHEDULE 6

Miscellaneous Amendments in Relation to Claims for Repayment of Tax

SCHEDULE 7

Provisions relating to Certain Customs Regulations

SCHEDULE 8

Miscellaneous Technical Amendments in Relation to Tax

Acts Referred to

Number 3 of 2008

FINANCE ACT 2008

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.

[13th March, 2008]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: