|
|
Limitation on amount of certain reliefs used by certain high income individuals.
|
23.— (1) Chapter 2A of Part 15 of the Principal Act is amended—
|
|
| |
(a) in section 485C(1) by inserting the following definitions after the definition of “excess relief”:
|
|
| |
“ ‘ income threshold amount ’, in relation to a tax year and an individual, means—
|
|
| |
(a) €125,000, or
|
|
| |
(b) in a case where the individual’s income for the tax year includes ring-fenced income and his or her adjusted income for the tax year is less than €400,000, the amount determined by the formula—
|
|
| |
€125,000 × A
|
|
| |
B
|
|
| |
where—
|
|
| |
A is the individual’s adjusted income for the year, and
|
|
| |
B is an amount determined by the formula—
|
|
| |
T + S
|
|
| |
where T and S have the same meanings respectively as they have in the definition of ‘adjusted income’;
|
|
| |
‘ relief threshold amount ’, in relation to a tax year and an individual, means €80,000;”,
|
|
| |
(b) in section 485C(1) by deleting the definition of “threshold amount”,
|
|
| |
(c) in section 485D—
|
|
| |
(i) in paragraph (a) by substituting “the income threshold amount” for “the threshold amount”,
|
|
| |
(ii) in paragraph (b) by substituting “the relief threshold amount” for “the threshold amount”, and
|
|
| |
(iii) by substituting “20 per cent of the individual’s adjusted income” for “one-half of the individual’s adjusted income”,
|
|
| |
(d) in section 485E by substituting the following for the construction of “Y” in the formula in that section—
|
|
| |
“Y is the greater of—
|
|
| |
(i) the relief threshold amount, and
|
|
| |
(ii) 20 per cent of the individual’s adjusted income for the tax year.”,
|
|
| |
and
|
|
| |
(e) in section 485FB(6)(b) by substituting “the income threshold amount” for “the threshold amount”.
|
|
| |
(2) Subsection (1) applies as respects the year of assessment 2010 and subsequent years of assessment.
|
