Finance Act 2013

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Amendment of section 531AN (rate of charge) of Principal Act.

3.— Section 531AN of the Principal Act is amended for the year of assessment 2013 and each subsequent year of assessment—

(a) by substituting the following for subsection (1):

“(1) For each tax year an individual shall be charged to universal social charge on his or her aggregate income for the tax year—

(a) at the rate specified in column (2) of the Table to this section corresponding to the part of aggregate income specified in column (1) of that Table where the individual is—

(i) aged under 70 years, or

(ii) aged 70 years or over at any time during the tax year and has aggregate income that exceeds €60,000,

or

(b) at the rate specified in column (3) of the Table to this section corresponding to the part of aggregate income specified in column (1) of that Table where the individual is aged 70 years or over at any time during the tax year and has aggregate income that does not exceed €60,000.”,

(b) by substituting the following for subsection (2):

“(2) Notwithstanding subsection (1) and the Table to this section, where an individual has relevant income that exceeds €100,000, the individual shall, instead of being charged to universal social charge on the amount of the excess at the rate provided for in column (2) of that Table, be charged on the amount of that excess at the rate of 10 per cent.”,

(c) in subsection (3) by substituting “Notwithstanding subsection (1) and the Table to this section, where an individual is in receipt of aggregate income which does not exceed €60,000, is aged under 70 years” for “Notwithstanding subsection (1) and the Table to this section, for the tax year 2011 and for each subsequent tax year where an individual is aged under 70 years”, and

(d) by substituting the following for the Table to that section:

“TABLE

”.