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Amendment of section 480A of Principal Act (relief on retirement for certain income of certain sportspersons)
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15. (1) Section 480A of the Principal Act is amended—
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(a) by substituting the following for subsections (1) to (4):
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“(1) In this section—
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‘basis period’, in relation to a year of assessment, means the period on the profits or gains of which income tax for the year of assessment is to be finally computed under the Income Tax Acts;
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‘EEA Agreement’ means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by all subsequent amendments to that Agreement;
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‘EEA state’ means a state, other than the State, which is a contracting party to the EEA Agreement;
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‘EFTA state’ means a state, other than an EEA state, which is a member of the European Free Trade Association;
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‘relevant individual’ means an individual who—
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(a) engaged in a specified occupation or carried on a specified profession,
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(b) complied with the Income Tax Acts, and
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(c) is resident in the State, an EEA state or an EFTA state in the retirement year;
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‘relevant period’ means the retirement year and the 14 years of assessment immediately preceding the retirement year;
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‘relevant years’ means the years of assessment as specified by the relevant individual, not exceeding 10 years of assessment, in the relevant period;
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‘retirement year’ means the year of assessment in respect of which the relevant individual proves to the satisfaction of the Revenue Commissioners that he or she has, in that year of assessment, ceased permanently to be engaged in a specified occupation or to carry on a specified profession;
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‘specified occupation’ and ‘specified profession’ mean an occupation or profession, as the case may be, specified in Schedule 23A.
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(2) Notwithstanding any other provision of the Income Tax Acts other than section 960H, this section applies to a relevant individual who ceased permanently to be engaged in a specified occupation or to carry on a specified profession.
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(3) Where this section applies, the relevant individual shall, on the making of a claim in that behalf, within 4 years from the end of the retirement year, be entitled to have deductions made from his or her total income for the relevant years.
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(4) (a) Subsection (3) shall apply notwithstanding any limitation in section 865(4) on the time within which a claim for a repayment of tax is required to be made.
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(b) Section 865(6) shall not prevent the Revenue Commissioners from repaying an amount of tax as a consequence of a timely claim for relief under this section where a valid claim for a repayment of tax (within the meaning of section 865(1)(b)) has been made.”,
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and
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(b) by substituting the following for subsection (7):
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“(7) A claim under this section shall be made—
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(a) where the relevant individual is required to submit a return of income in the retirement year, by including a claim in the return of income, or
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(b) where the relevant individual is not required to submit a return of income in the retirement year, by submitting a claim to the Revenue Commissioners.”.
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(2) Subsection (1) applies in respect of retirements on or after 1 January 2014 from occupations or professions, as the case may be, specified in Schedule 23A to the Principal Act.
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