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Chapter 3
Income Tax, Corporation Tax and Capital Gains Tax
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Farm taxation
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20. (1) Section 667B of the Principal Act is amended—
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(a) in subsection (4)(b) by substituting “the Qualifications and Quality Assurance Authority of Ireland” for “the National Qualifications Authority of Ireland”, and
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(b) in the Table to that section—
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(i) in paragraph 1 by substituting “Qualifications awarded by the Qualifications and Quality Assurance Authority of Ireland” for “Qualifications awarded by the Further Education and Training Awards Council”,
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(ii) in paragraph 2 by substituting “Qualifications awarded by the Qualifications and Quality Assurance Authority of Ireland” for “Qualifications awarded by the Higher Education and Training Awards Council”,
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(iii) in paragraph 2—
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(I) in subparagraph (o) by substituting “Equine Studies;” for “Equine Studies.”, and
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(II) by inserting the following subparagraph after subparagraph (o):
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“(p) Higher Certificate in Science Applied Agriculture.”,
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and
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(iv) in paragraph 3 by inserting the following subparagraphs after subparagraph (b):
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“(ba) Bachelor of Agricultural Science - Animal Science Equine awarded by University College Dublin;
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(bb) Bachelor of Agricultural Science - Dairy Business awarded by University College Dublin;”.
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(2) Section 667C of the Principal Act is amended—
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(a) in subsection (2) by substituting “Subject to subsection (3) and (3A),” for “Subject to subsection (3)”,
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(b) by inserting the following subsection after subsection (3):
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“(3A) (a) In this subsection—
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‘qualifying period’, in relation to a specified person—
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(i) means an accounting period in respect of which that person is entitled to a relevant deduction and each subsequent accounting period where the accounting periods in aggregate do not exceed 36 months where the specified person is a company, and
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(ii) where the specified person is not a company, means a year of assessment in which that person is entitled to a relevant deduction and each of the 2 immediately succeeding years of assessment where the specified person is not a company;
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‘relevant deduction’ means a deduction under section 666(1), in accordance with subsection (2)(a) of this section;
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‘relevant tax’, in relation to a specified person—
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(i) where the specified person is a company, means any corporation tax, and
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(ii) where the specified person is not a company, means any income tax or universal social charge;
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‘relief’ means an amount equivalent to an amount determined by the formula—
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A — B
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where—
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A is the amount of relevant tax that would be payable by a specified person for a year of assessment or an accounting period, as the case may be, falling within the qualifying period computed as if subsection (2) had not been enacted, and
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B is the amount of relevant tax payable by the specified person for that year of assessment or accounting period, as the case may be;
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‘specified person’ means a person referred to in subsection (2), other than a person entitled to a deduction under subsection (1) of section 666 equal to 100 per cent of the excess referred to in the said subsection (1).
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(b) A specified person shall be entitled to relief in respect of relevant deductions of an amount not exceeding €7,500 in the aggregate in the qualifying period.”,
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and
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(c) by substituting the following for subsection (4):
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“(4) This section shall apply in respect of any accounting period which begins on or after 1 January 2012 and ends on or before 31 December 2015.”.
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(3) Subsection (1), other than subparagraphs (iii) and (iv) of paragraph (b), shall apply with effect from 6 November 2012.
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