Finance Act 2014

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Number 37 of 2014

Finance Act 2014

CONTENTS

PART 1

Universal Social Charge, Income Tax, Corporation Tax and Capital Gains Tax

Chapter 1

Interpretation

Section

1. Interpretation (Part 1)

Chapter 2

Universal Social Charge

2. Amendment of Part 18D of Principal Act (universal social charge)

Chapter 3

Income Tax

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

4. Amendment of section 128 of Principal Act (treatment of directors of companies and employees granted rights to acquire shares or other assets)

5. Amendment of section 195 of Principal Act (exemption of certain earnings of writers, composers and artists)

6. Exemption in respect of compensation for certain living donors

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

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

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

10. Amendment of section 189A of Principal Act (special trusts for permanently incapacitated individuals)

11. Amendment of Chapter 1 of Part 12 of Principal Act (loss relief)

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

13. Amendment of section 477B of Principal Act (home renovation incentive)

14. Amendment of section 836 of Principal Act (allowances for expenses of members of the Oireachtas)

15. Amendment of section 825C of Principal Act (special assignee relief programme)

16. Amendment of section 823A of Principal Act (deduction for income earned in certain foreign states)

17. Amendment of Part 18 of Principal Act (payments to subcontractors in certain industries)

18. Donations to approved bodies

19. Retirement benefits

Chapter 4

Income Tax, Corporation Tax and Capital Gains Tax

20. Farm taxation

21. Amendment of section 206 of Principal Act (income from investments)

22. Amendment of Chapter 4 of Part 8 of Principal Act (interest payments by certain deposit takers)

23. Amendment of section 267M of Principal Act (tax rate applicable to certain deposit interest received by individuals)

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

25. Securities issued by company established under section 5 of Gas Regulation Act 2013

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

27. Amendment of Part 16 of Principal Act (income tax relief for investment in corporate trades — employment and investment incentive and seed capital scheme)

28. Amendment of Chapter 3 of Part 38 of Principal Act (other obligations and returns)

29. Real estate investment trusts

30. Amendment of Part 27 of Principal Act (unit trusts and offshore funds)

31. Cessation of certain provisions of Principal Act relating to windfall tax on land rezonings

32. Amendment of Chapter 13 of Part 10 of Principal Act (living city initiative)

33. Amendment of section 268 of Principal Act (meaning of “industrial building or structure”)

34. Amendment of section 812 of Principal Act (taxation of income deemed to arise from transfers of right to receive interest from securities)

35. Amendment of Part 26 (life assurance companies) and Part 27 (unit trusts and offshore funds) of Principal Act

Chapter 5

Corporation Tax

36. Amendment of section 80A of Principal Act (taxation of certain short-term leases plant and machinery)

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

38. Amendment of section 285A of and Schedule 4A to Principal Act (acceleration of wear and tear allowances for certain energy-efficient equipment)

39. Amendment of section 486C of Principal Act (relief from tax for certain start-up companies)

40. Amendment of Chapter 2 of Part 9 of Principal Act (machinery or plant: initial allowances, wear and tear allowances, balancing allowances and balancing charges)

41. Amendment of section 623 of Principal Act (company ceasing to be member of group)

42. Amendment of Schedule 17A to Principal Act (accounting standards)

43. Company residence

44. Amendment of section 626B of Principal Act (exemption from tax in the case of gains on certain disposals of shares)

Chapter 6

Capital Gains Tax

45. Amendment of certain provisions of Principal Act

46. Amendment of section 29A of Principal Act (temporary non-residents)

47. Amendment of section 560 of Principal Act (wasting assets)

48. Tax treatment of return of value on certain shares

49. Amendment of section 604B of Principal Act (relief for farm restructuring)

50. Amendment of section 598 of Principal Act (disposals of business or farm on “retirement”)

51. Exemption of certain payment entitlements

52. Amendment of section 597A of Principal Act (entrepreneur relief)

PART 2

Excise

53. Amendment of section 136 of Finance Act 2001 (entry and search of premises)

54. Amendment of section 21 of Betting Act 1931 (hours of business of registered premises)

55. Amendment of section 96 of Finance Act 1999 (rates)

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

57. Amendment of section 101 of Finance Act 1999 (licensing of mineral oil traders)

58. Amendment of section 96 of Finance Act 2001 (interpretation (Part 2))

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

60. Rates of tobacco products tax

61. Amendment of section 92 of Finance Act 1989 (tax concessions for disabled drivers, etc.)

62. Amendment of section 135C of Finance Act 1992 (remission or repayment in respect of vehicle registration tax, etc.)

63. Amendment of section 135D of Finance Act 1992 (repayment of amounts of vehicle registration tax on export of certain vehicles)

64. Amendment of section 141 of Finance Act 1992 (regulations)

PART 3

Value-Added Tax

65. Interpretation (Part 3)

66. Amendment of section 84 of Principal Act (duty to keep records)

67. Amendment of section 86 of Principal Act (special provisions for tax invoiced by flat-rate farmers)

68. Amendment of Part 13 of Principal Act (administration and general)

69. Joint and several liability for tax

70. Amendment of section 111 of Principal Act (assessment of tax due)

71. Amendment of Schedule 1 (exempt activities), Schedule 2 (zero-rated goods and services) and Schedule 3 (goods and services chargeable at the reduced rate) to Principal Act

PART 4

Stamp Duties

72. Interpretation (Part 4)

73. Accountable persons in relation to stamp duty

74. Relief for certain leases of farmland

75. Amendment of section 113 of Principal Act (miscellaneous instruments)

76. Amendment of section 126B of Principal Act (assessment of duty charged on statements)

77. Amendment of Schedule 1 to Principal Act (stamp duties on instruments)

78. Amendment of Schedule 2B to Principal Act (qualifications for applying for relief from stamp duty in respect of transfers to young trained farmers)

PART 5

Capital Acquisitions Tax

79. Interpretation (Part 5)

80. Amendment of section 17 of Principal Act (exemptions)

81. Amendment of section 82 of Principal Act (exemption of certain receipts)

82. Amendment of section 89 of Principal Act (provisions relating to agricultural property)

83. Amendment of section 93 of Principal Act (relevant business property)

PART 6

Miscellaneous

84. Interpretation (Part 6)

85. Domicile levy: penalties for failure to make a return

86. Amendment of section 959B of Principal Act (supplemental interpretation provisions)

87. Amendment of general anti-avoidance rule

88. Amendment of Chapter 3 of Part 33 (mandatory disclosure and payment notices)

89. Returns of profits, electronic transmission of returns, and requirements for returns for corporation tax purposes: submission of accounts information

90. Amendment of section 851A of Principal Act (confidentiality of taxpayer information)

91. Amendment of section 886 of Principal Act (obligation to keep certain records)

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

93. Amendment of section 960S of Principal Act (security for certain taxes)

94. Amendment of section 1084 of Principal Act (surcharge for late returns)

95. Tax clearance certificates

96. Amendment of Schedule 24A to Principal Act (arrangements made by the Government with the government of any territory outside the State in relation to affording relief from double taxation and exchanging information in relation to tax)

97. Miscellaneous technical amendments in relation to tax

98. Repeal of section 160 of Finance Act 1994 (small savings reserve fund)

99. Amendment of section 22 of Finance Act 1950 and related repeals

100. Care and management of taxes and duties

101. Short title, construction and commencement

SCHEDULE 1

Consequential Amendments to section 87

SCHEDULE 2

Consequential Amendments to section 88

SCHEDULE 3

Miscellaneous Technical Amendments in Relation to Tax

SCHEDULE 4

Enactments to be Repealed under section 99(2)

Acts Referred to

Betting Act 1931 (No. 27)

Capital Acquisitions Tax Consolidation Act 2003 (No. 1)

Child and Family Agency Act 2013 (No. 40)

Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 (No. 24)

Companies Act 1990 (No. 33)

Family Law (Divorce) Act 1996 (No. 33)

Family Law Act 1995 (No. 26)

Finance (Local Property Tax) Act 2012 (No. 52)

Finance (No. 2) Act 2008 (No. 25)

Finance (No. 2) Act 2013 (No. 41)

Finance Act 1950 (No. 18)

Finance Act 1985 (No. 10)

Finance Act 1986 (No. 13)

Finance Act 1987 (No. 10)

Finance Act 1988 (No. 12)

Finance Act 1989 (No. 10)

Finance Act 1990 (No. 10)

Finance Act 1991 (No. 13)

Finance Act 1992 (No. 9)

Finance Act 1993 (No. 13)

Finance Act 1994 (No. 13)

Finance Act 1995 (No. 8)

Finance Act 1996 (No. 9)

Finance Act 1997 (No. 22)

Finance Act 1998 (No. 3)

Finance Act 1999 (No. 2)

Finance Act 2000 (No. 3)

Finance Act 2001 (No. 7)

Finance Act 2002 (No. 5)

Finance Act 2003 (No. 3)

Finance Act 2004 (No. 8)

Finance Act 2005 (No. 5)

Finance Act 2006 (No. 6)

Finance Act 2008 (No. 3)

Finance Act 2010 (No. 5)

Finance Act 2011 (No. 6)

Finance Act 2012 (No. 9)

Finance Act 2013 (No. 8)

Gas Regulation Act 2013 (No. 39)

Local Authorities (Higher Education Grants) Acts 1968 to 1992

Local Authority (Higher Education Grants) Acts 1968 to 1992

Local Government Act 1991 (No. 11)

National Treasury Management Agency Act 1990 (No. 18)

Pensions Act 1990 (No. 25)

Planning and Development Act 2000 (No. 30)

Post Office Savings Bank Act 1861 (24 Vict. c. 14)

Protection of Employees (Fixed-Term Work) Act 2003 (No. 29)

Residential Tenancies Act 2004 (No. 27)

Social Welfare Consolidation Act 2005 (No. 26)

Stamp Duties Consolidation Act 1999 (No. 31)

Student Support Act 2011 (No. 4)

Taxes Consolidation Act 1997 (No. 39)

Value-Added Tax Consolidation Act 2010 (No. 31)

Water Services (No. 2) Act 2013 (No. 50)

Number 37 of 2014

FINANCE ACT 2014

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.

[23 rd December, 2014]

Be it enacted by the Oireachtas as follows: