Finance Act 2015

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Number 52 of 2015

FINANCE ACT 2015

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. Earned income tax credit

4. Amendment of section 466A of Principal Act (home carer tax credit)

5. Amendment of section 192A of Principal Act (exemption in respect of certain payments under employment law)

6. Exemption in respect of certain expense payments for relevant directors

7. Exemption in respect of certain expenses of State Examinations Commission examiners

8. Amendment of section 470 of Principal Act (relief for insurance against expenses of illness)

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

10. Professional services withholding tax

11. Granting of vouchers

12. Amendment of section 372AP of Principal Act (relief for lessors)

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

14. Amendment of Schedule 25B to Principal Act (list of specified reliefs and method of determining amount of specified relief used in a tax year)

Chapter 4

Income Tax, Corporation Tax and Capital Gains Tax

15. Amendment of section 97 of Principal Act (computational rules and allowable deductions)

16. Amendment of section 256 of Principal Act (interpretation (Chapter 4))

17. Amendment of section 481 (relief for investment in films) and section 851A (confidentiality of taxpayer information) of Principal Act

18. Income tax relief for investment in corporate trades - employment and investment incentive and seed capital scheme

19. Farming and market gardening

20. Petroleum production tax

21. Amendment of Chapter 1 of Part 33 of Principal Act (anti-avoidance)

22. Amendment of Schedule 2 to Principal Act (machinery for assessment, charge and payment of tax under Schedule C and, in certain cases, Schedule D)

23. Amendment of section 730E of Principal Act (declarations)

24. Charities Regulatory Authority and Common Investment Fund

25. Amendment of Part 18 of Principal Act (payments in respect of professional services by certain persons and payments to subcontractors in certain industries)

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

27. Industrial building allowances: aviation services facilities

28. Amendment of section 1035A of Principal Act (relieving provision to section 1035)

29. Amendment of Part 36 of Principal Act (miscellaneous special provisions)

Chapter 5

Corporation Tax

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

31. Amendment of section 765 of Principal Act (allowances for capital expenditure on scientific research)

32. Amendment of Part 29 of Principal Act (patents, scientific and certain other research, know-how and certain training)

33. Country-by-country reporting

34. Amendment of section 831 of Principal Act (implementation of Council Directive No. 90/435/EEC concerning the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States)

Chapter 6

Capital Gains Tax

35. Entrepreneur relief

36. Amendment of section 29 of Principal Act (persons chargeable)

37. Amendment of section 541B of Principal Act (restrictive covenants)

38. Amendment of section 542 of Principal Act (time of disposal and acquisition)

39. Amendment of section 590 of Principal Act (attribution to participators of chargeable gains accruing to non-resident company)

40. Amendment of Part 20 of Principal Act (companies’ chargeable gains)

41. Amendment of section 615 of Principal Act (company reconstruction or amalgamation: transfer of assets)

42. Amendment of section 980 of Principal Act (deduction from consideration on disposal of certain assets)

PART 2

Excise

43. Amendment of Chapter 1 of Part 2 of Finance Act 2003 (alcohol products tax)

44. Amendment of Chapter 4 of Part 2 of Finance Act 2001 (powers of officers)

45. Rates of tobacco products tax

46. Amendment of section 99 of Finance Act 2001 (liability of persons)

47. Amendment of section 109 of Finance Act 2001 (authorisation of warehousekeepers and approval of tax warehouses)

48. Amendment of section 130 of Finance Act 1992 (interpretation)

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

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

PART 3

Value-Added Tax

51. Interpretation (Part 3)

52. Supplies of gas, electricity, gas certificates and electricity certificates - reverse charge

53. Adjustments to returns

54. Exempted education activities

55. Amendment of section 64 of Principal Act (capital goods scheme)

56. Amendment of section 65 of Principal Act (registration)

57. Amendment of section 87 of Principal Act (margin scheme - taxable dealers)

58. Cancellation of a registration number - special provisions for notification and publication

59. Amendment of section 110 of Principal Act (estimation of tax due)

60. Amendment of Schedule 1 to Principal Act (exempt activities)

PART 4

Stamp Duties

61. Interpretation (Part 4)

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

63. Amendment of section 81AA of Principal Act (transfers to young trained farmers)

64. Amendment of section 123B of Principal Act (cash, combined and debit cards)

65. Amendment of section 124 of Principal Act (credit cards and charge cards)

PART 5

Capital Acquisitions Tax

66. Interpretation (Part 5)

67. Amendment of Schedule 2 to Principal Act (computation of tax)

PART 6

Miscellaneous

68. Interpretation (Part 6)

69. Tax treatment of return of value on certain shares where shareholders affected by postal delays

70. Marriage equality

71. Amendment of Chapter 3 of Part 33 of Principal Act (mandatory disclosure of certain transactions)

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

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

74. Amendment of Part 38 of Principal Act (returns of income and gains, other obligations and returns, and Revenue powers)

75. Amendment of Chapter 4 of Part 38 of Principal Act (Revenue powers)

76. Amendment of section 888 of Principal Act (returns, etc. by lessors, lessees and agents)

77. Discharge of Revenue Commissioners’ and Collector-General’s functions

78. Amendment of section 1077E of Principal Act (penalty for deliberately or carelessly making incorrect returns, etc.)

79. Amendment of section 826 of Principal Act (agreements for relief from double taxation)

80. 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)

81. Fuel grant

82. Offences and penalties relating to fuel grant

83. Exemption in respect of fuel grant

84. Amendment of section 92 of Finance Act 1989

85. Exemption in respect of water conservation grant

86. Miscellaneous amendments of Principal Act in relation to authorisations granted under section 9A of Central Bank Act 1971

87. Amendment of section 54 of Finance Act 1970

88. Miscellaneous technical amendments in relation to tax

89. Care and management of taxes and duties

90. Short title, construction and commencement

SCHEDULE

Miscellaneous Amendments of Principal Act in relation to Authorisations granted under section 9A of Central Bank Act 1971

Acts Referred to

Animal Health and Welfare Act 2013 (No. 15)

Broadcasting Act 2009 (No. 18)

Building Control Act 1990 (No. 3)

Capital Acquisitions Tax Consolidation Act 2003 (No. 1)

Capital Gains Tax Acts

Central Bank Act 1971 (No. 24)

Charities Act 1961 (No. 17)

Civil Service Regulation Act 1956 (No. 46)

Companies Act 1990 (No. 33)

Copyright and Related Rights Act 2000 (No. 28)

Credit Union Acts 1997 to 2012

Education Act 1998 (No. 51)

Education and Training Boards Act 2013 (No. 11)

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

Finance Act 1970 (No. 14)

Finance Act 1989 (No. 10)

Finance Act 1992 (No. 9)

Finance Act 2001 (No. 7)

Finance Act 2002 (No. 5)

Finance Act 2003 (No. 3)

Finance Act 2005 (No. 5)

Finance Act 2013 (No. 8)

Finance Act 2014 (No. 37)

Further Education and Training Act 2013 (No. 25)

Health (Nursing Homes) Act 1990 (No. 23)

Health Insurance Act 1994 (No. 16)

Housing (Miscellaneous Provisions) Act 1992 (No. 18)

Housing (Miscellaneous Provisions) Act 2009 (No. 22)

Housing (Miscellaneous Provisions) Act 2014 (No. 21)

Irish Collective Asset-management Vehicles Act 2015 (No. 2)

Partnership Act 1890 (53 & 54 Vict. c.39)

Patents Act 1992 (No. 1)

Plant Varieties (Proprietary Rights) Act 1980 (No. 24)

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

Qualifications and Quality Assurance (Education and Training) Act 2012 (No. 28)

Residential Tenancies Act 2004 (No. 27)

Social Welfare Consolidation Act 2005 (No. 26)

Stamp Duties Consolidation Act 1999 (No. 31)

Taxes Consolidation Act 1997 (No. 39)

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

Water Services Act 2014 (No. 44 of 2014)

Number 52 of 2015

FINANCE ACT 2015

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.

[21 st December, 2015]

Be it enacted by the Oireachtas as follows: