Finance Act 2024
|
SCHEDULE 2 Miscellaneous Technical Amendments in Relation to Tax | ||
1. The Taxes Consolidation Act 1997 is amended— | ||
(a) in section 860(1), by the substitution of “A Peace Commissioner” for “Subject to subsection (2), a Peace Commissioner”, | ||
(b) in section 959C(1), by the substitution of “other than a self assessment” for “other that a self assessment”, | ||
(c) in section 959V(2A), by the substitution of “whether paragraph (a), (b) or (c) applies” for “which of paragraphs (a), (b) and (c) applies”, and | ||
(d) in section 959AT(2)(b)(iii), by the substitution of “by the claimant company for the accounting period,” for “by the claimant company for the accounting period, or”. | ||
2. The Finance Act 1992 is amended— | ||
(a) in section 130— | ||
(i) in the definition of “ambulance”, by the substitution of “point 5.3 of Annex I of Regulation 2018/858” for “paragraph 5.3 of Annex II to Directive 2007/46/EC”, | ||
(ii) in the definition of “category M1 vehicle”, “category M2 vehicle”, “category M3 vehicle”, “category N1 vehicle”, “category N2 vehicle” and “category N3 vehicle”, by the substitution of “Article 4 of Regulation 2018/858” for “Annex II of Directive 2007/46/EC”, and | ||
(iii) in the definition of “motor caravan”, by the substitution of “point 5.1 of Annex I to Regulation 2018/858” for “paragraph 5.1 of Annex II to Directive 2007/46/EC”, and | ||
(b) in section 132(3)(a)(i)(II)(B), by the substitution of “€820” for “€740”. | ||
3. Schedule 1 to the Stamp Duties Consolidation Act 1999 is amended in the heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance”, by the substitution of the following paragraph for paragraph (5)— | ||
“(5) Where paragraph (4) applies in the case of a conveyance or transfer on sale or in the case of a conveyance or transfer operating as a voluntary disposition inter vivos of property that is land— | ||
(a) the instrument is executed on or after 1 January 2015 and before 1 January 2029, | ||
(b) the individual to whom the property is being conveyed or transferred is an individual— | ||
(i) who, from the date of conveyance or transfer and for a period of not less than 6 years thereafter— | ||
(I) farms the land, or | ||
(II) leases it for a period of not less than 6 years to an individual who farms the land, | ||
and | ||
(ii) who, in a case where subclause (I) applies— | ||
(I) is the holder of or, within a period of 4 years from the date of transfer or conveyance, will be the holder of, a trained farmer qualification (within the meaning given by section 654A of the Taxes Consolidation Act 1997 ) or a qualification set out in Schedule 2 or 2A, or | ||
(II) spends not less than 50 per cent of that individual’s normal working time farming land (including the land conveyed or transferred), | ||
(c) in a case where subparagraph (b)(i)(II) applies, the individual to whom the land is leased— | ||
(i) is the holder of or, within a period of 4 years from the date of transfer or conveyance, will be the holder of, a trained farmer qualification (within the meaning given by section 654A of the Taxes Consolidation Act 1997 ) or a qualification set out in Schedule 2 or 2A, or | ||
(ii) spends not less than 50 per cent of that individual’s normal working time farming land (including the land conveyed or transferred), | ||
(d) the land is farmed on a commercial basis and with a view to the realisation of profits from that land, and | ||
(e) the person becoming entitled to the entire beneficial interest in the property (or, where more than one person becomes entitled to a beneficial interest in the property, each of them) is related to the person or each of the persons immediately theretofore entitled to the entire beneficial interest in the property in one or other of the following ways, that is, as a lineal descendant, parent, grandparent, step parent, husband or wife, brother or sister of a parent or brother or sister, or lineal descendant of a parent, husband or wife or brother or sister, or is, as respects the person or each of the persons immediately theretofore entitled, his or her civil partner, the civil partner of either of his or her parents or a lineal descendant of his or her civil partner. | ||
1 per cent of the consideration which is attributable to property which is not residential property but where the calculation results in an amount which is not a multiple of €1 the amount so calculated shall be rounded down to the nearest €. | ||
”. | ||
4. (a) Subject to subparagraph (b), this Schedule shall have effect on and from the date of the passing of this Act. | ||
(b) Subparagraph (b) of paragraph 2 is deemed to have come into operation on and from 1 January 2022. |