Finance Act 2024
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Automatic enrolment retirement savings system (amendments consequential on insertion of Chapter 2E in Part 30) | ||
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15. (1) The Principal Act is amended— | ||
(a) in section 118, by the insertion of the following subsection after subsection (5L): | ||
“(5M) Subsection (1) shall not apply to expense incurred by the body corporate in the provision for an employee (within the meaning of Chapter 2E of Part 30) of a contribution (within the meaning of Chapter 2E of Part 30).”, | ||
(b) in Part 7, by the insertion of the following section after section 192P: | ||
“Exemption in respect of State contribution under automatic enrolment retirement savings system | ||
192Q. A State contribution (within the meaning of the Automatic Enrolment Retirement Savings System Act 2024 ) shall be exempt from income tax and shall not be reckoned in computing total income for the purposes of the Income Tax Acts or in computing amounts chargeable to universal social charge in accordance with Part 18D.”, | ||
(c) in section 246(3)— | ||
(i) in paragraph (i), by the substitution of “such subsidiary,” for “such subsidiary, or”, | ||
(ii) in paragraph (j), by the substitution of “such subsidiary,” for “such subsidiary.”, and | ||
(iii) by the insertion of the following paragraphs after paragraph (j): | ||
“(k) interest paid to the Authority (within the meaning of Chapter 2E of Part 30), or | ||
(l) interest paid by the Authority (within the meaning of Chapter 2E of Part 30).”, | ||
(d) in section 256(1), in the definition of “relevant deposit”— | ||
(i) in paragraph (a)— | ||
(I) in subparagraph (v), by the substitution of “The Investor Compensation Company Limited,” for “The Investor Compensation Company Limited, or”, | ||
(II) in subparagraph (vi), by the substitution of “Icarom plc, or” for “Icarom plc,”, and | ||
(III) by the insertion of the following subparagraph after subparagraph (vi): | ||
“(vii) An tÚdarás Náisiúnta um Uathrollú Coigiltis Scoir,”, | ||
(ii) in paragraph (k), by the substitution of “Revenue Commissioners,” for “Revenue Commissioners, or”, | ||
(iii) in paragraph (l), by the substitution of “relevant deposit taker, or” for “relevant deposit taker;”, and | ||
(iv) by the insertion of the following paragraph after paragraph (l): | ||
“(m) which is made by the Authority (within the meaning of Chapter 2E of Part 30) in respect of contributions (within the meaning of the Automatic Enrolment Retirement Savings System Act 2024 ) made to the Authority;”, | ||
(e) in section 608(2), by the substitution of “PEPP assets (within the meaning of Chapter 2D of Part 30) or held by or on behalf of that person as units in an AE provider scheme (within the meaning of Chapter 2E of Part 30)” for “PEPP assets (within the meaning of Chapter 2D of Part 30)”, | ||
(f) in section 706(3), by the insertion of the following paragraph after paragraph (e): | ||
“(f) any contract with an AE provider scheme (within the meaning of the Automatic Enrolment Retirement Savings System Act 2024 );”, | ||
(g) in section 739D(6), by the insertion of the following paragraph after paragraph (kc): | ||
“(kd) is a participant within the meaning of the Automatic Enrolment Retirement Savings System Act 2024 , the units are held by the Authority within the meaning of that Act on behalf of the participant and the Authority has made a declaration to that effect to the investment undertaking,”, | ||
(h) in section 787O(1)— | ||
(i) in the definition of “administrator”— | ||
(I) in paragraph (d), by the substitution of “section 787U,” for “section 787U, and”, | ||
(II) in paragraph (e), by the substitution of “Chapter 2D, and” for “Chapter 2D;”, and | ||
(III) by the insertion of the following paragraph after paragraph (e): | ||
“(f) An tÚdarás Náisiúnta um Uathrollú Coigiltis Scoir;”, | ||
(ii) in the definition of “member”, by the substitution of “Chapter 2D, a participant within the meaning of Chapter 2E” for “Chapter 2D”, | ||
(iii) in the definition of “relevant pension arrangement”— | ||
(I) in paragraph (f), by the substitution of “paragraph (e),” for “paragraph (e), or”, | ||
(II) in paragraph (g), by the substitution of “that Chapter, or” for “that Chapter;”, and | ||
(III) by the insertion of the following paragraph after paragraph (g): | ||
“(h) the automatic enrolment retirement savings system means the system established, maintained and controlled by the Authority (within the meaning of Chapter 2E) under that Act of 2024;”, | ||
and | ||
(iv) by the insertion of the following definition: | ||
“ ‘participant’ has the same meaning as it has in Chapter 2E;”, | ||
and | ||
(i) in section 790AA(1)(a), in the definition of “relevant pension arrangement”— | ||
(i) in subparagraph (vii), by the substitution of “that Chapter,” for “that Chapter;”, and | ||
(ii) by the insertion of the following subparagraph after subparagraph (vii): | ||
“(viii) the automatic enrolment retirement savings system established, maintained and controlled by the Authority (within the meaning of Chapter 2E) under the Automatic Enrolment Retirement Savings System Act 2024 ;”. | ||
(2) Section 82C(1) of the Stamp Duties Consolidation Act 1999 is amended, in the definition of “pension scheme”— | ||
(a) in paragraph (g), by the substitution of “that Chapter, or” for “that Chapter;”, and | ||
(b) by the insertion of the following paragraph after paragraph (g): | ||
“(h) an AE provider scheme within the meaning of the Automatic Enrolment Retirement Savings System Act 2024 ;”. | ||
(3) Subsections (1) and (2) shall come into operation on the making of an order to that effect by the Minister for Finance. |