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Amendment of section 480C of Principal Act (residential premises rental income relief)
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36. Section 480C of the Principal Act is amended—
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(a) in subsection (1), by the insertion of the following definitions:
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“ ‘Revenue officer’ means an officer of the Revenue Commissioners;
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‘total Case V income’, in relation to a person chargeable for a year of assessment, means the total amount of Case V income on which the person chargeable is assessed to income tax after deducting any allowance made in accordance with Part 9 in charging the income under Case V of Schedule D and relief for losses under section 384;”,
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(b) by the substitution of the following subsection for subsection (2):
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“(2) In relation to a year of assessment, a person chargeable shall be entitled to a tax credit of the lowest of—
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(a) in respect of the year of assessment 2024—
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(i) €600,
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(ii) an amount equal to the appropriate percentage of the relevant amount, or
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(iii) an amount equal to the appropriate percentage of the total Case V income of the person chargeable,
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(b) in respect of the year of assessment 2025—
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(i) €800,
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(ii) an amount equal to the appropriate percentage of the relevant amount, or
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(iii) an amount equal to the appropriate percentage of the total Case V income of the person chargeable,
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(c) in respect of each of the years of assessment 2026 and 2027—
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(i) €1,000,
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(ii) an amount equal to the appropriate percentage of the relevant amount for the year of assessment concerned, or
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(iii) an amount equal to the appropriate percentage of the total Case V income of the person chargeable for the year of assessment concerned.”,
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(c) by the insertion of the following subsection after subsection (4):
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“(4A) For the purposes of subsection (4)(a), a person chargeable shall not cease to be a person chargeable in respect of any qualifying premises that was owned by that person during the first year of assessment by reason only of the death of the person chargeable during a relevant year of assessment.”,
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and
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(d) by the substitution of the following subsection for subsection (5):
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“(5) (a) Where subsection (4) applies in respect of a relevant year of assessment, a Revenue officer shall make or amend an assessment for each year of assessment in which a tax credit under this section was claimed by the person chargeable for the purposes of the amount of the credit claimed by the person chargeable being repaid.
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(b) Any additional tax payable by reason of an assessment made or amended in accordance with paragraph (a) shall be due and payable on the same date as the tax due under the assessment for the year of assessment during which the cessation referred to in subsection (4)(a) or the letting referred to in subsection (4)(b), as the case may be, occurred.”.
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