Finance Act 2003

Permanent Page URL

/static/images/base/harp.jpg

Number 3 of 2003

FINANCE ACT 2003

ARRANGEMENT OF SECTIONS

Income Tax, Corporation Tax and Capital Gains Tax

Interpretation

Section
1.	Interpretation (Part 1).

Chapter 2

Income Tax

2.	Age exemption.
3.	Employee tax credit.
4.	Amendment of section 122 (preferential loan arrangements) of Principal Act.
5.	Amendment of section 126 (tax treatment of certain benefits payable under Social Welfare Acts) of Principal Act.
6.	Application of PAYE to perquisites, benefits-in-kind, etc.
7.	Payment of tax in respect of share options in certain circumstances.
8.	Payment of tax under section 128 (tax treatment of directors of companies and employees granted rights to acquire shares or other assets) of Principal Act.
9.	Amendment of section 244 (relief for interest paid on certain home loans) of Principal Act.
10.	Amendment of Chapter 1 (payments in respect of professional services by certain persons) of Part 18 of, and Schedule 13 to, Principal Act.
11.	Amendment of section 65 (Cases I and II: basis of assessment) of Principal Act.
12.	Restriction of reliefs where individual is not actively participating in certain trades.
13.	Income tax: ring-fence on use of certain capital allowances on certain industrial buildings and other premises.
14.	Pension arrangements.

Chapter 3

Income Tax, Corporation Tax and Capital Gains Tax

15.	Amendment of Part 16 (income tax relief for investment in corporate trades — business expansion scheme and seed capital scheme) of Principal Act.
16.	Rental income: restriction of relief for certain interest.
17.	Claims for repayment, interest on repayments and time limits for assessment.
18.	Amendment of section 666 (deduction for increase in stock values) of Principal Act.
19.	Amendment of section 667 (special provisions for qualifying farmers) of Principal Act.
20.	Amendment of Chapter 4 (transmission capacity rights) of Part 29 of Principal Act.
21.	Amendment of section 848A (donations to approved bodies) of Principal Act.
22.	Amendment of Schedule 26A (donations to approved bodies, etc.) to Principal Act.
23.	Wear and tear allowances.
24.	Capital allowances for certain day hospitals.
25.	Provisions relating to certain industrial buildings or structures.
26.	Amendment of Part 10 (income tax and corporation tax: reliefs for renewal and improvement of certain urban areas, certain resort areas and certain islands) of Principal Act.
27.	Amendment of Chapter 7 (qualifying areas) of Part 10 of Principal Act.
28.	Amendment of section 372T (non-application of relief in certain circumstances and provision against double relief) of Principal Act.
29.	Amendment of Chapter 10 (designated areas of certain towns) of Part 10 of Principal Act.
30.	Amendment of Chapter 11 (reliefs for lessors and owner-occupiers in respect of expenditure incurred on the provision of certain residential accommodation) of Part 10 of Principal Act.
31.	Amendment of section 749 (dealers in securities) of Principal Act.
32.	Conditions relating to relief in respect of expenditure incurred on provision of certain student accommodation.
33.	Relevant contracts tax.
34.	Filing date for certain returns and elections.
35.	Amendment of certain provisions relating to exempt income.
36.	Transfer of rent.
37.	Matching of relevant foreign currency assets with foreign currency liabilities.
38.	Exchange of information.
39.	Amendment of section 404 (restriction on use of capital allowances for certain machinery or plant) of Principal Act.
40.	Amendment of section 407 (restriction on use of losses and capital allowances for qualifying shipping trade) of Principal Act.
41.	Amendment and repeals consequential on abolition of tax credits and advance corporation tax.
42.	Amendment of Part 41 (self assessment) of Principal Act.
43.	National Development Finance Agency.
44.	Restriction on deductibility of certain interest.
45.	Amendment of Chapter 2 (additional matters to be treated as distributions, charges to tax in respect of certain loans and surcharges on certain undistributed income) of Part 13 of Principal Act.
46.	Amendment of section 249 (rules relating to recovery of capital and replacement loans) of Principal Act.
47.	Amendment of section 289 (calculation of balancing allowances and balancing charges in certain cases) of Principal Act.
48.	Securitisation and related matters.
49.	Wholesale debt instruments and related matters.
50.	Amendment of section 737 (special investment schemes) of Principal Act.
51.	Amendment of Chapter 1 (income tax and corporation tax) of Part 45 of Principal Act.
52.	Cessation of special investment business as separate business.
53.	Amendment of Chapter 1A (investment undertakings) of Part 27 of Principal Act.
54.	Amendment of section 706 (interpretation and general (Part 26)) of Principal Act.
55.	Amendment of section 747E (disposal of an interest in off-shore funds) of Principal Act.
56.	Amendment of Schedule 2B (investment undertaking declarations) of Principal Act.
57.	Amendment of Part 26 (life assurance companies) of Principal Act.
58.	Amendment of section 481 (relief for investment in films) of Principal Act.

Chapter 4

Corporation Tax

59.	Provisions relating to loss relief.
60.	Unilateral credit relief.
61.	Amendment of section 130 (matters to be treated as distributions) of Principal Act.
62.	Amendment of Part 24A (tonnage tax) of Principal Act.
63.	Amendment of section 430 (meaning of “close company”) of Principal Act.
64.	Amendment of Schedule 4 (exemption of specified non-commercial State sponsored bodies from certain tax provisions) to Principal Act.

Chapter 5

Capital Gains Tax

65.	Amendment of section 556 (adjustment of allowable expenditure by reference to consumer price index) of Principal Act.
66.	Restriction of relief on issue of debentures etc.
67.	Restriction of deferral of capital gains tax.
68.	Amendment of section 598 (disposal of business or farm on “retirement”) of Principal Act.
69.	Amendment of Chapter 3 (capital gains tax) of Part 2 of Principal Act.
70.	Amendment of Chapter 1 (assets and acquisition and disposal of assets) of Part 19 of Principal Act.
71.	Amendment of section 980 (deduction from consideration on disposal of certain assets) of Principal Act.
72.	Amendment of Schedule 15 (list of bodies for the purposes of section 610) to Principal Act.

PART 2

Excise

Chapter 1

Alcohol Products Tax

73.	Interpretation (Chapter 1).
74.	Qualification to meanings given to certain alcohol products.
75.	Charging and rates.
76.	Liability and payment.
77.	Reliefs.
78.	Repayment.
79.	Offences and penalties.
80.	Amendments relative to penalties.
81.	Regulations.
82.	General provisions.
83.	Repeals and revocations.
84.	Continuity.
85.	Care and management of alcohol products tax.
86.	Commencement.

Chapter 2

Miscellaneous

87.	Amendment of section 97 (excisable products) of Finance Act 2001.
88.	Amendment of section 109 (warehousing) of Finance Act 2001.
89.	Amendment of Chapter 2 of Part 2 (Intra-Community movement) of Finance Act 2001.
90.	Amendment of section 136 (entry and search of premises) of Finance Act 2001.
91.	Rates of mineral oil tax.
92.	Spirits.
93.	Offences in relation to keeping, selling or delivering of unexcised spirits.
94.	Amendment of section 102 (offences) of Finance Act 1999.
95.	Amendment of section 103 (presumptions in certain proceedings) of Finance Act 1999.
96.	Tobacco products.
97.	Amendment of section 103 (payment) of Finance Act 2001.
98.	Amendment of Chapter 1 (interpretation, liability and payment) of Part 2 of Finance Act 2001.
99.	Administrative penalties for breach of provisions or regulations.
100.	Delegation of powers, functions and duties of Commissioners.
101.	Amendment of section 130 (interpretation) of Finance Act 1992.
102.	Amendment of section 131 (registration of vehicles by Revenue Commissioners) of Finance Act 1992.
103.	Amendment of section 132 (charge of excise duty) of Finance Act 1992.
104.	Amendment of section 134 (permanent reliefs) of Finance Act 1992.
105.	Amendment of section 135C (remission or repayment in respect of vehicle registration tax on certain hybrid electric vehicles) of Finance Act 1992.
106.	Amendment of section 141 (regulations) of Finance Act 1992.
107.	Gaming licences.
108.	Amendment of section 43 (gaming machine licence duty) of Finance Act 1975.
109.	Amendment of section 120 (interpretation (Chapter III)) of Finance Act 1992.
110.	Amendment of section 123 (rates of duty) of Finance Act 1992.
111.	Time limits.

PART 3

Value-Added Tax

112.	Interpretation (Part 3).
113.	Amendment of section 1 (interpretation) of Principal Act.
114.	Amendment of section 4 (special provisions in relation to the supply of immovable goods) of Principal Act.
115.	Amendment of section 5 (supply of services) of Principal Act.
116.	Special scheme for electronic services.
117.	Amendment of section 7 (waiver of exemption) of Principal Act.
118.	Amendment of section 8 (taxable persons) of Principal Act.
119.	Amendment of section 11 (rates of tax) of Principal Act.
120.	Amendment of section 12B (special scheme for means of transport supplied by taxable dealers) of Principal Act.
121.	Amendment of section 16 (duty to keep records) of Principal Act.
122.	Amendment of section 17 (invoices) of Principal Act.
123.	Amendment of section 19 (tax due and payable) of Principal Act.
124.	Amendment of section 20 (refund of tax) of Principal Act.
125.	Interest on refunds of tax.
126.	Amendment of section 22 (estimation of tax due for a taxable period) of Principal Act.
127.	Amendment of section 27 (fraudulent returns, etc.) of Principal Act.
128.	Amendment of section 29 (recovery of penalties) of Principal Act.
129.	Amendment of section 30 (time limits) of Principal Act.
130.	Amendment of section 32 (regulations) of Principal Act.
131.	Amendment of Fourth Schedule to Principal Act.

PART 4

Stamp Duties

132.	Interpretation (Part 4).
133.	Amendment of section 1 (interpretation) of Principal Act.
134.	Amendment of section 36 (certain contracts for sale of lease-hold interests to be chargeable as conveyances on sale) of Principal Act.
135.	Amendment of section 69 (operator-instruction deemed to be an instrument of conveyance or transfer) of Principal Act.
136.	Amendment of section 79 (conveyances and transfers of property between certain bodies corporate) of Principal Act.
137.	Amendment of section 81 (relief from stamp duty in respect of transfers to young trained farmers) of Principal Act.
138.	Foreign Government securities.
139.	Exemption of National Development Finance Agency, etc. from stamp duty.
140.	Amendment of Part 9 (levies) of Principal Act.
141.	Levy on certain financial institutions.
142.	Amendment of Part 11 (management provisions) of Principal Act.
143.	Amendment of Schedule 1 to Principal Act.

PART 5

Capital Acquisitions Tax

144.	Interpretation (Part 5).
145.	Time limits for capital acquisitions tax.
146.	Administrative changes.
147.	Amendment of section 47 (signing of returns, etc.) of Principal Act.
148.	Amendment of section 55 (payment of tax on certain assets by instalments) of Principal Act.
149.	Amendment of section 69 (exemption of small gifts) of Principal Act.
150.	Amendment of section 81 (exemption of certain securities) of Principal Act.
151.	Technical amendments (Part 5).
152.	Amendment of section 100 (exclusion of value of excepted assets) of Principal Act.
153.	Transitional provisions (Part 5).

PART 6

Residential Property Tax

154.	Amendment of section 100 (market value exemption limit) of Finance Act 1983.
155.	Time limits.

PART 7

Miscellaneous

156.	Interpretation (Part 7).
157.	Amendment of Chapter 4 (collection and recovery of income tax on certain emoluments (PAYE system)) of Part 42 of Principal Act.
158.	Amendment of section 899 (inspector's right to make enquiries) of Principal Act.
159.	Amendment of Chapter 4 (revenue powers) of Part 38 of Principal Act.
160.	Amendment of section 1078 (revenue offences) of Principal Act.
161.	Amendment of Chapter 4 (revenue offences) of Part 47 of Principal Act.
162.	Amendment of section 1061 (recovery of penalties) of Principal Act.
163.	Miscellaneous technical amendments in relation to tax.
164.	Mandatory electronic filing and payment of tax.
165.	Cesser of certain payments out of Central Fund.
166.	Payments from Central Fund to certain persons.
167.	Amendment of section 136 (write-off of certain repayable advances to Shannon Free Airport Development Company Limited) of Finance Act 2002.
168.	Amendment of section 160 (establishment of Small Savings Reserve Fund) of Finance Act 1994.
169.	Capital Services Redemption Account.
170.	Care and management of taxes and duties.
171.	Short title, construction and commencement.

SCHEDULE 1

Repeals and Revocations Relating to Excise Law

SCHEDULE 2

Rates of Alcohol Products Tax

SCHEDULE 3

Rates of Excise Duty on Tobacco Products

SCHEDULE 4

Gaming Licences

SCHEDULE 5

Stamp Duty on Instruments

SCHEDULE 6

Miscellaneous Technical Amendments in Relation to Tax

Acts Referred to
Asset Covered Securities Act 2001	2001, No. 47
Building Societies Act 1989	1989, No. 17
Capital Acquisitions Tax Act 1976	1976, No. 8
Capital Acquisitions Tax Consolidation Act 2003	2003, No. 1
Central Bank Act 1971	1971, No. 4
Central Bank Act 1989	1989, No. 16
Central Bank Act 1998	1998, No. 2
Child Care Act 1991	1991, No. 17
Companies Act 1963	1963, No. 33
Companies Acts 1963 to 2001
Courts of Justice Act 1924	1924, No. 10
Credit Union Act 1997	1997, No. 15
Criminal Procedure Act 1967	1967, No. 12
Customs Act 1956	1956, No. 7
Customs Consolidation Act 1876	39 & 40 Vict., c.36
Dormant Accounts Act 2001	2001, No. 32
Dublin Docklands Development Authority Act 1997	1997, No. 7
Family Law (Divorce) Act 1996	1996, No. 33
Finance Act 1901	1 Edw. 7, c.7
Finance Act 1902	2 Edw. 7, c.7
Finance Act 1911	1 & 2 Geo. 5, c.48
Finance Act 1914	5 Geo 5, c.7
Finance Act 1915	5 & 6 Geo. 5, c.62
Finance Act 1921	11 & 12 Geo. 5, c.32
Finance Act 1932	1932, No. 20
Finance Act 1940	1940, No. 14
Finance Act 1949	1949, No. 13
Finance Act 1950	1950, No. 18
Finance Act 1951	1951, No. 15
Finance Act 1956	1956, No. 22
Finance Act 1963	1963, No. 23
Finance Act 1966	1966, No. 17
Finance Act 1975	1975, No. 6
Finance Act 1976	1976, No. 16
Finance Act 1977	1977, No. 18
Finance Act 1979	1979, No. 11
Finance Act 1980	1980, No. 14
Finance Act 1981	1981, No. 16
Finance (No. 2) Act 1981	1981, No. 28
Finance Act 1983	1983, No. 15
Finance Act 1984	1984, No. 9
Finance Act 1985	1985, No. 10
Finance Act 1986	1986, No. 13
Finance Act 1988	1988, No. 12
Finance Act 1989	1989, No. 10
Finance Act 1992	1992, No. 9
Finance Act 1993	1993, No. 13
Finance Act 1994	1994, No. 13
Finance Act 1996	1996, No. 9
Finance Act 1997	1997, No. 22
Finance Act 1998	1998, No. 3
Finance Act 1999	1999, No. 2
Finance Act 2000	2000, No. 3
Finance Act 2001	2001, No. 7
Finance Act 2002	2002, No. 5
Finance (Excise Duty on Tobacco Products) Act 1977	1977, No. 32
Finance (Excise Duties) (Vehicles) Act 1952	1952, No. 24
Gaming and Lotteries Act 1956	1956, No. 2
Industrial Development Act 1995	1995, No. 28
Inland Revenue Act 1880	43 & 44 Vict., c.20
Investment Intermediaries Act 1995	1995, No. 11
Irish Charges Act 1801	41 Geo. 3 c.32
King's Inns Library Act 1945	1945, No. 22
Local Government Act 2001	2001, No. 37
National Development Finance Agency Act 2002	2002, No. 29
National Treasury Management Agency (Amendment) Act 2000	2000, No. 30
Pensions (Amendment) Act 2002	2002, No. 18
Planning and Development Act 2000	2000, No. 30
Postal and Telecommunications Services Act 1983	1983, No. 24
Revenue Act 1906	6 Edw. 7, c.20
Spirits Act 1880	43 & 44 Vict., c.24
Stamp Duties Consolidation Act 1999	1999, No. 31
Stock Exchange Act 1995	1995, No. 8
Succession Duty Act 1853	16 & 17 Vict., c.51
Taxes Consolidation Act 1997	1997, No. 39
Urban Renewal Act 1998	1998, No. 27
Valuation Act 2001	2001, No. 13
Value-Added Tax Act 1972	1972, No. 22
Value-Added Tax Acts 1972 to 2002
Waiver of Certain Tax, Interest and Penalties Act 1993	1993, No. 24
Wireless Telegraphy Acts 1926 to 1988

/static/images/base/harp.jpg

Number 3 of 2003

FINANCE ACT 2003

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.

[28th March, 2003]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Finance Act 2003 Permanent Page URL

Finance Act 2003

Permanent Page URL