Finance Act 2011
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SCHEDULE 2 Post-consolidation Amendments (Part 3) | ||
1. In this Schedule “Principal Act” means the Value-Added Tax Consolidation Act 2010 . | ||
2. Section 2(1) of the Principal Act is amended, in the definition of “stock-in-trade”— | ||
(a) by substituting “in relation to a person, means goods that are” for “in relation to a person, means goods”, and | ||
(b) in paragraph (a), by substituting “movable goods of a kind” for “that are movable goods of a kind”. | ||
3. Section 8 of the Principal Act is amended— | ||
(a) by substituting the following for subsection (1): | ||
“(1) (a) Provision may be made by regulations for the cancellation, at the request of a person, of an election made by the person under this Part and for the payment by him or her to the Revenue Commissioners, as a condition of such cancellation, of such a sum as is calculated in accordance with paragraph (b). | ||
(b) The sum referred to in paragraph (a) is calculated by the formula— | ||
(A + B) — C | ||
where— | ||
A is the amount of tax repaid to the person referred to in paragraph (a) for the period for which the election has effect in respect of tax borne or paid in relation to the supply of goods or services, other than services of the kind referred to in paragraph 11 of Schedule 3, | ||
B is the tax deductible in accordance with Chapter 1 of Part 8 in respect of intra-Community acquisitions made by that person during that period, and | ||
C is the net total amount of tax (if any) paid by such person in accordance with Chapter 3 of Part 9 in relation to the supply of goods or services (other than services of the kind referred to in paragraph 11 of Schedule 3) by that person in that same period.”, | ||
and | ||
(b) in subsection (2)(b)(ii), by substituting “D” and “E” for “A” and “B”, respectively, in both places where they occur in the formula in that subsection. | ||
4. Section 15(2)(c) of the Principal Act is amended by inserting “or 83” after “section 82”. | ||
5. Section 19(1)(a) of the Principal Act is amended by substituting “paragraph 6(1)(e) of Schedule 1” for “subparagraph (i)(e) of the First Schedule”. | ||
6. Section 22(2) of the Principal Act is amended by deleting “and section 20(3)”. | ||
7. Section 24(3)(c) of the Principal Act is amended by deleting “in accordance with section 86(1)”. | ||
8. Section 34(n) of the Principal Act is amended by substituting “where the underlying transaction is supplied” for “where the transaction underlying the supply is made”. | ||
9. Section 49(2) of the Principal Act is amended by substituting “paragraph 3(4) of Schedule 2” for “paragraph (xvi) of the Second Schedule”. | ||
10. Section 56(1) of the Principal Act is amended, in paragraph (b) of the definition of “qualifying person”, by inserting “a Member State other than” before “the State”. | ||
11. Section 63(1) of the Principal Act is amended by substituting the following for paragraph (b) of the definition of “capital goods owner”— | ||
“(b) a taxable person, being a flat-rate farmer who incurs expenditure to develop or acquire a capital good, not being expenditure on— | ||
(i) a building or structure designed and used solely for the purposes of a farming business, or | ||
(ii) fencing, drainage or reclamation of land, | ||
which has actually been put to use in such a business carried on by him or her;”. | ||
12. Section 74(2) of the Principal Act is amended by deleting “or the relevant part thereof,”. | ||
13. Section 88(5) of the Principal Act is amended by substituting “paragraph (a) or (c) of section 3” for “section 2(1)(a)”. | ||
14. Section 101(14) of the Principal Act is amended— | ||
(a) by inserting “an applicant who supplies” after “This section does not apply to”, and | ||
(b) in paragraph (a), by deleting “an applicant who supplies”. | ||
15. Section 116(12) of the Principal Act is amended by substituting “paragraphs (a)(ii) and (b)(ii) of subsection (7)” for “paragraph (b)(ii) of subsection (7)”. | ||
16. Section 119(4) of the Principal Act is amended by substituting “section 51, 81, 109 or 111” for “section 51, 109 or 111”. | ||
17. Section 120(17) of the Principal Act is amended— | ||
(a) in paragraph (b), by substituting “and (c), or” for “and (c),” and | ||
(b) by deleting paragraph (c). | ||
18. Schedule 1 to the Principal Act is amended in paragraph 6— | ||
(a) in subparagraph (1)(d), by substituting “collectors’ pieces” for “collectors’ objects”, and | ||
(b) in subparagraph (4), by substituting “supplied” for “carried out”. | ||
19. Schedule 3 to the Principal Act is amended in paragraph 21(3) by substituting “of a kind supplied” for “supplied”. |