Finance (No. 2) Act 2013

• Permanent Page URL

Number 41 of 2013

FINANCE (NO. 2) ACT 2013

CONTENTS

PART 1

Income Tax, Corporation Tax and Capital Gains Tax

Chapter 1

Interpretation

Section

1. Interpretation (Part 1)

Chapter 2

Income Tax

2. Amendment of section 226 of Principal Act (certain employment grants and recruitment subsidies)

3. Amendment of section 253 of Principal Act (relief to individuals on loans applied in acquiring interest in partnerships)

4. Cesser of top slicing relief

5. Home renovation incentive

6. Relief for long-term unemployed starting a business

7. Single person child carer credit

8. Amendment of section 470 of Principal Act (relief for insurance against expense of illness)

9. Amendment of section 469 of Principal Act (relief for health expenses)

10. Exemption in respect of annual allowance for reserve members of the Garda Síochána

11. Benefit-in-kind: application of metric measurements

12. Amendment of section 126 of Principal Act (tax treatment of certain benefits payable under Social Welfare Acts)

13. Amendment of section 472D of Principal Act (relief for key employees engaged in research and development activities)

14. Amendment of section 473A of and Schedule 29 to Principal Act (relief for fees paid for third level education, etc.)

15. Amendment of section 480A of Principal Act (relief on retirement for certain income of certain sportspersons)

16. Limitation on amount of certain reliefs used by certain high income individuals

17. Professional services withholding tax

18. Retirement benefits

19. Amendment of Schedule 12 to Principal Act (employee share ownership trusts)

Chapter 3

Income Tax, Corporation Tax and Capital Gains Tax

20. Farm taxation

21. Amendment of section 766 of Principal Act (tax credit for research and development expenditure)

22. Amendment of section 246 of Principal Act (interest payments by companies and to non-residents)

23. Amendment of Part 8 of Principal Act (annual payments, charges and interest)

24. Amendment of section 481 of Principal Act (relief for investment in films)

25. Film withholding tax

26. Amendment of section 530F of Principal Act (obligation on principals to deduct tax)

27. Amendment of section 891E of Principal Act (implementation of the Agreement to Improve Tax Compliance and Provide for Reporting and Exchange of Information concerning Tax Matters (United States of America) Order 2013)

28. Amendment of Schedule 24 to Principal Act (relief from income tax and corporation tax by means of credit in respect of foreign tax)

29. Securities issued by Irish Water

30. Life assurance policies and investment funds

31. Living City Initiative

Chapter 4

Corporation Tax

32. Amendment of section 77 of Principal Act (miscellaneous special rules for computation of income)

33. Amendment of section 396C of Principal Act (relief from corporation tax for losses of participating institutions)

34. Amendment of section 411 of Principal Act (surrender of relief between members of groups and consortia)

35. Deferral of exit tax

36. REITs

37. Amendment of Schedule 4 to Principal Act (exemption of specified non-commercial State-sponsored bodies from certain tax provisions)

38. Acceleration of wear and tear allowances for certain energy-efficient equipment

39. Amendment of section 23A of Principal Act (company residence)

40. Attribution of relevant profits for additional credit

Chapter 5

Capital Gains Tax

41. Amendment of section 29 of Principal Act (persons chargeable)

42. Amendment of section 552 of Principal Act (acquisition, enhancement and disposal costs)

43. Amendment of section 598 of Principal Act (disposals of business or farm on “retirement”)

44. Amendment of section 604A of Principal Act (relief for certain disposals of land or buildings)

45. Entrepreneur relief

PART 2

Excise

46. Amendment of Chapter 1 of Part 2 of Finance Act 1999 (mineral oil tax)

47. Amendment of Chapter 1 of Part 2 of Finance Act 2001 (general excise law: interpretation, liability and payment)

48. Amendment of Chapter 3 of Part 2 of Finance Act 2001 (offences, penalties and proceedings)

49. Amendment of Chapter 4 of Part 2 of Finance Act 2001 (powers of officers)

50. Amendment of Chapter 5 of Part 2 of Finance Act 2001 (miscellaneous)

51. Amendment of Chapter 3 of Part 3 of Finance Act 2010 (solid fuel carbon tax)

52. Rates of tobacco products tax

53. Rates of alcohol products tax

54. Amendment of Chapter 1 of Part 2 of Finance Act 2002 (consolidation and modernisation of betting duties law)

55. Amendment of section 135C of Finance Act 1992 (remission or repayment in respect of vehicle registration tax, etc.)

56. Amendment of section 139 of Finance Act 1992 (offences and penalties)

PART 3

Value-Added Tax

57. Interpretation (Part 3)

58. Amendment of section 46 of Principal Act (rates of tax)

59. Amendment of section 59 of Principal Act (deduction for tax borne or paid)

60. Adjustment of tax deductible in relation to unpaid consideration

61. Amendment of section 120 of Principal Act (regulations)

62. Amendment of section 64 of Principal Act (capital goods scheme)

63. Amendment of section 80 of Principal Act (tax due on moneys received basis)

64. Amendment of section 86 of Principal Act (special provisions for tax invoiced by flat-rate farmers)

65. Notice of requirement to furnish certain information, etc.

66. Tax treatment of horses and greyhounds

67. Amendment of Schedule 1 to Principal Act

PART 4

Stamp Duties

68. Interpretation (Part 4)

69. Amendment of section 81AA (transfers to young trained farmers) of and Schedule 2B (qualifications for applying for relief from stamp duty in respect of transfers to young trained farmers) to Principal Act

70. Enterprise Securities Market

71. Amendment of section 125B of Principal Act (levy on pension schemes)

72. Further levy on certain financial institutions

PART 5

Miscellaneous

73. Interpretation (Part 5)

74. Chargeable persons: self-assessments

75. Repayment of tax

76. Amendment of section 887 of Principal Act (use of electronic data processing)

77. Magdalen laundry payments

78. Mitigation and application of fines and penalties

79. Electronic transmission of certain Revenue returns

80. Amendment of section 960R of Principal Act (power of Collector-General to require certain persons to provide return of property)

81. Amendment of section 851A of Principal Act (confidentiality of taxpayer information)

82. Amendment of section 1002 of Principal Act (deduction from payments due to defaulters of amounts due in relation to tax)

83. Amendment of Schedule 24A to Principal Act (arrangements made by the Government with the government of any territory outside the State in relation to affording relief from double taxation and exchanging information in relation to tax)

84. Miscellaneous technical amendments in relation to tax

85. Capital Services Redemption Account

86. Care and management of taxes and duties

87. Short title, construction and commencement

SCHEDULE

Miscellaneous Technical Amendments in relation to Tax

Acts Referred to

Air Pollution Act 1987 (No. 6)

Building Societies Act 1989 (No. 17)

Capital Acquisitions Tax Consolidation Act 2003 (No. 1)

Capital Gains Tax Acts

Central Bank Act 1971 (No. 24)

Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 (No. 24)

Companies Act 1963 (No. 33)

Corporation Tax Acts

Criminal Assets Bureau Act 1996 (No. 31)

Criminal Procedure Act 1967 (No. 12)

Customs Acts

Customs Consolidation Act 1876 (39 & 40 Vict., c. 36)

Finance (Local Property Tax) Act 2012 (No. 52)

Finance (No. 2) Act 2008 (No. 25)

Finance Act 1950 (No. 18)

Finance Act 1992 (No. 9)

Finance Act 1999 (No. 2)

Finance Act 2001 (No. 7)

Finance Act 2002 (No. 5)

Finance Act 2003 (No. 3)

Finance Act 2005 (No. 5)

Finance Act 2010 (No. 5)

Finance Act 2011 (No. 6)

Finance Act 2013 (No. 8)

Guardianship of Infants Act 1964 (No. 7)

Health Insurance Act 1994 (No. 16)

Income Tax Acts

Inland Revenue Regulation Act 1890 (53 & 54 Vict., c. 21)

National Asset Management Agency Act 2009 (No. 34)

Pensions Act 1990 (No. 25)

Planning and Development Act 2000 (No. 30)

Social Welfare Acts

Social Welfare Consolidation Act 2005 (No. 26)

Stamp Duties Consolidation Act 1999 (No. 31)

Succession Duty Act 1853 (16 & 17 Vict., c. 107)

Tax Acts

Taxes Consolidation Act 1997 (No. 39)

Value-Added Tax Acts

Value-Added Tax Consolidation Act 2010 (No. 31)

Number 41 of2013

FINANCE (NO. 2) ACT 2013

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.

[18th December, 2013]

Be it enacted by the Oireachtas as follows: