Finance Act 2021

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Number 45 of 2021

Finance Act 2021

CONTENTS

PART 1

Universal Social Charge, Income Tax, Corporation Tax and Capital Gains Tax

Chapter 1

Interpretation

Section

1. Interpretation (Part 1)

Chapter 2

Universal Social Charge

2. Amendment of section 531AN of Principal Act (rate of charge)

Chapter 3

Income Tax

3. Deduction in respect of certain expenses of remote working

4. Exemption in respect of Pandemic Placement Grant

5. Amendment of section 477C of Principal Act (Help to Buy)

6. Rate of charge and personal tax credits

7. Amendment of section 118 of Principal Act (benefits in kind: general charging provision)

8. Amendment of section 127B of Principal Act (tax treatment of flight crew in international traffic)

9. Benefit-in-kind: emissions-based calculations

10. Amendment of section 472BB of Principal Act (sea-going naval personnel credit)

11. Amendment of Schedule 13 to Principal Act (accountable persons for purposes of Chapter 1 of Part 18)

12. Retirement benefits: amendment of death-in-service provision

13. Retirement benefits: removal of 15 year rule

14. Retirement benefits: removal of Approved Minimum Retirement Fund (AMRF)

15. Retirement benefits: amendment of section 774 of Principal Act (certain approved schemes: exemptions and reliefs)

Chapter 4

Income Tax, Corporation Tax and Capital Gains Tax

16. Amendment of section 97A of Principal Act (pre-letting expenditure in respect of vacant premises)

17. Amendment of section 261 of Principal Act (taxation of relevant interest, etc.)

18. Non-resident landlords

19. Amendment of certain tax exemption provisions of Principal Act

20. Certain profits of micro-generation of electricity

21. Amendment of section 285A of Principal Act (acceleration of wear and tear allowances for certain energy-efficient equipment)

22. Amendment of section 285C of Principal Act (acceleration of wear and tear allowances for gas vehicles and refuelling equipment)

23. Amendment of section 285D of Principal Act (acceleration of wear and tear allowances for farm safety equipment)

24. Amendment of Part 23 of Principal Act (farming and market gardening)

25. Amendment of section 886 of Principal Act (obligation to keep certain records)

26. Amendment of Part 16 of Principal Act (relief for investment in corporate trades)

27. Amendment of Part 35A of Principal Act (transfer pricing)

Chapter 5

Corporation Tax

28. Attribution of profits to a branch

29. Amendment of section 129A of Principal Act (dividends paid out of foreign profits)

30. Amendment of Part 35C of Principal Act (implementation of Council Directive (EU) 2016/1164 of 12 July 2016 as regards hybrid mismatches)

31. Interest limitation

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

33. Digital games relief

34. Amendment of section 486C of Principal Act (relief from tax for certain start-up companies)

35. Amendment of Part 35B of Principal Act (implementation of Articles 7 and 8 of Council Directive (EU) 2016/1164 of 12 July 2016 (controlled foreign companies))

36. Amendment of section 840A of Principal Act (interest on loans to defray money applied for certain purposes)

Chapter 6

Capital Gains Tax

37. Amendment of section 604 of Principal Act (disposals of principal private residence)

38. Transfers arising from certain mergers under Companies Act 2014

39. Amendment of section 630 of Principal Act (interpretation (Part 21))

PART 2

Excise

40. Rates of tobacco products tax

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

42. Amendment of Schedule 2 to Finance Act 1999 (mineral oil tax)

43. Amendment of Chapter 1 of Part 2 of Finance Act 2003 (alcohol products tax)

44. Amendment of section 78A of Finance Act 2003 (relief for small breweries)

45. Waiver of excise duty on renewal of certain liquor licences, public dancing licences and certificates of registration of clubs

46. Waiver of excise duty on special exemption orders

47. Amendment of Part 2 of Finance Act 2001 (excise)

48. Amendment of section 132 of Finance Act 1992 (charge of excise duty)

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

PART 3

Value-Added Tax

50. Interpretation (Part 3)

51. VAT groups

52. Amendment of section 56 of Principal Act (zero-rating scheme for qualifying businesses)

53. Cancellation deposits

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

55. Amendment of section 103 of Principal Act (Ministerial refund orders)

56. Amendment of Schedules to Principal Act

PART 4

Stamp Duties

57. Interpretation (Part 4)

58. Stamp duty on certain acquisitions of residential property

59. Amendment of section 81AA of Principal Act (transfers to young trained farmers)

60. Amendment of section 126AA of Principal Act (further levy on certain financial institutions)

61. Banking levies modernisation

62. Insurance levies modernisation

63. Banking and insurance levies compliance

PART 5

Capital Acquisitions Tax

64. Interpretation (Part 5)

65. Amendment of section 46 of Principal Act (delivery of returns)

66. Amendment of section 82 of Principal Act (exemption of certain receipts)

PART 6

Miscellaneous

67. Interpretation (Part 6)

68. Repeal of section 857 of and Schedule 27 to, and amendment of section 867 of, Principal Act

69. Amendment of section 949AQ of Principal Act (case stated for High Court)

70. Amendment of Part 7 of Emergency Measures in the Public Interest (Covid-19) Act 2020

71. Amendment of section 959AM of Principal Act (interpretation and miscellaneous (Chapter 7))

72. Amendment of section 1080B of Principal Act (Covid-19: special warehousing and interest provisions (income tax))

73. Covid-19: interest charge on relevant person under section 1080B

74. Amendment of section 1077E of Principal Act (penalty for deliberately or carelessly making incorrect returns, etc.)

75. Penalty for deliberately or carelessly making incorrect returns or failing to make certain returns, etc.

76. Amendment of section 116 of Value-Added Tax Consolidation Act 2010 (penalty for deliberately or carelessly making incorrect returns, etc.)

77. Amendment of section 1086 of Principal Act (publication of names of tax defaulters)

78. Publication of names and details of tax defaulters

79. Amendment of Part 3 of Schedule 26A to Principal Act (donations to approved bodies, etc.)

80. Residential zoned land tax

81. Mandatory disclosure of certain transactions

82. Amendment of Part 38 of Principal Act (returns of income and gains, other obligations and returns, and Revenue powers)

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. Amendment of Chapter 2 of Part 15 of Principal Act

85. Miscellaneous technical amendments in relation to tax

86. Care and management of taxes and duties

87. Short title, construction and commencement

SCHEDULE

PART 1

Amendment of Taxes Consolidation Act 1997

PART 2

Amendment of Value-Added Tax Consolidation Act 2010

PART 3

Amendment of Finance Act 2001

Acts Referred to

Building Control Act 1990 (No. 3)

Capital Acquisitions Tax Consolidation Act 2003 (No. 1)

Companies Act 2014 (No. 38)

Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (No. 6)

Customs Act 2015 (No. 18)

Data Protection Act 2018 (No. 7)

Derelict Sites Act 1990 (No. 14)

Electricity Regulation Act 1999 (No. 23)

Emergency Measures in the Public Interest (Covid-19) Act 2020 (No. 2)

Finance (1909-1910) Act 1910 (10 Edw. 7, c.8)

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

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

Finance Act 1980 (No. 14)

Finance Act 1983 (No. 15)

Finance Act 1989 (No. 10)

Finance Act 1992 (No. 9)

Finance Act 1999 (No. 2)

Finance Act 2000 (No. 3)

Finance Act 2001 (No. 7)

Finance Act 2003 (No. 3)

Finance Act 2005 (No. 5)

Intoxicating Liquor (Breweries and Distilleries) Act 2018 (No. 17)

Intoxicating Liquor (National Concert Hall) Act 1983 (No. 34)

Intoxicating Liquor (National Conference Centre) Act 2010 (No. 9)

Intoxicating Liquor Act 1927 (No. 15 of 1927)

Intoxicating Liquor Act 2003 (No. 31)

Investment Funds, Companies and Miscellaneous Provisions Act 2005 (No. 12)

Investment Limited Partnerships Act 1994 (No. 24)

Limited Partnerships Act 1907 (7 Edw. 7, c.24)

Local Government Act 2001 (No. 37)

Medical Practitioners Act 2007 (No. 25)

Ministers and Secretaries (Amendment) Act 2011 (No. 10)

National Cultural Institutions Act 1997 (No.11)

Nurses and Midwives Act 2011 (No. 41)

Planning and Development (Housing) and Residential Tenancies Act 2016 (No. 17)

Planning and Development Act 2000 (No. 30)

Property Values (Arbitration and Appeals) Act 1960 (No. 45)

Provisional Collection of Taxes Act 1927 (No. 7)

Public Dance Halls Act 1935 (No. 2)

Registration of Clubs (Ireland) Act 1904 (4 Edw. 7, c.9)

Registration of Title Act 1964 (No. 16)

Roads Act 1993 (No. 14)

Stamp Duties Consolidation Act 1999 (No. 31)

State Authorities (Public Private Partnership Arrangements) Act 2002 (No. 1)

Taxes Consolidation Act 1997 (No. 39)

Transport (Railway Infrastructure) Act 2001 (No. 55)

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

Video Recordings Act 1989 (No. 22)

Number 45 of 2021

FINANCE ACT 2021

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; to amend Part 7 of the Emergency Measures in the Public Interest (Covid-19) Act 2020 and otherwise make provision for supports to certain sectors of the economy; and to provide for related matters.

[21st December, 2021]

Be it enacted by the Oireachtas as follows: