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Finance Act 2010

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Number 5 of 2010


FINANCE ACT 2010


ARRANGEMENT OF SECTIONS

PART 1

Cost benefit analysis of tax expenditures

Section

1. Cost benefit analysis of tax expenditures.

PART 2

Income Levy, Income Tax, Corporation Tax and Capital Gains Tax

Chapter 1

Interpretation

2. Interpretation (Part 2).

Chapter 2

Income Levy

3. Income levy.

Chapter 3

Income Tax

4. Amendment of section 122 (preferential loan arrangements) of Principal Act.

5. Cesser of certain reliefs.

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

7. Amendment of section 244 (relief for interest paid on certain home loans) of Principal Act.

8. Amendment of section 997A (credit in respect of tax deducted from emoluments of certain directors) of Principal Act.

9. Amendment of section 71 (foreign securities and possessions) of Principal Act.

10. Amendment of section 825B (repayment of tax where earnings not remitted) of Principal Act.

11. Amendment of section 825A (reduction in income tax for certain income earned outside the State) of Principal Act.

12. Amendment of section 477 (relief for service charges) of Principal Act.

13. Amendment of section 216A (rent-a-room relief) of Principal Act.

14. Amendment of section 667B (new arrangements for qualifying farmers) of Principal Act.

15. Amendment of section 384 (relief under Case V for losses) of Principal Act.

16. Retirement benefits.

17. Amendment of section 128D (tax treatment of directors of companies and employees who acquire restricted shares) of Principal Act.

18. Information in respect of awards of shares.

19. Amendment of Schedule 11 (profit sharing schemes) to Principal Act.

20. Amendment of section 470B (age-related relief for health insurance premiums) of Principal Act.

21. Income tax: restriction on use of losses on approved buildings.

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

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

Chapter 4

Income Tax, Corporation Tax and Capital Gains Tax

24. Provisions relating to charities and donations to approved bodies.

25. Amendment of Part 22 (provisions relating to dealing in or developing land and disposals of development land) of Principal Act.

26. Amendment of section 843A (capital allowances for buildings used for certain childcare purposes) of Principal Act.

27. Mid-Shannon corridor tourism infrastructure investment scheme.

28. Payment of tax by means of donation of heritage property.

29. Payments to subcontractors in certain industries.

30. Amendment of section 731 (chargeable gains accruing to unit trusts) of Principal Act.

31. Amendment of Part 27 (unit trusts and offshore funds) of Principal Act.

32. Amendment of section 1035A (relieving provision to section 1035) of Principal Act.

33. Dividend withholding tax.

34. Amendment of section 175 (purchase of own shares by quoted company) of Principal Act.

35. Amendment of Part 3 (provisions relating to the Schedule C charge and government and other public securities) of Principal Act.

36. Amendment of section 299 (allowances to lessees) of Principal Act.

37. Amendment of Chapter 4 (interest payments by certain deposit takers) of Part 8 of Principal Act.

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

39. Specified financial transactions.

40. Interest payments to residents in relevant territories.

41. Credit for foreign tax.

42. Transfer pricing.

Chapter 5

Corporation Tax

43. Intangible assets, etc.

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

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

46. Unilateral relief (royalty income).

47. Carry forward of unrelieved foreign tax.

48. Amendment of section 847 (tax relief for certain branch profits) of Principal Act.

49. Dividends paid out of foreign profits.

50. Foreign dividends.

51. Assets transferred in course of scheme of reconstruction or amalgamation.

52. Amendment of section 80A (taxation of certain short-term leases of plant and machinery) of Principal Act.

53. Amendment of section 402 (foreign currency: tax treatment of capital allowances and trading losses of a company) of Principal Act.

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

55. Tax treatment of certain royalties.

Chapter 6

Capital Gains Tax

56. Amendment of section 542 (time of disposal and acquisition) of Principal Act.

57. Amendment of section 590 (attribution to participators of chargeable gains accruing to non-resident company) of Principal Act.

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

59. Restrictions on allowable losses.

60. Amendment of section 607 (Government and certain other securities) of Principal Act.

61. Amendment of section 611 (disposals to State, public bodies and charities) of Principal Act.

62. Amendment of section 958 (date for payment of tax) of Principal Act.

63. Amendment of Schedule 15 (list of bodies for purposes of section 610) to Principal Act.

PART 3

Customs and Excise

Chapter 1

Mineral Oil Tax Carbon Charge

64. Mineral oil tax carbon charge.

65. Cesser of application of mineral oil tax to coal.

Chapter 2

Natural Gas Carbon Tax

66. Definitions (Chapter 2).

67. Charging and rates of natural gas carbon tax.

68. Liability to pay natural gas carbon tax.

69. Registration of natural gas suppliers.

70. Returns and payment by natural gas suppliers.

71. Reliefs from natural gas carbon tax.

72. Repayments of natural gas carbon tax.

73. Offence and penalty (Chapter 2).

74. Regulations (Chapter 2).

75. Care and management (Chapter 2).

76. Commencement (Chapter 2).

Chapter 3

Solid Fuel Carbon Tax

77. Interpretation (Chapter 3).

78. Charging and rates of solid fuel carbon tax.

79. Liability to pay solid fuel carbon tax.

80. Registration of solid fuel suppliers.

81. Returns and payment by solid fuel suppliers.

82. Reliefs from solid fuel carbon tax.

83. Repayments of solid fuel carbon tax.

84. Offence and penalty (Chapter 3).

85. Regulations (Chapter 3).

86. Care and management (Chapter 3).

87. Commencement (Chapter 3).

Chapter 4

Miscellaneous

88. Rates of alcohol products tax.

89. Amendment of section 98A (relief for biofuel) of Finance Act 1999.

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

91. Amendment of Chapter 3 (tobacco products tax) of Part 2 of Finance Act 2005.

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

93. Amendment of Part 2 (consolidation and modernisation of general excise law) of Finance Act 2001.

94. Amendment of section 34 (amendments relative to penalties) of Finance Act 1963.

95. Section 186 (illegally importing) of Customs Consolidation Act 1876 and penalties for offences.

96. Amendment of section 3 (penalty for illegally exporting goods) of Customs Act 1956.

97. Provision of information relating to persons, conveyances and goods.

98. Amendment of section 102 (penalties for certain mineral oil tax offences) of Finance Act 1999.

99. Amendment of section 119 (penalties for certain excise offences) of Finance Act 2001.

100. Amendment of section 79 (penalties for certain alcohol products tax offences) of Finance Act 2003.

101. Amendment of section 78 (penalties for certain tobacco products tax offences) of Finance Act 2005.

102. Amendment of section 130 (interpretation) of Finance Act 1992.

103. Amendment of section 130B (delegation of certain powers of the Revenue Commissioners) of Finance Act 1992.

104. Amendment of section 131 (registration of vehicles by Revenue Commissioners) of Finance Act 1992.

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

106. Amendment of section 135 (temporary exemption from registration) of Finance Act 1992.

107. Repayment of amounts of vehicle registration tax in respect of the registration of certain new vehicles.

108. Remission or repayment in respect of vehicle registration tax on certain plug-in hybrid electric vehicles, certain electric vehicles and certain electric motorcycles.

109. Authorisation of competent persons.

110. Amendment of section 141 (regulations) of Finance Act 1992.

111. Return of motor insurance particulars.

PART 4

Value-Added Tax

112. Interpretation (Part 4).

113. Amendment of section 1 (interpretation) of Principal Act.

114. Amendment of section 4B (supplies of immovable goods) of Principal Act.

115. Amendment of section 4C (transitional measures for supplies of immovable goods) of Principal Act.

116. Amendment of section 5 (supply of services) of Principal Act.

117. Amendment of section 8 (accountable persons) of Principal Act.

118. Amendment of section 10 (amount on which tax is chargeable) of Principal Act.

119. Amendment of section 10A (margin scheme goods) of Principal Act.

120. Amendment of section 10B (special scheme for auctioneers) of Principal Act.

121. Amendment of section 11 (rates of tax) of Principal Act.

122. Amendment of section 12B (special scheme for means of transport supplied by taxable dealers) of Principal Act.

123. Amendment of section 12C (special scheme for agricultural machinery) of Principal Act.

124. Amendment of section 13 (remission of tax on goods exported, etc.) of Principal Act.

125. Amendment of section 15 (charge of tax on imported goods) of Principal Act.

126. Amendment of section 16 (duty to keep records) of Principal Act.

127. Amendment of section 17 (invoices) of Principal Act.

128. Amendment of section 26 (penalties generally) of Principal Act.

129. Addition of Schedule 7 to Principal Act.

130. Substitution of First and Second Schedules to Principal Act.

131. Consequential amendment of Value-Added Tax Act 1972.

132. Pre-consolidation amendments and repeals (Part 4).

133. Supply of greenhouse gas emission allowances.

PART 5

Stamp Duties

134. Interpretation (Part 5).

135. Information exchange with Property Registration Authority.

136. Conveyance in consideration of debt.

137. Certain investment certificates.

138. Funds: reorganisation.

139. Levy on certain life insurance premiums.

140. Levy on authorised insurers.

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

PART 6

Capital Acquisitions Tax

142. Interpretation (Part 6).

143. Amendment of section 57 (overpayment of tax) of Principal Act.

144. Exemption of certain investment entities.

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

146. Amendment of section 89 (provisions relating to agricultural property) of Principal Act.

147. Modernisation of capital acquisitions tax administration.

PART 7

Miscellaneous

148. Interpretation (Part 7).

149. Amendment of Part 33 (anti-avoidance) of Principal Act.

150. Domicile levy.

151. Cesser of section 825 (residence treatment of donors of gifts to the State) of Principal Act.

152. Provision of information by Commission for Taxi Regulation.

153. Revenue powers.

154. Provision of information by National Asset Management Agency.

155. Amendment of section 1078 (revenue offences) of Principal Act.

156. Tax clearance certificates.

157. Amendment of section 826 (agreements for relief from double taxation) of Principal Act.

158. Amendment of Schedule 24A (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) to Principal Act.

159. Miscellaneous technical amendments in relation to tax.

160. Amendment of section 1 (definitions) of Provisional Collection of Taxes Act 1927.

161. Gifts to the State by certain donors.

162. Capital Services Redemption Account.

163. Amendment of Bretton Woods Agreements Act 1957.

164. Care and management of taxes and duties.

165. Short title, construction and commencement.

SCHEDULE 1

Rates of Solid Fuel Carbon Tax

SCHEDULE 2

Consequential Amendment of Value-Added Tax Act 1972

SCHEDULE 3

Pre-consolidation amendments and repeals (Part 4)

SCHEDULE 4

Miscellaneous Technical Amendments in Relation to Tax


Acts Referred to

Bretton Woods Agreements Act 1957

1957, No. 18

Capital Acquisitions Tax Consolidation Act 2003

2003, No. 1

Child Care Act 1991

1991, No. 17

Companies Act 1963

1963, No. 33

Companies Act 1990

1990, No. 33

Courts of Justice Act 1924

1924, No. 10

Courts (Supplemental Provisions) Act 1961

1961, No. 39

Criminal Procedure Act 1967

1967, No. 12

Customs Consolidation Act 1876

39 & 40 Vict., c.36

Customs Act 1956

1956, No. 7

Defence Act 1954

1954, No. 18

Defence (Amendment) Act 2007

2007, No. 24

Fertilisers, Feeding Stuffs and Mineral Mixtures Act 1955

1955, No. 8

Finance (1909-10) Act 1910

10 Edw. 7, c.8

Finance Act 1931

1931, No. 31

Finance Act 1950

1950, No. 18

Finance Act 1963

1963, No. 23

Finance Act 1975

1975, No. 6

Finance Act 1976

1976, No. 16

Finance Act 1983

1983, No. 15

Finance Act 1992

1992, No. 9

Finance Act 1997

1997, No. 22

Finance Act 1999

1999, No. 2

Finance Act 2001

2001, No. 7

Finance Act 2002

2002, No. 5

Finance Act 2003

2003, No. 3

Finance Act 2005

2005, No. 5

Finance Act 2007

2007, No. 11

Finance Act 2008

2008, No. 3

Finance (No. 2) Act 2008

2008, No. 25

Finance Act 2009

2009, No. 12

Financial Emergency Measures in the Public Interest Act 2009

2009, No. 5

Gaming and Lotteries Act 1956

1956, No. 2

Health Act 1970

1970, No. 1

Health Contributions Act 1979

1979, No. 4

Health Insurance (Miscellaneous Provisions) Act 2009

2009, No. 24

Intoxicating Liquor Act 2008

2008, No. 17

Judgement Mortgage (Ireland) Act 1850

13 & 14 Vict., c.29

Judgement Mortgage (Ireland) Act 1858

21 & 22 Vict., c.105

Land and Conveyancing Law Reform Act 2009

2009, No. 27

Local Government Act 2001

2001, No. 37

Medical Practitioners Act 1978

1978, No. 4

Medical Practitioners Act 2007

2007, No. 25

National Asset Management Agency Act 2009

2009, No. 34

Nursing Homes Support Scheme Act 2009

2009, No. 15

Pensions Act 1990

1990, No. 25

Planning and Development Act 2000

2000, No. 30

Provisional Collection of Taxes Act 1927

1927, No. 7

Roads Act 1920

10 & 11 Geo. 5, c.72

Road Traffic Act 1961

1961, No. 24

Road Traffic Act 1968

1968, No. 25

Social Welfare and Pensions Act 2009

2009, No. 10

Social Welfare Consolidation Act 2005

2005, No. 26

Stamp Duties Consolidation Act 1999

1999, No. 31

Succession Act 1965

1965, No. 27

Taxes Consolidation Act 1997

1997, No. 39

Taxi Regulation Act 2003

2003, No. 25

Unit Trusts Act 1990

1990, No. 37

Value-Added Tax Act 1972

1972, No. 22

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Number 5 of 2010


FINANCE ACT 2010


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.

[3rd April, 2010]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: