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Finance Act 2012

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Number 9 of 2012


FINANCE ACT 2012


ARRANGEMENT OF SECTIONS

PART 1

Income Levy, 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. Universal social charge: miscellaneous amendments.

3. Universal social charge: surcharge on use of property incentives.

Chapter 3

Income Levy and Income Tax

4. Share-based remuneration.

5. Amendment of Schedule 23A (specified occupations and professions) to Principal Act.

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

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

8. Relief for key employees engaged in research and development activities.

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

10. Amendment of section 472A (relief for the long term unemployed) of Principal Act.

11. Amendment of section 473A (relief for fees paid for third level education, etc.) of Principal Act.

12. Deduction for income earned in certain foreign states.

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

14. Special assignee relief programme.

15. Provisions relating to PAYE.

16. Changes relating to tax relief for lessors, carried forward losses and balancing charges.

17. Provisions in relation to property incentives and capital allowances.

18. Retirement benefits.

Chapter 4

Income Tax, Corporation Tax and Capital Gains Tax

19. Amendment of section 176 (purchase of unquoted shares by issuing company or its subsidiary) of Principal Act.

20. Farm taxation.

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

22. Relevant contracts tax.

23. Amendment of section 482 (relief for expenditure on significant buildings and gardens) of Principal Act.

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

25. Amendment of section 486B (relief for investment in renewable energy generation) of Principal Act.

26. Income tax relief for investment in corporate trades — employment and investment incentive and seed capital scheme.

27. Amendment of Part 29 (patents, scientific and certain other research, know-how and certain training) of Principal Act.

28. Life assurance policies and investment funds: rates.

29. Amendment of Chapter 5 (policyholders — new basis) of Part 26 of Principal Act.

30. Undertakings for collective investment and unit holders.

31. Amendment of section 739D (gain arising on a chargeable event) of Principal Act.

32. Amendment of section 739G (taxation of unit holders in investment undertakings) of Principal Act.

33. Amalgamations of investment undertakings and offshore funds.

34. Amendment of section 747E (disposal of an interest in offshore funds) of Principal Act.

35. Scheme of migration and amalgamation.

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

37. Amendment of Part 8A (specified financial transactions) of Principal Act.

38. Withholding tax relating to certain dividends and interest.

39. Amendment of section 198 (certain interest not to be chargeable) of Principal Act.

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

41. Amendment of section 110 (securitisation) of Principal Act.

42. Application of section 130 of Principal Act to certain non-yearly interest.

43. Income tax on payments by non-resident companies.

44. Emissions allowances.

Chapter 5

Corporation Tax

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

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

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

48. Amendment of section 835D (principles for constructing rules in accordance with OECD guidelines) of Principal Act.

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

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

51. Mergers where a company is dissolved without going into liquidation.

52. Unilateral relief (leasing income).

53. Amendment of section 21B (tax treatment of certain dividends) of Principal Act.

54. Consequential amendments to Principal Act on expiration of scheme of relief for certain manufacturing companies.

Chapter 6

Capital Gains Tax

55. Capital gains: rate of charge.

56. Amendment of section 533 (location of assets) of Principal Act.

57. Amendment of section 562 (contingent liabilities) of Principal Act.

58. Certain share transactions with investment undertakings.

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

60. Amendment of section 599 (disposals within family of business or farm) of Principal Act.

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

62. Amendment of section 613 (miscellaneous exemptions for certain kinds of property) of Principal Act.

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

64. Relief for certain disposals of land or buildings.

65. Exclusion of foreign currency as asset of certain companies.

66. Amendment of section 579 (non-resident trusts) of Principal Act.

67. Exemption for proceeds of disposal by sports bodies.

PART 2

Excise

68. Mineral oil tax: carbon charge.

69. Rates of tobacco products tax.

70. Amendment of Chapter 1 (interpretation, liability and payment) of Part 2 of Finance Act 2001.

71. Amendment of Chapter 2A (intra- European Union movement under a suspension arrangement) of Part 2 of Finance Act 2001.

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

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

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

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

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

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

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

79. Amendment of section 65 (cesser of application of mineral oil tax to coal) of Finance Act 2010.

80. Amendment of Chapter 1 (electricity tax) of Part 2 of Finance Act 2008.

81. Amendment of Chapter 2 (natural gas carbon tax) of Part 3 of Finance Act 2010.

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

83. Vehicle registration tax.

PART 3

Value-Added Tax

84. Interpretation (Part 3).

85. Ministerial orders.

86. Supplies of construction services between connected persons — reverse charge.

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

88. Amendment of section 66 (issue of invoices and other documents) of Principal Act.

89. Amendment of section 84 (duty to keep records) of Principal Act.

90. Amendment of section 95 (transitional measures for supplies of immovable goods) of Principal Act.

91. Amendment of section 111 (assessment of tax due) of Principal Act.

92. Interest payable in certain circumstances.

93. Amendment of section 115 (penalties generally) of Principal Act.

94. Amendment of Schedule 2 (zero-rated goods and services) to Principal Act.

95. Amendment of Schedule 3 (goods and services chargeable at the reduced rate) to Principal Act.

PART 4

Stamp Duties

96. Interpretation (Part 4).

97. Reduction of duty chargeable on non-residential property.

98. Relief for clearing houses.

99. Merger of companies.

100. Amendment of provisions relating to the international financial services industry.

101. Carbon offsets.

102. Amendment of section 101 (intellectual property) of Principal Act.

103. Grangegorman Development Agency.

104. Amendment of section 123B (cash, combined and debit cards) of Principal Act.

105. Levies on certain institutions.

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

107. Modernisation of stamping of instruments: introduction of self assessment and consequential changes, etc.

PART 5

Capital Acquisitions Tax

108. Interpretation (Part 5).

109. Amendment of Schedule 2 (computation of tax) to Principal Act.

110. Amendment of section 2 (interpretation) of Principal Act.

111. Amendment of provisions relating to discretionary trusts.

112. Amendment of section 36 (dispositions involving powers of appointment) of Principal Act.

113. Amendment of provisions relating to heritage property.

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

115. Modernisation of capital acquisitions tax administration: miscellaneous amendments.

116. Amendment of provision relating to payment of tax and filing return and consequential amendments.

PART 6

Miscellaneous

117. Interpretation (Part 6).

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

119. Amendment of section 912A (information for tax authorities in other countries) of Principal Act.

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

121. Returns of certain information by investment undertakings.

122. Returns of payment transactions by payment settlers.

123. Amendment of section 898K (special arrangements for certain securities) of Principal Act.

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

125. Power of Collector-General to require certain persons to provide return of property.

126. Security for certain taxes.

127. Order to produce documents or provide information.

128. Repayments and offsets of tax.

129. Modernisation of Direct Taxes Assessing Rules including rules for Self Assessment.

130. Amendment of section 811 (transactions to avoid liability to tax) of Principal Act.

131. Miscellaneous amendments relating to administration.

132. Amendment of section 195 (exemption of certain earnings of writers, composers and artists) of Principal Act.

133. Amendment of section 884 (returns of profits) of Principal Act.

134. Miscellaneous amendments: civil partners.

135. Cesser of section 161 of Finance Act 2010.

136. Amendment of section 531AA (interpretation (Part 18C)) of Principal Act.

137. 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.

138. Miscellaneous technical amendments in relation to tax.

139. Capital Services Redemption Account.

140. Care and management of taxes and duties.

141. Short title, construction and commencement.

SCHEDULE 1

Consequential Amendments to Principal Act on Expiration of the Scheme of Relief for Certain Manufacturing Companies

SCHEDULE 2

Reduction of Duty Chargeable on Non-residential Property

SCHEDULE 3

Modernisation of Stamping of Instruments: Introduction of Self Assessment and Consequential Changes, etc.

SCHEDULE 4

Modernisation of Direct Taxes Assessing Rules Including Rules for Self Assessment

SCHEDULE 5

Miscellaneous Amendments: Provisions Relating to Administration

SCHEDULE 6

Miscellaneous Technical Amendments in Relation to Tax


Acts Referred to

Adoption Act 2010

2010, No. 21

Asset Covered Securities Act 2001

2001, No. 47

Capital Acquisitions Tax Consolidation Act 2003

2003, No. 1

Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010

2010, No. 24

Communications Regulation (Postal Services) Act 2011

2011, No. 21

Companies Act 1963

1963, No. 33

Companies Act 1990

1990, No. 33

Customs Consolidation Act 1876

39 & 40 Vict., c.36

Finance (1909-10) Act 1910

10 Edw. 7, c.8

Finance Act 1950

1950, No. 18

Finance Act 1963

1963, No. 23

Finance Act 1978

1978, No. 21

Finance Act 1983

1983, No. 15

Finance Act 1992

1992, No. 9

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 2006

2006, No. 6

Finance Act 2008

2008, No. 3

Finance Act 2009

2009, No. 12

Finance Act 2010

2010, No. 5

Finance Act 2011

2011, No. 6

Finance (Excise Duties) (Vehicles) Act 1952

1952, No. 24

Health Insurance Act 1994

1994, No. 16

Health Insurance (Miscellaneous Provisions) Act 2011

2011, No. 34

Income Tax Act 1967

1967, No. 6

Interpretation Act 2005

2005, No. 23

Minerals Development Act 1940

1940, No. 31

Pensions Act 1990

1990, No. 25

Property Values (Arbitrations and Appeals) Act 1960

1960, No. 45

Redundancy Payments Acts 1967 to 1991

Redundancy Payments Acts 1967 to 2003

Social Welfare Consolidation Act 2005

2005, No. 26

Stamp Duties Consolidation Act 1999

1999, No. 31

Succession Duty Act 1853

16 & 17 Vict., c.51

Taxes Consolidation Act 1997

1997, No. 39

Unit Trusts Act 1990

1990, No. 37

Value-Added Tax Consolidation Act 2010

2010, No. 31

Wildlife (Amendment) Act 2000

2000, No. 38

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Number 9 of 2012


FINANCE ACT 2012


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.

[31st March, 2012]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: