Finance Act 2023
Amendment of Taxes Consolidation Act 1997 | ||
3. (1) The Taxes Consolidation Act 1997 is amended— | ||
(a) in section 285D— | ||
(i) in subsection (1), in the definition of “SME”, by the substitution of “Commission Regulation (EU) 2022/2472 of 14 December 20221 ” for “Commission Regulation (EU) No. 702/2014 of 25 June 20142 ”, and | ||
(ii) in subsection (17), by the substitution of “€10,000” for “€60,000”, | ||
(b) in section 604B(1), in the definition of “relevant period”, by the substitution of “31 December 2025” for “30 June 2023”, | ||
(c) in section 658A— | ||
(i) in subsection (1), in the definition of “relevant period”, by the substitution of “31 December 2025” for “30 June 2023”, | ||
(ii) in subsection (4)(c), by the substitution of “Commission Regulation (EU) 2022/2472 of 14 December 20223 ” for “Commission Regulation (EU) No. 702/2014 of 25 June 20144 ”, and | ||
(iii) in subsection (6), by the substitution of “€10,000” for “€60,000”, | ||
(d) in section 667B— | ||
(i) in subsection (5)(b), by the substitution of “31 December 2024” for “30 June 2023”, and | ||
(ii) in subsection (7), by the substitution of “Commission Regulation (EU) 2022/2472 of 14 December 20225 ” for “Commission Regulation (EU) No. 702/2014 of 25 June 20146 ”, | ||
and | ||
(e) in section 667C— | ||
(i) in subsection (2), by the substitution of the following paragraph for paragraph (b): | ||
“(b) the following was substituted for subsection (4): | ||
‘(4) (a) A deduction shall not be allowed under this section in computing a company’s trading income for any accounting period which ends after 31 December 2024. | ||
(b) Any deduction allowed by virtue of this section in computing the profits or gains of a trade of farming for an accounting period of a person other than a company shall not apply for any purpose of the Income Tax Acts for any year of assessment later than the year 2024.’.”, | ||
and | ||
(ii) in subsection (4), by the substitution of “31 December 2024” for “30 June 2023”. | ||
(2) (a) The amendments effected by paragraphs (a)(ii) and (c)(iii) of subsection (1) shall apply in respect of a chargeable period where a return for that chargeable period is delivered in accordance with Part 41A of the Taxes Consolidation Act 1997 on or after the date of the passing of this Act. | ||
(b) In this subsection, “chargeable period” and “return” have the same meaning as they have respectively in Part 41A of the Taxes Consolidation Act 1997 . | ||
1 OJ No. L327, 21.12.2022, p. 1 3 OJ No. L327, 21.12.2022, p. 1 |