Finance (No. 2) Act 2013

Chapter 3

Income Tax, Corporation Tax and Capital Gains Tax

Farm taxation

20. (1) Section 667B of the Principal Act is amended—

(a) in subsection (4)(b) by substituting “the Qualifications and Quality Assurance Authority of Ireland” for “the National Qualifications Authority of Ireland”, and

(b) in the Table to that section—

(i) in paragraph 1 by substituting “Qualifications awarded by the Qualifications and Quality Assurance Authority of Ireland” for “Qualifications awarded by the Further Education and Training Awards Council”,

(ii) in paragraph 2 by substituting “Qualifications awarded by the Qualifications and Quality Assurance Authority of Ireland” for “Qualifications awarded by the Higher Education and Training Awards Council”,

(iii) in paragraph 2—

(I) in subparagraph (o) by substituting “Equine Studies;” for “Equine Studies.”, and

(II) by inserting the following subparagraph after subparagraph (o):

“(p) Higher Certificate in Science Applied Agriculture.”,

and

(iv) in paragraph 3 by inserting the following subparagraphs after subparagraph (b):

“(ba) Bachelor of Agricultural Science - Animal Science Equine awarded by University College Dublin;

(bb) Bachelor of Agricultural Science - Dairy Business awarded by University College Dublin;”.

(2) Section 667C of the Principal Act is amended—

(a) in subsection (2) by substituting “Subject to subsection (3) and (3A),” for “Subject to subsection (3)”,

(b) by inserting the following subsection after subsection (3):

“(3A) (a) In this subsection—

‘qualifying period’, in relation to a specified person—

(i) means an accounting period in respect of which that person is entitled to a relevant deduction and each subsequent accounting period where the accounting periods in aggregate do not exceed 36 months where the specified person is a company, and

(ii) where the specified person is not a company, means a year of assessment in which that person is entitled to a relevant deduction and each of the 2 immediately succeeding years of assessment where the specified person is not a company;

‘relevant deduction’ means a deduction under section 666(1), in accordance with subsection (2)(a) of this section;

‘relevant tax’, in relation to a specified person—

(i) where the specified person is a company, means any corporation tax, and

(ii) where the specified person is not a company, means any income tax or universal social charge;

‘relief’ means an amount equivalent to an amount determined by the formula—

A — B

where—

A is the amount of relevant tax that would be payable by a specified person for a year of assessment or an accounting period, as the case may be, falling within the qualifying period computed as if subsection (2) had not been enacted, and

B is the amount of relevant tax payable by the specified person for that year of assessment or accounting period, as the case may be;

‘specified person’ means a person referred to in subsection (2), other than a person entitled to a deduction under subsection (1) of section 666 equal to 100 per cent of the excess referred to in the said subsection (1).

(b) A specified person shall be entitled to relief in respect of relevant deductions of an amount not exceeding €7,500 in the aggregate in the qualifying period.”,

and

(c) by substituting the following for subsection (4):

“(4) This section shall apply in respect of any accounting period which begins on or after 1 January 2012 and ends on or before 31 December 2015.”.

(3) Subsection (1), other than subparagraphs (iii) and (iv) of paragraph (b), shall apply with effect from 6 November 2012.