Finance Act 2014

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

5. Section 195 of the Principal Act is amended—

(a) by substituting the following for subsection (1):

“(1) In this section—

‘EEA Agreement’ means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by all subsequent amendments to that Agreement;

‘EEA state’ means a state which is a contracting party to the EEA Agreement;

‘work’ means an original and creative work which is within one of the following categories:

(a) a book or other writing;

(b) a play;

(c) a musical composition;

(d) a painting or other like picture;

(e) a sculpture.”,

(b) in subsection (2)(a) by substituting the following for subparagraph (i):

“(i) who is—

(I) resident in one or more Member States, or in another EEA state, and not resident elsewhere, or

(II) ordinarily resident and domiciled in one or more Member States, or in another EEA state, and not resident elsewhere, and”,

and

(c) in subsection (3)(aa) by substituting “shall not exceed €50,000 for the year of assessment 2015” for “shall not exceed €40,000 for the year of assessment 2011”.