Finance Act 2014

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Amendment of Chapter 13 of Part 10 of Principal Act (living city initiative)

32. The Principal Act is amended in Chapter 13 (inserted by section 30 of the Finance Act 2013 ) of Part 10—

(a) in section 372AAA—

(i) by substituting the following for the definition of “relevant house”:

“‘relevant house’ means a building constructed before 1915 for use as a dwelling;”,

and

(ii) by inserting the following definitions:

“‘PPS number’ and ‘tax reference number’ have the same meanings respectively as in section 477B(1);”,

(b) in section 372AAB by inserting the following after subsection (2):

“(2A) Relief under this section shall not be given unless the following information is provided to the Revenue Commissioners as part of the claim, referred to in subsection (2), made by the individual:

(a) the name and PPS number of the individual making the claim;

(b) the address of the qualifying premises in respect of which the qualifying expenditure was incurred;

(c) the unique identification number (if any) assigned to the qualifying premises under section 27 of the Finance (Local Property Tax) Act 2012 ; and

(d) details of the aggregate of all qualifying expenditure incurred by the individual in respect of the qualifying premises.

(2B) Any claim made, or information required to be provided, to the Revenue Commissioners under this section, shall be made or provided by electronic means and through such electronic systems as the Revenue Commissioners may make available for the time being for any such purpose.”,

and

(c) in section 372AAC—

(i) in subsection (1) —

(I) by substituting the following for the definition of “qualifying expenditure”:

“‘qualifying expenditure’, in relation to capital expenditure incurred in the qualifying period on the conversion or the refurbishment of a qualifying premises and subject to subsection (1A), means, notwithstanding section 279, the lesser of—

(a) the aggregate of all such capital expenditure, and

(b) (i) where the person who incurred the capital expenditure is a company, €1,600,000, or

(ii) where the person who incurred the capital expenditure is an individual, €400,000,

and, for the purposes of giving relief under this section, any reference to expenditure being incurred shall include a reference to expenditure deemed under any provision of Part 9 to be incurred.”,

and

(II) by substituting the following for paragraph (b) of the definition of “qualifying premises”:

“(b) is—

(i) in use for the purposes of the retailing of goods or the provision, only within the State, of services, or

(ii) let on bona fide commercial terms for such use as is referred to in subparagraph (i) and for such consideration as might be expected to be paid in a letting of the building or structure negotiated on an arm’s length basis,

but does not include any part of a building or structure in use as or as part of a dwelling house.”,

(ii) by inserting the following after subsection (1):

“(1A) Notwithstanding the definition of qualifying expenditure in subsection (1), where capital expenditure is incurred in the qualifying period on a qualifying premises by 2 or more persons, being either individuals or companies or individuals and companies, the amount of expenditure which is to be treated as qualifying expenditure incurred by each person for the purposes of this section, shall, if necessary and notwithstanding section 279, be reduced, such that the amount determined by the formula—

(A x 50 per cent) + (B x 12½ per cent)

does not exceed €200,000,

where—

A is the aggregate of all qualifying expenditure incurred by the individual or

individuals, and

B is the aggregate of all qualifying expenditure incurred by the company or

companies.”,

(iii) in subsection (2)(a) by substituting “Subject to paragraph (b) and subsections (4) to (8) ” for “Subject to paragraph (b) and subsections (3) to (8) ”,

(iv) by deleting subsection (3), and

(v) by inserting the following after subsection (6):

“(6A) Relief under this section shall not be given unless the following information is provided to the Revenue Commissioners before the first claim is made by the person in accordance with subsection (2):

(a) the name, address and tax reference number of the person making the claim;

(b) the address of the qualifying premises in respect of which the qualifying expenditure was incurred;

(c) details of the aggregate of all qualifying expenditure incurred by the person in respect of the qualifying premises; and

(d) a brief description of the nature of the retail or other service which is provided or is to be provided in the qualifying premises.

(6B) Any information required to be provided to the Revenue Commissioners under this section shall be provided by electronic means and through such electronic systems as the Revenue Commissioners may make available for the time being for such purpose.”.