Finance Act 2023

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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

² OJ No. L193, 1.7.2014, p. 1

³ OJ No. L327, 21.12.2022, p. 1

⁴ OJ No. L193, 1.7.2014, p. 1

⁵ OJ No. L327, 21.12.2022, p. 1

⁶ OJ No. L193, 1.7.2014, p. 1