Finance Act 2007


Number 11 of 2007




Income Tax, Corporation Tax and Capital Gains Tax

Chapter 1



1.Interpretation (Part 1).

Chapter 2

Income Tax

2. Amendment of section 15 (rate of charge) of Principal Act.

3. Personal tax credits.

4. Age exemption.

5. Amendment of section 473 (allowance for rent paid by certain tenants) of Principal Act.

6. Amendment of section 244 (relief for interest paid on certain home loans) of Principal Act.

7. Amendment of section 122 (preferential loan arrangements) of Principal Act.

8. Employees of certain agencies: foreign service allowances.

9. Personal reliefs: returns of certain information by third parties, etc.

10. Amendment of section 126 (tax treatment of certain benefits payable under Social Welfare Acts) of Principal Act.

11. Exemption from tax on certain income.

12. Exemption in respect of certain expense payments.

13. Amendment of Schedule 13 (accountable persons for purposes of Chapter 1 of Part 18) to Principal Act.

14. Amendment of section 216A (rent-a-room relief) of Principal Act.

15. Amendment of section 216C (childcare services relief) of Principal Act.

16. Amendment of section 664 (relief for certain income from leasing of farm land) of Principal Act.

17. Retirement benefits.

18. Provisions relating to Chapter 2A (limitation on amount of certain reliefs used by certain high income individuals) of Part 15 of Principal Act.

Chapter 3

Income Tax, Corporation Tax and Capital Gains Tax

19. Amendment of Part 16 (income tax relief for investment in corporate trades — business expansion scheme and seed capital scheme) of Principal Act.

20. Amendment of Part 40 (appeals) of Principal Act.

21. Amendment of section 373 (interpretation (Part 11)) of Principal Act.

22. Amendment of section 657A (taxation of certain farm payments) of Principal Act.

23. Restructuring aid for sugar beet growers.

24. Amendment of Chapter 2 (farming: relief for increase in stock values) of Part 23 of Principal Act.

25. Amendment of section 669A (interpretation) of Principal Act.

26. Taxation of stallion profits and gains.

27. Amendment of Schedule 26A (donations to approved bodies, etc. ) to Principal Act.

28. Capital allowances for qualifying residential units associated with registered nursing homes.

29. Mid-Shannon corridor tourism infrastructure investment scheme.

30. Amendment of section 1008 (separate assessment of partners) of Principal Act.

31. Amendment of Chapter 2 (payments to subcontractors in certain industries) of Part 18 of Principal Act.

32. Amendment of Part 36A (special savings incentive accounts) of Principal Act.

33. Amendment of Part 36B (pensions: incentive tax credits) of Principal Act.

34. Certain interest payments by deposit takers.

35. Relief from double taxation.

36. Unilateral relief from double taxation.

37. Amendment of section 81 (general rule as to deductions) of Principal Act.

38. Dividend withholding tax.

39. Amendment of Part 27 (unit trusts and offshore funds) of Principal Act.

40. Investment undertakings and certain offshore funds: taxation of personal portfolio investment undertakings.

41. Amendment of section 739D (gain arising on a chargeable event) of Principal Act.

42. Amendment of section 730H (interpretation and application) of Principal Act.

43. Amendment of Chapter 5 (policyholders — new basis) of Part 26 of Principal Act.

44. Amendment of Chapter 1 (transfer of assets abroad) of Part 33 of Principal Act.

45. Amendment of section 234 (certain income derived from patent royalties) of Principal Act.

Chapter 4

Corporation Tax

46. Amendment of section 766 (tax credit for research and development expenditure) of Principal Act.

47. Amendment of section 958 (date for payment of tax) of Principal Act.

48. Group relief for certain foreign losses.

49. Amendment of section 79B (matching of foreign currency assets with certain foreign currency share capital) of Principal Act.

50. Amendment of section 452 (application of section 130 to certain interest) of Principal Act.

51. Amendment of section 486B (relief for investment in renewable energy generation) of Principal Act.

Chapter 5

Capital Gains Tax

52. Amendment of Chapter 6 (transfers of business assets) of Part 19 of Principal Act.

53. Amendment of section 603A (disposal of site to child) of Principal Act.

54. Amendment of Schedule 15 (list of bodies for purposes of section 610) to Principal Act.

55. Amendment of section 746 (offshore income gains accruing to persons resident or domiciled abroad) of Principal Act.

56. Amendment of section 980 (deduction from consideration on disposal of certain assets) of Principal Act.



57. Amendment of section 144 (power to deal with seizures, before and after condemnation) of Finance Act 2001.

58. Miscellaneous excise repeals.

59. Rates of mineral oil tax.

60. Mineral oil tax rates for substitute fuels.

61. Mineral oil tax offences.

62. Rates of tobacco products tax.

63. Amendment of section 130 (interpretation) of Finance Act 1992.

64. Amendment of section 135 (temporary exemption from registration) of Finance Act 1992.

65. Remission or repayment in respect of vehicle registration tax on certain hybrid electric vehicles, or certain flexible fuel vehicles, or certain electric vehicles.

66. Amendment of section 21 (hours of business in registered premises) of Betting Act 1931.

67. Excise duty on registration of firearms dealers.

68. Excise duty on firearm certificate.

69. Excise duty on firearm certificate for non-resident.

70. Excise duty on authorisation of rifle or pistol club or shooting range.

71. Excise duty on firearms training certificate.

72. Excise duty on licence for reloading of ammunition.

73. Excise duty on authorisation to possess, use, carry, sell or expose for sale a restricted firearm.

74. Excise: designation of secure premises for keeping of detained or seized goods.


Value-Added Tax

75. Interpretation (Part 3).

76. Amendment of section 3 (supply of goods) of Principal Act.

77. Amendment of section 5 (supply of services) of Principal Act.

78. Amendment of section 7 (waiver of exemption) of Principal Act.

79. Amendment of section 8 (taxable persons) of Principal Act.

80. Amendment of section 10 (amount on which tax is chargeable) of Principal Act.

81. Amendment of section 10A (margin scheme goods) of Principal Act.

82. Amendment of section 10B (special scheme for auctioneers) of Principal Act.

83. Amendment of section 12 (deduction for tax borne or paid) of Principal Act.

84. Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.

85. Amendment of section 12B (special scheme for means of transport supplied by taxable dealers) of Principal Act.

86. Amendment of section 12C (special scheme for agricultural machinery) of Principal Act.

87. Amendment of section 14 (determination of tax due by reference to cash receipts) of Principal Act.

88. Amendment of section 15B (goods in transit (additional provisions)) of Principal Act.

89. Amendment of section 16 (duty to keep records) of Principal Act.

90. Amendment of section 17 (invoices) of Principal Act.

91. Amendment of section 25 (appeals) of Principal Act.

92. Amendment of section 32 (regulations) of Principal Act.

93. Amendment of First Schedule to Principal Act.

94. Amendment of Second Schedule to Principal Act.

95. Amendment of Fourth Schedule to Principal Act.

96. Amendment of Sixth Schedule to Principal Act.

97. Miscellaneous amendments relating to Council Directive 2006/112/EC.

98. Revocation, etc. (Part 3).


Stamp Duties

99. Interpretation (Part 4).

100. Mortgages.

101. Simplification measures.

102. Amendment of section 81A (further relief from stamp duty in respect of transfers to young trained farmers) of Principal Act.

103. Transfers to young trained farmers and qualifications.

104. Further farm consolidation relief.

105. Approved sports bodies.

106. Amendment of section 83A (transfer of site to child) of Principal Act.

107. Certain family farm transfers.

108. Amendment of section 92B (residential property first time purchaser relief) of Principal Act.

109. Amendment of Part 6 (special provisions relating to uncertificated securities) of Principal Act.

110. Land: special provisions.

111. Amendment of section 159A (time limits for claiming a repayment of stamp duty) of Principal Act.


Capital Acquisitions Tax

112. Interpretation (Part 5).

113. Amendment of section 18 (computation of tax) of Principal Act.

114. Amendment of section 21 (application of this Act) of Principal Act.

115. Amendment of section 51 (payment of tax and interest on tax) of Principal Act.

116. Amendment of section 86 (exemption relating to certain dwellings) of Principal Act.

117. Amendment of section 89 (provisions relating to agricultural property) of Principal Act.


Residential Property Tax

118. Amendment of section 110A (clearance on sale of certain residential property) of Finance Act 1983.



119. Interpretation (Part 7).

120. Amendment of section 1001 (liability to tax, etc. of holder of fixed charge on book debts of company) of Principal Act.

121. Amendment of provisions relating to interest on repayments.

122. Amendment of section 1003A (payment of tax by means of donation of heritage property to an Irish heritage trust) of Principal Act.

123. Amendment of Part 38 (returns of income and gains, other obligations and returns, and revenue powers) of Principal Act.

124. Amendment of Chapter 4 (revenue powers) of Part 38 of Principal Act.

125. Amendment of section 1003 (payment of tax by means of donation of heritage items) of Principal Act.

126. Amendment of section 1078 (revenue offences) of Principal Act.

127. Customs Acts: designation of secure premises for keeping of detained or seized goods.

128. Miscellaneous technical amendments in relation to tax.

129. Care and management of taxes and duties.

130. Short title, construction and commencement.


Amendments Consequential on Changes in Personal Tax Credits


Miscellaneous Technical Amendments in Relation to Arrangements for Relief from Double Taxation


Miscellaneous Amendments Relating to Council Directive 2006/112/EC


Miscellaneous Technical Amendments in Relation to Tax

Acts Referred to

Betting Act 1931

1931, No. 27

Bonded Warehouses Act 1848

11 & 12 Vic., c. 122

Capital Acquisitions Tax Consolidation Act 2003

2003, No. 1

Civil Service Regulation Act 1956

1956, No. 46

Companies Act 1990

1990, No. 33

Corporation Tax Act 1976

1976, No. 7

Criminal Evidence Act 1992

1992, No. 12

Criminal Justice Act 2006

2006, No. 26

Family Law Act 1995

1995, No. 26

Family Law (Divorce) Act 1996

1996, No. 33

Finance (1909-10) Act 1910

10 Edw. 7, c. 8

Finance Act 1925

1925, No. 28

Finance Act 1964

1964, No. 15

Finance Act 1971

1971, No. 23

Finance Act 1983

1983, No. 15

Finance Act 1992

1992, No. 9

Finance Act 1993

1993, No. 13

Finance Act 1998

1998, No. 3

Finance Act 1999

1999, No. 2

Finance Act 2000

2000, No. 3

Finance Act 2001

2001, No. 7

Finance Act 2002

2002, No. 5

Finance Act 2003

2003, No. 3

Finance Act 2004

2004, No. 8

Finance Act 2005

2005, No. 5

Finance Act 2006

2006, No. 6

Finance (Excise Duty on Tobacco Products) Act 1977

1977, No. 32

Firearms Act 1925

1925, No. 17

Firearms (Firearm Certificates for Non-Residents) Act 2000

2000, No. 20

Health Act 1970

1970, No. 1

Housing Act 1988

1988, No. 28

Housing (Private Rented Dwellings) Act 1982

1982, No. 6

Industrial Development Act 1986

1986, No. 9

Industrial Development Act 1995

1995, No. 28

Industrial Development (Science Foundation Ireland) Act 2003

2003, No. 30

Insurance Act 1936

1936, No. 45

Investment Limited Partnership Act 1994

1994, No. 24

Intoxicating Liquor Act 1988

1988, No. 16

Irish Horseracing Industry Act 1994

1994, No. 18

Liqueur Act 1848

11 & 12 Vic., c. 121

Official Secrets Act 1963

1963, No. 1

Pensions (Amendment) Act 2002

2002, No. 18

Planning and Development Act 2000

2000, No. 30

Residential Tenancies Act 2004

2004, No. 27

Social Welfare Act 2000

2000, No. 4

Social Welfare (Consolidation) Act 1993

1993, No. 27

Social Welfare Consolidation Act 2005

2005, No. 26

Stamp Duties Consolidation Act 1999

1999, No. 31

Taxes Consolidation Act 1997

1997, No. 39

Tourist Traffic Acts 1939 to 2003

Unit Trusts Act 1990

1990, No. 37

Value-Added Tax Act 1972

1972, No. 22

Value-Added Tax Acts 1972 to 2006

Waiver of Certain Tax, Interest and Penalties Act 1993

1993, No. 24

Wildlife Acts 1976 and 2000


Number 11 of 2007



[2nd April, 2007]