Finance Act 2022

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Number 44 of 2022

FINANCE ACT 2022

CONTENTS

PART 1

Universal Social Charge, Income Tax, Corporation Tax and Capital Gains Tax

Chapter 1

Interpretation

Section

1. Interpretation (Part 1)

Chapter 2

Universal Social Charge

2. Amendment of section 531AN of Principal Act (rate of charge)

Chapter 3

Income Tax

3. Exemption in respect of incorrect birth registration payment

4. Exemption in respect of payments under Covid-19 Death in Service Ex-Gratia Scheme for Health Care Workers

5. Payments in respect of redundancy

6. Amendment of section 477C of Principal Act (Help to Buy)

7. Amendment of section 112B of Principal Act (granting of vouchers)

8. Amendment of section 118 of Principal Act (benefits in kind: general charging provision)

9. Returns by employers in relation to reportable benefits

10. Rate of charge and personal tax credits

11. Amendment of section 472BB of Principal Act (sea-going naval personnel credit)

12. Amendment of section 480B of Principal Act (relief arising in special circumstances)

13. Rent tax credit

14. Repeal of section 11 of Finance Act 2019

15. Key Employee Engagement Programme

16. Share based remuneration

17. Amendment of section 823A of Principal Act (deduction for income earned in certain foreign states)

18. Amendment of section 825C of Principal Act (special assignee relief programme)

19. Amendment of Part 7 of Principal Act (lump sums from foreign pension arrangements)

20. Pan-European Personal Pension Product (insertion of new Chapter)

21. Pan-European Personal Pension Product (amendments consequential on insertion of Chapter 2D in Part 30)

22. Removal of benefit-in-kind charge from employer contributions to PRSAs and PEPPs

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

24. Exemption of certain profits arising from production, maintenance and repair of certain musical instruments

Chapter 4

Income Tax, Corporation Tax and Capital Gains Tax

25. Amendment of Chapter 13 of Part 10 of Principal Act (Living City Initiative)

26. Amendment of section 757 of Principal Act (charges on capital sums received for sale of patent rights)

27. Amendment of Chapter 2 of Part 29 of Principal Act (scientific and certain other research)

28. Amendment of section 472D of Principal Act (relief for key employees engaged in research and development activities)

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

30. Farming: accelerated allowances for capital expenditure on slurry storage

31. Amendment of section 97A of Principal Act (pre-letting expenditure in respect of vacant premises)

32. Deduction for retrofitting expenditure

33. Amendment of certain tax exemption provisions of Principal Act

34. Amendment of Part 16 of Principal Act (relief for investment in corporate trades)

35. Amendment of section 835D of Principal Act (principles for construing rules in accordance with OECD Guidelines)

36. Amendment of section 743 of Principal Act (material interest in offshore funds)

37. Reporting by exempt unit trusts, common contractual funds and investment limited partnerships

Chapter 5

Corporation Tax

38. Amendment of section 79 of Principal Act (foreign currency: computation of income and chargeable gains)

39. Interest limitation

40. Amendment of Chapter 5 of Part 29 of Principal Act (taxation of companies engaged in knowledge development)

41. Amendment of section 481 of Principal Act (relief for investment in films)

42. Amendment of section 481A of Principal Act (relief for investment in digital games)

43. Amendment of section 835YA of Principal Act (non-cooperative jurisdictions: modified application of sections 835T, 835U and 835V)

PART 2

Excise

44. Amendment of Schedule 2 to Finance Act 1999 (rates of mineral oil tax)

45. Amendment of section 98 of Finance Act 1999 (horticultural production)

46. Amendment of Chapter 2 of Part 3 of Finance Act 2010 (natural gas carbon tax)

47. Amendment of Schedule 2 to Finance Act 2005 (rates of tobacco products tax)

48. Amendment of Chapter 1 of Part 2 of Finance Act 2003 (alcohol products tax)

49. Reduction in excise duty on special exemption orders

50. Amendment of section 67 of Finance Act 2002 (betting duty)

51. Amendment of section 126 of Finance Act 2001 (proceedings in relation to offences)

PART 3

Value-Added Tax

52. Interpretation (Part 3)

53. Amendment of section 46 of Principal Act (rates of tax)

54. Amendment of section 59 of and Schedule 1 to Principal Act

55. Registration

56. Amendment of section 86 of Principal Act (special provisions for tax invoiced by flat-rate farmers)

57. Amendment of Part 13 of Principal Act (administration and general)

58. Amendment of paragraph 2 of Schedule 1 to Principal Act (medical and related services)

59. Amendment of paragraph 3 of Schedule 1 to Principal Act (certain independent groups, non-profit making organisations and other bodies)

60. Amendment of paragraph 6(2) of Schedule 1 to Principal Act (financial services - EU funds)

61. Amendment of paragraph 6(2) of Schedule 1 to Principal Act (financial services - section 110 companies)

62. Amendment of paragraph 7 of Schedule 1 to Principal Act (agency services)

63. Amendment of Schedule 2 to Principal Act (zero-rated goods and services)

64. Amendment of Schedule 2 and Schedule 3 to Principal Act (zero-rated goods and services)

PART 4

Stamp Duties

65. Interpretation (Part 4)

66. Stamp duty on certain acquisitions of residential property

67. Amendment of section 83D of Principal Act (repayment of stamp duty where land used for residential development)

68. Repayment of stamp duty in certain circumstances

69. Securities transferred by means of electronic systems

70. Banking levies modernisation

71. Levy on authorised insurers: modernisation and compliance

72. Amendment of section 126AA of Principal Act (further levy on certain financial institutions)

73. Extension of farming reliefs

PART 5

Capital Acquisitions Tax

74. Interpretation (Part 5)

75. Amendment of Principal Act in relation to section 4B of Succession Act 1965

76. Amendment of section 48A of Principal Act (information about a deceased person’s property)

77. Amendment of section 82 of Principal Act (exemption of certain receipts)

PART 6

Miscellaneous

78. Interpretation (Part 6)

79. Amendment of section 949AP of Principal Act (appealing against determinations)

80. Amendment of section 949AQ of Principal Act (case stated for High Court)

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

82. Return of certain information by Reporting Platform Operators

83. Implementation of Council Directive (EU) 2021/514 of 22 March 2021 amending Directive 2011/16/EU on administrative cooperation in the field of taxation

84. Amendment of section 99B of Finance Act 2001 (penalty for deliberately or carelessly making incorrect returns, etc.)

85. Penalty for deliberately or carelessly making incorrect returns or failing to make certain returns, etc.

86. Amendment of section 1077F of Principal Act (penalty for deliberately or carelessly making incorrect returns or failing to make certain returns, etc.)

87. Amendment of section 1086A of Principal Act (publication of names and details of tax defaulters)

88. Amendment of section 116A of Value-Added Tax Consolidation Act 2010 (penalty for deliberately or carelessly making incorrect returns, etc.)

89. Amendment of section 134A of Stamp Duties Consolidation Act 1999 (penalties)

90. Amendment of section 959AA of Principal Act (chargeable persons: time limit on assessment made or amended by Revenue officer)

91. Amendment of section 959Z of Principal Act (right of Revenue officer to make enquiries)

92. Amendment of section 1041 of Principal Act (rents payable to non-residents)

93. Amendment of Part 1 of Schedule 26A to Principal Act (donations to approved bodies, etc.)

94. Amendment of Schedule 24A to Principal Act (arrangements made by the Government with the government of any territory outside the State in relation to affording relief from double taxation and exchanging information in relation to tax)

95. Trained farmer qualifications

96. Vacant homes tax

97. Amendment of section 604B of Principal Act (relief for farm restructuring)

98. Residential zoned land tax

99. Defective concrete products levy

100. Objectives of section 101, purposes for which its provisions are enacted and certain duty of Minister for Finance respecting those provisions’ operation

101. Temporary Business Energy Support Scheme

102. Miscellaneous provisions consequent on section 101

103. Commencement of sections 100, 101 and 102

104. Miscellaneous technical amendments in relation to tax

105. Care and management of taxes and duties

106. Short title, construction and commencement

SCHEDULE

Miscellaneous Technical Amendments in relation to Tax

Acts Referred to

Affordable Housing Act 2021 (No. 25)

Bankruptcy Act 1988 (No. 27)

Birth Information and Tracing Act 2022 (No. 14)

British-Irish Agreement Act 1999 (No. 1)

Building Control Act 2007 (No. 21)

Capital Acquisitions Tax Consolidation Act 2003 (No. 1)

Central Bank Act 1971 (No. 24)

Central Bank Act 1997 (No. 8)

Child Care Act 1991 (No. 17)

Civil Service Regulation Act 1956 (No. 46)

Companies Act 2014 (No. 38)

Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (No. 6)

Data Protection Act 2018 (No. 7)

Electricity Regulation Act 1999 (No. 23)

Employment Agency Act 1971 (No. 27)

Finance (Covid-19 and Miscellaneous Provisions) Act 2022 (No. 9)

Finance (Local Property Tax) Act 2012 (No. 52)

Finance Act 1980 (No. 14)

Finance Act 1983 (No. 15)

Finance Act 1999 (No. 2)

Finance Act 2001 (No. 7)

Finance Act 2002 (No. 5)

Finance Act 2003 (No. 3)

Finance Act 2005 (No. 5)

Finance Act 2010 (No. 5)

Finance Act 2021 (No. 45)

Gas (Interim) (Regulation) Act 2002 (No. 10)

Gas Act 1976 (No. 30)

Health Act 2007 (No. 23)

Health and Social Care Professionals Act 2005 (No. 27)

Higher Education Authority Act 2022 (No. 31)

Housing (Miscellaneous Provisions) Act 1992 (No. 18)

Housing (Miscellaneous Provisions) Act 2009 (No. 22)

Housing (Miscellaneous Provisions) Act 2014 (No. 21)

Housing (Regulation of Approved Housing Bodies) Act 2019 (No. 47)

Intoxicating Liquor Act 1927 (No. 15)

Intoxicating Liquor Act 1962 (No. 21)

Local Government (Charges) Act 2009 (No. 30)

Local Government (Household Charge) Act 2011 (No. 10)

Local Government Act 2001 (No. 37)

Medical Practitioners Act 2007 (No. 25)

Ministers and Secretaries (Amendment) Act 2011 (No. 10)

Nurses and Midwives Act 2011 (No. 41)

Patents Act 1992 (No. 1)

Pensions Act 1990 (No. 25)

Planning and Development Act 2000 (No. 30)

Provisional Collection of Taxes Act 1927 (No. 7)

Public Service Superannuation (Miscellaneous Provisions) Act 2004 (No. 7)

Redundancy Payments Act 1967 (No. 21)

Registration of Title Act 1964 (No. 16)

Residential Tenancies Act 2004 (No. 27)

Social Welfare Consolidation Act 2005 (No. 26)

Stamp Duties Consolidation Act 1999 (No. 31)

Succession Act 1965 (No. 27)

Taxes Consolidation Act 1997 (No. 39)

Unit Trusts Act 1990 (No. 37)

Value-Added Tax Consolidation Act 2010 (No. 31)

Waiver of Certain Tax, Interest and Penalties Act 1993 (No. 24)

Number 44 of 2022

FINANCE ACT 2022

An Act to provide for the imposition, repeal, remission, alteration and regulation of taxation, of stamp duties and of duties relating to excise and otherwise to make further provision in connection with finance including the regulation of customs; to make provision for supports to certain sectors of the economy; and to provide for related matters.

[15th December, 2022]

Be it enacted by the Oireachtas as follows: