Next (PART 1 Levies, Income Tax, Corporation Tax and Capital Gains Tax )

25 2008

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Number 25 of 2008


FINANCE (NO. 2) ACT 2008


ARRANGEMENT OF SECTIONS

PART 1

Levies, Income Tax, Corporation Tax and Capital Gains Tax

Chapter 1

Interpretation

Section

1. Interpretation (Part 1).

Chapter 2

Levies

2. Income levy.

3. Parking levy in urban areas.

Chapter 3

Income Tax

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

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

6. Benefit-in-kind: emission based calculations.

7. Benefit-in-kind charge: relief for bicycles.

8. Amendment of section 469 (relief for health expenses) of Principal Act.

9. Employee share schemes: withdrawal of approval.

10. Amendment of section 128 (tax treatment of directors of companies and employees granted rights to acquire shares or other assets) of Principal Act.

11. Amendment of schedule 29 (provisions referred to in sections 1052, 1053 and 1054) to Principal Act.

12. Amendment of Chapter 5 (miscellaneous charging provisions) of Part 5 of Principal Act.

13. Repayment of tax where earnings not remitted.

14. Relief for interest paid on certain home loans.

15. Amendment of section 819 (residence) of Principal Act.

16. Retirement benefits.

Chapter 4

Income Tax, Corporation Tax and Capital Gains Tax

17. Amendment of section 659 (farming: allowances for capital expenditure on the construction of farm buildings, etc., for control of pollution) of Principal Act.

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

19. Amendment of section 279 (purchases of certain buildings or structures) of Principal Act.

20. Capital allowances for qualifying specialist palliative care units.

21. Scheme to facilitate removal and relocation of certain industrial facilities.

22. Amendment of section 268 (meaning of “industrial building or structure”) of Principal Act.

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

24. Amendment of section 81B (equalisation reserves for credit insurance and reinsurance business of companies) of Principal Act.

25. Amendment of section 198 (certain interest not to be chargeable) of Principal Act.

26. Amendment of Part 8 (annual payments, charges and interest) of Principal Act.

27. Life assurance policies and investment funds.

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

29. Amendment of section 503 (claims) of Principal Act.

30. Amendment of section 768 (allowance for know-how) of Principal Act.

Chapter 5

Corporation Tax

31. Relief from tax for certain start-up companies.

32. Amendment of section 448 (relief from corporation tax) of Principal Act.

33. Relevant territory.

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

35. Amendment of section 766A (tax credit on expenditure on buildings or structures used for research and development) of Principal Act.

36. Limitation of tax credits to be paid under section 766 or 766A of Principal Act.

37. Acceleration of wear and tear allowances for certain energy-efficient equipment.

38. Preliminary tax.

39. Amendment of section 239 (income tax on payments by resident companies) of Principal Act.

40. Amendment of Schedule 4 (exemption of specified non-commercial state sponsored bodies from certain tax provisions) to Principal Act.

Chapter 6

Capital Gains Tax

41. Tax treatment of certain venture fund managers.

42. Amendment of section 29 (persons chargeable) of Principal Act.

43. Amendment of section 549 (transactions between connected persons) of Principal Act.

44. Capital gains: rate of charge.

45. Treatment of certain disposals made by The Pharmaceutical Society of Ireland.

PART 2

Excise

46. Amendment of Chapter 1 of Part 2 (consolidation and modernisation of general excise law) of Finance Act 2001.

47. Rates of mineral oil tax.

48. Amendment of Chapter 1 (mineral oil tax) of Part 2 of Finance Act 1999.

49. Amendment of Chapter 1 (electricity tax) of Part 2 of Finance Act 2008.

50. Rates of alcohol products tax.

51. Amendment of section 78A (relief for small breweries) of Finance Act 2003.

52. Rates of tobacco products tax.

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

54. Amendment of section 71 (payment of betting duty) of Finance Act 2002.

55. Air travel tax.

56. Amendment of section 7 (issue of bookmakers’ licences) of Betting Act 1931.

57. Repeals relating to excise law.

58. Wholesale dealers’ licences.

59. Increase in duties on certain liquor licences.

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

61. Amendment of section 131 (registration of vehicles by Revenue Commissioners) of Finance Act 1992.

62. Amendment of section 132 (charge of excise duty) of Finance Act 1992.

63. Amendment of section 134 (permanent reliefs) of Finance Act 1992.

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

65. Amendment of section 135B (repayment of amounts in respect of vehicle registration tax in certain cases) of Finance Act 1992.

66. Amendment of section 141 (regulations) of Finance Act 1992.

PART 3

Value-Added Tax

67. Interpretation (Part 3).

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

69. Amendment of section 7A (option to tax lettings of immovable goods) of Principal Act.

70. Amendment of section 7B (transitional measures: waiver of exemption) of Principal Act.

71. Travel agent’s margin scheme.

72. Amendment of section 11 (rates of tax) of Principal Act.

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

74. Amendment of section 20 (refund of tax) of Principal Act.

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

76. Amendment of First Schedule to Principal Act.

77. Amendment of Second Schedule to Principal Act.

PART 4

Stamp Duties

78. Interpretation (Part 4).

79. Electronic stamping of instruments: further matters.

80. Amendment of section 5 (agreement as to payment of stamp duty on instruments) of Principal Act.

81. Amendment of section 14 (penalty on stamping instruments after execution) of Principal Act.

82. Land: special provisions.

83. Amendment of section 34 (agreements in connection with, or in contemplation of, sale) of Principal Act.

84. Amendment of section 81AA (transfers to young trained farmers) of Principal Act.

85. Amendment of section 81C (further farm consolidation relief) of Principal Act.

86. Amendment of Part 9 (levies) of Principal Act.

87. Amendment of Schedule 1 to Principal Act.

PART 5

Capital Acquisitions Tax

88. Interpretation (Part 5).

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

90. Capital acquisitions: rate of charge.

PART 6

Miscellaneous

91. Interpretation (Part 6).

92. Revenue powers.

93. Returns in relation to settlements and trustees.

94. Donations of heritage items and heritage property.

95. Amendment of section 811A (transactions to avoid liability to tax: surcharge, interest and protective notification) of Principal Act.

96. Miscellaneous amendments: incentive to pay and file electronically.

97. Miscellaneous amendments relating to collection and recovery of tax.

98. Miscellaneous amendments in relation to penalties.

99. Miscellaneous technical amendments in relation to tax.

100. Capital Services Redemption Account.

101. Care and management of taxes and duties.

102. Short title, construction and commencement.

SCHEDULE 1

Repeals Relating to Excise Law

SCHEDULE 2

Excise Licences

SCHEDULE 3

Miscellaneous Amendments: Incentive to Pay and File Electronically

SCHEDULE 4

Provisions Relating to Collection and Recovery of Tax

SCHEDULE 5

Miscellaneous Amendments in Relation to Penalties

SCHEDULE 6

Miscellaneous Technical Amendments in Relation to Tax


Acts Referred to

Air Navigation and Transport (Amendment) Act 1998

1998, No. 24

Bankruptcy Act 1988

1988, No. 27

Betting Act 1931

1931, No. 27

Capital Acquisitions Tax Consolidation Act 2003

2003, No. 1

Central Bank Act 1971

1971, No. 24

Companies Act 1963

1963, No. 33

Courts of Justice Act 1924

1924, No.10

Courts (Supplemental Provisions) Act 1961

1961, No. 39

Dublin Docklands Development Authority Act 1997

1997, No. 7

Electronic Commerce Act 2000

2000, No. 27

Enforcement of Court Orders Act 1926

1926, No. 18

Excise Act 1835

5&6 Wm.4, c.39

Finance (1909-10) Act 1910

10 Edw.7, c.8

Finance Act 1940

1940, No. 14

Finance Act 1947

1947, No. 15

Finance Act 1950

1950, No. 18

Finance Act 1976

1976, No. 16

Finance Act 1980

1980, No. 14

Finance Act 1983

1983, No. 15

Finance Act 1989

1989, No. 10

Finance Act 1992

1992, No. 9

Finance Act 1993

1993, No. 13

Finance Act 1995

1995, No. 8

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 2005

2005, No. 5

Finance Act 2006

2006, No. 6

Finance Act 2007

2007, No. 11

Finance Act 2008

2008, No. 3

Fire Services Act 1981

1981, No. 30

Health Act 1970

1970, No. 1

Health Contributions Act 1979

1979, No. 4

Intoxicating Liquor Act 1943

1943, No. 7

Intoxicating Liquor Act 1946

1946, No. 33

Intoxicating Liquor Act 1962

1962, No. 21

Intoxicating Liquor Act 1988

1988, No. 16

Intoxicating Liquor Act 2003

2003, No. 31

Intoxicating Liquor (National Concert Hall) Act 1983

1983, No. 34

Irish Aviation Authority Act 1993

1993, No. 29

Irish Horseracing Industry Act 1994

1994, No. 18

Judgement Mortgage (Ireland) Act 1850

13&14 Vic. c.29

Judgement Mortgage (Ireland) Act 1858

21&22 Vic. c.105

Local Government Act 2001

2001, No. 37

Maternity Protection Act 1994

1994, No. 34

Maternity Protection (Amendment) Act 2004

2004, No. 28

National Cultural Institutions Act 1997

1997, No. 11

National Training Fund Act 2000

2000, No. 41

Pharmacy Act 2007

2007, No. 20

Pharmacy (Ireland) Act 1875

38&39 Vic. c. 57

Planning and Development Acts 2000 to 2006

Provisional Collection of Taxes Act 1927

1927, No. 7

Social Welfare Consolidation Act 2005

2005, No. 26

Stamp Duties Consolidation Act 1999

1999, No. 31

State Authorities (Public Private Partnership Arrangements) Act 2002

2002, No. 1

Taxes Consolidation Act 1997

1997, No. 39

Tourist Traffic Act 1952

1952, No. 15

Value-Added Tax Act 1972

1972, No. 22

Value-Added Tax Acts 1972 to 2008

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Number 25 of 2008


FINANCE (NO. 2) ACT 2008


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.

[24th December, 2008]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: