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Finance Act 2011 (No. 6)Introductory TextActs Referred toPart 1 Income Levy, Universal Social Charge, Income Tax, Corporation Tax and Capital Gains Tax (ss. 1-41)Chapter 1 Interpretation (s. 1)1. Interpretation (Part 1).Chapter 2 Income Levy and Universal Social Charge (ss. 2-3)2. Cessation of charge to income levy.3. Universal social charge.Chapter 3 Income Tax (ss. 4-19)4. Amendment of section 15 (rate of charge) of Principal Act.5. Age exemption.6. Personal tax credits.7. Benefit-in-kind taxation.8. Taxation of lump sums.9. Amendment of section 470B (age-related relief for health insurance premiums) of Principal Act.10. Employee share schemes.11. Termination of relief to individuals on loans applied in acquiring interest in companies.12. Abolition of relief for trade union subscriptions.13. Relief for energy efficient works.14. Amendment of section 473 (allowance for rent paid by certain tenants) of Principal Act.15. Amendment of section 473A (relief for fees paid for third level education, etc.) of Principal Act.16. Tax treatment of flight crew in international traffic.17. Exemption of certain earnings of writers, composers and artists.18. Amendment of Schedule 13 (accountable persons for purposes of Chapter 1 of Part 18) to Principal Act.19. Retirement benefits.Chapter 4 Income Tax, Corporation Tax and Capital Gains Tax (ss. 20-33)20. Relevant contracts tax.21. Measures relating to false claims.22. Cesser of financial resolutions.23. Amendment of Part 12 (principal provisions relating to loss relief, treatment of certain losses and capital allowances, and group relief) of Principal Act.24. Amendment of section 372AP (relief for lessors) of Principal Act.25. Amendment of Chapter 2 (farming: relief for increase in stock values) of Part 23 of Principal Act.26. Abolition of exemption for certain income derived from patent royalties and related distributions.27. Discontinuance of certain mining allowances.28. Amendment of section 817 (schemes to avoid liability to tax under Schedule F) of Principal Act.29. Certain settlements made by close companies.30. Amendment of Part 8 (annual payments, charges and interest) of Principal Act.31. Life assurance policies and investment funds.32. Amendment of section 481 (relief for investment in films) of Principal Act.33. Income tax relief for investment in corporate trades - employment and investment incentive and seed capital scheme.Chapter 5 Corporation Tax (ss. 34-41)34. Amendment of section 486C (relief from tax for certain start-up companies) of Principal Act.35. Credit for foreign tax.36. Interest on loans to defray money applied for certain purposes.37. Charges on income for corporation tax purposes.38. Amendment of section 285A (acceleration of wear and tear allowances for certain energy-efficient equipment) of Principal Act.39. Amendment of section 221 (certain payments to National Co-operative Farm Relief Services Ltd and certain payments made to its members) of Principal Act.40. Amendment of section 110 (securitisation) of Principal Act.41. Amendment of section 766 (tax credit for research and development expenditure) of Principal Act.Part 2 Customs and Excise (ss. 42-54)42. Rates of mineral oil tax.43. Amendment of Chapter 1 of Part 2 (mineral oil tax) of Finance Act 1999.44. Amendment of Chapter 3 (solid fuel carbon tax) of Part 3 of Finance Act 2010.45. Amendment of Chapter 1 of Part 2 (consolidation and modernisation of general excise law) of Finance Act 2001.46. Amendment of Chapter 3 (offences, penalties and proceedings) of Part 2 of Finance Act 2001.47. Amendment of Chapter 4 (powers of officers) of Part 2 of Finance Act 2001.48. Amendment of section 55 (air travel tax) of Finance (No. 2) Act 2008.49. Amendment of Chapter 1 (betting duty) of Part 2 of Finance Act 2002, etc.50. Amendment of section 130 (interpretation) of Finance Act 1992.51. Amendment of section 132 (charge of excise duty) of Finance Act 1992.52. Repayment of amounts of vehicle registration tax in respect of the registration of certain new vehicles.53. Remission or repayment in respect of vehicle registration tax on certain hybrid electric vehicles, certain flexible fuel vehicles, certain plug-in hybrid electric vehicles, certain electric vehicles and certain electric motorcycles.54. Administrative penalties for contravention of Community Customs Code.Part 3 Value-Added Tax (ss. 55-61)55. Interpretation (Part 3).56. Amendment of section 17 (other provisions in relation to services) of Principal Act.57. Amendment of section 95 (transitional measures for supplies of immovable goods) of Principal Act.58. Amendment of section 115 (penalties generally) of Principal Act.59. Supplies of scrap metal - reverse charge.60. Amendment of Schedule 1 to Principal Act.61. Post-consolidation amendments.Part 4 Stamp Duties (ss. 62-66)62. Interpretation (Part 4).63. Withdrawal of reliefs.64. Housing authorities and affordable homes partnership.65. Levy on authorised insurers.66. Amendment of Schedule 1 to Principal Act.Part 5 Capital Acquisitions Tax (ss. 67-70)67. Interpretation (Part 5).68. Amendment of provisions relating to agricultural and business property and provision relating to allowance of capital gains tax on the same event.69. Amendment of certain provisions of Principal Act.70. Amendment of provision relating to payment of tax and filing return and consequential amendments.Part 6 Miscellaneous (ss. 71-84)71. Interpretation (Part 6).72. Amendment of section 817M (duty of promoter to provide client list) of Principal Act.73. Amendment of section 149 (amendment of Part 33 (anti-avoidance) of Principal Act) of Finance Act 2010.74. Attachment of debt.75. Revenue offences.76. Amendment of section 1086 (publication of names of tax defaulters) of Principal Act.77. Confidentiality of taxpayer information.78. Amendment of section 960E (collection of tax, issue of demands, etc.) of Principal Act.79. Payment of tax by relevant payment methods.80. Amendment of Schedule 24A (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) to Principal Act.81. Miscellaneous technical amendments in relation to tax.82. Capital Services Redemption Account.83. Care and management of taxes and duties.84. Short title, construction and commencement.Schedule 1 Amendments Consequential on Changes in Personal Tax CreditsSchedule 2 Post-consolidation Amendments (Part 3)Schedule 3 Miscellaneous Technical Amendments in Relation to Tax
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 6 February 2011 - onwards

36. Interest on loans to defray money applied for certain purposes.

(1) The Principal Act is amended by inserting the following section after section 840:

"840A.

(1) In this section -

'asset' means any asset other than -

(a) an asset that is treated by the provisions of section 291A(2) as machinery or plant for the purposes of Chapters 2 and 4 of Part 9, or

(b) an asset acquired as trading stock;

'trading stock' has the same meaning as in section 89.

(2) Subject to subsections (3), (6), (7) and (8), in computing the amount of the profits or gains to be charged to corporation tax under Schedule D, no sum shall be deducted in respect of any interest payable on a loan to a company (in this section referred to as the 'investing company') used in acquiring assets from a company which, at the time of the acquiring of the assets, was connected with the investing company if the loan is made to the investing company by a person who is connected with the investing company.

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