Table of Contents
Finance Act, 2000 (No. 3)Introductory TextActs Referred toPart 1 Income Tax, Corporation Tax and Capital Gains Tax (ss. 1-89)Chapter 1 Interpretation (s. 1)1. Interpretation (Part 1).Chapter 2 Income Tax (ss. 2-29)2. Amendment of section 188 (age exemption and associated marginal relief) of Principal Act.3. Alteration of rates of income tax.4. Amendment of section 461 (standard rated personal allowances) of Principal Act.5. Additional standard rated allowance for certain widowed persons.6. Widowed parents and other single parents: standard rated allowance.7. Special relief for widowed parent following death of spouse.8. Age allowance.9. Incapacitated children.10. Dependent relative.11. Relief for blind persons.12. Home carer's allowance.13. Amendment of section 473 (allowance for rent paid by certain tenants) of Principal Act.14. Standard rating of allowances: consequential provisions.15. Amendment of section 122 (preferential loan arrangements) of Principal Act.16. Amendment of section 126 (tax treatment of certain benefits payable under Social Welfare Acts) of Principal Act.17. Amendment of section 244 (relief for interest paid on certain home loans) of Principal Act.18. Amendment of section 202 (relief for agreed pay restructuring) of Principal Act.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 Schedule 13 (accountable persons for purposes of Chapter 1 of Part 18) to Principal Act.21. Relief for postgraduate and certain third-level fees.22. Amendment of section 767 (payment to universities and other approved bodies for research in, or teaching of, approved subjects) of Principal Act.23. Amendment of Part 30 (occupational pension schemes, retirement annuities, purchased life annuities and certain pensions) of Principal Act.24. Amendment of section 515 (excess or unauthorised shares) of Principal Act.25. Amendment of Schedule 11 (profit sharing schemes) to Principal Act.26. Amendment of Schedule 12 (employee share ownership trusts) to Principal Act.27. Rights to acquire shares or other assets.28. Amendment of Chapter 4 (interest payments by certain deposit takers) of Part 8 of Principal Act.29. Extension of section 1022 (special provisions relating to tax on wife's income) of Principal Act to spouse's income, etc.Chapter 3 Dividend Withholding Tax (ss. 30-33)30. Dividend withholding tax.31. Amendment of section 153 (distributions to certain non-residents) of Principal Act.32. Amendment of section 700 (special computational provisions) of Principal Act.33. Amendment of section 831 (implementation of Council Directive No. 90/435/EEC concerning the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States) of Principal Act.Chapter 4 Income Tax, Corporation Tax and Capital Gains Tax (ss. 34-74)34. Amendment of section 198 (certain interest not to be chargeable) of Principal Act.35. Capital allowances for, and deduction in respect of, vehicles.36. Amendment of section 268 (meaning of "industrial building or structure") of Principal Act.37. Amendment of section 333 (double rent allowance in respect of rent paid for certain business premises) of Principal Act.38. Amendment of section 20 (amendment ofprovisions relating to Custom House Docks Area) of Urban Renewal Act, 1998.39. Amendment of section 324 (double rent allowance in respect of rent paid for certain business premises) of Principal Act.40. Amendment of Part 9 (principal provisions relating to relief for capital expenditure) of Principal Act.41. Capital allowances for computer software.42. Amendment of Chapter 3 (designated areas, designated streets, enterprise areas and multi-storey car parks in certain urban areas) of Part 10 of Principal Act.43. Amendment of section 360 (interpretation (Chapter 5)) of Part 10 of Principal Act.44. Amendment of Chapter 7 (qualifying areas) of Part 10 of Principal Act.45. Amendment of Chapter 8 (qualifying rural areas) of Part 10 of Principal Act.46. Amendment of Chapter 9 (park and ride facilities and certain related developments) of Part 10 of Principal Act.47. Amendment of section 823 (deduction for income earned outside the State) of Principal Act.48. Amendment of section 481 (relief for investment in films) of Principal Act.49. Amendment of section 482 (relief for expenditure on significant buildings and gardens) of Principal Act.50. Amendment of section 485 (relief for gifts to third-level institutions) of Principal Act.51. Savings-related share option schemes.52. Reduction in tax on certain transactions in land.53. Amendment of Part 26 (life assurance companies) of Principal Act.54. Amendment of section 420 (losses, etc. which may be surrendered by means of group relief) of Principal Act.55. Amendment of section 595 (life assurance policy or deferred annuity contract entered into or acquired by a company) of Principal Act.56. Amendment of section 710 (profits of life business) of Principal Act.57. Amendment of Chapter 1 (unit trusts) of Part 27 of Principal Act.58. Investment undertakings.59. Amendment of section 172A (interpretation) of Principal Act.60. Amendment of section 659 (farming: allowance for capital expenditure on the construction of farm buildings, etc. for control of pollution) of Principal Act.61. Amendment of Part 23 (farming and market gardening) of Principal Act.62. Amendment of section 723 (special investment policies) of Principal Act.63. Amendment of section 843A (capital allowances for buildings used for certain childcare purposes) of Principal Act.64. Amendment of Part 29 (patents, scientific and certain other research, know-how and certain training) of Principal Act.65. Amendment of section 243 (allowance of charges on income) of Principal Act.66. Amendment of section 246 (interest payments by companies and to non-residents) of Principal Act.67. Amendment of section 247 (relief to companies on loans applied in acquiring interest in other companies) of Principal Act.68. Amendment of Chapter 4 (revenue powers) of Part 38 of Principal Act.69. Amendments and repeals consequential on abolition of tax credits.70. Restrictions on the use by certain partnerships of losses, etc., and transitional arrangements concerning these restrictions.71. Amendment of Schedule 24 (relief from income tax and corporation tax by means of credit in respect of foreign tax) to Principal Act.72. Amendment of Schedule 29 to Principal Act73. Treatment of interest in certain circumstances.74. Amendment of section 213 (trade unions) of Principal Act.Chapter 5 Corporation Tax (ss. 75-84)75. Amendment of section 21A (higher rate of corporation tax) of Principal Act.76. Reduction of corporation tax liability in respect of certain trading income.77. Amendment of section 23A (company residence) of Principal Act.78. Amendment of section 882 (particulars to be supplied by new companies) of Principal Act.79. Amendment of section 411 (surrender of relief between members of groups and consortia) of Principal Act.80. Amendment of section 446 (certain trading operations carried on in Custom House Docks Area) of Principal Act.81. Amendment of Chapter 1 (general provisions) of Part 26 of Principal Act.82. Amendment of section 110 (securitisation of assets) of Principal Act.83. Amendment of Part 14 (taxation of companies engaged in manufacturing trades, certain trading operations carried on in Shannon Airport and certain trading operations carried on in the Custom House Docks Area) of Principal Act.84. Amendment of section 220 (profits of certain bodies corporate) of Principal Act.Chapter 6 Capital Gains Tax (ss. 85-88)85. Amendment of section 598 (disposals of business or farm on "retirement") of Principal Act.86. Amendment of section 649A (relevant disposals: rate of charge) of Principal Act.87. Amendment of section 980 (deduction from consideration on disposal of certain assets) of Principal Act.88. Amendment of section 1030 (separated spouses: transfers of assets) of Principal Act.Chapter 7 Income Tax and Corporation Tax: Reliefs for Renewal and Improvement of Certain Towns (s. 89)89. Amendment of Part 10 (income tax and corporation tax: reliefs for renewal and improvement of certain urban areas, certain resort areas and certain islands) of Principal Act.Part 2 Customs and Excise - Miscellaneous (ss. 90-106)90. Tobacco products.91. Hydrocarbons.92. Rates of mineral oil tax.93. Amendment of section 94 (interpretation, Chapter 1) of Finance Act, 1999.94. Amendment of paragraph 12 of Imposition of Duties (No. 221) (Excise Duties) Order, 1975 (S.I. No. 307 of 1975).95. Amendment of section 99 (passenger road services) of Finance Act, 1999.96. Hydrocarbon oil used in trains.97. Amendment of section 103 (presumptions in certain proceedings) of Finance Act, 1999.98. Amendment of section 104 (appeals to Revenue Commissioners) of Finance Act, 1995.99. Delegation of certain powers of the Revenue Commissioners.100. Amendment of section 131 (registration of vehicles by Revenue Commissioners) of Finance Act, 1992.101. Amendment of section 133 (chargeable value of Finance Act. 1992.102. Excise duty on foreign travel.103. Excise duty on public dancing licence, occasional licence, special exemption order and authorisation to a club.104. Excise duty on registration of clubs.105. Imposition of duty on liquor licences for National Cultural Institutions.106. Tax clearance in relation to excise licences.Part 3 Value-Added Tax (ss. 107-124)107. Interpretation (Part 3).108. Amendment of section 1 (interpretation) of Principal Act.109. Amendment of section 6A (special scheme for investment gold) of Principal Act.110. Amendment of section 8 (taxable persons) of Principal Act.111. Amendment of section 11 (rates of tax) of Principal Act.112. Amendment of section 12 (deduction for tax borne or paid) of Principal Act.113. Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.114. Amendment of section 12C (special scheme for agricultural machinery) of Principal Act.115. Amendment of section 17 (invoices) of Principal Act.116. Amendment of section 20 (refund of tax) of Principal Act.117. Amendment of section 22 (estimation of tax due for a taxable period) of Principal Act.118. Amendment of section 23 (assessment of tax due for any period) of Principal Act.119. Amendment of section 25 (appeals) of Principal Act.120. Amendment of section 27 (fraudulent returns, etc.) of Principal Act.121. Amendment of section 32 (regulations) of Principal Act.122. Amendment of First Schedule to Principal Act.123. Amendment of Second Schedule to Principal Act.124. Revocation (Part 3).Part 4 Stamp Duties (ss. 125-133)125. Interpretation (Part 4).126. Amendment of section 81 (relief from stamp duty in respect of transfers to young trained farmers) of Principal Act.127. Amendment of section 86 (exemption from stamp duty in respect of certain loan stock) of Principal Act.128. Amendment of section 87 (stock borrowing) of Principal Act.129. Stock repo.130. Reorganisation of undertakings for collective investment.131. Amendment of section 97 (certain transfers following the dissolution of a marriage) of Principal Act.132. Relief in respect of certain payments of stamp duty.133. Amendment of Schedule 1 to Principal Act.Part 5 Residential Property Tax (ss. 134-135)134. Amendment of section 100 (market value exemption limit) of Finance Act. 1983.135. Amendment of section 110A (clearance on sale of certain residential property) of Finance Act, 1983.Part 6 Capital Acquisitions Tax (ss. 136-153)136. Interpretation137. Amendment of section 2 (interpretation) of Principal Act.138. Amendment of section 6 (taxable gift) of Principal Act.139. Amendment of section 12 (taxable inheritance) of Principal Act.140. Amendment of section 19 (value of agricultural property) of Principal Act.141. Amendment of section 36 (delivery of returns) of Principal Act.142. Amendment of section 48 (receipts and certificates) of Principal Act.143. Amendment of section 54 (provisions relating to charities, etc.) of Principal Act.144. Amendment of section 55 (exemption of certain objects) of Principal Act.145. Amendment of Second Schedule to Principal Act.146. Amendment of section 39 (extension of section 55 (exemption of certain objects) of Capital Acquisitions Tax Act, 1976) of Finance Act, 1978.147. Amendment of section 109 (interpretation) of Finance Act, 1993.148. Amendment of Chapter 1 (business relief) of Part VI of Finance Act, 1994.149. Amendment of section 142 (exemption of certain transfers from capital acquisitions tax following the dissolution of a marriage) of Finance Act, 1997.150. Amendment of section 143 (abatement and postponement of probate tax on certain property) of Finance Act, 1997.151. Exemption relating to certain dwellings.152. Amendment of section 58 (exemption of certain receipts) of Principal Act.153. Repeals etc.Part 7 Miscellaneous (ss. 154-166)154. Interpretation (Part7).155. Capital Services Redemption Account.156. Amendment of section 138 (holding and investment of moneys of Post Office Saving Bank Fund, etc.) of Finance Act, 1993.157. Deposit accounts for Exchequer moneys.158. Amendment of section 63 of Central Bank Act, 1997.159. Payment to Temporary Holding Fund for Superannuation Liabilities.160. Amendment of section 824 (appeals) of Principal Act.161. Amendment of section 1003 (payment of tax by means of donation of heritage items) of Principal Act.162. Amendment of section 1086 (publication of names of tax defaulters) of Principal Act.163. Amendment of section 1094 (tax clearance in relation to certain licences) of Principal Act.164. Amendment of Chapter 5 (miscellaneous provisions) of Part 42 (collection and recovery) of Principal Act.165. Care and management of taxes and duties166. Short title, construction and commencement.Schedule 1 Amendments Consequential on the Introduction of Standard Rated AllowancesSchedule 2 Amendments and Repeals Consequential on Abolition of Tax CreditsSchedule 3 Rates of Excise Duty on Tobacco Products
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75. Amendment of section 21A (higher rate of corporation tax) of Principal Act.
(1) Section 21A (inserted by the Finance Act, 1999) of the Principal Act is amended -
(a) in subsection (1) -
(i) by the substitution for paragraph (a) of the definition of "excepted operations" of the following:
"(a) dealing in or developing land, other than such part of that operation or activity as consists of -
(i) construction operations, or
(ii) dealing by a company in land which, in relation to the company, is qualifying land,",
(ii) by the insertion after the definition of "excepted trade" of the following definition:
"'exempt development' means a development within Class 1 of Part 1 of the Second Schedule to the Local Government Planning and Development Regulations, 1994 (S.I. No. 86 of 1994), which complies with the conditions and limitations specified in column 2 of that Part which relate to that Class;",
and
(iii) by the insertion, after the definition of "petroleum rights" of the following definition:
"'qualifying land', in relation to a company, means land which is disposed of at any time by the company, being land -
(a) on which a building or structure had been constructed by or for the company before that time, and