Table of Contents
Finance Act 2005 (No. 5)Introductory TextActs Referred toPart 1 Income Tax, Corporation Tax and Capital Gains Tax (ss. 1-58)Chapter 1 Interpretation (s. 1)1. Interpretation (Part 1).Chapter 2 Income Tax (ss. 2-21)2. Amendment of section 15 (rate of charge) of Principal Act.3. Personal tax credits.4. Age exemption.5. Amendment of section 126 (tax treatment of certain benefits payable under Social Welfare Acts) of Principal Act.6. Amendment of section 473 (allowance for rent paid by certain tenants) of Principal Act.7. Amendment of section 116 (interpretation (Chapter 3)) of Principal Act.8. Amendment of section 118 (benefits in kind: general charging provision) of Principal Act.9. Preferential loans.10. Costs and expenses in respect of personal security assets and services.11. Foster care payments etc.12. State employees: foreign service allowances.13. Credit in respect of tax deducted from emoluments of certain directors.14. Amendment of section 950 (interpretation (Part 41)) of Principal Act.15. Amendment of Chapter 1 (payments in respect of professional services by certain persons) of Part 18 of, and Schedule 13 to, Principal Act.16. Amendment of section 128 (tax treatment of directors of companies and employees granted rights to acquire shares or other assets) of Principal Act.17. Restriction of deductions for employee benefit contributions.18. Amendment of section 130 (matters to be treated as distributions) of Principal Act.19. Reliefs in respect of income tax charged on payments on retirement.20. Tax rate applicable to certain deposit interest received by individuals.21. Retirement benefits.Chapter 3 PAYE: Electronic and Telephone Communications (s. 22-26)22. Amendment of Chapter 6 (electronic transmission of returns of income, profits, etc., and of other Revenue returns) of Part 38 of Principal Act.23. Electronic claims.24. Amendment of provisions relating to claims by individuals.25. Retention and inspection of records in relation to claims by individuals.26. Amendment of section 997 (supplementary provisions (Chapter 4)) of Principal Act.Chapter 4 Income Tax, Corporation Tax and Capital Gains Tax (ss. 27-47)27. Amendment of section 18 (amendment of Part 16 (income tax relief for investment in corporate trades - business expansion scheme and seed capital scheme) of Principal Act) of Finance Act 2004.28. Amendment of section 482 (relief for expenditure on significant buildings and gardens) of Principal Act.29. Amendment of Chapter 1 (interpretation and general) of Part 23 (farming and market gardening) of Principal Act.30. Amendment of section 659 (farming: allowances for capital expenditure on the construction of farm buildings, etc., for control of pollution) of Principal Act.31. Amendment of section 666 (deduction for increase in stock values) of Principal Act.32. Amendment of section 667A (further provisions for qualifying farmers) of Principal Act.33. Amendment of section 843 (capital allowances for buildings used for third level educational purposes) of Principal Act.34. Capital allowances for registered tourist accommodation.35. Amendment of section 372AJ (non-application of relief in certain cases and provision against double relief) of Principal Act.36. Amendment of section 481 (relief for investment in films) of Principal Act.37. Amendment of section 1013 (limited Partnerships) of Principal Act.38. Amendment of Schedule 26A (donations to approved bodies, etc.) to Principal Act.39. Amendment of section 817 (schemes to avoid liability to tax under Schedule F) of Principal Act.40. Court funds.41. Assets of overseas life assurance companies.42. Amendment of Chapter 5 (policyholders - new basis) of Part 26 of Principal Act.43. Amendment of section 747E (disposal of an interest in offshore funds) of Principal Act.44. Common contractual funds.45. Treatment of leasing.46. Treatment of certain dividends.47. Dividend withholding tax.Chapter 5 Corporation Tax (ss. 48-55)48. Generally accepted accounting standards.49. Amendment of section 243 (allowance of charges on income) of Principal Act.50. Amendment of Chapter 6 (Implementation of Council Directive 2003/49/EC of 3 June 2003 on a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States) of Part 8 of Principal51. Amendment of Chapter 2 (Miscellaneous) of Part 35 of Principal Act.52. Amendment of section 410 (group payments) of Principal Act.53. Amendment of section 448 (relief from corporation tax) of Principal Act.54. Amendment of section 626B (exemption from tax in the case of gains on certain disposals of shares) of Principal Act.55. Cesser of section 686 (reduction of corporation tax) of Principal Act.Chapter 6 Capital Gains Tax (ss. 56-58)56. Amendment of section 980 (deduction from consideration on disposal of certain assets) of Principal Act.57. Amendment of Schedule 15 (list of bodies for purposes of section 610) to Principal Act.58. Amendment of section 608 (superannuation funds) of Principal Act.Part 2 Excise (ss. 59-97)Chapter 1 Alcohol Products Tax (ss. 59-63)59. Amendment of section 134 (power to stop vehicles) of Finance Act 2001.60. Amendment of section 139 (power of arrest and detention of persons) of Finance Act 2001.61. Amendment of section 73 (interpretation) of Finance Act 2003.62. Amendment of section 79 (offences and penalties) of Finance Act 2003.63. Amendment of Chapter 1 of Part 2 (alcohol products tax) of Finance Act 2003.Chapter 2 Mineral Oil Tax (ss. 64-70)64. Rates of mineral oil tax.65. Amendment of section 94 (interpretation) of Finance Act 1999.66. Amendment of section 95 (charge of tax) of Finance Act 1999.67. Amendment of section 100 (reliefs from mineral oil tax for certain mineral oils) of Finance Act 1999.68. Amendment of section 103 (presumptions in certain proceedings) of Finance Act 1999.69. Amendment of Chapter 1 (mineral oil tax) of Part 2 of Finance Act 1999.70. Commencement.Chapter 3 Tobacco Products Tax (ss. 71-86)71. Interpretation (Chapter 3).72. Charging and rates.73. Liability and payment.74. Deferment of payment.75. Ascertainment of retail prices of tobacco products.76. Affixing of tax stamps.77. Reliefs.78. Offences in relation to tax stamps.78A. Illicit manufacture of tobacco products.79. Retail price (offence and penalty).80. Account of materials.81. Repeals, revocations and savings.82. General provisions and structure.83. Regulations.84. Continuity.85. Care and management.86. Commencement.Chapter 4 Miscellaneous Excise and Customs (ss. 87-97)87. Amendment of Finance (Excise Duty on Tobacco Products) Act 1977.88. Amendment of section 96 (interpretation) of Finance Act 2001.89. Amendment of section 97 (excisable products (Part 2)) of Finance Act 2001.90. Amendment of section 103 (payment) of Finance Act 2001.91. Amendment of section 109 (warehousing) of Finance Act 2001.92. Amendment of section 110 (scope (Chapter 2)) of Finance Act 2001.93. Amendment of Part 2 (general excise law) of Finance Act 2001.94. Amendment of section 144 (power to deal with seizures, before and after condemnation) of Finance Act 2001.95. Miscellaneous excise repeals.96. Amendment of section 2 of Customs and Excise (Miscellaneous Provisions) Act 1988.97. Amendment of section 135C (remission or repayment in respect of vehicle registration tax on certain hybrid electric vehicles) of Finance Act 1992.Part 3 Value-Added Tax (ss. 98-113)98. Interpretation (Part 3).99. Amendment of section 3 (supply of goods) of Principal Act.100. Amendment of section 4 (special provisions in relation to the supply of immovable goods) of Principal Act.101. Amendment of section 5 (supply of services) of Principal Act.102. Amendment of section 10 (amount on which tax is chargeable) of Principal Act.103. Amendment of section 11 (rates of tax) of Principal Act.104. Amendment of section 12 (deduction for tax borne or paid) of Principal Act.105. Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.106. Amendment of section 19 (tax due and payable) of Principal Act.107. Amendment of section 19A (statement of intra-Community supplies) of Principal Act.108. Amendment of section 24 (recovery of tax) of Principal Act.109. Amendment of section 26 (penalties generally) of Principal Act.110. Amendment of section 27 (fraudulent returns, etc.) of Principal Act.111. Amendment of section 32 (regulations) of Principal Act.112. Amendment of First Schedule to Principal Act.113. Amendment of Sixth Schedule to Principal Act.Part 4 Stamp Duties (ss. 114-129)114. Interpretation (Part 4).115. Amendment of section 8 (facts and circumstances affecting duty to be set forth in instruments, etc.) of Principal Act.116. Amendment of section 40 (calculation of ad valorem duty on stock and securities) of Principal Act.117. Aggregation of transactions.118. Amendment of section 76 (obligations of system-members) of Principal Act.119. Amendment of section 81 (young trained farmers) of Principal Act.120. Amendment of section 81A (further relief from stamp duty in respect of transfers to young trained farmers) of Principal Act.121. Farm consolidation relief.122. Amendment of section 87 (stock borrowing) of Principal Act.123. Amendment of section 87A (stock repo) of Principal Act.124. Amendment of section 88 (certain stocks and marketable securities) of Principal Act.125. Amendment of section 90 (certain financial services instruments) of Principal Act.126. Amendment of section 92B (residential property first time purchaser relief) of Principal Act.127. Amendment of section 117 (statement to be charged with stamp duty) of Principal Act.128. Amendment of Part 9 (levies) of Principal Act.129. Amendment of section 159C (time limits for making enquiries, etc. and assessments by the Commissioners) of Principal Act.Part 5 Capital Acquisitions Tax (ss. 130-137)130. Interpretation (Part 5).131. Amendment of section 48 (affidavits and accounts) of Principal Act.132. Amendment of section 58 (penalties) of Principal Act.133. Amendment of section 72 (relief in respect of certain policies of insurance) of Principal Act.134. Amendment of section 75 (exemption of specified collective investment undertakings) of Principal Act.135. Amendment of section 89 (provisions relating to agricultural property) of Principal Act.136. Amendment of section 101 (withdrawal of relief) of Principal Act.137. Amendment of section 107 (other relief from double taxation) of Principal Act.Part 6 Miscellaneous (ss. 138-150)138. Amendment of section 903 (power of inspection: PAYE) of Taxes Consolidation Act 1997.139. Amendment of section 904 (power of inspection: tax deduction from payments to certain subcontractors) of Taxes Consolidation Act 1997.140. Amendment of Chapter 4 (revenue powers) of Part 38 of Taxes Consolidation Act 1997.141. Amendment of Chapter 1 (income tax and corporation tax penalties) of Part 47 of Taxes Consolidation Act 1997.142. Amendment of section 1078 (revenue offences) of Taxes Consolidation Act 1997.143. Amendment of section 1086 (publication of names of tax defaulters) of Taxes Consolidation Act 1997.144. Amendment of Chapter 3A (Implementation of Council Directive 2003/48/EC of 3 June 2003 on Taxation of Savings Income in the Form of Interest Payments and Related Matters) of Part 38 of Taxes Consolidation Act 1997.145. Interest on certain overdue tax.146. Amendment of section 964 (continuance of pending proceedings) of Taxes Consolidation Act 1997.147. Miscellaneous technical amendments in relation to tax.148. Capital Services Redemption Account.149. Care and management of taxes and duties.150. Short title, construction and commencement.Schedule 1 Amendments Consequential on Changes in Personal Tax CreditsSchedule 2 Rates of Tobacco Products TaxSchedule 3 Repeals and Revocations Relating to Excise Duty on Tobacco ProductsSchedule 4 Repeals Relating to Excise LawSchedule 5 Amendment of Provisions Consequential on Section 145Schedule 6 Miscellaneous Technical Amendments in Relation to Tax
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72. Charging and rates.
(1) Subject to the provisions of this Chapter and any regulations made under it, a duty of excise, to be known as tobacco products tax, shall be charged, levied and paid, at the rates specified in Schedule 2, on all tobacco products -
(a) released for consumption in the State, or
(b) released for consumption in another Member State and brought into the State.
(2) Subsection (1) (b) does not apply to any tobacco products that have been released for consumption in another Member State and which are held on board a ship or aircraft making a sea crossing between another Member State and the State, where such tobacco products are not available for sale or supply while the ship or aircraft is within the territory of the State.