Table of Contents
Finance Act, 1997 (No. 22)Introductory TextActs Referred toPart I Income Tax, Corporation Tax and Capital Gains Tax (ss. 1-78)Chapter I Income Tax (ss. 1-15)1. Amendment of provisions relating to exemption from income tax.2. Alteration of rates of income tax.3. Personal reliefs.4. Amendment of provisions relating to the taxation of certain social welfare benefits.5. Amendment of section 4 (separated spouses: adaptation of special provisions as to married persons) of Finance Act, 1983.6. Amendment of section 127 (regulations) of Income Tax Act, 1967.7. Amendment of section 15 (relief for fees paid for part-time third level education) of Finance Act, 1996.8. Relief for fees paid for training courses.9. Amendment of Chapter III (Income Tax: Relief for Investment in Corporate Trades) of Part I of Finance Act, 1984.10. Amendment of section 14 (relief to individuals on loans applied in acquiring interest in companies) of Finance Act, 1992.11. Income from scholarships.12. Amendment of section 115 (exemptions and reliefs in respect of tax under section 114) of Income Tax Act, 1967.13. Tax deductions from payments made to subcontractors.14. Tax relief for agreed pay restructuring.15. Amendment of section 4 (charge of tax on sums applied outside the State in repaying certain loans) of Finance Act, 1971.Chapter II Income Tax, Corporation Tax and Capital Gains Tax (ss. 16-51)16. Relief for gifts made to third level institutions.17. Amendment of provisions relating to relief for expenditure on significant buildings, etc.18. Amendment of section 134 (deduction for increase in stock values) of Finance Act, 1996.19. Amendment of section 135 (special provision for qualifying farmers) of Finance Act, 1996.20. Farming: allowances for capital expenditure on the construction of farm buildings etc. for control of pollution.21. Capital allowances for, and deduction in respect of, vehicles.22. Amendment of section 241 (wear and tear of machinery, plant, etc.) of Income Tax Act, 1967.23. Amendment of Chapter I (Industrial Buildings and Structures: Annual Allowances and Balancing Allowances and Charges) of Part XVI of Income Tax Act, 1967.24. Capital allowances: room ownership schemes.25. Capital allowances for buildings used for third level educational purposes.26. Amendment of Chapter IV (Urban Renewal Reliefs: Introduction of New Scheme in Certain Areas) of Part I of Finance Act, 1994.27. Amendment of provisions relating to double rent allowance.28. Amendment of section 39B (relief in relation to income from certain trading operations carried on in Custom House Docks Area) of Finance Act, 1980.29. Relief for pre-trading expenditure.30. Amendment of section 35 (relief for investment in films) of Finance Act, 1987.31. Amendment of section 14 (special portfolio investment accounts) of Finance Act, 1993.32. Amendment of section 18 (taxation of collective investment undertakings) of Finance Act, 1989.33. Taxation of strips of securities.34. Amendment of section 138 (tax treatment of securities issued at a discount) of Finance Act, 1990.35. Amendment of section 17 (undertakings for collective investment) of Finance Act, 1993.36. Amendment of section 31 (interest payments by companies and to non-residents) of Finance Act, 1974.37. Tax credits in respect of distributions.38. Amendment of section 37 (application of section 25 (attribution of distributions to accounting periods) of Finance Act, 1989, to interim dividends) of Finance Act, 1992.39. Amendment of Chapter VIII (taxation of acquisition by a company of its own shares) of Part I of Finance Act, 1991.40. Amendment of section 40 (treatment under Tax Acts of certain employment grants and recruitment subsidies) of Finance Act, 1996.41. Employers’ pension contributions.42. Deemed disposal of assets on company ceasing to be resident in the State.43. Postponement of charge on deemed disposal under section 42.44. Tax on non-resident company recoverable from another member of group or from controlling director.45. Amendment of section 464 (issue of securities with exemption from tax) of Income Tax Act, 1967.46. Amendment of section 470 (securities of Irish local authorities issued abroad) of Income Tax Act, 1967.47. Amendment of section 474 (exemption of certain securities from tax) of Income Tax Act, 1967.48. Replacement of harbour authorities by port companies.49. Treatment of certain profits and gains for tax purposes.50. Amendment of Chapter IX (profit sharing schemes) of Part 1 of, and Third Schedule (profit sharing schemes) to, Finance Act, 1982.51. Employee share ownership trusts.Chapter III Urban Renewal Reliefs: Introduction of New Scheme in the Dublin Docklands Area (ss. 52-58)52. Interpretation (Chapter III).53. Qualifying area.54. Accelerated capital allowances in relation to construction or refurbishment of certain industrial buildings or structures.55. Capital allowances in relation to construction or refurbishment of certain commercial premises.56. Double rent allowance in respect of rent paid for certain business premises.57. Residential accommodation: allowance to owner-occupiers in respect of expenditure on construction or refurbishment.58. Provisions supplementary to section 57.Chapter IV Corporation Tax (ss. 59-69)59. Rate of corporation tax.60. Amendment of section 28A (reduced rate of corporation tax for certain income) of Corporation Tax Act, 1976.61. Repeal of section 80 (exemption of income from carrying out of voluntary health insurance schemes) of Corporation Tax Act, 1976.62. Exemption of harbour authorities and port companies.63. Exemption of income of body designated under Irish Takeover Panel Act, 1997.64. Amendment of section 56 (relief for gifts to The Enterprise Trust Ltd.) of Finance Act, 1992.65. Amendment of section 51 (relief for gifts made to First Step) of Finance Act, 1993.66. Amendment of section 36 (amendment of section 39B (relief in relation to income from certain trading operations carried on in Custom House Docks Area) of Finance Act, 1980) of Finance Act, 1988.67. Amendment of section 35 (profits of life business) of Corporation Tax Act, 1976.68. Amendment of section 36 (investment income reserved for policy holders) of Corporation Tax Act, 1976.69. Amendment of section 46A (deemed disposal and reacquisition of certain assets) of Corporation Tax Act, 1976.Chapter V Capital Gains Tax (ss. 70-78)70. Amendment of Schedule 2 to Capital Gains Tax Act, 1975.71. Divorced persons: transfers of assets.72. Separated spouses: transfers of assets.73. Amendment of section 15 (settled property) of Capital Gains Tax Act, 1975.74. Amendment of section 20A (foreign life assurance and deferred annuities: taxation and returns) of Capital Gains Tax Act, 1975.75. Amendment of section 27 (relief for individuals on certain reinvestment) of Finance Act, 1993.76. Amendment of section 66 (reduced rate of capital gains tax on certain disposals of shares by individuals) of Finance Act, 1994.77. Amendment of section 39 (amendment of provisions regarding replacement of assets) of Finance Act, 1982.78. Amendment of section 46 (debts) of Capital Gains Tax Act, 1975.Part II Customs and Excise (ss. 79-94)Chapter I Vehicle Registration Tax (ss. 79-81)79. Interpretation (Chapter I).80. Vehicle built up from chassis or monocoque or assembly.81. Evidence of computer stored records in court proceedings.Chapter II Miscellaneous (ss. 82-94)82. Hydrocarbons and substitute motor fuel.83. Amendment of section 56 (hydrocarbons) of Finance Act, 1988.84. Recycled hydrocarbon oil used as a motor fuel.85. Tobacco products.86. Amendment of section 1 (interpretation) of Finance (Excise Duty on Tobacco Products) Act, 1977.87. Amendment of section 10A (offences in relation to tax stamps) of Finance (Excise Duty on Tobacco Products) Act, 1977.88. Amendment of section 106 (treatment of excisable products released for consumption in another Member State) of Finance Act, 1992.89. Amendment of penalties under section 186 (illegally importing) of Customs Consolidation Act, 1876.90. Amendment of section 34 (amendments relative to penalties) of Finance Act, 1963.91. Amendment of section 89 (seizure of goods and vehicles) of Finance Act, 1995.92. Obligation to answer certain questions, detention and arrest in respect of certain tobacco products.93. Amendment of section 94 (power to deal with seizures before condemnation) of Finance Act, 1995.94. Ships stores.Part III Value-Added Tax (ss. 95-114)95. Interpretation (Part III).96. Amendment of section 1 (interpretation) of Principal Act.97. Amendment of section 3A (intra-Community acquisition of goods) of Principal Act.98. Amendment of section 4 (special provisions in relation to the supply of immovable goods) of Principal Act.99. Amendment of section 5 (supply of services) of Principal Act.100. Amendment of section 7 (waiver of exemption) of Principal Act.101. Amendment of section 8 (taxable persons) 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 13 (remission of tax on goods exported, etc.) of Principal Act.107. Amendment of section 19 (tax due and payable) of Principal Act.108. Amendment of section 20 (refund of tax) of Principal Act.109. Amendment of section 25 (appeals) of Principal Act.110. Amendment of First Schedule to Principal Act.111. Amendment of Second Schedule to Principal Act.112. Amendment of Fourth Schedule to Principal Act.113. Amendment of Sixth Schedule to Principal Act.114. Revocation (Part III).Part IV Stamp Duties (ss. 115-130)Chapter I Special provisions relating to residential property (ss. 115-122)115. Interpretation (Chapter I).116. Commencement (Chapter I).117. Amendment of the First Schedule.118. Amendment of section 122 (definitions) of the Act of 1891.119. Amendment of section 58 (conveyances on sale: direction as to duty in certain cases) of the Act of 1891.120. Amendment of section 77 (leases: directions as to duty in certain cases) of the Act of 1891.121. Surcharges.122. Furnishing of an incorrect certificate.Chapter II Miscellaneous (ss. 123-130)123. Amount chargeable to duty where chargeable on new dwellinghouse or apartment.124. Provision relating to section 112 (stamp duty on transfers of building land) of Finance Act, 1990.125. Amendment of section 207 (exemption from stamp duty of certain financial services instruments) of Finance Act, 1992.126. Amendment of section 112 (relief from stamp duty in respect of transfers to young trained farmers) of Finance Act, 1994 .127. Exemption of certain transfers from stamp duty following the dissolution of a marriage.128. Exemption from stamp duty of certain instruments (Dublin Docklands Development Authority).129. Exemption from stamp duty of certain policies of health insurance.130. Repeal (Part IV).Part V Residential Property Tax (ss. 131-132)131. Abolition of residential property tax.132. Amendment of section 110A (clearance on sale of certain residential property) of Finance Act, 1983.Part VI Capital Acquisitions Tax (ss. 133-143)133. Interpretation (Part VI).134. Amendment of section 19 (value of agricultural property) of Principal Act.135. Amendment of section 57 (exemption of certain securities) of Principal Act.136. Second Schedule (computation of tax) to Principal Act, declaratory provision.137. Amendment of section 39 (extension of section 55 (exemption of certain objects) of Capital Acquisitions Tax Act, 1976) of Finance Act, 1978.138. Amendment of section 117 (reduction of market value of certain dwellings) of Finance Act, 1991.139. Amendment of section 126 (business relief) of Finance Act, 1994.140. Amendment of section 127 (relevant business property) of Finance Act, 1994.141. Amendment of section 135 (withdrawal of relief) of Finance Act, 1994.142. Exemption of certain transfers from capital acquisitions tax following the dissolution of a marriage.143. Abatement and postponement of probate tax on certain property.Part VII Miscellaneous Pre-Consolidation Provisions (ss. 144-156)Chapter I Income Tax, Corporation Tax and Capital Gains Tax (ss. 144-146)144. Securities of certain State-owned companies.145. Relief for interest paid on certain home loans.146. Pre-consolidation amendments and repeals.Chapter II Urban Renewal: Temple Bar Area (ss. 147-156)147. Preliminary and general.148. Accelerated capital allowances in relation to construction or refurbishment of certain industrial buildings or structures.149. Capital allowances in relation to construction or refurbishment of certain commercial premises.150. Double rent allowance in respect of rent paid for certain business premises.151. Rented residential accommodation: deduction for certain expenditure on construction.152. Rented residential accommodation: deduction for certain expenditure on conversion.153. Rented residential accommodation: deduction for certain expenditure on refurbishment.154. Residential accommodation: allowance to owner-occupiers in respect of expenditure on construction or refurbishment.155. Provisions supplementary to sections 151 to 154.156. Repeals and consequential amendments.Part VIII Miscellaneous (ss. 157-166)157. Amendment of section 162 (Collector-General) of Income Tax Act, 1967.158. Amendment of section 23 (publication of names of defaulters) of Finance Act, 1983.159. Evidence of authorisation.160. Tax clearance for moneylenders, mortgage intermediaries and credit intermediaries.161. Amendment of section 54 (creation and issue of securities by Minister for Finance) of Finance Act, 1970, etc.162. Advance of moneys to Post Office Savings Bank Fund by the Minister for Finance.163. Amendment of National Treasury Management Agency Act, 1990.164. Capital Services Redemption Account.165. Care and management of taxes and duties.166. Short title, construction and commencement.First Schedule Amendments Consequential on Changes in Personal ReliefsSecond Schedule Amendments Consequential on Changes in Amounts of Tax Credits in Respect of DistributionsThird Schedule Employee Share Ownership TrustsFourth Schedule Farm Buildings and Structures to Which Allowances for the Control of Pollution ApplyFifth Schedule Replacement of Harbour Authorities by Port CompaniesSixth Schedule Change in Rate of Corporation Tax: Consequential ProvisionsSixth Schedule, Part I Application of sections 6(3), 13(1B), 182 and 184 of Corporation Tax Act, 1976Sixth Schedule, Part II Amendment of Chapter VI (Corporation Tax: Relief in relation to Certain Income of Manufacturing Companies) of Part I of Finance Act, 1980Seventh Schedule Rates of Excise Duty on Tobacco ProductsEighth Schedule Stamp Duty on InstrumentsEighth Schedule, Part I Conveyance or Transfer on Sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insuranceEighth Schedule, Part II LeaseNinth ScheduleNinth Schedule, Part I Pre-Consolidation AmendmentsNinth Schedule, Part II Pre-Consolidation RepealsTenth Schedule Income Tax and Corporation Tax: Reliefs for Certain Enterprise Areas
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Version status: Repealed | Document consolidation status: Updated to reflect all known changes
Version date: 10 May 1997 - onwards
Third Schedule Employee Share Ownership Trusts
Interpretation
(1) For the purposes of this Schedule -
"ordinary share capital" has the meaning assigned to it by section 155 of the Corporation Tax Act, 1976;
"securities" mean shares (including stock) and debentures.
(2) For the purposes of this Schedule, the question whether one company is controlled by another shall be construed in accordance with section 102 of the Corporation Tax Act, 1976.
(3) For the purposes of this Schedule a person shall be regarded as an employee or a director of a company falling within the founding company’s group at a particular time if, at the time or within 18 months prior to the time, that person is or was an employee or director of -
(a) the founding company, being a company resident in the State,
(b) a company resident in the State and controlled by the founding company, or
(c) a company, being the founding company or a company controlled by the founding company, which carries on a trade in the State through a branch or agency in which that person is employed.