Table of Contents
Finance Act 2003 (No. 3)Introductory TextActs Referred toPart 1 Income Tax, Corporation Tax and Capital Gains Tax (ss. 1-72)Chapter 1 Interpretation (s. 1)1. Interpretation (Part 1).Chapter 2 Income Tax (ss. 2-14)2. Age exemption.3. Employee tax credit.4. Amendment of section 122 (preferential loan arrangements) of Principal Act.5. Amendment of section 126 (tax treatment of certain benefits payable under Social Welfare Acts) of Principal Act.6. Application of PAYE to perquisites, benefits-in-kind, etc.7. Payment of tax in respect of share options in certain circumstances.8. Payment of tax under section 128 (tax treatment of directors of companies and employees granted rights to acquire shares or other assets) of Principal Act.9. Amendment of section 244 (relief for interest paid on certain home loans) of Principal Act.10. Amendment of Chapter 1 (payments in respect of professional services by certain persons) of Part 18 of, and Schedule 13 to, Principal Act.11. Amendment of section 65 (Cases I and II: basis of assessment) of Principal Act.12. Restriction of reliefs where individual is not actively participating in certain trades.13. Income tax: ring-fence on use of certain capital allowances on certain industrial buildings and other premises.14. Pension arrangements.Chapter 3 Income Tax, Corporation Tax and Capital Gains Tax (ss. 15-58)15. Amendment of Part 16 (income tax relief for investment in corporate trades business expansion scheme and seed capital scheme) of Principal Act.16. Rental income: restriction of relief for certain interest.17. Claims for repayment, interest on repayments and time limits for assessment.18. Amendment of section 666 (deduction for increase in stock values) of Principal Act.19. Amendment of section 667 (special provisions for qualifying farmers) of Principal Act.20. Amendment of Chapter 4 (transmission capacity rights) of Part 29 of Principal Act.21. Amendment of section 848A (donations to approved bodies) of Principal Act.22. Amendment of Schedule 26A (donations to approved bodies, etc.) to Principal Act.23. Wear and tear allowances.24. Capital allowances for certain day hospitals.25. Provisions relating to certain industrial buildings or structures.26. 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.27. Amendment of Chapter 7 (qualifying areas) of Part 10 of Principal Act.28. Amendment of section 372T (non-application of relief in certain circumstances and provision against double relief) of Principal Act.29. Amendment of Chapter 10 (designated areas of certain towns) of Part 10 of Principal Act.30. Amendment of Chapter 11 (reliefs for lessors and owner-occupiers in respect of expenditure incurred on the provision of certain residential accommodation) of Part 10 of Principal Act.31. Amendment of section 749 (dealers in securities) of Principal Act.32. Conditions relating to relief in respect of expenditure incurred on provision of certain student accommodation.33. Relevant contracts tax.34. Filing date for certain returns and elections.35. Amendment of certain provisions relating to exempt income.36. Transfer of rent.37. Matching of relevant foreign currency assets with foreign currency liabilities.38. Exchange of information.39. Amendment of section 404 (restriction on use of capital allowances for certain machinery or plant) of Principal Act.40. Amendment of section 407 (restriction on use of losses and capital allowances for qualifying shipping trade) of Principal Act.41. Amendment and repeals consequential on abolition of tax credits and advance corporation tax.42. Amendment of Part 41 (self assessment) of Principal Act.43. National Development Finance Agency.44. Restriction on deductibility of certain interest.45. Amendment of Chapter 2 (additional matters to be treated as distributions, charges to tax in respect of certain loans and surcharges on certain undistributed income) of Part 13 of Principal Act.46. Amendment of section 249 (rules relating to recovery of capital and replacement loans) of Principal Act.47. Amendment of section 289 (calculation of balancing allowances and balancing charges in certain cases) of Principal Act.48. Securitisation and related matters.49. Wholesale debt instruments and related matters.50. Amendment of section 737 (special investment schemes) of Principal Act.51. Amendment of Chapter 1 (income tax and corporation tax) of Part 45 of Principal Act.52. Cessation of special investment business as separate business.53. Amendment of Chapter 1A (investment undertakings) of Part 27 of Principal Act.54. Amendment of section 706 (interpretation and general (Part 26)) of Principal Act.55. Amendment of section 747E (disposal of an interest in offshore funds) of Principal Act.56. Amendment of Schedule 2B (investment undertaking declarations) of Principal Act.57. Amendment of Part 26 (life assurance companies) of Principal Act.58. Amendment of section 481 (relief for investment in films) of Principal Act.Chapter 4 Corporation Tax (ss. 59-64)59. Provisions relating to loss relief.60. Unilateral credit relief.61. Amendment of section 130 (matters to be treated as distributions) of Principal Act.62. Amendment of Part 24A (tonnage tax) of Principal Act.63. Amendment of section 430 (meaning of "close company") of Principal Act.64. Amendment of Schedule 4 (exemption of specified non-commercial State sponsored bodies from certain tax provisions) to Principal Act.Chapter 5 Capital Gains Tax (s. 65-72)65. Amendment of section 556 (adjustment of allowable expenditure by reference to consumer price index) of Principal Act.66. Restriction of relief on issue of debentures etc.67. Restriction of deferral of capital gains tax.68. Amendment of section 598 (disposal of business or farm on "retirement") of Principal Act.69. Amendment of Chapter 3 (capital gains tax) of Part 2 of Principal Act.70. Amendment of Chapter 1 (assets and acquisition and disposal of assets) of Part 19 of Principal Act.71. Amendment of section 980 (deduction from consideration on disposal of certain assets) of Principal Act.72. Amendment of Schedule 15 (list of bodies for the purposes of section 610) to Principal Act.Part 2 Excise (ss. 73-111)Chapter 1 Alcohol Products Tax (ss. 73-86)73. Interpretation (Chapter 1).74. Qualification to meanings given to certain alcohol products.75. Charging and rates.76. Liability and payment.77. Reliefs.78. Repayment.78A. Relief for small breweries.78B. Certification of small producers78C. Relief for small producers of cider and perry78D. Relief for small producers of other fermented beverages.79. Offences and penalties.80. Amendments relative to penalties.81. Regulations.82. General provisions.83. Repeals and revocations.84. Continuity.85. Care and management of alcohol products tax.86. Commencement.Chapter 2 Miscellaneous (ss. 87-111)87. Amendment of section 97 (excisable products) of Finance Act 2001.88. Amendment of section 109 (warehousing) of Finance Act 2001.89. Amendment of Chapter 2 of Part 2 (Intra-Community movement) of Finance Act 2001.90. Amendment of section 136 (entry and search of premises) of Finance Act 2001.91. Rates of mineral oil tax.92. Spirits.93. Offences in relation to keeping, selling or delivering of unexcised spirits.94. Amendment of section 102 (offences) of Finance Act 1999.95. Amendment of section 103 (presumptions in certain proceedings) of Finance Act 1999.96. Tobacco products.97. Amendment of section 103 (payment) of Finance Act 2001.98. Amendment of Chapter 1 (interpretation, liability and payment) of Part 2 of Finance Act 2001.99. Administrative penalties for breach of provisions or regulations.100. Delegation of powers, functions and duties of Commissioners.101. Amendment of section 130 (interpretation) of Finance Act 1992.102. Amendment of section 131 (registration of vehicles by Revenue Commissioners) of Finance Act 1992.103. Amendment of section 132 (charge of excise duty) of Finance Act 1992.104. Amendment of section 134 (permanent reliefs) of Finance Act 1992.105. Amendment of section 135C (remission or repayment in respect of vehicle registration tax on certain hybrid electric vehicles) of Finance Act 1992.106. Amendment of section 141 (regulations) of Finance Act 1992.107. Gaming licences.108. Amendment of section 43 (gaming machine licence duty) of Finance Act 1975.109. Amendment of section 120 (interpretation (Chapter III) of Finance Act 1992.110. Amendment of section 123 (rates of duty) of Finance Act 1992.111. Time limits.Part 3 Value-Added Tax (ss. 112-131)112. Interpretation (Part 3).113. Amendment of section 1 (interpretation) of Principal Act.114. Amendment of section 4 (special provisions in relation to the supply of immovable goods) of Principal Act.115. Amendment of section 5 (supply of services) of Principal Act.116. Special scheme for electronic services117. Amendment of section 7 (waiver of exemption) of Principal Act.118. Amendment of section 8 (taxable persons) of Principal Act.119. Amendment of section 11 (rates of tax) of Principal Act.120. Amendment of section 12B (special scheme for means of transport supplied by taxable dealers) of Principal Act.121. Amendment of section 16 (duty to keep records) of Principal Act.122. Amendment of section 17 (invoices) of Principal Act.123. Amendment of section 19 (tax due and payable) of Principal Act.124. Amendment of section 20 (refund of tax) of Principal Act.125. Interest on refunds of tax.126. Amendment of section 22 (estimation of tax due for a taxable period) of Principal Act.127. Amendment of section 27 (fraudulent returns, etc.) of Principal Act.128. Amendment of section 29 (recovery of penalties) of Principal Act.129. Amendment of section 30 (time limits) of Principal Act.130. Amendment of section 32 (regulations) of Principal Act.131. Amendment of Fourth Schedule to Principal Act.Part 4 Stamp Duties (ss. 132-143)132. Interpretation (Part 4).133. Amendment of section 1 (interpretation) of Principal Act.134. Amendment of section 36 (certain contracts for sale of leasehold interests to be chargeable as conveyances on sale) of Principal Act.135. Amendment of section 69 (operator-instruction deemed to be an instrument of conveyance or transfer) of Principal Act.136. Amendment of section 79 (conveyances and transfers of property between certain bodies corporate) of Principal Act.137. Amendment of section 81 (relief from stamp duty in respect of transfers to young trained farmers) of Principal Act.138. Foreign Government securities.139. Exemption of National Development Finance Agency, etc. from stamp duty.140. Amendment of Part 9 (levies) of Principal Act.141. Levy on certain financial institutions.142. Amendment of Part 11 (management provisions) of Principal Act.143. Amendment of Schedule 1 to Principal Act.Part 5 Capital Acquisitions Tax (ss. 144-153)144. Interpretation (Part 5).145. Time limits for capital acquisitions tax.146. Administrative changes.147. Amendment of section 47 (signing of returns, etc.) of Principal Act.148. Amendment of section 55 (payment of tax on certain assets by instalments) of Principal Act.149. Amendment of section 69 (exemption of small gifts) of Principal Act.150. Amendment of section 81 (exemption of certain securities) of Principal Act.151. Technical amendments (Part 5).152. Amendment of section 100 (exclusion of value of excepted assets) of Principal Act.153. Transitional provisions (Part 5).Part 6 Residential Property Tax (ss. 154-155)154. Amendment of section 100 (market value exemption limit) of Finance Act 1983.155. Time limits.Part 7 Miscellaneous (ss. 156-171)156. Interpretation (Part 7).157. Amendment of Chapter 4 (collection and recovery of income tax on certain emoluments (PAYE system)) of Part 42 of Principal Act.158. Amendment of section 899 (inspector's right to make enquiries) of Principal Act.159. Amendment of Chapter 4 (revenue powers) of Part 38 of Principal Act.160. Amendment of section 1078 (revenue offences) of Principal Act.161. Amendment of Chapter 4 (revenue offences) of Part 47 of Principal Act.162. Amendment of section 1061 (recovery of penalties) of Principal Act.163. Miscellaneous technical amendments in relation to tax.164. Mandatory electronic filing and payment of tax.165. Cesser of certain payments out of Central Fund.166. Payments from Central Fund to certain persons.167. Amendment of section 136 (write-off of certain repayable advances to Shannon Free Airport Development Company Limited) of Finance Act 2002.168. Amendment of section 160 (establishment of Small Savings Reserve Fund) of Finance Act 1994.169. Capital Services Redemption Account.170. Care and management of taxes and duties.171. Short title, construction and commencement.Schedule 1 Repeals and Revocations Relating to Excise LawSchedule 1, Part 1 RepealsSchedule 1, Part 2 RevocationsSchedule 2 Rates of Alcohol Products TaxSchedule 3 Rates of Excise Duty on Tobacco ProductsSchedule 4 Gaming LicencesSchedule 5 Stamp Duty on InstrumentsSchedule 5, Part 1 Conveyance or Transfer on Sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insuranceSchedule 5, Part 2 LeaseSchedule 6 Miscellaneous Technical Amendments in Relation to Tax
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146. Administrative changes.
(1) The Principal Act is amended -
(a) by substituting the following for section 25:
"25. Penalty.
(1) Any person who contravenes or fails to comply with any requirement under section 21(e) is liable to a penalty of -
(a) €1,265, or
(b) twice the amount of tax payable in respect of the taxable inheritance to which the return relates,
whichever is the lesser.
(2) Where a person fails to comply with a requirement to deliver a return under section 21(e), by reason of fraud or neglect by that person, that person shall be liable to a penalty of -
(a) €1,265, and
(b) the amount, or in the case of fraud twice the amount, of the difference specified in subsection (3).
(3) The difference referred to in subsection (2)(b) is the difference between -
(a) the amount of tax paid by that person in respect of the taxable inheritance to which the return relates, and
(b) the amount of tax which would have been payable if the return had been delivered by that person and the return had been correct.",
(b) by inserting the following after section 45: