Table of Contents
Finance (No. 2) Act 2023 (No. 39)Introductory TextActs Referred toPart 1 Universal Social Charge, Income Tax, Corporation Tax and Capital Gains Tax (ss. 1-51)Chapter 1 Interpretation (s. 1)1. Interpretation (Part 1)Chapter 2 Universal Social Charge (s. 2)2. Amendment of section 531AN of Principal Act (rate of charge)Chapter 3 Income Tax (ss. 3-23)3. Exemption in respect of Clinical Placement Allowance4. Exemption in respect of allowance for maternity-related administrative support5. Time limits for certain assessments and repayments6. Amendment of section 477C of Principal Act (Help to Buy)7. Amendment of section 121 of Principal Act (Benefit of use of car)8. Amendment of section 121A of Principal Act (Benefit of use of van)9. Rate of charge and personal tax credits10. Amendment of section 472BB of Principal Act (sea-going naval personnel credit)11. Amendment of section 473B of Principal Act (Rent tax credit)12. Taxation of rights to acquire shares or other assets13. Mortgage interest tax relief14. Amendment of section 208 of Principal Act (lands owned and occupied, and trades carried on by, charities)15. Amendment of section 208B of Principal Act (charities - miscellaneous)16. Amendment of section 235 of Principal Act (bodies established for promotion of athletic or amateur games or sports)17. Amendment of section 784 of Principal Act (retirement annuities: relief for premiums)18. Amendment of section 784A of Principal Act (approved retirement fund)19. Amendment of section 787K of Principal Act (Revenue approval of PRSA products)20. Exemption from income tax of rental income subject to registration with Residential Tenancies Board21. Amendment of Part 15 of Principal Act (personal allowances and reliefs, etc.)22. Amendment of Part 1 of Schedule 26A to Principal Act (donations to approved bodies)23. Amendment of Schedule 13 to Principal Act (accountable persons for purposes of Chapter 1 of Part 18)Chapter 4 Income Tax, Corporation Tax and Capital Gains Tax (ss. 24-38)24. Amendment of section 97B of Principal Act (deduction for retrofitting expenditure)25. Amendment of section 1041 of Principal Act (rents payable to non-residents)26. Amendment of section 238 of Principal Act (annual payments not payable out of taxed income)27. Amendment of section 669O of Principal Act (exemption in respect of the catch sum)28. Amendment of section 216D of Principal Act (certain profits of micro-generation of electricity)29. Amendment of section 285A of Principal Act (acceleration of wear and tear allowances for certain energy-efficient equipment)30. Amendment of section 285D of Principal Act (acceleration of wear and tear allowances for farm safety equipment)31. Amendment of Part 16 of Principal Act (relief for investment in corporate trades)32. Amendment of Part 23 of Principal Act (farming and market gardening)33. Amendment of section 664 of Principal Act (relief for certain income from leasing of farm land)34. Amendment of Chapter 2 of Part 29 of Principal Act (scientific and certain other research)35. Amendment of certain tax exemption provisions36. Outbound payments defensive measures37. Amendment of Part 6 of Principal Act (company distributions, tax credits, etc.)38. Medical practitioners operating in partnershipChapter 5 Corporation Tax (ss. 39-45)39. Taxation of leases40. Taxation of certain qualifying financing companies41. Amendment of section 481 of Principal Act (relief for investment in films)42. Amendment of section 82 of Principal Act (pre-trading expenditure)43. Amendment of Chapter 5 of Part 12 of Principal Act (group relief)44. Amendment of section 835YA of Principal Act (non-cooperative jurisdictions: modified application of sections 835T, 835U and 835V)45. Amendment of Part 35C of Principal Act (Implementation of Council Directive (EU) 2016/1164 of 12 July 2016 as regards hybrid mismatches)Chapter 6 Capital Gains Tax (ss. 46-51)46. Relief for investment in innovative enterprises47. Amendment of section 536 of Principal Act (capital sums: receipt of compensation and insurance moneys not treated as a disposal in certain cases)48. Amendment of section 597AA of Principal Act (revised entrepreneur relief)49. Amendment of section 598 of Principal Act (disposals of business or farm on "retirement")50. Amendment of section 599 of Principal Act (disposals within family of business or farm)51. Amendment of section 604A of Principal Act (relief for certain disposals of land or buildings)Part 2 Excise (ss. 52-56)52. Amendment of Schedule 2 to Finance Act 1999 (rates of mineral oil tax)53. Amendment of Schedule 2 to Finance Act 2005 (rates of tobacco products tax)54. Amendment of Chapter 1 of Part 2 of, and Schedule 2 to, Finance Act 2003 (Alcohol Products Tax)55. Amendment of section 135C of Finance Act 1992 (remission or repayment in respect of vehicle registration tax, etc.)56. Amendment of Part 2 of Finance Act 2001Part 3 Value-Added Tax (ss. 57-66)57. Interpretation (Part 3)58. Amendment of section 2 of Principal Act59. Amendment of section 46 of Value-Added Tax Consolidation Act 201060. Repeal of section 51 of Principal Act (determination on rates and exemptions)61. Deposit Return Scheme62. Amendment of section 86 of Principal Act (special provisions for tax invoiced by flat-rate farmers)63. Amendment of paragraph 6(1) of Schedule 1 to Principal Act (financial services)64. Amendment of paragraph 11 of Schedule 1 to Principal Act (letting of immovable goods)65. Amendment of Schedules 2 and 3 to Principal Act (zero-rated goods and services)66. Amendment of Schedule 2 to Principal Act (zero-rated goods and services)Part 4 Stamp Duties (ss. 67-76)67. Interpretation (Part 4)68. Exemption for short-term residential leases69. Amendment of section 81AA of Principal Act (transfers to young trained farmers)70. Consanguinity relief71. Amendment of section 101A of Principal Act (single farm payment entitlement)72. Amendment of section 81C of Principal Act (further farm consolidation relief)73. Further levy on certain financial institutions74. Amendment of Chapter 2 of Part 6 of Principal Act (special provisions relating to dematerialised securities)75. Amendment of section 75 of Principal Act (relief for intermediaries)76. Provisions in relation to repayment of stamp dutyPart 5 Capital Acquisitions Tax (ss. 77-81)77. Interpretation (Part 5)78. Amendment of Schedule 2 to Principal Act (computation of tax)79. Amendment of Principal Act in relation to section 4B of Succession Act 196580. Amendment of section 46 of Principal Act (delivery of returns)81. Amendment of Part 10 of Principal Act (agricultural relief and business relief)Part 6 Miscellaneous (ss. 82-102)82. Interpretation (Part 6)83. Amendment of section 895 of Principal Act (returns in relation to foreign accounts)84. Amendment of section 3 of Principal Act (Interpretation of Income Tax Acts)85. Amendment of section 92 of Finance Act 198986. Amendment of Part 38 of Principal Act (returns of income and gains, other obligations, etc.)87. Administrative cooperation88. Implementation of Council Directive (EU) 2021/514 of 22 March 2021 amending Directive 2011/16/EU on administrative cooperation in the field of taxation in relation to joint audits89. Amendment of references to credit institutions in certain provisions of Principal Act90. Amendment of Part 22B of Principal Act (vacant homes tax)91. Amendment of section 1003 of Principal Act (payment of tax by means of donation of heritage items)92. Residential zoned land tax93. Amendment of Part 18E of Principal Act (defective concrete products levy)94. Implementation of Council Directive (EU) 2022/2523 of 15 December 2022 on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union95. Application of certain provisions of Principal Act to Parts 4A and 22A of Principal Act96. Amendments to other enactments97. Amendment of Schedule 24 to Principal Act (relief from income tax and corporation tax by means of credit in respect of foreign tax)98. Amendment of Part 35B of Principal Act (implementation of Articles 7 and 8 of Council Directive (EU) 2016/1164 of 12 July 2016 (Controlled Foreign Companies))99. Amendment of section 481A of Principal Act (relief for investment in digital games)100. Miscellaneous technical amendments in relation to tax101. Care and management of taxes and duties102. Short title, construction and commencementSchedule - Miscellaneous technical amendments in relation to tax
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42. Amendment of section 82 of Principal Act (pre-trading expenditure)
(1) Section 82 of the Principal Act is amended, in subsection (3), by the substitution of "396(2), 396A, 396B, 420, 420A or 420B" for "396(2) or 420".
(2) Subsection (1) shall apply for accounting periods commencing on or after 1 January 2024.