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Finance Bill 2020 An Bille Airgeadais, 2020 Finance Bill 2020 Mar a tionscnaíodh As initiated [No. 43 of 2020] AN BILLE AIRGEADAIS, 2020 FINANCE BILL 2020 Mar a tionscnaíodh As initiated CONTENTS PART 1 UNIVERSAL SOCIAL CHARGE, INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX CHAPTER 1 Interpretation Section 1. Interpretation (Part 1) CHAPTER 2 Universal Social Charge 2. Amendment of section 531AN of Principal Act (rate of charge) CHAPTER 3 Income Tax 3. Amendment of section 126 of Principal Act (tax treatment of certain benefits payable under Social Welfare Acts) 4. Amendment of section 192BA of Principal Act (exemption of certain payments made or authorised by Child and Family Agency) 5. Amendment of section 466 of Principal Act (dependent relative tax credit) 6. Exemption in respect of Mobility Allowance 7. Amendment of section 477C of Principal Act (help to buy) 8. Share scheme reporting 9. Amendment of section 472AB of Principal Act (earned income tax credit) 10. Amendment of section 472BB of Principal Act (sea-going naval personnel credit) CHAPTER 4 Income Tax, Corporation Tax and Capital Gains Tax 11. Covid Restrictions Support Scheme [No. 43 of 2020] 12. Amendment of section 285A of Principal Act (acceleration of wear and tear allowances for certain energy-efficient equipment) 13. Amendment of Chapter 1 of Part 18 of Principal Act (payments in respect of professional services by certain persons) 14. Amendment of Part 11C of Principal Act (emissions-based limits on capital allowances and expenses for certain road vehicles) 15. Transfer Pricing 16. Amendment of Schedule 2 to Principal Act (machinery for assessment, charge and payment of tax under Schedule C and, in certain cases, Schedule D) CHAPTER 5 Corporation Tax 17. Amendment of section 288 of Principal Act (balancing allowances and balancing charges) 18. Amendment of section 481 of Principal Act (relief for investment in films) 19. Amendment of Part 35B of Principal Act (controlled foreign companies) 20. Amendment of Part 35C of Principal Act (hybrid mismatches) 21. Amendment of section 769Q of Principal Act (application) CHAPTER 6 Capital Gains Tax 22. Amendment of section 541 of Principal Act (debts) 23. Amendment of section 597AA of Principal Act (revised entrepreneur relief) 24. Amendment of section 629 of Principal Act (deferral of exit tax) PART 2 EXCISE 25. Rates of tobacco products tax 26. Amendment of Chapter 1 of Part 2 of, and Schedules 2 and 2A to, Finance Act 1999 (mineral oil tax) 27. Amendment of section 67 of Finance Act 2010 (natural gas carbon tax) 28. Amendment of Chapter 3 of Part 3 of, and Schedule 1 to, Finance Act 2010 (solid fuel carbon tax) 29. Amendment of section 104 of Finance Act 2001 (reliefs) 30. Waiver of excise duty on renewal of certain liquor licences, public dancing licences and certificates of registration of clubs 31. Amendment of section 96 of Finance Act 2001 (interpretation (Part 2)) 32. Amendment of section 132 of Finance Act 1992 (charge of excise duty) 33. Amendment of section 135C of Finance Act 1992 (remission or repayment in respect of vehicle registration tax, etc.) 34. Amendment of Part I of Schedule to Act of 1952 2 PART 3 VALUE-ADDED TAX 35. Interpretation (Part 3) 36. Amendment of section 2 of Principal Act (interpretation - general) 37. Amendment of section 46 of Principal Act (rates of tax) 38. Amendment of section 86 of Principal Act (special provisions for tax invoiced by flat- rate farmers) 39. Tax representative 40. Amendment of section 24, Schedule 1 and Schedule 2 of Principal Act 41. Food and drink 42. Amendment of Schedule 2 (zero-rated goods and services) to, and section 46 (rates of tax) of, Principal Act 43. Amendment of section 120 and Schedules 1 and 3 to Principal Act (accommodation) 44. Amendment of Schedules 2 and 3 to Principal Act PART 4 STAMP DUTIES 45. Interpretation (Part 4) 46. Amendment of section 31C of Principal Act (shares deriving value from immovable property situated in the State) 47. Amendment of section 81C of Principal Act (further farm consolidation relief) 48. Amendment of section 83D of Principal Act (repayment of stamp duty where land used for residential purposes) 49. Insurance regulations – stamp duty 50. Amendment of section 126AA of Principal Act (further levy on certain financial institutions) 51. Amendment of Schedule 1 to Principal Act (stamp duties on instruments) PART 5 CAPITAL ACQUISITIONS TAX 52. Interpretation (Part 5) 53. Amendment of section 46 of Principal Act (delivery of returns) 54. Amendments of Principal Act in relation to 4-year time limit on enquiries, assessments and repayments PART 6 MISCELLANEOUS 55. Interpretation (Part 6) 56. Amendment of Principal Act (appeals to Appeals Commissioners) 57. Mandatory disclosure of certain transactions 58. Insurance regulations 3 59. Returns of certain payment card transactions by payment card providers 60. Amendments consequential on migration of shares to EU central securities depository 61. Amendment of section 28B of Emergency Measures in the Public Interest (Covid-19) Act 2020 62. Amendment of Emergency Measures in the Public Interest (Covid-19) Act 2020 63. Covid-19: special warehousing and interest provisions (income tax) 64. Amendment of section 991B of Principal Act (Covid-19: special warehousing and interest provisions) 65. Amendment of section 114B of Value-Added Tax Consolidation Act 2010 (Covid-19: special warehousing and interest provisions) 66. Amendment of section 17C of Social Welfare Consolidation Act 2005 (Covid-19: special warehousing and interest provisions for contributions) 67. Repayment or refund of payment made in excess of liability to tax assessed by taxpayer 68. Amendment of section 1001 of Principal Act (liability to tax, etc. of holder of fixed charge on book debts of company) 69. Amendment of section 1077E of Principal Act (penalty for deliberately or carelessly making incorrect returns, etc.) 70. Amendment of Part 3 of Schedule 26A to Principal Act (approval of body as eligible charity) 71. Amendment of section 908E of Principal Act (order to produce documents or provide information) 72. Miscellaneous technical amendments in relation to tax 73. Care and management of taxes and duties 74. Short title, construction and commencement SCHEDULE MISCELLANEOUS TECHNICAL AMENDMENTS IN RELATION TO TAX 4 ACTS REFERRED TO Capital Acquisitions Tax Consolidation Act 2003 (No. 1) Central Bank Act 1971 (No. 24) Companies Act 2014 (No. 38) Customs Act 2015 (No. 18) Customs Consolidation Act 1876 (39 & 40 Vict., c.36.) Electricity Regulation Act 1999 (No. 23) Emergency Measures in the Public Interest (Covid-19) Act 2020 (No. 2) Finance (1909-10) Act 1910 (10 Edw. 7, c.8) Finance (Excise Duties) (Vehicles) Act 1952 (No. 24) Finance (Local Property Tax) Act 2012 (No. 52) Finance Act 1980 (No. 14) Finance Act 1989 (No. 10) Finance Act 1992 (No. 9) Finance Act 1999 (No. 2) Finance Act 2000 (No. 3) Finance Act 2001 (No. 7) Finance Act 2005 (No. 5) Finance Act 2010 (No. 5) Finance Act 2019 (No. 45) Financial Provisions (Covid-19) (No. 2) Act 2020 (No. 8) Health Act 1947 (No. 28) Health Act 1970 (No. 1) Intoxicating Liquor (Breweries and Distilleries) Act 2018 (No. 17) Intoxicating Liquor (National Concert Hall) Act 1983 (No. 34) Intoxicating Liquor (National Conference Centre) Act 2010 (No. 9) Intoxicating Liquor Act 2003 (No. 31) Migration of Participating Securities Act 2019 (No. 50) National Cultural Institutions Act 1997 (No.11) Post Office Savings Bank Act 1861 (24 & 25 Vict., c.14) Public Dance Halls Act 1935 (No. 2) Registration of Clubs (Ireland) Act 1904 (4 Edw. 7, c.9) Social Welfare Consolidation Act 2005 (No. 26) Stamp Duties Consolidation Act 1999 (No. 31) Taxes Consolidation Act 1997 (No. 39) Value-Added Tax Consolidation Act 2010 (No. 31) 5 6 AN BILLE AIRGEADAIS, 2020 FINANCE BILL 2020 Bill entitled An Act to provide for the imposition, repeal, remission, alteration and regulation of 5 taxation, of stamp duties and of duties relating to excise and otherwise to make further provision in connection with finance including the regulation of customs; to amend Part 7 of the Emergency Measures in the Public Interest (Covid-19) Act 2020 and otherwise make provision for supports to certain sectors of the economy; and to provide for related matters. 10 Be it enacted by the Oireachtas as follows: PART 1 UNIVERSAL SOCIAL CHARGE, INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX CHAPTER 1 Interpretation 15 Interpretation (Part 1) 1. In this Part “Principal Act” means the Taxes Consolidation Act 1997. CHAPTER 2 Universal Social Charge Amendment of section 531AN of Principal Act (rate of charge) 20 2. (1) Section 531AN of the Principal Act is amended— (a) by substituting the following for subsection (3): “(3) Notwithstanding subsection (1) and the Table to this section, where an individual is in receipt of aggregate income which does not exceed €60,000, is aged under 70 years and has full eligibility for services 25 under Part IV of the Health Act 1970, by virtue of sections 45 and 45A of that Act or Council Regulation (EC) No. 883/2004 of 29 April 7 20041, the individual shall, instead of being charged to universal social charge on the part of aggregate income for the tax year concerned that exceeds €20,484 at the rate provided for in column (2) of Part 1 of that Table, be charged on the amount of the excess at the rate of 2 per cent.”, 5 (b) in subsection (4), by the substitution of “2022” for “2021”, and (c) by substituting the following for Part 1 of the Table to that section: “Part 1 Part of aggregate income Rate of universal social charge (1) (2) 10 The first €12,012 0.5 per cent The next €8,472 2 per cent The next €49,560 4.5 per cent The remainder 8 per cent ”.
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