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Number 30 of 2018 Finance Act 2018

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Number 30 of 2018 Finance Act 2018 Number 30 of 2018 FINANCE ACT 2018 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 15 of Principal Act (rate of charge) 4. Amendment of section 472AB of Principal Act (earned income tax credit) 5. Amendment of section 466A of Principal Act (home carer tax credit) 6. Amendment of section 191 of Principal Act (taxation treatment of Hepatitis C compensation payments) 7. Exemption of certain childcare support payments 8. Certain benefits in kind: members of the Permanent Defence Force 9. Benefit in kind: relief relating to electric vehicles 10. Amendment of section 985A of Principal Act (application of section 985 to certain perquisites, etc.) 11. Amendment of section 128F of Principal Act (key employee engagement programme) 12. Retirement benefits 13. Amendment of section 126 of Principal Act (tax treatment of certain benefits payable under Social Welfare Acts) 14. Relief arising in special circumstances 15. Amendment of section 825C of Principal Act (special assignee relief programme) 1 [No. 30.] Finance Act 2018. [2018.] CHAPTER 4 Income Tax, Corporation Tax and Capital Gains Tax 16. Taxation of payments under Magdalen Restorative Justice Ex-Gratia Scheme 17. Amendment of section 285A of, and Schedule 4A to, Principal Act (acceleration of wear and tear allowances for certain energy-efficient equipment) 18. Acceleration of wear and tear allowances for gas vehicles and refuelling equipment 19. Amendment of Parts 9 and 36 of, and Schedule 25B to, Principal Act (capital allowances for equipment and buildings used for the purposes of providing childcare services or a fitness centre to employees) 20. Amendment of section 438A of Principal Act (extension of section 438 to loans by companies controlled by close companies) 21. Amendment of Part 23 of Principal Act (farming and market gardening) 22. Amendment of section 486C of Principal Act (relief from tax for certain start-up companies) 23. Amendment of section 97 of Principal Act (computational rules and allowable deductions) 24. Amendment of section 216A of Principal Act (rent-a-room relief) 25. Relief for investment in corporate trades CHAPTER 5 Corporation Tax 26. Amendments relating to relief for investment in films 27. Controlled foreign companies 28. Amendment of section 291A of Principal Act (intangible assets) CHAPTER 6 Capital Gains Tax 29. Amendment of section 579B of Principal Act (trustees ceasing to be resident in the State) 30. Amendment of section 603A of Principal Act (disposal of site to child) 31. Amendment of section 604B of Principal Act (relief for farm restructuring) 32. Exit tax, etc. - substitution of new Chapter 2 of Part 20 of Principal Act PART 2 EXCISE 33. Amendment of Chapter 1 of Part 2 of Finance Act 2017 (sugar sweetened drinks tax) 34. Rates of tobacco products tax 35. Amendment of Chapter 1 of Part 2 of Finance Act 2002 (consolidation and modernisation of betting duties law) 36. Amendment of section 130 of Finance Act 1992 (interpretation) 2 [2018.] Finance Act 2018. [No. 30.] 37. Amendment of section 132 of Finance Act 1992 (charge of excise duty) 38. Amendment of section 134 (permanent reliefs) and section 141 (regulations) of Finance Act 1992 39. Amendment of section 135C of Finance Act 1992 (remission or repayment in respect of vehicle registration tax, etc.) 40. Amendment of section 135D of Finance Act 1992 (repayment of amounts of vehicle registration tax on export of certain vehicles) 41. Proportionate payment of vehicle registration tax on certain vehicles temporarily brought into State PART 3 VALUE-ADDED TAX 42. Interpretation (Part 3) 43. Rates of value-added tax 44. Amendment of section 94 of Principal Act (supplies of immovable goods (new rules)) 45. Amendment of section 104 of Principal Act (repayments in specific circumstances) PART 4 STAMP DUTIES 46. Interpretation (Part 4) 47. Amendment of sections 31 and 31A of Principal Act 48. Amendments in relation to certain farming reliefs 49. Right of appeal in relation to refund claims PART 5 CAPITAL ACQUISITIONS TAX 50. Interpretation (Part 5) 51. Miscellaneous amendments to Principal Act 52. Amendment of section 86 of Principal Act (exemption relating to certain dwellings) 53. Amendment of Schedule 2 to Principal Act (computation of tax) PART 6 MISCELLANEOUS 54. Interpretation (Part 6) 55. Appeal procedures 56. Amendment of section 851A of Principal Act (confidentiality of taxpayer information) 57. Amendment of section 858 of Principal Act (evidence of authorisation) 58. PAYE modernisation 3 [No. 30.] Finance Act 2018. [2018.] 59. Amendment of Part 41A of Principal Act (assessing rules including rules for self assessment) 60. Amendment of certain tax exemption provisions 61. Amendment of Part 5 of Schedule 24A to Principal Act (orders pursuant to section 826(1E) in relation to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting) 62. Miscellaneous technical amendments in relation to tax 63. Amendment of section 44 of Forestry Act 1988 64. Care and management of taxes and duties 65. Short title, construction and commencement SCHEDULE 1 AMENDMENTS TO CAPITAL ACQUISITIONS TAX CONSOLIDATION ACT 2003 SCHEDULE 2 MISCELLANEOUS TECHNICAL AMENDMENTS IN RELATION TO TAX 4 [2018.] Finance Act 2018. [No. 30.] ACTS REFERRED TO Capital Acquisitions Tax Consolidation Act 2003 (No. 1) Child Care Act 1991 (No. 17) Childcare Support Act 2018 (No. 11) Companies Act 2014 (No. 38) Electricity Regulation Act 1999 (No. 23) Finance Act 1992 (No. 9) Finance Act 1998 (No. 3) Finance Act 1999 (No. 2) Finance Act 2001 (No. 7) Finance Act 2002 (No. 5) Finance Act 2005 (No. 5) Finance Act 2011 (No. 6) Finance Act 2017 (No. 41) Forestry Act 1988 (No. 26) Harbours Act 1996 (No. 11) Housing (Private Rented Dwellings) Act 1982 (No. 6) Insurance (Amendment) Act 2018 (No. 21) Insurance Act 1964 (No. 18) Interpretation Act 2005 (No. 23) Ministers and Secretaries (Amendment) Act 2011 (No. 10) Public Service Pay and Pensions Act 2017 (No. 34) Road Safety Authority (Commercial Vehicle Roadworthiness) Act 2012 (No. 16) Social Welfare Consolidation Act 2005 (No. 26) Stamp Duties Consolidation Act 1999 (No. 31) Taxes Consolidation Act 1997 (No. 39) Tourist Traffic Acts 1939 to 2003 Value-Added Tax Consolidation Act 2010 (No. 31) 5 6 Number 30 of 2018 FINANCE ACT 2018 An Act to provide for the imposition, repeal, remission, alteration and regulation of 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. [19th December, 2018] Be it enacted by the Oireachtas as follows: PART 1 UNIVERSAL SOCIAL CHARGE, INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX CHAPTER 1 Interpretation 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) 2. (1) Section 531AN of the Principal Act is amended— (a) in subsection (3), by substituting “€19,874” for “€19,372”, and (b) by substituting the following Table for the Table to that section: “TABLE PART 1 Part of aggregate income Rate of universal social charge (1) (2) The first €12,012 0.5 per cent 7 PT.1 S.2[No. 30.] Finance Act 2018. [2018.] The next €7,862 2 per cent The next €50,170 4.5 per cent The remainder 8 per cent PART 2 Part of aggregate income Rate of universal social charge (1) (2) The first €12,012 0.5 per cent The remainder 2 per cent ”. (2) Subsection (1) applies for the year of assessment 2019 and each subsequent year of assessment. CHAPTER 3 Income Tax Amendment of section 15 of Principal Act (rate of charge) 3. As respects the year of assessment 2019 and subsequent years of assessment section 15 of the Principal Act is amended— (a) in subsection (3)(i), by substituting “€26,300” for “€25,550”, and (b) by substituting the following Table for the Table to that section: “TABLE PART 1 Part of taxable income Rate of tax Description of rate (1) (2) (3) The first €35,300 20 per cent the standard rate The remainder 40 per cent the higher rate PART 2 Part of taxable income Rate of tax Description of rate (1) (2) (3) The first €39,300 20 per cent the standard rate The remainder 40 per cent the higher rate PART 3 Part of taxable income Rate of tax Description of rate (1) (2) (3) 8 [2018.] Finance Act 2018. [No. 30.]PT.1 S.3 The first €44,300 20 per cent the standard rate The remainder 40 per cent the higher rate ”. Amendment of section 472AB of Principal Act (earned income tax credit) 4. (1) Section 472AB of the Principal Act is amended in subsection (2)— (a) in paragraph (a), by substituting “€1,350” for “€1,150”, and (b) in paragraph (b), by substituting “€1,350” for “€1,150”. (2) Subsection (1) applies for the year of assessment 2019 and each subsequent year of assessment. Amendment of section 466A of Principal Act (home carer tax credit) 5. (1) Section 466A of the Principal Act is amended in subsection (2) by substituting “€1,500” for “€1,200”. (2) Subsection (1) applies for the year of assessment 2019 and each subsequent year of assessment. Amendment of section 191 of Principal Act (taxation treatment of Hepatitis C compensation payments) 6. (1) Section 191 of the Principal Act is amended— (a) in subsection (1),
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