Legalize / Ireland / Act

Finance Act 2010

Type Act

Publication 2010-04-03

Last updated 2026-07-15

State Partially repealed superseded text

Text As published

Source Irish Statute Book

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articles 165

This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.

20 amending acts · 2026-07-15, FINANCE ACT 2026

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

Reform history JSON API

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.

[3rd April, 2010]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

PART 1 Cost Benefit Analysis of Tax Expenditures

1. Cost benefit analysis of tax expenditures.

1.— The Minister shall within three months from the passing of this Act prepare and lay before Dáil Éireann a report on a cost-benefit analysis of tax expenditures provided for by this Act, setting out the costs of tax foregone, and the benefits in terms of job creation or otherwise.

PART 2 Income Levy, Income Tax, Corporation Tax and Capital Gains Tax

Chapter 1 Interpretation

2. Interpretation (Part 2).

2.— In this Part “Principal Act” means the Taxes Consolidation Act 1997.

Chapter 2 Income Levy

3. Income levy.

3.— (1) The Principal Act is amended in Part 18A—

(a) in section 531B by substituting the following for paragraph (a) of the Table to subsection (1):

“(a) The income described in this paragraph, to be known as ‘relevant emoluments’, is emoluments to which Chapter 4 of Part 42 applies or is applied—

(i) other than social welfare payments and similar type payments,

(ii) other than excluded emoluments,

(iii) disregarding expenses, in respect of which an employee may be entitled to relief from income tax, which fall within Regulation 10(3) of the PAYE Regulations,

(iv) having regard to any relief under section 201(5)(a) and paragraphs 6 and 8 of Schedule 3, and

(v) excluding emoluments of an individual who is resident in a territory with which arrangements have been made under subsection (1)(a)(i) or (1B)(a)(ii) of section 826 in relation to affording relief from double taxation, where those emoluments are the subject of a notification issued under section 984(1).”,

(b) in section 531B in paragraph (b) of the Table to subsection (1) by inserting the following after subparagraph (iv):

“(iva) having regard to any reduction arising by virtue of section 825A, and”,

(c) in section 531B in paragraph (b) of the Table to subsection (1) by inserting the following after subparagraph (iva) (inserted by paragraph (b)):

“(ivb) having regard to any allowances due under section 659 arising from the obligations under Council Directive 91/676/EEC of 12 December 1991 ¹ concerning the protection of waters against pollution caused by nitrates from agricultural sources.”,

and

(d) in section 531B in paragraph (b) of the Table to subsection (1) by deleting subparagraphs (v), (vi) and (vii).

(2) The Principal Act is amended in paragraph 1(1) of Part 1 of Schedule 24 by substituting the following for the definition of “ the Irish taxes ”—

“ ‘ the Irish taxes ’ means income tax, income levy and corporation tax;”.

(3) This section applies—

(a) as respects paragraphs (a), (b) and (d) of subsection (1) and subsection (2), for the year of assessment 2009 and subsequent years, and

(b) as respects paragraph (c) of subsection (1), for the year of assessment 2010 and subsequent years.

Chapter 3 Income Tax

4. Amendment of section 122 (preferential loan arrangements) of Principal Act.

4.— As respects the year of assessment 2010 and subsequent years of assessment, section 122 of the Principal Act is amended in subsection (1)(a)—

(a) by inserting the following after the definition of “preferential rate”:

“ ‘qualifying loan’ has the meaning assigned to it by section 244(1)(a);”,

and

(b) by substituting for paragraph (i) of the definition of “the specified rate” the following:

“(i) in a case where the preferential loan is a qualifying loan, the rate of 5 per cent per annum or such other rate (if any) prescribed by the Minister for Finance by regulations,”.

5. Cesser of certain reliefs.

5.— The Principal Act is amended—

(a) in section 236 by inserting the following after subsection (6):

“(7) This section ceases to have effect for the year of assessment 2010 and subsequent years of assessment.”,

and

(b) in section 470A by inserting the following after subsection (12):

“(13) This section ceases to have effect for the year of assessment 2010 and subsequent years of assessment.”.

6. Amendment of section 469 (relief for health expenses) of Principal Act.

6.— (1) Section 469 of the Principal Act is amended—

(a) in subsection (1) by substituting the following for the definition of “ health care ”:

“ ‘health care’ means prevention, diagnosis, alleviation or treatment of an ailment, injury, infirmity, defect or disability, and includes care received by a woman in respect of a pregnancy, but does not include—

(a) routine ophthalmic treatment,

(b) routine dental treatment, or

(c) cosmetic surgery or similar procedures, unless the surgery or procedure is necessary to ameliorate a physical deformity arising from, or directly related to, a congenital abnormality, a personal injury or a disfiguring disease;”,

(b) in subsection (1) in the definition of “ health expenses ” by substituting the following for paragraph (c):

“(c) maintenance or treatment necessarily incurred in connection with the services or procedures referred to in paragraph (a) or (b),”,

(d) in subsection (1) in paragraph (a) of the definition of “practitioner” by substituting “section 43 of the Medical Practitioners Act 2007” for “section 26 of the Medical Practitioners Act, 1978”,

(e) by substituting the following for subsection (2)—

“(2)

(a) Subject to this section, where an individual for a year of assessment proves that in the year of assessment he or she defrayed health expenses incurred for the provision of health care, the income tax to be charged on the individual, other than in accordance with section 16(2), for that year of assessment shall be reduced by the lesser of—

(i) the amount equal to the appropriate percentage of the specified amount, and

(ii) the amount which reduces that income tax to nil,

but, where an individual proves that he or she defrayed health expenses incurred for the provision of health care in the nature of maintenance or treatment in a nursing home, other than a nursing home which does not provide access to 24 hour nursing care on-site, the individual shall be entitled for the purpose of ascertaining the amount of the income on which he or she is to be charged to income tax, to have a deduction made from his or her total income of the amount proved to have been so defrayed.

(b) For the purposes of this section any contribution made by an individual in defraying expenses incurred in respect of nursing home fees where such an individual is entitled to or has received State support (within the meaning of section 3(1) of the Nursing Homes Support Scheme Act 2009) shall be treated as health expenses qualifying for relief under this section.

(c) Financial support (within the meaning of the Nursing Homes Support Scheme Act 2009) shall not be treated as health expenses for the purposes of this section.”,

and

(f) by inserting the following after subsection (7)—

“(8)

(a) Where the Minister for Finance determines that expenses, or a class of expenses, representing the cost of anything referred to in paragraphs (a) to (i) in the definition of ‘health expenses’ in subsection (1) has been or may be incurred in the provision of health care which in the opinion of the Minister for Finance is inappropriate having regard to public policy, then the Minister may by order prescribe those expenses, or class of expenses, as not being eligible for relief under this section.

(b) The Minister for Finance shall not make an order under paragraph (a) unless he or she has consulted with the Minister for Health and Children and such appropriately qualified persons, bodies or institutions (if any), which in the opinion of the Minister for Finance or the Minister for Health and Children should be consulted.

(c) Every order made by the Minister for Finance under paragraph (a) shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the order is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.”.

(2) This section shall have effect for the year of assessment 2010 and subsequent years.

7. Amendment of section 244 (relief for interest paid on certain home loans) of Principal Act.

7.— As respects the year of assessment 2010 and subsequent years of assessment, section 244 of the Principal Act is amended—

(a) in subsection (1)(a) by inserting “taken out on or after 1 January 2004 and on or before 31 December 2011” after “qualifying loan” in the definition of “relievable interest”,

(b) by substituting the following for paragraph (b) of subsection (1A):

“(b) Notwithstanding paragraph (a), this section shall continue to apply—

(i) for the year of assessment 2010 and subsequent years of assessment up to and including the year of assessment 2017 in respect of qualifying interest paid in respect of a qualifying loan taken out on or after 1 January 2004 and on or before 31 December 2011, and

(ii) for the year of assessment 2012 and subsequent years of assessment up to and including the year of assessment 2017 in respect of qualifying interest paid in respect of a qualifying loan taken out on or after 1 January 2012 and on or before 31 December 2012.”,

and

“(2)

(a) In this subsection ‘appropriate percentage’, in relation to a year of assessment, means—

(i) as respects qualifying interest to which subsection (1A)(b)(i) applies—

(I) where relievable interest is determined by reference to paragraph (i) or (ii) of the definition of ‘relievable interest ’, 15 per cent for that year, and

(II) where relievable interest is determined by reference to paragraph (iii) or (iv) of the definition of ‘relievable interest ’:

(A) 25 per cent for the first and second years of assessment for which there is an entitlement to relief under this section,

(B) 22.5 per cent for the third, fourth and fifth years of assessment for which there is an entitlement to relief under this section, and

(C) a percentage equal to the standard rate of tax for the sixth and seventh years of assessment for which there is an entitlement to relief under this section,

and

(ii) as respects qualifying interest to which subsection (1A)(b)(ii) applies—

(I) where relievable interest is determined by reference to paragraph (i) or (ii) of the definition of ‘relievable interest’, 10 per cent for that year, and

(II) where relievable interest is determined by reference to the first 6 years of assessment or, where the period of entitlement to relief under this section is shorter, such shorter period, 15 per cent for that year.”.

8. Amendment of section 997A (credit in respect of tax deducted from emoluments of certain directors) of Principal Act.

8.— As respects the year of assessment 2010 and subsequent years of assessment, section 997A of the Principal Act is amended by inserting the following subsection after subsection (5)—

“(6) Where, in accordance with subsection (5), the tax to be treated as having been deducted from the emoluments paid to each person to whom this section applies exceeds the actual amount of tax deducted from the emoluments of each person, then the amount of credit to be given for tax deducted from those emoluments shall not exceed the actual amount of tax so deducted.”.

9. Amendment of section 71 (foreign securities and possessions) of Principal Act.

9.— As respects the year of assessment 2010 and subsequent years of assessment, section 71 of the Principal Act is amended—

(a) by substituting the following for subsection (2):

“(2) Subsection (1) shall not apply to any person who satisfies the Revenue Commissioners that he or she is not domiciled in the State.”,

(b) in subsection (3), by substituting “In the case mentioned in subsection (2)” for “In the cases mentioned in subsection (2)”, and

10. Amendment of section 825B (repayment of tax where earnings not remitted) of Principal Act.

10.— As respects the year of assessment 2010 and subsequent years of assessment, section 825B of the Principal Act is amended—

(a) by inserting the following after subsection (1):

“(1A) As regards individuals who are not domiciled in the State and who, on or after 1 January 2010—

(a) become resident in the State for tax purposes for the first time, and

(b) exercise the duties of their employment in the State for the first time,

then, this section shall apply as if in subsection (1)—
- (i) the words ‘which is not a party to the EEA agreement, but’ were deleted from the definition of ‘associated company’;

- (ii) the words ‘that is not a party to the EEA Agreement but’ were deleted from the definition of ‘relevant employee’; and

- (iii) the words ‘that is not a party to the EEA Agreement but’ were deleted from the definition of ‘relevant employer’.”,

(b) in subsection (2)—

(i) in paragraph (c) by substituting “one year” for “3 years”, and

(ii) by inserting “and not repaid” after “tax deducted”,

(c) in subsection (5) by inserting “, computed by reference to paragraphs (i) and (ii) of subsection (2),” after “shall be liable to income tax on those emoluments”, and

(d) in subsection (6) by substituting “one year” for “3 year”.

11. Amendment of section 825A (reduction in income tax for certain income earned outside the State) of Principal Act.

11.— Section 825A of the Principal Act is amended by substituting the following for subsection (7):

“(7) For the purposes of this section—

(a) as respects the year of assessment 2009 and previous years of assessment, an individual shall be deemed to be present in the State for a day if the individual is present in the State at the end of the day, and

(b) as respects the year of assessment 2010 and subsequent years of assessment, an individual shall be deemed to be present in the State for a day if the individual is present in the State at any time during that day.”.

12. Amendment of section 477 (relief for service charges) of Principal Act.

12.— Section 477 of the Principal Act is amended by inserting the following after subsection (7):

“(8) This section ceases to have effect as respects service charges paid in the financial year 2011 for that financial year and subsequent financial years for those financial years.”.

13. Amendment of section 216A (rent-a-room relief) of Principal Act.

13.— Section 216A of the Principal Act is amended by inserting the following after subsection (3A):

“(3B)
(a) Subsection (2) shall not apply for a year of assessment to relevant sums arising to—

(i) an individual, or

(ii) a person connected with the individual,

where the individual is an office holder, or employee, of—
- (I) the person making the payment, or

- (II) a person connected with the person making the payment.
(b) This subsection shall apply irrespective of whether the relevant sums are paid directly or indirectly by the person referred to in clauses (I) and (II) of paragraph (a) to the individual or to a person connected with the individual.”.

14. Amendment of section 667B (new arrangements for qualifying farmers) of Principal Act.

14.— The Table to section 667B of the Principal Act is amended in paragraph (3) by inserting the following after subparagraph (a):

“(aa) Bachelor of Agricultural Science — Agri-Environmental Science awarded by University College Dublin;”.

15. Amendment of section 384 (relief under Case V for losses) of Principal Act.

15.— Section 384 of the Principal Act is amended—

(a) in subsection (3) by substituting “Subject to subsection (4), any” for “Any”, and

(b) by inserting the following after subsection (3):

“(4) Any allowance to be made in charging income under Case V of Schedule D in accordance with section 305(1)(a) shall be made in priority to any relief to be given under this section.”.

16. Retirement benefits.

16.— (1) The Principal Act is amended—

(a) in section 784A(1BA) by deleting paragraph (a) and substituting the following for paragraph (c):

“(c) The specified amount for a year of assessment shall be an amount equivalent to the amount determined by the formula—

(A × 3) — B

100

where the amount so determined is greater than zero and where—

A is the value of the assets in an approved retirement fund on 31 December in the year of assessment or, where there is more than one approved retirement fund the assets of which are owned by the same individual and managed by the same qualifying fund manager, the aggregate of the value of the assets in each approved retirement fund on that date (in this subsection referred to as the ‘relevant value’ whether there is one or more than one such approved retirement fund), and

B is the amount or value of the distribution or the aggregate of the amounts or values of the distribution or distributions (in this subsection referred to as the ‘relevant distribution’), if any, made during the year of assessment by the qualifying fund manager in respect of assets held in—

(i) the approved retirement fund or, as the case may be, approved retirement funds referred to in the meaning of ‘A’, and

(ii) an approved minimum retirement fund, if any, the assets of which are beneficially owned by the individual and managed by that qualifying fund manager,

(in this paragraph referred to as the ‘funds’) being funds the assets in which were first accepted into the funds by the qualifying fund manager on or after 6 April 2000.”,

(b) in section 787O(1) by inserting the following after paragraph (b) of the definition of “date of the current event”:

“(ba) the annuity would otherwise become payable under a PRSA of a kind referred to in paragraph (c) of the definition of ‘relevant pension arrangement’ where an individual does not elect to exercise an option in accordance with section 787H(1) and instead retains the assets available in the PRSA at that date, in that PRSA or any other PRSA,”,

“Information to be provided in electronic format

2B. In the case of an approved scheme in respect of which the administrator has to deliver annual scheme accounts to the Revenue Commissioners, the administrator shall deliver the accounts by such electronic means as are required or approved by the Commissioners.”,

(d) in Schedule 23B by inserting the following after subparagraph (b) of paragraph 2:

“(ba) the individual does not elect to exercise an option in accordance with section 787H(1) and instead retains the assets of the PRSA in that PRSA or any other PRSA,”,

and

(e) in Schedule 23B by inserting the following after subparagraph (d) of paragraph 3:

“(da) where the benefit crystallisation event is an event of a kind referred to in paragraph 2(ba), the aggregate of the amount of so much of the cash sums and the market value of such of the assets as are retained in the PRSA or in any other PRSA,”.

(2)
(a) Paragraph (a) of subsection (1) has effect for the year of assessment 2010 and subsequent years of assessment.

(b) Paragraphs (b), (d) and (e) of subsection (1) have effect as on and from 4 February 2010.

(c) Paragraph (c) of subsection (1) has effect as respects approved schemes whose accounting year ends on or after 1 January 2011.

17. Amendment of section 128D (tax treatment of directors of companies and employees who acquire restricted shares) of Principal Act.

17.— (1) Section 128D of the Principal Act is amended—

(a) in subsection (1) by inserting the following after the definition of “ director” and “employee”—

“ ‘EEA Agreement’ means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by all subsequent amendments to that Agreement;

‘EEA state’ means a state, other than the State, which is a Contracting Party to the EEA Agreement;”,

(b) in subsection (1) in the definition of “specified period” by substituting “subsection (3)(a);” for “subsection (3)(a).” and by inserting the following after that definition:

“ ‘trust’ means a trust established in the State or in an EEA state and the trustees of which are resident in the State or in an EEA state.”,

(i) by substituting “amount chargeable to income tax” for “charge to income tax” in both places where it occurs, and

(ii) in the meaning assigned to “A” in the formula in paragraph (a) by substituting “the income chargeable to tax” for “the income tax charge”,

(d) in subsection (5)—

(i) by substituting “an amount chargeable to income tax” for “a charge to income tax”,

(ii) by substituting “the amount chargeable to income tax” for “the income tax charge”, and

(iii) by substituting “Income Tax Acts” for “Income Taxes Acts”,

and

(e) in subsection (6)—

(i) by substituting “an amount chargeable to income tax” for “a charge to income tax”, and

(ii) by substituting “the amount chargeable to income tax” for “the amount of the income tax charge”.

(2)
(a) Paragraphs (a) and (b) of subsection (1) apply to shares acquired on or after 4 February 2010.

(b) Paragraphs (c), (d) and (e) of subsection (1) apply to shares acquired on or after 20 November 2008.

18. Information in respect of awards of shares.

18.— (1) The Principal Act is amended—

(a) in Chapter 3 of Part 38 by inserting the following after section 897A:

“Returns of information in respect of awards of shares to directors and employees.

897B.— (1) In this section—

‘director’, ‘employee’ and ‘employer’ have the meanings, respectively, given to them by section 770(1);

‘shares’ includes stock and securities within the meaning of section 135.

(2)

(a) Where in any year of assessment an employer or other person awards shares to a director or employee and income tax under Schedule D or Schedule E may be chargeable on the director or employee in respect of the shares awarded, the employer or other person, as the case may be, shall deliver to the Revenue Commissioners on or before 31 March in the year of assessment following the year in which the award was made, particulars of all such awards.

(b) Paragraph (a) shall not apply where the employer or person, as the case may be, is obliged to provide such particulars under any other provision of the Income Tax Acts.”,

and

(b) in Schedule 29, column 3, by inserting “section 897B” before “section 904”.

(2)
(a) Paragraph (a) of subsection (1) applies as on and from 1 January 2010 in respect of shares awarded on or after 1 January 2009.

(b) Paragraph (b) of subsection (1) applies as on and from the passing of this Act.

19.— (1) Schedule 11 to the Principal Act is amended—

(a) in Part 2, paragraph 4, by inserting the following after subparagraph (1B):

“(1C)

(a) As respects a profit sharing scheme approved on or after 4 February 2010, the Revenue Commissioners shall be satisfied that there are no arrangements connected in any way, directly or indirectly, with the scheme, which make provision for a loan or loans to be made to some or all of the individuals eligible to participate in the scheme.

(b) For the purposes of this subparagraph—

‘arrangements’ include any scheme, agreement, undertaking, or understanding of any kind, whether or not it is, or it is intended to be legally enforceable;

‘loan’ includes any form of credit.”,

and

(b) in Part 3, in paragraph 8 by substituting “Subject to paragraphs 8A and 8B,” for “Subject to paragraph 8A,”, and by inserting the following after paragraph 8A:

“8B. (1) The shares shall not be shares—

(a) in a service company, or

(b) in a company that has control of a service company, where the company is under the control of a person or persons referred to in subparagraph (2)(a)(i) as it applies to a service company.

(2) For the purposes of this paragraph—

(a) a company is a service company if the business carried on by the company consists wholly or mainly of the provision of the services of persons employed by the company and the majority of those services are provided to—

(i) a person who has, or 2 or more persons who together have, control of the company,

(ii) a company associated with the company, or

(iii) a partnership associated with the company,

(b) a company is associated with another company where—

(i) both companies are under the control (within the meaning of section 432) of the same person or persons, or

(ii) it could reasonably be considered that—

(I) both companies act in pursuit of a common purpose,

(II) any person or any group of persons or groups of persons having a reasonable commonality of identity have or had the means or power, either directly or indirectly, to determine the trading operations carried on or to be carried on by both companies, or

(III) both companies are under the control of any person or group of persons or groups of persons having a reasonable commonality of identity,

(c) a partnership is associated with a company where the partnership and the company act in pursuit of a common purpose,

(d) a reference to a person includes a reference to a partnership, and

(e) where a partner, or a partner together with another person or persons, has control of a company, the partnership is to be treated as having control of that company.”.

(2) Paragraph (b) of subsection (1) applies to an appropriation of shares made by the trustees of an approved scheme (within the meaning of section 510(1)) on or after 4 February 2010.

20.— Section 470B of the Principal Act is amended by substituting the following for subsection (4):

“(4) Subject to subsections (5) and (6), where for a relevant year of assessment, an individual or, if the individual is a married person assessed to tax in accordance with section 1017, the individual’s spouse, makes a payment to an authorised insurer under a relevant contract and—

(a) the payment is in respect of a premium due under the relevant contract and the relevant contract was renewed or entered into on or after 1 January 2009 but before 1 January 2012, and

(b) the payment or part of the payment, as the case may be, is attributable to an insured person, and only to an insured person, who is aged 50 years or over on the date the relevant contract is renewed or entered into, as the case may be,

then the individual shall, for the relevant year of assessment, in respect of so much of the relievable amount of the payment or part of the payment, as the case may be, as is attributable to an insured person referred to in paragraph (b), be entitled to a credit (referred to in this section as ‘age-related tax credit’) equal to the lower of—
- (i) as respects a relevant contract renewed or entered into on or after 1 January 2009 but before 1 January 2010, the amount specified in the second column of the Table to this subsection corresponding to the class of insured person mentioned in the first column of that Table or, where the payment made to the authorised insurer is a monthly or other instalment towards the payment of the total annual premium due under the relevant contract, an amount equal to the amount so specified divided by the total number of instalments to be made to pay such total annual premium;

- (ii) as respects a relevant contract renewed or entered into on or after 1 January 2010, the amount specified in the third column of the Table to this subsection corresponding to the class of insured person mentioned in the first column of that Table or, where the payment made to the authorised insurer is a monthly or other instalment towards the payment of the total annual premium due under the relevant contract, an amount equal to the amount so specified divided by the total number of instalments to be made to pay such total annual premium, and

- (iii) an amount which reduces the income tax to be charged on the individual for the relevant year of assessment, other than in accordance with section 16(2), to nil.

  TABLE

  |  |  |  |
  | --- | --- | --- |
  | (1) | (2) | (3) |
  | Class of Insured Person | Amount of age-related tax credit | Amount of age-related tax credit |
  | Aged 50 years and over but less than 60 years on the date the relevant contract is renewed or entered into, as the case may be. | €200.00 | €200.00 |
  | Aged 60 years and over but less than 70 years on the date the relevant contract is renewed or entered into, as the case may be. | €500.00 | €525.00 |
  | Aged 70 years and over but less than 80 years on the date the relevant contract is renewed or entered into, as the case may be. | €950.00 | €975.00 |
  | Aged 80 years and over on the date the relevant contract is renewed or entered into, as the case may be. | €1,175.00 | €1,250.00 |

  ”.

21. Income tax: restriction on use of losses on approved buildings.

21.— Section 409C of the Principal Act is amended by inserting the following after subsection (4)—

“(4A)

(a) Notwithstanding subsection (4), where this section applies for the year of assessment 2010 or a later year of assessment, the amount of the loss referred to in subsection (3)(a) which can be treated as reducing income for each such year of assessment under section 381(1) shall be nil.

(b) This subsection shall not apply for the years of assessment 2010 or 2011 in relation to—

(i) work which was completed before 4 February 2010,

(ii) work which was underway on 4 February 2010, or

(iii) work carried out under a contractual commitment entered into before 4 February 2010 and evidenced in writing before that date where the work begins after that date.”.

22. Amendment of Schedule 13 (accountable persons for purposes of Chapter 1 of Part 18) to Principal Act.

22.— (1) Schedule 13 to the Principal Act is amended—

(a) by deleting paragraphs 31, 45, 57, 66, 67, 71, 72, 75, 78, 104, 113, 123, 130 and 172,

(b) by substituting the following for paragraph 73:

“73. Pobal.”,

“102. Commission for Energy Regulation.”,

(d) by substituting the following for paragraph 119:

“119. Digital Hub Development Agency.”,

and

(e) by inserting the following after paragraph 174 (inserted by the National Asset Management Agency Act 2009):

“175. National Transport Authority.

The Medical Council.

Anglo Irish Bank Corporation Limited.

Central Bank and Financial Services Authority of Ireland.

Financial Services Ombudsman’s Bureau.

Broadcasting Authority of Ireland.”.

(2) Subsection (1)(e) of this section applies as and from 1 May 2010.

23. Limitation on amount of certain reliefs used by certain high income individuals.

23.— (1) Chapter 2A of Part 15 of the Principal Act is amended—

(a) in section 485C(1) by inserting the following definitions after the definition of “excess relief”:

“ ‘ income threshold amount ’, in relation to a tax year and an individual, means—

(a) €125,000, or

(b) in a case where the individual’s income for the tax year includes ring-fenced income and his or her adjusted income for the tax year is less than €400,000, the amount determined by the formula—

€125,000 × A

B

where—

A is the individual’s adjusted income for the year, and

B is an amount determined by the formula—

T + S

where T and S have the same meanings respectively as they have in the definition of ‘adjusted income’;

‘ relief threshold amount ’, in relation to a tax year and an individual, means €80,000;”,

(b) in section 485C(1) by deleting the definition of “threshold amount”,

(i) in paragraph (a) by substituting “the income threshold amount” for “the threshold amount”,

(ii) in paragraph (b) by substituting “the relief threshold amount” for “the threshold amount”, and

(iii) by substituting “20 per cent of the individual’s adjusted income” for “one-half of the individual’s adjusted income”,

(d) in section 485E by substituting the following for the construction of “Y” in the formula in that section—

“Y is the greater of—

(i) the relief threshold amount, and

(ii) 20 per cent of the individual’s adjusted income for the tax year.”,

and

(e) in section 485FB(6)(b) by substituting “the income threshold amount” for “the threshold amount”.

(2) Subsection (1) applies as respects the year of assessment 2010 and subsequent years of assessment.

Chapter 4 Income Tax, Corporation Tax and Capital Gains Tax

24. Provisions relating to charities and donations to approved bodies.

24.— The Principal Act is amended—

(a) by inserting the following after section 208:

“Overseas charities.

208A.— (1) In this section and section 208B—

‘charity’ means any body of persons or trust established for charitable purposes only;

‘EEA Agreement’ means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted byall subsequent amendments to that Agreement;

‘EEA state’ means a state, other than the State, which is a contracting party to the EEA Agreement;

‘EFTA state’ means a state, other than an EEA state, which is a Member State of the European Free Trade Association.

(2) A person or trust established in an EEA state or in an EFTA state may on a claim being made to the Revenue Commissioners seek a determination to the effect that, if the person or trust were to have income in the State of a kind referred to in section 207 or 208, it would qualify for the exemptions provided for by those sections.

(3) A claim referred to in subsection (2) shall be determined by the Revenue Commissioners or such officer of the Revenue Commissioners (including an inspector) as they may authorise in that behalf.

(4) Where a claim referred to in subsection (2) has been determined in accordance with subsection (3) and the determination is to the effect that if the person or trust were to have income in the State of a kind referred to in section 207 or 208 it would qualify for the exemptions provided for by those sections, the Revenue Commissioners, or such officer of the Revenue Commissioners as they may authorise in that behalf, shall issue the person or trust with a notice of that determination.

(5) Every claim made under this section shall be verified by a document corresponding to an affidavit sworn in the State or by an equivalent sworn statement, and proof of the claim may be given by the treasurer, trustee or any duly authorised agent.

Charities — miscellaneous.

208B.— (1) In this section—

‘charity trustee’ includes—
- (*a*) in the case of a charity that is a company, the directors and other officers of the company, and

- (*b*) in the case of a charity that is a body corporate (other than a company) or an unincorporated body of persons, any officer of the body or any person for the time being performing the functions of an officer of the body;

  ‘qualified person’ means—

- (*a*) a person who, in accordance with section 187 of the Companies Act 1990, is qualified for appointment as an auditor of a company, or

- (*b*) in relation to a person or trust that—

    - (i) has made a claim for a determination under section 208A(2),

    - (ii) is established in an EEA state or in an EFTA state, and

    - (iii) does not have a principal place of business in the State,

      a person who is qualified under the law of that EEA state or that EFTA state, as the case may be, to perform functions the same as or similar to those which may be performed in the State by a person referred to in paragraph (*a*).
(2) A claim by a person or trust for—

(a) a determination under section 864 in relation to a claim under section 207 or 208, or

(b) a determination under section 208A,

shall be supported by such information as the Revenue Commissioners may reasonably require for the purpose of determining the claim.

(3) A charity—

(a) who has been granted an exemption under section 207 or 208, or

(b) to whom a notice of determination has been issued in accordance with section 208A(4),

shall, on request, provide such information to the Revenue Commissioners as they may require in respect of the activities of that charity in any financial year following the granting of an exemption or, as the case may be, the issuing of a notice of the determination.

(4) Any information to be provided to the Revenue Commissioners under subsection (2) or (3) shall be in an official language of the State.

(5) The Revenue Commissioners may appoint such qualified persons as they consider appropriate to verify any information provided to them under subsection (2) or (3).

(6) The expenses incurred by any person appointed by the Revenue Commissioners under subsection (5) shall be recoverable by the Revenue Commissioners as a simple contract debt in any court of competent jurisdiction—

(a) from the charity trustees (who shall be jointly and severally liable for those expenses), or

(b) from the charity concerned, where it is not practicable to recover them from the charity trustees.”,

(b) in Part 1 of Schedule 26A by deleting paragraph 19,

(i) paragraph 1 in the definition of “eligible charity”, and

(ii) paragraph 2,

(d) in Part 3 of Schedule 26A by substituting the following for paragraph 3(c):

“(c) before the date of the making of the application concerned under paragraph 2—

(i) it has been granted exemption from tax for the purposes of section 207 for a period of not less than 2 years, or

(ii) it received a notice of determination from the Revenue Commissioners in accordance with section 208A at least 2 years before that date,”,

and

(e) in Part 3 of Schedule 26A by inserting the following after paragraph 7:

“8. Information to be furnished to the Revenue Commissioners or published as required by the Minister for Finance for the purposes of this Part shall be furnished or published in an official language of the State.”.

25. Amendment of Part 22 (provisions relating to dealing in or developing land and disposals of development land) of Principal Act.

25.— (1) Part 22 of the Principal Act is amended—

(a) in the definition of “qualifying land” in section 644AB(1) by deleting “or” where it last occurs in paragraph (a), by substituting “section 616(1)(g), or” for “section 616(1)(g)” in paragraph (b) and by inserting the following after paragraph (b):

“(c) consisting of a site of 0.4047 hectares or less whose market value at the date of disposal does not exceed €250,000 (notwithstanding that a planning authority may have granted permission in respect of that site in accordance with section 34(1) of the Planning and Development Act 2000), other than where the disposal by the person making it, or by a person connected with that person, forms part of a larger transaction or series of transactions,”,

(b) in section 644AB(1) by deleting the definition of “rezoning” and by inserting the following after the definition of “qualifying land”:

“ ‘relevant planning decision’, in relation to land and in accordance with the Planning and Development Act 2000 (in this definition referred to as the ‘Act of 2000’), means—

(a) a change in the zoning of land in a development plan or a local area plan made or varied under Part II of the Act of 2000 from non-development land-uses to development land-uses or from one development land-use to another development land-use including a mixture of such uses, or

(b) a decision to grant permission, in accordance with section 34(6) or 37(2) of the Act of 2000, for a development that would materially contravene a development plan;”,

(d) in section 644AB(5)(a) by substituting “a relevant planning decision” for “the rezoning of land”,

(e) in section 649B(1) by deleting the definition of “rezoning” and by inserting the following after the definition of “non-development land use”:

“ ‘ relevant planning decision ’, in relation to land and in accordance with the Planning and Development Act 2000 (in this definition referred to as the ‘Act of 2000’), means—

(a) a change in the zoning of land in a development plan or a local area plan made or varied under Part II of the Act of 2000 from non-development land-uses to development land-uses or from one development land-use to another development land-use including a mixture of such uses, or

(b) a decision to grant permission, in accordance with section 34(6) or 37(2) of the Act of 2000, for a development that would materially contravene a development plan;”,

(f) in section 649B(1) in the definition of “windfall gain” by substituting “a relevant planning decision” for “rezoning”,

(g) in section 649B(2)—

(i) by deleting “, made on or after 30 October 2009,”, and

(ii) by substituting “a relevant planning decision” for “rezoning” in paragraph (a) and by substituting “relevant planning decision” for “rezoning” where it occurs in paragraphs (b) and (c),

(h) in section 649B(4) by deleting “or” where it last occurs in paragraph (a), by substituting “section 616(1)(g), or” for “section 616(1)(g),” in paragraph (b) and by inserting the following after paragraph (b):

“(c) the disposal is the disposal of a site of 0.4047 hectares or less whose market value at the date of disposal does not exceed €250,000 (notwithstanding that a planning authority may have granted permission in respect of that site in accordance with section 34(1) of the Planning and Development Act 2000), other than where the disposal by the person making it, or by a person connected with that person, forms part of a larger transaction or series of transactions,”,

and

(i) in section 649B(5) by substituting “relevant planning decision” for “rezoning”.

(2)
(a) Paragraphs (a) and (h) of subsection (1) apply as respects disposals made on or after 30 October 2009.

(b) Paragraphs (b), (c), (d), (e), (g)(ii) and (i) of subsection (1) apply as respects changes or decisions made on or after 4 February 2010.

26. Amendment of section 843A (capital allowances for buildings used for certain childcare purposes) of Principal Act.

26.— Section 843A of the Principal Act is amended—

(a) in subsection (1) by inserting the following after the definition of “qualifying expenditure”:

“ ‘qualifying period’ means the period commencing on 1 December 1999 and ending—

(a) on 30 September 2010, or

(b) where subsection (6)(a) applies, on 31 March 2011, or

(c) where subsection (6)(b) applies, on 31 March 2012;”,

(b) in subsection (2) by substituting “Subject to subsections (2A) to (5)” for “Subject to subsections (3) to (5)”,

“(2A) An allowance shall be given by virtue of subsection (2) in relation to any qualifying expenditure on a qualifying premises only in so far as that expenditure is incurred in the qualifying period.”,

(d) in subsection (3) by substituting “incurred in the qualifying period” for “incurred on or after 2 December 1998”, and

(e) by inserting the following after subsection (5):

“(6)

(a) For the purposes of paragraph (b) of the definition of ‘ qualifying period ’, this paragraph applies where—

(i) capital expenditure is incurred on the construction, conversion or refurbishment of a qualifying premises,

(ii) the construction, conversion or refurbishment work on the qualifying premises represented by that expenditure is exempted development for the purposes of the Planning and Development Act 2000 by virtue of section 4 of that Act or by virtue of Part 2 of the Planning and Development Regulations 2001 (S.I. No. 600 of 2001) (in this subsection referred to as the ‘Regulations of 2001’), and

(iii) not less than 30 per cent of the total construction, conversion or refurbishment costs has been incurred on or before 30 September 2010.

(b) For the purposes of paragraph (c) of the definition of ‘ qualifying period ’, this paragraph applies where—

(i) capital expenditure is incurred on the construction, conversion or refurbishment of a qualifying premises,

(ii) a planning application (not being an application for outline permission within the meaning of section 36 of the Planning and Development Act 2000), in so far as planning permission is required, in respect of the construction, conversion or refurbishment work on the qualifying premises represented by that expenditure, is made in accordance with the Regulations of 2001,

(iii) an acknowledgement of the application, which confirms that the application was received on or before 30 September 2010, is issued by the planning authority in accordance with article 26(2) of the Regulations of 2001, and

(iv) the application is not an invalid application in respect of which a notice was issued by the planning authority in accordance with article 26(5) of the Regulations of 2001.

(7) For the purposes only of determining, in relation to a claim for an allowance by virtue of subsection (2), whether and to what extent capital expenditure incurred on the construction, conversion or refurbishment of a qualifying premises is incurred or not incurred in the qualifying period, only such an amount of that capital expenditure as is properly attributable to work on the construction, conversion or refurbishment of the premises actually carried out during the qualifying period shall (notwithstanding any other provision of the Tax Acts as to the time when any capital expenditure is or is to be treated as incurred) be treated as having been incurred in that period.”.

27. Mid-Shannon corridor tourism infrastructure investment scheme.

27.— (1) Section 372AW of the Principal Act is amended—

(a) in subsection (1) in the definition of “ qualifying period ” by substituting “31 May 2015” for “31 May 2013”, and

(b) in subsection (2)(b) by substituting “4 years” for “2 years”.

(2) Subsection (1) comes into operation on the making of an order to that effect by the Minister for Finance.

28. Payment of tax by means of donation of heritage property.

28.— (1) Section 1003A of the Principal Act is amended in subsection (1)—

(a) in the definition of “contents of the building” by substituting “the Minister is satisfied or, as appropriate, the Commissioners of Public Works in Ireland are satisfied” for “the Minister is satisfied”, and

(b) by substituting the following for the definition of “relevant gift”:

“ ‘relevant gift’ means a gift of heritage property to the Trust or, as appropriate, to the Commissioners of Public Works in Ireland in respect of which no consideration whatever (other than relief under this section) is received by the person making the gift, either directly or indirectly, from the Trust or from those Commissioners or otherwise;”.

(2) Section 1003A of the Principal Act is amended by substituting the following for subsection (2):

“(2)
(a) In this section ‘heritage property’ means a building or a garden which, on application in writing to the Minister or, as appropriate, to the Commissioners of Public Works in Ireland in that behalf by a person who owns the building or the garden is, subject to the provisions of this subsection, determined by the Minister or, as appropriate, by those Commissioners to be a building or a garden which is—

(i) an outstanding example of the type of building or garden involved,

(ii) pre-eminent in its class,

(iii) intrinsically of significant scientific, historical, horticultural, national, architectural or aesthetic interest, and

(iv) suitable for acquisition by the Trust or, as appropriate, by the Commissioners of Public Works in Ireland,

and, for the purposes of this section, a reference to ‘building’ includes—
- (I) any associated outbuilding, yard or land where the land is occupied or enjoyed with the building as part of its garden or designed landscape and contributes to the appreciation of the building in its setting, and

- (II) the contents of the building.
(b) An application for a determination under this subsection shall be made to the Minister where it relates to a relevant gift to be made to the Trust or shall be made to the Commissioners of Public Works in Ireland where it relates to a relevant gift to be made to those Commissioners.

(c) In considering an application for a determination under this subsection, the Minister or, as appropriate, the Commissioners of Public Works in Ireland shall consider such evidence as the person making the application submits.

(d) On receipt of an application for a determination under this subsection, the Minister or, as appropriate, the Commissioners of Public Works in Ireland shall request the Revenue Commissioners in writing to value the property in accordance with subsection (3).

(e) The Minister or, as appropriate, the Commissioners of Public Works in Ireland shall not, during any calendar year, make a determination under this subsection where the market value of the property, as determined by the Revenue Commissioners in accordance with subsection (3), at the valuation date exceeds an amount determined by the formula—
€6,000,000 — M

where—

M is an amount (which may be nil) equal to the market value at the valuation date of the heritage property (if any) or the aggregate of the market values at the respective valuation dates of all the heritage properties (if any), as the case may be, in respect of which a determination has been made or determinations have been made, as the case may be, under this subsection whether by the Minister or by the Commissioners of Public Works in Ireland in that calendar year and not revoked in that calendar year.

(f) The Commissioners of Public Works in Ireland shall not make a determination under this subsection without the consent in writing of the Minister for Finance and any such determination shall be subject to such conditions as may be specified by the Minister for Finance.

(g) The Minister and the Commissioners of Public Works in Ireland shall, as appropriate, consult with each other in connection with the general application of this section and in particular for the purposes of the application of paragraph (e).

(h) (i) A property shall cease to be a heritage property for the purposes of this section if—

(I) the property is sold or otherwise disposed of to a person other than the Trust or, as appropriate, the Commissioners of Public Works in Ireland,

(II) the owner of the property notifies the Trust or, as appropriate, the Commissioners of Public Works in Ireland in writing that it is not intended to make a gift of the property to the Trust or, as appropriate, those Commissioners, or

(III) the gift of the property is not made to the Trust or, as appropriate, to the Commissioners of Public Works in Ireland by the end of the calendar year following the calendar year in which the determination is made under this subsection.

(ii) Where the Minister becomes aware or, as appropriate, the Commissioners of Public Works in Ireland become aware, at any time within the calendar year in which a determination under this subsection is made in respect of a property, that clause (I) or (II) of subparagraph (i) applies to the property, the Minister or, as appropriate, those Commissioners may revoke the determination with effect from that time.”.

(3) Section 1003A of the Principal Act is amended by substituting the following for subsection (4):

“(4) Where a relevant gift is made to the Trust or, as appropriate, to the Commissioners of Public Works in Ireland—

(a) the Trust or, as appropriate, those Commissioners shall give a certificate to the person who made the relevant gift, in such form as the Revenue Commissioners may prescribe, certifying the receipt of that gift and the transfer of the ownership of the heritage property the subject of that gift to the Trust or, as appropriate, to the Commissioners of Public Works in Ireland, and

(b) the Trust or, as appropriate, the Commissioners of Public Works in Ireland shall transmit a duplicate of the certificate to the Revenue Commissioners.”.

29. Payments to subcontractors in certain industries.

29.— (1) Chapter 2 of Part 18 of the Principal Act is amended in section 530 by inserting the following after the definition of “relevant tax deduction card ”:

“ ‘return period’, in relation to the principal concerned, means the period specified in a notice in writing given by the Revenue Commissioners to that principal, being a period of one or more income tax months, in respect of which the principal is required under section 531(3A) to make a return to the Collector-General;”.

(2) Chapter 2 of Part 18 of the Principal Act is amended in section 531—

(a) by substituting the following for paragraph (a) of subsection (3A):

“(a) Not later than 14 days after the end of a return period, a principal or any person who was previously a principal and who has been required to do so by notice in writing from the Revenue Commissioners, shall—

(i) make a return to the Collector-General, on the prescribed form, of the amount, if any, of tax which that person was liable under this section to deduct from payments made to uncertified subcontractors during that return period, and

(ii) remit to the Collector-General the amount of the tax, if any, which the person was so liable to deduct.”,

(b) by inserting the following after paragraph (b) of subsection (3A):

“(c) The Revenue Commissioners may make regulations with respect to the provision to them, by a principal or other person as is referred to in paragraph (a), of such information as may be specified in the regulations in relation to the constituent elements of the amount (if any) referred to in paragraph (a)(i).”,

(c) in subsection (3AA) by substituting “then subsection (3A) shall apply and have effect as if ‘23 days’ were substituted for ‘14 days’ ” for “then subsection (3A) shall apply and have effect as if ‘the 23rd day of an income tax month’ were substituted for ‘the 14th day of an income tax month’ ”,

(d) in subsection (3B)(b)—

(i) by substituting “return period or periods” for “income tax month or months” in both places where it occurs, and

(ii) by substituting “those return periods” for “those income tax months”,

(e) in subsection (6)(a)(i) by substituting “a period covering not more than 2 years of assessment” for “a year of assessment”,

(f) in subsection (10)(i) by substituting “return period or periods” for “income tax month or months” in both places where it occurs,

(g) in subsection (10)(ii)—

(i) by substituting “each return period” for “each income tax month”, and

(ii) by substituting “the return period” for “the income tax month”,

and

(h) by substituting the following for paragraph (f) of subsection (12):

“(f) Where a specified limit has been applied by them for a year of assessment in relation to a relevant payments card by virtue of paragraph (e), the Revenue Commissioners, either at the request of the subcontractor named on the card or otherwise, may, as they consider it appropriate, amend the limit by reducing, increasing or removing it.”.

30. Amendment of section 731 (chargeable gains accruing to unit trusts) of Principal Act.

30.— (1) Section 731 of the Principal Act is amended in subsection (5) by substituting the following for paragraph (a)—

“(a) (i) Where throughout a year of assessment all the issued units in a unit trust which neither is, nor is deemed to be, an authorised unit trust scheme (within the meaning of the Unit Trusts Act 1990) are assets such that if those units were disposed of by the unit holder any gain accruing would be wholly exempt from capital gains tax (otherwise than by reason of residence or by virtue of section 739(3)), then gains accruing to the unit trust in that year shall not be chargeable gains.

(ii) Where the trustees, or any persons duly authorised to act on their behalf, of a unit trust to which subparagraph (i) applies are satisfied that, throughout a year of assessment, all the issued units in the unit trust are assets referred to in subparagraph (i), then they shall, in respect of that year of assessment, make a declaration to that effect.

(iii) The trustees, or any persons duly authorised to act on their behalf, of every unit trust to which subparagraph (i) applies shall in respect of each year of assessment, on or before 28 February in the year following the year of assessment, make a statement to the Revenue Commissioners in electronic format approved by them, which in respect of that year of assessment—

(I) states whether a declaration as referred to in subparagraph (ii) has, or has not, been made, and

(II) specifies in respect of each person who is a unit holder—

(A) the name and address of the person, and

(B) such other information as the Revenue Commissioners may require.

(iv) Where the trustees, or any persons duly authorised to act on their behalf, of a unit trust—

(I) make an incorrect or incomplete statement under subparagraph (iii), or

(II) fail, without reasonable excuse, to make such a statement,

then the trustees of that unit trust shall be liable to a penalty of €3,000. For the purposes of the recovery of a penalty under this subparagraph, section 1061 shall apply in the same manner as it applies for the purposes of the recovery of a penalty under any of the sections referred to in that section.”.

(2) This section shall apply for the year of assessment 2010 and subsequent years of assessment.

31. Amendment of Part 27 (unit trusts and offshore funds) of Principal Act.

31.— (1) Part 27 of the Principal Act is amended—

(a) in section 739B by substituting the following for the definition of “qualifying management company”:

“ ‘qualifying management company’, in relation to an investment undertaking, means a company which, in the course of a trade of managing investments, manages the whole or any part of the investments and other activities of the business of the undertaking;”,

(b) in section 739D, by inserting the following subsection after subsection (7A):

“(7B)

(a) A gain shall not be treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder where, immediately before the chargeable event, the investment undertaking is in possession of written notice of approval from the Revenue Commissioners to the effect that subsection (7) is deemed to have been complied with in respect of the unit holder, and that approval has not been withdrawn.

(b) The Revenue Commissioners may give to an investment undertaking the approval, referred to in paragraph (a), that subsection (7) is deemed to have been complied with—

(i) as respects any unit holder or class of unit holder, and

(ii) subject to such conditions as they consider necessary so as to satisfy themselves that, at the time the approval is granted, appropriate equivalent measures have been put in place by the investment undertaking to ensure that unit holders in that investment undertaking are not resident or ordinarily resident in the State.

(c) (i) The Revenue Commissioners may by notice in writing withdraw any approval given under paragraph (b) if an investment undertaking has failed to comply with any of the conditions subject to which the approval was given.

(ii) Where approval is withdrawn in accordance with subparagraph (i), paragraph (a) shall not apply from such date, and in respect of such unit holder or class of unit holder, as may be specified in the notice.

(d) The Revenue Commissioners may nominate in writing an inspector or other officer to perform any acts and discharge any functions authorised by this subsection to be performed or discharged by the Revenue Commissioners.”,

and

“Chapter 5

Relevant UCITS

Tax treatment of relevant UCITS.

747G.— (1) In this section—

‘ management company ’, in relation to a relevant UCITS, means a management company within the meaning of the relevant Directives;

‘ relevant Directives ’ means Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 ² on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), and any Directive amending that Directive;

‘relevant profits’, in relation to a relevant UCITS, means the profits which would be relevant profits (within the meaning of section 739B) if the relevant UCITS were an investment undertaking (within the meaning of that section);

‘ relevant UCITS ’ means an undertaking for collective investment in transferable securities—

(i) to which the relevant Directives apply,

(ii) which is formed under the laws of any of the Member States of the European Union other than the State, and

(iii) (I) the management company of which is authorised under any laws of the State which implement the relevant Directives, and

(II) which, if the management company were not so authorised, would not be liable to tax in the State.

(2) Notwithstanding anything in the Tax Acts and the Capital Gains Tax Acts, a relevant UCITS shall not be chargeable to tax in respect of relevant profits.

(3) An interest in a relevant UCITS shall be treated for the purposes of this Part as an interest in a company, scheme or arrangement specified in section 743(1).”.

(2) This section comes into operation on the passing of this Act.

32. Amendment of section 1035A (relieving provision to section 1035) of Principal Act.

32.— (1) Section 1035A of the Principal Act is amended in subsection (1)—

(a) in the definition of “ authorised agent ” in paragraph (a)(ii) by substituting “revoked,” for “revoked, or”, in paragraph (b) by substituting “revoked, or” for “revoked,” and by inserting the following paragraph after paragraph (b):

“(c) a company—

(i) authorised under any laws of the State that implement the relevant Directives, and

(ii) which carries on a trade which consists of or includes the management of unit trusts, common contractual funds or investment companies, or any combination thereof, each of which is a relevant UCITS,”,

(b) in the definition of “investment business services” by substituting “1995;” for “1995.”, and

“ ‘relevant Directives’ means Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 ³ on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), and any Directive amending that Directive;

‘relevant UCITS’ means an undertaking for collective investment in transferable securities—

(i) to which the relevant Directives apply, and

(ii) which is formed under the laws of any of the Member States of the European Union other than the State.”.

(2) This section comes into operation on the passing of this Act.

33. Dividend withholding tax.

33.— (1) The Principal Act is amended—

(a) in section 172D(3)(b) by substituting “where the declaration made is a current declaration (within the meaning of paragraph 2A of that Schedule)” for “in relation to which declaration each of the certificates referred to in clause (i), the certificate referred to in clause (ii) or, as the case may be, the certificate referred to in clause (iii), of subparagraph (f) of that paragraph is a current certificate (within the meaning of paragraph 2 of that Schedule)”,

(b) in section 172F(3)(a) by substituting the following for subparagraph (ii):

“(ii) a declaration made by that person in accordance with section 172D(3)—

(I) in relation to which the certificate referred to in paragraph 8(f) of Schedule 2A is a current certificate (within the meaning of paragraph 2 of that Schedule), or

(II) which is a current declaration (within the meaning of paragraph 2A of Schedule 2A),”,

(i) in subsection (1) by inserting “, or by means of electronic communications,” after “in writing”,

(ii) in subsection (1A)—

(I) by inserting “or the recipient of a relevant distribution” after “to an intermediary”,

(II) in paragraph (a) by inserting “delivered to an intermediary” after “the statement”, and

(III) in paragraph (b) by inserting “or the recipient of the relevant distribution” after “the intermediary”,

(d) in section 172J(4) by deleting “in writing”,

(e) in paragraph 2 of Schedule 2A by deleting “or 9(f)”,

(f) in Schedule 2A by inserting the following after paragraph 2:

“Currency of certain declarations

2A. A declaration referred to in paragraph 9 shall be treated as a current declaration for the period from the date of the making of the declaration to the 31st day of December in the fifth year following the year in which the declaration was made.”,

(g) in paragraph 9 of Schedule 2A by substituting the following for subparagraph (e):

“(e) contains—

(i) the name and address of that company,

(ii) the name of the territory in which the company is resident for the purposes of tax,

(iii) in the case of a company within the meaning of section 172D(3)(b)(ii), the name of the relevant territory or names of the relevant territories, as the case may be, in which the person or persons who control (within the meaning of section 172D(4)(a)), whether directly or indirectly, the company is or are resident for the purposes of tax by virtue of the law of that territory or the laws of those territories, and

(iv) in the case of a company within the meaning of section 172D(3)(b)(iii), the name and address of a recognised stock exchange on which the principal class of the shares of the company or

(I) where the company is a 75 per cent subsidiary (within the meaning of section 172D(5)) of another company, of that other company, or

(II) where the company is wholly owned (within the meaning of section 172D(6)) by 2 or more companies, of each of those companies,

is substantially and regularly traded,”,

and

(h) by deleting paragraph 9(f) of Schedule 2A.

(2) This section applies to—

(a) relevant distributions, and

(b) declarations referred to in section 172D(3)(b),

made on or after the date of the passing of this Act.

34. Amendment of section 175 (purchase of own shares by quoted company) of Principal Act.

34.— (1) Section 175 of the Principal Act is amended—

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