Legalize / Ireland / Act

FINANCE ACT 2020

Type Act

Publication 2020-12-19

Last updated 2022-01-01

State Partially repealed superseded text

Text As published

Source Irish Statute Book

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articles 76

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.

2 amending acts · 2022-01-01, effective-IE-2021-act-45@2022-01-01

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; 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.

Reform history JSON API

“(2A) The application by the armed forces of a Member State taking part in a defence effort carried out for the implementation of a European Union activity under the European Union common security and defence policy, for the use of those armed forces or for the use of the civilian staff accompanying those armed forces, of goods which those armed forces have not purchased subject to the general rules governing taxation on the domestic market of a Member State shall be treated as an intra-Community acquisition of goods for consideration, where the importation of those goods would not be eligible for the exemption provided for in the provisions implementing Article 143(1)(ga) of the VAT Directive in the Member State on whose domestic market the goods were purchased.”,

(b) in Schedule 1, in paragraph 15, by inserting the following subparagraph after subparagraph (2):

“(3) The importation of goods by the armed forces of a Member State other than the State for the use of those forces or the civilian staff accompanying those forces or for supplying their messes or canteens, when such forces take part in a defence effort carried out for the implementation of a European Union activity under the European Union common security and defence policy.”,

and

(i) by inserting the following subparagraph after subparagraph (1A):

“(1B) The supply of goods or services to a Member State other than the State, where those goods or services are intended for the armed forces of any state which is party to the North Atlantic Treaty, other than the Member State of destination of the goods or services, as the case may be, for the use of those forces, or of the civilian staff accompanying them, or for supplying their messes or canteens, when such forces take part in the common defence effort of the parties to the North Atlantic Treaty.”,

and

(ii) by inserting the following subparagraphs after subparagraph (1B) (inserted by subparagraph (i)):

“(1C) The supply of goods or services within the State, intended either for the armed forces of a Member State other than the State for the use of those forces, or the civilian staff accompanying them, or for supplying their messes or canteens, when such forces take part in a defence effort carried out for the implementation of a European Union activity under the European Union common security and defence policy.

(1D) The supply of goods or services to a Member State other than the State, intended for the armed forces of any Member State, other than the Member State of destination of the goods or services, as the case may be, for the use of those forces, or of the civilian staff accompanying them, or for supplying their messes or canteens, when such forces take part in a defence effort carried out for the implementation of a European Union activity under the European Union common security and defence policy.”.

(2) This section, other than subsection (1)(c)(i), shall come into operation on 1 July 2022.

43. Food and drink

43. The Principal Act is amended—

(a) in section 25, by deleting subsection (2),

(b) in Schedule 2, in paragraph 8(1) —

(i) by substituting the following clause for clause (a):

“(a) a supply to which paragraph 3(1) or (3) of Schedule 3 relates,”,

(ii) in clause (b), by substituting “to this paragraph,” for “to this paragraph, and”,

(iii) in clause (c), by substituting “of that table, and” for “of that table.”, and

(iv) by inserting the following clause after clause (c):

“(d) a supply to which paragraph 5(1) of Schedule 1 relates.”,

and

(i) in paragraph 1(1), by deleting the definition of “in the course of catering”, and

(ii) in paragraph 3—

(I) by substituting the following subparagraph for subparagraph (1):

“(1) The supply of restaurant or catering services, excluding—

(a) a supply to which paragraph 5(1) of Schedule 1 relates,

(b) the supply of food and drink that falls within Part A of the food and drink table, and

(c) the supply of food and drink that falls within column (1) of Part E of the food and drink table, but not including juices extracted from fruit.”,

and

(II) by deleting subparagraph (2).

44. Amendment of Schedule 2 (zero-rated goods and services) to, and section 46 (rates of tax) of, Principal Act

44. The Principal Act is amended—

(a) in paragraph 11 of Schedule 2, by inserting the following subparagraph after subparagraph (3):

“(4)

(a) The supply of personal protection equipment, thermometers, hand sanitiser, oxygen, medical ventilators and specialist respiratory equipment including respirators for intensive and sub-intensive care and other oxygen therapy apparatus including oxygen tents, when supplied—

(i) to—

(I) the Health Service Executive, for use in the delivery of Covid-19 related health care services, and

(II) hospitals, general practitioners, nursing homes and residential care facilities, for use in the delivery of Covid-19 related health care services to their patients or residents, as the case may be,

and

(ii) subject to such order as may be made under section 46(5), during the period beginning on 9 April 2020 and ending on 30 April 2021.

(b) In this subparagraph, ‘Covid-19’ has the same meaning as in the Emergency Measures in the Public Interest (Covid-19) Act 2020.”,

and

(b) in section 46, by inserting the following subsection after subsection (4):

“(5)

(a) Where the European Commission adopts a decision to extend or further extend the period of application of the relief granted by Commission Decision (EU) 2020/491 to a date later than 30 April 2021 or to any later date, as the case may be (in this paragraph referred to as the ‘extended period’), the Minister shall by order amend subclause (ii) of paragraph 11(4)(a) of Schedule 2 so as to extend or further extend, as the case may be, the period specified in that subclause for such extended period.

(b) An order under paragraph (a) may, if so expressed, have retrospective effect.

(c) An order under paragraph (a) shall be laid before Dáil Éireann as soon as may be after it has been 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.

(d) In this subsection—

‘Commission Decision (EU) 2020/491’ means Commission Decision (EU) 2020/491 of 3 April 2020³⁴ on relief from import duties and VAT exemption on importation granted for goods needed to combat the effects of the Covid-19 outbreak during 2020, as amended by Commission Decision (EU) 2020/1101 of 23 July 2020³⁵ and Commission Decision (EU) 2020/1573 of 28 October 2020³⁶;

‘Covid-19’ has the same meaning as in the Emergency Measures in the Public Interest (Covid-19) Act 2020.”.

45. Amendment of section 120 and Schedules 1 and 3 to Principal Act (accommodation)

45. The Principal Act is amended—

(a) in section 120(15), by substituting the following for paragraph (a):

“(a) the circumstances, terms and conditions under which (for the purposes of paragraph 11 of Schedule 3)—

(i) a letting of immovable goods constitutes a letting in the guest sector or holiday sector, or

(ii) accommodation constitutes guest accommodation or holiday accommodation,”,

(b) in Part 2 of Schedule 1, in paragraph 11, by substituting “supplies” for “letting hotel or holiday accommodation”, and

“11. Subject to regulations, if any—

(a) letting immovable goods (other than in the course of the provision of facilities of a kind specified in paragraph 12), where those goods consist of a room in a hotel or guesthouse, or

(b) the provision of holiday or guest accommodation in—

(i) a hotel,

(ii) a guesthouse,

(iii) all or part of a house,

(iv) all or part of an apartment, or

(v) another establishment,

including the letting of a place in a caravan park or camping site.”.

46. Amendment of Schedules 2 and 3 to Principal Act

46. The Principal Act is amended—

(a) in Schedule 2—

(i) in Part 1—

(I) in paragraph 4, by inserting the following subparagraph after subparagraph (2):

“(2A) The supply of services, other than those referred to in subparagraph (2), to meet the direct needs of—

(a) sea-going vessels to which subparagraph (2)(a) relates or their cargoes, or

(b) aircraft to which subparagraph (2)(b) relates or their cargoes.”,

and

(II) in paragraph 6(2), by substituting the following clause for clause (d):

“(d) services of the kind referred to in—

(i) paragraph 4(2) (Supply, hiring, repair, maintenance, etc. of sea-going vessels or aircraft), or

(ii) paragraph 4(2A) (To meet the direct needs of sea-going vessels or aircraft, or of their cargoes);”,

and

(ii) in Part 2, with effect from 1 January 2022, by deleting paragraph 13(4),

and

(b) in Part 2 of Schedule 3—

(i) with effect from 1 January 2021, by inserting the following paragraph after paragraph 5:

“5A. Menstrual cups, menstrual pants and menstrual sponges.”,

and

(ii) in paragraph 8, by substituting the following subparagraph for subparagraph (3):

“(3) Admission to fairgrounds or amusement parks, but excluding any part of the fee for such admission which relates to goods or services other than such admission.”.

PART 4 Stamp Duties

47. **Interpretation (Part 4)**

47. In this Part, “Principal Act” means the Stamp Duties Consolidation Act 1999.

48. Amendment of section 31C of Principal Act (shares deriving value from immovable property situated in the State)

48. Section 31C of the Principal Act is amended by inserting the following subsection after subsection (7):

“(7A) Where an agreement (within the meaning of section 31D) is chargeable to stamp duty under section 31D and would, but for that section, be treated as a conveyance or transfer on sale for the purposes of subsection (5) (in accordance with subsection (7)), the agreement shall be so treated and not be chargeable to stamp duty under section 31D.”.

49. Amendment of section 81C of Principal Act (further farm consolidation relief)

49. (1) Section 81C of the Principal Act is amended—

(a) in subsection (1)(a), in the definition of “relevant period”, by substituting “31 December 2022” for “31 December 2020”, and

(b) in subsection (12), by substituting “31 December 2022” for “31 December 2020”.

(2) Subsection (1) shall come into operation on such day as the Minister for Finance may appoint by order.

50. Amendment of section 83D of Principal Act (repayment of stamp duty where land used for residential purposes)

50. Section 83D of the Principal Act is amended—

(a) in subsections (3)(c)(i) and (5)(a) by substituting “30 months” for “2 years”,

(b) by substituting the following subsection for subsection (4):

“(4) Where the land is acquired for the purpose of constructing a single dwelling unit—

(a) subsection (3)(c)(ii) shall not apply, and

(b) where a declaration of intention to opt out of statutory certification has been submitted in accordance with article 9(5) of the Regulations of 1997 and included on the public register in accordance with paragraph (10) of article 20F of those Regulations, the dwelling unit specified in a commencement notice shall, for the purposes of this section, be treated as completed when a completion certificate is issued under subsection (13) or (14) of section 9D of the Electricity Regulation Act 1999 not later than 30 months after the date of sending by a building control authority, in accordance with article 10(2) or 20A(3)(b), as the case may be, of the Regulations of 1997, of an acknowledgment in relation to that commencement notice.”,

and

51. Insurance regulations - stamp duty

51. The Principal Act is amended—

(a) in section 103(1), in the definition of “appropriate person”—

(i) by deleting paragraphs (e) and (f),

(ii) in paragraph (j), by substituting “for themselves,” for “for themselves;”, and

(iii) by inserting the following paragraph after paragraph (j):

“(k) an insurance undertaking (within the meaning of the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015));”,

(b) in section 124B(1), in paragraph (b) of the definition of “insurer”, by substituting “the holder of an authorisation to carry on insurance of a class listed in Schedule 2 to the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015)” for “the holder of an authorisation within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994)”,

(i) in the definition of “assessable amount”, by substituting “a leading insurer (as that term is used in the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015))” for “a leading insurer (within the meaning of the European Communities (Co-insurance) Regulations, 1983 (S.I. No. 65 of 1983))”, and

(ii) in the definition of “insurer”, by substituting “the holder of an authorisation to carry on insurance of a class listed in Schedule 1 to the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015)” for “the holder of an authorisation within the meaning of the European Communities (Non-Life Insurance) Framework Regulations, 1994 (S.I. No. 359 of 1994)”,

and

(d) in section 125B(1), by substituting the following for the definition of “insurer”:

“‘insurer’ means the holder of an authorisation to carry on insurance of a class listed in Schedule 2 to the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015)”.

52. Amendment of section 126AA of Principal Act (further levy on certain financial institutions)

52. (1) Section 126AA(6) of the Principal Act is amended by substituting “308 per cent” for “170 per cent”.

(2) Subsection (1) shall apply in relation to a statement to be delivered in accordance with section 126AA(2) of the Principal Act for the year 2021.

53. Amendment of Schedule 1 to Principal Act (stamp duties on instruments)

53. Schedule 1 to the Principal Act is amended, in the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance”, in paragraph (5)(a)(ii), by substituting “1 January 2024” for “1 January 2021”.

PART 5 Capital Acquisitions Tax

54. **Interpretation (Part 5)**

54. In this Part “Principal Act” means the Capital Acquisitions Tax Consolidation Act 2003.

55. Amendment of section 46 of Principal Act (delivery of returns)

55. Section 46 of the Principal Act is amended in subsection (4) —

(a) by substituting “aggregate,” for “aggregate, or” in paragraph (a), and

(b) by inserting the following paragraph after paragraph (a):

“(aa) the gift comprises or includes—

(i) agricultural property within the meaning of section 89(1), or

(ii) relevant business property within the meaning of section 93(1),

or”.

56. Amendments of Principal Act in relation to 4-year time limit on enquiries, assessments and repayments

56. The Principal Act is amended—

(a) in section 46 in subsection (7A) by substituting the following paragraphs for paragraphs (a) and (b):

“(a) subject to paragraphs (b) and (c), 31 December in the year in which the relevant return is received by the Commissioners,

(b) in the case of inheritances referred to in sections 15(1) and 20(1), the date on which the relevant return is received by the Commissioners, or

(c) if later than the date referred to in paragraph (a), where the matter of such conditions being satisfied is relevant to the assessment of the tax concerned, the latest date on which all of the conditions for a relief or exemption were required to be satisfied.”,

(b) in section 49—

(i) in subsection (6A) by substituting the following paragraph for paragraph (a):

“(a) For the purposes of subsection (6) an assessment, a correcting assessment or an additional assessment made in connection with, or in relation to, a relevant return may not be made after the expiry of 4 years from—

(i) 31 December in the year in which the relevant return is received by the Commissioners, or

(ii) in the case of inheritances referred to in sections 15(1) and 20(1), the date on which the relevant return is received by the Commissioners.”,

and

(ii) by substituting the following subsection for subsection (6B):

“(6B) Notwithstanding subsection (6A), an assessment, a correcting assessment or an additional assessment may be made by the Commissioners at any time—

(a) where they have reasonable grounds for believing that any form of fraud or neglect (within the meaning given in section 46(7B)(b)) has been committed by, or on behalf of any accountable person in connection with, or in relation to, any relevant return (within the meaning given in subsection (6A)) which is the subject of assessment, or

(b) to take account of any fact or matter arising by reason of an event occurring after a relevant return is received by the Commissioners.”,

and

“(a) 31 December in the year in which that tax was due to be paid in accordance with section 46(2A), or”.

PART 6 Miscellaneous

57. **Interpretation (Part 6)**

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

58. Amendment of Principal Act (appeals to Appeals Commissioners)

58. (1) The Principal Act is amended, in Part 40A—

(a) in section 949AP, in subsection (1), by substituting “Subject to section 949AX, the Appeal Commissioners’ determination” for “the Appeal Commissioners’ determination”,

(b) in section 949AV, by substituting the following subsection for subsection (1):

“(1) Subject to subsections (4) and (5) (in the case of a direction given under section 949T(1)), the Appeal Commissioners may dismiss an appeal where a party has failed to comply, to the Appeal Commissioners’ satisfaction, with a direction given by them under—

(a) subsection (1) of section 949E, in relation to the matter referred to in paragraph (2)(a) of that section,

(b) section 949Q(1),

(c) section 949S(1), or

(d) section 949T(1).”,

and

“Chapter 8

Appeal Commissioner vacating office before completion of appeal

Appeal Commissioner vacating office: prior to determination

949AW. Where, in relation to an appeal—

(a) a hearing has commenced but is not completed, or

(b) a hearing has been completed but a determination has not been made,

by the one or more Appeal Commissioners who presided over the hearing (and the omission to complete or do the foregoing thing is due to one or more Appeal Commissioners having vacated, in whatever circumstances, office), the appeal shall, as one or more other Appeal Commissioners decide, either—
- (i) be reheard by one or more other Appeal Commissioners as if the first hearing had not commenced or been completed, as the case may be, or

- (ii) instead of being reheard, be adjudicated on by one or more other Appeal Commissioners in accordance with section 949U.

  **Appeal Commissioner vacating office: prior to completion and signing of case stated**

  **949AX.** (1) Where—
(a) in relation to an appeal, a determination has been made,

(b) a notice has been issued in relation to that determination under section 949AP(2), and

(c) any of the steps in the stating and signing of a case for the opinion of the High Court on the determination remain to be taken (and the omission to take those steps is due to one or more of the Appeal Commissioners who presided over the hearing concerned having vacated, in whatever circumstances, office),

one or more other Appeal Commissioners shall serve a notice on each of the parties to the appeal requesting the party to state to the one or more other Appeal Commissioners, within a period specified in the notice, whether the party wishes—
- (i) the appeal to be reheard by the one or more other Appeal Commissioners,

- (ii) the appeal to be adjudicated on by the one or more other Appeal Commissioners in accordance with section 949U, or

- (iii) the remaining steps in the stating and signing of a case for the opinion of the High Court on the determination, as specified in section 949AQ, to be taken.
(2) Where both of the parties state to the one or more other Appeal Commissioners, within the period specified in the notice served under subsection (1) —

(a) that they wish the appeal to be reheard by the one or more other Appeal Commissioners, the appeal shall be reheard by the one or more other Appeal Commissioners and no further steps shall be taken in relation to the case stated concerned under section 949AQ,

(b) that they wish the appeal to be adjudicated on by the one or more other Appeal Commissioners in accordance with section 949U, the appeal shall be so adjudicated on and no further steps shall be taken in relation to the case stated concerned under section 949AQ, or

(c) that they wish the remaining steps in the stating and signing of a case for the opinion of the High Court on the determination, as specified in section 949AQ, to be taken, the remaining steps may be taken in relation to the case stated under that section by the one or more other Appeal Commissioners and the parties and that section shall apply accordingly.

(3) If the service of a notice under subsection (1) does not result in a statement that falls within subsection (2)(a), (b) or (c), the remaining steps in the stating and signing of a case for the opinion of the High Court on the determination, as specified in section 949AQ, may be taken in relation to the case stated under that section by the one or more other Appeal Commissioners and the parties and that section shall apply accordingly.

(4) Subsection (5) applies to a case stated sent to the High Court in circumstances in which, by virtue of this section, a case stated may be completed and signed by one or more Appeal Commissioners other than the one or more Appeal Commissioners who heard the appeal, the subject of the case stated, and the reference in subsection (5) to the relevant circumstances is a reference to both—

(a) the fact of the second-mentioned one or more Appeal Commissioners in this subsection having vacated, in whatever circumstances, office, and

(b) the fact of the case stated having been completed and signed by the first-mentioned one or more Appeal Commissioners in this subsection.

(5) If, on or after the sending to it of a case stated to which this subsection applies, the High Court is of the opinion that having regard to—

(a) the particular issues arising in the case stated, or

(b) the likelihood of there being exercised by it the powers under section 949AR(1)(b) or (2) in relation to the case stated,

the proceeding by it to deal, or further deal, with the case stated would not, by reason of the relevant circumstances, be consistent with the due administration of justice, it shall decline to deal, or further deal, with the case stated and may make an order directing that the appeal, the subject of the case stated, be reheard by the Appeal Commissioners or such other order as it deems just.”.

(2) The Principal Act is amended, in section 959AF—

(a) in subsection (1), by substituting “Subject to subsection (1A), a person aggrieved” for “A person aggrieved”, and

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

“(1A) No appeal lies against an assessment or an amended assessment where the sole matter on which the person, on whom the assessment or amended assessment, as the case may be, was made, is aggrieved relates to a surcharge imposed under section 1084(2), other than where that person’s ground for the appeal relates to—

(a) a matter referred to in section 1084(1)(b), or

(b) the date on which the return of income for a chargeable period was delivered.”.

59. Mandatory disclosure of certain transactions

59. The Principal Act is amended—

(a) in Part 33—

(i) in section 817O—

(I) in subsection (1)(b), by substituting “section 817E(a), 817E(b), 817F, 817G or 817H(1), as the case may be,” for “section 817E, 817F, 817G or 817H(1),”, and

(II) in subsection (2), by substituting the following definition for the definition of “relevant day”:

“‘relevant day’ means the first day after the end of the period specified in section 817E(a), 817E(b), 817F, 817G or 817H(1), as the case may be, during which the obligation imposed on a person by section 817E(a), 817E(b), 817F, 817G or 817H(1), as the case may be, shall be discharged.”,

(ii) in section 817RA(1), by inserting the following definition:

“‘the Acts’ means—

(a) Parts 18C and 18D,

(b) the Stamp Duties Consolidation Act 1999 and the enactments amending or extending that Act,

(c) the Capital Acquisitions Tax Consolidation Act 2003 and the enactments amending or extending that Act,

(d) the Capital Gains Tax Acts,

(e) the Tax Acts, and

(f) any instruments made under any of the enactments referred to in paragraphs (a) to (e);”,

(iii) in section 817RB, by substituting the following subsection for subsection (2):

“(2) The reference in subsection (1) to ‘taxes’ shall not include, nor be construed as including, a reference to any of the following:

(a) value-added tax, customs duties, or excise duties covered by other legislation of the European Union on administrative cooperation between Member States;

(b) compulsory social security contributions payable to a Member State or a subdivision of a Member State or to social security institutions established under public law;

(c) fees, such as for certificates and other documents issued by public authorities;

(d) dues of a contractual nature, such as consideration for public utilities.”,

(iv) in section 817RC—

(I) by inserting the following subsection after subsection (6):

“(6A) An intermediary shall be exempt from making a return to the Revenue Commissioners under this section if the intermediary has received, in writing, from any other intermediary involved in the same reportable cross-border arrangement—

(a) confirmation that such other intermediary has provided the specified information to the competent authority of another Member State,

(b) a copy of the specified information provided to the competent authority referred to in paragraph (a), and

(c) the reference number assigned to the arrangement by the competent authority referred to in paragraph (a).”,

and

(II) by substituting the following subsection for subsection (10):

“(10) Where subsection (9)(b) applies, the intermediary concerned shall, without delay, notify the relevant taxpayer of the obligations imposed on that relevant taxpayer under this Chapter.”,

(v) in section 817RD—

(I) by substituting the following subsection for subsection (5):

“(5) A relevant taxpayer shall be exempt from making a return to the Revenue Commissioners under this section if the relevant taxpayer has received, in writing, from an intermediary or any other relevant taxpayer involved in the same reportable cross-border arrangement, as the case may be—

(a) confirmation that such intermediary or such other relevant taxpayer, as the case may be, has provided the specified information to the Revenue Commissioners in a return made under this Chapter, and

(b) the reference number assigned to the arrangement by the Revenue Commissioners.”,

and

(II) by substituting the following subsection for subsection (8):

“(8) Any person who obtains or seeks to obtain a tax advantage from a reportable cross-border arrangement shall be a chargeable person for the purposes of Part 41A where such tax advantage is in respect of a tax, duty, levy or charge which is placed under the care and management of the Revenue Commissioners in accordance with the Acts.”,

and

(vi) by inserting the following section after section 817RH:

“Specified arrangements

817RI. (1) For the purposes of this section, ‘specified arrangement’ means an arrangement that is within one of the classes of arrangements specified in Schedule 34.

(2) A specified arrangement which—

(a) would, but for the operation of this section, contain the hallmark described in paragraph (3) of category A of the hallmarks,

(b) satisfies the main benefit test referred to in Annex IV of the Directive, and

(c) meets the conditions specified in subsection (3),

shall be deemed not to contain the hallmark described in paragraph (3) of category A of the hallmarks.

(3) The conditions referred to in subsection (2) are that—

(a) the tax advantage arises solely by virtue of the arrangement being within one of the classes of arrangements specified in Schedule 34, and

(b) the specified arrangement is not a tax avoidance transaction within the meaning of section 811C.”,

and

(b) by inserting the following Schedule after Schedule 33:

“SCHEDULE 34

Section 817RI

Specified arrangements referred to in section 817RI

The classes of arrangements referred to in section 817RI are as follows:

A salary sacrifice arrangement approved under section 118B.

The occupation of woodlands as provided for by section 232.

The disposal by an individual of woodland as provided for by section 564.

A retirement benefits scheme within the meaning of section 771, for the time being approved by the Revenue Commissioners for the purposes of Chapter 1 of Part 30.

An annuity contract or a trust scheme, or part of a Trust Scheme, for the time being approved by the Revenue Commissioners under section 784.

A PRSA contract (within the meaning of section 787A) in respect of a PRSA product (within the meaning of that section).

A qualifying overseas pension plan within the meaning of Chapter 2B of Part 30.

A profit sharing scheme approved by the Revenue Commissioners under Part 2 of Schedule 11.

An employee share ownership trust approved by the Revenue Commissioners under paragraph 2 of Schedule 12.

A savings-related share option scheme approved by the Revenue Commissioners under paragraph 2 of Schedule 12A.

A certified contractual savings scheme certified by the Revenue Commissioners under Schedule 12B.

A share option scheme approved by the Revenue Commissioners under paragraph 2 of Schedule 12C.”.

60. Insurance regulations

60. The Principal Act is amended—

(a) in section 470(1), in the definition of “authorised insurer”, by substituting the following for paragraph (b)(i):

“(i) any undertaking standing authorised under—

(I) the European Communities (Non-Life Insurance) Framework Regulations 1994 (S.I. No. 359 of 1994), or

(II) the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), in respect of insurance of a class listed in Schedule 2 to those Regulations,

or”,

(b) in section 588(1), in the definition of “assurance company” by substituting the following for paragraph (b):

“(b) a person that holds an authorisation—

(i) within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994), or

(ii) under the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), in respect of insurance of a class listed in Schedule 2 to those Regulations;”,

“(II) a person that holds an authorisation—

(A) within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994), or

(B) under the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), in respect of insurance of a class listed in Schedule 2 to those Regulations;”,

(d) in section 706(1), in the definition of “assurance company”, by substituting the following for paragraph (b):

“(b) a person that holds an authorisation—

(i) within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994), or

(ii) under the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), in respect of insurance of a class listed in Schedule 2 to those Regulations;”,

(e) in section 730D(2A)(b)(i)(II), by substituting the following for subclause (A):

“(A) the assurance company which commenced the life policy underwrites the business from the State on a freedom of services basis under Regulation 50 of the European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994), Regulations 154 to 163 of the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015) or other equivalent arrangement in an EEA state, and”,

(f) in section 784A(1)(a), in paragraph (j) of the definition of “qualifying fund manager”—

(i) by substituting the following for subparagraph (i):

“(i) an authorisation under the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), in respect of insurance of a class listed in Schedule 2 to those Regulations, or”,

(ii) in subparagraph (ii), by substituting “in a Member State of the European Union (other than the State), Iceland, Liechtenstein or Norway in accordance with Article 14 of Directive 2009/138/EC³⁷” for “in a Member State other than the State in accordance with Article 6 of Directive No. 79/267/EEC”, and

(iii) by deleting subparagraph (iii),

(g) in section 891B(1), in the definition of “assurance company”, by substituting the following for paragraph (b):

“(b) a person that holds an authorisation—

(i) within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994), or

(ii) under the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), in respect of insurance of a class listed in Schedule 2 to those Regulations;”,

and

(h) in section 902B(1), in the definition of “assurance company”, by substituting the following for paragraph (b):

“(b) a person that holds an authorisation—

(i) within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994), or

(ii) under the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), in respect of insurance of a class listed in Schedule 2 to those Regulations;”.

61. Returns of certain payment card transactions by payment card providers

61. Part 38 of the Principal Act is amended by inserting the following section after section 891D:

“Returns of certain payment card transactions by payment card providers

891DA. (1) In this section—

‘the Acts’ has the same meaning as in section 851A;

‘authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section;

‘cross-border payment card transaction’ means a paymentcard transaction where the payee is located in a place other than the State;

‘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 which is a contracting party to the EEA Agreement;

‘payee’, in relation to a cross-border payment card transaction, means the person accepting the payment concerned;

‘payment card’ means any card which is issued by a payment card provider pursuant to an agreement or arrangement which provides for—

(a) one or more issuers of such cards,

(b) a network of persons unrelated to each other, and to the issuer, who agree to accept such cards as payment, and

(c) standards and mechanisms for settling the transactions between the issuers of such cards and the persons who agree to accept such cards as payment,

and the acceptance as payment of any account number or other indicators associated with a payment card shall be treated for the purposes of this section in the same manner as accepting such card payment as payment;

‘payment card provider’ means—

(a) a person who—

(i) is a holder of a licence granted under section 9 of the Central Bank Act 1971 or an authorisation granted under section 9A of that Act, or

(ii) holds a licence or other similar authorisation under the law of an EEA state, other than the State, which corresponds to a licence granted under section 9 of the Central Bank Act 1971,

(b) a payment institution (within the meaning of Regulation 18 of the European Union (Payment Services) Regulations 2018 (S.I. No. 6 of 2018)) which has been authorised by the Central Bank of Ireland to carry on the business of a payment institution, or

(c) the Post Office Savings Bank;

‘payment card transaction’ means any transaction in which a relevant payment card is accepted as payment where the relevant payment card is not physically presented to the payee;

‘relevant payment card’ means a payment card which is issued to a person whose postal address for the purpose of the issue of the card is in the State;

‘tax’ has the same meaning as in section 851B;

‘TIN’ has the same meaning as in section 891G.

(2) For the purposes of enabling the identification of payees who may have an obligation to pay or remit tax under the Acts and determining and ensuring compliance by payees with any obligations imposed on them by the Acts in relation to—

(a) the payment or remittance of taxes, interest or penalties required to be paid or remitted under the Acts, and

(b) the delivery of any returns to be made under the Acts,

the Revenue Commissioners, with the consent of the Minister for Finance, may by regulations provide that a payment card provider be required to make to the Revenue Commissioners, in relation to cross-border payment card transactions, a return of such information as may be specified in the regulations.

(3) Without prejudice to the generality of subsection (2), regulations made under this section may, in particular, include provision for—

(a) in respect of a return required to be made under the regulations—

(i) the period in respect of which the return is to be made,

(ii) the date by which the return is to be made, and

(iii) the manner in which the return is to be made,

(b) the following details in respect of payees to be included in the return:

(i) the name or business name of each payee;

(ii) the address or email address of each payee;

(iii) the TIN of each payee;

(iv) the International Bank Account Number, or equivalent, of each payee;

(v) the Bank Identifier Code, or equivalent identifier, of each payee;

(vi) such other details as the Revenue Commissioners consider necessary and appropriate for the purposes of determining the identity of each payee,

(c) the following details in respect of payments made pursuant to cross-border payment card transactions to be included in the return:

(i) the date and time of each payment;

(ii) the amount of each payment and the currency in which each payment was made,

(d) subject to subsection (4), the class or classes of payees in respect of whom the information specified in the regulations is to be included in the return, and

(e) subject to subsection (5), the class or classes of payment card providers required to make a return.

(4)

(a) Subject to paragraph (b) and for the purposes of subsection (3)(d), the Revenue Commissioners, having regard to the purposes specified in subsection (2), shall specify in the regulations made under this section the class or classes of payees by reference to the number and aggregate value of cross-border payment card transactions associated with relevant payment cards issued by a payment card provider.

(b) The class or classes of payees specified in accordance with paragraph (a) in regulations made under this section shall not include any payee who meets either of the following conditions:

(i) during the period specified in regulations made under this section in respect of which a return is required to be made, the payee accepts payment pursuant to less than 100 cross-border payment card transactions associated with relevant payment cards issued by the payment card provider who is making the return;

(ii) the aggregate value of the cross-border payment card transactions in respect of which the payee accepts payment associated with relevant payment cards issued by the payment card provider who is making the return is less than €10,000.

(c) Where the period specified in regulations made under this section in respect of which a return is required to be made is less than 12 months, the number of payment card transactions specified in paragraph (b)(i) and the aggregate value of payment card transactions specified in paragraph (b)(ii) shall be reduced pro rata.

(5) For the purposes of subsection (3)(e), the Revenue Commissioners, having regard to the purposes specified in subsection (2), shall specify in the regulations made under this section the class or classes of payment card providers by reference to the number of relevant payment cards issued by a payment card provider and the aggregate value of payment card transactions associated with those relevant payment cards.

(6) Subject to subsection (7), an authorised officer may at all reasonable times enter any premises or place of business of a payment card provider for the purposes of—

(a) determining whether—

(i) information included in a return made by the payment card provider under regulations made under this section was correct and complete, or

(ii) information not included in such a return was correctly not so included,

or

(b) examining the procedures put in place by that payment card provider for the purposes of ensuring compliance with that provider’s obligations under this section or regulations made under this section.

(7) An authorised officer shall not, other than with the consent of the occupier, enter a private dwelling without a warrant issued under subsection (8) authorising the entry.

(8) A judge of the District Court, if satisfied on the sworn evidence of an authorised officer that—

(a) there are reasonable grounds for suspecting that any information or records, as the authorised officer may reasonably require for the purposes of his or her functions under this section, is or are held on any premises or part of any premises, and

(b) an authorised officer, in the performance of his or her functions under this section has been prevented from entering the premises or any part thereof,

may issue a warrant authorising the authorised officer, accompanied if necessary by other persons, at any time or times within 30 days from the date of issue of the warrant and on production if so requested of the warrant, to enter, if need be by reasonable force, the premises or part of the premises concerned and perform all or any of the functions conferred on the authorised officer under this section.

(9)

(a) Section 898O shall apply to—

(i) a failure by a payment card provider to deliver a return required to be made under regulations made under this section, and to each and every such failure, and

(ii) the making of an incorrect or incomplete return,

as it applies to a failure to deliver a return or to the making of an incorrect or incomplete return referred to in section 898O.

(b) A payment card provider who does not comply with—

(i) the requirements of an authorised officer in the exercise or performance of the officer’s powers or duties under this section, or

(ii) any requirement imposed on the payment card provider by this section or regulations made under this section,

shall be liable to a penalty of €1,265.

(10) Section 4 of the Post Office Savings Bank Act 1861 shall not apply to the disclosure of information required to be included in a return made under regulations made under this section and, accordingly, this section shall apply to information to which, but for this subsection, the said section 4 would apply.

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

62. Amendments consequential on migration of shares to EU central securities depository

62. (1) The Principal Act is amended—

(a) in section 172A(1)(a) by inserting the following definition after the definition of “recipient ID code”:

“‘recognised qualifying intermediary’, in relation to a relevant distribution, has the meaning assigned to it by section 172FA;”,

(b) by inserting the following section after section 172F:

“Recognised qualifying intermediaries

172FA. (1) For the purposes of this Chapter, a person shall be a recognised qualifying intermediary if the person is—

(a) a qualifying intermediary that is also a recognised clearing system, within the meaning of section 246A(2)(a), or

(b) a qualifying intermediary that is also a person who is wholly owned by a recognised clearing system, within the meaning of section 246A(2)(a).

(2) A recognised qualifying intermediary may receive relevant distributions without the deduction of dividend withholding tax and pay those relevant distributions without the deduction of dividend withholding tax to another recognised qualifying intermediary or to an authorised withholding agent so long as the recognised qualifying intermediary has obtained a notice in writing from the authorised withholding agent or the other recognised qualifying intermediary, that it is an authorised withholding agent or a recognised qualifying intermediary, as the case may be, in relation to those distributions.”,

(c) in section 172G(1) by inserting “, either directly or through one or more than one recognised qualifying intermediary,” after “makes a relevant distribution”,

(d) in section 172H—

(i) by substituting the following subsection for subsection (1):

“(1) An authorised withholding agent which is to receive, on behalf of other persons, any relevant distributions to be made to it by any company resident in the State, either directly or through one or more than one recognised qualifying intermediary, shall notify that company or that recognised qualifying intermediary, as the case may be, by way of notice in writing, that it is an authorised withholding agent in relation to those distributions.”,

(ii) in subsection (2) by inserting “either directly or through one or more than one recognised qualifying intermediary,” after “the State”, and

(iii) in subsection (3) by inserting “or the recognised qualifying intermediary, as the case may be,” after “notified the company”,

and

(e) in section 172LA—

(i) by substituting the following subsection for subsection (1):

“(1) In this section—

‘proper owner’ means the person beneficially entitled to a relevant distribution as a result of the specified event;

‘recorded owner’ means the person beneficially entitled to a relevant distribution before the specified event;

‘stockbroker’ means a member firm of the Irish Stock Exchange plc trading as Euronext Dublin or of a recognised stock exchange in another territory.”,

(ii) in subsection (2) —

(I) by substituting the following paragraph for paragraph (a):

“(a) a company resident in the State has made a relevant distribution, either directly or indirectly through an intermediary, to a recorded owner on the basis of the information on the share register of the company, or on the basis of a securities account in the name of the recorded owner held by an intermediary, at a particular date,”,

(II) in paragraph (b) by substituting “the proper owner” for “another person (in this section referred to as the ‘proper owner’)”, and

(III) by substituting the following paragraph for paragraph (c):

“(c) a person (in this section referred to as an ‘accountable person’), being the relevant stockbroker or intermediary who has acted for the recorded owner in the specified event, is obliged to pay the relevant distribution to the proper owner or to an intermediary holding securities on behalf of the proper owner, which action is in this section referred to as the ‘settlement of the market claim’.”,

(iii) in subsection (3) —

(I) in paragraph (b) by inserting “or intermediary” after “relevant stockbroker”, and

(II) in paragraph (c) by inserting “or intermediary” after “relevant stockbroker”,

and

(iv) in subsection (4) by inserting “or intermediary” after “relevant stockbroker”.

(2) The Principal Act is amended in Chapter 2 of Part 19 by inserting the following section after section 545:

“Share disposals and central securities depositories

545A. (1) The migration of shares under the Migration of Participating Securities Act 2019 shall not be treated as a disposal of those shares for the purposes of the Capital Gains Tax Acts.

(2) Subsection (3) applies in relation to shares held by a central securities depository (within the meaning of Regulation 909/2014 of the European Parliament and of the Council of 23 July 2014³⁸) whose rules require holders of interests in such shares to hold those interests by way of a co-ownership interest in a fungible pool of underlying shares.

(3) Where this subsection applies and a person disposes of a co-ownership interest referred to in subsection (2), the asset deemed to have been disposed of for the purposes of the Capital Gains Tax Acts shall be the person’s interest in the underlying shares.

(4) References to—

(a) shares quoted on a stock exchange in sections 29(1A)(b) and 980(2)(d) and (e), and

(b) shares in a company in the definition of ‘relevant assets’ in section 29A(1)(a),

shall be deemed to include references to a co-ownership interest referred to in subsection (2).”.

(3) The Principal Act is amended in section 743 by inserting the following subsection after subsection (1):

“(1A) For the purposes of subsection (1), rights in the nature of co-ownership do not include an arrangement in the nature of a co-ownership that arises solely from the following, that is to say—

(a) rules of a central securities depository (within the meaning of Regulation 909/2014 of the European Parliament and of the Council of 23 July 2014³⁹), and

(b) which rules require holders of interests in securities, held by the depository, to hold those interests by way of a co-ownership interest in a fungible pool of underlying securities.”.

(4) The Capital Acquisitions Tax Consolidation Act 2003 is amended—

(a) in section 6 by inserting the following subsection after subsection (2):

“(2A)

(a) For the purposes of subsections (1)(c) and (2)(d), any property comprising shares in—

(i) a company formed and registered under the Companies Act 2014 or an existing company within the meaning of that Act,

(ii) a body corporate referred to in subsection (1) of section 1312 of the Companies Act 2014 (other than a body that is referred to in subsection (2) of that section as an ‘excluded body’),

(iii) an Irish collective asset-management vehicle, or

(iv) a society registered under the Industrial and Provident Societies Acts 1893 to 2014,

shall be deemed to be situate in the State.

(b) In this subsection ‘shares’ includes any legal or equitable interest or right in, or in relation to, a share, whether such interest or right is directly or indirectly held, and, without prejudice to the generality of the foregoing, shall be deemed to include—

(i) a share which represents ownership of an underlying share and which can be traded independently of the underlying share, and

(ii) in the case of shares held by a central securities depository (within the meaning of Regulation 909/2014 of the European Parliament and of the Council of 23 July 2014⁴⁰) whose rules require holders of interests in such shares to hold those interests by way of a co-ownership interest in a fungible pool of underlying shares, that co-ownership interest.”,

(b) in section 11 by inserting the following subsection after subsection (2):

“(2A)

(a) For the purposes of subsections (1)(b) and (2)(c), any property comprising shares in—

(i) a company formed and registered under the Companies Act 2014 or an existing company within the meaning of that Act,

(ii) a body corporate referred to in subsection (1) of section 1312 of the Companies Act 2014 (other than a body that is referred to in subsection (2) of that section as an ‘excluded body’),

(iii) an Irish collective asset-management vehicle, or

(iv) a society registered under the Industrial and Provident Societies Acts 1893 to 2014,

shall be deemed to be situate in the State.

(b) In this subsection ‘shares’ includes any legal or equitable interest or right in, or in relation to, a share, whether such interest or right is directly or indirectly held, and, without prejudice to the generality of the foregoing, shall be deemed to include—

(i) a share which represents ownership of an underlying share and which can be traded independently of the underlying share, and

(ii) in the case of shares held by a central securities depository (within the meaning of Regulation 909/2014 of the European Parliament and of the Council of 23 July 2014⁴¹) whose rules require holders of interests in such shares to hold those interests by way of a co-ownership interest in a fungible pool of underlying shares, that co-ownership interest.”,

and

“(1A) For the avoidance of doubt, the definition of ‘collective investment scheme’ in subsection (1) does not include a central securities depository (within the meaning of Regulation 909/2014 of the European Parliament and of the Council of 23 July 2014⁴²) whose rules require holders of interests in securities, held by the depository, to hold those interests by way of a co-ownership interest in a fungible pool of underlying securities.”.

(5) The Stamp Duties Consolidation Act 1999 is amended in Part 6 by constituting sections 68 to 78 as Chapter 1 of that Part and inserting the following Chapter after that Chapter:

“Chapter 2

Special provisions relating to dematerialised securities

Interpretation (Chapter 2)

78A. (1) In this Chapter—

‘central securities depository’ or ‘CSD’ has the same meaning as in the CSD Regulation;

‘CSD Regulation’ means Regulation 909/2014 of the European Parliament and of the Council of 23 July 2014⁴³ on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No. 236/2012;

‘dematerialised securities’ means securities in respect of which physical certificates or documents of title indicating ownership have been eliminated such that the securities exist only as accounting or book entry records;

‘depository receipt’ means a security which represents ownership of an underlying security and which can be traded independently of the underlying security;

‘immobilisation’ means the act of concentrating the location of securities in, or on behalf of, a CSD in a way that enables subsequent transfers of interests in those securities to be made by book entry;

‘interest in securities’ means—

(a) any legal or equitable interest or right in, or in relation to, a security,

(b) a depository receipt,

(c) an indirect interest or right in, or in relation to, underlying securities arising from the immobilisation or dematerialisation of the securities, or

(d) without prejudice to the generality of paragraph (c), an interest or right in, or in relation to, securities which are held in, or on behalf of, a CSD, the rules of which require holders of interests or rights in, or in relation to, securities to hold those interests or rights by way of a co-ownership interest in a fungible pool of underlying securities;

‘relevant system’ means a securities settlement system that is operated by a CSD;

‘securities’ means any stocks or marketable securities;

‘securities settlement system’ means a formal arrangement with common rules and standardised arrangements for the execution of transfer orders by electronic means;

‘third country CSD’ means a CSD located outside the European Union that would come within the CSD Regulation if it were located in the European Union;

‘transfer order’ means a properly authenticated instruction to transfer an interest in securities.

(2) A reference to a CSD in this Chapter includes a reference to a third country CSD.

(3) This Chapter applies solely to the transfer of interests in dematerialised securities.

Transfer of interest in securities through relevant system

78B. (1) Where a transfer order effects a transfer of an interest in securities through a relevant system, the transfer order shall, for all purposes of this Act, be deemed to be an executed instrument of conveyance or transfer of such securities, the date of execution of which shall be deemed to be the date of execution of the transfer order.

(2) A transfer order that effects a transfer of an interest in securities outside a relevant system shall be deemed to be a transfer order effecting such a transfer through a relevant system and subsection (1) shall apply accordingly.

(3) Where a transfer of an interest in securities is effected by a transfer order relating to a single netted settlement of two or more contracts for the transfer of interests in the same type of securities, each individual contract constituting the single netted settlement shall be deemed to be a transfer order and subsection (1) shall apply accordingly.

Relief for intermediaries and clearing houses

78C. In relation to a transfer order or a deemed transfer order referred to in section 78B—
- (a) the exemption from stamp duty under section 75(3) in relation to a recognised intermediary (within the meaning of subsection (1) of that section) in respect of certain instruments of transfer shall also apply in respect of the transfer order or deemed transfer order and section 75 shall apply accordingly, and

- (b) the exemption from stamp duty under section 75A(2) in relation to a recognised clearing house (within the meaning of subsection (1) of that section) in respect of certain instruments of transfer shall also apply in respect of the transfer order or deemed transfer order and section 75A shall apply accordingly.

  **Duty charged**

  **78D.** (1) Where a transfer order, or a deemed transfer order, is, by virtue of section 78B, chargeable with stamp duty under or by reference to the heading ‘CONVEYANCE or TRANSFER on sale of any stocks or marketable securities’ in Schedule 1, duty shall be charged under that heading at the rate of one per cent of the consideration for the transfer to which the transfer order, or deemed transfer order, gives effect.
(2) Notwithstanding subsection (1) —

(a) where a transfer operates as a voluntary disposition inter vivos, the reference in that subsection to the consideration for the transfer shall, in relation to the duty to be charged, be construed as a reference to the value of the interest transferred, and

(b) where the calculation results in an amount that is not a multiple of one cent, the amount so calculated shall be rounded to the nearest cent, and any half of a cent shall be rounded up to the next whole cent.

Payment of duty

78E. (1) Subject to subsection (2), any duty charged by virtue of section 78B shall be due and payable on, and shall be paid to the Commissioners on, the date on which the transfer order, or deemed transfer order is executed.

(2) Notwithstanding subsection (1), the Commissioners may enter into an agreement with a CSD, or other party, in such form and on such terms and conditions as they think fit, in relation to the payment of stamp duty and where such an agreement is in force, any duty paid in accordance with the agreement shall be deemed to have been paid to the Commissioners on the date on which it became due and payable.

(3) Notwithstanding section 2(3), the transfer order, or deemed transfer order, that is charged to stamp duty by virtue of section 78B shall not be required to be stamped and, accordingly, sections 4, 6, 8, 11, 14, 20, 127 and 129(1) shall not apply.

(4) For the purposes of subsections (3) and (4) of section 2, the transfer order, or deemed transfer order, that is charged to stamp duty by virtue of section 78B shall be deemed to be duly stamped with the proper stamp duty when such duty, and any interest relating to such duty, is paid to the Commissioners.

(5) Where duty that is due and payable on the date on which the transfer order, or deemed transfer order, is executed is paid after that date, interest shall be charged on that duty, calculated in accordance with section 159D from the date on which the transfer order, or deemed transfer order, is executed to the date of payment of the unpaid duty.

Assessments and appeals

78F. (1) If, at any time and for any reason, it appears that no or insufficient duty has been paid to the Commissioners, they shall make an assessment of such amount of duty or additional duty as, to the best of their knowledge, information and belief, ought to be charged, levied and paid and the accountable person shall be liable for the payment of the duty so assessed.

(2) If, at any time and for any reason, it appears that an assessment is incorrect, the Commissioners shall make such other assessment as they consider appropriate and this other assessment shall be substituted for the first-mentioned assessment.

(3) An accountable person aggrieved by an assessment made on that person under this section may appeal the assessment to the Appeal Commissioners, in accordance with section 949I of the Taxes Consolidation Act 1997, within the period of 30 days after the date of the notice of assessment.

(4) In default of an appeal, in accordance with subsection (3), being made by an accountable person to whom a notice of assessment has been issued, the assessment made on the person is final and conclusive.

Overpayment and repayment of duty

78G (1) Where, on a claim in accordance with subsection (2), it is proved to the satisfaction of the Commissioners that there has been an overpayment of duty in relation to a charge to duty by virtue of section 78B, the overpayment shall be repaid.

(2) A claim for repayment shall be made in such form and manner as may be decided by the Commissioners.

(3) A claim for repayment shall be made within the period of 4 years from the date of execution of the transfer order or deemed transfer order giving rise to the claim.

Obligations and penalties

78H. (1) Where a transfer order, or a deemed transfer order, effects a transfer of an interest in securities, a CSD, a transferee or a person acting on a transferee’s behalf in relation to the transfer of the interest in securities, as the case may be, shall—
- (a) retain evidence in legible written form, or readily convertible into such a form, in sufficient detail to establish the amount of duty, if any, with which the transfer order or deemed transfer order was chargeable,

- (b) retain the evidence referred to in paragraph (a) for a period of 6 years from the date on which the transfer order or deemed transfer order was executed, and

- (c) make any such evidence available to the Commissioners on request.
(2) A CSD, a transferee or a person acting on a transferee’s behalf in relation to the transfer of the interest in securities, as the case may be, who fails to comply with subsection (1) shall be liable to a penalty of €1,265.

American depositary receipts

78I. Nothing in this Chapter shall preclude the operation of section 90 in relation to the exemption from the charge to stamp duty for American depositary receipts within the meaning of that section.

Migration of securities

78J. Stamp duty shall not be chargeable on the migration of securities under the Migration of Participating Securities Act 2019.”.

(6) This section shall come into operation on such day as the Minister for Finance may appoint by order.

63. Amendment of Part 7 of Emergency Measures in the Public Interest (Covid-19) Act 2020

(1) Section 28 of the Emergency Measures in the Public Interest (Covid-19) Act 2020 is amended—

(a) in subsection (12), by deleting paragraph (b), and

(b) by inserting the following subsection after subsection (12):

“(12A) A person aggrieved by an assessment or an amended assessment to relevant tax made on that person may appeal the assessment or amended assessment, as the case may be, to the Appeal Commissioners, in accordance with section 949I of the Act, within the period of 30 days after the date of the notice of assessment or the amended assessment, as may be appropriate.”.

(2) Section 28A (inserted by section 2(2) of the Financial Provisions (Covid-19) (No. 2) Act 2020) of the Emergency Measures in the Public Interest (Covid-19) Act 2020 is amended—

(a) in subsection (5)(a), by substituting “Department of Business, Enterprise and Innovation” for “Department of Business, Jobs and Innovation”, and

(b) in subsection (6)(b), by substituting “subsection (3)” for “subsection (2)”.

(3) Section 28B (inserted by the Financial Provisions (Covid-19) (No. 2) Act 2020) of the Emergency Measures in the Public Interest (Covid-19) Act 2020 is amended—

(a) in subsection (1) —

(i) by inserting the following definition after the definition of “Minister”:

“‘proprietary director’, in relation to a company, has the same meaning as it has in section 472 of the Act;”,

(ii) by substituting the following for the definition of “qualifying employee”:

“‘qualifying employee’, in relation to an employer, means, subject to subsections (1A) and (1B)—

(a) an individual, who, in relation to the employer is or was a specified employee for the purposes of section 28, or

(b) any other individual who is on the payroll of the employer at any time in the qualifying period and receives in that period a payment of emoluments from the employer, but does not include—

(i) in the case where the employer is a company, any individual who is a proprietary director of the company, and

(ii) any individual who is connected with the employer,

other than in a case in which that individual had been on the payroll of the employer at any time in the period from 1 July 2019 to 30 June 2020 and had received in that period a payment of emoluments from the employer and the employer has submitted to the Revenue Commissioners in that period a notification of the payment of the emoluments in accordance with Regulation 10 of the Regulations,

and, for the purposes of this definition, the question of whether an individual is connected with any other person shall be determined in accordance with section 10 of the Act as it applies for the purposes of the Capital Gains Tax Acts;”,

and

(iii) in the definition of “wage subsidy payment”, by substituting “subsections (7), (8) and (21)(aa) and (c)” for “subsections (7), (8) and (21)(c)”,

(b) by inserting the following subsections after subsection (1):

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FINANCE ACT 2020

43. Food and drink

44. Amendment of Schedule 2 (zero-rated goods and services) to, and section 46 (rates of tax) of, Principal Act

45. Amendment of section 120 and Schedules 1 and 3 to Principal Act (accommodation)

46. Amendment of Schedules 2 and 3 to Principal Act

PART 4 Stamp Duties

47. Interpretation (Part 4)

48. Amendment of section 31C of Principal Act (shares deriving value from immovable property situated in the State)

49. Amendment of section 81C of Principal Act (further farm consolidation relief)

50. Amendment of section 83D of Principal Act (repayment of stamp duty where land used for residential purposes)

51. Insurance regulations - stamp duty

52. Amendment of section 126AA of Principal Act (further levy on certain financial institutions)

53. Amendment of Schedule 1 to Principal Act (stamp duties on instruments)

PART 5 Capital Acquisitions Tax

54. Interpretation (Part 5)

55. Amendment of section 46 of Principal Act (delivery of returns)

56. Amendments of Principal Act in relation to 4-year time limit on enquiries, assessments and repayments

PART 6 Miscellaneous

57. Interpretation (Part 6)

58. Amendment of Principal Act (appeals to Appeals Commissioners)

“Chapter 8

59. Mandatory disclosure of certain transactions

“SCHEDULE 34

60. Insurance regulations

61. Returns of certain payment card transactions by payment card providers

62. Amendments consequential on migration of shares to EU central securities depository

“Chapter 2

63. Amendment of Part 7 of Emergency Measures in the Public Interest (Covid-19) Act 2020

47. **Interpretation (Part 4)**

54. **Interpretation (Part 5)**

57. **Interpretation (Part 6)**