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Finance Act 2022

Type Act

Publication 2022-12-15

Last updated 2023-12-18

State Partially repealed superseded text

Text As published

Source Irish Statute Book

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articles 106

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.

4 amending acts · 2023-12-18, FINANCE (NO. 2) ACT 2023

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 make provision for supports to certain sectors of the economy; and to provide for related matters.

Reform history JSON API

36. Section 743 of the Principal Act is amended—

(a) in subsection (1)(b), by the substitution of “subject to subsection (1B), a unit trust scheme” for “a unit trust scheme”, and

(b) by the insertion of the following subsection after subsection (1A):

“(1B)

(a) In this subsection, ‘relevant Member State’ means—

(i) a state, other than the State, which is a Member State of the European Union, or

(ii) not being such a Member State, a state which is a contracting party to the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by the Protocol signed at Brussels on 17 March 1993.

(b) A unit trust scheme referred in subsection (1)(b) shall not include a unit trust scheme—

(i) which is or is deemed to be an authorised unit trust scheme (within the meaning of the Unit Trusts Act 1990) and has not had its authorisation under that Act revoked,

(ii) the trustee of which is resident in a relevant Member State and provides the services of a trustee to the unit trust scheme through a branch in the State, and

(iii) the general administration of which is ordinarily carried on in the State.”.

37. Reporting by exempt unit trusts, common contractual funds and investment limited partnerships

37. (1) Section 731 of the Principal Act is amendedin subsection (5)(a)(iii)—

(a) in clause (I) , by the deletion of “and”,

(b) in clause (II)(B), by the substitution of “may require, and” for “may require.”, and

“(III) specifies in respect of the unit trust—

(A) the business undertaken by the unit trust, namely those activities involving the assets of the unit trust used to generate gains of the unit trust which, in accordance with subparagraph (i), are not chargeable gains, including, but not limited to, activities which would be regarded as material to the operation of the unit trust, and

(B) the net asset value of the unit trust.”.

(2) Section 739I of the Principal Act is amended—

(a) in subsection (4)—

(i) in paragraph (a), by the deletion of “and”,

(ii) in paragraph (b)(iii), by the substitution of “may require, and” for “may require.”, and

(iii) by the insertion of the following paragraph after paragraph (b):

“(c) specifies in respect of the common contractual fund—

(i) the business undertaken by the common contractual fund, namely those activities involving the assets of the common contractual fund used to generate the relevant profits of the common contractual fund which, in accordance with subsection (2)(a), are not chargeable to tax, including, but not limited to, activities which would be regarded as material to the operation of the common contractual fund, and

(ii) the net asset value of the common contractual fund.”,

and

(b) by the insertion of the following subsection after subsection (4):

“(4A) Where the management company of the common contractual fund—

(a) makes an incorrect or incomplete statement under subsection (4), or

(b) fails, without reasonable excuse to make such a statement,

then the management company shall be liable to a penalty of €3,000.”.

(3) Section 739J of the Principal Act is amended—

(a) in subsection (3)—

(i) in paragraph (a), by the substitution of “partnership,” for “partnership, and”,

(ii) in paragraph (b)(iii), by the substitution of “may require, and” for “may require.”, and

(iii) by the insertion of the following paragraph after paragraph (b):

“(c) specifies in respect of the investment limited partnership—

(i) the business undertaken by the investment limited partnership, namely those activities involving the assets of the investment limited partnership used to generate the relevant gains, relevant income and relevant payments of the investment limited partnership which, in accordance with subsection (2)(a), are not chargeable to tax, including, but not limited to, activities which would be regarded as material to the operation of the investment limited partnership, and

(ii) the net asset value of the investment limited partnership.”,

and

(b) by the insertion of the following subsection after subsection (3):

“(3A) Where the partners of the investment limited partnership—

(a) make an incorrect or incomplete statement under subsection (3), or

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

then those partners shall be liable to a penalty of €3,000.”.

Chapter 5 Corporation Tax

38. Amendment of section 79 of Principal Act (foreign currency: computation of income and chargeable gains)

38. Section 79 of the Principal Act is amended, in subsection (1)(a)—

(a) by the substitution of the following definition for the definition of “relevant monetary item”:

“‘relevant monetary item’, in relation to a company, means—

(i) a trade receivable of the company,

(ii) a debt owed by a bank which is represented by a sum standing to the credit of the company in an account in the bank, where the sole purpose of the account is the lodgement and disbursement of amounts that are taken into account in computing profits or losses of a trade carried on by that company,

(iii) money held by the company for the purposes of a trade carried on by it, or

(iv) money payable by the company for the purposes of a trade carried on by it;”,

and

(b) by the insertion of the following definitions:

“‘balance sheet’ means a balance sheet, statement of financial position or equivalent prepared in accordance with generally accepted accounting practice;

‘trade receivable’, in respect of a company, means an amount recorded in the company’s balance sheet as owed to that company in respect of goods or services sold by that company for the purposes of a trade carried on by it;”.

39. Interest limitation

39. (1) Section 400 of the Principal Act is amended, in subsection (7A), by the substitution of “section 835AAD(8)” for “section 835AAD(8) or (10) ”.

(2) Part 35D of the Principal Act is amended—

(a) in section 835AY, in subsection (1)—

(i) by the substitution of the following definition for the definition of ‘consolidating entity’:

“‘consolidating entity’ means an entity, other than a non-consolidating entity, which is included in the ultimate consolidated financial statements or would be included in the ultimate consolidated financial statements but for being excluded by the ultimate parent on materiality grounds under generally accepted accounting practice or an alternative body of accounting standards;”,

(ii) in the definition of “interest equivalent”—

(I) by the insertion of the following paragraph after paragraph (c):

“(ca) any amounts referred to in paragraph (a) or (b) claimed by a claimant company under section 420A(3) or 420B(2) that are treated under section 247(4G) for the purposes of Chapter 5 of Part 12 as relevant trading charges on income (within the meaning of section 243A),”,

(II) in paragraph (e), by the substitution of “amounts economically equivalent to interest,” for “amounts economically equivalent to interest, and”,

(III) in paragraph (f), by the substitution of “to be economically equivalent to interest, and” for “to be economically equivalent to interest;”, and

(IV) by the insertion of the following paragraph after paragraph (f):

“(g) any amounts referred to in paragraphs (a) to (f) treated for the purposes of section 83, in accordance with subsection (3) of that section, as if those amounts had been disbursed as expenses of management;”,

and

(iii) in the definition of “large scale asset”—

(I) in paragraph (h), by the substitution of “Regulation of Utilities,” for “Regulation of Utilities, or”,

(II) in paragraph (i), by the substitution of “section 835AAA(1), or” for “section 835AAA(1),” and

(III) by the insertion of the following paragraph after paragraph (i):

“(j) a large-scale residential development within the meaning of the Planning and Development Act 2000, approved by a planning authority under section 34 or section 170 of that Act,”,

(b) in section 835AZ—

(i) in subsection (1)—

(I) in paragraph (i), by the substitution of “but for this Part,” for “but for this Part, and”,

(II) in paragraph (ii), by the substitution of “but for this Part, and” for “but for this Part.”, and

(III) by the insertion of the following paragraph after paragraph (ii):

“(iii) the amount of the excess referred to in subsection (2) of section 420B as it relates to interest on a loan to which section 247(4G) applies, to the extent relief may be claimed under that subsection, but for this Part.”,

(ii) in subsection (4), by the substitution of the following paragraph for paragraph (c):

“(c) amounts set off under section 420 or 420A other than:

(i) interest treated as a charge on income that may be set off under section 420(6), but for this Part,

(ii) expenses of management that may be set off under section 420(3), but for this Part, and

(iii) interest treated as a charge on income that may be set off under section 420A(3), but for this Part.”,

“(2A) Where a debt, consisting in part of legacy debt and in part of debt which is not legacy debt, is repaid in part, the part so repaid shall be treated for the purposes of this Part as being a repayment of that part of the debt which is legacy debt in priority to that part of the debt which is not legacy debt.”,

(d) in section 835AAD, by the substitution of the following subsection for subsection (15):

“(15) The aggregate in an accounting period of—

(a) the deemed borrowing cost utilised under sections (3), (8) and (12), and

(b) a deduction in respect of an amount which, pursuant to subsection (19), was treated as an amount of interest for which relief could not be given by virtue of section 291A(6)(a) for the purposes of section 291A(6)(b)(ii),

shall be limited to the amount of the total spare capacity in the accounting period.”,

(e) in section 835AAE—

(i) in subsection (6) by the substitution of “under subsection (3), (8) or (12)” for “under subsection (3), (8) or (10) ”, and

(ii) by the insertion of the following subsection after subsection (6):

“(7) Where an amount that is not deductible in respect of a deemed borrowing cost under section 835AAD(19) is deducted in a subsequent accounting period, having been treated as an amount of interest for which relief cannot be given by virtue of section 291A(6)(a) for the purposes of section 291A(6)(b)(ii), the amount of total spare capacity available for any subsequent claims or deductions shall be reduced by the amount so deducted.”,

(f) in section 835AAG, in subsection (1)—

(i) by the substitution of the following definition for the definition of “group EBITDA”:

“‘group EBITDA’ means the amount included in respect of profit or loss, before taking into account any amount of income tax, finance income, finance costs, depreciation, amortisation or impairments, excluding any amounts in respect of a qualifying long-term infrastructure project, in the ultimate consolidated financial statements of the worldwide group or single company worldwide group, as the case may be, of which the relevant entity is a member for the period in which the relevant entity’s accounting period ends;”,

and

(ii) by the substitution of the following definition for the definition of “group exceeding borrowing costs”:

“‘group exceeding borrowing costs’ means the amount included in respect of net finance expense, excluding any amount of finance income or finance expense in respect of a qualifying long-term infrastructure project, in the ultimate consolidated financial statements of the worldwide group or single company worldwide group, as the case may be, of which the relevant entity is a member for the period in which the relevant entity’s accounting period ends;”,

and

(g) in section 835AAI, by the insertion of the following subsection after subsection (1):

“(1A) The ratio of equity over total assets for a relevant entity for an accounting period shall be calculated on the basis of financial statements that are prepared in accordance with—

(a) the same body of accounting standards, and

(b) the same accounting policies,

that apply to the ultimate consolidated financial statements of the worldwide group of which the relevant entity is a member.”.

(3) Subsections (1) and (2) shall apply for accounting periods commencing on or after 1 January 2023.

(4) Section 959AR of the Principal Act is amended, in subsection (4), by the substitution of the following paragraph for paragraph (b):

“(b) for accounting periods commencing on or after 1 January 2022 and ending on or before 31 December 2027—

(i) the preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (1) is less than 90 per cent of the tax payable by the chargeable person for the accounting period,

(ii) the preliminary tax so paid by the chargeable person for the accounting period is not less than 90 per cent of the amount of tax which would be payable by the chargeable person for the accounting period if no amount were included in the company’s profits for the accounting period—

(I) in respect of chargeable gains on the disposal of assets in the part of the accounting period which is after the date by which preliminary tax for the accounting period is payable in accordance with subsection (1),

(II) in the case of a relevant company, in respect of profits or gains or losses accruing, and not realised, in the accounting period on financial assets or financial liabilities as are attributable to changes in value of those assets or liabilities in the part of the accounting period which is after the end of the month immediately preceding the month in which preliminary tax for the accounting period is payable in accordance with subsection (1), or

(III) in respect of a disallowable amount (within the meaning of Part 35D),

(iii) the chargeable person makes a further payment, if required, of preliminary tax for the accounting period within one month after the end of the accounting period and the aggregate of that payment and the preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (1) is not less than 90 per cent of the tax payable by the chargeable person for the accounting period if no amount were included in the company’s profits for the accounting period in respect of a disallowable amount (within the meaning of Part 35D),

(iv) the chargeable person makes a further payment of preliminary tax, if required, for the accounting period within a period of 6 months after the end of the accounting period, but where the last day of that period of 6 months is later than day 21 of the month in which it occurs, the further payment of preliminary tax for the accounting period is paid no later than—

(I) day 21 of the month in which that last day occurs, or

(II) where payment is made by such electronic means as are required by the Revenue Commissioners, day 23 of the month in which that last day occurs,

and

(v) following the making of any payment referred to in subparagraph (iii) or (iv), the aggregate of those payments and the preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (1) is not less than 90 per cent of the tax payable by the chargeable person for the accounting period,”.

(5) Section 959AS of the Principal Act is amended—

(a) in subsection (1), by the substitution of “preliminary tax appropriate to a relevant accounting period” for “preliminary tax appropriate to an accounting period”, and

(b) in subsection (7), by the substitution of the following paragraph for paragraph (b)—

“(b) for accounting periods commencing on or after 1 January 2022 and ending on or before 31 December 2027—

(i) the aggregate of the initial instalment and the final instalment of preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (2) is less than 90 per cent of the tax payable by the chargeable person for the accounting period,

(ii) the aggregate of the initial instalment and the final instalment of preliminary tax so paid by the chargeable person for the accounting period is not less than 90 per cent of the amount of tax which would be payable by the chargeable person for the accounting period if no amount were included in the company’s profits for the accounting period—

(I) in respect of chargeable gains on the disposal of assets in the part of the accounting period which is after the date by which preliminary tax for the accounting period is payable in accordance with subsection (1),

(II) in the case of a relevant company, in respect of profits or gains or losses accruing, and not realised, in the accounting period on financial assets or financial liabilities as are attributable to changes in value of those assets or liabilities in the part of the accounting period which is after the end of the month immediately preceding the month in which preliminary tax for the accounting period is payable in accordance with subsection (1), or

(III) in respect of a disallowable amount (within the meaning of Part 35D),

(iii) the chargeable person makes a further payment of preliminary tax, if required, for the accounting period within one month after the end of the accounting period and the aggregate of that payment and the initial instalment and final instalment of preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (2) is not less than 90 per cent of the tax payable by the chargeable person for the accounting period if no amount were included in the company’s profits for the accounting period in respect of a disallowable amount (within the meaning of Part 35D),

(iv) the chargeable person makes a further payment of preliminary tax, if required, for the accounting period within a period of 6 months after the end of the accounting period, but where the last day of that period of 6 months is later than day 21 of the month in which it occurs, the further payment of preliminary tax for the accounting period is paid no later than—

(I) day 21 of the month in which that last day occurs, or

(II) where payment is made by such electronic means as are required by the Revenue Commissioners, day 23 of the month in which that last day occurs,

and

(v) following the making of any payment referred to in subparagraph (iii) or (iv), the aggregate of those payments and the initial instalment and final instalment of preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (2) is not less than 90 per cent of the tax payable by the chargeable person for the accounting period,”.

40. Amendment of Chapter 5 of Part 29 of Principal Act (taxation of companies engaged in knowledge development)

40. (1) Chapter 5 of Part 29 of the Principal Act is amended—

(a) in section 769I(5), by the substitution of “20 per cent” for “50 per cent”,

(b) in section 769K—

(i) in subsection (2), by the substitution of “20 per cent” for “50 per cent” in each place where it occurs, and

(ii) in subsection (3), by the substitution of “125 per cent” for “200 per cent”,

and

(2)
(a) Paragraphs (a) and (b) of subsection (1) shall come into operation on such day (in this subsection referred to as the “appointed day”) as the Minister for Finance may by order appoint and shall apply as respects accounting periods commencing on or after the appointed day.

(b) Where an accounting period of a company commences before the appointed day and ends on or after the appointed day, it shall be divided into two parts, one commencing on the date on which the accounting period commences and ending on the day before the appointed day, the other commencing on the appointed day and ending on the date on which the accounting period ends, and both parts shall be treated, for the purposes of paragraph (a) as if they were separate accounting periods of the company.

41. Amendment of section 481 of Principal Act (relief for investment in films)

41. (1) Section 481 of the Principal Act is amended, in subsection (3C), by the substitution of “31 December 2028” for “31 December 2024”.

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

42. Amendment of section 481A of Principal Act (relief for investment in digital games)

42. (1) Section 481A of the Principal Act is amended—

(a) in subsection (1)—

(i) by the substitution of the following definition for the definition of “digital games development company”:

“‘digital games development company’ means a company that—

(a) is resident in the State, or is resident in an EEA State,

(b) carries on a trade of developing digital games that are wholly or principally to be made available to the public on a commercial basis with a view to the realisation of profit, and

(c) is not, or is not part of, an undertaking which would be regarded as an undertaking in difficulty;”,

and

(ii) by the substitution of the following definition for the definition of “qualifying expenditure”:

“‘qualifying expenditure’, in relation to an interim digital game or a qualifying digital game, is expenditure (the types of which are specified in regulations made under subsection (17)) incurred by the digital games development company on the design, production and testing of a digital game;”,

(b) in subsection (13)—

(i) in paragraph (e) by the deletion of “or”,

(ii) in paragraph (f) by the substitution of “market,” for “market.”, and

(iii) by the insertion of the following paragraphs after paragraph (f):

“(g) the digital games development company is resident in an EEA State other than the State and does not carry on business in the State through a branch or agency, or

(h) the digital games development company has not delivered to the Collector-General a return, in accordance with section 959I, in respect of—

(i) the accounting period referred to in paragraph (a) of the definition of ‘qualifying period’, or

(ii) each accounting period ending in the qualifying period, referred to in paragraph (b) of that definition,

as the case may be.”,

(d) in subsection (16)(a)(i) by the substitution of the following clause for clause (I):

“(I) an EEA State, or”.

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

43. Amendment of section 835YA of Principal Act (non-cooperative jurisdictions: modified application of sections 835T, 835U and 835V)

43. Section 835YA of the Principal Act is amended by the substitution of the following subsection for subsection (1):

“(1) In this section, ‘listed territory’ means—

(a) in relation to an accounting period beginning on or after 1 January 2021 but before 1 January 2022, a territory included in Annex 1 of the Council conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes²⁶, as replaced by the EU list of non-cooperative jurisdictions for tax purposes Report by the Code of Conduct Group (business taxation) suggesting amendments to the Annexes to the Council conclusions of 18 February 2020²⁷,

(b) in relation to an accounting period beginning on or after 1 January 2022 but before 1 January 2023, a territory included in Annex 1 of the Council conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes²⁸, and

(c) in relation to an accounting period beginning on or after 1 January 2023, a territory included in Annex 1 of the Council conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes²⁹.”.

PART 2 Excise

44. Amendment of Schedule 2 to Finance Act 1999 (rates of mineral oil tax)

44. The Finance Act 1999 is amended with effect as on and from 28 September 2022 by the substitution of the following for Schedule 2 (amended by section 12 of the Finance (Covid-19 and Miscellaneous Provisions) Act 2022):

“SCHEDULE 2

Rates of Mineral Oil Tax

[image omitted]

”.

45. Amendment of section 98 of Finance Act 1999 (horticultural production)

45. (1) Section 98 of the Finance Act 1999 is amended in subsection (1)—

(a) by the substitution of “carbon charge paid” for “mineral oil tax paid less an amount calculated at a rate specified in the Table to this subsection”, and

(b) by the deletion of the Table to that subsection.

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

46. Amendment of Chapter 2 of Part 3 of Finance Act 2010 (natural gas carbon tax)

46. (1) The Finance Act 2010 is amended—

(a) in section 66, by the insertion of the following definition:

“‘glasshouse’ means any building or structure made substantially of glass or other transparent or translucent material which is capable of being artificially heated and which is used for growing horticultural produce;”,

(b) in section 71(1)—

(i) in paragraph (c), by the substitution of “State,” for “State, or”,

(ii) in paragraph (d), by the substitution of “25 October 2012,” for “25 October 2012.”, and

(iii) by the insertion of the following paragraphs after paragraph (d):

“(e) in the production of horticultural produce in one or more than one glasshouse of a total area of not less than a quarter of an acre, or

(f) in the cultivation of mushrooms in one or more than one building or structure of a total area of not less than 3,000 square feet.”,

and

(c) in section 72(2)(a), by the substitution of “paragraph (a), (b), (c), (e) or (f)” for “paragraphs (a), (b) and (c) ”.

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

47. Amendment of Schedule 2 to Finance Act 2005 (rates of tobacco products tax)

47. The Finance Act 2005 is amended with effect as on and from 28 September 2022 by the substitution of the following Schedule for Schedule 2 to that Act:

“SCHEDULE 2

Rates of Tobacco Products Tax

(With effect as on and from 28 September 2022)

[image omitted]

”.

48. Amendment of Chapter 1 of Part 2 of Finance Act 2003 (alcohol products tax)

48. (1) The Finance Act 2003 is amended—

(a) in section 78A—

(i) in subsection (1)(a), by the substitution of “75,000 hectolitres” for “50,000 hectolitres”,

(ii) in subsection (3)(b)(ii), by the substitution of “150,000 hectolitres” for “100,000 hectolitres”, and

(iii) in subsection (4)(b), by the substitution of “75,000 hectolitres” for “50,000 hectolitres”,

(b) in section 78B, by the substitution of the following subsection for subsection (1):

“(1) A producer of alcohol products established in the State availing of reduced rates of duty in accordance with Article 4, 9a, 13a, 18a or 22 of the Directive in another Member State shall, in accordance with such conditions as the Commissioners may prescribe, provide declarations as to—

(a) the compliance of the producer with the criteria set out in Article 4, 9a, 13a, 18a or 22 of the Directive, as may be applicable, and

(b) the total annual production of the producer in the previous year.”,

and

“Relief for small producers of cider and perry

78C. (1) In the case of cider and perry exceeding 2.8% vol but not exceeding 8.5% vol that is subject to alcohol products tax, a relief of half the amount of alcohol products tax paid on such cider and perry shall, subject to subsection (3) and to such conditions as the Commissioners may prescribe or otherwise impose, be granted on a combined total quantity of cider and perry not exceeding 8,000 hectolitres in a calendar year, produced by a producer of cider and perry—

(a) where the combined total quantity of cider and perry produced by that producer in the previous year has not exceeded 10,000 hectolitres,

(b) which is legally and economically independent of any other producer of cider and perry,

(c) the premises of which are situated physically apart from those of any other producer of cider and perry, and

(d) where less than 50 per cent of the cider and perry produced by that producer in the previous calendar year has been produced under a licence, franchise or contract arrangement for another producer of cider and perry.

(2) Relief under subsection (1) shall be granted by the Commissioners either by means of remission or repayment.

(3)

(a) Subject to paragraph (b), relief under subsection (1) does not apply to any cider and perry produced for another producer of cider and perry under a licence, franchise or contract arrangement.

(b) Notwithstanding paragraph (a), where cider and perry is produced by a producer of cider and perry under a licence, franchise, contract or other cooperation arrangement with one or more other producers of cider and perry, and where—

(i) such a producer and each of the producers with which it has such an arrangement satisfy the criteria set down in paragraphs (a), (b) and (c) of subsection (1), and

(ii) the combined total quantity of the cider and perry produced in the previous calendar year, by such producer and the producers with which it has such an arrangement, has not exceeded 15,000 hectolitres,

then subsection (1)(d) does not apply, and such cider and perry qualifies for relief under subsection (1).

(4)

(a) For the purposes of subsection (1)(b), a producer of cider and perry is not considered to be legally and economically independent of another producer of cider and perry where such producers are directly or indirectly owned or partly owned—

(i) by the same person, or

(ii) by associated companies within the meaning of section 432 of the Taxes Consolidation Act 1997 or by legal entities corresponding to such associated companies.

(b) Notwithstanding subsection (1)(b) and paragraph (a), where a person referred to in paragraph (a)(i) or (ii) directly or indirectly owns two or more producers of cider and perry and the combined total quantity of cider and perry produced by those producers in the previous calendar year has not exceeded 10,000 hectolitres, they may be treated for the purposes of this section as a single producer of cider and perry which is legally and economically independent of any other producer of cider and perry.

(5)

(a) Claims for repayment under subsection (2) shall be made in such form as the Commissioners may direct and shall be in respect of payments of alcohol products tax made within a period of 3 calendar months beginning on the first day of January, April, July or October.

(b) A repayment may not be made under this section unless the claim is made within 6 months following the end of each such period or within such longer period as the Commissioners may, in any particular case, allow.”.

(2) Subsection (1) shall come into operation on such day or days as the Minister for Finance may by order or orders appoint and different days may be appointed for different purposes or different provisions.

49. Reduction in excise duty on special exemption orders

49. (1) Section 78 of the Finance Act 1980 is amended by the substitution of the following subsection for subsection (4):

“(4) There shall be charged, levied and paid on every special exemption order granted under section 5 of the Intoxicating Liquor Act 1927, or section 13 of the Intoxicating Liquor Act 1962, a duty of excise of €55.”.

(2) Subsection (1) shall have effect as on and from 28 September 2022.

50. Amendment of section 67 of Finance Act 2002 (betting duty)

50. Section 67 of the Finance Act 2002 is amended by the insertion of the following subsection after subsection (2):

“(2A) Notwithstanding subsection (2), where a bet is placed by a person in pursuance of an offer which permits the person to pay nothing or less than the amount which that person would have been required to pay without the offer, the amount of the bet shall be equal to the amount of the unit stake.”.

51. Amendment of section 126 of Finance Act 2001 (proceedings in relation to offences)

51. (1) Section 126 of the Finance Act 2001 is amended by the insertion of the following subsection after subsection (6):

“(7) Subsection (5) shall not apply to summary proceedings instituted in respect of an offence that is triable, at the election of the prosecution, either on indictment or summarily.”.

(2) This section shall have effect as respects proceedings referred to in section 126 of the Finance Act 2001 instituted after the coming into operation of this section.

PART 3 Value-Added Tax

52. **Interpretation (Part 3)**

52. In this Part, “Principal Act” means the Value-Added Tax Consolidation Act 2010.

53. Amendment of section 46 of Principal Act (rates of tax)

53. Section 46 of the Principal Act is amended, in subsection (1)(caa), by the substitution of “28 February 2023” for “31 October 2022”.

54. Amendment of section 59 of and Schedule 1 to Principal Act

54. The Principal Act is amended—

(a) in section 59(1), in the definition of “qualifying activities”—

(i) in paragraph (d), by the substitution of the following subparagraph for subparagraph (ii):

“(ii) directly in connection with the export of goods to a place outside the Community, and”,

and

(ii) by the deletion of paragraph (e),

and

(b) in Part 2 of Schedule 1, in paragraph 6(1), by the substitution of the following clause for clause (a):

“(a) issuing, transferring or otherwise dealing in stocks, shares, debentures and other securities (other than documents establishing title to goods);’’.

55. Registration

55. The Principal Act is amended—

(a) in section 65(3), by—

(i) the designation of the existing provision as paragraph (a) of that subsection, and

(ii) the insertion of the following paragraphs after paragraph (a):

“(b) Where an accountable person, when registering for tax, has furnished particulars specified in regulations referred to in paragraph (a) stating that he or she shall not engage in intra-Community trade, and the person subsequently engages in intra-Community trade, that person shall, within the period of 30 days beginning on the date on which he or she first engages in intra-Community trade, notify the Revenue Commissioners in writing of such an engagement.

(c) Where an accountable person notifies the Revenue Commissioners under paragraph (b) regarding his or her engagement in intra-Community trade, the Revenue Commissioners shall request that person to correct the particulars furnished as specified in regulations referred to in paragraph (a).

(d) In this subsection, ‘intra-Community trade’ means—

(i) the intra-Community supply of goods made by an accountable person and dispatched or transported from the State to a person registered for value-added tax in another Member State, or

(ii) the intra-Community acquisition of goods.”,

(b) in section 91C(2), by the substitution of “subsection (3)(a) of section 65” for “subsection (3) of section 65”,

(d) in section 91K(2), by—

(i) the substitution of “subsection (3)(a) of section 65” for “subsection (3) of section 65”, and

(ii) the substitution of “subsection (3)(a)” for “subsection (3) ”.

56. Amendment of section 86 of Principal Act (special provisions for tax invoiced by flat-rate farmers)

56. Section 86 of the Principal Act is amended, in subsection (1), with effect from 1 January 2023, by the substitution of “5 per cent” for “5.5 per cent”.

57. Amendment of Part 13 of Principal Act (administration and general)

57. Part 13 of the Principal Act is amended—

(a) in section 108—

(i) in subsection (7), by the substitution of “subsection (8)” for “subsection (7) ”, and

(ii) by the substitution of the following subsection for subsection (8):

“(8)

(a) In this subsection—

‘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;

‘EU value-added tax’ means value-added tax referred to in the VAT Directive and includes tax within the meaning of section 2;

‘financial institution’ means—
- (i) a person who holds or has held a licence under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971, or a person who holds or has held a licence or other similar authorisation under the law of an EEA state, other than the State, which corresponds to a licence granted under the said section 9,

- (ii) a person referred to in section 7(4) of the Central Bank Act 1971, or

- (iii) a credit institution (within the meaning of the European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014)) which has been authorised by the Central Bank of Ireland to carry on the business of a credit institution in accordance with the provisions of any financial services legislation (within the meaning of those Regulations), other than an authorisation granted under section 9A of the Central Bank Act 1971;

  ‘records’ means any document, or any other written or printed material in any form, including any information stored, maintained or preserved by means of any mechanical or electronic device, whether or not stored, maintained or preserved in a legible form, which a person is required to keep, retain, issue or produce for inspection or which may be inspected under any provision relating to EU value-added tax.
(b) The case referred to in subsection (7) is a case in which an authorised officer is required by Council Regulation 904/2010/EU of 7 October 2010³⁰ on administrative cooperation and combating fraud in the field of value-added tax to provide to a requesting authority (as defined in Article 2 of that Council Regulation) in another Member State, on request by that authority, any books, records, accounts or other documents whether—

(i) related to a business being carried on in the State or another Member State,

(ii) connected with that business by means of trading relations, either current or otherwise, that such a business has had with other businesses, or

(iii) held by a financial institution,

and where such a request is made, the books, records, accounts or other documents that may be the subject of the exercise of the powers referred to in subsection (7) shall extend to such books, records, accounts or other documents as are deemed to be relevant by the authorised officer.

(c) Notwithstanding any obligation as to secrecy or other restriction upon disclosure of information imposed by or under statute or otherwise, and subject to this section, an authorised officer may, for the purpose of fulfilling a request related to the case referred to in this subsection, serve on a financial institution a notice in writing—

(i) requiring the financial institution, within such period as may be specified in the notice, not being less than 30 days from the date of service of the notice, to do either or both of the following, as may be specified in the notice:

(I) to make available for inspection by the authorised officer such books, records, accounts or other documents as are in the financial institution's power, possession or procurement and as contain, or may, in the opinion of the authorised officer (being an opinion formed on reasonable grounds) contain, information relevant to the case referred to in this subsection;

(II) to furnish to the authorised officer, in writing or otherwise, such information, explanations and particulars as the authorised officer may reasonably require, being information, explanations and particulars that are relevant to any such case,

and

(ii) informing the financial institution of the consequences under section 115(5A) of failing to comply with the notice.

(d) Where, in compliance with the requirements of a notice under paragraph (c), a financial institution makes available for inspection by an authorised officer, books, records, accounts or other documents specified in the notice, it shall afford the authorised officer reasonable assistance, including information, explanations and particulars, in relation to the use of all the electronic or other automatic means, if any, by which the books, records, accounts or other documents, in so far as they are in a non-legible form, are capable of being reproduced in a legible form and any data equipment or any associated apparatus or material.

(e) An authorised officer shall not serve a notice on a financial institution under paragraph (c) without the consent in writing of a Revenue Commissioner and without having reasonable grounds to believe that the financial institution is likely to have information relevant to the case referred to in this subsection.

(f) Where, in compliance with a notice served under paragraph (c), a financial institution makes books, records, accounts or other documents available for inspection by an authorised officer, the authorised officer may take extracts from or make copies of all or any part of the books, records, accounts or other documents.”,

and

(b) in section 115, by the insertion of the following subsection after subsection (5):

“(5A) A financial institution which fails to comply with a notice served under section 108(8)(c) shall be liable to a penalty of €4,000.”.

58. Schedule 1 to the Principal Act is amended, in Part 1, in paragraph 2, by the substitution of the following subparagraph for subparagraph (3):

“(3) Professional medical care services (other than dental or optical services) supplied by—

(a) a member of a designated profession (within the meaning of section 3 of the Health and Social Care Professionals Act 2005) whose name is entered in the register of members of that profession under and in accordance with that Act,

(b) a registered medical practitioner (within the meaning of section 2 of the Medical Practitioners Act 2007), or

(c) a registered midwife or registered nurse (both within the meaning of section 2 of the Nurses and Midwives Act 2011),

but only if those services are not supplied in the course of carrying on a business that wholly or partly consists of selling goods.”.

59. Amendment of paragraph 3 of Schedule 1 to Principal Act (certain independent groups, non-profit making organisations and other bodies)

59. Schedule 1 to the Principal Act is amended, in Part 1, in paragraph 3, by the substitution of the following subparagraph for subparagraph (1):

“(1) The supply of services by an independent group of persons, being a group that is an independent entity established for administrative convenience by persons each of whom carries on an activity which is exempt from, or is not subject to, tax, for the purpose of rendering to its members the services directly necessary to enable them to carry on that activity, but only if the group recovers from its members the exact amount of each member’s share of the joint expenses.”.

60. Amendment of paragraph 6(2) of Schedule 1 to Principal Act (financial services - EU funds)

60. The Principal Act is amended, in Part 2 of Schedule 1, in paragraph 6(2), by the insertion of the following clauses after clause (eb):

“(ec) an undertaking for collective investment in transferable securities (within the meaning of Article 1 of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009³¹) which has been authorised by the competent authority (as defined in point (h) of Article 2(1) of that Directive) of another Member State;

(ed) an EU AIF (as defined in point (k) of Article 4(1) of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011³²) managed by an AIFM (as defined in point (b) of Article 4(1) of that Directive) which has been authorised by the competent authority (as defined in point (g) of Article 4(1) of that Directive) of another Member State;”.

61. Amendment of paragraph 6(2) of Schedule 1 to Principal Act (financial services - section 110 companies)

61. (1) The Principal Act is amended in Part 2 of Schedule 1, in paragraph 6(2), by the substitution of the following clause for clause (e):

“(e) an undertaking that is a qualifying company for the purposes of section 110 of the Taxes Consolidation Act 1997, other than a qualifying company which holds qualifying assets (within the meaning of the said section 110) that consist of plant and machinery;”.

(2) Subsection (1) shall come into operation on 1 March 2023.

62. Amendment of paragraph 7 of Schedule 1 to Principal Act (agency services)

62. Schedule 1 to the Principal Act is amended, in Part 2, in paragraph 7, by the deletion of subparagraph (2).

63. Amendment of Schedule 2 to Principal Act (zero-rated goods and services)

63. Schedule 2 to the Principal Act is amended, in paragraph 8(1), in item (c) of column (2) of Part E of Table 1, by the deletion of “and preparations and extracts derived from milk”.

64. Amendment of Schedule 2 and Schedule 3 to Principal Act (zero-rated goods and services)

64. The Principal Act is amended with effect from 1 January 2023—

(a) in Schedule 2, in Part 2—

(i) in paragraph 9—

(I) by the substitution of “atlases and newspapers” for “atlases”, and

(II) in subparagraph (a), by the substitution of “newspapers which are wholly or predominantly devoted to advertising” for “newspapers”,

(ii) by the insertion of the following paragraph after paragraph 9:

“Electronically supplied newspapers

9A. Newspapers, supplied electronically, but excluding those which are wholly or predominantly devoted to advertising, or consist wholly or predominantly of audible music or video content.”,

(iii) in paragraph 11—

(I) by the substitution of the following subparagraph for subparagraph (1):

“(1) The supply of medicine of a kind used for—

(a) human oral consumption, or

(b) human non-oral consumption when supplied for the purpose of—

(i) hormone replacement therapy, or

(ii) nicotine replacement therapy.”,

and

(II) in subparagraph (3)—

(A) by the insertion of the following clause after clause (b):

“(ba) automated external defibrillators,”,

and

(B) in clause (d), by the substitution of “clauses (a), (b), (ba) and (c)” for “clauses (a), (b) and (c) ”,

and

(iv) in paragraph 13, by the substitution of the following subparagraph for subparagraph (3):

“(3) The supply of sanitary towels, sanitary tampons, menstrual cups, menstrual pants and menstrual sponges.”,

and

(b) in Schedule 3, in Part 2—

(i) by the deletion of paragraph 5A,

(ii) in paragraph 7(a), by the deletion of “newspapers and”, and

(iii) in paragraph 7A, by the deletion of “, newspapers”.

PART 4 Stamp Duties

65. **Interpretation (Part 4)**

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

66. Stamp duty on certain acquisitions of residential property

66. The Principal Act is amended, in section 31E—

(a) in subsection (1), by the insertion of the following definitions:

“‘home reversion agreement’ has the same meaning as it has in Part V of the Central Bank Act 1997;

‘home reversion firm’ has the same meaning as it has in Part V of the Central Bank Act 1997;”,

(b) by the insertion of the following subsection after subsection (4):

“(4A) In this section, a reference to acquisition of a residential unit shall include a reference to acquisition of a partial estate or interest in a residential unit.”,

(c) in subsection (5), by the substitution of “(in this subsection and subsections (6) and (7A) referred to as the ‘first-mentioned person’)” for “(in this subsection and subsection (6) referred to as the ‘first-mentioned person’)”,

(d) by the substitution of the following subsection for subsection (7):

“(7) For the purposes of subsection (5), no account shall be taken of—

(a) a residential unit in an apartment block, or

(b) a residential unit acquired by a home reversion firm by way of a home reversion agreement.”,

and

(e) by the insertion of the following subsection after subsection (7):

“(7A) For the purposes of subsection (5), when calculating the total number of residential units acquired, account shall be taken of any partial estate or interest in a residential unit, expressible as a fraction of an estate or interest in the residential unit, acquired by the first-mentioned person and any person connected with that person.”.

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

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

(a) by the substitution of “(4)(b)” for “(4)(i)” in each place where it occurs, and

(b) in subsection (18), by the substitution of “31 December 2025” for “31 December 2022”.

68. Repayment of stamp duty in certain circumstances

68. (1) The Principal Act is amended, in Chapter 1 of Part 7—

(a) by the insertion of the following sections after section 83D:

“Repayment of stamp duty under affordable dwelling purchase arrangements

83DA. (1) In this section—

‘Act of 2021’ means the Affordable Housing Act 2021;

‘direct sales agreement’ has the same meaning as it has in Part 2 of the Act of 2021;

‘electronic means’ has the same meaning as it has in section 917EA of the Taxes Consolidation Act 1997;

‘eligible applicant’ has the same meaning as it has in Part 2 of the Act of 2021;

‘housing authority’ has the same meaning as it has in the Housing (Miscellaneous Provisions) Act 1992;

‘relevant instrument’ means an instrument that has been stamped in accordance with—

(a) paragraph (1) of the heading in Schedule 1 titled ‘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’, or

(b) paragraph (3)(a) of the heading in Schedule 1 titled ‘LEASE’;

‘residential unit’ means residential property situated in the State comprising an individual dwelling.

(2) This subsection applies where, in the 12-month period commencing on the day after the date a relevant instrument effecting the acquisition of a residential unit is executed, the following conditions are satisfied:

(a) the accountable person enters into a direct sales agreement with a housing authority for the direct sale, to eligible applicants nominated by the housing authority, of dwellings specified in the agreement, one of which dwellings is the residential unit, and

(b) the residential unit is conveyed or transferred to an eligible applicant on the sale of the residential unit by the accountable person to the eligible applicant in accordance with the terms of the agreement referred to in paragraph (a).

(3) Where subsection (2) applies in respect of a residential unit, subject to the other provisions of this section, the stamp duty paid on the relevant instrument concerned may be repaid in accordance with this section.

(4) A claim for a repayment under this section shall—

(a) be made by an accountable person,

(b) without prejudice to paragraph (d), be made in a form and manner specified by the Commissioners,

(c) include a declaration, in such form as the Commissioners specify, stating that subsection (2) applies,

(d) be made by electronic means and through such electronic systems as the Commissioners may make available for the time being for any such purpose, and the relevant provisions of Chapter 6 of Part 38 of the Taxes Consolidation Act 1997 shall apply, and

(e) not be made until such time as the conditions in subsection (2) have been satisfied.

(5) Subject to the other provisions of this section, a repayment of stamp duty under this section shall—

(a) be made by the Commissioners pursuant to a claim made in accordance with subsection (4),

(b) not carry interest, and

(c) not be made pursuant to a claim made after the expiry of 4 years after the date the condition specified in subsection (2)(b) has been satisfied.

(6) Where, in relation to a claim for repayment, the Commissioners are of the opinion that the requirements of this section have not been met, they shall decide to refuse the claim and shall notify the claimant in writing of the decision and the reasons for it.

(7) An accountable person aggrieved by a decision to refuse a claim for repayment may appeal to the Appeal Commissioners against the decision in accordance with section 949I of the Taxes Consolidation Act 1997 within the period of 30 days after the date of the notification of the decision.

(8) For the purposes of this section—

(a) section 128A shall apply as if the period of 6 years referred to in subsection (4) of that section commenced on the date of execution of the instrument effecting the conveyance or transfer, as the case may be, referred to in subsection (2)(b), and

(b) the records referred to in section 128A shall include—

(i) a copy of the direct sales agreement concerned, and

(ii) a copy of the contract for sale, in relation to the residential unit concerned, between the accountable person and the eligible applicant.

(9) Where a repayment has been made under this section and it is subsequently found that a declaration made in accordance with subsection (4)—

(a) was untrue in any material particular that would have resulted in a repayment, or part of a repayment, allowed by this section not being made, and

(b) was made knowing same to be untrue or in reckless disregard as to whether or not it was true,

then the person who made such a declaration shall be liable to pay to the Commissioners as a penalty an amount equal to 125 per cent of the stamp duty that would not have been repaid had all the facts been truthfully declared, together with interest charged on that amount as may so become payable, calculated in accordance with section 159D, from the date on which the repayment was made to the date the penalty is paid.

Repayment of stamp duty in respect of certain residential units

83DB. (1) In this section—

‘Act of 1991’ means the Child Care Act 1991;

‘Act of 1992’ means the Housing (Miscellaneous Provisions) Act 1992;

‘Act of 2007’ means the Health Act 2007;

‘Act of 2009’ means the Housing (Miscellaneous Provisions) Act 2009;

‘Act of 2021’ means the Affordable Housing Act 2021;

‘approved housing body’ means a body approved of or standing approved of, under, or for the purposes of, section 6 of the Act of 1992;

‘children’s residential centre’ has the same meaning as it has in Part VIII of the Act of 1991;

‘cost rental dwelling’ has the same meaning as it has in Part 3 of the Act of 2021;

‘designated centre’ has the same meaning as it has in the Act of 2007;

‘electronic means’ has the same meaning as it has in section 917EA of the Taxes Consolidation Act 1997;

‘housing authority’ has the same meaning as it has in the Act of 1992;

‘qualifying date’, in relation to a relevant residential unit, means the date on which the unit becomes a qualifying relevant residential unit;

‘qualifying lease’ means a lease, for a term of not less than 10 years, in respect of a relevant residential unit entered into with a housing authority or an approved housing body for the purpose of the provision of social housing support;

‘qualifying relevant residential unit’ means a relevant residential unit in respect of which a condition specified in subsection (3), (4), (5) or (6) is satisfied;

‘relevant instrument’ means an instrument executed on or after 20 May 2021 that has been stamped in accordance with—

(a) paragraph (1)(b) of the heading in Schedule 1 titled ‘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’, or

(b) paragraph (3)(a)(i)(II) of the heading in Schedule 1 titled ‘LEASE’,

where the instrument was chargeable, in respect of the whole or part of the consideration under the instrument, to stamp duty at a rate of 10 per cent;

‘relevant residential unit’ has the same meaning as it has in section 31E;

‘social housing support’ has the same meaning as it has in the Act of 2009.

(2) In this section, a reference to acquisition shall include a reference to acquisition by way of a conveyance, transfer, lease, instrument, contract or agreement referred to in section 31E(2).

(3) The condition specified in this subsection is that, in the 24-month period commencing on the day after the date a relevant instrument effecting the acquisition of a relevant residential unit is executed, a person enters into a qualifying lease in respect of the relevant residential unit.

(4) The condition specified in this subsection is that, in the 6-month period commencing on the day after the date a relevant instrument effecting the acquisition of a relevant residential unit is executed, the relevant residential unit is designated as a cost rental dwelling under Part 3 of the Act of 2021.

(5) The condition specified in this subsection is that, in the 18-month period commencing on the day after the date a relevant instrument effecting the acquisition of a relevant residential unit is executed, the relevant residential unit is registered as a designated centre under Part 8 of the Act of 2007.

(6) The condition specified in this subsection is that, in the 18-month period commencing on the day after the date a relevant instrument effecting the acquisition of a relevant residential unit is executed, the relevant residential unit is registered as a children’s residential centre under Part VIII of the Act of 1991.

(7) Where a condition specified in subsection (3), (4), (5) or (6) is satisfied, stamp duty paid on a relevant instrument effecting the acquisition of the relevant residential unit concerned may be repaid in accordance with the provisions of this section.

(8) The amount of stamp duty to be repaid in relation to a relevant instrument and a qualifying relevant residential unit shall be determined by the formula—

A - B

where—

A is the amount of stamp duty paid on the relevant instrument that was attributable to the qualifying relevant residential unit, and

B is the amount of stamp duty, attributable to the qualifying relevant residential unit, that would have been chargeable on the execution of the relevant instrument if the qualifying relevant residential unit had not been a relevant residential unit.

(9) A claim for a repayment under this section shall—

(a) be made by an accountable person,

(b) without prejudice to paragraph (d), be made in a form and manner specified by the Commissioners,

(c) include a declaration, in such form as the Commissioners specify, stating that a condition specified in subsection (3), (4), (5) or (6), as the case may be, has been satisfied,

(d) be made by electronic means and through such electronic systems as the Commissioners may make available for the time being for any such purpose, and the relevant provisions of Chapter 6 of Part 38 of the Taxes Consolidation Act 1997 shall apply, and

(e) not be made before the qualifying date concerned.

(10) Subject to the other provisions of this section, a repayment of stamp duty under this section shall—

(a) be made by the Commissioners pursuant to a claim made in accordance with subsection (9),

(b) not carry interest, and

(c) not be made pursuant to a claim made after the expiry of 4 years after the qualifying date concerned.

(11) Where, in relation to a claim for repayment under this section, the Commissioners are of the opinion that the requirements of the section have not been met, they shall decide to refuse the claim and shall notify the claimant in writing of the decision and the reasons for it.

(12) An accountable person aggrieved by a decision to refuse a claim for repayment may appeal to the Appeal Commissioners against the decision in accordance with section 949I of the Taxes Consolidation Act 1997, within the period of 30 days after the date of the notification of the decision.

(13) An accountable person shall be liable to pay to the Commissioners some or all of the stamp duty that had been repaid to the accountable person under subsection (10) (and that stamp duty to which the foregoing liability attaches is referred to in this section as a ‘clawback’)—

(a) in a case in which the stamp duty was repaid pursuant to a claim made on the basis that the condition specified in subsection (3) was satisfied, where the lease concerned is terminated before the expiry of 10 years after the qualifying date,

(b) in a case in which the stamp duty was repaid pursuant to a claim made on the basis that the condition specified in subsection (5) was satisfied, where the relevant residential unit concerned is registered as a designated centre under Part 8 of the Act of 2007 for a period of less than 10 years after the qualifying date, or

(c) in a case in which the stamp duty was repaid pursuant to a claim made on the basis that the condition specified in subsection (6) was satisfied, where the relevant residential unit concerned is registered as a children’s residential centre under Part VIII of the Act of 1991 for a period of less than 10 years after the qualifying date.

(14) The amount of a clawback shall be determined by the formula—

A x [(10 - Y) /10]

where—

A is the amount of stamp duty repaid that was attributable to the qualifying relevant residential unit,

Y is the number of years (including a part of a year) that have expired, after the qualifying date, on the date on which, as the case may be—
- (a) the lease referred to in subsection (3) is terminated,

- (b) the relevant residential unit ceases to be registered as a designated centre under Part 8 of the Act of 2007, or

- (c) the relevant residential unit ceases to be registered as a children’s residential centre under Part VIII of the Act of 1991.
(15) Interest shall be payable on the clawback calculated in accordance with section 159D from the date on which the repayment was made to the date of payment of the clawback to the Commissioners.

(16) Where an accountable person fails to pay the clawback, the Commissioners may make an assessment of the amount of the stamp duty concerned as if the failure to pay were a failure to deliver a return under section 20(2).

(17) Where there is more than one accountable person in relation to an instrument and a clawback, they shall be liable jointly and severally whether or not an assessment is made.

(18) Where a repayment has been made under this section and it is subsequently found that a declaration made in accordance with subsection (9)—

(a) was untrue in any material particular that would have resulted in a repayment, or part of a repayment, allowed by this section not being made, and

(b) was made knowing same to be untrue or in reckless disregard as to whether or not it was true,

then the person who made such a declaration shall be liable to pay to the Commissioners as a penalty an amount equal to 125 per cent of the stamp duty that would not have been repaid had all the facts been truthfully declared, together with interest charged on that amount as may so become payable, calculated in accordance with section 159D, from the date on which the repayment was made to the date the penalty is paid.

(19) Where a person is liable to pay, in relation to a qualifying relevant residential unit, a clawback under subsection (13) and a penalty under subsection (18), the total liability of the person under those subsections shall be limited to the greater of the clawback under subsection (13) and the penalty under subsection (18).

(20) For the purposes of this section—

(a) section 128A shall apply as if the period of 6 years referred to in subsection (4) of that section commenced on the qualifying date concerned, and

(b) the records referred to in section 128A shall include, in relation to the qualifying relevant residential unit concerned—

(i) in a case in which the stamp duty was repaid pursuant to a claim made on the basis that the condition specified in subsection (4) was satisfied, the cost rental designation (within the meaning of Part 3 of the Act of 2021),

(ii) in a case in which the stamp duty was repaid pursuant to a claim made on the basis that the condition specified in subsection (5) was satisfied, certificates of registration issued under section 50(3) of the Act of 2007, or

(iii) in a case in which the stamp duty was repaid pursuant to a claim made on the basis that the condition specified in subsection (6), the notifications, if any, issued under section 61(6)(b) of the Act of 1991.
(21) Notwithstanding any enactment or rule of law, the Commissioners may, by notice in writing, request—

(a) the Minister for Housing, Local Government and Heritage,

(b) the Minister for Health, or

(c) the Minister for Children, Equality, Disability, Integration and Youth,

to provide them with such information as is in the possession or control of the Minister concerned as the Commissioners may reasonably require for the purposes of verifying—
- (i) in the case of the Minister for Housing, Local Government and Heritage, in respect of a claim for repayment made on the basis that the condition specified in subsection (3) was satisfied—

    - (I) the execution of the lease referred to in subsection (3), or

    - (II) the termination of the lease referred to in that subsection,

- (ii) in the case of the Minister for Health, in respect of a claim for repayment made on the basis that the condition specified in subsection (5) was satisfied, whether the relevant residential unit is, or was, registered as a designated centre under Part 8 of the Act of 2007, and

- (iii) in the case of the Minister for Children, Equality, Disability, Integration and Youth, in respect of a claim for repayment made on the basis that the condition specified in subsection (6) was satisfied, whether the relevant residential unit is, or was, registered as a children’s residential centre under Part VIII of the Act of 1991.
(22) Where the Commissioners make a request under subsection (20), the Minister concerned shall provide such information as may be specified in the notice within the period specified in the notice which period, in any case, shall not be less than 30 days.

(23) Taxpayer information within the meaning of section 851A(1) of the Taxes Consolidation Act 1997 may be disclosed by a Revenue officer to the Minister concerned for the purposes of enabling the Minister to comply with a request made under subsection (20).”,

and

(b) by the repeal of sections 83E and 83F.

(2) Subsection (1) shall come into operation on such day or days as the Minister for Finance may by order or orders appoint and different days may be appointed for different purposes or different provisions.

69. Securities transferred by means of electronic systems

69. (1) The Principal Act is amended—

(a) by the deletion of sections 68, 69, 70, 71, 72, 73, 76, 77 and 78,

(b) in section 78A—

(i) in subsection (1)—

(I) by the deletion of the definition of “dematerialised securities”, and

(II) by the insertion of the following definitions:

“‘operator’ means a person who operates a securities settlement system;

‘participant’ means a person permitted by an operator to input a transfer order;”,

and

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