FINANCE ACT, 2000 (2000_act_3) | IE

ISB Act 2000-03-23

Schedule 1 FINANCE ACT, 2000 Open official source

SCHEDULE 1 Amendments Consequential on the Introduction of Standard Rated Allowances

SCHEDULE 1

Amendments Consequential on the Introduction of Standard Rated Allowances

Section 14.

The Taxes Consolidation Act, 1997, is amended in accordance with the following provisions of this Schedule.

1. In section 3(1), in the definition of “relative” by the substitution of “relief” for “a deduction”.

2. In section 7(2), by the substitution of “relief” for “a deduction”.

3. In section 188(3), by the substitution of “relief under section 461(2) as an individual referred to in paragraph (a)(i) of the definition of ‘specified amount’ in subsection (1) of that section” for “a deduction specified in section 461(a)”.

4. In section 467(4), by the substitution of “entitled to relief” for “entitled to a deduction”.

5. In section 469—

(a) in subsection (1), in the definition of “dependant” by the substitution—

(i) in paragraph (a), of “relief under section 461(2) as an individual referred to in paragraph (a)(i) of the definition of ‘specified amount’ in subsection (1) of that section” for “a deduction mentioned in section 461(a)”, and

(ii) in paragraph (b), of “relief” for “a deduction”,

and

(b) by the substitution of the following subsection for subsection (4)

“(4) Subsections (5) to (7) of section 465 shall, with any necessary modifications, apply for the purposes of determining whether relief is to be granted under this section as they apply in determining whether relief is to be allowed under that section; but, where the child’s income exceeds the amount specified in subsection (6) of that section, relief under this section shall not be allowed.”.

6. In section 1023, by the insertion—

(a) in subsection (1), of “461A,” before “462”, and

(b) in subsection (2)(a), of “and reliefs” after “total income”.

7. In section 1024(2)(a), by the substitution—

(a) in subparagraph (ii), of “subsection (4)” for “subsection (3)”,

(b) in subparagraph (iii), of “section 465(4)” for “section 465(3)”, and

(c) of the following subparagraph for subparagraph (viii)

“(viii) relief under sections 472, 472A and 472B, to the husband or to the wife according as the emoluments from which relief under those sections is granted are emoluments of the husband or of the wife;”.

8. In section 1025(1), by the substitution of “relief under section 465” for “a deduction under section 465”.

ISB Act 2000-03-23

Schedule 2 FINANCE ACT, 2000 Open official source

SCHEDULE 2 Amendments and Repeals Consequential on Abolition of Tax Credits

SCHEDULE 2

Amendments and Repeals Consequential on Abolition of Tax Credits

Section 69.

PART 1 Amendments

PART 1

Amendments

The Taxes Consolidation Act, 1997, is amended—

(a) in section 2, by the insertion of the following after subsection (3)

“(3A) In the Tax Acts, a reference to a tax credit, in relation to a distribution, shall be construed as a reference to a tax credit as computed in accordance with those Acts as they applied at the time of the making of the distribution.”,

(b) in section 137(5), by the substitution for “subsections (2) to (4)” of “subsections (2) and (3)”,

(c) in section 140, by the substitution of the following for subsection (8)

“(8) Where a period of account for or in respect of which a company makes a distribution is not an accounting period and part of the period of account is within an accounting period, the proportion of the distribution to be treated for the purposes of this section as being for or in respect of the accounting period shall be the same proportion as that part of the period of account bears to the whole of that period.

(9) Where a company makes a distribution which is not expressed to be for or in respect of a specified period, the distribution shall be treated for the purposes of this section as having been made for the accounting period in which it is made.”,

(d) in section 141(10), by the substitution for “Subsections (6) and (7) of section 145” of “Subsections (8) and (9) of section 140”,

(e) in section 142(6), by the substitution for “subsections (6) and (7) of section 145” of “subsections (8) and (9) of section 140”,

(f) in section 143—

(i) by the substitution in subsection (1)(c) for “the tax credit comprised in which has been reduced under this section” of “which consists of a distribution made out of relieved income”, and

(ii) by the substitution in subsection (10) for “subsections (6) and (7) of section 145” of “subsections (8) and (9) of section 140”,

(g) in section 144—

(i) by the substitution in subsection (8) for “where R, S and T have the same meanings respectively as in section 147(1)(a)” of the following

“where—

R is the amount of income of the company charged to corporation tax for the accounting period with the addition of any amount of income of the company which would be charged to corporation tax for the accounting period but for section 231, 232, 233 or 234, or section 71 of the Corporation Tax Act, 1976; and, for the purposes of this definition—

(a) the income of a company for an accounting period shall be taken to be the amount of its profits for that period on which corporation tax falls finally to be borne exclusive of the part of the profits attributable to chargeable gains, and

(b) the part referred to in paragraph (a) shall be taken to be the amount brought into the company’s profits for that period for the purposes of corporation tax in respect of chargeable gains before any deduction for charges on income, expenses of management or other amounts which can be deducted from or set against or treated as reducing profits of more than one description,

S is the amount of the corporation tax which, before any set-off of or credit for tax, including foreign tax, and after any relief under section 448 or paragraph 16 or 18 of Schedule 32, or section 58 of the Corporation Tax Act, 1976, is chargeable for the accounting period, exclusive of the corporation tax, before any credit for foreign tax, chargeable on the part of the company’s profits attributable to chargeable gains for that period; and that part shall be taken to be the amount brought into the company’s profits for that period for the purposes of corporation tax in respect of chargeable gains before any deduction for charges on income, expenses of management or other amounts which can be deducted from or set against or treated as reducing profits of more than one description, and

T is the amount of the distributions received by the company in the accounting period which is included in its franked investment income of the accounting period, other than franked investment income against which relief is given under section 83(5), 157 or 158, and which relief was not subsequently withdrawn under those sections, with the addition of any amount received by the company in the accounting period to which section 140(3)(a), 141(3)(a), 142(4) or 144(3)(a) applies”,

and

(ii) by the substitution in subsection (9) for “Subsections (6) and (7) of section 145” of “Subsections (8) and (9) of section 140”,

(h) in section 152(1)(a), by the insertion of “and” after “interest paid,”,

(i) in section 154—

(i) in subsection (1)—

(I) by the substitution in paragraph (a) of “144 and 145” for “144, 145 and 147(2)” and of “144 and 145” for “144, 145 and 147”, and

(II) by the deletion in paragraph (b) of “, and subsections (1), (2) and (4) of subsection 147,”,

and

(ii) by the substitution of the following for subsection (6)

“(6) For the purposes of this section, the amount of the undistributed income of a company for an accounting period shall be the amount determined by the formula—

(R — S) + T — W,

reduced by the amount of each distribution, or part of each distribution, made before that day and on or after 6 April 1989, which is to be treated under this section, or which was treated under section 147, as made for that accounting period,

where—

R, S and T have the same meanings respectively as in section 144(8), and W is the amount of the distributions made by the company before 6 April 1989, which—

(a) were made for the accounting period,

(b) are, by virtue of subsection (7), deemed to have been made for the accounting period, or

(c) would be deemed to have been made for the accounting period by virtue of subsection (9) of section 140 if that subsection were treated as applying for the purposes of this section as it applies for the purpose of that section.

(7) For the purposes of this section—

(a) where the total amount of the distributions made by a company for an accounting period exceeds the amount determined by the formula—

(R — S) + T

for that accounting period (where R, S and T have the same meanings respectively as in section 144(8)), the excess shall be deemed for the purposes of this section to be a distribution for the immediately preceding accounting period, and

(b) where the total amount of the distributions made or deemed under paragraph (a) to have been made by a company for the immediately preceding accounting period referred to in paragraph (a) exceeds the amount determined for that accounting period in accordance with the formula mentioned in paragraph (a), the excess shall be deemed to be a distribution for the immediately preceding accounting period and so on.”.

(k) in section 155(3)(a), by the insertion of “and” after “distribution,”,

(l) in section 167(3), by the substitution for “Sections 160, 162 and 171” of “Sections 160 and 162”,

(m) in section 174(2)(i), by the insertion of “and” after “the price,”,

(n) in section 714(1), by the substitution for “sections 707 and 713” of “section 713”,

(o) in section 838(4), by the substitution of the following for paragraph (f)

“(f) Subject to subsection (5), where in a year of assessment the relevant income or gains of a special portfolio investment account includes a distribution from a company resident in the State, the amount or value of that distribution shall be taken into account in computing the relevant income or gains for that year of assessment.”,

and

(p) in section 1084(2)(b)(i), by the insertion of “and” after “contained in the assessment to tax.”.

PART 2 Repeals

Repeals

Taxes Consolidation Act, 1997

Provision

Extent of Repeal

(1)

(2)

Section 2(1)

The definition of “tax credit”.

Section 2(4)

The whole subsection.

Section 20(1)

Paragraph 3 of Schedule F.

Section 136

The whole section.

Section 137(1)

The words from “, and ‘relevant tax credit’ “to “in respect of the bonus issue”.

Section 137(2)

The words “or relevant tax credit”.

Section 137(4)

The whole subsection.

Section 137(5)

The words “; and nothing in those subsections shall affect the like proportion of the relevant tax credit relating to that bonus issue”.

Section 138(3)(a)

The whole paragraph.

Section 139

The whole section.

Section 140(3)(b)

The whole paragraph.

Section 140(4)

The whole subsection.

Section 140(5)

The words “(not being a supplementary distribution under this section)”.

Section 140(6)

The whole subsection.

Section 141(3)(b)

The whole paragraph.

Section 141(6)

The whole subsection.

Section 141(7)

The words “(not being a supplementary distribution under this section)”.

Section 141(8)

The whole subsection.

Section 142(2)

The words “and, notwithstanding section 136, the recipient of the distribution shall not be entitled to a tax credit in respect of it”.

Section 142(5)

The whole subsection.

Section 142(7)

The words “(not being a supplementary distribution under this section)”.

Section 143(2)

The whole subsection.

Section 143(3)

The words “, and the tax credit in respect of each such distribution shall be calculated in accordance with subsection (2) and section 136 respectively”.

Section 143(5)

The whole subsection.

Section 143(7)

The words from “, and, where” to “so reduced”.

Section 143(8)

The whole subsection.

Section 143(9)

The whole subsection.

Section 143(11)

The words “(not being a supplementary distribution under this section)”, and “and the amount of the tax credit which would apply in respect of the distribution if it were not made out of relieved income”.

Section 144(3)(b)

The whole paragraph.

Section 144(4)

The whole subsection.

Section 144(5)

The words “(not being a supplementary distribution under this section)”.

Section 144(6)

The whole subsection.

Section 145

The whole section.

Section 146

The whole section.

Part 6, Chapter 5 (sections 147 to 151)

The whole Chapter.

Section 152(1)(b)

The whole paragraph.

Section 152(3)(a)

The words from “and (whether” to “entitled in respect of the distribution”.

Section 154(4)

The whole subsection.

Section 154(5)

The whole subsection.

Section 155(3)(b)

The whole paragraph.

Section 165

The whole section.

Section 168

The whole section.

Section 169

The whole section.

Section 170

The whole section.

Section 171

The whole section.

Section 172

The whole section.

Section 174(2)(ii)

The whole subparagraph.

Section 434(1)

In the definition of “distributable income” the words “reduced by the tax credit comprised in that income” in paragraph (a) and the words “as so reduced” in paragraph (b).

Section 434(5)

In paragraph (b) of the definition of “distributable investment income” the words “(as reduced by the tax credit comprised in that income)” in each place it occurs.

Section 434(5)

In the definition of “distributable estate income” the words “(as reduced by the tax credit comprised in that income)”.

Section 440(5)

The whole subsection.

Section 519(7)

The words “, but the trustees shall not be entitled to the set-off or payment of a tax credit under section 136 in respect of those dividends”.

Section 707(5)(a)(i)

The whole subparagraph.

Section 707(5)(a)(ii)

The whole subparagraph.

Section 712(1)

The words “, and the income represented by the distribution shall be equal to the aggregate of the amount of the distribution and the amount of the tax credit in respect of the distribution”.

Section 712(2)

The whole subsection.

Section 713(1)(b)

The words “or under section 136, 712(2) or 730”.

Section 714(2)

The whole subsection.

Section 729(5)

The whole subsection.

Section 729(7)

The whole subsection.

Section 730

The whole section.

Section 737(7)(a)

The whole paragraph.

Section 737(7)(b)

The whole paragraph.

Section 737(9)(b)

The words “; but, notwithstanding subsection (7) or section 136, the tax credit in respect of a distribution to which this paragraph applies shall be disregarded for the purposes of the Tax Acts and the Capital Gains Tax Acts”.

Section 738(3)(a)(i)

The words “, and the income represented by the distribution shall be equal to the aggregate of the distribution and the amount of the tax credit in respect of the distribution”.

Section 738(3)(a)(ii)

The whole subparagraph.

Section 738(3)(b)

The whole paragraph.

Section 838(4)(g)

The whole paragraph.

Section 838(5)(c)

The words from “; but notwithstanding” to “the Capital Gains Tax Acts”.

Section 877(2)

The whole subsection.

Section 884(2)(b)

The words “and the tax credits to which the company is entitled in respect of those distributions”.

Section 884(4)

The words “and of tax credits to which the company is entitled in respect of those distributions”.

Section 1021(2)

The words “(including a tax credit in respect of a distribution from a company resident in the State)”.

Section 1084(2)(b)(ii)

The whole subparagraph.

Schedule 32, paragraph 4

The whole paragraph.

ISB Act 2000-03-23

Schedule 3 FINANCE ACT, 2000 Open official source

SCHEDULE 3 Rates of Excise Duty on Tobacco Products

Rates of Excise Duty on Tobacco Products

Description of Product

Rate of Duty

Cigarettes

...

£80.99 per thousand together with an amount equal to 18.57 per cent of the price at which the cigarettes are sold by retail

Cigars

...

£123.465 per kilogram

Fine-cut tobacco for the rolling of cigarettes

...

£104.186 per kilogram

Other smoking tobacco

...

£85.655 per kilogram

FINANCE ACT, 2000

Statutory Text (3 Articles)

Need to analyze how this provision applies to your matter?