PART 8 – Taxation
Minister for Finance
Chapter 1
Definitions
Head 8-1. Definitions
Chapter 2
Income Tax
Head 8-2 – Amendment to exemptions from tax for Government and other public securities
Explanatory Note:
This Head amends section 42 of the Taxes Consolidation Act 1997. That section provides an exemption from income tax for interest payable on savings certificates issued by the Minister for Finance, or savings certificates or similar securities issued by the government of an EU or EEA Member State. The amendment allows retention of the exemption for savings certificates or other similar securities issued by the government of the UK.
Head 8-3. Amendment of section 128D of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-4. Amendment of section 128F of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-5. Amendment of section 191 of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-6. Amendment of section 192B of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-7 Amendment of section 192F of Act of 1997
Explanatory Note:
Section 192F of the Taxes Consolidation Act 1997 provides an exemption from income tax for certain payments made on behalf of the Minister for Education and Skills in respect of student grants in accordance with the Student Support Act 2011.
This section is amended to provide for the extension of the exemption to UK student support payments in addition to EU member state payments in certain circumstances.
Head 8-8. Amendment of section 195 of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-9. Amendment of section 208A of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-10. Amendment of section 208B of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-11. Amendment of section 244 of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-12. Amendment of section 244A of Act of 1997
Explanatory Note:
The Head seeks to add ‘or of the United Kingdom’ after ‘other than the State’ to the definition of a Member State/EEA.
Head 8-13. Amendment of section 470 of Act of 1997
Explanatory Note:
The Head seeks to Include UK alongside EU/EEA and seek to ensure that Irish taxpayers remain entitled to tax relief if the insurance policy is in the UK.
Head 8-14. Amendment of section 472B of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-15. Amendment of section 472BA of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-16. Amendment of section 473A of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-17. Amendment of section 480A of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-18. Amendment of section 489 of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-19. Amendment of section 490 of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-20. Amendment of section 770 of Act of 1997
Explanatory Note:
The Head seeks to amend definition of “administrator” and “overseas pension scheme” to include persons and schemes established in the UK.
Head 8-21. Amendment of section 772 of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-22. Amendment of section 772A of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-23. Amendment of section 784 of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-24. Amendment of section 784A of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-25. Amendment of section 785(1A) of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-26. Amendment of section 787M of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-27. Amendment of section 790B of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of a Member State/EEA.
Head 8-28. Amendment of section 1032 of Act of 1997
Explanatory Note:
The Head seeks to add UK to the definition of ’European Communities’.
Explanatory Note:
This Head amends section 806(11)(a) of the Taxes Consolidation Act 1997 similar to the amendment to that section in section 46 of the Withdrawal Act will need to be incorporated in the Bill. Section 806 is designed to counter individuals who are Irish resident or ordinarily resident in the State avoiding income tax by transferring assets abroad so that the income becomes payable to a person who is resident or domiciled outside Ireland.
The amendment to section 806 also affects sections 579, 579A and 590. Sections 579 and 579A are designed to prevent the avoidance of CGT by a person who is either resident or ordinarily resident in the State on gains made by non-resident trusts. Section 590 is designed to prevent the avoidance of CGT by transferring property to controlled companies abroad.
None of the above anti-avoidance provisions apply where it is shown to the satisfaction of Revenue that at the time when the tax charge arises, the relevant non-resident person or settlement is carrying on genuine economic activities in a relevant Member State (either EU or EEA). In the absence of a change in the legislation, it would not be possible to make the case that the relevant person or settlement was carrying on a genuine economic activity in the UK.
