Corporation Tax, Finance Act 2010
- Part I - Principles of Corporation Tax
- Chapter 2 Income Classification, Rates and Dates
- 2.1 INTRODUCTION
- PART I—INCOME CLASSIFICATION
- 2.2 INCOME OR CAPITAL RECEIPTS
- 2.3 CATEGORISATION OF INCOME
- 2.4 TRADING INCOME TAXED By REFERENCE TO CASE I OR CASE III
- 2.5 INTELLECTUAL PROPERTY
- 2.6 DEVELOPMENT PROJECTS
- 2.7 CASE IV
- PART II
- 2.8 CATEGORIES OF INCOME
- PART III—TAX PAYMENT & FILING
- 2.9 PAYMENT AND FILING DATES
- APPENDIX I REVENUE OPINION ON TRADING STATUS OF CERTAIN ACTIVITIES
- Chapter 3 Capital Allowances
- 3.1 INTRODUCTION
- 3.2 CAPITAL ALLOWANCES – METHOD OF DEDUCTING
- 3.3 MACHINERY OR PLANT
- 3.4 REVENUE PRECEDENTS
- 3.5 WEAR AND TEAR
- 3.6 WEAR AND TEAR RATE OF 100% FOR ENERGY EFFICIENT EQUIPMENT
- 3.7 MOTOR VEHICLES
- 3.8 BALANCING ALLOWANCES/CHARGES
- 3.9 GRANTS
- 3.10 LEASING
- 3.11 INDUSTRIAL BUILDINGS
- 3.12 URBAN RENEWAL – DESIGNATED AREAS
- 3.13 DECIDED CASES – INDUSTRIAL BUILDINGS
- 3.14 QUALIFYING EXPENDITURE
- 3.15 INDUSTRIAL BUILDING ALLOWANCE
- 3.16 BUILDINGS BOUGHT UNUSED
- 3.17 WRITING DOWN ALLOWANCE (ANNUAL ALLOWANCE)
- 3.18 SHORT ACCOUNTING PERIOD
- 3.19 LIFE OF AN INDUSTRIAL BUILDING
- 3.20 BALANCING ALLOWANCES OR CHARGES
- 3.21 SUBSEQUENT PURCHASERS
- 3.22 NOTIONAL INDUSTRIAL BUILDINGS WRITING DOWN ALLOWANCE/TEMPORARY DISUSE
- 3.23 THE 10% RULE
- 3.24 REVENUE PRECEDENTS
- 3.25 LESSORS OF INDUSTRIAL BUILDINGS
- 3.26 CAPITAL ALLOWANCES WHERE A COMPANY COMMENCES TO TRADE
- Chapter 4 Losses
- 4.1 MASTER CHART OF ALL LOSSES FOR ACCOUNTING PERIODS ENDING AFTER 6 MARCH 2001
- 4.2 INTRODUCTION
- 4.3 THE VALUE BASIS
- 4.4 PART I
- TRADING LOSSES – CASE I
- 4.5 VALUE OF LOSSES
- 4.6 CORRESPONDING ACCOUNTING PERIODS
- 4.7 ORDER OF LOSS RELIEF CLAIMS
- 4.7A CHART 2: CHARGES: RELIEF FOR RELEVANT TRADE CHARGES AND NON-RELEVANT CHARGES SINCE 6 MARCH 2001
- 4.8 TIME LIMIT FOR CLAIMS
- 4.9 RELIEF FOR TRADING CHARGES
- 4.10 GROUP RELIEF
- 4.11 PART II
- 4.12 CASE IV LOSSES
- 4.13 CASE V LOSSES
- 4.14 EXCESS CASE V CAPITAL ALLOWANCES
- 4.15 TERMINAL LOSS RELIEF
- 4.16 CAPITAL LOSSES
- 4.17 PART III
- RESTRICTIONS ON LOSS RELIEF
- 4.18 ANTI-AVOIDANCE PROVISIONS
- 4.19 COMPANY RECONSTRUCTION WITHOUT A CHANGE IN OWNERSHIP
- APPENDIX I RESTRICTION ON THE USE OF RESIDENTIAL LAND LOSSES
- APPENDIX II
- Chapter 6 Distributions and Withholding Tax
- PART I
- 6.1 DISTRIBUTIONS
- 6.2 MEANING OF DISTRIBUTION
- PART II
- 6.3 WITHHOLDING TAX - DIVIDENDS
- 6.4 SECURITISATION
- 6.5 WITHHOLDING TAX VOUCHERS
- 6.6 DECLARATIONS
- 6.7 FOREIGN ASPECTS
- 6.8 EU PARENT/SUBSIDIARY DIRECTIVE
- 6.9 RECIPIENT OF DISTRIBUTION
- 6.10 PAYING A DIVIDEND (OR OTHER DISTRIBUTION)
- 6.11 WITHHOLDING TAX – INTEREST
- 6.12 WITHHOLDING TAX - ROYALTIES
- Chapter 7 A Company Purchasing its Own Shares
- 7.1 INTRODUCTION
- 7.2 TAX RELIEF UNDER TCA 1997 PART 6 CH9
- 7.3 FORM OF COMPANY
- 7.4 ENABLING FACILITY
- 7.5 FUNDS USED TO PAY CAPITAL ACQUISITIONS TAX
- 7.6 TREASURY SHARES
- 7.7 SURCHARGE ON CLOSE COMPANIES
- 7.8 TAXATION OF SHARE DEALERS
- 7.9 RETURNS AND INFORMATION
- 7.10 TAX CONSIDERATIONS FOR COMPANY
- APPENDIX I CIRCUMSTANCES IN WHICH A COMPANY CAN BUY ITS OWN SHARES—LEGAL POSITION
- Chapter 8 Close Companies
- 8.1 INTRODUCTION
- 8.2 MEANING OF THE TERM Close Company
- 8.3 EXCLUDED COMPANIES
- 8.4 DEFINITIONS
- 8.5 TESTS IN DETERMINING CLOSE COMPANY STATUS
- 8.6 IMPLICATIONS OF BEING A CLOSE COMPANY
- 8.7 BENEFITS-IN-KIND AND EXPENSES
- 8.8 INTEREST TO DIRECTORS OR ASSOCIATES
- 8.9 LOANS TO PARTICIPATORS
- 8.10 LOAN ARRANGEMENTS AND ANTI-AVOIDANCE
- 8.11 SURCHARGE ON INVESTMENT, ESTATE AND PROFESSIONAL INCOME
- 8.12 CALCULATION OF DISTRIBUTABLE ESTATE AND INVESTMENT INCOME
- 8.13 IMPLICATIONS OF HOLDING COMPANY RULES – FOREIGN DIVIDENDS
- 8.14 SURCHARGE ON A SERVICE COMPANY
- 8.15 OTHER TAXATION ISSUES FOR CLOSE COMPANIES
- 8.16 COMPANY LAW ISSUES FOR CLOSE COMPANIES
- 8.17 CHIEF COMPANY LAW PROVISIONS
- APPENDIX I CERTAIN PUBLICLY QUOTED COMPANIES NOT REGARDED AS “CLOSE”
- APPENDIX II COMPANIES ACT 1990 TRANSACTIONS INVOLVING DIRECTORS
- Chapter 9 Groups: Payments & Losses
- 9.1 INTRODUCTION
- 9.2 PART I – INTRA-GROUP PAYMENTS
- 9.3 OBLIGATION TO DEDUCT INCOME TAX
- 9.4 GROUP PAYMENTS – RELIEF FROM WITHHOLDING TAX
- 9.5 EXCEPTION TO INTRA-GROUP RELIEF: SHARE-DEALING COMPANIES
- 9.6 DEFINITION OF A GROUP
- 9.7 PART II – GROUP RELIEF FOR LOSSES
- 9.8 FORMS OF GROUP RELIEF AVAILABLE
- 9.9 RELATION OF GROUP RELIEF TO OTHER RELIEFS
- 9.10 CORRESPONDING ACCOUNTING PERIODS
- 9.11 COMPANIES JOINING OR LEAVING A GROUP OR CONSORTIUM
- 9.12 MAKING A CLAIM FOR GROUP RELIEF
- 9.13 RESTRICTION OF GROUP RELIEF
- 9.14 PAYMENTS FOR GROUP RELIEF
- 9.15 BENEFITS OF GROUP RELIEF CLAIMS
- 9.16 GROUPS AND CONSORTIA: DEFINITIONS
- 9.17 SHARE-DEALING COMPANIES
- 9.18 RESIDENCE
- 9.19 CONSORTIUM RELIEF
- 9.20 NOTIONAL WINDING-UP: THE RETURNED AMOUNT
- 9.21 LIMITED RIGHTS TO PROFITS OR ASSETS
- 9.22 DIMINISHING SHARE OF PROFITS AND ASSETS
- 9.23 BENEFICIAL OWNERSHIP OF SHARES
- APPENDIX I DETAILED EXAMPLE OF GROUP LOSS RELIEF
- Chapter 10A Companies’ Capital Gains
- 10A.1 INTRODUCTION
- 10A.2 WHAT IS MEANT By A GROUP?
- 10A.3 MAIN RELIEVING PROVISION: GENERAL
- 10A.4 ANTI-AVOIDANCE PROVISIONS
- 10A.5 COMPANY LEAVING A GROUP
- 10A.6 PRE-ENTRY LOSS
- 10A.7 DEEMED DISPOSAL OF COMPANY ASSETS ON CHANGE OF RESIDENCE
- 10A.8 TAX EXEMPTION ON CAPITAL GAINS ON THE DISPOSAL OF CERTAIN SUBSIDIARIES (SEE ALSO 10.B)
- 10A.9 COMPANY AMALGAMATIONS AND RECONSTRUCTIONS
- 10A.10 THE EU MERGER DIRECTIVE
- Chapter 11 Double Taxation Relief
- 11.1 LATEST DEVELOPMENTS SINCE PREVIOUS EDITION
- 11.2 COMPANY RESIDENCE
- 11.3 FRAMEWORK OF DOUBLE TAXATION RELIEF
- 11.4 THE OECD MODEL
- 11.5 DOUBLE TAXATION – ISSUES ARISING AND RELIEF
- 11.6 RELIEF FROM DOUBLE TAXATION
- 11.7 UNILATERAL CREDIT FOR FOREIGN TAX
- 11.8 S77(6) DEDUCTION FOR FOREIGN TAX – IN THE ABSENCE OF UNILATERAL RELIEF
- 11.9 EU PARENT/SUBSIDIARY DIRECTIVE – SEE ALSO SECTIONS 1B.10.1.1 AND 6.8
- 11.10 EU MUTUAL ASSISTANCE
- 11.11 ARBITRATION CONVENTION
- 11.12 OECD CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS
- 11.13 CERTAIN DIVIDENDS FROM A NON-RESIDENT SUBSIDIARY (OPERATIVE ONLY IF CERTIFICATE ISSUED PRIOR TO 15 FEBRUARY 2001)
- 11.14 TAX RELIEF FOR CERTAIN BRANCH PROFITS (OPERATIVE ONLY IF APPROVAL RECEIVED PRIOR TO 15 FEBRUARY 2001)
- 11.15 IRISH TAX TREATIES – TABLE OF WITHHOLDING TAX RATES
- 11.16 DOUBLE TAXATION TREATIES ENTERED INTO By IRELAND
- Chapter 12 Investment Companies and Other Special Companies
- 12.0 INTRODUCTION
- 12.1 INVESTMENT COMPANIES
- 12.2 PROPERTY RENTAL COMPANIES
- 12.3 INDUSTRIAL & PROVIDENT SOCIETIES
- 12.4 AGRICULTURAL AND FISHERY SOCIETIES
- 12.5 FARMING COMPANIES
- 12.6 COMPANIES IN PARTNERSHIP
- 12.7 COMPANIES IN LIQUIDATION
- 12.8 INSURANCE COMPANIES
- 12.9 UNDERTAKINGS FOR COLLECTIVE INVESTMENT
- 12.10 INVESTMENT UNDERTAKINGS
- 12.11 HOLDING COMPANIES LOCATION
- 12.12 MINING COMPANIES
- 12.13 PETROLEUM COMPANIES
- 12.14 MANUFACTURING COMPANIES
- 12.15 CHARITABLE COMPANIES
- 12.16 SECURITISATION COMPANIES
- APPENDIX I RENTAL INCOME (ACCOUNTANCY & ADMINISTRATIVE COSTS)
- Chapter 13 Self-Assessment, Pay and File and Administration
- 13.1 SELF-ASSESSMENT
- 13.2 DETAILS OF SELF-ASSESSMENT/PAY AND FILE FOR COMPANIES
- 13.3 OBLIGATIONS OF THE TAXPAYER
- 13.4 OBLIGATION TO KEEP RECORDS
- 13.5 LINKING DOCUMENTS
- 13.6 NOTICE OF LIABILITY TO CORPORATION TAX
- 13.7 PARTICULARS TO BE SUPPLIED By A NEW COMPANY
- 13.8 RETURN OF PROFITS
- 13.9 RETURN OF CHARGEABLE ASSETS/THIRD PARTY RETURNS
- 13.10 MANDATORY REPORTING REQUIREMENTS (NOT IN RELATION TO TAX SCHEMES–PARAGRAPH 13.24.1)
- 13.11 REVENUE AUDIT
- 13.12 REVENUE POWERS
- 13.13 REVENUE OFFENCES
- 13.14 INCOME TAX AND CORPORATION TAX PENALTIES RECOVERY ETC
- 13.15 REVENUE OFFENCES – GENERAL
- 13.16 REVENUE OFFENCE AIDING AND ABETTING TAX EVASION By A TAX ADVISER
- 13.17 REVENUE OFFENCES - DUTIES OF ADVISERS
- 13.18 COLLECTION OF CORPORATION TAX
- 13.19 INTEREST ON LATE ASSESSMENTS
- 13.20 POWER OF ATTACHMENT
- 13.21 INTEREST ON TAX UNDER AND OVERPAID
- 13.22 INCOME TAX ON PAYMENTS
- 13.23 APPEAL PROCEDURES
- 13.24 GENERAL ANTI-AVOIDANCE
- 13.25 SUMMARY OF PRINCIPAL CORPORATION TAX TIME LIMITS
- 13.26 INFORMATION FROM OVERSEAS FINANCIAL INSTITUTIONS
- 13.27 REVENUE TECHNICAL SERVICE
- 13.28 TAX CLEARANCE CERTIFICATE IN RELATION TO PUBLIC SECTOR CONTRACTS
- 13.29 PRIORITY IN LIQUIDATIONS
- 13.30 MEANING OF SECRETARY
- APPENDIX I LIST OF ARTICLES IN Tax Briefing (UP TO APRIL 2010) THAT CONTINUE TO BE RELEVANT TO CORPORATION TAX
- APPENDIX II SUMMARY OF PRINCIPAL CORPORATION TAX TIME LIMITS
- Part II - Corporation Tax Compliance
- Chapter 14 Preparation of Tax Computation
- 14.1 INTRODUCTION
- 14.2 PREPARATORY PHASE
- 14.3 ACCOUNTING PERIODS
- 14.4 REPORT OF THE BOARD OF DIRECTORS
- 14.5 AUDITOR’S REPORT
- 14.6 STATEMENT OF ACCOUNTING POLICIES
- 14.7 PROFIT AND LOSS ACCOUNT
- 14.8 BALANCE SHEET
- 14.9 SUMMARY OF THE PREPARATION STAGE
- APPENDIX I EXTRACT FROM ACCOUNTS FOR A LIMITED COMPANY WITH A TURNOVER LESS THAN €20,000,000.
- Chapter 15 Corporation Tax Computation
- 15.1 INTRODUCTION
- 15.2 CAPITAL EXPENSE ADJUSTMENTS
- 15.3 REVENUE EXPENSE ADJUSTMENTS
- 15.4 MOTOR EXPENSES
- 15.5 GENERAL PROVISIONS
- 15.6 GENERAL EXPENSE ADJUSTMENTS
- 15.7 OTHER EXPENSE ADJUSTMENTS
- 15.8 RESEARCH AND DEVELOPMENT CREDIT
- 15.9 RESEARCH AND DEVELOPMENT - CAPITAL EXPENDITURE
- 15.10 KNOW HOW
- 15.11 SPECIFIED INTANGIBLE ASSETS
- 15.12 EMPLOYEE/DIRECTOR EXPENSES
- 15.13 PENSION CONTRIBUTIONS
- 15.14 FOREIGN EXCHANGE GAINS AND LOSSES
- 15.15 DONATIONS
- 15.16 CHARGES ON INCOME
- 15.17 INTEREST
- 15.18 EXPENSES WHICH RELATE TO OTHER SOURCES OF INCOME
- 15.19 CREDIT FOR TAX PAID
- 15.20 INCOME ADJUSTMENTS
- 15.21 EXCLUDED INCOME
- 15.22 CASE III
- 15.23 DEPOSIT INTEREST RETENTION TAX
- 15.24 CASE IV
- 15.25 CASE V
- 15.26 CHARGEABLE GAINS
- 15.27 MISCELLANEOUS RECEIPTS
- APPENDIX I REVENUE GUIDELINES FOR RESEARCH AND DEVELOPMENT TAX CREDIT
- APPENDIX II APPROVED BODIES
- APPENDIX III RELIEF FOR INVESTMENT IN FILMS
- APPENDIX IV INVESTMENT IN RENEWABLE ENERGY GENERATION
- APPENDIX V MINE REHABILITATION ALLOWANCE
- APPENDIX VI DETAILED EXAMPLE OF CORPORATION TAX COMPUTATION AND SUPPORTING SCHEDULES
- Chapter 16 International Financial Reporting Standards (IFRS)
- 16.0 BACKGROUND
- 16.1 FIRST-TIME ADOPTION – IFRS 1
- 16.2 HEDGE & DERIVATIVE ACCOUNTING FINANCIAL INSTRUMENTS – IAS 39
- 16.3 INCOME/EXPENSE RECOGNITION
- 16.4 BAD DEBTS/LOAN LOSS PROVISIONING – IAS 39
- 16.5 PENSION ACCOUNTING – IAS 19 (EMPLOYEE BENEFITS)
- 16.6 SHARE-BASED PAYMENTS – IFRS 2
- 16.7 GOODWILL – IFRS 3 (BUSINESS COMBINATIONS)
- 16.8 LEASES – IAS 17
- 16.9 INTANGIBLE ASSETS IAS 38 – (COMPUTER SOFTWARE/ CAPITALISED WEB COSTS)
- 16.10 FIXED ASSETS – IAS 16 (PROPERTY, PLANT AND EQUIPMENT)
- 16.11 RESEARCH AND DEVELOPMENT
- 16.12 DIVIDEND ACCRUAL – IAS 10 (EVENTS AFTER THE BALANCE SHEET DATE)
- 16.13 SPECIAL PURPOSE ENTITIES – IAS 27 (CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS) AND SIC 12 (CONSOLIDATION – SPECIAL PURPOSE ENTITIES)
- 16.14 FOREIGN CURRENCY – IAS 21
- 16.15 DOUBLE TAXATION RELIEF
- 16.16 ROYALTIES
- 16.17 INTEREST-FREE/PREFERENTIAL LOANS
- 16.18 SUMMARY OF MAIN CHANGES
- 16.19 ANTI-AVOIDANCE PROVISIONS
- 16.20 PRELIMINARY TAX PAYMENTS – FINANCIAL INSTRUMENTS
- 16.21 INSURANCE COMPANIES
- APPENDIX I TAXATION OF INSURANCE COMPANIES