Income Tax, Finance Act 2010
- PART II Operation and Administration of the Income Tax System
- CHAPTER 2 INCOME AND TAX CREDITS
- CHAPTER 4 SELF-ASSESSMENT
- CHAPTER 5 THE OPERATION OF THE PAYE TAX SYSTEM
- PART III Self-Assessment
- CHAPTER 9 CASES I AND II OF SCHEDULE D
- CHAPTER 10 CAPITAL ALLOWANCES
- 10.3 Industrial Buildings
- 10.3.1 Definition of industrial building
- 10.3.2 Qualifying expenditure
- 10.3.3 Relevant interest
- 10.3.4 Allowances
- 10.3.5 Notional industrial buildings annual allowance
- 10.3.6 Temporary disuse of industrial building or structure
- 10.3.7 Lessors
- 10.3.8 Room ownership schemes
- 10.3.9 Restriction on reliefs for individuals not actively participating in certain trades
- 10.3.10 Ring-fencing on the use of capital allowances on certain industrial buildings and other premises
- 10.3.11 Restriction on the use of tax relief by high-income tax-payers
- CHAPTER 12 TAXATION OF FARMERS
- 12.5 Averaging of Farm Profits
- 12.5.1 Farmers who are ineligible to elect for income averaging
- 12.5.2 Election for income averaging
- 12.5.3 Calculation of the average farming profits
- 12.5.4 Reverting to the normal basis of assessment
- 12.5.5 Capital allowances
- 12.5.6 Discontinuance
- 12.5.7 Losses
- 12.5.8 EU single payments scheme (SPS)
- CHAPTER 15 CASE IV OF SCHEDULE D
- 15.3 Statutory Sources of Income Assessable Under Case IV
- 15.3.1 Taxed income
- 15.3.2 Excessive commutation payments under pension schemes
- 15.3.3 Sale of patent rights for a capital sum
- 15.3.4 Partnership profits not allocated to partners
- 15.3.5 Refund of pension contributions
- 15.3.6 Interest subject to Deposit Interest Retention Tax (DIRT)
- 15.3.7 Post cessation receipts
- 15.3.8 Receipts which otherwise would fall out of assessment on the change of basis of accounting
- 15.3.9 Mining rents/yearly payments
- 15.3.10 Transfer of right to receive interest
- 15.3.11 Transfer of right to receive rent
- 15.3.12 Sale of certificates of deposit
- 15.3.13 Shares in lieu of dividend
- 15.3.14 Transfer of assets abroad
- 15.3.15 Gains from certain disposals of land
- 15.3.16 Sale of land with right to reconveyance
- 15.3.17 Premiums paid under a short lease to persons other than the lessor
- 15.3.18 Assignment of leases granted at undervalue
- 15.3.19 Profits from unlawful activities
- 15.3.20 Bondwashing (gilt stripping)
- 15.3.21 Excess credit relief
- 15.3.22 Balancing charges on lessors of plant and machinery
- 15.3.23 Balancing charges on sale of certain industrial buildings
- 15.3.24 Withdrawal of relief for investment in corporate trades
- 15.3.25 Withdrawal of relief for new shares purchased on issue by employees
- 15.3.26 Approved profit sharing schemes – charge on trustees
- 15.3.27 Withdrawal of relief for investment in films
- CHAPTER 16 CASE V OF SCHEDULE D
- 16.6 Expenditure on Certain Residential Accommodation for Certain Students Known as “Section 50” — Relief
- 16.6.1 Conversion of certain buildings
- 16.8 Other Sums Treated as Rent
- CHAPTER 19 TRUSTS AND ESTATES
- 19.10 Estates
- 19.10.1 Introduction
- 19.10.2 Taxation of executors in administration period
- 19.10.3 Income arising pre- or post-death
- 19.10.4 Beneficiaries
- 19.10.5 Specific legatees
- 19.10.6 Beneficiaries with limited interests
- 19.10.7 Beneficiaries with absolute interest in residuary estate
- 19.10.8 Concessional treatment
- CHAPTER 20 INTEREST AND CHARGES
- 20.3 Interest
- 20.3.1 Types of interest
- 20.3.2 Interest as a charge
- 20.3.3 Relief to individuals on loans applied in acquiring interests in companies
- 20.3.4 Rules relating to recovery of capital and replacement loans
- 20.3.5 Relief to individuals on loans applied in acquiring an interest in a partnership
- 20.3.6 Mortgage interest relief
- 20.3.7 Interest paid to non-residents
- 20.3.8 Bridging loan interest
- 20.3.9 Restriction of trading deduction for interest on borrowings between connected parties
- CHAPTER 21 RETIREMENT BENEFIT SCHEMES
- 21.2 Occupational Pension Schemes
- 21.2.1 Legislation
- 21.2.2 Unapproved schemes
- 21.2.3 Approved schemes (Approved under the Mandatory Regime)
- 21.2.4 Approved schemes – Benefits payable
- 21.2.5 Approved schemes (Approved under discretionary powers) – General conditions
- 21.2.6 Approved Schemes (Approved under Discretionary Powers) – Benefits Payable
- 21.2.7 Retirement benefit products
- 21.2.8 Taxation treatment of “Approved Schemes”
- 21.2.9 Exempt approved schemes
- 21.2.10 Taxation treatment of exempt approved schemes
- 21.2.11 Contributions by employees
- 21.2.12 Contributions by employers
- 21.2.13 Final remuneration
- 21.2.14 Benefits on retirement
- 21.2.15 Retirement at normal retirement age –Occupational schemes
- 21.2.16 Retirement before normal retirement age
- 21.2.17 Service after normal retirement age
- 21.2.18 Benefits on leaving service
- 21.2.19 Benefits on death service
- PART IV Employment
- CHAPTER 23 SCHEDULE E – EMOLUMENTS
- 23.3 Emoluments Assessable Under Schedule E
- 23.3.1 Meaning of “emoluments”
- 23.3.2 Payments in connection with the commencement of employment
- 23.3.3 Basis of assessment
- 23.3.4 Emoluments arising before or after employment
- 23.3.5 Payments in connection with the termination of an employment
- 23.3.6 Social welfare payments
- 23.3.7 Tax relief for agreed pay restructuring
- CHAPTER 24 BENEFIT-IN-KIND
- CHAPTER 25 SHARE SCHEMES
- 25.2 Unapproved Share Option Schemes
- 25.2.1 Tax at grant
- 25.2.2 Tax at exercise
- 25.2.3 Tax payment provisions
- 25.2.4 Deferral for “underwater” shares
- 25.2.5 Share options and self-assessment
- 25.2.6 Crowley v Forde (2004)
- 25.2.7 Company reporting requirements
- 25.2.8 Share options and non-residents
- 25.2.9 Stock options and cross-border workers
- 25.2.10 Tax exemption for certain stock option gains
- 25.2.11 Share purchase schemes
- 25.2.12 Right to acquire other assets
- 25.2.13 Assignment or release of option
- 25.2.14 Anti-avoidance regarding assignment or release of options
- PART V International
- CHAPTER 26 RESIDENCE AND DOMICILE
- 26.5 Effects of Residence, Ordinary Residence and Domicile on Irish Income Tax Liability
- 26.5.1 Individual resident and domiciled
- 26.5.2 Individual resident but not domiciled/not ordinarily resident
- 26.5.3 Individual not resident but ordinarily resident and domiciled
- 26.5.4 Individual not resident and not ordinarily resident
- 26.5.5 Share options and residence
- 26.5.6 Residence and married couples
- 26.5.7 DIRT-free accounts
- CHAPTER 27 DOUBLE TAXATION AGREEMENTS
- 27.1 UK Double Taxation Agreement
- 27.1.1 Fiscal domicile (Article 4)
- 27.1.2 Business profits (Article 8)
- 27.1.3 Permanent establishment (Article 5)
- 27.1.4 Rents (Article 7)
- 27.1.5 Dividends (Article 11)
- 27.1.6 Interest (Article 12)
- 27.1.7 Royalties (Article 13)
- 27.1.8 Income from employments (Article 15)
- 27.1.9 Income arising to artistes and athletes (Article 16)
- 27.1.10 Pensions (Article 17)
- 27.1.11 Income from governmental functions (Article 18)
- 27.1.12 Payments to students (Article 19)
- 27.1.13 Other income (Article 20)
- 27.1.14 Credit relief (Article 21)
- 27.1.15 Personal allowances (Article 22)
- 27.1.16 Non-discrimination (Article 23)
- 27.1.17 Exchange of information (Article 25)
- 27.2 Ireland/United States Double Taxation Agreement
- 27.2.1 Article 4 – Residence
- 27.2.2 Article 5 – Permanent establishment
- 27.2.3 Article 6 – Immoveable or real property
- 27.2.4 Article 7 – Business profits
- 27.2.5 Article 10 – Dividends
- 27.2.6 Article 11 – Interest
- 27.2.7 Article 12 – Royalties
- 27.2.8 Article 14 – Independent personal services
- 27.2.9 Article 15 – Dependent personal services
- 27.2.10 Article 16 – Director’s fees
- 27.2.11 Article 17 – Artistes and sportsmen
- 27.2.12 Article 18 – Pensions, social security, annuities, alimony and child support
- 27.2.13 Article 19 – Government services
- 27.2.14 Article 20 – Students and trainees
- 27.2.15 Article 24 – Relief from double taxation
- PART VI Planning
- CHAPTER 28 BES/ FILM/SEED CAPITAL RELIEFS/CERTAIN SPORTSPERSONS – RELIEF ON RETIREMENT
- 28.1 Relief for Investment in Corporate Trades
- 28.1.1 Qualifying individual
- 28.1.2 Qualifying company
- 28.1.3 Qualifying trade
- 28.1.4 Eligible shares
- 28.1.5 Extent of relief
- 28.1.6 Withdrawal of relief
- 28.1.7 Disposal of shares
- 28.1.8 Anti-avoidance
- 28.1.9 Procedure for claiming relief
- 28.1.10 Designated investment funds
- 28.1.11 Approval of the fund
- 28.1.12 Finance Act 2007 and Finance Act 2008 changes
- 28.5 Limitation on Amount of Certain Reliefs Used by High Income Individuals
- 28.5.1 Introduction
- 28.5.2 Schedule 25B
- 28.5.3 Adjusted income
- 28.5.4 Income & Relief Threshold Amounts
- 28.5.5 Application of the restriction
- 28.5.6 Calculation of restricted relief & taxable income
- 28.5.7 Restriction and ring-fenced income
- 28.5.8 Married couples
- 28.5.9 Sequence for calculating the restriction
- 28.5.10 Requirement to file returns and provide information
- 28.5.11 Carry forward of excess specified relief to subsequent years
- 28.5.12 Miscellaneous provisions
- 28.5.13 Examples of how the restriction applies
- CHAPTER 29 TAX-BASED PROPERTY INCENTIVES
- 29.3 Urban Renewal Relief – 1994 Scheme
- 29.3.1 Certain industrial buildings & industrial buildings fronting onto a designated street
- 29.3.2 Certain commercial premises & commercial premises fronting onto a designated street
- 29.3.3 Double rent deduction
- 29.3.4 Rented residential accommodation –construction
- 29.3.5 Rented residential accommodation –conversion
- 29.3.6 Rented residential accommodation –refurbishment
- 29.3.7 Residential accommodation –owner-occupiers
- 29.9 1999 Schemes
- 29.9.1 Urban renewal scheme 1999
- 29.9.2 Qualifying period
- 29.9.3 Qualifying areas
- 29.9.4 EC notification requirements
- 29.9.5 Qualifying premises
- 29.9.6 “Real” industrial buildings
- 29.9.7 Commercial property
- 29.9.8 Use of allowances and disposals within tax life
- 29.9.9 Double rent relief
- 29.9.10 Residential property
- 29.9.11 Residential property reliefs
- 29.9.12 Owner-occupiers
- 29.9.13 Tapering of relief following FA 2006 changes
- 29.13 Living Over the Shop Scheme – (LOTS)
- 29.13.1 Qualifying buildings
- 29.13.2 Qualifying street
- 29.13.3 Qualifying period
- 29.13.4 EC notification requirements
- 29.13.5 Qualifying expenditure – commercial buildings
- 29.13.6 Capital allowances available on commercial buildings
- 29.13.7 Exclusion from LOTS allowances
- 29.13.8 Relief for expenditure on residential premises
- 29.13.9 Expenditure on the conversion or refurbishment of rented residential accommodation
- 29.13.10 Owner-occupier relief – residential accommodation
- 29.13.11 Restrictions on use of certain reliefs by “High Income” individuals
- 29.13.12 Tapering of relief following FA 2006 changes
- 29.14 Park and Ride Scheme
- 29.14.1 Park and ride scheme – general
- 29.14.2 First use test
- 29.14.3 Qualifying period
- 29.14.4 Capital allowances
- 29.14.5 Commercial buildings
- 29.14.6 Qualifying commercial buildings
- 29.14.7 Residential accommodation
- 29.14.8 Owner-occupier residential relief
- 29.14.9 Restrictions for property developers
- 29.14.10 Tapering of relief following FA 2006 changes
- PART VII Anti-Avoidance and Revenue Powers
- CHAPTER 30 ANTI-AVOIDANCE
- 30.1 Transfer of Assets Abroad
- 30.1.1 Background
- 30.1.2 The legislation
- 30.1.3 Power to enjoy
- 30.1.4 Associated operations
- 30.1.5 Capital sums received
- 30.1.6 Exemptions
- 30.1.7 Assessment, deductions and reliefs
- 30.1.8 Liability of non-transferors
- 30.1.9 Power to obtain information
- 30.1.10 Government securities and securities of certain semi-state bodies
- CHAPTER 31 REVENUE POWERS AND PENALTIES
- 31.3 Inspector’s Right to Make Enquires
- 31.3.1 Inspection of documents and records
- 31.3.2 Power to call for production of records and information
- 31.3.3 High Court Order to obtain records/information
- 31.3.4 Request for information from third parties
- 31.3.5 Third-party notice – High Court order
- 31.3.6 Taxpayer information from financial institutions
- 31.3.7 Taxpayer information from overseas subsidiaries of financial institutions
- 31.3.8 Application to Appeal Commissioners
- 31.3.9 Application to High Court
- 31.3.10 Statement of affairs
- 31.4 Automatic Third-Party Information Powers
- 31.4.1 Reporting requirements for payees on behalf of landlords
- 31.4.2 Reporting requirements for persons carrying on a trade or business
- 31.4.3 Reporting requirements for persons in receipt of income of others
- 31.4.4 Reporting requirements for persons paying or crediting interest without deduction of tax
- 31.4.5 Returns of certain payments made by certain persons
- 31.4.6 Reporting requirements for nominee holders of securities
- 31.4.7 Reporting requirements for intermediaries who act in or in connection with the opening of foreign accounts, an offshore fund or a foreign life policy
- 31.4.8 Information to be provided by the Commission for Taxi Regulation
- 31.4.9 Information to be provided by the National Asset Management Agency (NAMA)
- 31.4.10 Audit of returns
- 31.4.11 Returns of employees’ emoluments, etc
- 31.5 Penalties
- 31.5.1 Recovery of penalties
- 31.5.2 Penalties for failure to make certain returns
- 31.5.3 Penalties for fraudulently or negligently making an incorrect return
- 31.5.4 Penalty for assisting in making an incorrect return
- 31.5.5 Mitigation and application of fines and penalties
- 31.5.6 Fine for obstruction of officers in execution of duties
- 31.5.7 Penalty for false statement to obtain an allowance/tax credit
- 31.5.8 Determination of Penalties and Recovery of Penalties
- 31.5.9 Revenue offences
- 31.5.10 Power of attachment
- 31.5.11 Defaulters list
- 31.5.12 Powers to offset/allocate payments against outstanding tax
- 31.7 The 2002 Revenue Audit Code of Practice
- 31.7.1 Scope of the code and effective date
- 31.7.2 Categorisation of negligence
- 31.7.3 Penalty mitigation
- 31.7.4 Materiality
- 31.7.5 Innocent error
- 31.7.6 Qualifying voluntary disclosure
- 31.7.7 The voluntary disclosure procedure
- 31.7.8 Verifying disclosures
- 31.7.9 Denial of benefits of qualifying disclosure
- 31.7.10 Payments made gross to C2 holders without an RCT47 (payments card) or in excess of the RCT47 specified limit
- 31.7.11 Prosecution
- 31.7.12 Repeat voluntary disclosures
- 31.7.13 Self-correction of returns
- APPENDIX 1 RATES OF INCOME TAX 2006 TO 2010
- APPENDIX 2 PERSONAL TAX CREDITS, ALLOWANCES AND RELIEFS 2006 TO 2010
- APPENDIX 3 CALCULATION OF AN INDIVIDUAL’S TAX LIABILITY
- APPENDIX 4 ARRIVING AT ADJUSTED PROFITS CASE I OF SCHEDULE D
- APPENDIX 5 CASE I AND CASE II OF SCHEDULE D BASIS OF ASSESSMENT
- APPENDIX 6 ASSESSMENT OF PARTNERSHIP PROFITS
- APPENDIX 7 CAPITAL ALLOWANCES ON PLANT AND MACHINERY
- APPENDIX 8 URBAN RENEWAL SUMMARY OF CAPITAL ALLOWANCES
- APPENDIX 9 PRSI CLASSES
- APPENDIX 10 PRSI RATES AND CEILINGS (INCLUDING HEALTH LEVY) – MAIN CLASSES