Finance Act, 1999

• Jurisdiction: Ireland

Number 2 of 1999

FINANCE ACT, 1999

ARRANGEMENT OF SECTIONS

PART 1

Income Tax, Corporation Tax and Capital Gains Tax

Chapter 1

Interpretation

Section 1. Interpretation (Part 1).

Chapter 2

Income Tax

2. Amendment of provisions relating to exemption from income tax. 3. Alteration of rates of income tax. 4. Personal reliefs. 5. Reliefs for widowed parents and other single parents. 6. Amendment of Chapter 1 of Part 15 of the Principal Act. 7. Employee allowance. 8. Amendment of section 468 (relief for blind persons) of Principal Act. 9. Employed person taking care of incapacitated individual. 10. Amendment of section 122 (preferential loan arrangements) of Principal Act. 11. Amendment of section 126 (tax treatment of certain benefits payable under Social Welfare Acts) of Principal Act. 12. Treatment of income arising as a result of certain public subscriptions raised on behalf of incapacitated individuals. 13. Amendment of Chapter 1 (income tax) of Part 7 of Principal Act. 14. Amendment of section 201 (exemptions and reliefs in respect of tax under section 123) of Principal Act. 15. Seafarer allowance, etc. 16. Amendment of Part 16 (income tax relief for investment in corporate trades — business expansion scheme and seed capital scheme) of Principal Act. 17. Amendment of Schedule 13 (accountable persons for purposes of Chapter 1 of Part 18) to Principal Act. 18. Amendment of Chapter 2 (payments to subcontractors in certain industries) of Part 18 of Principal Act. 19. Retirement benefits. 20. Purchased life annuities. 21. Amendment of section 823 (deduction for income earned outside the State) of Principal Act. 22. Amendment of section 869 (delivery, service and evidence of notices and forms) of Principal Act. 23. Amendment of section 961 (issue of demand notes and receipts) of Principal Act. 24. Amendment of Chapter 4 (collection and recovery of income tax on certain emoluments (PAYE system)) of Part 42 of Principal Act. 25. Amendment of section 987 (penalties for breach of regulations) of Principal Act. 26. Relief for fees paid to publicly funded colleges in the European Union for full-time third level education.

Chapter 3

Dividend Withholding Tax

27. Dividend withholding tax. 28. Distributions to certain non-residents. 29. Amendment of section 831 (implementation of Council Directive No. 90/435/EEC concerning the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States) of Principal Act.

Chapter 4

Income Tax, Corporation Tax and Capital Gains Tax

30. Construction of references to oaths, etc. 31. Amendment of section 97 (computational rules and allowable deductions) of Principal Act. 32. Amendment of section 110 (securitisation of assets) of Principal Act. 33. Amendment of section 118 (benefits-in-kind: general charging provision) of Principal Act. 34. Exemption from benefit-in-kind of certain childcare facilities. 35. Amendment of section 472A (relief for the long-term unemployed) of Principal Act. 36. Amendment of section 485 (relief for gifts to third-level institutions) of Principal Act. 37. Relief for gifts to the Scientific and Technological Education (Investment) Fund. 38. Amendment of section 225 (employment grants) of Principal Act. 39. Amendment of section 246 (interest payments by companies and to non-residents) of Principal Act. 40. Returns of interest paid to non-residents. 41. Amendment of Schedule 29 (provisions referred to in sections 1052, 1053 and 1054) to Principal Act. 42. Amendment of section 2 (commencement) of Urban Renewal Act, 1998. 43. Amendment of section 330 (interpretation (Chapter 2)) of Principal Act. 44. Amendment of Chapter 3 (designated areas, designated streets, enterprise areas and multi-storey car parks in certain urban areas) of Part 10 of Principal Act. 45. Amendment of section 351 (interpretation (Chapter 4)) of Principal Act. 46. Amendment of section 360 (interpretation (Chapter 5)) of Principal Act. 47. Amendment of Chapter 8 (qualifying rural areas) of Part 10 of Principal Act. 48. Capital allowances for private convalescent homes. 49. Capital allowances for buildings used for certain childcare purposes. 50. Relief for provision of certain student accommodation. 51. Amendment of section 843 (capital allowances for buildings used for third level educational purposes) of Principal Act. 52. Amendment of section 403 (restriction on use of capital allowances for certain leased assets) of Principal Act. 53. Capital allowances for, and deduction in respect of, vehicles. 54. Amendment of section 666 (deduction for increase in stock values) of Principal Act. 55. Amendment of section 667 (special provisions for qualifying farmers) of Principal Act. 56. Amendment of Chapter 1 (general) of Part 20 (companies' chargeable gains) of Principal Act. 57. Restriction on set-off of pre-entry losses. 58. Amendment of section 746 (offshore income gains accruing to persons resident or domiciled abroad) of Principal Act. 59. Amendment of Chapter 1 (purchase and sale of securities) of Part 28 of Principal Act. 60. Amendment of Part 33 (anti-avoidance) of Principal Act. 61. Amendment of section 481 (relief for investment in films) of Principal Act. 62. Amendment of section 723 (special investment policies) of Principal Act. 63. Amendment of section 737 (special investment schemes) of Principal Act. 64. Amendment of section 738 (undertakings for collective investment) of Principal Act. 65. Amendment of section 838 (special portfolio investment accounts) of Principal Act. 66. Amendment of section 839 (limits to special investments) of Principal Act 67. Amendment of section 832 (provisions in relation to Convention for reciprocal avoidance of double taxation in the State and the United Kingdom of income and capital gains) of Principal Act.

Chapter 5

Savings-Related Share Option Schemes and Employee Share Schemes

68. Savings-related share option schemes. 69. Employee share schemes.

Chapter 6

Income Tax and Corporation Tax: Tax Reliefs for the Provision of Park and Ride Facilities and for Certain Related Developments

70. Amendment of Part 10 (income tax and corporation tax: reliefs for renewal and improvement of certain urban areas, certain resort areas and certain islands) of Principal Act.

Chapter 7

Corporation Tax

71. Rate of corporation tax. 72. Amendment of section 22 (reduced rate of corporation tax for certain income) of Principal Act. 73. Higher rate of corporation tax. 74. Provisions relating to 10 per cent rate of corporation tax. 75. Amendment of section 88 (deduction for gifts to Enterprise Trust Ltd.) of Principal Act. 76. Income of Investor Compensation Company Ltd. 77. Withdrawal of exemption from corporation tax for Board Gáis Éireann. 78. Amendment of Chapter 5 (group relief) of Part 12 of Principal Act. 79. Amendment of section 130 (matters to be treated as distributions) of Principal Act. 80. Amendment of section 486 (corporation tax: relief for gifts to First Step) of Principal Act. 81. Amendment of Schedule 24 (relief from income tax and corporation tax by means of credit in respect of foreign tax) to Principal Act. 82. Company residence. 83. Amendment of section 882 (particulars to be supplied by new companies) of Principal Act. 84. Amendment of Chapter 2 (other corporation tax penalties) of Part 47 of Principal Act. 85. Amendment of sections 198, 710 and 734 of Principal Act. 86. Amendment of section 707 (management expenses) of Principal Act.

Chapter 8

Capital Gains Tax

87. Amendment of section 541A (treatment of debts on a change in currency) of Principal Act. 88. Amendment of Chapter 3 (assets held in a fiduciary or representative capacity, inheritances and settlements) of Part 19 of Principal Act. 89. Amendment of Chapter 4 (shares and securities) of Part 19 of Principal Act. 90. Amendment of Chapter 7 (other reliefs and exemptions) of Part 19 of Principal Act. 91. Amendment of section 649A (relevant disposals: rate of charge) of Principal Act. 92. Amendment of Chapter 5 (capital gains tax: returns, information, etc.) of Part 38 of Principal Act. 93. Amendment of Schedule 15 (list of bodies for purposes of section 610) to Principal Act.

PART 2

Customs and Excise

Chapter 1

Mineral Oil Tax

94. Interpretation (Chapter 1). 95. Charge of tax. 96. Rates. 97. Rates lower than standard rates. 98. Horticultural production. 99. Passenger road services. 100. Reliefs from mineral oil tax for certain mineral oils. 101. Licensing. 102. Offences. 103. Presumptions in certain proceedings. 104. Regulations. 105. General provisions. 106. Repeals and revocations. 107. Continuity. 108. Care and management of mineral oil tax. 109. Commencement (Chapter 1).

Chapter 2

Miscellaneous

110. Hydrocarbons. 111. Tobacco products. 112. Amendment of section 104 (excisable products) of Finance Act, 1992. 113. Amendment of Chapter II (Powers of...