Finance act, 2002

Act Number5
Enactment Date25 Mar 2002


Number 5 of 2002


FINANCE ACT, 2002


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 section 15 (rate of charge) of Principal Act.

3.

Personal tax credits.

4.

Age exemption.

5.

Amendment of section 467 (employed person taking care of incapacitated individual) of Principal Act.

6.

Amendment of section 477 (relief for service charges) of Principal Act.

7.

Amendment of section 126 (tax treatment of certain benefits payable under Social Welfare Acts) of Principal Act.

8.

Amendment of section 122 (preferential loan arrangements) of Principal Act.

9.

Amendment of section 469 (relief for health expenses) of Principal Act.

10.

Amendment of Part 30 (occupational pension schemes, retirement annuities, purchased life annuities and certain pensions) of Principal Act.

11.

Amendment of section 128 (tax treatment of directors of companies and employees granted rights to acquire shares or other assets) of Principal Act.

12.

Relief on retirement for certain income of certain sportspersons.

13.

Amendment of provisions relating to approved profit sharing schemes and employee share ownership trusts.

14.

Income tax: restriction on use of losses on approved buildings.

15.

Amendment of Schedule 3 (reliefs in respect of income tax charged on payments on retirement, etc.) to Principal Act.

Chapter 3

Income Tax, Corporation Tax and Capital Gains Tax

16.

Amendment of Part 16 (income tax relief for investment in corporate trades — business expansion scheme and seed capital scheme) of Principal Act.

17.

Rental income: relief for certain interest.

18.

Amendment of Chapter 8 (taxation of rents and certain other payments) of Part 4 of Principal Act.

19.

Amendment of section 246 (interest payments by companies and to non-residents) of Principal Act.

20.

Amendment of Chapter 4 (interest payments by certain deposit takers) of Part 8 of Principal Act.

21.

Amendment of Part 8 (annual payments, charges and interest) of Principal Act.

22.

Amendment of section 268 (meaning of “industrial building or structure”) of Principal Act.

23.

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.

24.

Codification of reliefs for lessors and owner-occupiers in respect of certain residential accommodation.

25.

Designation of certain areas for rented residential reliefs.

26.

Denial of capital allowances where grant or other assistance received.

27.

Amendment of section 372AJ (non-application of relief in certain cases and provision against double relief) of Principal Act.

28.

Amendment of Part 11 (capital allowances and expenses for certain road vehicles) of Principal Act.

29.

Amendment of section 668 (compulsory disposals of livestock) of Principal Act.

30.

Amendment of section 669A (interpretation) of Principal Act.

31.

Capital allowances in respect of machinery or plant.

32.

Capital allowances for certain hospitals.

33.

Registered nursing homes: capital allowances for associated housing units for the aged or infirm.

34.

Capital allowances for certain sports injuries clinics.

35.

Amendment of section 843 (capital allowances for buildings used for third level educational purposes) of Principal Act.

36.

Amendment of Part 20 (companies' chargeable gains) of Principal Act.

37.

Amendment of Chapter 5 (group relief) of Part 12 of Principal Act.

38.

Amendment of Schedule 24 (relief from income tax and corporation tax by means of credit in respect of foreign tax) to Principal Act.

39.

Application of section 130 (matters to be treated as distributions) of Principal Act.

40.

Life assurance: taxation of personal portfolio life policies.

41.

Donations to certain sports bodies.

42.

Amendment of section 482 (relief for expenditure on significant buildings and gardens) of Principal Act.

43.

Amendment of section 486B (relief for investment in renewable energy generation) of Principal Act.

44.

Amendment of section 739D (gain arising on a chargeable event) of Principal Act.

45.

Amendment of Schedule 2B (investment undertakings declarations) to Principal Act.

46.

Amendment of Chapter 4 (certain offshore funds — taxation and returns) of Part 27 of Principal Act.

47.

Amendment of section 579A (attribution of gains to beneficiaries) of Principal Act.

48.

Amendment of Chapter 5 (policyholders — new basis) of Part 26 of Principal Act.

49.

Amendment of Part 36A (special savings incentive accounts) of Principal Act.

50.

Amendment of section 838 (special portfolio investment accounts) of Principal Act.

51.

Amendment of Chapter 2 (payments to subcontractors in certain industries) of Part 18 of Principal Act.

52.

Amendment of section 951 (obligation to make a return) of Principal Act.

Chapter 4

Corporation Tax

53.

Tonnage tax.

54.

Relief for certain losses on a value basis.

55.

Amendment of section 90 (restriction of certain losses and charges) of Finance Act, 2001.

56.

Amendment of section 483 (relief for certain gifts) of Principal Act.

57.

Credit for certain withholding tax.

58.

Amendment of section 958 (date for payment of tax) of Principal Act.

Chapter 5

Capital Gains Tax

59.

Amendment of section 598 (disposal of business or farm on “retirement”) of Principal Act.

60.

Amendment of section 600A (replacement of qualifying premises) of Principal Act.

61.

Amendment of section 605 (disposals to authority possessing compulsory purchase powers) of Principal Act.

62.

Amendment of section 542 (time of disposal and acquisition) of Principal Act.

63.

Amendment of section 980 (deduction from consideration on disposal of certain assets) of Principal Act.

PART 2

Excise

Chapter 1

Consolidation and Modernisation of Betting Duties Law

64.

Interpretation (Chapter 1).

65.

Bookmaker's Licence Duty.

66.

Registered Bookmaking Premises Duty.

67.

Betting Duty.

68.

Exemption from duty on bets.

69.

Time when duty becomes due.

70.

Returns.

71.

Payment of duty with bet.

72.

Estimate of duty payable.

73.

Assessment of duty payable.

74.

Interest on late payment.

75.

Recovery of duty.

76.

Penalty for false statement.

77.

Regulations for payment of duty on bets.

78.

De-registration of bookmaking premises.

79.

Nomination of officers.

80.

Repeals.

81.

Saver.

82.

Continuity.

83.

Commencement.

Chapter 2

Miscellaneous

84.

Amendment of section 122 (permit and licence procedure) of Finance Act, 1992.

85.

Amendment of Finance Act, 1992, by insertion of new section (amusement machine permits).

86.

Amendment of section 49 of Finance (1909-10) Act, 1910 (grant of licences and date of expiration of licences).

87.

Amendment of section 136 (entry and search of premises) of Finance Act, 2001.

88.

Tobacco products.

89.

Rates of mineral oil tax.

90.

Cider and perry.

91.

Amendment of section 98 (horticultural production) of Finance Act, 1999.

92.

Amendment of section 100 (relief from mineral oil tax for certain mineral oils) of Finance Act, 1999.

93.

Passenger road services.

94.

Amendment of section 1 (interpretation) of Finance (Excise Duty on Tobacco Products) Act, 1977.

95.

Amendment of section 2B (sale of cigarettes) of Finance (Excise Duty on Tobacco Products) Act, 1977.

96.

Amendment of section 7 of Finance (Excise Duty on Tobacco Products) Act, 1977.

97.

Amendment of section 10A (offences in relation to tax stamps) of Finance (Excise Duty on Tobacco Products) Act, 1977.

PART 3

Value-Added Tax

98.

Interpretation (Part 3).

99.

Amendment of section 4 (special provisions in relation to the supply of immovable goods) of Principal Act.

100.

Amendment of section 7 (waiver of exemption) of Principal Act.

101.

Amendment of section 8 (taxable persons) of Principal Act.

102.

Amendment of section 10 (amount on which tax is chargeable) of Principal Act.

103.

Amendment of section 11 (rates of tax) of Principal Act.

104.

Amendment of section 12D (adjustment of tax deductible in certain circumstances) of Principal Act.

105.

Amendment of section 13 (remission of tax on goods exported, etc.) of Principal Act.

106.

Amendment of section 19 (tax due and payable) of Principal Act.

107.

Letter of expression of doubt.

108.

Amendment of section 21 (interest) of Principal Act.

109.

Amendment of section 25 (appeals) of Principal Act.

110.

Amendment of First Schedule to Principal Act.

PART 4

Stamp Duties

111.

Interpretation (Part 4).

112.

Amendment of section 76 (obligations of system-members) of Principal Act.

113.

Amendment of Chapter 2 of Part 7 of Principal Act.

114.

Amendment of Schedule 1 to Principal Act.

PART 5

Capital Acquisitions Tax

115.

Interpretation (Part 5).

116.

Amendment of section 19 (value of agricultural property) of Principal Act.

117.

Amendment of section 36 (delivery of returns) of Principal Act.

118.

Amendment of section 41 (payment of tax...

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