74.—In this Part ‘‘Principal Act’’ means the Stamp Duties Consoli-dation Act 1999.
75.—The Principal Act is amended—
10
(a) in section 20 by inserting the following after subsection (2):
‘‘(2A) If at any time it appears for any reason an assessment is incorrect the Commissioners shall make such other assessment as they consider appropriate and any such assessment shall be substituted for the first-15
mentioned assessment.’’,
(b) in section 21(1) by substituting the following for the defini-tion of ‘‘time for bringing an appeal’’:
‘‘ ‘time for bringing an appeal’ means 30 days after the date of the assessment.’’,
20
(c) in section 21 by substituting the following for subsection (2):
‘‘(2) An accountable person who is dissatisfied with an assessment of the Commissioners in relation to an instru-ment may appeal to the Appeal Commissioners against the assessment on giving, within the time for bringing an 25
appeal, notice in writing to the Commissioners and the appeal shall be heard and determined by the Appeal Commissioners whose determination shall be final and conclusive unless the appeal is required to be reheard by a judge of the Circuit Court or a case is required to be 30
stated in relation to it for the opinion of the High Court on a point of law.’’,
(d) in section 21 by substituting the following for subsection (3):
‘‘(3) No appeal may be made against—
(a) an assessment made by an accountable person, 35
or
(b) an assessment made on an accountable person by the Commissioners, where the duty had been agreed between the Commissioners and the accountable person, or any person author-40
ised by the accountable person in that behalf, before the making of the assessment.’’, (e) in section 21(4) by substituting the following for paragraph
(a):
Interpretation (Part 4).
Amendments relating to self-assessment provisions.
Land: special provisions.
‘‘(a) Where—
(i) an accountable person fails to cause an electronic return or a paper return to be delivered in relation to an instrument, or (ii) the Commissioners are not satisfied with 5
the electronic return or the paper return which has been delivered, or have received any information as to its insuf-ficiency,
and the Commissioners make an assessment 10 in accordance with section 20, no appeal may be made against that assessment unless within the time for bringing an appeal—
(I) in a case to which subparagraph (i) applies, an electronic return or a paper 15 return is delivered to the Com-missioners, and
(II) in a case to which either subparagraph (i) or (ii) applies, the accountable person pays or has paid an amount of duty on 20 foot of the assessment which is not less than the duty which would be payable on foot of the assessment if the assessment were made in all respects by reference to the return delivered to the Com- 25 missioners.’’,
(f) in section 79 by deleting subsection (6), (g) in section 80 by deleting subsection (7), (h) in section 80A by deleting subsection (7), and
(i) by deleting section 131. 30
76.—(1) The Principal Act is amended—
(a) by inserting the following after section 31:
‘‘Resting in 31A.—(1) Where—
contract.
(a) the holder of an estate or interest in 35 land in the State enters into a con-tract or agreement with another person for the sale of the estate or interest to that other person or to a nominee of that other per- 40 son, and
(b) a payment which amounts to, or as the case may be payments which together amount to, 25 per cent or more of the consideration for 45 the sale has been paid to, or at the direction of, the holder of the estate or interest at any time pursu-ant to the contract or agreement,
then the contract or agreement shall be chargeable with the same stamp duty, to be paid by the other person, as if it were a con-veyance or transfer of the estate or interest in the land.
5
(2) Subsection (1) does not apply where, within 30 days of the date on which a pay-ment which amounts to, or as the case may be payments which together amount to, 25 per cent or more of the consideration for the 10
sale referred to in subsection (1) has been paid—
(a) an electronic return or paper return has been delivered to the Com-missioners in relation to a convey-15
ance or transfer made in conform-ity with the contract or agreement referred to in subsection (1), and (b) the stamp duty chargeable on the conveyance or transfer has been 20
paid to the Commissioners.
(3) Where stamp duty has been paid, in respect of a contract or agreement, in accord-ance with subsection (1), a conveyaccord-ance or transfer made in conformity with the contract 25
or agreement shall not be chargeable with any duty, and the Commissioners, where an electronic return or paper return has been delivered to them in relation to the convey-ance or transfer, shall either denote the pay-30
ment of the duty on the conveyance or trans-fer or transtrans-fer the duty to the conveyance or transfer on production to them of the con-tract or agreement, duly stamped.
(4) The stamp duty paid on any contract or 35
agreement, in accordance with subsection (1), shall be returned where it is shown to the satisfaction of the Commissioners that the contract or agreement has been rescinded or annulled.
40
Licence 31B.—(1) In this section ‘development’, in
agreements. relation to any land, means—
(a) the construction, demolition, exten-sion, alteration or reconstruction 45
of any building on the land, or (b) any engineering or other operation
in, on, over or under the land to adapt it for materially altered use.
(2) Where—
50
(a) the holder of an estate or interest in land in the State enters into an agreement with another person under which that other person, or
a nominee of that other person, is entitled to enter onto the land to carry out development on that land, and
(b) by virtue of the agreement, other- 5 wise than as consideration for the sale of all or part of the estate or interest in the land, the holder of the estate or interest in the land receives at any time a payment 10 which amounts to, or as the case may be payments which together amount to, 25 per cent or more of the market value of the land
concerned, 15
then within 30 days of the first such time, the agreement shall be chargeable with the same stamp duty, to be paid by that other person, as if it were a conveyance or transfer of the estate or interest in the land. 20
(3) The stamp duty paid on any agreement, in accordance with subsection (2), shall be returned where it is shown to the satisfaction of the Commissioners that the agreement has been rescinded or annulled.’’, 25 (b) by deleting section 36,
(c) by inserting the following after section 50:
‘‘Agreements 50A.—(1) An agreement for a lease or
for more than with respect to the letting of any lands, ten- 30
35 years
ements, or heritable subjects for any term
charged as
exceeding 35 years, shall be charged with the
leases. 35
same stamp duty as if it were an actual lease made for the term and consideration men-tioned in the agreement where 25 per cent or more of that consideration has been paid.
(2) The stamp duty paid on any agreement 40 for a lease, in accordance with subsection (1), shall be returned where it is shown to the satisfaction of the Commissioners that the agreement for a lease has been rescinded or
annulled.’’, 45
and
(d) by substituting ‘‘section 50 or 50A’’ for ‘‘section 50’’ in para-graph (4) of the Heading ‘‘LEASE’’ in Schedule 1.
(2) Section 82 (other than subsection (2) of that section) of the
Finance (No. 2) Act 2008 is repealed. 50
(3) Subsection (1) applies as respects instruments executed on or after 13 February 2013 other than instruments executed solely in pursuance of a binding contract or agreement entered into before 13 February 2013.
77.—Section 81AA of the Principal Act is amended in subsection (16) by substituting ‘‘31 December 2015’’ for ‘‘31 December 2012’’.
78.—The Principal Act is amended—
(a) in section 88(1)(b) by substituting the following for subpara-graph (i):
5
‘‘(i) units in an investment undertaking within the meaning of section 739B of the Taxes Con-solidation Act 1997,’’,
(b) in section 88(1)(b) by inserting the following after subpara-graph (i):
10
‘‘(ia) units in a common contractual fund within the meaning of section 739I of the Taxes Consoli-dation Act 1997,
(ib) units in an investment limited partnership within the meaning of section 739J of the 15
Taxes Consolidation Act 1997,’’,
(c) in section 88(2) by substituting the following for paragraph (b):
‘‘(b) any stocks or marketable securities of a com-pany which is registered in the State, other 20
than a company which is—
(i) an investment undertaking within the meaning of section 739B of the Taxes Consolidation Act 1997, or
(ii) a qualifying company within the meaning 25
of section 110 of the Taxes Consolidation Act 1997.’’,
and
(d) in section 90(3) by substituting the following for paragraph (b):
30
‘‘(b) any stocks or marketable securities of a com-pany which is registered in the State, other than a company which is—
(i) an investment undertaking within the meaning of section 739B of the Taxes 35
Consolidation Act 1997, or
(ii) a qualifying company within the meaning of section 110 of the Taxes Consolidation Act 1997.’’.
79.—Section 123B of the Principal Act is amended—
40
(a) in subsection (1) by substituting the following for the defini-tion of ‘‘account holder’’:
Amendment of
‘‘ ‘account holder’, in relation to a basic payment account, means the person in whose name the account is held;’’, (b) in subsection (1) by substituting the following for the
defini-tion of ‘‘basic payment account’’:
‘‘ ‘basic payment account’ means a card account— 5 (a) which is issued only to an account holder who in
the period of financial exclusion—
(i) did not hold a card account, or
(ii) held a card account but no account holder-initiated transactions occurred on 10 that account in the period of financial exclusion,
(b) where, in respect of every 2 consecutive quar-ters, all amounts paid into the card account, other than amounts paid to the account 15 holder by electronic funds transfer under the Social Welfare Acts, do not exceed €4,500 (in this section referred to as the ‘threshold amount’) in each quarter, and
(c) which is a standard bank account with one of the 20 following banks:
(i) Allied Irish Banks plc;
(ii) the Governor and Company of the Bank of Ireland;
(iii) Permanent TSB plc;’’, 25
(c) in subsection (1) by inserting the following definitions:
‘‘ ‘period of financial exclusion’ means the period of 3 years immediately preceding the date of an application to open a basic payment account;
‘quarter’ means a period of 3 consecutive months or any 30 commensurate period by reference to which a promoter in the course of its business calculates all amounts paid into a card account;’’,
(d) by inserting the following after subsection (1):
‘‘(1B) Where the promoter has served notice of the 35 termination of the basic payment account, the account shall not cease to be a basic payment account until the expiry of 2 months from the date of service of the notice.’’,
(e) in subsection 3(c) by deleting ‘‘in relation to the year 40 2012,’’, and
(f) by inserting the following after subsection (10):
‘‘(11) The Minister, following a review of this section, for the purposes of ensuring that the conditions govern-ing the opengovern-ing of a basic payment account are such that 45
the section achieves its intended purpose may by order vary—
(a) the duration of the period of financial exclusion, and
(b) the threshold amount, subject to a maximum 5
variation of 20 per cent.
(12) Every order made by the Minister under subsec-tion (11) shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the order is passed by Dáil Éireann within the next 21 days on 10
which Dáil Éireann has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done under the order.’’.
80.—Section 125A of the Principal Act is amended—
15
(a) in subsection (1) by substituting the following for the defini-tion of ‘‘accounting period’’:
‘‘ ‘accounting period’ means the first accounting period or a subsequent accounting period, as the case may be;’’, (b) in subsection (1) by substituting the following for the defini-20
tion of ‘‘due date’’:
‘‘ ‘due date’ means—
(a) in relation to the first accounting period, 21 May 2013, and
(b) in relation to a subsequent accounting period, 25
the 21st day of the second next month follow-ing the end of the accountfollow-ing period;’’, (c) in subsection (1) by substituting the following for the
defini-tion of ‘‘specified rate’’:
‘‘ ‘specified rate’ means—
30
(a) in respect of relevant contracts renewed or entered into on or after 1 January 2013 and on or before 30 March 2013—
(i) €95 in respect of an insured person aged less than 18 years, and
35
(ii) €285 in respect of an insured person aged 18 years or over,
and
(b) in respect of relevant contracts renewed or entered into after 30 March 2013—
40
(i) €100 in respect of an insured person aged less than 18 years insured under a relevant contract which provides for non-advanced cover,
Amendment of section 125A (levy on authorised insurers) of Principal Act.
(ii) €120 in respect of an insured person aged less than 18 years insured under a relevant contract which provides for advanced cover,
(iii) €290 in respect of an insured person aged 5 18 years or over insured under a relevant contract which provides for non-advanced cover, and
(iv) €350 in respect of an insured person aged 18 years or over insured under a relevant 10 contract which provides for advanced cover;’’,
(d) in subsection (1) by inserting the following definitions:
‘‘ ‘advanced cover’ and ‘non-advanced cover’, in relation to a relevant contract, have the same meanings 15 respectively as in section 6A of the Health Insurance Act 1994;
‘first accounting period’ means the period commencing on 1 January 2013 and ending on 30 March 2013;
‘subsequent accounting period’ means the period com- 20 mencing on 31 March 2013 and ending on 30 June 2013 and each subsequent period of 3 months commencing on 1 July, 1 October, 1 January and 1 April in any year;’’, (e) in subsection (2) by substituting—
(i) ‘‘the first accounting period’’ for ‘‘each accounting 25 period’’, and
(ii) ‘‘that accounting period’’ for ‘‘the accounting period concerned’’,
(f) by inserting the following after subsection (2):
‘‘(2A) Subject to subsections (7), (10) and (11), an 30 authorised insurer shall, in respect of each subsequent accounting period and not later than the due date, deliver to the Commissioners a statement in writing showing the number of insured persons—
(a) aged less than 18 years on the first day of the 35 accounting period insured under a relevant contract which provides for non-advanced cover,
(b) aged less than 18 years on the first day of the accounting period insured under a relevant 40 contract which provides for advanced cover, (c) aged 18 years or over on the first day of the
accounting period insured under a relevant contract which provides for non-advanced
cover, and 45
(d) aged 18 years or over on the first day of the accounting period insured under a relevant contract which provides for advanced cover,
in respect of whom a relevant contract between the auth-orised insurer and the insured person, being the individ-ual referred to in the definition of ‘insured person’, is renewed, or entered into, during the accounting period concerned.’’,
5
(g) in subsections (3), (4), (6), (7), (8), (10), (11) and (12) by substituting ‘‘subsection (2) or (2A)’’ for ‘‘subsection (2)’’
in each place, and
(h) in subsection (12) by substituting the following for para-graphs (i) and (ii):
10
‘‘(i) the accounting period in which the second 12 months, or lesser period, of the relevant con-tract commences, and
(ii) each further accounting period in which any sub-sequent 12 months, or lesser period, of the 15
relevant contract commences.’’.
PART 5
Capital Acquisitions Tax
81.—In this Part ‘‘Principal Act’’ means the Capital Acquisitions Tax Consolidation Act 2003.
20
82.—(1) The Principal Act is amended—
(a) in paragraph 1 of Part 1 of Schedule 2 in the definition of
‘‘group threshold’’—
(i) in subparagraph (a) by substituting ‘‘€225,000’’ for
‘‘€250,000’’, 25
(ii) in subparagraph (b) by substituting ‘‘€30,150’’ for
‘‘€33,500’’, and
(iii) in subparagraph (c) by substituting ‘‘€15,075’’ for
‘‘€16,750’’, and
30
(b) in the Table in Part 2 of Schedule 2 by substituting ‘‘33’’
for ‘‘30’’.
(2) This section applies to gifts and inheritances taken on or after 6 December 2012.
83.—(1) Section 51 of the Principal Act is amended—
35
(a) by inserting the following after subsection (1):
‘‘(1A) (a) Simple interest is payable, without deduction of income tax, on the tax arising by reason of section 15(1) or 20(1) from the valuation date to the date of payment of 40
that tax, and the amount of that interest
Interpretation (Part 5).
Amendment of Schedule 2 (computation of tax) to Principal Act.
Amendment of section 51 (payment of tax and interest on tax) of Principal Act.
Amendment of section 57 (overpayment of tax) of Principal Act.
Amendment of section 74 (exemption of certain policies of assurance) of Principal Act.
shall be determined in accordance with paragraph (c) of subsection (2).
(b) Interest payable in accordance with para-graph (a) is chargeable and recoverable in the same manner as if it were part of 5 the tax.’’,
and
(b) in subsection (2)(c)(ii) by substituting ‘‘paragraph (a) of this subsection and paragraph (a) of subsection (1A)’’ for
‘‘paragraph (a)’’. 10
(2) This section applies to inheritances taken by a discretionary trust (within the meaning of the Principal Act) by virtue of section 15(1) or 20(1) of the Principal Act on or after the passing of this Act.
84.—(1) Section 57 of the Principal Act is amended—
(a) in subsection (1) by substituting the following for the defini- 15 tion of ‘‘tax’’:
‘‘ ‘tax’ includes probate tax, payment on account of tax, interest charged, a surcharge imposed or a penalty incurred under any provision of this Act.’’,
and 20
(b) by substituting the following for subsection (3):
‘‘(3) Notwithstanding subsection (2), no tax shall be repaid to an accountable person in respect of a valid claim unless that valid claim is made within the period of
4 years commencing on— 25
(a) 31 October in the year in which that tax was due to be paid in accordance with section 46(2A), or
(b) the valuation date or the date of the payment of the tax concerned (where the tax has been 30 paid within 4 months of the valuation date) in respect of inheritances to which sections 15(1) and 20(1) apply.’’.
(2) This section shall apply as respects any claim for repayment (within the meaning of the Principal Act) made on or after the 35 passing of this Act.
85.—Section 74 of the Principal Act is amended in subsection (1) by substituting the following for the definition of ‘‘new policy’’:
‘‘ ‘new policy’ means—
(a) a policy of assurance on the life of any person issued, or 40 (b) a contract within the meaning of Article 2(2)(b) of
Directive 2002/83/EC of the European Parliament
and of the Council of 5 November 20021 entered into,
on or after 1 January 2001 by an assurance company in the course of carrying on the business of life assurance;’’.
86.—(1) Section 75 of the Principal Act is amended—
5
(a) in subsection (1) by inserting the following definitions:
‘‘ ‘investment limited partnership’ has the meaning assigned to it by section 739J of the Taxes Consolidation Act 1997;
‘unit’, in relation to an investment limited partnership, 10
has the meaning assigned to it by section 739J of the Taxes Consolidation Act 1997;’’,
and
(b) in subsection (2) by substituting ‘‘a common contractual fund, an investment limited partnership or an investment 15
undertaking’’ for ‘‘a common contractual fund or an investment undertaking’’.
(2) This section applies to gifts and inheritances (both within the meaning of the Principal Act) taken on or after the passing of this Act.
20
87.—(1) Section 85 of the Principal Act is amended by substituting the following for subsection (1):
‘‘(1) In this section ‘retirement fund’, in relation to an inherit-ance taken on death of a disponer, means—
(a) an approved retirement fund or an approved minimum 25
retirement fund, within the meaning of section 784A or 784C of the Taxes Consolidation Act 1997, or (b) a Personal Retirement Savings Account, within the
meaning of section 787A of the Taxes Consolidation Act 1997, where assets of the Personal Retirement 30
Savings Account are treated under section 787G(4) of that Act as having been made available to an individual,
being a fund which is wholly comprised of all or any of the following, that is—
35
(i) property which represents in whole or in part the accrued rights of the disponer, or of a predeceased spouse or civil partner of the disponer, under—
(I) an annuity contract or retirement benefits scheme approved by the Commissioners for the 40
purposes of Chapter 1 or Chapter 2 of Part 30 of the Taxes Consolidation Act 1997, or
1OJ No. L345, 19.12.2002, p.1
Amendment of section 75 (exemption of certain investment entities) of Principal Act.
Amendment of section 85
(exemption relating to retirement benefits) of Principal Act.
Interpretation (Part 6).
Assessing rules for direct taxes.
Professional services withholding tax.
(II) a Personal Retirement Savings Account being a PRSA product approved by the Commissioners for the purposes of Chapter 2A of Part 30 of the Taxes Consolidation Act 1997,
(ii) any accumulations of income of such property, or 5 (iii) property which represents in whole or in part these
(ii) any accumulations of income of such property, or 5 (iii) property which represents in whole or in part these