The Finance Bill, which gives legal effect to measures announced in the Budget, has been published.
It includes an effective deferral into next year of the curtailment of tax reliefs on section 23 properties. These will go ahead, but only after an assessment of their impact, which will delay the change until next year.
Read an explanation of the measures here
Read the list if items here
Tax relief for student charges and fees will be curtailed also - there will be no tax relief on the first €2,000 of charges for full-time students, and none for the first €1,000 for part-time students. Relief is 20% above these amounts. There is a clampdown on business tax loopholes, such as a ban on interest tax relief on intra-company purchases.
A replacement for the Business Expansion Scheme will enable all businesses to raise extra investment funds - provided they increase employment. Favourable tax treatment will be extended for IFSC companies involved in the securitisation of carbon credits, commodities and aircraft leases.
Pay tax by credit card plan
Age-related tax relief on private health insurance for people under 60 is being scrapped. The level of relief for people over 60 is being increased. For those aged between 60 and 69, the credit is increased from €525 to €625; for those aged between 70 and 79 it is increased from €975 to €1,275; and for those aged 80 and over it is increased from €1,250 to €1,725.
The cost is being met by the Health Insurance Levy. As previously announced, this rises from €55 to €66 for people under 18 and from €185 to €205 for those aged 18 and over. This applies to policies opened or renewed after January 1 2011.
The Bill also says the pay-and-file date for self-employed income tax and capital gains tax is being brought forward by a month to the end of September. The department says this is aimed at reducing the over-concentration of tax receipts later in the year, and improving the accuracy of Budget forecasting. It also says this will help facilitate an earlier Budget if required.
There is also an initiative to allow taxpayers to pay tax by credit card, while there will be measures to allow Revenue to publish details of cases where taxpayers persistently resist or refuse to agree a tax liability or pay a settlement. Legislation will also copper-fasten the issue of receipts from Revenue in electronic format.
The Bill proposes the banning of 'zappers', a type of software which can be used on electronic point-of-sale records to reduce the recorded turnover of a business.
There is confirmation in the Bill that the 1% betting duty is to be extended to bookmakers based outside the country taking bets online from people in Ireland. Betting exchanges will be liable for a 'betting intermediary duty' of 15% of the commission they charge from Irish punters.
As a result of this, the current VAT exemption on on-course and off-course betting is being extended to internet betting and betting exchanges. All the betting changes are subject to a Commencement Order by the Minister.
