Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I move amendment No. 63:

In page 50, between lines 24 and 25, to insert the following:
“(2) Paragraphs (a) and (b)(ii) of subsection (1) apply as respects any relief, deduction, credit in relation to tax or, as the case may be, a reduction in the amount of tax payable, details of which fall to be included in particulars on a return, required to be delivered under section 951 of the Principal Act, which was delivered on or after 31 January 2008.”.

Section 28 of the Finance (No. 2) Bill 2013 amended how double tax relief was calculated for individuals who are effected by the high earners’ restriction. This amendment corrected the situation whereby the double tax treaties provided for a relief which the underlying domestic legislation did not truly grant. The difference between the relief granted under the double tax treaties and the calculation of the relief under domestic legislation affects any tax return filed after 1 January 2008. Therefore, it is proposed that the calculation method set out in section 28 of the Bill will apply to all returns from 1 January 2008. I commend this amendment to the House.