Oireachtas Joint and Select Committees

Tuesday, 16 November 2021

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach

Finance Bill 2021: Committee Stage

Photo of Gerald NashGerald Nash (Louth, Labour) | Oireachtas source

I move amendment No. 12:

In page 12, between lines 9 and 10, to insert the following:

“Tax credit in respect of MUD construction defect levy payments

4.(1) Chapter 2 of Part 5 of the Principal Act is amended by the insertion of the following section after section 114:
“114A. (1) In this section—
‘owner-occupier’ means a person who owns and ordinarily resides in a residential unit in an MUD;

‘MUD’ means a multi-unit development within the meaning of the Multi-Unit Development Act 2011 (the ‘MUD Act’);

‘OMC’ means an owners’ management company within the meaning of the MUD Act;

‘construction defect’ means a defect arising from the design, or workmanship or materials used in the construction, of an MUD,

affecting all or a substantial number of units in the MUD;

‘construction defect levy payment’ means a payment made by an owner-occupier to his or her OMC on foot of a levy imposed by the OMC to remedy a construction defect in the MUD concerned.

(2) Where in a year of assessment an owner-occupier, having made a claim in that behalf, proves that, during that year or any of the 15 previous years of assessment, he or she made a construction defect levy payment, he or she shall be entitled to claim a tax credit (a ‘Construction Defects Tax Credit’) equal to the value of the levy payment, up to a maximum of €7,500 in respect of any one year in which a levy payment was made.

(3) On making a claim under this section, a claimant shall provide to the Revenue Commissioners, through such electronic means as the Revenue Commissioners make available, particulars of the relevant expenses, including—
(a) confirmation by the OMC that a construction defects levy payment was made by the owner-occupier during the year in respect of which the claim was made, and

(b) such other information as may reasonably be required by the Revenue Commissioners to determine whether the requirements of this section are met.
(4) Where a tax credit is given under this section to an owner-occupier, no relief or deduction under any other provision of the Income Tax Acts shall be given or allowed in respect of those levy payments.

(5) This section shall have effect for the year of assessment 2022 and each subsequent year of assessment.”.”.

Am I right in saying the committee is taking a break at 4 p.m.?

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