Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I move amendment No. 29:

In page 29, to delete line 29 and substitute the following:

“ “(d) where section 502(2)(b) applies, the date the conditions set out in section 508B(4)(a) are satisfied.”,”.

Amendments Nos. 29 and 30 are purely technical in nature. Amendment No. 29 corrects an error in relation to the reporting requirements for investments made after budget day 2019. The Finance Act 2019 provided that the full relief be paid to the investor in the first year of investment rather than the final ten fortieths being claimed four years after the investment which applies to shares on or before 8 October 2019 previously.

An oversight in drafting of the section means that all companies would still be required to report to Revenue the date on which the conditions necessary to claim the final ten fortieths had been satisfied. While this requirement is still relevant for investments on or before 8 October 2019, this requirement is no longer relevant for investments after that date. The amendment corrects the oversight to differentiate between the investments pre- and post-the Finance Act 2019.

Amendment No. 30 clarifies the date of application of the removal of the 30% expenditure rule. It provides that the change is applicable to share issues from 1 January 2022. The existing legislation will continue to apply to any share issue before this date.