Financial Resolution No. 23 amends section 195 of the Taxes Consolidation Act 1997 in regard to the income tax exemption which currently applies to the earnings of artists. The effect of the resolution will be to limit for the tax year 2011 and subsequent tax years the amount of the exempt income to €40,000 per claimant per annum. In section 195 there is currently no limit on the amount which can be claimed per annum, although the high earners restriction introduced in 2007 and extended in 2010 may limit the amount of an artist exemption in cases where gross income reaches €125,000. Over a full tax year, this measure is expected to produce a saving of approximately €14 million.

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