Dáil debates
Tuesday, 15 October 2013
Financial Resolutions 2014
No. 3: Income Tax; No. 4: Income Tax
8:15 pm
Pat Rabbitte (Dublin South West, Labour) | Oireachtas source
I move the following Financial Resolutions:
(1) THAT the Taxes Consolidation Act 1997 (No. 39 of 1997) be amended-
“
| 15C. | Section 284 (wear and tear allowances) subject to section 485C(1B). | An amount equal to the amount of wear and tear allowances (within the meaning of section 284) made to an individual in relation to specified plant and machinery for the tax year under section 284, or deemed to have been made to an individual under section 287, whether by virtue of section 298 or otherwise, including any such allowances or part of any such allowance made to the individual in a previous tax year and carried forward from that previous tax year in accordance with Part 9. |
|---|---|---|
| 15D. | Section 288 (balancing allowances and balancing charges) subject to section 485C(1B) | An amount equal to the amount of the balancing allowance (within the meaning of section 288) made to an individual for the tax year under section 288 in relation to specified plant and machinery. |
”,
and
(b) in section 485C by inserting the following after subsection 1A:
(2) IT is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act 1927 (No. 7 of 1927).
(1) THAT the matter set out opposite reference number 47A in Schedule 25B to the Taxes Consolidation Act 1997 (No. 39 of 1997) be amended by substituting “section 490, where the subscription for eligible shares is made on or before 15 October 2013 or on or after 1 January 2017” for “section 490”.
(2) IT is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act 1927 (No. 7 of 1927).
Section 1 introduces two new items into Schedule 25B. The new items are capital allowances and balancing allowances on specified plant and machinery, as defined in section 485C(1B) of the Taxes Consolidation Act 1997. These sections provide that the allowances on specified plant and machinery will be a specified relief, subject to the new section 485C(1B), whether granted directly under section 284, indirectly through the provisions of section 298 or deemed to have been granted to the individual under section 287. The allowances will be a specified relief whether they are claimed in the year of assessment or carried forward into that year of assessment from a previous year of assessment.
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