Written answers
Wednesday, 17 September 2014
Department of Finance
Tax Code
Michael McGrath (Cork South Central, Fianna Fail)
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211. To ask the Minister for Finance the taxation provisions currently in legislation that are due to expire at the end of 2014; and if he will make a statement on the matter. [33320/14]
Michael Noonan (Limerick City, Fine Gael)
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The following provisions are due to expire at the end of 2014:
| Legislative Provision | Brief Description |
|---|---|
| Section 285A of the Taxes Consolidation Act 1997 | Provides an acceleration of wear and tear allowances for companies in respect of energy-efficient equipment that meets certain energy-efficient criteria and is specified on a list of approved products. |
| Section 486C of the Taxes Consolidation Act 1997 | Provides relief from corporation tax for a company that commences a new trade and is available where the total corporation tax payable for an accounting period does not exceed €40,000. Marginal relief is available where the corporation tax payable is between €40,000 and €60,000. |
| Section 486B of the Taxes Consolidation Act 1997 | Provides tax relief for corporate investment in certain renewable energy projects. |
| Section 531AN of the Taxes Consolidation Act 1997 | The exemption from the top rate of USC for those on medical cards, who's aggregate income does not exceed €60,000 per annum, is due to expire at the end of this year. These individuals are subject to USC at a reduced rate of 4% on their income above €16,016, compared to the general taxpayer who pays at 7% on income over €16,016. The 3% USC surcharge, which imposes a 10% USC rate on self-assessed income in excess of €100,000 per annum, is also scheduled to expire at the end of this year. The expiry of these provisions was legislated for by the previous Government. I can assure the Deputy that they will be subject to a full examination, as part of preparations for the Budget and Finance Bill and will not be allowed to lapse without significant consideration of the matters involved. |
| Section 604A of the Taxes Consolidation Act 1997 | Provides relief from capital gains tax on future disposals of land or buildings acquired in the period 7 December 2011 to 31 December 2014. |
| Section 823A of the Taxes Consolidation Act 1997 | Provides for a tax relief by way of a deduction in respect of income earned by an individual in certain foreign states (otherwise known as the "foreign earnings deduction" or FED). This scheme is currently being reviewed in the context of the forthcoming Budget. |
| Section 825C of the Taxes Consolidation Act 1997 | Provides for a tax relief on income earned by an employee who is assigned to work in Ireland (otherwise known as SARP).While the relief applies for a 5 year period, individuals who come to the State from the tax year 2015 onwards would not qualify for the relief. This scheme is currently being reviewed in the context of the forthcoming Budget. |
| Section 135C of Finance Act 1992 | Provides for remission or repayment on Vehicle Registration Tax of up to €1,500 in respect of hybrid electric vehicles, up to €2,500 in respect of plug-in hybrid electric vehicles, up to €5,000 in respect of electric vehicles while series production electric motorcycles are exempt from VRT. |
| Regulation 16 of the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations 1994 | Under the Disabled Drivers and Disabled Passengers (Tax Concessions) (Amendment) Regulations 2014, I have revoked, with effect from 31 December 2014, Regulation 16 of the Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations 1994 which provides for the repayment of excise duty on fuel to qualifying persons. I propose to introduce a grant scheme with effect from 1 January 2015 to replace the excise relief. |
| Schedule 1 of the Stamp Duties Consolidation Act 1999 | Consanguinity relief applies to transfers of non-residential property to certain relatives, e.g. parent, grandparent, step-parent, child, foster-child, adopted child, brother, sister, half-brother/sister, aunt, uncle, niece, nephew. Stamp Duty is charged at half the normal rate. This relief applies to transfers of non-residential property executed on or before 31 December 2014 and does not apply to leases or transfers of shares. |
| Section 481 (film relief) of the Taxes Consolidation Act 1997 | The current scheme expires at the end of 2014 but it is being replaced by a new scheme in 2015. |
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