Written answers
Thursday, 16 July 2015
Department of Finance
Tax Data
Michael McGrath (Cork South Central, Fianna Fail)
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156. To ask the Minister for Finance the taxation provisions in legislation that are due to expire at the end of 2015; and if he will make a statement on the matter. [29764/15]
Michael Noonan (Limerick City, Fine Gael)
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The Deputy previously asked this question on 12 February this year, Parliamentary Question No. 87 (PQ 6542/15) and in my reply of 12 February, I set out the legislative provisions that are due to expire on 31 December 2015. There have been no changes since my earlier reply.
The following provisions are due to expire at the end of 2015:
| Legislative Provision | Brief Description |
|---|---|
| Section 486C of the Taxes Consolidation Act (TCA) 1997 | This section provides relief from corporation tax for a company that commences a new qualifying trade, and the relief 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. The value of the relief is linked to the amount of employer PRSI paid by a company, in order to link the scheme with the creation of jobs. The relief was due to expire at the end of 2014, and was extended by section 39, Finance Act 2014 to companies which commence a new qualifying trade in 2015. |
| Sections 666, 667B and 667C of the Taxes Consolidation Act (TCA) 1997 | The stock relief for farmers provided under section 666 is due to expire on 31 December 2015. The enhanced stock relief available to qualifying farmers under section 667B, and to registered farm partnerships under section 667C, in respect of increases in stock values, will also expire on 31 December 2015. |
| Section 477B of the Taxes Consolidation Act (TCA) 1997 | The Home Renovation Incentive in section 477B provides for tax relief on qualifying expenditure incurred by homeowners on the repair, renovation or improvement of their main home, and by landlords on the repair, renovation or improvement of rental properties. Homeowners who incur qualifying expenditure in the period from 25 October 2013 to 31 December 2015 may claim the relief. Landlords who incur qualifying expenditure in the period from 15 October 2014 to 31 December 2015, may also claim the relief. |
| Section 825B of the Taxes Consolidation Act (TCA) 1997 | This section, which provides for the repayment of tax where earnings are not remitted to the State, was closed off with effect from 1 January 2012. However, any individual who was first entitled to claim the relief in 2011, will continue to qualify for the relief up until 31 December 2015. |
| Paragraph (5) of Schedule 1 to the Stamp Duties Consolidation Act (SDCA) 1999 | This legislation provides for consanguinity relief in respect of stamp duty on transfers or conveyances of farmland, on or prior to 31 December 2015, by a person of any age. From 1 January 2016 to 31 December 2017, the relief is continued in relation to transfers or conveyances of farmland but only where the individual transferring or conveying the farmland has not reached the age of 67 at the date of transfer or conveyance. |
| Section 125B of the Stamp Duties Consolidation Act (SDCA) 1999 | This section relates to the levy on pension schemes, which is to expire in 2015.The final payment (0.15% of the aggregate market value of assets) is to be made on 25 September 2015. |
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