Written answers
Thursday, 23 February 2017
Department of Finance
Tax Code
Michael McGrath (Cork South Central, Fianna Fail)
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133. To ask the Minister for Finance the taxation provisions in legislation that are due to expire at the end of 2017; and if he will make a statement on the matter. [9333/17]
Michael Noonan (Limerick City, Fine Gael)
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The following taxation provisions are due to expire at the end of 2017. However, in the case of Item 7 the expiry date might, in the circumstances described below, be before the end of 2017.
| Item | Legislative Provision | Brief Description |
|---|---|---|
| 1 | Section 244 Taxes Consolidation Act (TCA) 1997 | This section provides for tax relief in respect of interest paid on qualifying home loans. In general, it applies to home loans taken out on or after 1 January 2004 and on or before 31 December 2012 but with some limited extensions of entitlement to mortgage interest relief in respect of certain loans taken out in 2012 and 2013. Relief in respect of the above loans is available until 31 December 2017. There is a commitment in the Programme for a Partnership Government to retain mortgage interest relief (MIR) beyond the current end date on a tapered basis. In my Budget 2017 speech in October last I confirmed my intention to extend MIR beyond the current end date on a tapered basis to 2020 and that the details of the extension will be set out in Budget 2018. |
| 2 | Section 266A TCA 1997 | This section provides a scheme for the repayment of appropriate tax (DIRT) for first time home buyers (including self-built homes) where the purchase takes place or the self-built home is completed on or before 31 December 2017. |
| 3 | Section 285A TCA 1997 | This section, which provides a scheme of capital allowances for energy-efficient equipment, is to expire on 31 December 2017. |
| 4 | Section 473 TCA 1997 | This section provides for a tax credit for an individual in respect of rent paid for private rented accommodation used as his or her sole or main residence. The tax credit was withdrawn on a phased basis from 2011 and will expire on 31 December 2017. |
| 5 | Section 739W TCA 1997 | This section provides relief from Stamp Duty and Capital Gains Tax on the conversion of an Irish Real Estate Investment Fund (IREF) to a Real Estate Investment Trust (REIT), where the shares are issued on or before 31 December 2017. |
| 6 | Schedule 1, paragraphs (5) and (15) Stamp Duty Consolidation Act 1999. | The usual rate of stamp duty is halved in certain circumstances where land is sold or transferred on or before 31 December 2017 between certain related persons. The purpose of the relief is to encourage the transfer of farmland to young farmers with relevant qualifications. |
| 7 | Section 104(4) Finance Act 2001 (as amended) | This provides for a quantitative restriction on the number of cigarettes that may be brought into the State for personal use by individuals travelling from certain Member States. The restriction, which was enacted by the Excise Duty on Cigarettes (Quantitative Restrictions) Order 2013 (S.I. No. 553 of 2013), took effect from 1 January 2014 and will remain in place until 31 December 2017 or until such time as the particular Member State has achieved the required EU minimum tax levels, whichever is the earlier. |
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