The Government published Finance Bill 2015 on 22 October 2015. The Bill contains the taxation measures announced in the Budget speech (13 October 2015) in addition to a number of other measures. The Bill introduces the following changes that impact upon the financial services sector:
- Changes to scope of income tax charge on income earned from assets transferred out of Ireland (s.19)
- Extension of deadline for making encashment tax return and related payments (s.20)
- Removal of requirement to complete Life Policy Non-Resident Declarations at inception of policy (s.21)
- Change to definition of “Collective Investment Undertaking” to remove uncertainty on availability of US Ireland Tax Treaty benefits (s.24)
- Clarification on tax treatment of non-resident AIFs which have Irish AIFMs (s.26)
- Confirmation of tax treatment of Additional Tier1 instruments (s.27)
- Introduction of the Knowledge Development Box regime (s.30)
- Proposal to introduce County by Country Reporting Legislation in line with OECD Model Legislation (s.31)
- Capital Gains Tax (CGT) deferrals on transfer of assets to an ICAV (s.37)
- Changes to Stamp Duty Charges on ATM / debit cards (s.61)
- Extension of Revenue Powers (s.71)
- Update to definition of “Financial Institution” as part of Central Bank (Supervision and Enforcement) Act 2013 (s.82)
- Abolition of the Pension Fund Levy
- Extension of the Bank Levy to 2021
For more information on any of the above changes, click on this link for a more detailed briefing.
Contributed by Ted McGrath.
