The Finance Bill, 2000, was published on 10th February, 2000. The A & L Goodbody Tax Department is preparing an analysis of the Finance Bill proposals which will be posted on this website. Highlights are set out below.

  1. Further exemptions from dividend withholding tax. Certification procedures simplified.
  2. Taxation of domestic and IFSC life assurance and collective funds put on same footing. Domestic life assurance and collective funds no longer taxed on an annual basis, but instead on a gross roll up basis with an exit tax (at the standard rate of income tax plus 3%) on encashment or maturity. Exemption from exit tax where the investor is not Irish resident or ordinarily resident at the time of payment to the investor.
    The present taxation arrangements for domestic funds will continue for existing business on a ring-fenced basis.
  3. Enhancement of Irish Revenue powers.
  4. IFSC and non-IFSC securitisation regime extended.
  5. Definition of a consortium for corporation tax consortium relief extended to provide inclusion of non-EU companies and individuals as participators within a qualifying consortium.
  6. Stamp duty exemption for stock borrowing transactions extended to stock repo transactions.
  7. Radical overhaul of capital acquisitions tax (gift tax and inheritance tax regime) by replacing the test of domicile with a test of residence or ordinary residence.
  8. Individualisation of tax bands for personal taxpayers.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.