Taxes Consolidation Act, 1997. - Houses of the Oireachtas

More documents

Recommendations

Info

Sch.3[No. 39.] Taxes Consolidation Act, 1997. [1997.]‘‘the relevant capital sum in relation to an office or employment’’means, subject to subparagraph (2), the aggregate of—(a) the amount of any lump sum (not chargeable to income tax)received,(b) the amount equal to the value at the relevant date of anylump sum (not chargeable to income tax) receivable, and(c) the amount equal to the value at the relevant date of anylump sum (not chargeable to income tax) which, on theexercise of an option or a right to commute, in whole orin part, a pension in favour of a lump sum, may bereceived in the future,by the holder in respect of the office or employment in pursuance ofany scheme or fund described in section 778(1);‘‘the standard capital superannuation benefit’’, in relation to anoffice or employment, means a sum determined as follows:(a) the average for one year of the holder’s emoluments of theoffice or employment for the last 3 years of his or herservice before the relevant date (or for the whole periodof his or her service if less than 3 years) shall beascertained,(b) one-fifteenth of the amount ascertained in accordance withclause (a) shall be multiplied by the whole number ofcomplete years of the service of the holder in the officeor employment, and(c) an amount equal to the relevant capital sum in relation tothe office or employment shall be deducted from theproduct determined in accordance with clause (b).(2) (a) The relevant capital sum in relation to an office oremployment shall include the amount mentioned inclause (c) of the definition of ‘‘the relevant capital sumin relation to an office or employment’’ whether or notthe option or right referred to in that clause is exercised.(b) Where, under the conditions or terms of any scheme orfund described in section 778(1), the holder of the officeor employment is entitled to surrender irrevocably theoption or right referred to in clause (c) of the definitionof ‘‘the relevant capital sum in relation to an office oremployment’’ and has done so at the relevant date, therelevant capital sum in relation to an office or employmentshall not include the amount mentioned in thatclause.2. Any reference in this Schedule to a payment in respect of whichincome tax is chargeable under section 123 is a reference to so muchof that payment as is chargeable to tax after deduction of the reliefapplicable to that payment under section 201(5).3. Any reference in this Schedule to the amount of income tax towhich a person is or would be chargeable is a reference to theamount of income tax to which the person is or would be chargeableeither by assessment or by deduction.1382
[1997.] Taxes Consolidation Act, 1997. [No. 39.]4. Relief shall be allowed in accordance with this Schedule inrespect of income tax chargeable by virtue of section 123 where aclaim is duly made in accordance with section 201.5. A claimant shall not be entitled to relief under this Schedule inrespect of any income the tax on which he or she is entitled to chargeagainst any other person, or to deduct, retain or satisfy out of anypayment which he or she is liable to make to any other person.PART 2Relief by reduction of sums chargeable6. In computing the charge to tax in respect of a payment chargeableto income tax under section 123, a sum equal to the amount (ifany) by which the standard capital superannuation benefit for theoffice or employment in respect of which the payment is madeexceeds the basic exemption shall be deducted from the payment.7. Where income tax is chargeable under section 123 in respect of2 or more payments to which paragraph 6 applies, being paymentsmade to or in respect of the same person in respect of the same officeor employment or in respect of different offices or employments heldunder the same employer or under associated employers, then—(a) paragraph 6 shall apply as if those payments were a singlepayment of an amount equal to their aggregate amountand, where they are made in respect of different offices oremployments, as if the standard capital superannuationbenefit were an amount equal to the sum of the standardcapital superannuation benefits for those offices oremployments, and(b) where the payments are treated as income of different yearsof assessment, the relief to be granted under paragraph 6in respect of a payment chargeable for any year of assessmentshall be the amount by which the relief computedin accordance with subparagraph (a) in respect of thatpayment and any payments chargeable for previous yearsof assessment exceeds the relief in respect of those paymentschargeable for previous years of assessment,and, where the standard capital superannuation benefit for an officeor employment in respect of which 2 or more of the payments aremade is not the same in relation to each of those payments, it shallbe treated for the purposes of this paragraph as equal to the higheror highest of those benefits.8. In computing the charge to tax in respect of a payment chargeableto income tax under section 123 in the case of a claimant, if theclaimant has not previously made a claim under section 201 and therelevant capital sum (if any) in relation to the office or employmentin respect of which the payment is made does not exceed £4,000,subsection (5) of section 201 and paragraph 6 shall apply to that paymentas if each reference in that subsection and in that paragraph tothe basic exemption were a reference to the basic exemptionincreased by the amount by which £4,000 exceeds that relevant capitalsum.9. In computing the charge to tax in respect of a payment chargeableto income tax under section 123, being a payment made inrespect of an office or employment in which the service of the holderincludes foreign service, a sum which bears to the amount which1383Sch.3
Page 5 and 6: [1997.] Taxes Consolidation Act, 19
Page 8 and 9: Pt.47[No. 39.] Taxes Consolidation
Page 23: [1997.] Taxes Consolidation Act, 19
Page 26 and 27: Pt.49 S.1098[No. 39.] Taxes Consoli
Page 28 and 29: Sections 13 and567(4).[FA73 Sch3 pa
Page 30 and 31: Sch.2[No. 39.] Taxes Consolidation
Page 70 and 71: Section 566.[CGTA75 Sch3;CTA76 s140
Page 84 and 85:
Sch.19[No. 39.] Taxes Consolidation
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
1440Sch.19[No. 39.] Taxes Consolida
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Section 745.[FA90 Sch6][No. 39.] Ta
Page 100 and 101:
Page 102 and 103:
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
Page 112 and 113:
Page 114 and 115:
Page 116 and 117:
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Section 1098.[No. 39.] Taxes Consol
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 144 and 145:
Page 146 and 147:
Page 148 and 149:
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Sch.32[CTA76 s182 (apartfrom clause
Page 158 and 159:
Page 160 and 161:
Page 162 and 163:
Page 164 and 165:
Page 166 and 167:
Page 168 and 169:
Page 170:
show all

Taxes Consolidation Act, 1997. - Houses of the Oireachtas

Create successful ePaper yourself

Delete template?

Save as template?