The Finance Act 2017 sets out the proposed legislative changes required to put in place many of the Budget day announcements made on 10 October.
The Act includes measures aimed at increasing the supply of property to the market, easing the tax burden on individuals and incentivising key employees. Also included is the reintroduction of the 80% cap for Intellectual Property capital allowance claims. This was one of the recommendations in the Coffey Report.
The Act contains proposed revenue generating measures announced by Minister Donohoe such as the non-residential Stamp Duty changes and the introduction of a ‘sugar tax’.
Amendments are made to tax provisions dealing with the computation of profits to address the ongoing development of accounting standards.
Measures have been introduced to Ireland’s interest deduction rules to deal with multi-layered holding companies. Relieving measures in respect of the intra-group transfer of assets have been legislated for.
A number of anti-avoidance measures have also been introduced which relate to share transactions involving close companies as well as Entrepreneur Relief and Retirement Relief for CGT purposes.