Proposed Committee Stage amendments to Finance (No.2) Bill 2013 were published last month. Among the amendments proposed by the Minister for Finance include amendments to the CGT debt write off provisions legislation to support the bringing forward of the Home Renovation Incentive and a number of new sections to the Bill. As confirmed by Chartered Accountants Ireland, there is no change to the Pay and File deadline in 2014 in the Committee Stage amendments (see earlier story).

The key proposed amendments by the Minister for Finance include:

• Section 3 which abolishes relief for individuals on loans to acquire an interest in a partnership
• Changes to section 41 which amends the definition of qualifying assets, specifically leased land, in section 598 TCA 1997
• Proposals to amend section 71- Repayment of Tax
• Various changes to section 5 Home Renovation Incentive which in the main provide for commencement of the incentive from 25 October 2013 and to the definition of a qualifying contractor
• The definition of “child” and “relevant contract” in section 8 – relief for health insurance premiums
• Complete substitution of section 40 - CGT treatment of debt write off provisions which appears to be in response to concerns raised with Revenue through the TALC forum on the broad scope of the provisions. We have discussed with Revenue a number of other concerns, raised with us by members, with the application of these provisions. We understand that Revenue intend to published guidance by way of a briefing note on the practicalities of these provisions.
• Various changes to section 6 – Relief for long-term unemployed.

Note: Section references as per Finance (No.2) Bill as initiated.

The full lists of proposed Committee Stage amendments are published on the Oireachtas website.

See here of this issue of tax.point where Paul Dillon summarises the key Committee Stage amendments to the Bill.