Tax relief for fees paid by postgraduate students, equal treatment of foreign and Irish divorces and changes to value-added tax on holiday homes were among the new measures announced in yesterday's Finance Bill.
For postgraduate courses commencing on or after August 1st, 2000, tax relief will be available at the standard rate of income tax in respect of fees paid by full-time and part-time students in private and publicly-funded colleges in this State or in publicly funded colleges in other member-states of the European Union.
Although Irish and foreign divorces are treated equally as regards income tax legislation, this is not at present true of capital taxes in relation to the transfer of assets as a result of a divorce order. The Finance Bill addresses this anomaly in the tax system.
The Bill also amends the law in relation to VAT on certain holiday homes.
Changes affecting business include amendments to the clawback period for capital acquisitions tax on certain business or agricultural assets, and changes to the rules on the relief available to consortiums under current corporation tax law.
The Bill also allows the Minister for Finance to revoke certificates issued to companies in the International Financial Services Centre (IFSC) where the Central Bank finds that the holder has failed to comply with a financial supervision requirement imposed by the Bank.
In addition, it tightens up the rules governing the use of rebated diesel oil.
