Finance Bill 2017 – Report Stage Amendments

Nov 20, 2017

An existing Finance Bill measure to amend section 135 TCA 1997 deems the proceeds of certain share disposals involving two companies to be subject to income tax rather than capital gains tax rules thus disrupting many MBO arrangements.  We are communicating members’ concerns on the impact of this measure to Revenue and government officials. 

A proposed amendment by Deputy Michael McGrath in the list of Report Stage Amendments to Finance Bill 2017 published today could, if adopted, limit the impact of the Finance Bill change on normal commercial activity.  Senator Kieran O’Donnell has also been in touch with the Institute in regard to the matter.  Both Deputy McGrath and Senator O’Donnell are Chartered Accountants.

Report Stage Amendments are scheduled in the Dáil tomorrow 21 November and are due to conclude Wednesday 22 November.    The Bill is scheduled to move to the Seanad next week.