Financial Resolution No. 2: Income Tax.
(1) THAT, as respects the year of assessment 2009 and subsequent years of assessment, section 244 of the Taxes Consolidation Act 1997 (No. 39 of 1997) be amended by substituting the following for subsection (2)(a):
‘‘(2) (a) In this subsection, ‘appropriate percentage’, in relation to a year of assessment, means—
(i) where relievable interest is determined by reference to paragraph (i) or (ii) of the definition of ‘relievable interest', 15 per cent for that year,
(ii) where relievable interest is determined by reference to paragraph (iii) or (iv) of the definition of ‘relievable interest':
(I) 25 per cent for the first and second years of assessment for which there is an entitlement to relief under this section,
(II) 22.5 per cent for the third, fourth and fifth years of assessment for which there is an entitlement to relief under this section, and
(III) a percentage equal to the standard rate of tax for the sixth and seventh years of assessment for which there is an entitlement to relief under this section.''.
(2) IT is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act 1927 (No. 7 of 1927).