Dáil Éireann Debate, Tuesday - 19 July 2016
197. Deputy Pearse Doherty asked the Minister for Finance the qualifying assets relevant to section 110 companies and when each of these assets was designated as qualifying; and if he will make a statement on the matter. [22465/16]
View answerFor the purposes of section 110 Taxes Consolidation Act, and with effect from the enactment of Finance Act 2003, qualifying asset is defined as an asset which consists of, or of an interest in, a financial asset, and financial asset is defined as:-
- shares, bonds, and other securities;
- futures, options, swaps, derivatives and similar instruments;
- invoices and all types of receivables;
- obligations evidencing debt (including loans and deposits);
- leases and loan and lease portfolios;
- hire purchase contracts;
- acceptance credits and all other documents of title relating to the movement of goods;
- bills of exchange, commercial paper, promissory notes and all other kinds of negotiable or transferable instruments.
Finance Act 2008 amended qualifying asset to an asset which consists of, or of an interest (including a partnership interest) in a financial asset, and added to the list of financial assets:-
- greenhouse gas emissions allowance and
- contracts for insurance and contracts for reinsurance.
Finance Act 2011 amended qualifying asset to an asset which consists of, or of an interest (including a partnership interest) in a financial asset, commodities or plant and machinery and added to the list of financial assets:-
- carbon offsets.
Commodities is defined as tangible assets (other than currency, securities, debts or other assets of a financial nature) which are dealt in on a recognised commodity exchange.
