A round-up of today's other Finance Bill stories in brief

Returns may have to be in electronic format

The Revenue Commissioners received a number of new powers under the new Finance Bill. Under the Bill's provisions, Revenue will have the power to require third-party information returns to be made in electronic format.

As a result of two instances of impersonation of authorised Revenue officers in the past two years, the Bill will make it an offence to impersonate a Revenue officer.

Other measures include a clarification of the search powers available to Revenue when conducting an investigation with a view to prosecution and the introduction of a power that enables Revenue to apply to a District Court judge for a search warrant.

In the case of a valid repayment claim, the Bill allows interest to be calculated from three months after the date the claim is made, rather than the current six months. The six-months delay was designed to deter firms from overpaying tax so that it would be refunded later by Revenue at favourable rates of interest.

Tax avoidance loopholes closed

The Minister announced a number of measures that close off particular tax avoidance loopholes in different areas. These relate to certain collective investment undertakings, offshore funds, certain partnership profits and VAT on short-term letting of residential property.

Changes are being introduced to Dwelling House Relief to prevent possible abuse of this provision by wealthy individuals transferring expensive houses to their children.

The exemption from stamp duty and capital gains tax where a parent transfers a site to a child to build a house is being amended by limiting the size of the site to one acre, exclusive of the proposed house site, to counter potential abuse where large tracts of land may be transferred, in certain areas, under the provision.

The Bill also proposes that a person who has undergone judicial separation or divorce may be treated as a first-time purchaser where the person buys another house to live in.

Heritage donation ceiling rises

Among the other measures outlined in the Finance Bill was a once-off increase in 2007 in the ceiling for donations to the Irish Heritage Trust from €6 million to €10 million to allow the donation of a collection of fine Irish paintings and furniture for display in Fota House.

The Bill also provides for the late opening of betting shops on days on which an evening race meeting is taking place in Ireland, regardless of the time of year. The change is in response to the advent of floodlit night-time horse racing in Ireland from the latter half of the year.

The Bill also modifies the provisions relating to the handling of seized goods so that tobacco products can be disposed of immediately on seizure by Revenue.