THIS year's Finance Bill includes new measures to close tax loopholes, as well as some measures of consumer interest. The Minister for Finance, Mr Quinn, has moved to stop company directors from abusing a tax relief related to patents on new inventions.

Other measures include the exemption of income from the Hepatitis C tribunal from taxation and an extension of the Budget tax relief for the installation of alarms in the homes of people aged over 65.

The loophole through which company directors and some employees were able to get tax free income under the patent scheme is being closed in the Bill. Among the companies which have used this scheme in the past are public companies' such as Kingspan and the Irish Permanent.

In future, tax relief under the Patent Royalty Income Relief Scheme will only be available on much stricter terms.

In a lengthy 144 page Bill, Mr Quinn also announced that all payments from the Hepatitis C tribunal - or from a court award relating to Hepatitis C - will be free of income tax. He has also extended the relief on the installation of alarms, which can now be claimed by relatives who pay for the work, as well as by the homeowner.

Under the bill, the occupant of the house must be over 65 and live alone.

The disabled drivers' tax relief is a so being extended. It excludes the vehicles from vehicle registration tax, VAT and road tax. In the past, to qualify the cost of modifications to the vehicle had to equal 20 per cent of the pre tax price, but this is now being cut to 10 per cent.

The Finance Bill enacts all the measures announced on Budget day. These include the reductions in income taxation, restrictions in section 35 film relief, the renewal of the Business Expansion Scheme and the introduction of a new 30 per cent rate of corporation tax.

Among the new measures not flagged in the Budget are amendments to the existing reliefs for investments in seaside resorts are minor changes to capital gains tax and capital acquisitions tax.

Among the wealth of detail are measures to encourage the exemption from tax of income from greyhound stud fees on the same basis as stallion stud fees, which required detailed sections on where the dogs are resident. Some will welcome a minor change in spirits taxation, which, according to the Department of Finance, will increase the actual alcoholic content of spirits produced for the home market. Finally, the Bill also includes new tax reliefs for 21 offshore islands. The island of the former Taoiseach, Mr Haughey - Inishvickillane - is not included on the list. See Page 4