Main points of Finance Bill

Measures already flagged in the Budget

The bill includes all the measures announced on Budget day in areas such as income tax and excise duties.

The extension of a range of capital allowances and tax incentive schemes, including the urban and rural renewal schemes and the car park scheme, until mid-2006 and the film relief scheme until end-2008.

A new scheme of R&D tax credits for business and a range of measured designed to encourage the establishment of corporate headquarter and holding companies.

A Stamp Duty extension is being introduced for transfers of intellectual property.

The Bill provides for the carryover from one year to another of unspent exchequer capital allocations of up to a limit of 10 per cent each year, under the rolling 5-year multi-annual envelopes being introduced.

Measures not includes in the Budget

The Bill provides a tax exemption for mobile phones, computers and high-speed internet connections provided by the employer for business use. It also exempts company vans, under certain conditions and LUAS travel passes.

The Bill provides that occupational pension schemes which borrow for investment purposes can still be approved schemes for tax purposes.

Compensatory awards made under employment-related legislation in cases where an individuals' rights are infringed will be exempt from income tax.

Income arising from the investment of personal injury awards made by the PIAB in cases of total and permanent incapacitation will be exempt from income tax.

Changes to the scheme of tax relief on the donation of heritage items.

New powers for Revenue to apply to the High Court for records held by foreign entities under the control of domestic financial institutions.