National Treasury Management Agency (Amendment) Act 2014

SCHEDULE 1

Amendments of Acts

Section 5(1)

Part 1

Amendment of Finance Act 1970

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Section 54

Delete subsection (7B).

Part 2

Amendments of Ombudsman Act 1980

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Second Schedule

(a) Delete “71. National Development Finance Agency”.

(b) Delete “76. National Pensions Reserve Fund Commission”.

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Section 1

Delete the definition of “the Committee”.

2

Section 4A

Repeal.

3

Section 9

Repeal.

4

Section 11

Substitute “Subject to section 16 of the National Treasury Management Agency (Amendment) Act 2000 and sections 30 , 36 and 48 of the National Treasury Management Agency (Amendment) Act 2014, the expenses” for “The expenses”.

5

Section 16

Insert “, to such extent as may be sanctioned by the Minister for Public Expenditure and Reform,” after “shall”.

6

First Schedule

Delete paragraph (gc).

7

Second Schedule

Repeal.

Part 4

Amendments of Taxes Consolidation Act 1997

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Section 38(1)

Delete all of the words from “to securities” to the end of the subsection and substitute “to securities specified in the Table to section 37.”

2

Section 172A(1)(a)

In subparagraph (i) of the definition of “relevant distribution”:

(a) insert the following clauses after clause (I):

“(IA) the National Treasury Management Agency,

(IB) a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner,”;

(b) delete clause (II);

(c) delete clause (III).

3

Section 230

Insert the following subsection after subsection (1):

“(1A) Notwithstanding any provision of the Corporation Tax Acts, profits arising to a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner shall be exempt from corporation tax.”

4

Section 230A

Repeal.

5

Section 230AB

Repeal.

6

Section 246(3)

Insert the following paragraphs after paragraph (eb):

“(ec) interest paid to—

(i) the National Treasury Management Agency,

(ii) the State acting through the National Treasury Management Agency, or

(iii) a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner,

(ed) interest paid by a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner,”.

7

Section 256(1)

In paragraph (a) of the definition of “relevant deposit”:

(a) insert the following subparagraph after subparagraph (ii):

“(iia) a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner,”;

(b) delete subparagraph (iiia) ;

(c) delete subparagraph (iiib) ;

(d) delete subparagraph (iiic).

8

Section 607(1)

Delete paragraph (fa).

9

Section 730D

In subsection (2):

(a) insert the following paragraphs after paragraph (c):

“(ca) where the life policy is an asset held by the National Treasury Management Agency or the State acting through the National Treasury Management Agency, and the National Treasury Management Agency has made a declaration to that effect to the assurance company, or

(cb) where the life policy is an asset held by a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner, and the National Treasury Management Agency has made a declaration to that effect to the assurance company.”;

(b) delete paragraph (d) ;

(c) delete paragraph (e).

10

Section 739D

In subsection (6):

(a) insert the following paragraph after paragraph (ka):

“(kb) is the National Treasury Management Agency or a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner, or the State acting through the National Treasury Management Agency, and the National Treasury Management Agency has made a declaration to that effect to the investment undertaking, or”;

(b) delete paragraph (l).

11

Schedule 13

Delete “139. National Development Finance Agency.”

12

Schedule 15

(a) Insert the following paragraph after paragraph 33:

“33A. A Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner.”

(b) Delete paragraph 34.

(c) Delete paragraph 34A.

(d) Delete paragraph 34B.

(e) Delete paragraph 35.

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Section 108A

Repeal.

2

New section

Insert the following section after section 108B:

“Ireland Strategic Investment Fund

108C. Stamp duty shall not be chargeable under or by reference to any Heading in Schedule 1 on an instrument for the sale, transfer, lease or other disposition of any property, asset or documentation to a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister is the sole beneficial owner.”

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Sections 12 to 14

Repeal sections 12 to 14.

2

Section 15

Delete “the Policy Committee and”.

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Schedule

(a) Delete “The National Development Finance Agency.”

(b) Insert “The National Treasury Management Agency.”

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Section 76

Repeal.

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Section 21(2)

Delete paragraphs (e), (f) and (g).

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Part 9

Repeal.