Section 11

Assessment of Income

In this Schedule—

“allowable deduction”, in relation to income, means—

(a) income tax required by law to be deducted or paid from income and in respect of which a person is not entitled to claim an exemption, relief or allowance or the repayment of tax already paid,

(b) social insurance contributions,

(c) the universal social charge,

(d) pension contributions, subject to a limit of the amount of such pension contributions that can be deducted from gross income before that income becomes liable to income tax,

(e) payments made by a person in respect of the maintenance of a child, spouse or former spouse, less the amount of any relief from income tax which may be claimed in respect of such payments,

(f) such payments under the Act of 2005 or the Student Support Act 2011 or similar type payments as may be prescribed that—

(i) facilitate the participation of a person in employment or self-employment and are intended to be of limited duration,

(ii) are intended to support the participation of a person in education or training, or

(iii) are intended to enable a person to meet certain expenses that arise as a result of exceptional family or social circumstances of the person;

“income” means—

(a) income from an employment, trade, profession or vocation,

(b) rental income,

(c) income from holding of an office or directorship,

(d) income from a pension (whether under the social welfare code or otherwise),

(e) income whether in the nature of a benefit or allowance arising from social welfare, social insurance or other sources of a similar character,

(f) income from fees, commissions, dividends, interest, or income of a similar character,

(g) payments under a settlement, covenant, estate or a payment in respect of maintenance,

(h) such other forms of benefit as may be prescribed,

whether in money or monies worth and arising within the State or otherwise.