Part 2 Other exempted activities

6. (1) Financial services that consist of any of the following:

(a) issuing, transferring or otherwise dealing in stocks, shares, debentures and other securities (other than new stocks, new shares, new debentures or new securities for raising capital and documents establishing title to goods);

(b) arranging for, or underwriting, an issue of stocks, shares, debentures and other securities (other than documents establishing title to goods);

(c) operating a current, deposit or savings account, and negotiating or dealing in payments, transfers, debts, cheques and other negotiable instruments, but excluding debt collecting and factoring;

(d) issuing, transferring, receiving or otherwise dealing in currency, bank notes and metal coins, in use as legal tender in any country, but excluding any such bank notes and coins that are supplied as investment goods or as collectors’ pieces;

(e) giving and negotiating credit and managing credit by the giver of the credit;

(f) giving, or dealing in, credit guarantees or any other securities for money, and managing credit guarantees by the giver of the credit;

(h) supplying services to a person under an arrangement that provides for the person to be reimbursed for the supply by the person of goods or services in accordance with a credit card, charge card or similar card scheme;

(i) entering into specified financial transactions within the meaning of Part 8A of the Taxes Consolidation Act 1997 where those transactions correspond to financial services listed elsewhere in this subparagraph.

(2) Financial services that consist of managing an undertaking of a kind specified in this subparagraph:

(a) a collective investment undertaking as defined in section 172A of the Taxes Consolidation Act 1997;

(aa) an investment limited partnership within the meaning of section 739J of the Taxes Consolidation Act 1997;

(b) a special investment scheme within the meaning of section 737 of the Taxes Consolidation Act 1997;

(c) an undertaking that is administered by the holder of an authorisation granted under the European Communities (Life Assurance) Regulations 1984 (S.I. No. 57 of 1984), or by a person who is deemed, by Article 6 of those Regulations, to be such a holder, the criteria in relation to which are the criteria specified in relation to an arrangement to which section 9(2) of the Unit Trusts Act 1990 applies;

(d) a unit trust scheme established solely for the purpose of superannuation fund schemes or charities;

(e) an undertaking that is a qualifying company for the purposes of section 110 of the Taxes Consolidation Act 1997;

(ea) an undertaking that enters into specified financial transactions within the meaning of Part 8A of the Taxes Consolidation Act 1997 where that undertaking corresponds to an undertaking specified elsewhere in this subparagraph;

(eb) a defined contribution scheme (within the meaning of the Pensions Act 1990), other than a one-member arrangement (within the meaning of that Act);

(f) any other undertaking that is determined by the Minister to be a collective investment undertaking for the purposes of this subparagraph.

(3) A determination referred to in subparagraph (2)(f) takes effect on the date when it is notified to the undertaking concerned or on such later date as is specified in the determination.

(4) In relation to an undertaking specified in subparagraph (2), management of the undertaking can consist of any one or more of the 3 functions listed in Annex II of Directive No. 85/611/EEC of the European Parliament and Council (being the functions included in the activity of collective portfolio management) where the relevant function is supplied by the person who has responsibility for carrying out that function in respect of the undertaking.

Agency services.

7. (1) The supply of agency services relating to the financial services specified in subparagraph (1) of paragraph 6, excluding management and safekeeping services in regard to the services specified in clause (a) of that subparagraph.

(2) The supply of agency services relating to the financial services specified in paragraph 6(2).

Amendments

Finance Act 2013 section 75(1)(h).

Insurance and reinsurance services.

8. (1) Insurance and reinsurance transactions, and the supply of related services by insurance brokers and insurance agents.

(2) For the purposes of this paragraph “related services” includes—

(a) collecting insurance premiums and selling insurance, and

(b) handling claims and providing claims settlement services where the supplier of the insurance services delegates authority to an agent and is bound by the agent’s decision in relation to claims.

Supply of investment gold.

9. (1) The supply, intra-Community acquisition and importation of investment gold, other than supplies of investment gold to the Central Bank of Ireland.

(2) In relation to investment gold, the supply of services of an intermediary acting in that capacity.

(3) In this paragraph the expressions “intermediary” and “investment gold” have the meanings respectively assigned to them by section 90(1).

Gambling and lotteries.

10. (1) The acceptance of bets that are subject to excise duty imposed by section 67 or 67A of the Finance Act 2002 and bets that are exempt from excise duty by virtue of section 68 of that Act.

Amendments

Finance Act 2011 section 60(1)(a).

(1A) The supply of services by a remote betting intermediary (within the meaning of section 64 of the Finance Act 2002), the consideration for which consists of commission charges within the meaning of section 67B of that Act that are subject to excise duty imposed by that section.

Amendments

Finance Act 2011 section 60(1)(c).

(1B) The acceptance of bets by a remote bookmaker (within the meaning of section 64 of the Finance Act 2002) from persons outside the State.

(1C) The supply of services by a remote betting intermediary (within the meaning of section 64 of the Finance Act 2002) to persons outside the State, the consideration for which consists of commission charges for the use of the remote betting intermediary facilities.

Amendments

(2) The issuing of tickets or coupons for the purpose of a lottery.

Letting of immovable goods.

11. (1) The letting of immovable goods, but not including any of the following:

(a) letting machinery or a business installation when let separately from any other immovable goods of which the machinery or installation forms part;

(b) letting hotel or holiday accommodation of the kind to which paragraph 11 of Schedule 3 relates;

(c) providing facilities for taking part in sporting activities of the kind to which subparagraph (1) or (1A) of paragraph 12(1) of Schedule 3 relates;

(d) providing parking accommodation for vehicles by the operators of car parks;

(e) hiring safes.

Amendments

Finance Act 2013 section 75(1)(i).

(2) Allowing a person to use a toll road or a toll bridge is not a letting of immovable goods for the purposes of this Act.

Other supplies of goods.

12. The supply of goods (other than immovable goods or goods of a kind specified in section 19(1)(h)) by a person, being goods—

(a) that were used for the purposes of a business carried on by the person,

(b) in relation to the acquisition or application of which the person had borne tax, and

(c) that are of such a kind, or were used in such circumstances, that no part of the tax was deductible under Chapter 1 of Part 8.

Gas and electricity services.

13. (1) The importation of gas through a natural gas distribution system or any network connected to such a system or fed in from a vessel transporting gas into a natural gas system or any upstream pipeline network.

(2) The importation of electricity.

(3) The importation of heat or cooling energy through heating or cooling networks.

Exemptions by derogation in accordance with Article 371 of the VAT Directive.

14. (1) The provision of services by a funeral undertaking.

(2) The supply of water by local authorities and Irish Water.

(3) Transporting passengers and their accompanying baggage.

(4) The admission of spectators to sporting events.

Imports by certain international bodies

15. (1) The importation of goods by—

(a) the European Union, the European Atomic Energy Community, the European Central Bank or the European Investment Bank, or

(b) the bodies set up by either or both the Union and the Community to which the Protocol of 8 April 1965 on the privileges and immunities of the European Communities applies,

within the limits and under the conditions of that Protocol and the agreements for its implementation or the agreements between the headquarters of those bodies and the host Member State of the headquarters, in so far as it does not lead to distortion of competition.

(2) The importation of goods by international bodies, other than those referred to in subparagraph (1), recognised as such by the host Member State, or by members of such bodies, within the limits and under the conditions laid down by the international conventions establishing the bodies or by the agreements between the headquarters of those bodies and the host Member State of the headquarters