S.L. 123.126 Art. 5Minimum amount chargeable to tax.

(1) When an individual exercises the option available under article 56(21) of the Act in respect of a year of assessment, the minimum amount of income which shall be chargeable to tax at the reduced rate provided for in that sub-article in respect of that year of assessment shall be deemed to be €75,000: Provided that the minimum amount of income of €75,000 shall be adjusted annually in line with the Retail Price Index as published in the Gazette by the National Statistics Office: Provided further that should income from a qualifying contract of employment exceed the sum of €5,000,000, no further tax would be charged on income from a qualifying contract of employment in excess of €5,000,000: Provided also that the rate of 15% shall apply without possibility to claim any relief, deduction, reduction, credit or set-off of any kind. Notwithstanding the generality of foregoing, a beneficiary shall be allowed deductions of tax under article 23 of the Income Tax Management Act.

(2) The option available under article 56(21) of the Act may not be exercised in respect of any year of assessment preceding the year of assessment 2011.