Finance Act, 1999

Section

1.

Interpretation (Part 1).

2.

Amendment of provisions relating to exemption from income tax.

3.

Alteration of rates of income tax.

4.

Personal reliefs.

5.

Reliefs for widowed parents and other single parents.

6.

Amendment of Chapter 1 of Part 15 of the Principal Act.

7.

Employee allowance.

8.

Amendment of section 468 (relief for blind persons) of Principal Act.

9.

Employed person taking care of incapacitated individual.

10.

Amendment of section 122 (preferential loan arrangements) of Principal Act.

11.

Amendment of section 126 (tax treatment of certain benefits payable under Social Welfare Acts) of Principal Act.

12.

Treatment of income arising as a result of certain public subscriptions raised on behalf of incapacitated individuals.

13.

Amendment of Chapter 1 (income tax) of Part 7 of Principal Act.

14.

Amendment of section 201 (exemptions and reliefs in respect of tax under section 123) of Principal Act.

15.

Seafarer allowance, etc.

16.

Amendment of Part 16 (income tax relief for investment in corporate trades — business expansion scheme and seed capital scheme) of Principal Act.

17.

Amendment of Schedule 13 (accountable persons for purposes of Chapter 1 of Part 18) to Principal Act.

18.

Amendment of Chapter 2 (payments to subcontractors in certain industries) of Part 18 of Principal Act.

19.

Retirement benefits.

20.

Purchased life annuities.

21.

Amendment of section 823 (deduction for income earned outside the State) of Principal Act.

22.

Amendment of section 869 (delivery, service and evidence of notices and forms) of Principal Act.

23.

Amendment of section 961 (issue of demand notes and receipts) of Principal Act.

24.

Amendment of Chapter 4 (collection and recovery of income tax on certain emoluments (PAYE system)) of Part 42 of Principal Act.

25.

Amendment of section 987 (penalties for breach of regulations) of Principal Act.

26.

Relief for fees paid to publicly funded colleges in the European Union for full-time third level education.

27.

Dividend withholding tax.

28.

Distributions to certain non-residents.

29.

Amendment of section 831 (implementation of Council Directive No. 90/435/EEC concerning the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States) of Principal Act.

30.

Construction of references to oaths, etc.

31.

Amendment of section 97 (computational rules and allowable deductions) of Principal Act.

32.

Amendment of section 110 (securitisation of assets) of Principal Act.

33.

Amendment of section 118 (benefits-in-kind: general charging provision) of Principal Act.

34.

Exemption from benefit-in-kind of certain childcare facilities.

35.

Amendment of section 472A (relief for the long-term unemployed) of Principal Act.

36.

Amendment of section 485 (relief for gifts to third-level institutions) of Principal Act.

37.

Relief for gifts to the Scientific and Technological Education (Investment) Fund.

38.

Amendment of section 225 (employment grants) of Principal Act.

39.

Amendment of section 246 (interest payments by companies and to non-residents) of Principal Act.

40.

Returns of interest paid to non-residents.

41.

Amendment of Schedule 29 (provisions referred to in sections 1052, 1053 and 1054) to Principal Act.

42.

Amendment of section 2 (commencement) of Urban Renewal Act, 1998.

43.

Amendment of section 330 (interpretation (Chapter 2)) of Principal Act.

44.

Amendment of Chapter 3 (designated areas, designated streets, enterprise areas and multi-storey car parks in certain urban areas) of Part 10 of Principal Act.

45.

Amendment of section 351 (interpretation (Chapter 4)) of Principal Act.

46.

Amendment of section 360 (interpretation (Chapter 5)) of Principal Act.

47.

Amendment of Chapter 8 (qualifying rural areas) of Part 10 of Principal Act.

48.

Capital allowances for private convalescent homes.

49.

Capital allowances for buildings used for certain childcare purposes.

50.

Relief for provision of certain student accommodation.

51.

Amendment of section 843 (capital allowances for buildings used for third level educational purposes) of Principal Act.

52.

Amendment of section 403 (restriction on use of capital allowances for certain leased assets) of Principal Act.

53.

Capital allowances for, and deduction in respect of, vehicles.

54.

Amendment of section 666 (deduction for increase in stock values) of Principal Act.

55.

Amendment of section 667 (special provisions for qualifying farmers) of Principal Act.

56.

Amendment of Chapter 1 (general) of Part 20 (companies' chargeable gains) of Principal Act.

57.

Restriction on set-off of pre-entry losses.

58.

Amendment of section 746 (offshore income gains accruing to persons resident or domiciled abroad) of Principal Act.

59.

Amendment of Chapter 1 (purchase and sale of securities) of Part 28 of Principal Act.

60.

Amendment of Part 33 (anti-avoidance) of Principal Act.

61.

Amendment of section 481 (relief for investment in films) of Principal Act.

62.

Amendment of section 723 (special investment policies) of Principal Act.

63.

Amendment of section 737 (special investment schemes) of Principal Act.

64.

Amendment of section 738 (undertakings for collective investment) of Principal Act.

65.

Amendment of section 838 (special portfolio investment accounts) of Principal Act.

66.

Amendment of section 839 (limits to special investments) of Principal Act

67.

Amendment of section 832 (provisions in relation to Convention for reciprocal avoidance of double taxation in the State and the United Kingdom of income and capital gains) of Principal Act.

68.

Savings-related share option schemes.

69.

Employee share schemes.

70.

Amendment of Part 10 (income tax and corporation tax: reliefs for renewal and improvement of certain urban areas, certain resort areas and certain islands) of Principal Act.

71.

Rate of corporation tax.

72.

Amendment of section 22 (reduced rate of corporation tax for certain income) of Principal Act.

73.

Higher rate of corporation tax.

74.

Provisions relating to 10 per cent rate of corporation tax.

75.

Amendment of section 88 (deduction for gifts to Enterprise Trust Ltd.) of Principal Act.

76.

Income of Investor Compensation Company Ltd.

77.

Withdrawal of exemption from corporation tax for Board Gáis Éireann.

78.

Amendment of Chapter 5 (group relief) of Part 12 of Principal Act.

79.

Amendment of section 130 (matters to be treated as distributions) of Principal Act.

80.

Amendment of section 486 (corporation tax: relief for gifts to First Step) of Principal Act.

81.

Amendment of Schedule 24 (relief from income tax and corporation tax by means of credit in respect of foreign tax) to Principal Act.

82.

Company residence.

83.

Amendment of section 882 (particulars to be supplied by new companies) of Principal Act.

84.

Amendment of Chapter 2 (other corporation tax penalties) of Part 47 of Principal Act.

85.

Amendment of sections 198, 710 and 734 of Principal Act.

86.

Amendment of section 707 (management expenses) of Principal Act.

87.

Amendment of section 541A (treatment of debts on a change in currency) of Principal Act.

88.

Amendment of Chapter 3 (assets held in a fiduciary or representative capacity, inheritances and settlements) of Part 19 of Principal Act.

89.

Amendment of Chapter 4 (shares and securities) of Part 19 of Principal Act.

90.

Amendment of Chapter 7 (other reliefs and exemptions) of Part 19 of Principal Act.

91.

Amendment of section 649A (relevant disposals: rate of charge) of Principal Act.

92.

Amendment of Chapter 5 (capital gains tax: returns, information, etc.) of Part 38 of Principal Act.

93.

Amendment of Schedule 15 (list of bodies for purposes of section 610) to Principal Act.

94.

Interpretation (Chapter 1).

95.

Charge of tax.

96.

Rates.

97.

Rates lower than standard rates.

98.

Horticultural production.

99.

Passenger road services.

100.

Reliefs from mineral oil tax for certain mineral oils.

101.

Licensing.

102.

Offences.

103.

Presumptions in certain proceedings.

104.

Regulations.

105.

General provisions.

106.

Repeals and revocations.

107.

Continuity.

108.

Care and management of mineral oil tax.

109.

Commencement (Chapter 1).

110.

Hydrocarbons.

111.

Tobacco products.

112.

Amendment of section 104 (excisable products) of Finance Act, 1992.

113.

Amendment of Chapter II (Powers of Officers) of Part II of Finance Act, 1995.

114.

Amendment of section 105 (appeals to the Appeal Commissioners) of Finance Act, 1995.

115.

Amendment of section 130 (interpretation) of Finance Act, 1992.

116.

Amendment of section 132 (charge of excise duty) of Finance Act, 1992.

117.

Bets, reduction in rate of excise duty.

118.

Increase in penalties for betting offences.

119.

Interpretation (Part 3).

120.

Amendment of section 3 (supply of goods) of Principal Act.

121.

Amendment of section 5 (supply of services) of Principal Act.

122.

Special scheme for investment gold.

123.

Amendment of section 8 (taxable persons) of Principal Act.

124.

Amendment of section 10 (amount on which tax is chargeable) of Principal Act.

125.

Amendment of section 10A (margin scheme goods) of Principal Act.

126.

Amendment of section 10B (special scheme for auctioneers) of Principal Act.

127.

Amendment of section 11 (rates of tax) of Principal Act.

128.

Amendment of section 12 (deduction for tax borne or paid) of Principal Act.

129.

Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.

130.

Amendment of section 12B (special scheme for means of transport supplied by taxable dealers) of Principal Act.

131.

Special scheme for agricultural machinery.

132.

Amendment of section 13 (remission of tax on goods exported, etc.) of Principal Act.

133.

Amendment of section 16 (duty to keep records) of Principal Act.

134.

Amendment of section 17 (invoices) of Principal Act.

135.

Amendment of section 19 (tax due and payable) of Principal Act.

136.

Generation of estimates and assessments by electronic, photographic or other process.

137.

Amendment of section 32 (regulations) of Principal Act.

138.

Amendment of First Schedule to Principal Act.

139.

Amendment of Second Schedule to Principal Act.

140.

Provision relating to First Schedule to Stamp Act, 1891.

141.

Amendment of section 114 (exemption from stamp duty of transfers by spouses) of Finance Act, 1990.

142.

Amendment of section 207 (exemption from stamp duty of certain financial services instruments) of Finance Act, 1992.

143.

Amendment of section 106 (exemption from stamp duty of certain loan capital and securities) of Finance Act, 1993.

144.

Amendment of section 150 (stock borrowing) of Finance Act, 1995.

145.

Amendment of section 121 (surcharges) of Finance Act, 1997.

146.

Amendment of section 6 (commencement (Part 2)) of Finance (No. 2) Act, 1998.

147.

Interpretation (Chapter 2).

148.

Application (Chapter 2).

149.

Amendment of section 3 (power to grant licences to deal in stamps) of Management Act of 1891.

150.

Amendment of section 4 (penalty for unauthorised dealing in stamps, etc.) of Management Act of 1891.

151.

Amendment of section 6 (penalty for hawking stamps) of Management Act of 1891.

152.

Amendment of section 13 (certain offences in relation to dies and stamps provided by Commissioners to be felonies) of Management Act of 1891.

153.

Amendment of section 18 (licensed person in possession of forged stamps to be presumed guilty until contrary is shown) of Management Act of 1891.

154.

Amendment of section 20 (as to defacement of adhesive stamps) of Management Act of 1891.

155.

Amendment of section 21 (penalty for frauds in relation to duties) of Management Act of 1891.

156.

Amendment of section 5 (facts and circumstances affecting duty to be set forth in instruments) of Act of 1891.

157.

Amendment of section 8 (general direction as to the cancellation of adhesive stamps) of Act of 1891.

158.

Amendment of section 9 (penalty for frauds in relation to adhesive stamps) of Act of 1891.

159.

Amendment of section 16 (rolls, books, etc. to be open to inspection) of Act of 1891.

160.

Amendment of section 17 (penalty for enrolling, etc. instrument not duly stamped) of Act of 1891.

161.

Amendment of section 100 (penalty for not making out policy, or making, etc. any policy not duly stamped) of Act of 1891.

162.

Amendment of section 107 (penalty for issuing share warrant not duly stamped) of Act of 1891.

163.

Amendment of section 109 (penalty for issuing stock certificate unstamped) of Act of 1891.

164.

Amendment of section 49 (exemption of certain instruments from stamp duty) of Finance Act, 1969.

165.

Amendment of section 41 (stamp duty on bills of exchange and promissory notes) of Finance Act, 1970.

166.

Amendment of section 109 (application of certain provisions relating to penalties under Income Tax Act, 1967) of Finance Act, 1991.

167.

Amendment of section 107 (particulars to be delivered in cases of transfers and leases) of Finance Act, 1994.

168.

Amendment of section 112 (relief from stamp duty in respect of transfers to young trained farmers) of Finance Act, 1994.

169.

Amendment of section 107 (relief for member firms) of Finance Act, 1996.

170.

Amendment of section 108 (obligations of system-members) of Finance Act, 1996.

171.

Amendment of section 14 (relief from stamp duty for certain new houses or apartments) of Finance (No. 2) Act, 1998.

172.

Amendment of section 26 (recovery of fines) of Management Act of 1891.

173.

Amendment of section 13 (persons dissatisfied may appeal) of Act of 1891.

174.

Amendment of section 74 (appeals in certain cases) of Finance Act, 1973.

175.

Amendment of section 103 (provision relating to voluntary disposition inter vivos, etc.) of Finance Act, 1991.

176.

Amendment of First Schedule to Act of 1891.

177.

Amendment of section 23 (certain mortgages of stock to be chargeable as agreements) of Act of 1891.

178.

Amendment of section 41 (bills of sale) of Act of 1891.

179.

Amendment of section 118 (assignment of policy of life assurance to be stamped before payment of money assured) of Act of 1891.

180.

Amendment of section 74 (stamp duty on gifts inter vivos) of Finance (1909-10) Act, 1910.

181.

Amendment of section 31 (certain contracts for sale of leasehold interests to be chargeable as conveyances on sale) of Finance Act, 1978.

182.

Amendment of section 19 (conveyance or transfer on sale — limit on stamp duty in the case of certain transactions between bodies corporate) of Finance Act, 1952.

183.

Amendment of section 31 (relief from capital and transfer stamp duty in case of reconstructions or amalgamations of companies) of Finance Act, 1965.

184.

Amendment of section 9 (procedure for obtaining allowance) of Management Act of 1891.

185.

Allowance for lost instruments.

186.

Amendment of section 1 (charge of duties in schedule) of Act of 1891.

187.

Amendment of section 12 (assessment of duty by Commissioners) of Act of 1891.

188.

Amendment of section 14 (terms upon which instruments not duly stamped may be received in evidence) of Act of 1891.

189.

Amendment of section 58 (direction as to duty in certain cases) of Act of 1891.

190.

Amendment of section 77 (directions as to duty in certain cases) of Act of 1891.

191.

Amendment of section 122 (definitions) of Act of 1891.

192.

Amendment of section 5 (extension of stamp duty on share warrants and stock certificates to bearer) of Finance Act, 1899.

193.

Amendment of section 40 (stamp duties in foreign currencies) of Finance Act, 1933.

194.

Amendment of section 69 (statement to be charged with stamp duty) of Finance Act, 1973.

195.

Amendment of section 92 (levy on certain premiums of insurance) of Finance Act, 1982.

196.

Amendment of section 208 (location of insurance risk for stamp duty purposes) of Finance Act, 1992.

197.

Repeals (Chapter 2).

198.

Amendment of section 100 (market value exemption limit) of Finance Act, 1983.

199.

Interpretation (Part 6).

200.

Amendment of section 36 (delivery of returns) of Principal Act.

201.

Amendment of Second Schedule (computation of tax) to Principal Act.

202.

Amendment of section 41 (payment of tax and interest on tax) of Principal Act.

203.

Amendment of section 51 (appeals regarding value of real property) of Principal Act.

204.

Amendment of section 53 (exemption of small gifts) of Principal Act.

205.

Amendment of section 58 (exemption of certain receipts) of Principal Act.

206.

Exemption relating to retirement benefits.

207.

Amendment of Chapter 4 (revenue powers) of Part 38 of Taxes Consolidation Act, 1997.

208.

Power to obtain information from a Minister of the Government or public body.

209.

Electronic filing of tax returns.

210.

Amendment of section 884 (returns of profits) of Taxes Consolidation Act, 1997.

211.

Amendment of section 1078 (revenue offences) of Taxes Consolidation Act, 1997.

212.

Amendment of section 1094 (tax clearance in relation to certain licences) of Taxes Consolidation Act, 1997.

213.

Discharge by Minister for Finance of liability in respect of certain borrowings by Minister for Agriculture and Food.

214.

Amendment of Industrial Development Act, 1995.

215.

Capital Services Redemption Account.

216.

Care and management of taxes and duties.

217.

Short title, construction and commencement.

Acts Referred to

An Bord Bia Act, 1994

1994, No. 22

Betting Act, 1931

1931, No. 27

Bourn Vincent Memorial Park Act, 1932

1932, No. 31

Broadcasting Authority Act, 1960

1960, No. 10

Canals Act, 1986

1986, No. 3

Capital Acquisitions Tax Act, 1976

1976, No. 8

Central Bank Act, 1971

1971, No. 24

Child Care Act, 1991

1991, No. 17

Civil Legal Aid Act, 1995

1995, No. 32

Companies Act, 1867

30 & 31 Vict., c.131

Companies Act, 1963

1963, No. 33

Companies Act, 1990

1990, No. 33

Companies Acts, 1963 to 1990

Credit Union Act, 1997

1997, No. 15

Criminal Justice Act, 1984

1984, No. 22

Criminal Procedure Act, 1967

1967, No. 12

Customs and Excise (Miscellaneous Provisions) Act, 1988

1988, No. 10

Dublin Docklands Development Authority Act, 1997

1997, No. 7

Finance Act, 1894

57 & 58 Vict., c.30

Finance Act, 1895

58 Vict., c.16

Finance Act, 1899

62 & 63 Vict., c.9

Finance Act, 1902

2 Edw 7, c.7

Finance Act, 1907

7 Edw 7, c.13

Finance (1909-10) Act, 1910

10 Edw 7, c.8

Finance Act, 1923

1923, No. 21

Finance Act, 1924

1924, No. 27

Finance Act, 1925

1925, No. 28

Finance Act, 1926

1926, No. 35

Finance Act, 1928

1928, No. 11

Finance Act, 1930

1930, No. 20

Finance Act, 1931

1931, No. 31

Finance (Customs Duties) (No. 4) Act, 1931

1931, No. 43

Finance Act, 1932

1932, No. 20

Finance Act, 1933

1933, No. 15

Finance Act, 1935

1935, No. 28

Finance (Miscellaneous Provisions) Act, 1935

1935, No. 7

Finance Act, 1936

1936, No. 31

Finance Act, 1939

1939, No. 18

Finance Act, 1940

1940, No. 14

Finance Act, 1941

1941, No. 14

Finance Act, 1942

1942, No. 14

Finance Act, 1943

1943, No. 16

Finance Act, 1946

1946, No. 15

Finance Act, 1948

1948, No. 12

Finance Act, 1949

1949, No. 13

Finance Act, 1950

1950, No. 18

Finance Act, 1951

1951, No. 15

Finance Act, 1952

1952, No. 14

Finance Act, 1955

1955, No. 13

Finance Act, 1956

1956, No. 22

Finance (Miscellaneous Provisions) Act, 1956

1956, No. 47

Finance Act, 1957

1957, No. 20

Finance Act, 1958

1958, No. 25

Finance Act, 1959

1959, No. 18

Finance Act, 1960

1960, No. 19

Finance Act, 1964

1964, No. 15

Finance Act, 1965

1965, No. 22

Finance Act, 1966

1966, No. 17

Finance Act, 1968

1968, No. 33

Finance (Miscellaneous Provisions) Act, 1968

1968, No. 7

Finance Act, 1969

1969, No. 21

Finance Act, 1970

1970, No. 14

Finance Act, 1973

1973, No. 19

Finance Act, 1974

1974, No. 27

Finance Act, 1976

1976, No. 16

Finance (Excise Duty on Tobacco Products) Act, 1977

1977, No. 32

Finance Act, 1978

1978, No. 21

Finance Act, 1979

1979, No. 11

Finance Act, 1980

1980, No. 14

Finance Act, 1981

1981, No. 16

Finance (No. 2) Act, 1981

1981, No. 28

Finance Act, 1982

1982, No. 14

Finance Act, 1983

1983, No. 15

Finance Act, 1984

1984, No. 9

Finance Act, 1985

1985, No. 10

Finance Act, 1986

1986, No. 13

Finance Act, 1987

1987, No. 10

Finance Act, 1988

1988, No. 12

Finance Act, 1989

1989, No. 10

Finance Act, 1990

1990, No. 10

Finance Act, 1991

1991, No. 13

Finance Act, 1992

1992, No. 9

Finance (No. 2) Act, 1992

1992, No. 28

Finance Act, 1993

1993, No. 13

Finance Act, 1994

1994, No. 13

Finance Act, 1995

1995, No. 8

Finance Act, 1996

1996, No. 9

Finance Act, 1997

1997, No. 22

Finance Act, 1998

1998, No. 3

Finance (No. 2) Act, 1998

1998, No. 15

Fire Services Act, 1981

1981, No. 30

Fisheries Act, 1980

1980, No. 1

Forestry Act, 1988

1988, No. 26

Glebe Loan (Ireland) Act, 1870

32 & 33 Vict., c.112

Grass Meal (Production) Act, 1953

1953, No. 11

Great Northern Railway Act, 1958

1958, No. 20

Harbours Act, 1996

1996, No. 11

Higher Education Authority Act, 1971

1971, No. 22

Hospitals Federation and Amalgamation Act, 1961

1961, No. 21

Housing Act, 1966

1966, No. 21

Housing Acts, 1966 to 1998

Housing (Miscellaneous Provisions) Act, 1979

1979, No. 27

Housing (Miscellaneous Provisions) Act, 1992

1992, No. 18

Industrial Alcohol (Amendment) Act, 1947

1947, No. 2

Industrial Training Act, 1967

1967, No. 5

Inland Revenue Regulation Act, 1890

53 & 54 Vict., c.21

Industrial Development Act, 1986

1986, No. 20

Industrial Development Act, 1993

1993, No. 19

Industrial Development Act, 1995

1995, No. 28

Insurance Act, 1990

1990, No. 26

Intoxicating Liquor Act, 1960

1960, No. 18

Irish Medicines Board Act, 1995

1995, No. 29

Licencing (Ireland) Act, 1902

2 Edw., c.18

Limited Partnerships Act, 1907

7 Edw. 7., c.24

Local Authorities (Higher Education Grants) Acts, 1968 to 1992

Local Government (Dublin) Act, 1993

1993, No. 31

Local Government (Planning and Development) Act, 1963

1963, No. 28

Local Government (Planning and Development) Acts, 1963 to 1998

Marine Institute Act, 1991

1991, No. 2

Metrology Act, 1996

1996, No. 27

Minerals Company Act, 1945

1945, No. 7

Minerals Development Act, 1940

1940, No. 31

National Building Agency Limited Act, 1963

1963, No. 32

National Standards Authority of Ireland Act, 1996

1996, No. 28

National Treasury Management Agency Act, 1990

1990, No. 18

Nelson Pillar Act, 1969

1969, No. 9

Oaths Act, 1888

51 & 52 Vict., c.46

Petroleum and Other Minerals Development Act, 1960

1960, No. 7

Postal and Telecommunications Services Act, 1983

1983, No. 24

Property Values (Arbitrations and Appeals) Act, 1960

1960, No. 45

Public Works (Ireland)(No. 2) Act, 1846

9 & 10 Vict., c.86

Radiological Protection Act, 1991

1991, No. 9

Railways Act, 1924

1924, No. 29

Redundancy Payments Acts, 1967 to 1991

Revenue Act, 1898

61 & 62 Vict., c.46

Road Transport Act, 1932

1932, No. 2

Roads Act, 1920

10 & 11 Geo. c.72

Scientific and Technological Education (Investment) Fund Act, 1997

1997, No. 46

Scientific and Technological Education (Investment) Fund (Amendment) Act, 1998

1998, No. 53

Sea Fisheries Act, 1952

1952, No. 7

Shannon Free Airport Development Company Limited (Amendment) Act, 1970

1970, No. 9

Shannon Free Airport Development Company Limited (Amendment) Act, 1983

1983, No. 13

Shannon Navigation Act, 1990

1990, No. 20

Social Welfare (Consolidation) Act, 1993

1993, No. 27

Stamp Act, 1891

54 & 55 Vict., c.39

Stamp Duties Management Act, 1891

54 & 55 Vict., c.38

Stock Exchange Act, 1995

1995, No. 9

Taxes Consolidation Act, 1997

1997, No. 39

The Institution of Civil Engineers of Ireland (Charter Amendment) Act, 1969

1969, No. 1 (Private)

Transport Act, 1944

1944, No. 21

Transport Act, 1950

1950, No. 12

Transport (Re-Organisation of Córas Iompair Éireann) Act, 1986

1986, No. 31

Trustee Savings Banks Act, 1989

1989, No. 21

Urban Renewal Act, 1998

1998, No. 27

Unit Trusts Act, 1990

1990, No. 37

Value-Added Tax Act, 1972

1972, No. 22

Value-Added Tax (Amendment) Act, 1978

1978, No. 34

Wildlife Act, 1976

1976, No. 39

Youth Employment Agency Act, 1981

1981, No. 32

(1)

(1)

“Standard rated personal allowances.

461.—(1) In this section—

‘appropriate percentage’, in relation to a year of assessment, means a percentage equal to the standard rate of tax for that year;

‘the specified amount’, in relation to an individual for a year of assessment, means—

(a) £8,400, in a case in which the claimant is—

(i) a married person who—

(I) is assessed to tax for the year of assessment in accordance with the provisions of section 1017, or

(II) proves that his or her spouse is not living with him or her but is wholly or mainly maintained by him or her for the year of assessment and that the claimant is not entitled, in computing his or her income for tax purposes for that year, to make any deduction in respect of the sums paid by him or her for the maintenance of his or her spouse,

or

(ii) a widowed person, other than a person to whom subparagraph (i) applies, whose spouse has died in the year of assessment,

and

(b) £4,200 in the case of any other claimant.

(2) The income tax to be charged on an individual, other than in accordance with section 16(2), for a year of assessment shall be reduced by an amount which is the lesser of—

(a) an amount equal to the appropriate percentage of the specified amount in relation to the individual for that year, or

(b) the amount which reduces that income tax to nil.

Additional allowance for widowed person.

461A.—For the purpose of ascertaining his or her taxable income for a year of assessment, a widowed person, other than a person referred to in paragraph (a) of the definition of ‘specified amount’ in section 461(1), shall be entitled to a deduction of £500.”,

“Widowed parents and other single parents: standard rated allowance.

462.—(1) (a) In this section—

‘appropriate percentage’, in relation to a year of assessment, means a percentage equal to the standard rate of tax for that year;

‘qualifying child, in relation to any claimant and year of assessment, means—

(i) a child—

(I) born in the year of assessment,

(II) who, at the commencement of the year of assessment, is under the age of 18 years, or

(III) who, if over the age of 18 years at the commencement of the year of assessment—

(A) is receiving full-time instruction at any university, college, school or other educational establishment, or

(B) is permanently incapacitated by reason of mental or physical infirmity from maintaining himself or herself and had become so permanently incapacitated before he or she had attained the age of 21 years or had become so permanently incapacitated after attaining the age of 21 years but while he or she had been in receipt of such full-time instruction,

and

(ii) a child who is a child of the claimant or, not being such a child, is in the custody of the claimant and is maintained by the claimant at the claimant's own expense for the whole or part of the year of assessment.

‘the specified amount’ means £1,050.

(b) This section shall apply to an individual other than an individual referred to in paragraph (a) of the definition of ‘specified amount’ in section 461(1).

(2) Subject to subsection (3), where a claimant, being an individual to whom this section applies, proves for a year of assessment that a qualifying child is resident with him or her for the whole or part of the year, the income tax to be charged on the individual, other than in accordance with section 16(2), for that year of assessment shall be reduced by an amount which is the lesser of—

(a) an amount equal to the appropriate percentage of the specified amount in relation to the individual, or

(b) the amount which reduces that income tax to nil,

but this section shall not apply for any year of assessment in the case of a husband or a wife where the husband and wife are living together, or in the case of a man and woman living together as man and wife.

(3) A claimant shall be entitled to only one reduction of tax under subsection (2) for any year of assessment irrespective of the number of qualifying children resident with the claimant in that year.

(4) (a) The references in subsection (1)(a) to a child receiving full-time instruction at an educational establishment shall include references to a child undergoing training by any person (in this subsection referred to as ‘the employer’) for any trade or profession in such circumstances that the child is required to devote the whole of his or her time to the training for a period of not less than 2 years.

(b) For the purposes of a claim in respect of a child undergoing training, the inspector may require the employer to furnish particulars with respect to the training of the child in such form as may be prescribed by the Revenue Commissioners.

(5) (a) Where in any year of assessment a qualifying child is entitled in his or her own right to an income exceeding £720 in that year, the specified amount shall be reduced by the amount of the excess up to the limit of the specified amount.

(b) In calculating the income of the child for the purposes of paragraph (a), no account shall be taken of any income to which the child is entitled as the holder of a scholarship, bursary or other similar educational endowment.

(6) Where any question arises as to whether any person is entitled to reduction of tax under this section in respect of a child over the age of 18 years as being a child who is receiving full-time instruction referred to in this section, the Revenue Commissioners may consult the Minister for Education and Science.

Additional allowance for widowed parents and other single parents.

462A.—(1)  (a) For the purposes of this section, ‘qualifying child’, in relation to a claimant and a year of assessment, has the same meaning as in section 462, and the question of whether a child is a qualifying child shall be determined on the same basis as it would be for the purposes of section 462, and subsections (4), (5)(b) and (6) of that section shall apply accordingly.

(b) This section shall apply to an individual other than an individual referred to in paragraph (a) of the definition of ‘specified amount’ in section 461(1).

(2) Subject to subsection (3), where a claimant, being an individual to whom this section applies, proves for a year of assessment that a qualifying child is resident with him or her for the whole or part of the year, the claimant shall be entitled—

(a) if he or she is a widowed person, to a deduction of £2,650, or

(b) if he or she is an individual other than a widowed person, to a deduction of £3,150,

but this section shall not apply for any year of assessment in the case of a husband or a wife where the husband and wife are living together, or in the case of a man and woman living together as man and wife.

(3) A claimant shall be entitled to only one deduction under subsection (2) for any year of assessment irrespective of the number of qualifying children resident with the claimant in that year.

(4) No deduction shall be allowed under this section for any year of assessment in respect of any child who is entitled in his or her own right to an income exceeding £1,770 in that year except that, if the amount of the excess is less than the deduction which would be allowable apart from this subsection, a deduction reduced by that amount shall be allowed.”,

“Special trusts for permanently incapacitated individuals.

189A.—(1) In this section—

‘incapacitated individual’ means an individual who is permanently and totally incapacitated, by reason of mental or physical infirmity, from being able to maintain himself or herself;

‘public subscriptions’ means subscription, in the form of money or other property, raised, following an appeal made in that behalf to members of the public, for the benefit of one or more incapacitated individual or individuals, whose identity or identities is or are known to the persons making the subscriptions, being subscriptions that meet either of the following conditions, namely—

(a) the total amount of the subscriptions does not exceed £300,000, or

(b) no amount of the subscriptions, at any time on or after the specified return date for the chargeable period for which exemption is first claimed under either subsection (2) or (3), constitutes a subscription made by any one person that is greater than 30 per cent of the total amount of the subscriptions;

‘qualifying trust’ means a trust established by deed in respect of which it is shown to the satisfaction of the inspector or, on appeal, to the Appeal Commissioners, that—

(a) the trust has been established exclusively for the benefit of one or more specified incapacitated individual or individuals, for whose benefit public subscriptions, within the meaning of this section, have been raised,

(b) the trust requires that—

(i) the trust funds be applied for the benefit of that individual or those individuals, as the case may be, at the discretion of the trustees of the trust, and

(ii) in the event of the death of that individual or those individuals, as the case may be, the undistributed part of the trust funds be applied for charitable purposes or be appointed in favour of the trustees of charitable bodies.

and

(c) none of the trustees of the trust is connected (within the meaning of section 10) with that individual or any of those individuals, as the case may be;

‘specified return date for the chargeable period’ has the same meaning as in section 950;

‘trust funds’ means, in relation to a qualifying trust—

(a) public subscriptions, raised for the benefit of the incapacitated individual or individuals, the subject or subjects of the trust, and

(b) all moneys and other property derived directly or indirectly from such public subscriptions.

(2) Income arising to the trustees of a qualifying trust in respect of the trust funds, being income consisting of dividends or other income which but for this section would be chargeable to tax under Schedule C or under Case III, IV (by virtue of section 59 or section 745) or V of Schedule D or under Schedule F, shall be exempt from income tax and shall not be reckoned in computing total income for the purposes of the Income Tax Acts.

(3) Income (in this subsection referred to as ‘the relevant income’) which—

(a) consists of payments made by the trustees of a qualifying trust to or in respect of any incapacitated individual, being a subject of the trust, or

(b) arises to such an incapacitated individual from the investment in whole or in part of payments made by the trustees of a qualifying trust or of income derived from such payments, being income consisting of dividends or other income which but for this section would be chargeable to tax under Schedule C or under Case III, IV (by virtue of section 59 or section 745) or V of Schedule D or under Schedule F,

shall be exempt from income tax and shall not be reckoned in computing total income for the purposes of the Income Tax Acts; but this subsection shall not apply in a case unless the relevant income is the sole or main income of the individual to or in respect of whom the relevant income arises.

(4) The provisions of the Income Tax Acts relating to the making of returns of total income shall apply as if this section had not been enacted.

(5) This section shall have effect as respects the year 1997-98 and subsequent years of assessment.”,

“Approved retirement fund.

784A.—(1) (a) In this section—

‘approved retirement fund’ means a fund which is managed by a qualifying fund manager and which complies with the conditions of section 784B;

‘qualifying fund manager’ means—

(a) a person who is a holder of a licence granted under section 9 of the Central Bank Act, 1971 ,

(b) a building society within the meaning of section 256,

(c) a trustee savings bank within the meaning of the Trustee Savings Banks Act, 1989 ,

(d) ACC Bank plc,

(e) ICC Bank plc,

(f) ICC Investment Bank Limited,

(g) the Post Office Savings Bank,

(h) a credit union within the meaning of the Credit Union Act, 1997 ,

(i) a collective investment undertaking within the meaning of section 172A,

(j) a person lawfully carrying on in the State the business of granting annuities on human life,

(k) a person—

(i) which is an authorised member firm of the Irish Stock Exchange, within the meaning of the Stock Exchange Act, 1995 , or a member firm (which carries on a trade in the State through a branch or agency) of a stock exchange of any other Member State of the European Communities, and

(ii) which has sent to the Revenue Commissioners a notification of its name and address and of its intention to act as a qualifying fund manager,

or

(l) such other person as the Minister for Finance may by order approve of for the purposes of this section;

‘tax reference number’, in relation to an individual, has the meaning assigned to it by section 885 in relation to a specified person within the meaning of that section.

(b) For the purposes of this Chapter, references to an approved retirement fund shall be construed as a reference to assets in an approved retirement fund which are managed for an individual by a qualifying fund manager and which are beneficially owned by the individual.

(2) The beneficial owner of assets in an approved retirement fund shall, subject to the provisions of the Income Tax Acts and the Capital Gains Tax Acts, be chargeable to income tax or capital gains tax, as the case may be, in respect of any income, profits or gains arising in respect of those assets or any chargeable gains on disposals of such assets.

(3) (a) A qualifying fund manager shall maintain a record (in this section and in section 784B referred to as ‘the income and gains account’) of the aggregate—

(i) of all income, profits and gains arising in respect of an approved retirement fund, and

(ii) of all gains and losses on disposal of investments made by the qualifying fund manager in relation to the approved retirement fund,

reduced by the aggregate of all distributions made in respect of the approved retirement fund.

(b) In calculating at any time the residue of the assets transferred to an approved retirement fund (in this section and in section 784B referred to as ‘the residue’) by the person lawfully carrying on in the State the business of granting annuities on human life—

(i) distributions made at or before that time shall be treated as made primarily out of the income and gains account,

(ii) in so far as the distributions made from the fund exceed the aggregate of the balance on the income and gains account, they shall be treated as made out of the residue,

and, where assets in an approved retirement fund are transferred to another approved retirement fund, the residue in relation to those assets shall be calculated as if the assets had at all times been held in the approved retirement fund to which those assets had originally been transferred.

(c) Any reference in this section to a distribution in relation to an approved retirement fund shall be construed as including any payment or transfer of assets out of the fund or any assignment of assets out of the fund, including a payment, transfer or assignment to the individual beneficially entitled to the assets, other than a payment, transfer or assignment to another approved retirement fund the beneficial owner of the assets in which is the individual who is beneficially entitled to the assets in the first-mentioned approved retirement fund, whether or not the payment, transfer or assignment is made to the said individual.

(4) Within 3 months after the end of a year of assessment, a qualifying fund manager shall provide a statement for that year of assessment to each individual, on whose behalf an approved retirement fund was managed at any time during that year of—

(a) the income, profits or gains and the chargeable gains and allowable losses, as may be appropriate, in respect of the assets held in the approved retirement fund at any time during that year,

(b) the tax, if any, deducted from such income, profits or gains,

(c) the income and gains account in relation to the fund, and

(d) the residue including, in particular, any distributions made out of the residue in the year of assessment.

(5) The amount or value of any distribution out of the residue of an approved retirement fund other than a distribution to which subsection (7)(a) applies shall be treated as income of the individual beneficially entitled to the assets of the fund and shall be chargeable to income tax under Case IV of Schedule D for the year of assessment in which the said distribution is made.

(6) Subject to subsection (7), where the distribution referred to in subsection (5) occurs following the death of the individual, who was prior to death beneficially entitled to the assets of the approved retirement fund—

(a) the amount or value of the said distribution shall be treated as the income of the said individual for the year of assessment in which that individual dies, and

(b) the qualifying fund manager shall be liable to pay to the Collector-General income tax at the higher rate on the value of such distribution; the qualifying fund manager may deduct an amount on account of such tax and the person beneficially entitled to the residue of the approved retirement fund, including the personal representatives of the deceased individual, shall allow such deduction; but, where there are no such funds or insufficient funds available out of which the qualifying fund manager may satisfy the tax required to be deducted, the amount of such tax shall be a debt due to the qualifying fund manager from the estate of the deceased individual.

(7) (a) This subsection shall apply to the extent that the distribution, made following the death of the individual beneficially entitled to the assets in the approved retirement fund, is made to—

(i) another such fund (hereafter in this subsection referred to as ‘the second-mentioned fund’) the beneficial owner of the assets in which is the spouse of the said individual, or

(ii) to or for the sole benefit of any child of the individual who has not, at the date of the individual's death, attained the age of 21 years.

(b) Where the beneficial owner of the assets in the second-mentioned fund dies, subsection (6) shall apply as regards any distributions out of the residue of that approved retirement fund following that spouse's death as if the reference to the higher rate were a reference to a rate of 25 per cent.

(c) Where, in accordance with paragraph (b), the qualifying fund manager is required to account for tax at a rate of 25 per cent, the amount so charged to tax shall not, notwithstanding any provisions of the Income Tax Acts, be treated as income for any other purposes of those Acts.

Conditions relating to an approved retirement fund.

784B.—(1) The conditions of this section are—

(a) an approved retirement fund shall be held by a qualifying fund manager in the name of the individual who is beneficially entitled to the assets in the fund,

(b) assets held in an approved retirement fund shall consist of and only of one or more of—

(i) assets transferred to the fund by virtue of an option exercised by the individual in accordance with section 784(2A),

(ii) assets which were previously held in another approved retirement fund held in the name of the individual or the individual's deceased spouse, and

(iii) assets derived from such assets as are referred to in subparagraphs (i) and (ii),

(c) the individual referred to in paragraph (a) shall, on the opening of an approved retirement fund, make a declaration of the kind mentioned in paragraph (d) to the qualifying fund manager, and

(d) the declaration referred to in paragraph (c) shall be a declaration, in writing, to the qualifying fund manager which—

(i) is made by the individual who is beneficially entitled to the assets in the approved retirement fund,

(ii) is made in such form as may be prescribed or authorised by the Revenue Commissioners,

(iii) contains the full name, address and tax reference number of the individual referred to in subparagraph (i),

(iv) declares that the assets included in the fund consist only of assets referred to in paragraph (b) to which the individual was beneficially entitled, and

(v) contains such other information as the Revenue Commissioners may reasonably require for the purposes of this Act.

(2) A qualifying fund manager shall not accept any assets into an approved retirement fund unless the fund manager receives a certificate to which subsection (3) applies in relation to those assets from a person lawfully carrying on in the State the business of granting annuities on human life or from another qualifying fund manager.

(3) A certificate to which this subsection applies is a certificate stating—

(a) that the assets in relation to which the certificate refers are assets to which the individual named on the certificate is beneficially entitled and which are being transferred to the approved retirement fund, or have previously been transferred to an approved retirement fund, in accordance with subsection (2A) of section 784,

(b) that the assets in relation to which the certificate is given do not form part of an approved minimum retirement fund within the meaning of section 784C, and

(c) the amount of the balance on the income and gains account, and the residue in relation to the approved retirement fund, the assets of which are being transferred or assigned to the qualifying fund manager.

(4) Subsection (2) of section 263 shall apply to a declaration made in accordance with subsection (1)(c) or a certificate to which subsection (3) applies as it applies in relation to declarations of a kind mentioned in that section.

(5) The Minister for Finance may by order specify requirements regarding the operation of approved retirement funds.

Approved minimum retirement fund.

784C.—(1) In this section, ‘an approved minimum retirement fund’ means a fund managed by a qualifying fund manager (within the meaning of section 784A) and which complies with the conditions of section 784D.

(2) Subject to subsections (3) and (4), where an individual, who has not attained the age of 75 years, exercises an option in accordance with subsection (2A) of section 784, the amount referred to as B in the formula in the said subsection which the person with whom the annuity contract is made shall—

(a) transfer to an approved minimum retirement fund in respect of that individual, or

(b) apply in the purchase of an annuity payable to the individual, shall be the lesser of—

(i) the amount referred to as A in that formula, or

(ii) £50,000.

(3) Where the individual has already exercised an option in accordance with subsection (2A) of section 784, the amount referred to as B in the formula in subsection (2A) shall be such amount as will result in the aggregate of the amount required in respect of all such options, in accordance with subsection (2A), to be transferred to an approved minimum retirement fund or applied in the purchase of an annuity payable to the individual being the lesser of—

(a) the aggregate of the amount referred to as A in that formula in relation to each contract, or

(b) £50,000.

(4) (a) Where, at the date of exercise of an option under subsection (2A) of section 784, the individual by whom the option is exercised is entitled to specified income amounting to £10,000 per annum, the amount referred to as B in the formula in the said section 784(2A) shall be nil.

(b) For the purposes of this subsection, ‘specified income’ means a pension or annuity which is payable for the life of the individual, including a pension payable under the Social Welfare (Consolidation) Act, 1993 , and any pension to which the provisions of section 200 apply.

(5) Subject to subsection (6), the qualifying fund manager shall not make any payment or transfer of assets out of the approved minimum retirement fund other than—

(a) a transfer of all the assets of the fund to another qualifying fund manager to be held as an approved minimum retirement fund, or

(b) a payment or transfer of income, profits or gains, or gains on disposal of investments received by the qualifying fund manager in respect of assets held in the approved fund to the individual beneficially entitled to the assets in the fund.

(6) Where the individual referred to in subsection (2) attains the age of 75 years or dies, the approved minimum retirement fund shall, thereupon, become an approved retirement fund and the provisions of section 784A, subsections (1) and (5) of section 784B and section 784E shall apply accordingly.

(7) Any assets held as part of an approved minimum retirement fund shall be the property of the individual on whose behalf the fund is held and, subject to the provisions of the Income Tax Acts and the Capital Gains Tax Acts, that individual shall be chargeable to income tax or capital gains tax, as the case may be, in respect of any income, profits or gains arising in respect of those assets or any chargeable gain on disposal of such assets.

(8) Within 3 months after the end of the year of assessment, a qualifying fund manager shall provide a statement for that year of assessment to each individual for that year of assessment, on whose behalf an approved minimum retirement fund was managed at any time during that year of—

(a) the income, profits or gains and the chargeable gains and allowable losses, as may be appropriate, in respect of the assets held in the approved minimum retirement fund at any time during that year, and

(b) the tax, if any, deducted from such income, profits or gains.

(9) The provisions of subsection (8) of section 784E shall apply as regards an approved minimum retirement fund as if references to an approved retirement fund were references to an approved minimum retirement fund.

Conditions relating to an approved minimum retirement fund.

784D.—(1) The conditions of this section are—

(a) an approved minimum retirement fund shall be held in the name of the individual who is beneficially entitled to the assets in the fund,

(b) assets held in an approved minimum retirement fund shall consist of one or more of the following—

(i) assets transferred to the fund by virtue of an option exercised by the individual in accordance with section 784(2A),

(ii) assets which were previously held in another approved minimum retirement fund held in the name of the individual, and

(iii) assets derived from such assets as are referred to in subparagraphs (i) and (ii),

(c) the individual referred to in paragraph (a) shall make a declaration of the kind mentioned in paragraph (d) to the qualifying fund manager,

(d) the declaration referred to in paragraph (c) shall be a declaration, in writing, to the qualifying fund manager which—

(i) is made by the individual who is beneficially entitled to the assets in the approved minimum retirement fund,

(ii) is made in such form as may be prescribed or authorised by the Revenue Commissioners,

(iii) contains the full name, address and tax reference number of the individual referred to in subparagraph (i),

(iv) declares that assets included in the fund consist only of assets referred to in paragraph (b) to which the individual was beneficially entitled in accordance with section 784(2A), and

(v) contains such other information as the Revenue Commissioners may reasonably require for the purposes of this Act.

(2) A qualifying fund manager shall not accept any assets into an approved minimum retirement fund unless the fund manager receives a certificate to which subsection (3) applies in relation to those assets from a person lawfully carrying on in the State the business of granting annuities on human life or from another qualifying fund manager.

(3) A certificate to which this subsection applies is a certificate stating—

(a) that the assets in relation to which the certificate is given are the assets of an approved minimum retirement fund to which the individual named on the certificate is beneficially entitled and which are being transferred to the approved minimum retirement fund or have previously been transferred to such a fund in accordance with subsection (2A) of section 784,

(b) in the case of assets transferred by another qualifying fund manager, the amount or value of assets transferred to the approved minimum retirement fund for the purposes of subsection (3) of section 784C.

(4) Subsection (2) of section 263 shall apply to a declaration made in accordance with subsection (1)(c) or a certificate to which subsection (3) applies as it applies in relation to declarations of a kind mentioned in that section.

(5) The Minister for Finance may specify requirements regarding the operation of approved minimum retirement funds.

Returns, and payment of tax, by qualifying fund managers.

784E.—(1) A qualifying fund manager shall, within 14 days of the end of the month in which a distribution is made out of the residue of an approved retirement fund, make a return to the Collector-General which shall contain details of—

(a) the name and address of the person in whose name the approved retirement fund is or was held,

(b) the tax reference number of that person,

(c) the name and address of the person to whom the distribution was made,

(d) the amount of the distribution, and

(e) the tax which the qualifying fund manager is required to account for in relation to that distribution (hereafter in this section referred to as ‘the appropriate tax’).

(2) The appropriate tax in relation to a distribution which is required to be included in a return shall be due at the time by which the return is to be made and shall be paid by the qualifying fund manager to the Collector-General, and the appropriate tax so due shall be payable by the qualifying fund manager without the making of an assessment; but appropriate tax which has become so due may be assessed on the qualifying fund manager (whether or not it has been paid when the assessment is made) if that tax or any part of it is not paid on or before the due date.

(3) Where it appears to the inspector that there is any amount of appropriate tax in relation to a distribution which ought to have been but has not been included in a return, or where the inspector is dissatisfied with any return, the inspector may make an assessment on the qualifying fund manager to the best of his or her judgement, and any amount of appropriate tax in relation to a distribution due under an assessment made by virtue of this subsection shall be treated for the purposes of interest on unpaid tax as having been payable at the time when it would have been payable if a correct return had been made.

(4) Where any item has been incorrectly included in a return as a distribution, the inspector may make such assessments, adjustments or set-offs as may in his or her judgement be required for securing that the resulting liabilities to tax, including interest on unpaid tax, whether of the qualifying fund manager or any other person, are in so far as possible the same as they would have been if the item had not been so included.

(5)  (a) Any appropriate tax assessed on a qualifying fund manager under this Chapter shall be due within one month after the issue of the notice of assessment (unless that tax is due earlier under subsection (1)) subject to any appeal against the assessment, but no such appeal shall affect the date when any amount is due under subsection (1).

(b) On the determination of an appeal against an assessment under this section, any appropriate tax overpaid shall be repaid.

(6)  (a) The provisions of the Income Tax Acts relating to—

(i) assessment to income tax,

(ii) appeals against such assessments (including the rehearing of appeals and the statement of a case for the opinion of the High Court), and

(iii) the collection and recovery of income tax,

shall, in so far as they are applicable, apply to the assessment, collection and recovery of appropriate tax.

(b) Any amount of appropriate tax payable in accordance with this Chapter without the making of an assessment shall carry interest at the rate of 1 per cent for each month or part of a month from the date when the amount becomes due and payable until payment.

(c) Subsections (2) and (4) of section 1080 shall apply in relation to interest payable under paragraph (b) as they apply in relation to interest payable under section 1080.

(d) In its application to any appropriate tax charged by any assessment made in accordance with this section, section 1080 shall apply as if subsection (1)(b) of that section were deleted.

(7) Every return shall be in a form prescribed or authorised by the Revenue Commissioners and shall include a declaration to the effect that the return is correct and complete.

(8) (a) A qualifying fund manager shall, on or before the specified return date for the chargeable period, within the meaning of section 950, prepare and deliver to the appropriate inspector, within the meaning of that section, a return in relation to each approved retirement fund held by that fund holder at any time during the year of assessment.

(b) The return under paragraph (a) shall, in relation to each approved retirement fund, contain—

(i) the name, address and tax reference number of the individual beneficially entitled to the assets in the fund,

(ii) details of any income, profits and gains, and any chargeable gains derived from assets held in the fund and of any tax deducted from income, profits or gains received,

(iii) details of any distributions made out of the assets held in the approved retirement fund, and

(iv) such further details as the Revenue Commissioners may reasonably require for the purposes of this section.”,

“Section 787.

SCHEDULE 23A

Specified Occupations and Professions

Athlete

Badminton Player

Boxer

Cyclist

Footballer

Golfer

Jockey

Motor Racing Driver

Rugby Player

Squash Player

Swimmer

Tennis Player”.

365

“Generation of estimates by electronic, photographic or other process.

990A.—For the purposes of this Chapter—

(a) where the inspector, any officer of the Revenue Commissioners nominated by them for the purposes of section 989 or 990 (in this section referred to as ‘the nominated officer’) or any other officer of the Revenue Commissioners acting with the knowledge of the inspector or the nominated officer causes, for the purposes of section 989 or 990, to be issued, manually or by any electronic, photographic or other process, and to be served, a notice bearing the name of the inspector or the nominated officer, the estimate to which that notice relates shall be deemed—

(i) if that notice was issued for the purposes of section 989, to have been made by the nominated officer, and

(ii) if that notice was issued for the purposes of section 990, to have been made by the inspector or the nominated officer, as the case may be, to the best of his or her opinion,

and

(b) the provisions of section 928 shall, subject to any necessary modifications, apply in relation to estimates made in accordance with the provisions of section 990 as they apply in relation to assessments to income tax.”.

“Relief for fees paid to publicly funded colleges in the European Union for full-time third level education.

474A.—(1) In this section—

‘academic year’, in relation to an approved course, means a year of study commencing on a date not earlier than the 1st day of August in a year of assessment;

‘appropriate percentage’, in relation to a year of assessment, means a percentage equal to the standard rate of tax for that year;

‘dependant’, in relation to an individual, means a spouse or child of the individual or a person in respect of whom the individual is or was the legal guardian;

‘the Minister’ means the Minister for Education and Science;

‘qualifying college’ means any university or similar institution of higher education in a Member State of the European Union (other than the State) which is maintained or assisted by recurrent grants from public funds of that or any other Member State of the European Union (including the State);

‘qualifying course’ means a full-time undergraduate course of study in a qualifying college which is of at least 2 academic years' duration, other than a course of study in medicine, dentistry, veterinary medicine or in teacher training;

‘qualifying fees’, in relation to a qualifying course and an academic year, means so much of the amount of fees chargeable in respect of tuition to be provided in relation to that course in that year as is equal to the amount of fees determined by the Minister, with the consent of the Minister for Finance, to be the qualifying fees for the purposes of this section in relation to the class of qualifying course specified in the determination to which the particular course concerned belongs.

(2) Subject to this section, where an individual for a year of assessment proves that he or she has, on his or her own behalf or on behalf of his or her dependant, made a payment in respect of qualifying fees in respect of a qualifying course for the academic year in relation to that course commencing in that year of assessment, the income tax to be charged on the individual for that year of assessment, other than in accordance with section 16(2), shall be reduced by an amount which is the lesser of—

(a) the amount equal to the appropriate percentage of the aggregate of all such payments proved to be so made, and

(b) the amount which reduces that income tax to nil.

(3) For the purpose of this section, a payment in respect of qualifying fees shall be regarded as not having been made in so far as any sum in respect of or by reference to such fees has been or is to be received, directly or indirectly, by the individual, or, as the case may be, his or her dependant, from any source whatever by means of grant, scholarship or otherwise.

(4) Any claim for relief under this section made by an individual shall be accompanied by a statement in writing made by the qualifying college concerned stating each of the following, namely—

(a) that the college is a qualifying college for the purposes of this section,

(b) the details of the course undertaken by the individual or his or her dependant,

(c) the duration of the course, and

(d) the amount of the fees paid in respect of the course.

(5) Where for the purposes of this section any question arises as to whether—

(a) a college is a qualifying college, or

(b) a course of study is a qualifying course,

the Revenue Commissioners may consult with the Minister.”,

Interpretation.

172A.—(1) (a) In this Chapter and in Schedule 2A—

‘American depositary receipt’ has the same meaning as in section 207 of the Finance Act, 1992 ;

‘auditor’, in relation to a company, means the person or persons appointed as auditor of the company for the purposes of the Companies Acts, 1963 to 1990, or under the law of the territory in which the company is incorporated and which corresponds to those Acts;

‘authorised withholding agent’, in relation to a relevant distribution, has the meaning assigned to it by section 172G;

‘collective investment undertaking’ means—

(i) a collective investment undertaking within the meaning of section 734, or

(ii) an undertaking for collective investment within the meaning of section 738,

not being an offshore fund within the meaning of section 743;

‘dividend withholding tax’, in relation to a relevant distribution, means a sum representing income tax on the amount of the relevant distribution at the standard rate in force at the time the relevant distribution is made;

‘excluded person’, in relation to a relevant distribution, has the meaning assigned to it by section 172C(2);

‘intermediary’ means a person who carries on a trade which consists of or includes—

(i) the receipt of relevant distribution from a company or companies resident in the State, or

(ii) the receipt of amounts or other assets representing such distributions from another intermediary or intermediaries,

on behalf of other persons;

‘non-liable person’, in relation to a relevant distribution, means the person beneficially entitled to the relevant distribution, being an excluded person or a qualifying non-resident person;

‘pension scheme’ means an exempt approved scheme within the meaning of section 774 or a retirement annuity contract or a trust scheme to which section 784 or 785 applies;

‘qualifying employee share ownership trust’ means an employee share ownership trust which the Revenue Commissioners have approved of as a qualifying employee share ownership trust in accordance with Schedule 12 and which approval has not been withdrawn;

‘qualifying intermediary’, in relation to a relevant distribution, has the meaning assigned to it by section 172E;

‘qualifying non-resident person’, in relation to a relevant distribution, has the meaning assigned to it by section 172D(3);

‘relevant distribution’ means—

(i) a distribution within the meaning of paragraph 1 of Schedule F in section 20(1), other than such a distribution made to a Minister of the Government in his or her capacity as such Minister, and

(ii) any amount assessable and chargeable to tax under Case IV of Schedule D by virtue of section 816;

‘relevant person’, in relation to a relevant distribution, means—

(i) where the relevant distribution is made by a company directly to the person beneficially entitled to the distribution, the company making the relevant distribution, and

(ii) where the relevant distribution is not made by the company directly to the person beneficially entitled to the relevant distribution but is made to that person through one or more than one qualifying intermediary, the qualifying intermediary from whom the relevant distribution, or an amount or other asset representing the relevant distribution, is receivable by the person beneficially entitled to the distribution;

‘relevant territory’ means—

(i) a Member State of the European Communities other than the State, or

(ii) not being such a Member State, a territory with the government of which arrangements having the force of law by virtue of section 826 have been made;

‘specified person’, in relation to a relevant distribution, means the person to whom the relevant distribution is made, whether or not that person is beneficially entitled to the relevant distribution;

‘tax’, in relation to a relevant territory, means any tax imposed in that territory which corresponds to income tax or corporation tax in the State;

‘tax reference number’ has the same meaning as in section 885.

(b) In this Chapter and in Schedule 2A, references to the making of a relevant distribution by a company, or to a relevant distribution to be made by a company, or to the receipt of a relevant distribution from a company do not include, respectively, references to the making of a relevant distribution by a collective investment undertaking, or to a relevant distribution to be made by a collective investment undertaking, or to the receipt of a relevant distribution from a collective investment undertaking.

(2) For the purposes of this Chapter, the amount of a relevant distribution shall be an amount equal to—

(a) where the relevant distribution consists of a payment in cash, the amount of the payment,

(b) where the relevant distribution consists of an amount which is treated under section 816 as a distribution made by a company, the amount so treated,

(c) where the relevant distribution consists of an amount which is assessable and chargeable to tax under Case IV of Schedule D by virtue of section 816, the amount so assessable and chargeable, and

(d) where the relevant distribution consists of a non-cash distribution, not being a relevant distribution to which paragraph (b) or (c) applies, an amount which is equal to the value of the distribution,

and a reference in this Chapter to the amount of a relevant distribution shall be construed as a reference to the amount which would be the amount of the relevant distribution if no dividend withholding tax were to be deducted from the relevant distribution.

(3) Schedule 2A shall have effect for the purposes of supplementing this Chapter.

Dividend withholding tax on relevant distributions.

172B.—(1) Except where otherwise provided by this Chapter, where, on or after the 6th day of April, 1999, a company resident in the State makes a relevant distribution to a specified person—

(a) the company shall deduct out of the amount of the relevant distribution dividend withholding tax in relation to the relevant distribution,

(b) the specified person shall allow such deduction on the receipt of the residue of the relevant distribution, and

(c) the company shall be acquitted and discharged of so much money as is represented by the deduction as if that amount of money had actually been paid to the specified person.

(2) Except where otherwise provided by this Chapter, where, at any time on or after the 6th day of April, 1999, a company resident in the State makes a relevant distribution to a specified person and the relevant distribution consists of an amount referred to in paragraph (b) or (c) of section 172A(2) (being an amount equal to the amount which the specified person would have received if that person had received the relevant distribution in cash instead of in the form of additional share capital of the company), subsection (1) shall not apply, but—

(a) the company shall reduce the amount of the additional share capital to be issued to the specified person by such amount as will secure that the value at that time of the additional share capital issued to the specified person does not exceed an amount equal to the amount which the person would have received, after deduction of dividend withholding tax, if the person had received the relevant distribution in cash instead of in the form of additional share capital of the company,

(b) the specified person shall allow such reduction on the receipt of the residue of the additional share capital,

(c) the company shall be acquitted and discharged of so much money as is represented by the reduction in the value of the additional share capital as if that amount of money had actually been paid to the specified person,

(d) the company shall be liable to pay to the Collector-General an amount (which shall be treated for the purposes of this Chapter as if it were a deduction of dividend withholding tax in relation to the relevant distribution) equal to the dividend withholding tax which, but for this subsection, would have been required to be deducted from the relevant distribution, and

(e) the company shall be liable to pay that amount in the same manner in all respects as if it were the dividend withholding tax which, but for this subsection, would have been required to be deducted from the relevant distribution.

(3) Except where otherwise provided by this Chapter, where, on or after the 6th day of April, 1999, a company resident in the State makes a relevant distribution to a specified person and the relevant distribution consists of a non-cash distribution, not being a relevant distribution to which subsection (2) applies, subsection (1) shall not apply, but the company—

(a) shall be liable to pay to the Collector-General an amount (which shall be treated for the purposes of this Chapter as if it were a deduction of dividend withholding tax in relation to the relevant distribution) equal to the dividend withholding tax which, but for this subsection, would have been required to be deducted from the amount of the relevant distribution,

(b) shall be liable to pay that amount in the same manner in all respects as if it were the dividend withholding tax which, but for this subsection, would have been required to be deducted from the relevant distribution, and

(c) shall be entitled to recover a sum equal to that amount from the specified person as a simple contract debt in any court of competent jurisdiction.

(4) A company resident in the State shall treat every relevant distribution to be made by it on or after the 6th day of April, 1999, to a specified person as a distribution to which this section applies, but, where the company has satisfied itself that a relevant distribution to be made by it to a specified person is not, by virtue of the following provisions of this Chapter, a distribution to which this section applies, the company shall, subject to those provisions, be entitled to so treat relevant distributions to be made by it to the specified person until such time as it is in possession of information which can reasonably be taken to indicate that a relevant distribution to be made to the specified person is or may be a relevant distribution to which this section applies.

(5) The provisions of the Tax Acts relating to the computation of profits or gains shall not be affected by the deduction of dividend withholding tax in relation to relevant distributions in accordance with this section and, accordingly, the amount of such relevant distributions shall, subject to section 129, be taken into account in computing for tax purposes the profits or gains of persons beneficially entitled to such distributions.

(6) Subject to section 831(6), this section shall not apply where a relevant distribution is made to a parent company (within the meaning of section 831) which is not resident in the State by its subsidiary (within the meaning of that section) which is a company resident in the State.

Exemption from dividend withholding tax for certain persons.

172C.—(1) Section 172B shall not apply where a company resident in the State makes a relevant distribution to an excluded person.

(2) For the purposes of this Chapter, a person shall be an excluded person in relation to a relevant distribution if the person is beneficially entitled to the relevant distribution and is—

(a) a company resident in the State which has made a declaration to the relevant person in relation to the relevant distribution in accordance with paragraph 3 of Schedule 2A,

(b) a pension scheme which has made a declaration to the relevant person in relation to the relevant distribution in accordance with paragraph 4 of Schedule 2A,

(c) a qualifying employee share ownership trust which has made a declaration to the relevant person in relation to the relevant distribution in accordance with paragraph 5 of Schedule 2A,

(d) a collective investment undertaking which has made a declaration to the relevant person in relation to the relevant distribution in accordance with paragraph 6 of Schedule 2A, or

(e) a person who—

(i) is entitled to exemption from income tax under Schedule F in respect of the relevant distribution by virtue of section 207(1)(b), and

(ii) has made a declaration to the relevant person in relation to the relevant distribution in accordance with paragraph 7 of Schedule 2A.

Exemption from dividend withholding tax for certain non-resident persons.

172D.—(1) Notwithstanding any other provision of this Chapter, section 172B shall not apply where, in the period from the 6th day of April, 1999, to the 5th day of April, 2000, a company resident in the State makes a relevant distribution to a specified person, being—

(a) a person whose address on the share register of the company is located in a relevant territory,

(b) a company which is not resident in the State and to which subparagraph (i) or (ii) of subsection (3)(b) applies and which before the making of the relevant distribution has given to the company making the relevant distribution a certificate referred to in paragraph 9(f) of Schedule 2A, or

(c) an intermediary (in this paragraph referred to as ‘the first-mentioned intermediary’) resident in the State which before the making of the relevant distribution advises the company making the relevant distribution that the relevant distribution is to be received by the first-mentioned intermediary for the benefit of—

(i) a person whose address in the records of the first-mentioned intermediary is located in a relevant territory,

(ii) a company which is not resident in the State and to which subparagraph (i) or (ii) of subsection (3)(b) applies and which before the making of the relevant distribution has given the first-mentioned intermediary a certificate referred to in paragraph 9(f) of Schedule 2A, or

(iii) another intermediary (in this paragraph referred to as ‘the second-mentioned intermediary’) who has advised the first-mentioned intermediary that the relevant distribution, or an amount or other asset representing the relevant distribution, to be given to the second-mentioned intermediary by the first-mentioned intermediary is to be received by the second-mentioned intermediary for the benefit of—

(I) a person whose address in the records of the second-mentioned intermediary is located in a relevant territory, or

(II) a company which is not resident in the State and to which subparagraph (i) or (ii) of subsection (3)(b) applies and which before the making of the relevant distribution has given the second-mentioned intermediary a certificate referred to in paragraph 9(f) of Schedule 2A.

(2) Section 172B shall not apply where, on or after the 6th day of April, 2000, a company resident in the State makes a relevant distribution to a qualifying non-resident person.

(3) For the purposes of this Chapter, a person shall be a qualifying non-resident person in relation to a relevant distribution if the person is beneficially entitled to the relevant distribution and is—

(a) a person, not being a company, who—

(i) is neither resident nor ordinarily resident in the State,

(ii) is, by virtue of the law of a relevant territory, resident for the purposes of tax in the relevant territory, and

(iii) has made a declaration to the relevant person in relation to the relevant distribution in accordance with paragraph 8 of Schedule 2A and in relation to which declaration the certificate referred to in subparagraph (f) of that paragraph is a current certificate (within the meaning of paragraph 2 of that Schedule) at the time of the making of the relevant distribution,

or

(b) a company which is not resident in the State and—

(i) is under the control, whether directly or indirectly, of a person or persons who, by virtue of the law of a relevant territory, is or are resident for the purposes of tax in such a relevant territory and who is or are, as the case may be, not under the control, whether directly or indirectly, of a person who is, or persons who are, not so resident, or

(ii) the principal class of the shares of—

(I) the company, or

(II) another company of which the company is a 75 per cent subsidiary,

is substantially and regularly traded on one or more than one recognised stock exchange in a relevant territory or territories or on such other stock exchange as may be approved of by the Minister for Finance for the purposes of this Chapter,

and which has made a declaration to the relevant person in relation to the relevant distribution in accordance with paragraph 9 of Schedule 2A and in relation to which declaration the certificates referred to in subparagraphs (f) and (g) of that paragraph are current certificates (within the meaning of paragraph 2 of that Schedule) at the time of the making of the relevant distribution.

(4) For the purposes of subsection (3)(b)(i), ‘control’ shall be construed in accordance with subsections (2) to (6) of section 432 as if in subsection (6) of that section for ‘5 or fewer participators’ there were substituted—

(a) in so far as the first mention of ‘control’ in subsection (3)(b)(i) is concerned, ‘persons who, by virtue of the law of a relevant territory (within the meaning assigned by section 172A), are resident for the purposes of tax in such a relevant territory (within that meaning)’, and

(b) in so far as the second mention of ‘control’ in subsection (3)(b)(i) is concerned, ‘persons who are not resident for the purposes of tax in a relevant territory (within that meaning)’.

(5) For the purposes of subsection (3)(b)(ii)(II), sections 412 to 418 shall apply as those sections would apply for the purposes of Chapter 5 of Part 12 if subparagraph (iii) of section 411(1)(c) were deleted.

Qualifying intermediaries.

172E.—(1) Subject to section 172F(6), section 172B shall not apply where a company resident in the State makes a relevant distribution through one or more than one qualifying intermediary for the benefit of a person beneficially entitled to the relevant distribution who is a non-liable person in relation to the relevant distribution.

(2) For the purposes of this Chapter, a person shall be a qualifying intermediary in relation to relevant distributions to be made to the person by a company resident in the State, and in relation to amounts or other assets representing such distributions to be paid or given to the person by another qualifying intermediary, if the person is an intermediary who—

(a) is resident in the State or who, by virtue of the law of a relevant territory, is resident for the purposes of tax in the relevant territory,

(b) has entered into a qualifying intermediary agreement with the Revenue Commissioners, and

(c) has been authorised by the Revenue Commissioners, by way of notice in writing, to be a qualifying intermediary in relation to relevant distributions to be made to the person by companies resident in the State, and in relation to amounts or other assets representing such distributions to be paid or given to the person by another qualifying intermediary, for the benefit of other persons who are beneficially entitled to the relevant distributions, which authorisation has not been revoked under subsection (6).

(3) A qualifying intermediary agreement shall be an agreement entered into between the Revenue Commissioners and an intermediary under the terms of which the intermediary undertakes—

(a) to accept any declarations and notifications made or given to the intermediary in accordance with this Chapter and to retain such declarations and notifications for a period of not less than 6 years,

(b) to make all such declarations and notifications available for inspection by the Revenue Commissioners when requested to do so by notice in writing from the Commissioners,

(c) to inform the Revenue Commissioners if the intermediary has reasonable grounds to believe that any such declaration or notification made or given by any person was not, or may not have been, a true and correct declaration or notification at the time of the making of the declaration or the giving of the notification, as the case may be,

(d) to inform the Revenue Commissioners if the intermediary has at any time reasonable grounds to believe that any such declaration made by any person would not, or might not, be a true and correct declaration if made at that time,

(e) to operate the provisions of section 172F in a correct and efficient manner and provide to the Revenue Commissioners the return referred to in subsection (7) of that section within the time specified in that behalf in subsection (8) of that section,

(f) to provide to the Revenue Commissioners an annual report on the intermediary's compliance with the agreement, which report shall be signed by—

(i) if the intermediary is a company, the auditor of the company, or

(ii) if the intermediary is not a company, a person who, if the intermediary were a company, would be qualified to be appointed auditor of the company,

(g) if required by the Revenue Commissioners, to give a bond or guarantee to the Revenue Commissioners which is sufficient to indemnify the Commissioners against any loss arising by virtue of the fraud or negligence of the intermediary in relation to the operation by the intermediary of the agreement and the provisions of this Chapter,

(h) in the case where the intermediary is a depositary bank holding shares in trust for, or on behalf of, the holders of American depositary receipts—

(i) if authorised to do so by the Revenue Commissioners, to operate the provisions of subsection (3)(d) of section 172F, and

(ii) to comply with any conditions in relation to such operation as may be specified in the agreement,

and

(i) to allow for the verification by the Revenue Commissioners of the intermediary's compliance with the agreement and the provisions of this Chapter in any other manner considered necessary by the Commissioners.

(4) The Revenue Commissioners shall not authorise an intermediary to be a qualifying intermediary unless the intermediary—

(a) is a company which holds a licence granted under section 9 of the Central Bank Act, 1971 , or a person who holds a licence or other similar authorisation under the law of any relevant territory which corresponds to that section,

(b) is a person who is wholly owned by a company or person referred to in paragraph (a),

(c) is a member firm of the Irish Stock Exchange Limited or of a recognised stock exchange in a relevant territory, or

(d) is in the opinion of the Revenue Commissioners a person suitable to be a qualifying intermediary for the purposes of this Chapter.

(5) The Revenue Commissioners shall maintain a list of intermediaries who have been authorised by the Commissioners to be qualifying intermediaries for the purposes of this Chapter and whose authorisations have not been revoked under subsection (6), and, notwithstanding any obligations as to secrecy or other restriction upon disclosure of information imposed by or under any statute or otherwise, the Revenue Commissioners may make available to any person the name and address of any such qualifying intermediary.

(6) Where, at any time after the Revenue Commissioners have authorised an intermediary to be a qualifying intermediary for the purposes of this Chapter, the Commissioners are satisfied that the intermediary—

(a) has failed to comply with the agreement referred to in subsection (3) or the provisions of this Chapter, or

(b) is otherwise unsuitable to be a qualifying intermediary,

they may, by notice in writing served by registered post on the intermediary, revoke the authorisation with effect from such date as may be specified in the notice.

(7) Notice of a revocation under subsection (6) shall be published as soon as may be in Iris Oifigiúil.

Obligations of qualifying intermediary in relation to relevant distributions.

172F.—(1) A qualifying intermediary which is to receive on behalf of other persons—

(a) any relevant distributions to be made by any company resident in the State, or

(b) from another qualifying intermediary amounts or other assets (in this section referred to as ‘payments’) representing such distributions.

shall create and maintain, in relation to such distributions and payments, 2 separate and distinct categories to be known, respectively, as the ‘Exempt Fund’ and the ‘Liable Fund’, and the qualifying intermediary shall notify that company or that other qualifying intermediary, as the case may be, by way of notice in writing, whether the relevant distributions to be made to it by that company, or, as the case may be, the payments representing such distributions to be made to it by that other qualifying intermediary, are to be received by it for the benefit of a person included in the Exempt Fund or a person included in the Liable Fund.

(2) Subject to subsections (3) and (5), a qualifying intermediary shall include in its Exempt Fund in relation to such distributions and payments only those persons on whose behalf it is to receive such distributions or payments, being—

(a) persons beneficially entitled to such distributions or payments who are non-liable persons in relation to such distributions, and

(b) any further qualifying intermediary to whom such distributions or payments (or amounts or other assets representing such distributions or payments) are to be given by the qualifying intermediary and are to be received by that further qualifying intermediary for the benefit of persons included in that further qualifying intermediary's Exempt Fund.

(3) (a) A qualifying intermediary shall not include a person referred to in subsection (2)(a) in its Exempt Fund unless it has received from that person—

(i) a declaration made by that person in accordance with section 172C(2), or

(ii) a declaration made by that person in accordance with section 172D(3) in relation to which—

(I) the certificate referred to in paragraph 8(f) of Schedule 2A is a current certificate (within the meaning of paragraph 2 of that Schedule), or

(II) the certificates referred to in subparagraphs (f) and (g) of paragraph 9 of that Schedule are current certificates (within the meaning of paragraph 2 of that Schedule),

as the case may be, at the time of the making of the relevant distributions.

(b) A qualifying intermediary shall not include a further qualifying intermediary referred to in subsection (2)(b) in its Exempt Fund unless the qualifying intermediary has received from that further qualifying intermediary a notification in writing given to the qualifying intermediary by that further qualifying intermediary in accordance with subsection (1) to the effect that the relevant distributions made by the company resident in the State, or, as the case may be, the payments representing such distributions, which are to be given by the qualifying intermediary to that further qualifying intermediary are to be received by that further qualifying intermediary for the benefit of a person included in that further qualifying intermediary's Exempt Fund.

(c) Notwithstanding paragraphs (a) and (b), a qualifying intermediary, being a depositary bank holding shares in trust for, or on behalf of, the holders of American depositary receipts, shall, if provided for in the qualifying intermediary agreement and subject to any conditions specified in that agreement, operate the provisions of paragraph (d).

(d) Where this paragraph applies in relation to a qualifying intermediary, the qualifying intermediary shall include in its Exempt Fund—

(i) any person on whose behalf it is to receive any relevant distributions to be made by a company resident in the State, or on whose behalf it is to receive from another qualifying intermediary payments representing such distributions, being a person who is beneficially entitled to such distributions or payments, who is the holder of an American depositary receipt and whose address on the qualifying intermediary's register of depositary receipts is located in the United States of America, and

(ii) any specified intermediary to which such distributions or payments (or amounts or other assets representing such distributions or payments) are to be given by the qualifying intermediary and are to be received by that specified intermediary for the benefit of—

(I) persons who are beneficially entitled to such distributions or payments, who are the holders of American depositary receipts, whose address on that specified intermediary's register of depositary receipts is located in the United States of America, and who in accordance with paragraph (e)(iii)(I) are to be included in that specified intermediary's Exempt Fund, or

(II) any further specified intermediary to which such distributions or payments (or amounts or other assets representing such distributions or payments) are to be given by the first-mentioned specified intermediary and are to be received by that further specified intermediary for the benefit of persons who in accordance with clauses (I) and (II) of paragraph (e)(iii) are to be included in that further specified intermediary's Exempt Fund.

(e) For the purposes of paragraph (d), an intermediary shall be treated as a specified intermediary if the intermediary—

(i) is not a qualifying intermediary but is a person referred to in paragraph (a), (b), (c) or (d) of section 172E(4) who is operating as an intermediary in an establishment situated in the United States of America,

(ii) creates and maintains, in relation to such distributions or payments (or amounts or other assets representing such distributions or payments) to be received by it on behalf of other persons from a qualifying intermediary or another specified intermediary, an Exempt Fund and a Liable Fund in accordance with subsections (1) and (5), but subject to subparagraphs (iii) and (iv), as if it were a qualifying intermediary,

(iii) includes in its Exempt Fund in relation to such distributions or payments (or amounts or other assets representing such distributions or payments), only—

(I) those persons who are beneficially entitled to such distributions or payments, being persons who are the holders of American depositary receipts and whose address on its register of depositary receipts is located in the United States of America, and

(II) any further specified intermediary to which such distributions or payments (or amounts or other assets representing such distributions or payments) are to be given by the intermediary and are to be received by that further specified intermediary for the benefit of persons who in accordance with this subparagraph are to be included in that further specified intermediary's Exempt Fund,

(iv) includes in its Liable Fund in relation to such distributions or payments (or amounts or other assets representing such distributions or payments), all other persons (being persons who are the holders of American depositary receipts) on whose behalf such distributions or payments (or amounts or other assets representing such distributions or payments) are to be received by it from a qualifying intermediary or a further specified intermediary, other than those persons included in its Exempt Fund,

(v) notifies, by way of notice in writing given in accordance with subsection (1), the qualifying intermediary or, as the case may be, the further specified intermediary from whom it is to receive, on behalf of other persons, such distributions or payments (or amounts or other assets representing such distributions or payments), whether such distributions or payments (or amounts or other assets representing such distributions or payments) are to be so received by it for the benefit of persons included in its Exempt Fund or persons included in its Liable Fund,

(vi) notifies the qualifying intermediary or, as the case may be, the further specified intermediary, by way of notice in writing or in electronic format, at the time it gives such distributions or payments (or amounts or other assets representing such distributions or payments) to other persons, of the name and address of each such person, and

(vii) agrees that the information given in accordance with subparagraph (vi) to the qualifying intermediary or, as the case may be, the further specified intermediary shall be returned by the qualifying intermediary to the Revenue Commissioners in accordance with subsection (7)(f).

(f) Where, by virtue of the preceding provisions of this subsection, any person, being a person who, apart from this paragraph, would not be a non-liable person in relation to the distributions or payments (or amounts or other assets representing such distributions or payments) to be received on that person's behalf by a qualifying intermediary or a specified intermediary, is included in the Exempt Fund of the qualifying intermediary or, as the case may be, of the specified intermediary, that person shall, notwithstanding any other provision of this Chapter, be treated as a non-liable person in relation to such distributions.

(4) Subject to subsection (5), a qualifying intermediary shall include in its Liable Fund in relation to relevant distributions to be made to it by a company resident in the State and payments representing such distributions to be made to it by another qualifying intermediary all persons on whose behalf the qualifying intermediary is to receive such distributions or payments, other than those persons included in its Exempt Fund in relation to such distributions and payments.

(5) A qualifying intermediary shall update its Exempt Fund and Liable Fund, in relation to relevant distributions to be made to it by a company resident in the State and payments representing such distributions to be made to it by another qualifying intermediary, as often as may be necessary to ensure that the provisions of section 172E(1) and subsections (2) to (4) of this section are complied with, and shall notify the company or, as the case may be, that other qualifying intermediary, by way of notice in writing, of all such updates.

(6) Where at any time a company resident in the State makes a relevant distribution to a qualifying intermediary and, apart from this subsection, the relevant distribution would be treated as being made to the qualifying intermediary for the benefit of a person beneficially entitled to the relevant distribution who is a non-liable person in relation to that distribution, the distribution shall be treated as if it were not made to the qualifying intermediary for the benefit of such a person unless, at or before that time, the qualifying intermediary has notified the company in accordance with subsection (1) or (5), as the case may be, that the relevant distribution is to be received by the qualifying intermediary for the benefit of a person included in the qualifying intermediary's Exempt Fund in relation to relevant distributions to be made to the qualifying intermediary by the company, and accordingly, in the absence of such a notification, section 172B shall apply in relation to the relevant distribution.

(7) A qualifying intermediary shall, as respects each year of assessment (being the year of assessment 1999-2000 or any subsequent year of assessment) make a return to the Revenue Commissioners showing—

(a) the name and address of the qualifying intermediary,

(b) the name and address of—

(i) each company resident in the State from which the qualifying intermediary received, on behalf of another person, a relevant distribution made by that company in the year of assessment to which the return refers, and

(ii) each other person from whom the qualifying intermediary received, on behalf of another person, an amount or other asset representing a relevant distribution made by a company resident in the State in the year of assessment to which the return refers,

(c) the amount of each such relevant distribution,

(d) the name and address of each person to whom such a relevant distribution, or an amount or other asset representing such a relevant distribution, has been given by the qualifying intermediary,

(e) the name and address of each person referred to in paragraph (d) in respect of whom a declaration under section 172C(2) or 172D(3) has been received by the qualifying intermediary, and

(f) where subsection (3)(d) applies in relation to the qualifying intermediary, the information given to the qualifying intermediary by specified intermediaries in accordance with subsection (3)(e)(vi).

(8) Subject to subsection (9), every return by a qualifying intermediary under subsection (7) shall be made, not later than the 21st day of May following the year of assessment to which the return refers, in an electronic format approved by the Revenue Commissioners and shall be accompanied by a declaration made by the qualifying intermediary, on a form prescribed or authorised for that purpose by the Revenue Commissioners, to the effect that the return is correct and complete.

(9) Where the Revenue Commissioners are satisfied that a qualifying intermediary does not have the facilities to make a return under subsection (7) in the format referred to in subsection (8), the return shall be made in writing in a form prescribed or authorised by the Revenue Commissioners and shall be accompanied by a declaration made by the qualifying intermediary, on a form prescribed or authorised for that purpose by the Revenue Commissioners, to the effect that the return is correct and complete.

Authorised withholding agent.

172G.—(1) Subject to section 172H, section 172B shall not apply where a company resident in the State makes a relevant distribution to an authorised withholding agent for the benefit of a person beneficially entitled to the relevant distribution, not being the authorised withholding agent.

(2) For the purposes of this Chapter, a person shall be an authorised withholding agent in relation to relevant distributions to be made to the person by a company resident in the State if the person is an intermediary who—

(a) (i) is resident in the State, or

(ii) if not resident in the State, is, by virtue of the law of a relevant territory, resident for the purposes of tax in the relevant territory, and carries on through a branch or agency in the State a trade which consists of or includes the receipt of relevant distributions from a company or companies resident in the State on behalf of other persons,

(b) has entered into an authorised withholding agent agreement with the Revenue Commissioners, and

(c) has been authorised by the Revenue Commissioners, by way of notice in writing, to be an authorised withholding agent in relation to relevant distributions to be made to the person by companies resident in the State for the benefit of other persons who are beneficially entitled to the relevant distributions, which authorisation has not been revoked under subsection (6).

(3) An authorised withholding agent agreement shall be an agreement entered into between the Revenue Commissioners and an intermediary under the terms of which the intermediary undertakes—

(a) to accept any declarations and notifications made or given to the intermediary in accordance with this Chapter and to retain such declarations and notifications for a period of not less than 6 years,

(b) to make all such declarations and notifications available for inspection by the Revenue Commissioners when requested to do so by notice in writing from the Commissioners,

(c) to inform the Revenue Commissioners if the intermediary has reasonable grounds to believe that any such declaration or notification made or given by any person was not, or may not have been, a true and correct declaration or notification at the time of the making of the declaration or the giving of the notification, as the case may be,

(d) to inform the Revenue Commissioners if the intermediary has at any time reasonable grounds to believe that any such declaration made by any person would not, or might not, be a true and correct declaration if made at that time,

(e) to operate the provisions of section 172H in a correct and efficient manner,

(f) to provide to the Collector-General the return referred to in section 172K(1), and to pay to the Collector-General any dividend withholding tax required to be included in such a return, within the time specified in that behalf in that section,

(g) to provide to the Revenue Commissioners an annual report on the intermediary's compliance with the agreement, which report shall be signed by—

(i) if the intermediary is a company, the auditor of the company, or

(ii) if the intermediary is not a company, a person who, if the intermediary were a company, would be qualified to be appointed auditor of the company,

and

(h) to allow for the verification by the Revenue Commissioners of the intermediary's compliance with the agreement and the provisions of this Chapter in any other manner considered necessary by the Commissioners.

(4) The Revenue Commissioners shall not authorise an intermediary to be an authorised withholding agent unless the intermediary—

(a) is a company which holds a licence granted under section 9 of the Central Bank Act, 1971 , or a person who holds a licence or other similar authorisation under the law of any relevant territory which corresponds to that section,

(b) is a person who is wholly owned by a company or person referred to in paragraph (a),

(c) is a member of the Irish Stock Exchange Limited or of a recognised stock exchange in a relevant territory, or

(d) is in the opinion of the Revenue Commissioners a person suitable to be an authorised withholding agent for the purposes of this Chapter.

(5) The Revenue Commissioners shall maintain a list of intermediaries who have been authorised by the Commissioners to be authorised withholding agents for the purposes of this Chapter and whose authorisations have not been revoked under subsection (6), and, notwithstanding any obligation as to secrecy or other restriction upon disclosure of information imposed by or under any statute or otherwise, the Revenue Commissioners may make available to any person the name and address of any such authorised withholding agent.

(6) Where, at any time after the Revenue Commissioners have authorised an intermediary to be an authorised withholding agent for the purposes of this Chapter, the Commissioners are satisfied that the intermediary—

(a) has failed to comply with the agreement referred to in subsection (3) or the provisions of this Chapter, or

(b) is otherwise unsuitable to be an authorised withholding agent,

they may, by notice in writing served by registered post on the intermediary, revoke the authorisation with effect from such date as may be specified in the notice.

(7) Notice of a revocation under subsection (6) shall be published as soon as may be in Iris Oifigiúil.

Obligations of authorised withholding agent in relation to relevant distributions.

172H.—(1) An authorised withholding agent which is to receive, on behalf of other persons, any relevant distributions to be made to it by any company resident in the State shall notify that company, by way of notice in writing, that it is an authorised withholding agent in relation to those distributions.

(2) Where an authorised withholding agent receives, on behalf of another person, a relevant distribution from a company resident in the State, and gives that distribution, or an amount or other asset representing that distribution, to that other person, this Chapter shall apply, with any necessary modifications, as if—

(a) the authorised withholding agent were the company which made the distribution, and

(b) the giving by the authorised withholding agent of the relevant distribution, or an amount or other asset representing that distribution, to that other person were the making of the relevant distribution by the authorised withholding agent to that other person at the time of the making of the relevant distribution to the authorised withholding agent by the company.

and accordingly, except where otherwise provided by this Chapter, section 172B shall apply in relation to that relevant distribution and the authorised withholding agent shall be obliged to pay and account for the dividend withholding tax (if any) due in relation to the relevant distribution.

(3) Where at any time a company resident in the State makes a relevant distribution to a person and, apart from this subsection, the relevant distribution would be treated as being made to an authorised withholding agent for the benefit of another person, the distribution shall be treated as if it were not made to the authorised withholding agent for the benefit of that other person unless, at or before that time, the authorised withholding agent has notified the company in accordance with subsection (1) that it is an authorised withholding agent in relation to the relevant distribution, and accordingly, in the absence of such a notification, section 172B shall apply in relation to the relevant distribution.

Statement to be given to recipients of relevant distributions.

172I.—(1) Every person (in this section referred to as ‘the payer’) who makes, or who (being an authorised withholding agent) is treated as making, a relevant distribution shall, at the time of the making of the relevent distribution or, in the case of an authorised withholding agent, at the time of the giving by the authorised withholding agent of the relevant distribution, or an amount or other asset representing that distribution, to another person, give the recipient of the relevant distribution or, as the case may be, that other person a statement in writing showing—

(a) the name and address of the payer and, if the payer is not the company making the relevant distribution, the name and address of that company,

(b) the name and address of the person to whom the relevant distribution is made,

(c) the date the relevant distribution is made,

(d) the amount of the relevant distribution, and

(e) the amount of the dividend withholding tax (if any) deducted in relation to the relevant distribution.

(2) The requirements of subsection (1) shall be satisfied by the inclusion of the information referred to in that subsection in a statement in writing made in relation to the distribution in accordance with section 152(1).

(3) Where a person fails to comply with any of the provisions of subsection (1), subsection (2) of section 152 shall apply as it applies where a company fails to comply with any of the provisions of subsection (1) of that section.

Credit for, or repayment of, dividend withholding tax borne.

172J.—(1) Where, in relation to any year of assessment, a person is within the charge to income tax and has borne dividend withholding tax in relation to a relevant distribution to which the person is beneficially entitled which tax is referable to that year of assessment, the person may claim to have that dividend withholding tax set against income tax chargeable for that year of assessment and, where that dividend withholding tax exceeds such income tax, to have the excess refunded to the person.

(2) Where, in relation to any year of assessment, a person is not within the charge to income tax and has borne dividend withholding tax in relation to a relevant distribution to which the person is beneficially entitled which tax is referable to that year of assessment, the person may claim to have the amount of that dividend withholding tax refunded to the person.

(3) Where a person has borne dividend withholding tax in relation to a relevant distribution to which the person is beneficially entitled, and the person—

(a) is a non-liable person in relation to the relevant distribution, or

(b) would have been a non-liable person in relation to the relevant distribution if the requirement for the person to make the appropriate declaration referred to in Schedule 2A had not been necessary,

the person may claim to have the amount of that dividend withholding tax refunded to the person.

(4) A person making a claim under this section shall furnish, in respect of each amount of dividend withholding tax to which the claim relates, the statement in writing given to the person in accordance with section 172I(1) by the person who made, or who (being an authorised withholding agent) was treated as making, the relevant distribution in relation to which the dividend withholding tax was deducted.

(5) The Revenue Commissioners shall not authorise the setting-off of dividend withholding tax against income tax chargeable on a person for a year of assessment, or pay a refund of dividend withholding tax to a person, unless the Commissioners receive such evidence as they consider necessary that the person is entitled to that setting-off or refund.

Returns, payment and collection of dividend withholding tax.

172K.—(1) Any person (in this section referred to as ‘the accountable person’), being a company resident in the State which makes, or an authorised withholding agent who is treated under section 172H as making, any relevant distributions to specified persons in any month shall, within 14 days of the end of that month, make a return to the Collector-General which shall contain details of—

(a) the name and tax reference number of the company which actually made the relevant distributions,

(b) if different from the company which actually made the relevant distributions, the name of the accountable person, being an authorised withholding agent, in relation to those distributions,

(c) the name and address of each person to whom a relevant distribution was made or, as the case may be, was treated as being made by the accountable person in the month to which the return refers,

(d) the date on which the relevant distribution was made to that person,

(e) the amount of the relevant distribution made to that person,

(f) the amount of the dividend withholding tax (if any) in relation to the relevant distribution deducted by the accountable person or, as the case may be, the amount (if any) to be paid to the Collector-General by the accountable person in relation to that distribution as if it were a deduction of dividend withholding tax, and

(g) the aggregate of the amounts referred to in paragraph (f) in relation to all relevant distributions made or treated under section 172H as being made by the accountable person to specified persons in the month to which the return refers.

(2) Dividend withholding tax which is required to be included in a return under subsection (1) shall be due at the time by which the return is to be made and shall be paid by the accountable person to the Collector-General, and the dividend withholding tax so due shall be payable by the accountable person without the making of an assessment, but dividend withholding tax which has become so due may be assessed on the accountable person (whether or not it has been paid when the assessment is made) if that tax or any part of it is not paid on or before the due date.

(3) Where it appears to the inspector that there is any amount of dividend withholding tax in relation to a relevant distribution which ought to have been but has not been included in a return under subsection (2), or where the inspector is dissatisfied with any such return, the inspector may make an assessment on the accountable person in relation to the relevant distribution to the best of the inspector's judgment, and any amount of dividend withholding tax in relation to a relevant distribution due under an assessment made by virtue of this subsection shall be treated for the purposes of interest on unpaid tax as having been payable at the time when it would have been payable if a correct return under subsection (1) had been made.

(4) Where any item has been incorrectly included in a return under subsection (1) as a relevant distribution in relation to which dividend withholding tax is required to be deducted, the inspector may make such assessments, adjustments or set-offs as may in his or her judgment be required for securing that the resulting liabilities to tax, including interest on unpaid tax, whether of the accountable person in relation to the relevant distribution or any other person, are in so far as possible the same as they would have been if the item had not been so included.

(5) Any dividend withholding tax assessed on an accountable person under this Chapter shall be due within one month after the issue of the notice of assessment (unless that tax is due earlier under subsection (2)) subject to any appeal against the assessment, but no such appeal shall affect the date when any amount is due under subsection (2).

(6) (a) The provisions of the Income Tax Acts relating to—

(i) assessments to income tax,

(ii) appeals against such assessments (including the rehearing of appeals and the statement of a case for the opinion of the High Court), and

(iii) the collection and recovery of income tax,

shall, in so far as they are applicable, apply to the assessment, collection and recovery of dividend withholding tax.

(b) Any amount of dividend withholding tax payable in accordance with this Chapter without the making of an assessment shall carry interest at the rate of 1 per cent for each month or part of a month from the date when the amount becomes due and payable until payment.

(c) Subsections (2) to (4) of section 1080 shall apply in relation to interest payable under paragraph (b) as they apply in relation to interest payable under section 1080.

(d) In its application to any dividend withholding tax charged by any assessment made in accordance with this Chapter, section 1080 shall apply as if subsection (1)(b) of that section were deleted.

(7) Subject to subsection (8), every return by an accountable person under subsection (1) shall be made in an electronic format approved by the Revenue Commissioners and shall be accompanied by a declaration made by the accountable person, on a form prescribed or authorised for that purpose by the Revenue Commissioners, to the effect that the return is correct and complete.

(8) Where the Revenue Commissioners are satisfied that an accountable person does not have the facilities to make a return under subsection (1) in the format referred to in subsection (7), the return shall be made in writing in a form prescribed or authorised by the Revenue Commissioners and shall be accompanied by a declaration made by the accountable person, on a form prescribed or authorised for that purpose by the Revenue Commissioners, to the effect that the return is correct and complete.

Reporting of distributions made under stapled stock arrangements.

172L.—(1) For the purposes of this section, a distribution made to a person by a company which is not resident in the State (in this section referred to as ‘the non-resident company’) shall be treated as made under a stapled stock arrangement where—

(a) the person has, under any agreement, arrangement or understanding, whether made or entered into on, before or after the 6th day of April, 1999, exercised a right, whether directly or through a nominee or other person acting on behalf of the person, to receive distributions from the non-resident company instead of receiving relevant distributions from a company resident in the State (in this section referred to as ‘the resident company’), and

(b) that right has not been revoked.

(2) Where on or after the 6th day of April, 1999, the non-resident company makes distributions to persons under a stapled stock arrangement, the resident company shall, within 14 days of the end of each month in which those distributions were made, make a return to the Revenue Commissioners which shall contain details of—

(a) the name and tax reference number of the resident company,

(b) the name and address of the non-resident company which made those distributions,

(c) the name and address of each person to whom such a distribution was made in the month to which the return refers,

(d) the date on which such distribution was made to that person, and

(e) the amount of such distribution made to that person.

(3) Subject to subsection (4), every return by a company under subsection (2) shall be made in an electronic format approved by the Revenue Commissioners and shall be accompanied by a declaration made by the company, on a form prescribed or authorised for that purpose by the Revenue Commissioners, to the effect that the return is correct and complete.

(4) Where the Revenue Commissioners are satisfied that a company does not have the facilities to make a return under subsection (2) in the format referred to in subsection (3), the return shall be made in writing in a form prescribed or authorised by the Revenue Commissioners and shall be accompanied by a declaration made by the company, on a form prescribed or authorised for that purpose by the Revenue Commissioners, to the effect that the return is correct and complete.

Delegation of powers and functions of Revenue Commissioners.

172M.—The Revenue Commissioners may nominate any of their officers to perform any acts and discharge any functions authorised by this Chapter or Schedule 2A to be performed or discharged by the Revenue Commissioners.”,

“Section 172A.

SCHEDULE 2A

DIVIDEND WITHHOLDING TAX

Interpretation

1. In this Schedule—

‘appropriate person’, in relation to a pension scheme, means—

(a) in the case of an exempt approved scheme (within the meaning of section 774), the administrator (within the meaning of section 770) of the scheme,

(b) in the case of a retirement annuity contract to which section 784 or 785 applies, the person lawfully carrying on in the State the business of granting annuities on human life with whom the contract is made, and

(c) in the case of a trust scheme to which section 784 or 785 applies, the trustees of the trust scheme;

‘beneficiary’, in relation to a trust, means any person (in this definition referred to as ‘the first-mentioned person’) who, directly or indirectly, is beneficially entitled under the trust, or may, through the exercise of any power or powers conferred on any person or persons, reasonably expect to become so beneficially entitled, to income or capital or to have any income or capital applied for the first-mentioned person's benefit or to receive any other benefit;

‘settlor’, in relation to a trust, includes any person who has provided or undertaken to provide assets or income directly or indirectly for the purposes of the trust;

‘trust’ means any trust, disposition, settlement, covenant, agreement or arrangement established, made or entered into by one or more than one settlor, whereby—

(a) assets, which may or may not change from time to time in the course of the management of the trust, or

(b) income, the sources and nature of which may or may not also so change from time to time,

beneficially owned by the settlor or settlors are or is vested in a person or persons (in this Schedule referred to as the ‘trustee’ or ‘trustees’) to be—

(i) either or both held and managed for,

(ii) paid over to, or

(iii) applied for,

the benefit of any beneficiary or beneficiaries, but does not include a pension fund, charity or undertaking for collective investment in transferable securities which is established or regulated under the law of any relevant territory.

Currency of certain certificates

2. A certificate referred to in paragraph 8(f) or subparagraph (f) or (g) of paragraph 9 shall be treated as a current certificate for the period from the date of the issue of the certificate to the 31st day of December in the fifth year following the year in which the certificate was issued.

Declaration to be made by company resident in the State

3. The declaration referred to in section 172C(2)(a) shall be a declaration in writing to the relevant person in relation to the relevant distributions which—

(a) is made by the person (in this paragraph referred to as ‘the declarer’) beneficially entitled to the relevant distributions in respect of which the declaration is made,

(b) is signed by the declarer,

(c) is made in such form as may be prescribed or authorised by the Revenue Commissioners,

(d) declares that, at the time when the declaration is made, the person beneficially entitled to the relevant distributions is a company resident in the State,

(e) contains the name and tax reference number of the company,

(f) contains an undertaking by the declarer that, if the person mentioned in subparagraph (d) ceases to be an excluded person, the declarer will, by notice in writing, advise the relevant person in relation to the relevant distributions accordingly, and

(g) contains such other information as the Revenue Commissioners may reasonably require for the purposes of Chapter 8A of Part 6.

Declaration to be made by pension scheme

4. The declaration referred to in section 172C(2)(b) shall be a declaration in writing to the relevant person in relation to the relevant distributions which—

(a) is made by the person (in this paragraph referred to as ‘the declarer’) beneficially entitled to the relevant distributions in respect of which the declaration is made,

(b) is signed by the declarer,

(c) is made in such form as may be prescribed or authorised by the Revenue Commissioners,

(d) declares that, at the time when the declaration is made, the person beneficially entitled to the relevant distributions is a pension scheme,

(e) contains the name and tax reference number of the pension scheme,

(f) contains a certificate by the appropriate person in relation to the pension scheme that, to the best of that person's knowledge and belief, the declaration made in accordance with subparagraph (d) and the information furnished in accordance with subparagraph (e) are true and correct,

(g) contains an undertaking by the declarer that, if the person mentioned in subparagraph (d) ceases to be an excluded person, the declarer will, by notice in writing, advise the relevant person in relation to the relevant distributions accordingly, and

(h) contains such other information as the Revenue Commissioners may reasonably require for the purposes of Chapter 8A of Part 6.

Declaration to be made by qualifying employee share ownership trust

5. The declaration referred to in section 172C(2)(c) shall be a declaration in writing to the relevant person in relation to the relevant distributions which—

(a) is made by the person (in this paragraph referred to as ‘the declarer’) beneficially entitled to the relevant distributions in respect of which the declaration is made,

(b) is signed by the declarer,

(c) is made in such form as may be prescribed or authorised by the Revenue Commissioners,

(d) declares that, at the time when the declaration is made, the person beneficially entitled to the relevant distributions is a qualifying employee share ownership trust,

(e) contains the name and address of that person,

(f) contains a statement that at the time when the declaration is made the relevant distributions in respect of which the declaration is made will form part of the income of the qualifying employee share ownership trust and will be applied in accordance with the provisions of paragraph 13 of Schedule 12,

(g) contains an undertaking by the declarer that, if the person mentioned in subparagraph (d) ceases to be an excluded person, the declarer will, by notice in writing, advise the relevant person in relation to the relevant distributions accordingly, and

(h) contains such other information as the Revenue Commissioners may reasonably require for the purposes of Chapter 8A of Part 6.

Declaration to be made by collective investment undertaking

6. The declaration referred to in section 172C(2)(d) shall be a declaration in writing to the relevant person in relation to the relevant distributions which—

(a) is made by the person (in this paragraph referred to as ‘the declarer’) beneficially entitled to the relevant distributions in respect of which the declaration is made,

(b) is signed by the declarer,

(c) is made in such form as may be prescribed or authorised by the Revenue Commissioners,

(d) declares that, at the time when the declaration is made, the person beneficially entitled to the relevant distributions is a collective investment undertaking,

(e) contains the name and tax reference number of the collective investment undertaking,

(f) contains an undertaking by the declarer that, if the person mentioned in subparagraph (d) ceases to be an excluded person, the declarer will, by notice in writing, advise the relevant person in relation to the relevant distributions accordingly, and

(g) contains such other information as the Revenue Commissioners may reasonably require for the purposes of Chapter 8A of Part 6.

Declaration to be made by charity

7. The declaration referred to in section 172C(2)(e)(ii) shall be a declaration in writing to the relevant person in relation to the relevant distributions which—

(a) is made by the person (in this paragraph referred to as ‘the declarer’) beneficially entitled to the relevant distributions in respect of which the declaration is made,

(b) is signed by the declarer,

(c) is made in such form as may be prescribed or authorised by the Revenue Commissioners,

(d) declares that, at the time when the declaration is made, the person beneficially entitled to the relevant distributions is a person referred to in section 172C(2 (e)(i),

(e) contains the name and address of that person,

(f) contains a statement that at the time when the declaration is made the relevant distributions in respect of which the declaration is made will be applied to charitable purposes only and—

(i) form part of the income of a body of persons or trust treated by the Revenue Commissioners as a body or trust established for charitable purposes only, or

(ii) are, according to the rules or regulations established by statute, charter, decree, deed of trust or will, applicable to charitable purposes only and are so treated by the Revenue Commissioners,

(g) contains an undertaking by the declarer that, if the person mentioned in subparagraph (d) ceases to be an excluded person, the declarer will, by notice in writing, advise the relevant person in relation to the relevant distributions accordingly, and

(h) contains such other information as the Revenue Commissioners may reasonably require for the purposes of Chapter 8A of Part 6.

Declaration to be made by qualifying non-resident person, not being a company

8. The declaration referred to in section 172D(3)(a)(iii) shall be a declaration in writing to the relevant person in relation to the relevant distributions which—

(a) is made by the person (in this paragraph referred to as ‘the declarer’) beneficially entitled to the relevant distributions in respect of which the declaration is made,

(b) is signed by the declarer,

(c) is made in such form as may be prescribed or authorised by the Revenue Commissioners,

(d) declares that, at the time when the declaration is made, the person beneficially entitled to the relevant distributions is a qualifying non-resident person,

(e) contains the name and address of that person,

(f) is accompanied by a certificate given by the tax authority of the relevant territory in which the person is, by virtue of the law of that territory, resident for the purposes of tax certifying that the person is so resident in that territory,

(g) in the case where the relevant distributions (or amounts or other assets representing such distributions) are to be received by a trust, is accompanied by—

(i) a certificate signed by the trustee or trustees of the trust which shall show the name and address of—

(I) the settlor or settlors in relation to the trust, and

(II) the beneficiary or beneficiaries in relation to the trust,

and

(ii) a certificate from the Revenue Commissioners certifying that the certificate referred to in clause (i) has been furnished to the Revenue Commissioners and that they are satisfied that that certificate is true and correct,

(h) contains an undertaking by the declarer that, if the person mentioned in subparagraph (d) ceases to be a qualifying non-resident person, the declarer will, by notice in writing, advise the relevant person in relation to the relevant distributions accordingly, and

(i) contains such other information as the Revenue Commissioners may reasonably require for the purposes of Chapter 8A of Part 6.

Declaration to be made by qualifying non-resident person, being a company

9. The declaration referred to in section 172D(3)(b) shall be a declaration in writing to the relevant person in relation to the relevant distributions which—

(a) is made by the person (in this paragraph referred to as ‘the declarer’) beneficially entitled to the relevant distributions in respect of which the declaration is made,

(b) is signed by the declarer,

(c) is made in such form as may be prescribed or authorised by the Revenue Commissioners,

(d) declares that, at the time when the declaration is made, the person beneficially entitled to the relevant distributions is a company which is a qualifying non-resident person,

(e) contains—

(i) the name and address of that company, and

(ii) the name of the territory in which the company is resident for the purposes of tax,

(f) is accompanied by a certificate signed by the auditor of the company certifying that the company is a company which is not resident in the State and—

(i) is under the control (within the meaning of section 172D(4)(a)), whether directly or indirectly, of a person or persons who, by virtue of the law of a relevant territory, is or are resident for the purposes of tax in such a relevant territory and who is or are, as the case may be, not under the control (within the meaning of section 172D(4)(b)), whether directly or indirectly, of a person who is, or persons who are, not so resident, or

(ii) the principal class of the shares of—

(I) the company, or

(II) another company of which the company is a 75 per cent subsidiary (within the meaning of section 172D(5)),

is substantially and regularly traded on a recognised stock exchange in a relevant territory or territories or on such other stock exchange as may be approved of by the Minister for Finance for the purposes of Chapter 8A of Part 6,

(g) is accompanied by a certificate from the Revenue Commissioners certifying that the certificate referred to in subparagraph (f) has been furnished to the Revenue Commissioners and that they are satisfied that that certificate is true and correct,

(h) contains an undertaking by the declarer that, if the person mentioned in subparagraph (d) ceases to be a qualifying non-resident person, the declarer will, by notice in writing, advise the relevant person in relation to the relevant distributions accordingly, and

(i) contains such other information as the Revenue Commissioners may reasonably require for the purposes of Chapter 8A of Part 6.”,

“Construction of references to oaths, etc.

1096A.—(1) Without prejudice to any express provision made elsewhere in those Acts in that behalf, references in the Tax Acts and the Capital

Gains Tax Acts to an oath shall, in the case of persons for the time being allowed by law to affirm instead of swearing, be construed as including references to an affirmation, and references in those Acts to the administration, taking or swearing of an oath shall be construed accordingly.

(2) In subsection (1) ‘law’ includes the Oaths Act, 1888, and, without prejudice to their application by virtue of any other provision of the Tax Acts or the Capital Gains Tax Acts, the Oaths Act, 1888, and every other enactment for the time being in force authorising an oath to be taken or an affirmation to be made in any particular manner, shall apply to an oath required to be taken or an affirmation required to be made by the Tax Acts or the Capital Gains Tax Acts.”.

“Securitisation of assets.

110.—(1) In this section—

‘initial period’ in relation to any one originator or original lender means the 3 month period commencing on the day on which any qualifying assets were first acquired from that originator or original lender, as the case may be;

‘original lender’ means any government, public or local authority, company or other body corporate;

‘originator’ means an original lender who is not resident in the State;

‘qualified company’ has the same meaning as in section 446;

‘qualifying asset’ in relation to a company means—

(a) in a case where the company is a qualified company, an asset of an originator which the qualified company acquired directly or indirectly from the originator other than an asset which was created, acquired or held by or in connection with a branch or agency through which the originator carries on a trade in the State, and

(b) in any other case, an asset of an original lender which the company acquired directly or indirectly from the original lender,

where the asset—

(i) in a case where paragraph (a) applies, consists of, or of an interest in or a contractual right to, any loan, lease, trade or consumer receivable or other debt or receivable whether secured or unsecured,

(ii) and in the case of a company to which paragraph (b) applies, consists of, or of an interest in any financial asset (within the meaning of section 496);

‘qualifying company’ means a company—

(a) which is resident in the State,

(b) which carries on in the State a business of management of qualifying assets,

(c) which, apart from activities ancillary to that business, carries on no other activities in the State, and

(d) in relation to which the market value throughout the initial period of all qualifying assets acquired from any one originator or original lender, as the case may be, is not less than £10,000,000,

but a company shall not be a qualifying company if any transaction is carried out by it otherwise than by way of a bargain made at arm's length.

(2) For the purposes of the Tax Acts in relation to activities carried out in the course of a business carried on by—

(a) a qualifying company which is a qualified company—

(i) such activities shall be deemed to be activities carried out in the course of a trade, the profits or gains of which are chargeable to tax under Case I of Schedule D,

(ii) there shall be deducted as an expense of the trade the amount in so far as it is not—

(I) otherwise deductible, or

(II) recoverable from the originator, or under any insurance, contract of indemnity or otherwise howsoever,

of any debt which is proved to the satisfaction of the inspector to be bad and of a doubtful debt to the extent that it is estimated to be bad, and

(iii) where at any time an amount or part of an amount which has been deducted as an expense under subparagraph (ii) is recovered or is no longer estimated to be bad, the amount which has been so deducted shall, in so far as it is recovered or is no longer estimated to be bad, be treated as trading income of the trade at that time, and

(b) any other qualifying company—

(i) profits arising from such activities shall, notwithstanding any other provisions of the Tax Acts, be treated as annual profits or gains within Schedule D and shall be chargeable to corporation tax under Case III of that Schedule, and for that purpose shall be computed in accordance with the provisions applicable to Case I of that Schedule,

(ii) there shall be deducted, in computing the amount of the profits to be charged to tax the amount, in so far as it is not—

(I) otherwise deductible, or

(II) recoverable from the original lender or under any insurance, contract of indemnity or otherwise howsoever,

of any debt which is proved to the satisfaction of the inspector to be bad and of a doubtful debt to the extent that it is estimated to be bad; but the amount of the debt shall not be deducted under this paragraph unless it would have been deductible as an expense of the trade of the original lender, where the original lender is a company or other body corporate, if that debt had been proved or estimated to be bad before it was acquired by the qualifying company, and

(iii) where at any time an amount or part of an amount which has been deducted as an expense under subparagraph (ii) is recovered or is no longer estimated to be bad, the amount which has been deducted shall, in so far as it is recovered or no longer estimated to be bad, be treated as income of the qualifying company at that time.”.

“Relief for gifts to the Scientific and Technological Education (Investment) Fund.

485B.—(1) In this section—

‘Minister’ means the Minister for Education and Science;

‘relevant gift’ means a gift of money which—

(a) on or after the 6th day of April, 1998, is made to STEIF,

(b) is or will be applied by STEIF solely for the purposes for which the fund was established, and

(c) apart from this section is not deductible in computing for the purposes of tax the profits or gains of a trade or profession, or is not income to which section 792 applies or is not a gift of money to which section 484 applies;

‘STEIF’ means the Scientific and Technological Education (Investment) Fund established under the Scientific and Technological Education (Investment) Fund Act, 1997 (as amended by the Scientific and Technological Education (Investment) Fund (Amendment) Act, 1998 ).

(2) Where it is proved to the satisfaction of the Revenue Commissioners that a person has made a relevant gift and the person claims relief from tax by reference to that gift, subsection (5) or, as the case may be, subsection (6) shall apply.

(3) Where a relevant gift is made by a chargeable person within the meaning of Part 41, a claim under this section shall be made with the return required to be delivered by that person under section 951 for the chargeable period in which the gift is made.

(4) In determining the net amount of the relevant gift for the purposes of subsection (5) or subsection (6), the amount or value of any consideration received by the person concerned as a result of making the gift, whether received directly or indirectly from STEIF or otherwise, shall be deducted from the gift.

(5) For the purposes of income tax for the year of assessment in which a person makes a relevant gift to which this section applies, the net amount of the gift shall be deducted from or set off against any income of the person chargeable to income tax for that year and tax shall where necessary be discharged or repaid accordingly, and the total income of the person or, where the person's spouse is assessed to income tax in accordance with section 1017, the total income of the spouse shall be calculated accordingly.

(6) Where a relevant gift is made by a company, the net amount of the gift shall, for the purposes of corporation tax, be deemed to be a loss incurred by the company in a separate trade in the accounting period of the company in which the gift is made.

(7) Relief under this section shall not be given to a person for any year of assessment or accounting period, as the case may be, if the net amount of the gift (or the aggregate of the net amount of gifts) made by such person in that year or accounting period, as the case may be, is less than £1,000.

(8) STEIF, when required to do so by notice from the Minister, shall within the time limited by the notice prepare and deliver to the Minister a return containing particulars of the aggregate amount of relevant gifts received by it in the period specified in the notice and the disposal of such gifts.

(9) For the purposes of a claim to relief under this section, STEIF shall, on acceptance of a relevant gift, give to the person making the gift a receipt which shall—

(a) contain a statement that—

(i) it is a receipt for the purposes of this section, and

(ii) the gift in respect of which the receipt is given is a relevant gift for the purposes of this section,

and

(b) show—

(i) the name and address of the person making the relevant gift,

(ii) the amount of the relevant gift in both figures and words,

(iii) the date of the relevant gift,

(iv) the date on which the receipt was issued.”.