Finance Act, 1999

Chapter 3

Dividend withholding tax

Dividend withholding tax.

27.—The Principal Act is hereby amended—

(a) in Part 6, by the insertion of the following Chapter after Chapter 8:

“Chapter 8A

Dividend withholding tax

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of as a qualifying employee share ownership trust in accordance with Schedule 12 and which approval has not been withdrawn;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.”,

(b) in section 1078(2), by the insertion of the following paragraph after paragraph (d):

“(dd) (i) fails to make any deduction of dividend withholding tax (within the meaning of Chapter 8A of Part 6) required to be made by the person under section 172B(1),

(ii) fails, having made that deduction, to pay the sum deducted to the Collector-General within the time specified in that behalf in section 172K(2),

(iii) fails to make any reduction required to be made by the person under section 172B(2),

(iv) fails, having made that reduction, to pay to the Collector-General the amount referred to in section 172B(2)(d), which amount is treated under that section as if it were a deduction of dividend withholding tax (within the meaning of Chapter 8A of Part 6), within the time specified in that behalf in section 172K(2), or

(v) fails to pay to the Collector-General, within the time specified in that behalf in section 172K(2), an amount referred to in section 172B(3)(a) which is required to be paid by the person to the Collector-General and which is treated under that section as if it were a deduction of dividend withholding tax (within the meaning of Chapter 8A of Part 6),”,

(c) by the insertion of the following Schedule after Schedule 2:

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.”,

and

(d) in Schedule 29, in column 2, by the insertion after “section 128(11)” of the following:

“section 172K(1)

 section 172L(2)”.