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Amendment of Part 6 of Principal Act (company distributions, tax credits, etc.)
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37. (1) Section 153 of the Principal Act is amended, in subsection (1)—
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(a) in the definition of “qualifying non-resident person”—
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(i) by the deletion of “or” before paragraph (b),
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(ii) in paragraph (b), by the substitution of “this section, or” for “this section;”, and
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(iii) by the insertion of the following paragraph after paragraph (b): “(c) a scheme referred to in section 172C(2)(bd);”,
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(b) in the definition of “relevant territory”—
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(i) in paragraph (a), by the insertion of “or an EEA state,” after “European Communities”, and
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(ii) in paragraph (b), by the insertion of “or an EEA state” after “Member State”, and
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(c) by the insertion of the following definitions:
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“ ‘EEA Agreement’ means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by all subsequent amendments to that Agreement;
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‘EEA state’ means a state which is a contracting party to the EEA Agreement;”.
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(2) Section 172A of the Principal Act is amended, in subsection (1)(a), in the definition of “relevant territory”—
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(a) in subparagraph (i), by the insertion of “or an EEA state,” after “European Communities”, and
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(b) in subparagraph (ii), by the insertion of “or an EEA state” after “Member State”.
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(3) Section 172C of the Principal Act is amended—
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(a) in subsection (2), by the insertion of the following paragraph after paragraph (bc):
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“(bd) subject to subsection (4), a scheme which—
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(i) would, if it were established in the State, be an approved scheme within the meaning of Chapter 1 of Part 30 (in this paragraph referred to as an ‘approved scheme’),
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(ii) is authorised by a country, other than an EEA state, with which the State has entered arrangements pursuant to section 826(1B) and is subject to supervisory and regulatory arrangements at least equivalent to those applied to an approved scheme in the State, and
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(iii) has made a declaration to the relevant person in relation to the relevant distribution in accordance with paragraph 13 of Schedule 2A,”,
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and
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(b) by the insertion of the following subsection after subsection (3):
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“(4) A person shall not be an excluded person under subsection (2)(bd) in relation to a distribution which is a relevant distribution to which section 817X applies.”.
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(4) Schedule 2A to the Principal Act is amended by the insertion of the following paragraph after paragraph 12:
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“Declaration to be made by an excluded person, being a non-resident pension scheme under section 172C(2)(bd)
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13. The declaration referred to in section 172C(2)(bd) shall be a declaration in writing to the relevant person in relation to the relevant distributions which—
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(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,
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(b) is signed by the declarer,
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(c) is made in such form as may be prescribed or authorised by the Revenue Commissioners,
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(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)(bd),
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(e) contains the name of the person referred to in subparagraph (d) and the country in which that person is authorised,
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(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 as income of a scheme referred to in section 172C(2)(bd),
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(g) contains an undertaking by the declarer that, if the person referred to 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
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(h) contains such other information as the Revenue Commissioners may reasonably require for the purposes of Chapter 8A of Part 6.”.
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