Finance (No.2) Act 2023
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Amendment of section 895 of Principal Act (returns in relation to foreign accounts) | ||
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83. Section 895 of the Principal Act is amended— | ||
(a) in subsection (1), by the insertion of the following definitions: | ||
“ ‘specified foreign account’ means a foreign account, opened in a territory outside the State that is not a listed territory within the meaning of section 835YA, the details of which are required to be— | ||
(a) in the case of a foreign account opened in the United States of America, exchanged with the State under the Agreement (within the meaning of section 891E), | ||
(b) in the case of a foreign account opened in a jurisdiction that has entered into an agreement with the State pursuant to Article 6 of the Convention on Mutual Administrative Assistance in Tax Matters done at Strasbourg on 25 January 1988 and the Protocol amending the Convention done at Paris on 27 May 2010, exchanged with the State in accordance with the standard (within the meaning of section 891F), or | ||
(c) in the case of a foreign account opened in a Member State other than the State, communicated to the State under the Directive (within the meaning of section 891G); | ||
‘specified individual’, in respect of a year in which a specified foreign account is opened, means an individual who— | ||
(a) but for the provisions of this section, would not be a chargeable person (within the meaning of Part 41A), | ||
(b) is not an accountable person (within the meaning of section 1 of the Stamp Duties Consolidation Act 1999 ), and | ||
(c) is not accountable for the payment of gift tax or inheritance tax in accordance with section 45 of the Capital Acquisitions Tax Consolidation Act 2003 ;”, | ||
and | ||
(b) by the insertion of the following subsection after subsection (6): | ||
“(7) Subsection (6) shall not apply to a specified individual in respect of the opening of a specified foreign account.”. |