Finance Act, 1923

Tax on Income from foreign dividends.

10.—(1) When any interest, dividends, or other annual payments payable out of any Public Revenue other than that of Saorstát Eireann, or in respect of the stocks, funds, shares or securities of any foreign company, society, adventure or concern, are intrusted to any person in Saorstát Eireann for payment to any person in Saorstát Eireann, the Revenue Commissioners shall have power to relieve the person so intrusted with payment from the obligation to pay the tax thereon imposed on him by No. 1 of the General Rules applicable to Schedule C, and by No. 7 of the Miscellaneous Rules applicable to Schedule D of the Income Tax Act, 1918.

(2) When granting the relief aforesaid the Revenue Commissioners shall have power to prescribe any conditions which may appear to them to be necessary to ensure the assessment and payment of any tax assessable and payable in respect of such interest, dividends or other annual payments, under the provisions of the Income Tax Act, 1918, and the Acts continuing and amending the same.

(3) A letter signed by the Secretary or Assistant Secretary of the Revenue Commissioners, or the publication of a notice to that effect in the Iris Oifigiúil, stating that the Revenue Commissioners have exercised all or any of the powers hereby conferred on them, shall be sufficient evidence that they have done so.

(4) When, under the powers conferred on the Revenue Commissioners by this section, the person intrusted with the payment of the interest, dividends, or other annual payments, is relieved from payment of the tax thereon, the said tax shall be assessable and chargeable, under the appropriate case of Schedule D, on, and shall be payable by the person entitled to receive such interest, dividends, or other annual payments.

(5) There shall be added to Rule 1 of the Rules as to interest, dividends, and other annual payments, with the payment of which persons other than the Bank of England, the Bank of Ireland, and the National Debt Commissioners are intrusted under Schedule C of the Income Tax Act, 1918, the following words:—

“The aforesaid accounts shall distinguish the separate accounts of each of the persons entitled to receive such dividends, and state the name and address of each of such persons, and give particulars of the amounts payable and of the public revenue out of which each separate amount is payable.”

(6) Rule 7 of the Miscellaneous Rules applicable to Schedule D of the Income Tax Act, 1918, shall at all times hereafter be read as if at the time of the enactment of the said Rule 7 the addition made by the foregoing sub-section had been made to Rule 1 of the Rules as to interest, dividends, or other annual payments, with payment of which persons other than the Bank of England, the Bank of Ireland, and the National Debt Commissioners are intrusted.