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“PART 36A
Special savings incentive accounts
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Interpretation.
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848B.—(1) In this Part—
‘deposit account’ means an account beneficially owned by an individual, which is—
(a) an account into which a deposit (within the meaning of section 256(1)) is made, or
(b) an account with a relevant European institution into which repayable funds are lodged;
‘investment undertaking’ has the meaning assigned to it in section 739B and ‘units in an investment undertaking’ shall be construed accordingly;
‘PPS Number’, in relation to an individual, means that individual's Personal Public Service Number within the meaning of
section 223
of the
Social Welfare (Consolidation) Act, 1993
;
‘qualifying assets’, subject to section 848G, means—
(a) deposit accounts,
(b) shares within the meaning of section 2(1) of the
Credit Union Act, 1997
,
(c) units in an investment undertaking,
(d) units in, or shares of, a relevant UCITS,
(e) relevant life assurance policies,
(f) shares issued by a company, wherever incorporated, officially listed on a recognised stock exchange, and
(g) securities issued by or on behalf of a government;
‘qualifying individual’ means an individual who at the time of opening a special savings incentive account—
(a) is 18 years of age, or older, and
(b) is resident in the State;
‘qualifying savings manager’ means—
(a) a person who is a holder of 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 other Member State of the European Communities which corresponds to a licence granted under that section,
(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) the Post Office Savings Bank,
(f) a credit union within the meaning of the
Credit Union Act, 1997
,
(g) an investment undertaking,
(h) the holder of—
(i) an authorisation issued by the Minister for Enterprise, Trade and Employment under the European Communities (Life Assurance) Regulations of 1984 (
S.I. No. 57 of 1984
), as amended, or,
(ii) an authorisation granted by the authority charged by law with the duty of supervising the activities of insurance undertakings in a Member State of the European Communities, other than the State, in accordance with Article 6 of Directive No. 79/267/EEC1
, who is carrying on the business of life assurance in the State, or
(iii) an official authorisation to undertake insurance in Iceland, Liechtenstein and Norway pursuant to the EEA Agreement within the meaning of the
European Communities (Amendment) Act, 1993
, and who is carrying on the business of life assurance in the State,
(i) a person 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,
(j) a firm approved under
section 10
of the
Investment Intermediaries Act, 1995
, which is authorised to hold client money, other than a firm authorised as a Restricted Activity Investment Product Intermediary, where the firm's authorisation permits it to engage in the proposed activities, or a business firm which has been authorised to provide similar investment business services under the laws of a Member State of the European Communities which correspond to that Act, or
(k) the Minister for Finance, acting through the Agency (within the meaning of section (1) of the
National Treasury Management Agency Act, 1990
);
‘relevant European institution’ means an institution which is a credit institution (within the meaning of the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 (
S.I. No. 395 of 1992
)) which has been authorised by the Central Bank of Ireland to carry on business of a credit institution in accordance with the provisions of the supervisory enactments (within the meaning of those Regulations);
‘relevant UCITS’ means a UCITS situated in a Member State of the European Communities, other than the State, which has been authorised by the competent authorities of the Member State in which it is situated;
‘relevant life assurance policy’ means a policy of assurance which satisfies the conditions specified in subsection (3);
‘special savings incentive account’ has the meaning assigned to it in section 848C;
‘tax credit’, in relation to a subscription, has the meaning assigned to it in section 848D(1);
‘UCITS’ means undertakings for collective investment in transferable securities within the meaning of Article 1 of Council Directive 85/6112
and references to—
(a) ‘the Member State in which UCITS is situated’
and
(b) a UCITS which has been ‘authorised by the competent authorities of the Member State in which it is situated’,
shall have the same meanings as in Articles 3 and 4 respectively of that Directive;
‘units in, or shares of, a relevant UCITS’ means the rights or interests (however described) of the holder of units or shares in that relevant UCITS.
(2) Nothing in this Part shall be construed as authorising or permitting a person who is a qualifying savings manager to provide any services which that person would not otherwise be authorised or permitted to provide in the State.
(3) The conditions referred to in the definition of ‘relevant life assurance policy’ in subsection (1) are that the policy of assurance is on the life of a person who beneficially owns the policy, and that the terms and conditions of the policy provide—
(a) for an express prohibition of any transfer of the policy, or the rights conferred by the policy or any share or interest in the policy or rights respectively, other than the cash proceeds from the termination of the policy or a partial surrender of the rights conferred by the policy, to that person,
(b) the policy, the rights conferred by the policy and any share or interest in the policy or rights respectively, shall not be capable of assignment, other than that the proceeds on the termination of the policy (other than on the death of the policyholder) may be transferred from a qualifying savings manager to another qualifying savings manager in accordance with the provisions of this Part, and
(c) the policy is not issued in the course of annuity business or pension business, within the meaning of section 706.
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Special savings incentive account.
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848C.—A special savings incentive account is a scheme of investment commenced on or after 1 May 2001 and on or before 30 April 2002 by a qualifying individual with a qualifying savings manager (who is registered in accordance with section 848R) under terms which include the following—
(a) apart from tax credits, in relation to subscriptions, subscribed by the qualifying savings manager under section 848E(1)(b)(ii) only the qualifying individual, or the spouse of that individual, may subscribe to the account,
(b) such subscriptions are funded by the qualifying individual, or the spouse of that individual, from funds available to either or both of them out of their own resources without recourse to borrowing, or the deferral of repayment (whether in respect of capital or interest) of sums already borrowed,
(c) subject to paragraph (d), such subscriptions, ignoring any amounts withdrawn from the account by the qualifying individual—
(i) in the month the account is commenced and in each of the 11 months immediately after that month, are of an amount agreed between the qualifying individual and the qualifying savings manager when the account is commenced, which amount shall not be less than £10, and
(ii) in any one month, do not exceed £200,
(d) such subscriptions, made in the month which is the month in which the fifth anniversary of the day of commencing the account falls, or thereafter, shall not be subscriptions for the purposes of section 848D,
(e) such subscriptions and tax credits, in relation to such subscriptions, are to be used, and used only, by the qualifying savings manager to acquire qualifying assets which—
(i) are held in the account and managed by the qualifying savings manager, and
(ii) are beneficially owned by the qualifying individual,
(f) all or any of the qualifying assets can not be assigned or otherwise pledged, as security for a loan,
(g) on commencing the account, the qualifying individual makes a declaration of a kind referred to in section 848F,
(h) for the account to be treated as maturing (otherwise than in respect of the death of the qualifying individual) in accordance with section 848H(1), the qualifying individual shall make a declaration of a kind referred to in section 848I within the period commencing 60 days before and ending 30 days after the fifth anniversary of the commencement of the account,
(i) that at the request of the qualifying individual, and within such time as shall be agreed, the account, with all rights and obligations of the parties thereto may be transferred to another qualifying savings manager in accordance with the provisions of this Part,
(j) that the qualifying savings manager will notify the qualifying individual if he or she ceases to be a qualifying savings manager, or ceases to be registered in accordance with section 848R, and
(k) that the qualifying savings manager will take reasonable measures—
(i) to establish that the PPS Number, contained in the declaration referred to in paragraph (g), made by a qualifying individual, is the PPS Number in relation to that individual, and
(ii) to ensure that the terms, provided for in this section, under which the account is commenced are and continue to be complied with, and
(l) that the qualifying savings manager will retain a copy of all material used to establish the correctness of each PPS Number contained in a declaration in accordance with paragraph (k)(i), for so long as the declaration is required to be retained under section 848R(11) and on being so required by an inspector, will make such material available for inspection.
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Tax credits.
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848D.—Where a qualifying individual, or the spouse of that individual, subscribes to a special savings incentive account—
(a) the qualifying individual shall be treated, for the purposes of the Tax Acts, as having paid a grossed up amount, which amount, after deducting income tax at the standard rate for the year of assessment 2001, leaves the amount of the subscription, and
(b) the qualifying individual shall be entitled to be credited with the amount of income tax (in this Part referred to as the ‘tax credit’, in relation to the subscription) treated as having been so deducted, in accordance with the provisions of this Part and not under any other provision of the Tax Acts.
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Payment of tax credit.
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848E.—(1) Where a qualifying individual subscribes to a special savings incentive account, and the qualifying savings manager of that account complies with the provisions of section 848P in relation to that subscription—
(a) the Revenue Commissioners shall, subject to that section, pay to the qualifying savings manager the tax credit in relation to that subscription, and
(b) that tax credit shall—
(i) be beneficially owned by the qualifying individual, and
(ii) on receipt, be immediately subscribed by the qualifying savings manager to the special savings incentive account.
(2) Subject to this Part, exemption from income tax and capital gains tax shall be allowed in respect of the income and chargeable gains arising in respect of qualifying assets held in a special savings incentive account.
(3) A deposit (within the meaning of section 256(1)) made to a deposit account which is a qualifying asset, shall not be a relevant deposit (within the meaning of that section) for the purposes of Chapter 4 of Part 8.
(4) Notwithstanding subsection (2), where in a year of assessment an individual commences a special savings incentive account, the individual is obliged to include in a return, required to be delivered by the individual under section 951, or as the case may be, section 879, in respect of that year of assessment, a statement to the effect that the individual has commenced such an account.
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Declaration on commencement.
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848F.—The declaration referred to in section 848C(g) is a declaration in writing made by the qualifying individual to the qualifying savings manager which—
(a) is made and signed by the qualifying individual,
(b) is made in such form—
(i) as may be prescribed or authorised by the Revenue Commissioners, and
(ii) which contains a reference to the offence of making a false declaration under section 848T,
(c) contains the qualifying individual's—
(i) name,
(ii) address of his or her permanent residence,
(iii) PPS Number, and
(iv) date of birth,
(d) declares at the time the declaration is made, that the qualifying individual—
(i) is resident in the State,
(ii) has not commenced another special savings incentive account,
(iii) is the person who will beneficially own the qualifying assets to be held in the account,
(iv) will subscribe to the account from funds available to him or her, or his or her spouse, from their own resources, without recourse to borrowing, or the deferral of repayment (whether in respect of capital or interest) of sums already borrowed, and
(v) will not assign or otherwise pledge qualifying assets to be held in the account as security for a loan,
and
(e) contains an undertaking that if at any time the declaration ceases to be materially correct, the qualifying individual will advise the qualifying savings manager accordingly.
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Acquisition of qualifying assets.
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848G.—(1) Qualifying assets held in a special savings incentive account, managed by a qualifying savings manager and beneficially owned by a qualifying individual may not at any time—
(a) be purchased (or otherwise acquired) by the qualifying savings manager, otherwise than—
(i) out of money which the qualifying savings manager holds in the account, and
(ii) by way of a bargain made at arm's length,
(b) be purchased from the qualifying individual or any person connected with that individual (within the meaning of section 10), or
(c) be connected with any other asset or liability of the qualifying individual or any other person connected with that individual (within the meaning of section 10) and for this purpose a qualifying asset is connected with another asset or a liability if the terms under which either asset or the liability is acquired and held would be different if the qualifying asset, the other asset or the liability, had not been acquired and held.
(2) Shares fulfil the condition as to official listing in paragraph (f) of the definition of ‘qualifying assets’ in section 848B(1) if in pursuance of a public offer, a qualifying savings manager applies for the allotment or allocation to him or her of shares in a company which are due to be admitted to such listing within 30 days of the allocation or allotment, and which, when admitted to such a listing, would be qualifying assets.
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Termination of special savings incentive account.
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848H.—(1) A special savings incentive account is treated as maturing—
(a) 30 days after the fifth anniversary of the end of the month in which a subscription was first made to the account where the qualifying individual has made a declaration of a kind referred to in section 848I, or,
(b) on the day of the death of the qualifying individual,
whichever event first occurs.
(2) A special savings incentive account is treated as ceasing, where at any time before the account is treated as maturing—
(a) any of the terms referred to in section 848C are not complied with, or
(b) the qualifying individual is neither resident nor ordinarily resident in the State.
(3) Where a special savings incentive account is treated as maturing or ceasing—
(a) the account thereafter shall not be a special savings incentive account for the purposes of section 848E, and
(b) the assets remaining in the account after having regard to all liabilities to tax on gains treated as accruing to the account under this Part shall—
(i) where the assets are shares, securities, or units in, or shares of, a relevant UCITS, be treated for the purposes of the Capital Gains Tax Acts, as having been acquired by the qualifying individual at their then market value at that time,
(ii) where the asset is a relevant life assurance policy, be treated as if it were a policy commenced at that time and in respect of which premiums in an amount equal to the market value of the policy at that time had been paid at that time, for the purposes of Chapter 5 of Part 26, and
(iii) where the asset is units in an investment undertaking, be treated as if the units had been acquired at that time, for their market value at that time, for the purposes of Chapter IA of Part 27.
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Declaration on maturity.
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848I.—The declaration referred to in section 848C(h) is a declaration in writing made by the qualifying individual to the qualifying savings manager which—
(a) is made and signed by the qualifying individual,
(b) is made in such form—
(i) as may be prescribed or authorised by the Revenue Commissioners, and
(ii) which contains a reference to the offence of making a false declaration under section 848T,
(c) contains the qualifying individual's—
(i) name,
(ii) address of his or her permanent residence,
(iii) PPS Number, and
(iv) date of birth,
(d) declares that at all times in the period from which the account was commenced until the date the declaration is made, the qualifying individual—
(i) was the beneficial owner of the qualifying assets held in the account,
(ii) had only one special savings incentive account,
(iii) was resident or ordinarily resident in the State,
(iv) subscribed to the account from funds available to the qualifying individual or his or her spouse without recourse to borrowing, or the deferral of repayment (whether of capital or interest) of sums borrowed when the account was commenced, and
(v) did not assign or otherwise pledge qualifying assets held in the account as security for a loan.
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Gain on maturity.
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848J.—(1) On the day on which a special savings incentive account is treated as maturing, a gain shall be treated as accruing on the account in an amount determined under subsection (2).
(2) The amount of the gain referred to in subsection (1) is an amount equal to the aggregate market value of all assets (including cash) held in the account on the day the account is treated as maturing, less the sum of all subscriptions (including subscriptions made by the qualifying savings manager under section 848E(1)(b)(ii)), made to the account on or before that day to the extent that they have not previously been treated, in accordance with subsection (3), as having been withdrawn from the account.
(3) For the purposes of subsection (2) where there is a withdrawal from an account, the amount withdrawn (before being reduced by any tax liability arising under this Part in respect of any gain treated as accruing to the account as a result of the withdrawal) shall be treated as a withdrawal of subscriptions to the extent that the amount withdrawn does not exceed the total amount of subscriptions (including subscriptions made by the qualifying savings manager in accordance with section 848E(1)(b)(ii)) made to the account since commencement, reduced by the amount of such subscriptions previously treated as subscriptions withdrawn from the account under this subsection.
(4) For the purposes of subsection (3) where there is a withdrawal of assets (other than cash) from an account the amount withdrawn shall be the amount which is the market value of those assets at the time of their withdrawal.
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Gain on cessation.
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848K.—(1) On the day on which a special savings incentive account is treated as ceasing, a gain shall be treated as accruing on the account in an amount determined under subsection (2).
(2) The amount of the gain referred to in subsection (1) is an amount equal to the aggregate market value of all assets (including cash) held in the account on the day the account is treated as ceasing.
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Gain on withdrawal.
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848L.—(1) Where before a special savings incentive account is treated as maturing or ceasing (as the case may be) a qualifying individual withdraws cash or other assets from the account, a gain shall be treated as accruing on the account in an amount determined under subsection (2).
(2) The amount of the gain referred to in subsection (1) is—
(a) where the withdrawal is in cash, the amount of that cash, and
(b) where the withdrawal is of assets (other than cash) an amount equal to the market value of such assets on the day of withdrawal.
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Taxation of gains.
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848M.—(1) A qualifying savings manager shall be liable to tax (in this Part referred to as ‘relevant tax’) on a gain treated under this Part as accruing to a special savings incentive account in an amount equal to 23 per cent of the amount of that gain.
(2) A qualifying savings manager who becomes liable under subsection (1) to an amount of relevant tax shall be entitled to withdraw sufficient funds from the account to which the gain is treated as accruing to satisfy that liability and the qualifying individual shall allow such withdrawal; but where there are no funds or insufficient funds available in the account out of which the qualifying savings manager may satisfy, or fully satisfy, such liability, the amount of relevant tax for which there are insufficient funds so available shall be a debt due to the qualifying savings manager from the qualifying individual.
(3) Subject to section 848P, the relevant tax in respect of a gain which in accordance with that section, 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 without the making of an assessment; but relevant tax which has become so due may be assessed on the qualifying savings 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.
(4) Where it appears to the inspector that there is any amount of relevant tax 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 savings manager to the best of his or their judgment, and any amount of relevant tax 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.
(5) (a) Any relevant tax assessed on a qualifying savings 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 (3)) subject to any appeal against the assessment, but no such appeal shall affect the date when any amount is due under subsection (3).
(b) On the determination of an appeal against an assessment under this section any relevant tax overpaid shall be repaid.
(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 relevant tax.
(b) Any amount of relevant tax payable in accordance with this Part 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.
(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 relevant 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.
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Transfer of special savings incentive account.
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848N.—(1) Where arrangements are made by a qualifying individual to transfer his or her special savings incentive account from one qualifying savings manager (in this section referred to as the ‘transferor’) to another qualifying savings manager (in this section referred to as the ‘transferee’) or the account is transferred in consequence of the transferor ceasing to act or to be a qualifying savings manager, the following provisions of this section shall apply.
(2) Where a transfer takes place under subsection (1)—
(a) all subscriptions to the special savings incentive account in so far as they have not been applied to acquire qualifying assets, and all qualifying assets in the account, must be made to a single transferee,
(b) the qualifying individual shall make a declaration of a kind referred to in section 848O to the transferee, and
(c) the transferee shall thereafter for the purposes of this Part be the qualifying savings manager of the special savings incentive account transferred.
(3) The transferor shall within 30 days after the date of transfer—
(a) give to the transferee a notice containing the information specified in subsection (4) and the declaration specified in subsection (5), and
(b) pay to the transferee the aggregate of the amounts referred to in subsection (4)(b)(vi).
(4) The information referred to in subsection (3) is—
(a) as regards the qualifying individual his or her—
(i) name,
(ii) address of permanent residence,
(iii) date of birth,
(iv) PPS Number,
and
(b) as respects the special savings incentive account transferred pursuant to this section—
(i) the date of transfer,
(ii) the date the account was commenced,
(iii) the identification of the assets held in the account,
(iv) the total of all subscriptions made to the account by the qualifying individual, or the spouse of that individual,
(v) the total of all tax credits, in relation to subscriptions, subscribed to the account,
(vi) the amount of any dividends, and other amounts payable in respect of qualifying assets held in the account and amounts of tax credits, which have not been received by the transferor at the date of transfer, and
(vii) the amount of each withdrawal from the account and the date of each such withdrawal.
(5) The declaration referred to in subsection (3) is a declaration in writing made and signed by the transferor to the effect that—
(a) the transferor has fulfilled all obligations under this Part,
(b) the transferor has transferred to the transferee all money and qualifying assets held in the account and that where registration of any such transfer is required, the transferor has taken the necessary steps to ensure that those qualifying assets can be registered in the name of the transferee, and
(c) that, to the best of the qualifying savings manager's knowledge and belief, the information contained in the notice referred to in subsection (3) is correct.
(6) Notwithstanding section 848C, where a special savings incentive account is being transferred in accordance with this section it shall not be treated as ceasing should, during the period of the transfer, the qualifying assets held in the account, temporarily cease to be managed by a qualifying savings manager, or a qualifying savings manager who is registered in accordance with section 848R.
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Declaration on transfer.
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848O.—The declaration referred to in section 848N(2)(b) is a declaration in writing made by the qualifying individual to the qualifying savings manager who is the transferee referred to in that section, which—
(a) is made and signed by the qualifying individual,
(b) is made in such form—
(i) as may be prescribed or authorised by the Revenue Commissioners, and
(ii) which contains a reference to the offence of making a false declaration under section 848T.
(c) contains the qualifying individual's—
(i) name,
(ii) address of his or her permanent residence,
(iii) PPS Number, and
(iv) date of birth,
and
(d) declares—
(i) at the time the declaration is made, that the qualifying individual—
(I) has not commenced another special savings incentive account, and
(II) is the person who beneficially owns the qualifying assets held in the account being transferred,
(ii) at the time the special savings incentive account was commenced, the qualifying individual was resident in the State,
(iii) that subscriptions to the account have been and will continue to be made from funds available to him or her, or his or her spouse, out of their own resources without recourse to borrowing, or the deferral of repayment (whether in respect of capital or interest) of sums borrowed when the account was commenced, and
(iv) has not and will not assign or otherwise pledge qualifying assets held in the account as security for a loan.
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Monthly returns.
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848P.—A qualifying savings manager who is or was registered in accordance with section 848R, shall, within 15 days of the end of every month, make a return (including, where it is the case, a nil return) to the Revenue Commissioners, which—
(a) specifies in respect of all special savings incentive accounts managed by the qualifying savings manager in that month—
(i) the aggregate amount of tax credits, in relation to the aggregate of subscriptions made to those accounts in that month,
(ii) the aggregate amount of relevant tax to which the qualifying savings manager is liable in respect of gains treated as accuring on those accounts in that month, and
(iii) the net amount (being the difference between the amounts specified in paragraphs (a) and (b)) due from or, as the case may be, to, the Revenue Commissioners,
and
(b) contains a declaration in a form prescribed or authorised by the Revenue Commissioners that, to the best of the qualifying savings manager's knowledge and belief, the information referred to in paragraph (a) is correct.
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Annual returns.
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848Q.—A qualifying savings manager who is or was registered in accordance with section 848R shall in respect of each year of assessment, on or before 28 February in the year following the year of assessment, make a return (including, where it is the case, a nil return), to the Revenue Commissioners which in respect of the year of assessment—
(a) specifies in respect of each special incentive savings account managed by the qualifying savings manager—
(i) the name of the qualifying individual,
(ii) the address of that individual's permanent residence,
(iii) the PPS Number of the individual,
(iv) the date the account was commenced,
(v) the total amount of subscriptions made by the qualifying individual, or the spouse of that individual, to the account,
(vi) the total amount of tax credits, in respect of subscriptions, subscribed to the account, and
(vii) in respect of each gain accuring on the account—
(I) the amount of relevant tax to which the qualifying savings manager has thereby become liable, and
(II) whether the gain accrued under section 848J, 848K or 848L.
and
(b) containing a declaration, in a form prescribed or authorised by the Revenue Commissioners, that to the best of the qualifying savings manager's knowledge and belief—
(i) in respect of each special savings incentive account referred to in the return, the terms referred to in section 848C have been and are being complied with, and
(ii) the information referred to in paragraph (a) and the declaration referred to in subparagraph (i) is correct.
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Registration etc.
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848R.—(1) A person can not be a qualifying savings manager unless the person is included in a register maintained by the Revenue Commissioners of persons registered in accordance with subsection (5).
(2) Where at any time a qualifying savings manager does not have a branch or business establishment in the State, or has such a branch or business establishment but does not intend to carry out all the functions as a qualifying savings manager at that branch or business establishment, the qualifying savings manager shall not be registered in accordance with subsection (5) unless the qualifying savings manager appoints for the time being a person, who—
(a) where an individual, is resident in the State, and
(b) where not an individual, has a business establishment in the State,
to be responsible for securing the discharge of the obligations which fall to be discharged by the qualifying savings manager under this Part, and advises the Revenue Commissioners of the identity of that person and the fact of that person's appointment.
(3) Where a person has been appointed in accordance with subsection (2), and subject to subsection (4) that person shall—
(a) be entitled to act on the qualifying savings manager's behalf for any of the purposes of the provisions of this Part,
(b) shall secure (where appropriate by acting on the qualifying savings manager's behalf) the qualifying savings manager's compliance with and discharge of the obligations under this Part, and
(c) shall be personally liable in respect of any failure of the qualifying savings manager to comply with or discharge any such obligations as if the obligations imposed on the qualifying savings manager were imposed jointly and severally on the qualifying savings manager and the person concerned.
(4) The appointment of a person in accordance with subsection (2) shall be treated as terminated in circumstances where—
(a) the Revenue Commissioners have reason to believe that the person concerned—
(i) has failed to secure the discharge of any of the obligations imposed on a qualifying savings manager under this Part, or
(ii) does not have adequate resources to discharge those obligations,
and
(b) the Revenue Commissioners have notified the qualifying savings manager and that person that they propose to treat the appointment of that person as having terminated with effect from the date of the notice.
(5) If the Revenue Commissioners are satisfied that an applicant for registration is entitled to be registered, they shall register the applicant with effect from such date as may be specified by them.
(6) If it appears to the Revenue Commissioners at any time that a qualifying savings manager who is registered under this section—
(a) would not be entitled to be registered if it applied for registration at that time, or
(b) has not complied with the provisions of this Part,
the Revenue Commissioners may, by written notice given to the qualifying savings manager, cancel its registration with effect from such date as may be specified in the notice.
(7) Any qualifying savings manager who is aggrieved by the failure of the Revenue Commissioners to register it or by the cancellation of its registration, may, by notice given to the Revenue Commissioners before the end of the period of 30 days beginning with the date on which the qualifying savings manager was notified of the Revenue Commissioners decision, require the matter to be determined by the Appeal Commissioners and the Appeal Commissioners shall hear and determine the matter in like manner as an appeal.
(8) A qualifying savings manager shall give notice to the Revenue Commissioners and the qualifying individuals whose special savings incentive accounts he or she manages of his or her intention to cease to act as the qualifying savings manager not less than 30 days before he or she so ceases so that his or her obligations to the Revenue Commissioners can be conveniently discharged at or about the time he or she ceases to so act, and the notice to the qualifying individuals shall inform them of their right to transfer their special savings incentive accounts under section 848N.
(9) Subject to subsection (10), every return to be made by a qualifying savings manager under section 848P and 848Q shall be made in electronic format approved by the Revenue Commissioners and shall be accompanied by a declaration made by the qualifying savings manager, in a form prescribed or authorised for that purpose by the Revenue Commissioners, to the effect that the return is correct.
(10) Where the Revenue Commissioners are satisfied that a qualifying savings manager does not have the facilities to make a return under section 848P or 848Q in the format referred to in subsection (9), such returns 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 savings manager, on a form prescribed or authorised for that purpose by the Revenue Commissioners, to the effect that the return is correct.
(11) A qualifying savings manager shall retain—
(a) in respect of each special savings incentive account which is treated as maturing, the declarations of a kind referred to in sections 848F, 848I and 848O for a period of 3 years after the date on which the account was treated as maturing, and
(b) in respect of each special savings incentive account which is treated as ceasing, the declarations of a kind referred to in sections 848F and 848O for a period of 3 years after the date on which the account was treated as ceasing,
and on being so required by notice given to him or her in writing by an inspector, make available for inspection all or any such declarations.
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Regulations.
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848S.—(1) The Revenue Commissioners shall make regulations providing generally as to the administration of this Part and those regulations may, in particular and without prejudice to the generality of the foregoing include provisions—
(a) as to the manner in which a qualifying savings manager is to register under section 848R,
(b) as to the manner in which a return is to be made under section 848P,
(c) as to the manner in which a return is to be made under section 848Q,
(d) as to the manner in which tax credits are to be paid under section 848E(1), or the net amount referred to in section 848P(a)(iii),
(e) as to the circumstances in which the Revenue Commissioners may require a qualifying savings manager 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 qualifying savings manager in relation to the operation of the provisions of this Part, and
(f) as to the manner in which a qualifying savings manager ensures compliance with the terms of special savings incentive accounts provided for in section 848C.
(2) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder.
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Offences.
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848T.—A person who makes a declaration under section 848F, section 848I, section 848O or section 848N(5) which is false, shall be guilty of an offence and shall be liable on summary conviction to a fine of £1,500, or, at the discretion of the court, to imprisonment for a term not exceeding 6 months or to both the fine and the imprisonment.
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Disclosure of information.
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848U.—Notwithstanding any obligation as to secrecy or other restriction upon disclosure of information imposed by or under statute or otherwise, where a qualifying savings manager has reasonable grounds to suspect that the terms, provided for under section 848C, under which a special savings incentive account was commenced, are not being complied with, the qualifying savings manager shall inform the Revenue Commissioners accordingly.”.
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