Finance Act 2010
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Amendment of Chapter 4 (interest payments by certain deposit takers) of Part 8 of Principal Act. |
37.— (1) Chapter 4 of Part 8 of the Principal Act is amended— | |
(a) in section 256(1) by inserting the following definition after the definition of “pension scheme”: | ||
“ ‘PRSA provider’ has the same meaning as in Part X of the Pensions Act 1990 ;”, | ||
(b) in section 256(1) in paragraph (i) of the definition of “ re levant deposit ” by deleting “or”, | ||
(c) in section 256(1) in paragraph (j) of the definition of “relevant deposit” by substituting “subsection (1B), or” for “subsection (1B);”, | ||
(d) in section 256(1) in the definition of “relevant deposit” by inserting the following after paragraph (j): | ||
“(k) which is made by, and the interest on which is beneficially owned by, a PRSA provider where the PRSA provider has provided the relevant deposit taker with the number assigned to that provider by the Revenue Commissioners;”, | ||
(e) in section 256 by inserting the following after subsection (2): | ||
“(3) As respects any specified deposits, the relevant deposit taker shall obtain the tax reference number (within the meaning of section 885) of the person making the deposit and the person making the deposit shall provide the tax reference number.”, | ||
(f) in section 258(4) by substituting the following for paragraphs (a) and (b): | ||
“(a) Notwithstanding subsection (3), a relevant deposit taker shall for each year of assessment pay an amount of appropriate tax to the Collector-General within 21 days of each of the following dates in that year of assessment— | ||
(i) 31 March, | ||
(ii) 30 June, and | ||
(iii) 30 September. | ||
(b) The amount to be paid— | ||
(i) within 21 days of 31 March as referred to in paragraph (a)(i) shall not be less than the amount of appropriate tax which would be due and payable by the relevant deposit taker for the year of assessment concerned under subsection (3) if the total amount of the relevant interest which had accrued in the period commencing on 1 January and ending on 31 March, | ||
(ii) within 21 days of 30 June as referred to in paragraph (a)(ii) shall not be less than the amount of appropriate tax which would be due and payable by the relevant deposit taker for the year of assessment concerned under subsection (3) if the total amount of the relevant interest which had accrued in the period commencing on 1 April and ending on 30 June, and | ||
(iii) within 21 days of 30 September as referred to in paragraph (a)(iii) shall not be less than the amount of appropriate tax which would be due and payable by the relevant deposit taker for the year of assessment concerned under subsection (3) if the total amount of the relevant interest which had accrued in the period commencing on 1 July and ending on 30 September, | ||
in that year of assessment on all relevant deposits held by the relevant deposit taker in that period (and no more) had been paid by it in that year of assessment.”, | ||
(g) in section 259(4) by substituting the following for paragraph (a): | ||
“(a) (i) Subject to subparagraph (ii) and notwithstanding section 258(3), a relevant deposit taker shall for each year of assessment pay to the Collector-General, within 21 days of each of the dates referred to in subparagraphs (i), (ii) and (iii) of section 258(4)(a) (each of which dates, as the case may be, is referred to in the Table to this subparagraph as the ‘relevant quarterly date’) in that year of assessment, an amount on account of appropriate tax which shall be not less than the amount determined by the formula set out in the Table to this subparagraph, and any amount on account of appropriate tax so paid by the relevant deposit taker for a year of assessment shall be treated as far as may be as a payment on account of any appropriate tax due and payable by it for that year of assessment under section 258(3). | ||
TABLE | ||
A — (B — C) | ||
3 | ||
where— | ||
A is the amount of appropriate tax which would be due and payable by the relevant deposit taker for the year of assessment (in this Table referred to as ‘the relevant year’) in accordance with section 258(3) if the total amount of the relevant interest which had accrued in the period of 12 months ending on the relevant quarterly date in the relevant year on all relevant deposits held by the relevant deposit taker in that period (and no more) had been paid by it in the relevant year, | ||
B is the amount of appropriate tax which was due and payable by the relevant deposit taker for the year of assessment preceding the relevant year in accordance with section 258(3), and | ||
C is an amount equal to the lesser of the amount at B and the amount treated, in accordance with this subsection or section 258(4), as paid by the relevant deposit taker on account of the appropriate tax due and payable by it for the year of assessment preceding the relevant year. | ||
(ii) Notwithstanding section 258(3), the aggregate of the amounts on account of appropriate tax due in accordance with subparagraphs (i) and (iii) shall not, in any event, be less than the amount determined by the formula set out in the Table to this subparagraph. | ||
TABLE | ||
A — (B — C) | ||
where— | ||
A is the amount of appropriate tax which would be due and payable by the relevant deposit taker for the year of assessment (in this Table referred to as ‘the relevant year’) in accordance with section 258(3) if the total amount of the relevant interest which had accrued in the period of 12 months ending on 30 September in the relevant year on all relevant deposits held by the relevant deposit taker in that period (and no more) had been paid by it in the relevant year, | ||
B is the amount of appropriate tax which was due and payable by the relevant deposit taker for the year of assessment preceding the relevant year in accordance with section 258(3), and | ||
C is an amount equal to the lesser of the amount at B and the amount treated, in accordance with this subsection or section 258(4), as paid by the relevant deposit taker on account of the appropriate tax due and payable by it for the year of assessment preceding the relevant year. | ||
(iii) Where, for any year of assessment the amount computed in accordance with subparagraph (ii) exceeds the aggregate of the amounts computed in accordance with subparagraph (i), and without prejudice to the obligation to pay any amount computed in accordance with subparagraph (i), that excess shall be paid by the relevant deposit taker to the Collector-General within 21 days of 30 September in that year of assessment and shall be treated as far as may be as a payment on account of any appropriate tax due and payable by it for that year of assessment under section 258(3).”, | ||
(h) in section 260(4) by substituting the following for paragraph (a): | ||
“(a) in accordance with section 258(4) or 259(4), as may be appropriate, a relevant deposit taker makes a payment on account of appropriate tax in respect of specified interest as if, in relation to each specified deposit held by it, the references— | ||
(i) in section 258(4), to each of the periods referred to in subparagraphs (i), (ii) and (iii) of paragraph (b) of section 258(4) in the year of assessment, were a reference to the period beginning on the date on which the specified deposit was made and ending on each date referred to in subparagraphs (i), (ii) and (iii) of section 258(4)(a), as the case may be, in the year of assessment, | ||
(ii) in section 259(4)(i), where it occurs in the meaning assigned to ‘A’, to the period of 12 months ending on each of the dates referred to in subparagraphs (i), (ii) and (iii) of section 258(4)(a) in the relevant year, were a reference to the period beginning on the date on which the specified deposit was made and ending on each date referred to in subparagraphs (i), (ii) and (iii) of section 258(4)(a), as the case may be, in the year of assessment, and | ||
(iii) in section 259(4)(ii), where it occurs in the meaning assigned to ‘A’, to the period of 12 months ending on 30 September in the relevant year, were a reference to the period beginning on the date on which the specified deposit was made and ending on 30 September in the year of assessment, | ||
and”, | ||
and | ||
(i) in section 262 by substituting “shall furnish to every person entitled to any relevant interest on a relevant deposit held by the relevant deposit taker” for “shall, when requested to do so by any person entitled to any relevant interest on a relevant deposit held by the relevant deposit taker, furnish to that person,”. | ||
(2) (a) Paragraphs (a) to (d) of subsection (1) apply as respects any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8 of the Principal Act) made on or after the date of the passing of this Act. | ||
(b) Paragraph (e) of subsection (1) applies on and from the passing of this Act. | ||
(c) Paragraphs (f) to (i) of subsection (1) come into operation on such day or days as the Minister for Finance may by order or orders appoint and different days may be appointed for different purposes or different provisions. |