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Amendment of Part 8 (annual payments, charges and interest) of Principal Act.
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36.— (1) Part 8 of the Principal Act is amended—
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(a) in section 256(1) in the definition of “appropriate tax”—
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(i) in paragraph (a) by substituting “30 per cent” for “27 per cent”,
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(ii) in paragraph (b) by substituting “30 per cent” for “27 per cent”, and
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(iii) in paragraph (c) by substituting “33 per cent” for “30 per cent”,
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(b) in section 256(1) by inserting the following after the definition of “pension scheme”:
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“ ‘Personal Retirement Savings Account’ has the same meaning as in section 787A;”,
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(c) in section 256(1) by substituting the following for paragraph (k) of the definition of “relevant deposit”—
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“(k) which is made by a PRSA provider and which is held for the purposes of a Personal Retirement Savings Account, where the PRSA provider has provided the relevant deposit taker with the number assigned to that provider by the Revenue Commissioners;”,
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(d) in section 267B—
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(i) in subsection (2)(b) by substituting “30 per cent” for “27 per cent”, and
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(ii) in subsection (3)(b) by substituting “30 per cent” for “27 per cent”,
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(e) in section 267F by deleting subsection (2),
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(f) in the title to Chapter 7 by substituting “outside the State” for “within the European Communities”,
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(g) in section 267M(1) by inserting the following before the definition of “specified interest”—
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“ ‘foreign deposit interest’ means interest arising in a foreign territory which would be interest payable in respect of a relevant deposit within the meaning of section 256(1) if—
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(a) paragraphs (c), (d) and (g) of the definition of ‘relevant deposit’ in section 256(1) were deleted, and
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(b) there were included in the definition of ‘relevant deposit taker’ in section 256(1), bodies—
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(i) established in accordance with the law of a foreign territory, and
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(ii) authorised under the laws of that foreign territory to accept deposits of money;
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‘foreign territory’ means a territory other than a Member State of the European Communities;”,
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and
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(h) in section 267M by substituting the following for subsection (2)—
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“(2) (a) Notwithstanding section 15 and subject to paragraph (b), where the taxable income of an individual includes—
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(i) specified interest, the part of taxable income, equal to that specified interest, shall be chargeable to tax at the rate specified in paragraph (b) of the definition of ‘appropriate tax’ in section 256(1), or
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(ii) foreign deposit interest, so much of the part of taxable income, equal to that foreign deposit interest, as would otherwise be chargeable to tax at the standard rate, shall instead be chargeable to tax at the rate specified in paragraph (b) of the definition of ‘appropriate tax’ in section 256(1).
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(b) Paragraph (a) shall not apply where any liability of the individual for a year of assessment in respect of the specified interest or foreign deposit interest, as the case may be, has not been discharged on or before the specified return date for the chargeable period (within the meaning of section 950) for that year, and where that paragraph does not apply, the part of taxable income, equal to that specified interest or that foreign deposit interest, shall be chargeable to tax at the rate of tax described in the Table to section 15 as the higher rate.”.
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(2) (a) Paragraphs (a) to (e) of subsection (1) apply to any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8 of the Principal Act) made on or after 1 January 2012.
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(b) Paragraphs (f) to (h) of subsection (1) apply to foreign deposit interest or specified interest (both within the meaning of section 267M(1) (as amended by subsection (1) (g)) of the Principal Act), as the case may be, which is received on or after 8 February 2012.
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