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Amendment of Schedule 2 to Principal Act (machinery for assessment, charge and payment of tax under Schedule C and, in certain cases, Schedule D)
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16. (1) Schedule 2 to the Principal Act is amended in Part 4—
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(a) in paragraph 14—
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(i) by substituting the following for subparagraph (1):
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“(1) Subject to Chapter 2 of Part 3 and subparagraph (3), every chargeable person shall, on making a payment of specified dividend income, deduct and retain a sum representing income tax at a rate of 25 per cent on that income and pay that income tax on behalf of the person entitled to that income.”,
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and
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(ii) by inserting the following subparagraph after subparagraph (2):
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“(3) Subparagraph (1) shall not apply to a payment of specified dividend income to a company where that company—
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(a) is beneficially entitled to that income, and
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(b) is or will be within the charge to corporation tax in respect of that income.”,
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(b) in paragraph 15, by substituting the following for subparagraph (3):
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“(3) A return due under this Schedule shall be in a form prescribed by the Revenue Commissioners and shall include the following:
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(a) the name and address of the person to whom the payment of the specified dividend income is made;
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(b) the amount and type of the payment referred to in clause (a);
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(c) the amount of income tax deducted in respect of the payment referred to in clause (a) in accordance with paragraph 14(1);
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(d) a declaration to the effect that the return is correct and complete.”,
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and
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(c) in paragraph 18, by substituting the following for subparagraph (1):
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“(1) A chargeable person shall keep records to distinguish the separate accounts of each of the persons entitled to receive specified dividend income and such records shall include—
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(a) the name and address of the person entitled to receive specified dividend income,
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(b) the amount and type of the specified dividend income payments paid to the person referred to in clause (a),
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(c) the amounts of income tax deducted in respect of the payments referred to in clause (c) in accordance with paragraph 14(1), and
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(d) in the case of amounts payable out of any public revenue to the person referred to in clause (a), particulars of the public revenue out of which each separate amount is payable.”.
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(2) Subsection (1), other than paragraph (a), shall come into operation on such day as the Minister for Finance may appoint by order.
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(3) Subsection (1)(a) shall come into operation on 1 January 2021.
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