Registration etc

Summary

This section sets out how a person is to register with the Revenue Commissioners for the purpose of being a qualifying savings manager of special savings incentive accounts. It also allows, in certain circumstances, the appointment of an individual to carry out the obligations of a qualifying savings manager. The Revenue Commissioners are entitled to cancel or refuse the registration of a qualifying savings manager, who in such cases has 30 days to appeal the decision. A savings manager must give 30 days notice to the Revenue Commissioners and his/her account holders should he/she decide to cease to act as a savings manager. Savings managers are required to submit their monthly and annual returns to the Revenue Commissioners electronically, or in writing should they have no electronic facilities. Finally, savings managers are required to retain declarations made to them by qualifying individuals for 3 years after maturation or cessation of an SSIA for inspection by the Revenue Commissioners.

Details

Registration of qualifying savings managers

(1) Qualifying savings managers are required to register as such with the Revenue Commissioners.

(2) If a qualifying savings manager does not have a branch or business establishment in the State or has such a branch or establishment but does not intend to carry out all the functions of a savings manager there, he/she is required to appoint a person to be responsible for the discharge of the savings manager’s obligations. This person, if an individual, must be resident in the State; and if not an individual, must have a business establishment in the State.

(3) A person who has been appointed to discharge the obligations of a qualifying savings manager is entitled (with the savings manager’s compliance) to act on his/her behalf in all matters relating to SSIAs and will be jointly personally liable with the savings manager should the savings manager fail to comply with his/her obligations in respect of all SSIAs under his/her management.

(4) The appointment of a person to discharge the obligations of a qualifying savings manager may be terminated by the Revenue Commissioners at any time they deem appropriate or if they believe the person has failed to secure the discharge of any of the obligations of the qualifying savings manager, or is unable to discharge those obligations.

Cancellation and cessation of qualifying savings managers

(6) The Revenue Commissioners are entitled to cancel a registration if a qualifying savings manager ceases to be eligible for registration or they fail to comply with their obligations.

(7) A person who is refused registration as a qualifying savings manager or whose registration is cancelled by the Revenue Commissioners has a right of appeal within 30 days to the Appeal Commissioners.

(8) Where a savings manager intends to cease to be a manager of SSIAs, notice of such intent must be given to the Revenue Commissioners and the qualifying individuals whose SSIAs are under his/her management not less than 30 days before such intention is given effect.

Format of returns to the Revenue Commissioners and retention of declarations by managers for inspection

(9) Both monthly and annual returns are required to be made by qualifying savings managers in an agreed electronic format.

(10) If the savings manager does not have the facilities to present the monthly and annual returns electronically an agreed written format can be used.

(11) The declarations made to savings managers by qualifying individuals on commencement, maturity and transfer of an SSIA are required to be retained by the savings manager for 3 years after an SSIA is treated as maturing. Similarly, declarations made by qualifying individuals on commencement or transfer of an SSIA must be retained by the savings manager for 3 years after the SSIA is treated as ceasing. Such declarations must be available for inspection by officers of the Revenue Commissioners.

Relevant Date: Finance Act 2019