898F Obligations of paying agents where contractual relations entered into before 1 January 2004

This section outlines the rules in relation to establishing identity and residence of beneficial owners in cases where a contract (written or otherwise) was in force on 1 January, 2004. This is the date the Directive came into effect as respects the rules to be applied in the identification of beneficial owners. Essentially, the paying agent establishes the name, address and residence of such customers, using whatever information is available, for money laundering purposes.

More detailed guidance on these rules and on what is meant by the term “contractual relations” for the purposes of this Chapter is contained in the Guidance Notes for Paying Agents published by the Revenue Commissioners on their website at www.revenue.ie/en/about/publications/savings-tax-directive.html.

Relevant Date: Finance Act 2019