898G Obligations of paying agents in other contractual relations entered into

This section outlines the rules in relation to establishing identity and residence of beneficial owners in the case of new (post 1 January, 2004) customers. A paying agent is obliged to establish —

• the identity of a beneficial owner consisting of name, address, tax identification number or date and place of birth if a tax identification number is not presented and
• the residence of such customers consisting of the person’s permanent address,

using the Directive rules for new customers. Basically, this involved looking for the passport or official ID card in the first instance. More detailed guidance on these rules (including on how they are to be applied in the case of an individual who does not possess the relevant documentation) 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