SCHEDULE 12B

Certified Contractual Savings Schemes

Section 519C.

1. This Schedule shall have effect for the purposes of section 519C.

Specifications by the Minister for Finance

2.

(1) The requirements which may be specified under section 519C(4)(c) are such requirements as the Minister for Finance thinks fit.

(2) In particular, the requirements may relate to—

(a) the descriptions of individuals who may enter into contracts under a scheme;

(b) the contributions to be paid by individuals;

(c) the sums to be paid or repaid to individuals.

3.

(1) Where a specification has been made under section 519C(4)(c), the Minister for Finance may withdraw the specification and stipulate the date on which the withdrawal is to become effective and any certification made by the Revenue Commissioners by reference to such specification shall be deemed to have been withdrawn on the same date.

(2) No withdrawal under this paragraph shall affect—

(a) the operation of a certified contractual savings scheme before the stipulated date, or

(b) any contract under such a scheme entered into before that date.

(3) No withdrawal under this paragraph shall be effective unless the Revenue Commissioners—

(a) send a notice by post to each qualifying savings institution informing it of the withdrawal of both the specification and certification, and

(b) do so not less than 28 days before the stipulated date.

4.

(1) Where a specification has been made under section 519C(4)(c), the Minister for Finance may vary the specification and stipulate the date on which the variation is to become effective and any certification made by the Revenue Commissioners by reference to the specification obtaining before the variation shall be deemed to have been withdrawn on the date the variation became effective.

(2) The Revenue Commissioners may at any time certify a scheme as fulfilling the requirements obtaining after the variation.

(3) No variation and withdrawal under this paragraph shall affect—

(a) the operation of a certified contractual savings scheme before the stipulated date, or

(b) any contract under such a scheme entered into before that date.

(4) No variation and withdrawal under this paragraph shall be effective unless the Revenue Commissioners—

(a) send a notice by post to each qualifying savings institution informing it of the variation of the specification and withdrawal of the certification, and

(b) do so not less than 28 days before the stipulated date.

Information

5. The Revenue Commissioners may by notice in writing require any person to furnish them, within such time as the Revenue Commissioners may direct (not being less than 30 days), with such information as the Revenue Commissioners think necessary for the performance of their functions under this Schedule, and which the person to whom the notice is addressed has or can reasonably obtain, including in particular information—

(a) to enable the Revenue Commissioners to determine—

(i) whether to certify a scheme or withdraw a certification already given, or

(ii) the liability to tax, including capital gains tax, of any person who has participated in a scheme, and

(b) in relation to the administration of a scheme and any alteration of the terms of a scheme.

6. The Revenue Commissioners may nominate any of their officers, including an inspector, to perform any acts and discharge any functions authorised by this Schedule to be performed or discharged by them.