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Taxes Consolidation Act, 1997 (Number 39 of 1997)

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Chapter 6

Application

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267U Application.

(1) This Part shall apply to a specified financial transaction between a finance undertaking or a qualifying company, as the case may be, and another person where the finance undertaking or the qualifying company, as the case may be, makes an election in writing to the inspector (within the meaning of section 950).

(2) An election under this section—

(a) shall be made in a form approved by the Revenue Commissioners and containing such particulars relating to the finance undertaking or the qualifying company, as the case may be, and the transaction as may be specified in that form, and

(b) may be made either in respect of an individual transaction or in respect of a series of transactions of a similar nature.

(3) Where an election is made in accordance with this section—

(a) this Part shall apply to that transaction or series of transactions, and

(b) the finance undertaking or the qualifying company, as the case may be, shall notify any borrower or owner, as the case may be, who is a party to a specified financial transaction, that the transaction is a specified financial transaction.

<[2]

[2]>

267U Application.

(1) This Part applies to a specified financial transaction where a person who is—

(a) a party to the transaction, and

(b) within the charge to tax,

makes an election in writing to [3]>the inspector (within the meaning of section 950)<[3][3]>the appropriate inspector<[3] that this Part applies to that transaction.

(2) An election under this section—

(a) shall be made in a form approved by the Revenue Commissioners and containing such particulars relating to the transaction concerned, and the parties to that transaction, as may be specified in that form, and

(b) may be made either in respect of an individual transaction or in respect of a series of transactions of a similar nature.

(3) Where an election is made in accordance with this section—

(a) this Part applies to that transaction or series of transactions, and

(b) the party making the election shall notify any other person who is a party to a specified financial transaction, that the transaction is a specified financial transaction.

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<[1]

[1]

[+]

Inserted by FA10 s39. Deemed to have come into force and takes effect as on and from 1 January 2010.

[2]

[-] [+]

Substituted by FA12 s37(b). Deemed to have come into force and takes effect on and from 1 January 2012.

[3]

[-] [+]

Substituted by FA12 sched5(1)(l).