Taxes Consolidation Act, 1997 (Number 39 of 1997)
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747DPayment in respect of offshore funds.
Where on or after 1 January 2001 a person who has a material interest in an offshore fund, is in receipt of a payment from the offshore fund, then—
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(a) where the person is not a company, and
(i) the income represented by the payment is correctly included in a return made by the person, then notwithstanding section 15, the rate of income tax to be charged on the income shall be—
(I) where the payment is a relevant payment, the standard rate per cent, and
(II) where the payment is not a relevant payment and is not made in consideration of the disposal of an interest in the offshore fund, at the rate determined by the formula—
(S + 3) per cent,
where S is the standard rate per cent,
and
(ii) where the income represented by the payment is not correctly included in a return made by the person, the income shall be charged to income tax at a rate determined by section 15,
<[3]
[33]>
[3]>
(a) where the person is not a company, and—
(i) the income represented by the payment is correctly included in a return made by the person, then notwithstanding section 15, the rate of income tax to be charged on the income shall be—
(I) where the payment is a relevant payment—
(A) in the case of an offshore fund which is a personal portfolio investment undertaking, [29]>at the rate determined by the formula—<[29][29]>at the rate of 60 per cent<[29], and
[29]>
[4]>(S + 23) per cent,<[4][9]>[4]>(S + 26) per cent<[4]<[9][14]>[9]>(S + 28) per cent<[9]<[14][19]>[14]>(S + 30) per cent<[14]<[19][24]>[19]>(S + 33) per cent<[19]<[24][24]>(S + 36) per cent<[24]
<[29]
[29]>where S is the standard rate per cent for the year of assessment in which the payment is made<[29]
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(B) in any other case, the standard rate per cent,
<[5]
[10]>
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(B) in any other case, at the rate determined by the formula—
(S + 3) per cent
where S is the standard rate per cent for the year of assessment in which the relevant payment is made,
<[5]
<[10]
[10]>
(B) in any other case, at the rate of [15]>25 per cent<[15][20]>[15]>27 per cent<[15]<[20][25]>[20]>30 per cent<[20]<[25][30]>[25]>33 per cent<[25]<[30][30]>41 per cent<[30],
<[10]
and
(II) where the payment is not a relevant payment and is not made in consideration of the disposal of an interest in the offshore fund—
(A) in the case of an offshore fund which is a personal portfolio investment undertaking, [31]>at the rate determined by the formula—<[31][31]>at the rate of 60 per cent<[31], and
[31]>
[6]>(S + 23) per cent,<[6][11]>[6]>(S + 26) per cent<[6]<[11][16]>[11]>(S + 28) per cent<[11]<[16][21]>[16]>(S + 30) per cent<[16]<[21][26]>[21]>(S + 33) per cent<[21]<[26][26]>(S + 36) per cent<[26]
<[31]
[31]>where S is the standard rate per cent for the year of assessment in which the payment is made<[31]
[12]>
(B) in any other case, at the rate determined by the formula—
[7]>(S + 3) per cent,<[7][7]>(S + 6) per cent<[7]
where S is the standard rate per cent,
<[12]
[12]>
(B) in any other case, at the rate of [17]>28 per cent<[17][22]>[17]>30 per cent<[17]<[22][27]>[22]>33 per cent<[22]<[27][27]>36 per cent<[27]41 per cent,
<[12]
and
(ii) where the income represented by the payment is not correctly included in a return made by the person, the income shall be charged to income tax—
(I) in the case of an offshore fund which is a personal portfolio investment undertaking, [32]>at the rate determined by the formula—<[32][32]>at the rate of 80 per cent<[32], and
[32]>
[8]>(H + 20) per cent,<[8][13]>[8]>(H + 23) per cent<[8]<[13][18]>[13]>(H + 25) per cent<[13]<[18][23]>[18]>(H + 27) per cent<[18]<[23][28]>[23]>(H + 30) per cent<[23]<[28][28]>(H + 33) per cent<[28]
<[32]
[32]>where H is the rate per cent determined in relation to the person by section 15 for the year of assessment in which the payment is made<[32]
(II) in any other case, at a rate determined by section 15,”,
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and
<[33]
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(a) where the person is not a company—
(i) the rate of income tax to be charged on the income represented by the payment, where the payment is not made in consideration of the disposal of an interest in the offshore fund, shall, notwithstanding section 15, be—
(I) subject to subparagraph (ii), in the case of an offshore fund which is a personal portfolio investment undertaking, at the rate of 60 per cent, and
(II) in any other case, at the rate of 41 per cent,
and
(ii) in the case of an offshore fund which is a personal portfolio investment undertaking and the income represented by the payment is not correctly included in a return made by the person, the income shall, notwithstanding section 15, be charged to income tax at the rate of 80 per cent,
<[33]
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(b) where the person is a company, the income represented by the payment shall be charged to tax under Case III of Schedule D.
<[2]
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(b) where the person is a company and the payment is not taken into account as a receipt of a trade carried on by the company, the income represented by the payment shall be charged to tax under Case III of Schedule D.
<[2]
<[1]
[1]
Inserted by FA01 s72(1). This section shall be deemed to have applied as on and from 1 January 2001.
[2]
Substituted by FA02 s46(1)(a). This section shall be deemed to have applied as on and from 1 January 2001.
[4]
Substituted by F(No.2)A08 s27(1)(d)(i)(I)(A). Applies and has effect as respects the receipt by any person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 1 January 2009.
[5]
Substituted by F(No.2)A08 s27(1)(d)(i)(I)(B). Applies and has effect as respects the receipt by any person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 1 January 2009.
[6]
Substituted by F(No.2)A08 s27(1)(d)(i)(II). Applies and has effect as respects the receipt by any person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 1 January 2009.
[7]
Substituted by F(No.2)A08 s27(1)(d)(i)(III). Applies and has effect as respects the receipt by any person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 1 January 2009.
[8]
Substituted by F(No.2)A08 s27(1)(d)(i)(IV). Applies and has effect as respects the receipt by any person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 1 January 2009.
[9]
Substituted by FA09 s10(5)(a). Applies and has effect as respects the receipt by any person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 8 April 2009.
[10]
Substituted by FA09 s10(5)(b). Applies and has effect as respects the receipt by any person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 8 April 2009.
[11]
Substituted by FA09 s10(5)(c). Applies and has effect as respects the receipt by any person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 8 April 2009.
[12]
Substituted by FA09 s10(5)(d). Applies and has effect as respects the receipt by any person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 8 April 2009.
[13]
Substituted by FA09 s10(5)(e). Applies and has effect as respects the receipt by any person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 8 April 2009.
[14]
Substituted by FA11 s31(5)(a). Applies and has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 1 January 2011.
[15]
Substituted by FA11 s31(5)(b). Applies and has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 1 January 2011.
[16]
Substituted by FA11 s31(5)(c). Applies and has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 1 January 2011.
[17]
Substituted by FA11 s31(5)(d). Applies and has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 1 January 2011.
[18]
Substituted by FA11 s31(5)(e). Applies and has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 1 January 2011.
[19]
Substituted by FA12 s28(5)(a). Has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 1 January 2012.
[20]
Substituted by FA12 s28(5)(b). Has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 1 January 2012.
[21]
Substituted by FA12 s28(5)(c). Has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 1 January 2012.
[22]
Substituted by FA12 s28(5)(d). Has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 1 January 2012.
[23]
Substituted by FA12 s28(5)(e). Has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 1 January 2012.
[24]
Substituted by FA13 s40(5)(a)(i). Applies and has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 1 January 2013.
[25]
Substituted by FA13 s40(5)(a)(ii). Applies and has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 1 January 2013.
[26]
Substituted by FA13 s40(5)(b)(i). Applies and has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 1 January 2013.
[27]
Substituted by FA13 s40(5)(b)(ii). Applies and has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 1 January 2013.
[28]
Substituted by FA13 s40(5)(c). Applies and has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 1 January 2013.
[29]
Substituted by F(No.2)A13 s30(5)(a)(i). Applies and has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 1 January 2014.
[30]
Substituted by F(No.2)A13 s30(5)(a)(ii). Applies and has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 1 January 2014.
[31]
Substituted by F(No.2)A13 s30(5)(b)(i). Applies and has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 1 January 2014.
[32]
Substituted by F(No.2)A13 s30(5)(c). Applies and has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 1 January 2014.