Taxes Consolidation Act, 1997 (Number 39 of 1997)
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784A Approved retirement fund.
(1) (a) In this section—
“approved retirement fund” means a fund which is managed by a qualifying fund manager and which complies with the conditions of section 784B;
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“EEA Agreement” means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by all subsequent amendments to that Agreement;
“EEA state” means a state which is a contracting party to the EEA Agreement;
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“qualifying fund manager” means—
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(a) a person who is a holder of a licence granted under section 9 of the Central Bank Act, 1971,
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(a) a person who is a holder of a licence granted under section 9 of the Central Bank Act, 1971, or a person who holds a licence or other similar authorisation under the law of any other Member State of the European Communities which corresponds to a licence granted under that section,
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(a) a person who is a holder of a licence granted under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971, or a person who holds a licence or other similar authorisation under the law of an EEA state, other than the State, which corresponds to a licence granted under the said section 9,
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(b) a building society within the meaning of section 256,
(c) a trustee savings bank within the meaning of the Trustee Savings Banks Act, 1989,
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(d) ACC Bank plc,
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[2]>
(e) ICC Bank plc,
(f) ICC Investment Bank Limited,
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(g) the Post Office Savings Bank,
(h) a credit union within the meaning of the Credit Union Act, 1997,
(i) a collective investment undertaking within the meaning of section 172A,
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(j) a person lawfully carrying on in the State the business of granting annuities on human life,
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(j) the holder of—
(i) an authorisation issued by the Minister for Enterprise, Trade and Employment under the European Communities (Life Assurance) Framework Regulations of 1984 ( S.I. No. 57 of 1984) as amended, or
(ii) an authorisation granted by the authority charged by law with the duty of supervising the activities of insurance undertakings in a Member State other than the State in accordance with Article 6 of Directive No. 79/267/EEC1, who is carrying on the business of life assurance in the State, or
(iii) an official authorisation to undertake insurance in Iceland, Liechtenstein and Norway pursuant to the EEA Agreement within the meaning of the European Communities (Amendment) Act, 1993, and who is carrying on the business of life assurance in the State,
<[4]
(k) a person—
(i) which is an authorised member firm of the Irish Stock Exchange, within the meaning of the Stock Exchange Act, 1995, or a member firm (which carries on a trade in the State through a branch or agency) of a stock exchange of any other Member State of the European Communities, and
(ii) which has sent to the Revenue Commissioners a notification of its name and address and of its intention to act as a qualifying fund manager,
or
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(l) such other person as the Minister for Finance may by order approve of for the purposes of this section;
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[5]>
(l) a firm approved under section 10 of the Investment Intermediaries Act, 1995, which is authorised to hold client money, other than a firm authorised as a Restricted Activity Investment Product Intermediary, where the firm’s authorisation permits it to engage in the proposed activities, or a business firm which has been authorised to provide similar investment business services under the laws of a Member State of the European Communities which correspond to that Act;
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“tax reference number”, in relation to an individual, has the meaning assigned to it by section 885 in relation to a specified person within the meaning of that section.
(b) For the purposes of this Chapter, references to an approved retirement fund shall be construed as a reference to assets in an approved retirement fund which are managed for an individual by a qualifying fund manager and which are beneficially owned by the individual.
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(c) Nothing in this Part shall be construed as authorising or permitting a person who is a qualifying fund manager to provide any services which that person would not otherwise be authorised or permitted to provide in the State.
(d) Any reference in this section to a distribution in relation to an approved retirement fund shall be construed as including any payment or transfer of assets out of the fund [35]>or any assignment of assets out of the fund<[35][35]>or any assignment of the fund or of assets out of the fund by any person,<[35] including a payment, transfer or assignment to the individual beneficially entitled to the assets, other than a payment, transfer or assignment to another approved retirement fund the beneficial owner of the assets in which is the individual who is beneficially entitled to the assets in the first-mentioned approved retirement fund, whether or not the payment, transfer or assignment is made to the said individual.
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(e) For the purposes of this section, any distribution in relation to an approved retirement fund shall be deemed to have been made by the qualifying fund manager.
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(1A) Without prejudice to the generality of subsection (1)(d), where assets of an approved retirement fund are used in connection with any of the transactions referred to in subsection (1B), the transaction shall be regarded as a distribution for the purposes of this section of the amount specified in that subsection.
(1B) The transactions referred to in subsection (1A) and the amount to be regarded as a distribution in relation to any such transaction are as follows—
(a) in the case of a loan made to the individual beneficially entitled to the assets in an approved retirement fund or to any person connected with that individual, the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of the assets of the approved retirement fund used to make such a loan or used as security for such a loan,
(b) in the case of the acquisition of property from the individual beneficially entitled to the assets in an approved retirement fund or from any person connected with that individual, the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of the assets in the approved retirement fund used in or in connection with that acquisition,
(c) in the case of the sale of any asset in an approved retirement fund to the individual beneficially entitled to the assets in an approved retirement fund or to any person connected with that individual, the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of the asset sold,
(d) in the case of the acquisition of—
(i) any property which is to be used as holiday property, or
(ii) property which is to be used as a residence,
by the individual beneficially entitled to the assets in the approved retirement fund or by any person connected with that individual, the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of the assets in the approved retirement fund used in or in connection with that acquisition, but where property is acquired, on or after 6 February 2003, in relation to the acquisition of which a distribution is not treated as arising under this Chapter and that property commences to be used for one of the purposes mentioned in subparagraphs (i) or (ii) of this paragraph, the distribution shall be treated as arising at the date such use commences and the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of the assets of the approved retirement fund used in or in connection with the acquisition together with any assets used in or in connection with any expenditure on the improvement or repair of the property in question,
(e) in the case of the acquisition of shares or any other interest in a company, which is a close company or which would be a close company but for the fact that the company is not resident in the State, in relation to which the individual beneficially entitled to the assets in the approved retirement fund or a person connected with that individual is a participator, the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of assets in the approved retirement fund used in or in connection with that acquisition, [15]>and<[15]
(f) in the case of the acquisition of tangible moveable property, the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of the assets in the approved retirement fund used in or in connection [37]>with that [37]>with that acquisition,<[37][16]>acquisition.<[16][16]>acquisition, and<[16]<[37]
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(g) in the case of the acquisition of property which is to be used in connection with any business of the individual beneficially entitled to the assets in the approved retirement fund or in connection with any business of any person connected with that individual, the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of the assets in the approved retirement fund used in or in connection with that acquisition, but where property is acquired, on or after 2 February 2006, in relation to the acquisition of which a distribution is not treated as arising under this Chapter and that property commences to be used for the purpose mentioned in this paragraph, the distribution shall be treated as arising at the date such use commences and the amount to be regarded as a distribution for the purposes of this section is an amount equal to the value of the assets of the approved retirement fund used in or in connection with the acquisition together with any assets used in or in connection with any expenditure on the improvement or repair of the [38]>property in question.<[38][38]>property in question, and<[38]
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(h) in the case of the acquisition by the individual beneficially entitled to the assets in the approved retirement fund (in this paragraph referred to as the ‘ARF investor’) of any interest (whether solely or jointly with another person or persons) in units or shares of any description or class (in this paragraph referred to as ‘units’) in any fund, trust or scheme (in this paragraph referred to as a ‘relevant fund’), or sub-fund, sub-trust or sub-scheme of any such relevant fund (in this paragraph referred to as a ‘relevant sub-fund’), whether acquired directly or indirectly, then where the circumstances set out in both of the following subparagraphs (in this paragraph referred to as the ‘circumstances’) arise, namely—
(i) where a relevant pension arrangement (within the meaning of section 787O(1)), a member or holder of which is a person connected (within the meaning of section 10 as it applies for the purposes of the Capital Gains Tax Acts) with the ARF investor, (in this paragraph referred to as the ‘pension investor’), acquires, at any time, any interest (whether solely or jointly with another person or persons) in units in the same relevant fund or relevant sub-fund or in any other relevant fund or relevant sub-fund, whether directly or indirectly, and
(ii) there is any arrangement whereby the value of the units held by the pension investor increases, or may increase in the future, and that increase is attributable in whole or in part, directly or indirectly, to the units held by the ARF investor,
the amount to be regarded as a distribution for the purposes of this section (at the time the circumstances arise) is an amount equal to the value of the assets in the approved retirement fund used in or in connection with the acquisition of the units by the ARF investor.
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(1BA)
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(a) In this subsection the relevant rate per cent in relation to a year of assessment means—
(i) for the year of assessment 2007, 1 per cent,
(ii) for the year of assessment 2008, 2 per cent, and
(iii) for the year of assessment 2009 and following years of assessment, 3 per cent.
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(b) Subject to the provisions of this subsection, for the purposes of this section the specified amount referred to in paragraph (c) shall be regarded as a distribution of that amount made [21]>in the first month of the year of assessment following the year of assessment<[21][21]>not later than the second month of the year of assessment<[21] in respect of which the specified amount is determined.
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(c) The specified amount for a year of assessment shall be an amount equivalent to the amount determined by the formula—
(A × B) |
− |
C |
|
100 |
where the amount so determined is greater than zero and where—
A is the value of the assets in an approved retirement fund on 31 December in the year of assessment or, where there is more than one approved retirement fund the assets of which are beneficially owned by the same individual and managed by the same qualifying fund manager, the aggregate of the values of the assets in each approved retirement fund on that date (in this subsection referred to as the “relevant value” whether there is one or more than one such approved retirement fund),
B is the relevant rate per cent for the year of assessment, and
C is the amount or value of the distribution or the aggregate of the amounts or values of the distribution or distributions (in this subsection referred to as the “relevant distribution”), if any, made during the year of assessment by the qualifying fund manager in respect of assets held in—
(i) the approved retirement fund or, as the case may be, approved retirement funds referred to in the meaning of “A”, and
(ii) an approved minimum retirement fund, if any, the assets of which are beneficially owned by the individual and managed by that qualifying fund manager,
(in this paragraph referred to as “the funds”) being funds the assets in which were first accepted into the funds by the qualifying fund manager on or after 6 April 2000.
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(c) The specified amount for a year of assessment shall be an amount equivalent to the amount determined by the formula—
− |
B |
|
|
100 |
where the amount so determined is greater than zero and where—
A is the value of the assets in an approved retirement fund on 31 December in the year of assessment or, where there is more than one approved retirement fund the assets of which are owned by the same individual and managed by the same qualifying fund manager, the aggregate of the value of the assets in each approved retirement fund on that date (in this subsection referred to as the “relevant value” whether there is one or more than one such approved retirement fund), and
B is the amount or value of the distribution or the aggregate of the amounts or values of the distribution or distributions (in this subsection referred to as the “relevant distribution”), if any, made during the year of assessment by the qualifying fund manager in respect of assets held in—
(i) the approved retirement fund or, as the case may be, approved retirement funds referred to in the meaning of “A”, and
(ii) an approved minimum retirement fund, if any, the assets of which are beneficially owned by the individual and managed by that qualifying fund manager,
(in this paragraph referred to as the “funds”) being funds the assets in which were first accepted into the funds by the qualifying fund manager on or after 6 April 2000.
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(d) For the purposes of paragraph (c) the relevant distribution shall not include—
(i) a specified amount, if any, regarded as a distribution under paragraph (b),
(ii) a transaction referred to in subsection (1B) which is regarded as a distribution under subsection (1A), of the amount specified in subsection (1B), or
(iii) a transfer referred to in section 784C(5)(a).
(e) Where an individual is the beneficial owner of the assets in more than one approved retirement fund and the qualifying fund manager of each of those funds is not the same person, the individual may appoint one of the qualifying fund managers (in this subsection referred to as the “nominee”) for the purposes of this subsection and where a nominee is so appointed the individual, in relation to the other qualifying fund manager or, as the case may be, the other qualifying fund managers (referred to in this paragraph as the “other manager or managers”) shall—
(i) inform the other manager or managers of such appointment for the purposes of this subsection, and
(ii) provide the other manager or managers with the full name and address of the nominee.
(f) Where an individual appoints a nominee in accordance with paragraph (e)—
(i) the other qualifying fund manager or each of the other qualifying fund managers shall, within 14 days of the end of the year of assessment, provide the nominee with a certificate for that year of assessment stating—
(I) the relevant value, and
(II) the relevant distribution,
in respect of the approved retirement fund, or as the case may be, approved retirement funds managed by that other qualifying fund manager, and
(ii) the person so appointed as nominee shall keep and retain for a period of 6 years each such certificate so provided and on being so required by notice given to it in writing by an officer of the Revenue Commissioners, make available to the officer within the time specified in the notice, such certificates as may be required by the said notice.
(g) Where an individual appoints a nominee in accordance with paragraph (e) and the nominee receives a certificate, or as the case may be certificates, which has or have been provided in accordance with paragraph (f), the specified amount shall be determined as if the relevant value and the relevant distribution stated in each certificate so received were, respectively, to be added to and included in the relevant value in respect of approved retirement funds managed by the nominee and to be added to and included in the relevant distribution by the nominee in that year of assessment.
(h) Where—
(i) an individual to whom paragraph (e) applies appoints a nominee as provided for in that paragraph and there is only one other qualifying fund manager and the nominee does not receive a certificate referred to in paragraph (f) in respect of that qualifying fund manager, then the nominee and the other qualifying fund manager, or
(ii) paragraph (g) applies and the nominee does not receive a certificate referred to in paragraph (f) in respect of one or more of the other qualifying fund managers, then each such qualifying fund manager,
shall determine the specified amount in accordance with paragraph (c).
(i) This subsection applies—
(i) for any year of assessment in which the individual beneficially entitled to the assets in an approved retirement fund, or as the case may be, approved retirement funds was of the age of 60 years or over for the whole of that year of assessment, and
(ii) as regards an approved retirement fund where the assets in the fund were first accepted into the fund by the qualifying fund manager on or after 6 April 2000.
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(1C) An amount which has been regarded as a distribution from an approved retirement fund, [19]>in accordance with this section,<[19][19]>other than a specified amount referred to in [28]>subsection (1BA)(b)<[28][28]>section 790D(4)<[28],<[19] shall not be regarded as an asset in that approved retirement fund for any purpose.
(1D) Any property, the acquisition or sale of which is regarded as giving rise to a distribution of assets in an approved retirement fund, shall not be regarded as an asset in that approved retirement fund.
(1E) [20]>For the purposes of subsection (1B)<[20][20]>For the purposes of [29]>[30]>subsections (1B) and (1BA)<[29]<[30][29]>[30]>subsection (1B)<[29]<[30]<[20] references to the value of an asset in an approved retirement fund shall, except where the asset is cash, be construed as references to the market value of the asset, within the meaning of section 548.
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(2) The beneficial owner of assets in an approved retirement fund shall, subject to the provisions of the Income Tax Acts and the Capital Gains Tax Acts, be chargeable to income tax or capital gains tax, as the case may be, in respect of any income, profits or gains arising in respect of those assets or any chargeable gains on disposals of such assets.
(3) (a) A qualifying fund manager shall maintain a record (in this section and in section 784B referred to as “the income and gains account”) of the aggregate—
(i) of all income, profits and gains arising in respect of an approved retirement fund, and
(ii) of all gains and losses on disposal of investments made by the qualifying fund manager in relation to the approved retirement fund,
reduced by the aggregate of all distributions made in respect of the approved retirement fund.
(b) In calculating at any time the residue of the assets transferred to an approved retirement fund (in this section and in section 784B referred to as “the residue”) by the person lawfully carrying on in the State the business of granting annuities on human life—
(i) distributions made at or before that time shall be treated as made primarily out of the income and gains account,
(ii) in so far as the distributions made from the fund exceed the aggregate of the balance on the income and gains account, they shall be treated as made out of the residue,
and, where assets in an approved retirement fund are transferred to another approved retirement fund, the residue in relation to those assets shall be calculated as if the assets had at all times been held in the approved retirement fund to which those assets had originally been transferred.
(c) Any reference in this section to a distribution in relation to an approved retirement fund shall be construed as including any payment or transfer of assets out of the fund or any assignment of assets out of the fund, including a payment, transfer or assignment to the individual beneficially entitled to the assets, other than a payment, transfer or assignment to another approved retirement fund the beneficial owner of the assets in which is the individual who is beneficially entitled to the assets in the first-mentioned approved retirement fund, whether or not the payment, transfer or assignment is made to the said individual.
(4) Within 3 months after the end of a year of assessment, a qualifying fund manager shall provide a statement for that year of assessment to each individual, on whose behalf an approved retirement fund was managed at any time during that year of—
(a) the income, profits or gains and the chargeable gains and allowable losses, as may be appropriate, in respect of the assets held in the approved retirement fund at any time during that year,
(b) the tax, if any, deducted from such income, profits or gains,
(c) the income and gains account in relation to the fund, and
(d) the residue including, in particular, any distributions made out of the residue in the year of assessment.
(5) The amount or value of any distribution out of the residue of an approved retirement fund other than a distribution to which subsection (7)(a) applies shall be treated as income of the individual beneficially entitled to the assets of the fund and shall be chargeable to income tax under Case IV of Schedule D for the year of assessment in which the said distribution is made.
(6) Subject to subsection (7), where the distribution referred to in subsection (5) occurs following the death of the individual, who was prior to death beneficially entitled to the assets of the approved retirement fund—
(a) the amount or value of the said distribution shall be treated as the income of the said individual for the year of assessment in which that individual dies, and
(b) the qualifying fund manager shall be liable to pay to the Collector-General income tax at the higher rate on the value of such distribution; the qualifying fund manager may deduct an amount on account of such tax and the person beneficially entitled to the residue of the approved retirement fund, including the personal representatives of the deceased individual, shall allow such deduction; but, where there are no such funds or insufficient funds available out of which the qualifying fund manager may satisfy the tax required to be deducted, the amount of such tax shall be a debt due to the qualifying fund manager from the estate of the deceased individual.
(7) (a) This subsection shall apply to the extent that the distribution, made following the death of the individual beneficially entitled to the assets in the approved retirement fund, is made to—
(i) another such fund (hereafter in this subsection referred to as “the second-mentioned fund”) the beneficial owner of the assets in which is the spouse of the said individual, or
(ii) to or for the sole benefit of any child of the individual who has not, at the date of the individual’s death, attained the age of 21 years.
(b) Where the beneficial owner of the assets in the second-mentioned fund dies, subsection (6) shall apply as regards any distributions out of the residue of that approved retirement fund following that spouse’s death as if the reference to the higher rate were a reference to a rate of 25 per cent.
(c) Where, in accordance with paragraph (b), the qualifying fund manager is required to account for tax at a rate of 25 per cent, the amount so charged to tax shall not, notwithstanding any provisions of the Income Tax Acts, be treated as income for any other purposes of those Acts.
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(2) Subject to subsections (3) and (4), exemption from income tax and capital gains tax shall be allowed in respect of the income and chargeable gains arising in respect of assets held in an approved retirement fund.
(3) [31]>Subject to subsection (4)<[31][31]>Subject to subsections (3A) and (4)<[31]—
(a) the amount or value of any distribution by a qualifying fund manager in respect of assets held in an approved retirement fund [12]>shall<[12][12]>shall, notwithstanding anything in section 18 or 19,<[12] be treated as a payment to the person beneficially entitled to the assets in the fund of emoluments to which Schedule E applies and, accordingly, the provisions of Chapter 4 of Part 42 shall apply to any such distribution, and
(b) the qualifying fund manager shall deduct tax from the distribution at the higher rate for the year of assessment in which the distribution is made unless the qualifying fund manager has received from the Revenue Commissioners [44]>a certificate of tax free allowances or a tax deduction card for that year in respect of the person referred to in paragraph (a)<[44][44]>a revenue payroll notification (within the meaning of section 983)<[44].
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(3A) Subsection (3) shall not apply where the distribution referred to in that subsection is made for the purpose of reimbursing, in whole or in part, an administrator (within the meaning of section 787O(1)) in respect of the payment by that administrator of income tax charged on a chargeable excess under the provisions of Chapter 2C of this Part in respect of the person beneficially entitled to the assets in the fund.
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(3A) Subsection (3) shall not apply where the distribution referred to in that subsection is made for the purpose of—
(a) reimbursing, in whole or in part, an administrator (within the meaning of section 787O(1)) in respect of the payment by that administrator of income tax charged on a chargeable excess in respect of the person beneficially entitled to the assets in the fund, or
(b) payment by the qualifying fund manager of the amount, or part of the amount, of the appropriate share (within the meaning of section 787R(2A)(b)) of a non-member (within the meaning of section 787O(1)) (being the person beneficially entitled to the assets in the fund) of income tax charged on a chargeable excess, under the provisions of Chapter 2C of this Part.
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(4) (a) Where the distribution referred to in subsection (3) is made following the death of the individual who was prior to death beneficially entitled to the assets of the approved retirement fund, the amount or value of the distribution shall be treated as the income of that individual for the year of assessment in which that individual dies and, subject to paragraph (b), subsection (3) shall apply accordingly.
(b) Subsection (3) shall not apply to a distribution made following the death of the individual who was prior to death beneficially entitled to the assets in an approved retirement fund where the distribution is made—
(i) to another such fund (hereafter in this subsection referred to as “the second-mentioned fund”) the beneficial owner of the assets in which is the [25]>spouse<[25][25]>spouse or civil partner<[25] of the said individual, or
(ii) to, or for the sole benefit of, [34]>any child of the individual<[34][34]>any child of the individual or any child of the civil partner of the individual<[34].
(c) Where, in a case referred to in paragraph (b), the distribution is made—
(i) to a person who had attained the age of 21 years at the date of death of the individual beneficially entitled to the assets in the approved retirement fund, or
(ii) following the death of the beneficial owner of the second-mentioned fund, not being a distribution to or for the sole benefit of [26]>a child<[26][26]>a child or child of the civil partner<[26] of that owner who at the time of death of that person had not attained the age of 21 years,
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the qualifying fund manager shall deduct tax from the distribution at the standard rate of income tax in force at the time of the making of such a distribution, and—
(I) notwithstanding anything contained in any provision of the Income Tax Acts, the amount so charged to tax shall not be treated as income for any other purpose of those Acts, and
(II) the provisions of Chapter 4 of Part 42 and Regulations made in accordance with that Chapter shall, with any necessary modifications, apply to any deduction made under this subsection as if such a deduction were made in accordance with [9]>Regulation 25(2)(b) of the Income Tax (Employments) Regulations 1960 (S.I. No. 28 of 1960)<[9][9]>Regulation 22(2)(b)(ii) of the Income Tax (Employments) (Consolidated) Regulations 2001 (S.I. No. 559 of 2001)<[9].
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the qualifying fund manager shall deduct income tax from the distribution under Case IV of Schedule D at a rate of 30 per cent, and—
(I) the amount so charged to tax—
(A) shall not be reckoned in computing total income for the purposes of the Tax Acts, and
(B) shall be computed without regard to any amount deductible from, or deductible in computing, total income for the purposes of the Tax Acts,
(II) the charging of the distribution in such manner shall be without any relief or reduction specified in the Table to section 458, or any other deduction from that distribution, and
(III) section 188 shall not apply as regards the amount so charged.
(d) Where a qualifying fund manager deducts tax in accordance with paragraph (c), subsections (8) to (15) of section 790AA shall, with any necessary modifications, apply as if any reference in those subsections—
(i) to the administrator were a reference to the qualifying fund manager,
(ii) to a relevant pension arrangement were a reference to an approved retirement fund, and
(iii) to an excess lump sum were a reference to a distribution of a kind referred to in paragraph (c).
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(5) For the purposes of this section, Chapter 1 of Part 26 shall apply as if references in that Chapter to pension business were references to moneys held in an approved retirement fund.
(6) Notwithstanding Chapter 4 of Part 8, that Chapter shall apply to a deposit (within the meaning of that Chapter) where the deposit consists of money held by a qualifying fund manager in that capacity as if such a deposit were not a relevant deposit (within the meaning of that Chapter).
(7) [13]>(a) At any time when the qualifying fund manager—<[13]
[13]>
(i) is not resident in the State, or
(ii) is not trading in the State through a fixed place of business,
the qualifying fund manager shall ensure that there is a person resident in the State and appointed by the qualifying fund manager to be responsible for the discharge of all duties and obligations relating to approved retirement funds which are imposed on the qualifying fund manager by virtue of this Chapter.
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(a) At any time when the qualifying fund manager—
(i) is not resident in the State, or
(ii) is not trading in the State through a fixed place of business,
the qualifying fund manager shall, in relation to the discharge of all duties and obligations relating to approved retirement funds which are imposed on the qualifying fund manager by virtue of this Chapter—
(I) enter into a contract with the Revenue Commissioners enforceable in [43]>a Member State of the European Communities<[43][43]>an EEA state<[43] in relation to the discharge of those duties and obligations and in entering into such a contract the parties to the contract shall acknowledge and agree in writing that—
(A) it shall be governed solely by the laws of the State, and
(B) that the courts of the State shall have exclusive jurisdiction in determining any dispute arising under it,
or
(II) ensure that there is a person resident in the State, appointed by the qualifying fund manager, who will be responsible for the discharge of all of those duties and obligations and shall notify the Revenue Commissioners of the appointment of that person and the identity of that person.
<[13]
(b) A qualifying fund manager shall be liable to pay to the Collector-General income tax which the fund manager is required to deduct from any distribution by virtue of this Chapter and the individual beneficially entitled to assets held in an approved retirement fund, including the personal representatives of a deceased individual who was so entitled prior to that individual’s death, shall allow such deduction; but where there are no funds or insufficient funds available out of which the qualifying fund manager may satisfy the tax required to be deducted, the amount of such tax for which there are insufficient funds available shall be a debt due to the qualifying fund manager from the individual beneficially entitled to the asset in the approved retirement fund or from the estate of the deceased individual, as the case may be.
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(8) (a) Within one month of commencing to act as manager of approved retirement funds, a qualifying fund manager shall give notice to that effect to the Revenue Commissioners.
(b) A qualifying fund manager who commenced to act as manager of an approved retirement fund prior to the passing of the Finance Act 2003 shall give notice to that effect to the Revenue Commissioners within three months of the passing of that Act.
(c) A notice under paragraph (a) or (b) shall specify the date the qualifying fund manager commenced to so act.
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(9) The Revenue Commissioners may by notice in writing require a qualifying fund manager or the person appointed under subsection (7)(a)(II), as the case may be, to provide within 30 days of the date of such notice, such information and particulars as may be specified in the notice as they may reasonably require for the purposes of this Chapter, and without prejudice to the generality of the foregoing, such information and particulars may include—
(a) the name, address and tax reference number of the individual in whose name the approved retirement fund is or was held,
(b) the name, address and tax reference number of any individual to whom any distribution has been made, and
(c) the amount of any distributions referred to in paragraph (b).
<[14]
[4]>
Footnotes
1 OJ No. L63, 13.3.1979, p.1
<[4]
<[1]
[1]
Inserted by FA99 s19(1)(b)(iii). Paragraph (b), other than subparagraph (vi), of subsection (1) shall apply as respects any annuity contract for the time being approved by the Revenue Commissioners under section 784 of the Principal Act entered into on or after the 6th day of April, 1999.
[2]
Repealed by ICC BA00 s7 and ICC BA00 (Sections 5 and 7) (Commencement) Order S.I. No 46 of 2001 with effect from 12 February 2001.
[7]
Substituted by FA00 s23(1)(d)(iii). Shall apply as regards an approved retirement fund or an approved minimum retirement fund, as the case may be, where the assets in the fund were first accepted into the fund by the qualifying fund manager on or after 6 April 2000.
[9]
Substituted by FA02 sched6(3)(l). Shall be deemed to have come into force and take effect as on and from 1 January 2002.
[10]
Inserted by FA03 s14(1)(c)(ii). Shall be taken to have come into force and has effect as on and from 6 February 2003.
[12]
Substituted by FA05 s21(1)(b)(ii)(I). Applies as respects any annuity contract for the time being approved by the Revenue Commissioners entered into on or after 1 January 2005.
[13]
Substituted by FA05 s21(1)(b)(ii)(II). Applies as respects any annuity contract for the time being approved by the Revenue Commissioners entered into on or after 1 January 2005.
[14]
Inserted by FA05 s21(1)(b)(ii)(III). Applies as respects any annuity contract for the time being approved by the Revenue Commissioners entered into on or after 1 January 2005.
[22]
Deleted by FA10 s16(1)(a). Has effect for the year of assessment 2010 and subsequent years of assessment.
[23]
Substituted by FA10 s16(1)(a). Has effect for the year of assessment 2010 and subsequent years of assessment.
[24]
Substituted by FA11 s(19)(2)(a). Has effect as respects an amount regarded as a distribution of a specified amount in section 784A(1BA) of the Principal Act made on or after 31 December 2010.
[34]
Substituted by FA12 s134(1)(e). Has effect as if it had come into operation for the year of assessment (within the meaning of the Income Tax Acts and the Capital Gains Tax Acts) 2011 and each subsequent year of assessment.