Taxes Consolidation Act, 1997 (Number 39 of 1997)

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787S Payment of tax due on chargeable excess.

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(1) Where the person liable to income tax in accordance with section 787R is—

(a) the person referred to in paragraph (a) of subsection (2) of that section, that person shall, within 6 months of the specified date, make a return to the Collector-General which shall contain—

(i) his or her full name, address and PPS Number,

(ii) the full name and address of the administrator of the relevant pension arrangement or relevant pension arrangements (and if there is more than one such administrator, the full name and address of each of them) under which the benefit crystallisation event or events, referred to in subparagraph (iii), has or have occurred,

(iii) the amount of, and the basis of the calculation of, all chargeable excesses arising in respect of benefit crystallisation events occurring on or after the specified date but before the date of the passing of the Finance Act 2006, and

(iv) details of the amount of tax which that person is required to account for in relation to each chargeable excess,

or

(b) the administrator of a relevant pension arrangement referred to in section 787R(2)(b), the administrator shall within 3 months of the end of the month in which the benefit crystallisation event giving rise to the chargeable excess occurs, make a return to the Collector-General which shall contain—

(i) the name and address of the administrator,

(ii) the name, address and PPS Number of the individual in relation to whom the benefit crystallisation event has occurred,

(iii) details of the relevant pension arrangement under which the benefit crystallisation event giving rise to the chargeable excess has occurred,

(iv) the amount of, and the basis of calculation of, the chargeable excess arising in respect of the benefit crystallisation event, and

(v) details of the tax which the administrator is required to account for in relation to the chargeable excess.
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(1) The administrator of a relevant pension arrangement shall, ~~^[5]>within 3 months of^<[5]~~^[5]>within 3 months from^<[5] the end of the month in which the benefit crystallisation event giving rise to the chargeable excess occurs, make a return to the Collector-General which shall contain—

(a) the name and address of the administrator,

(b) the name, address and PPS Number of the individual in relation to whom the benefit crystallisation event has occurred,

(c) details of the relevant pension arrangement under which the benefit crystallisation event giving rise to the chargeable excess has occurred,

(d) the amount of, and the basis of calculation of, the chargeable excess arising in respect of the benefit crystallisation event, and

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(e) details of the tax which the administrator is required to account for in relation to the chargeable excess.
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(e) details of the tax which the administrator is required to account for in relation to the chargeable excess,

and where the administrator is the administrator of a relevant pension arrangement to which section 787R(2A) applies the return shall also contain—

(i) where no transfer amount has been applied—

(I) the name, address and PPS Number of the non-member, and

(II) instead of the details referred to in paragraph (e), details of the relevant member’s and non-member’s appropriate share of the tax which the administrator is required to account for in relation to the chargeable excess,

and

(ii) where a transfer amount has been applied—

(I) other than where the administrator, subsequent administrator and fund administrator are the same person, the name, address and telephone number of the subsequent administrator or fund administrator, as the case may be,

(II) the name, last known address and, where known, the PPS Number of the non-member, and

(III) instead of the details referred to in paragraph (e), the amount of, and the basis of calculation of—

(A) the relevant member’s appropriate share of the tax that the administrator is required to account for, and

(B) the non-member’s appropriate share of the tax that the subsequent administrator or fund administrator, as the case may be, is required to account for by way of a separate return under this section.

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(1A) Where the provisions of section 787R(2A) apply and a transfer amount has been applied, then—

(a) where the transfer arrangement is the relevant pension arrangement of the relevant member, the subsequent administrator, within 3 months from—

(i) the end of the month in which the benefit crystallisation event giving rise to the chargeable excess tax occurs where, at the date of that event, the non-member is in receipt of a pension payable from the transfer arrangement,

(ii) the end of the month in which a sum representing the non-member’s accrued rights under the transfer arrangement (in this paragraph referred to as the ‘first-mentioned arrangement’) is transferred (in whole or in part) to another relevant pension arrangement, or

(iii) the end of the month in which the non-member’s retirement benefit under the first-mentioned arrangement crystallises,

(b) where the transfer arrangement is not the relevant pension arrangement of the relevant member and the subsequent administrator has received a certificate referred to in section 787R(3B), the subsequent administrator, within 3 months from—

(i) the end of the month in which the subsequent administrator receives the certificate where, at the date of receipt of the certificate, the non-member is in receipt of a pension payable from the transfer arrangement,

(iii) the end of the month in which the non-member’s retirement benefit under the first-mentioned arrangement crystallises,

(i) the fund administrator has received a certificate or copy certificate referred to in section 787R(3C), the fund administrator within 3 months from the end of the month in which the certificate or copy certificate is received, or

(ii) the fund administrator and the administrator of the pension arrangement in respect of which the benefit crystallisation event giving rise to the chargeable excess tax arises, are the same person, the fund administrator within 3 months from the end of the month in which the benefit crystallisation event occurs,

as the case may be, shall—

(i) make a return to the Collector-General which shall contain—

(I) the name, address and telephone number of the subsequent or fund administrator, as the case may be,

(II) the name, address and PPS Number of the non-member,

(III) the name, address and telephone number of the administrator of the relevant pension arrangement from which the transfer amount arose,

(IV) the amount of, and the basis of calculation of, the non-member’s appropriate share of the tax, and

(V) the amount of the non-member’s appropriate share of the tax which the subsequent or fund administrator, as the case may be, is required to account for,

and

(ii) where the amount of the non-member’s appropriate share of the tax which the subsequent or fund administrator is required to account for is less than the amount of that share, notify the non-member in writing at the time the return to the Collector-General is made of that fact and that the balance (being the difference between the amount of the appropriate share and the amount of that share to be accounted for by the subsequent or fund administrator) is due and payable by the non-member to the Collector-General in accordance with this section within 3 months from the date of the notification.

(1B) Where a notification referred to in subsection (1A)(ii) is sent to a non-member, a copy of the notice shall be sent by the fund administrator or the subsequent administrator, as the case may be, to the Revenue Commissioners at the same time.

(1C) Where a non-member receives a notification referred to in subsection (1A)(ii) or a notification referred to in section 787R(3D) (in the circumstance referred to in section 787R(3E)), he or she shall within 3 months from the date of the notification make a return to the Collector-General which shall contain—

(a) the name, address and telephone number of the subsequent or fund administrator, as the case may be,

(b) the name, address and PPS Number of the non-member,

(d) the amount of the non-member’s appropriate share of the tax accounted for by the subsequent or fund administrator, as the case may be, and

(e) the amount of the non-member’s appropriate share of the tax which the non–member is required to account for.

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(2) (a) An administrator of a relevant pension arrangement shall provide a statement to the Revenue Commissioners, in accordance with paragraph (b), within 2 months of the date of the passing of the Finance Act 2006, where, on or after the specified date but before the date of the passing of that Act, one or more benefit crystallisation events has or have occurred in relation to an individual under one or more relevant pension arrangements managed by that administrator, and the amount crystallised by that event or, as the case may be, the aggregate of the amounts crystallised by those events, exceeds €3,750,000.

(b) The statement referred to in paragraph (a) shall—

(i) be in such form as may be prescribed or authorised by the Revenue Commissioners,

(ii) contain the following details—

(I) the full name, address and PPS Number of the individual in relation to whom the benefit crystallisation event or, as the case may be, the benefit crystallisation events, has or have occurred,

(II) details of the relevant pension arrangement or arrangements under which the benefit crystallisation event or events has or have occurred, and

(III) the amount crystallised by each such event,

and

(iii) include a declaration to the effect that the statement is correct and complete.
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(3) The tax ~~^[8]>which a person is required to account for^<[8]~~^[8]>(including a relevant member’s or non-member’s appropriate share of that tax) which a person is required to account for, in whole or in part,^<[8] in relation to a chargeable excess (in this section referred to as the “appropriate tax”) and which is required to be included in a return shall be due at the time by which the return is due to be made and shall be paid by that person to the Collector-General. The appropriate tax so due shall be payable by that person without the making of an assessment; but appropriate tax that has become so due may be assessed on that person (whether or not it has been paid when the assessment is made) if that tax or any part of it is not paid on or before the due date.

(4) Where it appears to an officer of the Revenue Commissioners that there is any amount of appropriate tax in relation to a chargeable excess which ought to have been but has not been included in a return, or where the officer is dissatisfied with any return, then the officer may make an assessment on the person liable for the appropriate tax to the best of his or her judgement, and any amount of appropriate tax in relation to a chargeable excess due under an assessment made by virtue of this subsection shall be treated for the purposes of interest on unpaid tax as having been payable at the time by which the return concerned was due to be made.

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(5) Where any item has been incorrectly included in a return as a chargeable excess, then an officer of the Revenue Commissioners may make such assessments, adjustments or set-offs as may in his or her judgement be required for securing that the resulting liabilities to tax, including interest on unpaid tax, whether of the administrator of a relevant pension arrangement or the individual ^[9]>or, where the provisions of section 787R(2A) apply, whether of the subsequent administrator, fund administrator, relevant member or non-member, as the case may be^<[9], are, so far as possible, the same as they would have been if the item had not been so included.
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(5) Where any item—

(a) has been incorrectly included in a return as a chargeable excess, or

(b) has been included in a return as a chargeable excess in accordance with the application of paragraph (c) of subsection (5A) of section 787R in circumstances where, if a declaration referred to in paragraph (b) of that subsection had been provided to the relevant administrator (within the meaning of that subsection), no chargeable excess or a lesser chargeable excess would have arisen in respect of the benefit crystallisation event concerned,

then, on a case being made, an officer of the Revenue Commissioners may make such assessments, adjustments or set-offs as may in his or her judgement be required for securing that the resulting liabilities to tax, including interest on unpaid tax, whether of the administrator of a relevant pension arrangement or the individual or, where the provisions of section 787R(2A) apply, whether of the subsequent administrator, fund administrator, relevant member or non-member, as the case may be, are, so far as possible, the same as they would have been if the item had not been so included.

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(6) (a) Any appropriate tax assessed on a person under this Chapter shall be due within one month after the issue of the notice of assessment (unless that tax is due earlier under subsection (1)) subject to—

(i) any appeal against the assessment, or

(ii) any application under section 787T,

but no such appeal or application, as the case may be, shall affect the date when any amount is due under subsection (1).

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(b) On the determination of an appeal against an assessment under this section, any appropriate tax overpaid shall be repaid.
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(7)~~^[11]>(a) The provisions of the Income Tax Acts relating to—^<[11]~~^[11]>(a) The provisions of the Income Tax Acts relating to—^<[11]

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(i) assessments to income tax,

(ii) appeals against such assessments (including the rehearing of appeals and the statement of a case for the opinion of the High Court), and

(iii) the collection and recovery of income tax,

shall, in so far as they are applicable, apply to the assessment, collection and recovery of appropriate tax.
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(i) assessments to income tax, and

(ii) the collection and recovery of income tax,

shall, in so far as they are applicable, apply to the assessment, collection and recovery of appropriate tax.

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(b) Any amount of appropriate tax payable in accordance with this Chapter without the making of an assessment shall carry interest at the rate of ~~^[4]>0.0273 per cent^<[4]~~^[4]>0.0219 per cent^<[4] for each day or part of a day from the date when the amount becomes due and payable until payment.

(c) Subsections (3) to (5) of section 1080 shall apply in relation to interest payable under paragraph (b) as they apply in relation to interest payable under section 1080.

(d) In its application to any appropriate tax charged by any assessment made in accordance with this section, section 1080 shall apply as if subsection (2)(b) of that section were deleted.

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(7A) (a)Subject to paragraph (b), a person aggrieved by an assessment made on that person under this section may appeal the assessment to the Appeal Commissioners, in accordance with section 949I, within the period of 30 days after the date of the notice of assessment.

(b) Where, in accordance with this section, a person is required to make a return and account for appropriate tax to the Collector- General, no appeal lies against an assessment until such time as the person makes the return and pays or has paid the amount of the appropriate tax payable on the basis of that return.

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(8) Every return referred to in this section shall be in a form prescribed or authorised by the Revenue Commissioners and shall include a declaration to the effect that the return is correct and complete.

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Inserted by FA06 s14(1)(e). Has effect as on and from 7 December 2005.

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Substituted by FA11 s(19)(3)(q). Has effect as on and from 7 December 2010.

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Deleted by FA11 s(19)(3)(r). Has effect as on and from 7 December 2010.

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