Taxes Consolidation Act, 1997 (Number 39 of 1997)
[1]>
845C Treatment of Additional Tier 1 instruments.
(1) In this section—
[2]>
“Additional Tier 1 instrument” means an instrument which qualifies, or has qualified, as an Additional Tier 1 instrument under Article 52 of the Capital Requirements Regulation;
<[2]
[2]>
“Additional Tier 1 instrument” means an instrument—
(a) which qualifies, or has qualified, as an Additional Tier 1 instrument under Article 52 of the Capital Requirements Regulation, or
(b) which is an instrument that has not been issued by an institution within the meaning of Article 4 of the Capital Requirements Regulation but which satisfies conditions that, with any necessary modification of them by virtue of the fact that the instrument has not been issued by a foregoing institution, are equivalent to the conditions specified in Article 52 of the Capital Requirements Regulation;
<[2]
“Capital Requirements Regulation” means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 20131 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/20122;
“coupon” means a distribution, within the meaning of Article 4 of the Capital Requirements Regulation, in respect of an Additional Tier 1 instrument.
(2) For the purposes of the Tax Acts, an Additional Tier 1 instrument shall be regarded as a debt instrument.
(3) For the purposes of the Tax Acts, a coupon in respect of an Additional Tier 1 instrument—
(a) shall be regarded as interest, and
(b) shall not be regarded as a distribution or a charge on income.
(4) Section 64 shall apply, with any necessary modifications, to an Additional Tier 1 instrument as it applies to a quoted Eurobond.
(5) This section shall not apply to an Additional Tier 1 instrument that forms part of any arrangement or scheme the main purpose, or one of the main purposes, of which is avoidance of liability to tax.
<[1]