848W Transfer of funds on maturity of SSIA.

This Part applies to an individual—

(a) whose gross income, for the year of assessment (in this section referred to as the “previous year”) immediately before the year of assessment in which the maturity date of the individual’s special savings incentive account falls, does not exceed €50,000, and

(b) none of whose taxable income for the previous year is chargeable to tax at the higher rate, or in the case of an individual who is married, none of whose taxable income for that year would be so chargeable if, where it is not the case, the individual had made an application under section 1023 and that application had effect for that year,

and who—

(i) within the 3 month period commencing on the maturity date—

(I) furnishes his or her maturity statement to an administrator, and

(II) subscribes an amount (in this Part referred to as a “pension subscription”) being equal to all or part of the net funds, in relation to his or her special savings incentive account, to the administrator—

(A) as an additional voluntary contribution,

(B) as a PRSA contribution, or

(C) as a premium under an annuity contract,

(ii) makes a declaration of a kind referred to in section 848X,

(iii) does not make a claim, under any provision of the Tax Acts, to a deduction for income tax purposes in respect of the pension subscription other than in respect of the amount by which it exceeds €7,500, the tax credit in relation to the pension subscription or the additional tax credit, and

(iv) does not reduce any amount which he or she is required to pay, in the year in which he or she becomes entitled to be credited with tax credits under section 848Y, under a retirement benefits scheme, or as a PRSA contribution or as a premium under an annuity contract.