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898D Paying agent and residual entity.

(1) In this Chapter—

“paying agent”, in relation to any interest payment, means a person who in the course of the person’s business or profession carried on in the State makes the interest payment to, or secures the interest payment for, the immediate benefit of a beneficial owner and includes, in particular, a residual entity but only as respects a deemed interest payment, a Minister of the Government and any agency or body established by statute;

“residual entity”, in relation to any interest payment, means a person or undertaking established in the State or in a relevant territory to which the interest payment is made for the benefit of a beneficial owner or for which the interest payment is secured for the benefit of a beneficial owner, unless the person making the payment is satisfied on the basis of evidence produced by the person or the undertaking that subsection (2) applies to that person or that undertaking.

(2) This subsection applies to a person or undertaking which—

(a) is a legal person (not being an individual) other than the legal persons referred to in Article 4.5 of the Directive,

(b) is a person within the charge to corporation tax or within the charge to a tax in a relevant territory which corresponds to corporation tax in the State, or

(c) is an undertaking for collective investment in transferable securities (in this Chapter referred to as a “UCITS”) recognised as such under the UCITS Directive or an equivalent undertaking for collective investment established in a relevant territory other than a Member State.

(3) (a) A residual entity shall be entitled to elect for the purposes of this Chapter to be treated in the same manner as a UCITS recognised as such under the UCITS Directive is treated (in this Chapter referred to as a “deemed UCITS”).

(b) Where this election is exercised a reference in this Chapter to a UCITS recognised as such under the UCITS Directive includes a reference to a residual entity which has elected to be treated in the same manner as such a UCITS.

(c) An election under this subsection shall not be valid unless the person or undertaking concerned presents a certificate issued to it by the competent authority of the relevant territory in which it is resident for tax purposes to the person making an interest payment to it, or securing an interest payment for it, certifying that the election provided for by this subsection has been made by the person or undertaking named on the certificate.

(d) As respects a person or undertaking to which this subsection applies who is resident in the State for tax purposes, the Revenue Commissioners shall make regulations—

(i) prescribing the form in which the election provided for by this subsection is to be made,

(ii) providing for the issue of a certificate to a person or undertaking exercising the election provided for by this subsection,

(iii) prescribing the details to be included on any such certificate,

(iv) requiring a residual entity making such an election to provide them with such information as respects its constitution, legal status, ownership, investments, income and customers as may be set out in such regulations, and

(v) providing for such incidental matters as may be necessary for the purposes of the preceding provisions of this paragraph.

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