IE
S.I. No. 641/2011 - Return of Payments (Insurance Undertakings) Regulations 2011.
Table of Provisions (8)
Statutory Text (8 Articles)
1. Where the specified person is in possession of the declaration required by section 730E(2) (declarations relating to life policies of non-residents) of the Principal Act, to be made by the person who made the investment, any payment made by the specified person to that person in respect of that investment.
2. Where the specified person is not in possession of the relevant declaration as referred to in paragraph 1 of this Schedule, to be made by the person who made the investment, any payment made by the specified person to the following persons and bodies in respect of that investment
(
a
) persons in respect of whom the specified person is in possession of a written approval from the Commissioners under section 730D(2A) of the Principal Act and which has not been withdrawn;
(
b
) a bank which is not resident for the purposes of tax in the State;
(
c
) a building society which is not resident for the purposes of tax in the State but which is resident for the purposes of tax in another Member State;
(
d
) a company or any other entity quoted on a recognised stock exchange in a territory outside the State where the specified person making the payment is satisfied that the company or entity is not resident for the purposes of tax in the State;
(
e
) those bodies listed in Appendix III, paragraph 11.2, of the document entitled “Deposit Interest Retention Tax Guidance Notes for Deposit Takers” made available by the Commissioners to deposit takers and effective from January 2006 or listed in a corresponding list in any subsequent version of that document, where the bodies concerned are resident for the purposes of tax in a territory with which an agreement under section 826 (agreements for relief from double taxation) of the Principal Act has been entered into and where the specified person is satisfied–
(i) that the bodies concerned are not resident for the purposes of tax in the State, and
(ii) at the time the investment is made, that the investment will be for a period of less than 3 months.
3. Any payment made by reason of death or disability on a policy but only in respect of the amount of such payment which equates to the excess of the value of the policy or, as the case may be, the interest therein, immediately after the date of death or disability over the surrender value of the policy immediately before that time.
4. Any payment made in respect of any commercial paper issued by a specified person which qualifies for the treatment provided for by section 246A (interest in respect of wholesale debt instruments) of the Principal Act.
5. Any payment made in respect of any medium term note but only where either of the following conditions apply in respect of the medium term note concerned
(
a
) the conditions set out in Appendix III, paragraph 11.1, of the document entitled “Deposit Interest Retention Tax Guidance Notes for Deposit Takers” made available by the Commissioners to deposit takers and effective from January 2006;
(
b
) the same or corresponding conditions set out in any subsequent version of that document.
6. Any payment made to—
(
a
) a pension scheme,
(
b
) an approved retirement fund or an approved minimum retirement fund,
(
c
) a PRSA provider,
(
d
) a resident bank, a building society, a credit union, or the Post Office Savings Bank,
(
e
) the National Treasury Management Agency or the State acting through the National Treasury Management Agency,
(
f
) the National Asset Management Agency,
(
g
) the National Pensions Reserve Fund Commission, a Commission investment vehicle, or the State acting through the National Pensions Reserve Fund Commission or through a Commission investment vehicle.
7. Any payment made in respect of a debt on a security issued by a specified person and listed on a stock exchange.
8. Any payment made in respect of an investment held by a specified person outside the State.
The Minister for Finance consents to the making of the foregoing Regulations.
GIVEN under my Official Seal,
12 December 2011.
MICHAEL NOONAN,
Minister for Finance.
GIVEN this 13th day of December 2011.
MICHAEL O'GRADY,
Revenue Commissioner.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation).
These Regulations, which give partial effect to the provisions of section 891B of the
Taxes Consolidation Act 1997
(inserted by
section 125
of the
Finance Act 2006
), are made by the Revenue Commissioners, with the consent of the Minister for Finance, and provide for the automatic annual reporting by assurance companies of any payments made by them in the year 2011 and subsequent years in respect of investment policies.
The details to be reported include the name, address, date of birth (if an individual) and amount of the payment. For new investments made on or after 1 January 2013 the details to be reported will also include the tax reference number or, in the absence of the number, a special marker indicating that this was not provided.