Revenue Note for Guidance

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Revenue Note for Guidance

INCOME TAX AND CORPORATION TAX: THE MAIN PROVISIONS

PART 3

Provisions Relating to the Schedule C Charge and Government and Other Public Securities

CHAPTER 1

Principal provisions relating to the Schedule C charge

Overview

Chapter 1 of Part 3 provides for the method of charge and the payment of tax under Schedule C and applies Schedule 2 for the purposes of the assessment, charge and payment of tax under Schedule C. The Chapter also ensures that no tax is to be charged on stock, dividends or interest belonging to the State, and provides that no tax is to be charged on the interest on any foreign securities payable in the State where the securities are owned by non-residents.

32 Interpretation (Chapter 1)

This section provides for the interpretation of this Chapter.

“dividends” generally means any interest, annuities, dividends or shares of annuities.

“public revenue”, unless the context requires otherwise, includes the public revenue of the Irish Government (for example, interest on Irish Government stocks) and of any foreign Government (for example, interest on U.K. government stocks) and also the revenue of any public authority or institution in any foreign country (for example, interest on the securities of provincial, municipal and other public bodies of any country outside the State).

“public revenue dividends” are dividends out of any public revenue.

“foreign public revenue dividends” are dividends payable in any place other than in the State out of any foreign public revenue. This definition applies irrespective of whether or not the dividends are also capable of being paid in the State.

Relevant Date: Finance Act 2021