33 Method of charge and payment

Summary

This section sets out the method of charging and paying tax under Schedule C. Persons entrusted on behalf of another person with a payment liable to tax under Schedule C are required to pay on behalf of that other person the tax due out of the payment. The procedure for the assessment, charge and payment of tax under Schedule C is set out in Schedule 2.

Details

(1) Tax under Schedule C is charged by the Commissioners designated for that purpose by the Income Tax Acts. Section 853 specifically designates the Governor and directors of the Bank of Ireland as Commissioners for, among other things, the purposes of the assessment of public revenue dividends of the State payable to the Bank. Tax under Schedule C is paid on behalf of the persons entitled to the profits, dividends, proceeds of realisation or price paid on purchase by the banker or other person who is entrusted with the duty of paying the income.

Tax charged under paragraph 1 of Schedule C is payable by the persons and bodies of persons respectively entrusted with the payment.

Tax charged under paragraphs 2, 3 or 4 of Schedule C is payable by the bankers, dealers in coupons or other persons, as the case may be.

(2) The procedures for the assessment, charge and payment of tax under Schedule C is set out in Schedule 2.

Relevant Date: Finance Act 2021