227 Certain income arising to specified non-commercial state-sponsored bodies

(1) & (4) This section exempt from income tax or corporation tax certain income arising to non-commercial state-sponsored bodies (being a body specified in Schedule 4) which would otherwise be chargeable to tax under Cases III, IV and V of Schedule D. However, such bodies remain liable for deposit interest retention tax under Chapter 4 of Part 8.

(2) The Minister for Finance may make an order amending Schedule 4. This could arise following a decision to remove the exemption from a body or where it was decided to grant exemption to a new body.

(3) Any order amending Schedule 4 must be laid before Dáil Éireann and be passed by Resolution.

(4) Any tax paid by such bodies before the introduction of the exemption is not refundable. In addition, such bodies are not entitled to exemption from deposit interest retention tax nor are they entitled to claim repayment of that tax.

Relevant Date: Finance Act 2021