263C Notifications by the Revenue Commissioners relating to deposits of certain persons

Summary

This section provides for the form of notification by the Revenue Commissioners to the financial institution regarding deposits which are not to be treated as a “relevant deposit”. On receipt of this notification, the financial institution may then pay interest on such deposits without deduction of DIRT. The section supplements paragraph (j) of the definition of “relevant deposit” in section 256(1) and also section 256(1B).

Details

Notifications

(1) The requirements in relation to a notification referred to under section 256(1B) by the Revenue Commissioners to the deposit taker are that such a notification —

• (a) is made in writing by the Revenue Commissioners to a relevant deposit taker confirming that the account identified in the notification is to be treated as not being a relevant deposit unless and until the notification is cancelled,
• (b) contains the following information for the person beneficially entitled to the interest, or a trustee entitled to the interest on behalf of a special trust for an incapacitated individual under section 189A(2) in relation to the deposit —
  • the name and address of the person,
  • the person’s PPS Number (within the meaning of section 891B) or the trustee’s tax reference number (within the meaning of section 885), and
  • the account number of the deposit,
  
  and
• (c) contains such other information as the Revenue Commissioners may reasonably decide for the purposes of this Chapter.

(2) The Revenue Commissioners may cancel the notification at any time and give notice in writing to both the relevant deposit taker and the person(s) mentioned above. The deposit shall not be a deposit to which this section applies from that time.

Relevant Date: Finance Act 2021