531AAD Excess bank remuneration charge.

(1) In this section—

“excess bank remuneration charge” shall be construed in accordance with subsection (7);

“relevant employee”, in relation to a specified institution, means an employee of the specified institution—

(a) who is resident in the State (within the meaning of Part 34) in a tax year for the purposes of the Acts, or

(b) the duties of whose employment in that specified institution are at any time in the tax year concerned performed wholly or partly in the State;

“relevant remuneration”, in relation to a relevant employee, means, subject to subsection (2), relevant emoluments that are not regular salary or wages or a regular benefit or perquisite;

“regular”, in relation to any salary, wages, fees, benefit or perquisite of a relevant employee, means so much of the amount of such salary, wages, fees, benefit or perquisite that does not vary according to—

(a) the performance of, or any part of—

(i) any business of the specified institution, or

(ii) any business of a person connected with the specified institution,

(b) the contribution made by the relevant employee to the performance of, or of any part of, any business referred to in subparagraph (i) or (ii) of paragraph (a), or

(c) the performance by the relevant employee of any of the duties of the employment,

or any similar consideration;

“specified institution” means an institution, specified by order of the Minister for Finance made under section 6(1) of the Credit Institutions (Financial Support) Act 2008, that has received financial support under either or both that Act and the National Pensions Reserve Fund Act 2000.

(2) This section does not apply in respect of a relevant employee to whom or in respect of whom relevant remuneration of not more than €20,000 is awarded during a tax year.

(3) For the purposes of this section, relevant remuneration is awarded during a tax year if—

(a) a contractual obligation to pay or provide it arises during the tax year, or

(b) the relevant remuneration is paid or provided during the tax year without any such obligation having arisen during the tax year.

(4) The amount of any relevant remuneration is—

(a) if it is money, its amount when awarded, or

(b) if it is money’s worth, the amount of the money’s worth when awarded.

(5) Where the market value (within the meaning of section 548) of any relevant remuneration at the time it is awarded exceeds, or would exceed, what would otherwise be its amount, its amount is that market value.

(6) (a) Where anything constituting relevant remuneration is or would be when awarded subject to any restriction the restriction is to be ignored in arriving at its amount.

(b) For the purpose of paragraph (a) “restriction” means any condition, restriction or other similar provision that causes the market value of the relevant remuneration to be less than it would otherwise be.

(7) A relevant employee, instead of being charged to universal social charge at the rates provided for in section 531AN on that part of his or her aggregate income for a tax year that constitutes relevant remuneration awarded during the tax year to or in respect of the relevant employee by reason of his or her employment as an employee of the specified institution, shall be charged to universal social charge (to be known, for the purposes of this section, as “excess bank remuneration charge”) on the amount of that relevant remuneration at the rate of 45 per cent for that tax year.

(8) Notwithstanding section 531AO(2), as respects any award of relevant remuneration made to or in respect of a relevant employee in the period beginning on the date of the passing of the Finance Act 2011 and ending on 31 December 2011 and in each subsequent tax year, excess bank remuneration charge shall be deducted from relevant remuneration by the employer at the rate of 45 per cent.

(9) An employer shall for each award of relevant remuneration from which excess bank remuneration charge has not been deducted in the period beginning on 1 January 2011 and ending on the date of the passing of the Finance Act 2011 make and deliver to the Revenue Commissioners on or before 30 June 2011 a return, in such form as may be provided or approved by the Revenue Commissioners, including the following information in respect of each such payment—

(a) the name, address and Personal Public Service Number (within the meaning of section 262 of the Social Welfare Consolidation Act 2005) of the relevant employee to whom the relevant remuneration was awarded,

(b) the amount of the relevant remuneration awarded,

(c) the amount, if any, of universal social charge deducted and remitted to the Collector-General in respect of that relevant remuneration, and

(d) such other details or information as may be specified by the Revenue Commissioners in the return.

(10) ^[2]>Within 46 days^<[2][2]>Within 14 days^<[2] from the end of a tax year an employer shall for each award of relevant remuneration made to or in respect of a relevant employee in the period beginning on the date of the passing of the Finance Act 2011 and ending on 31 December 2011 and in each subsequent tax year make and deliver to the Revenue Commissioners a return, in such form as may be provided or approved by the Revenue Commissioners, including the following information in respect of each such payment—

(a) the name, address and Personal Public Service Number (within the meaning of section 262 of the Social Welfare Consolidation Act 2005) of the relevant employee to whom the relevant remuneration was awarded,

(b) the amount of the relevant remuneration awarded,

(c) the amount, if any, of excess bank remuneration charge deducted and remitted to the Collector-General in respect of that relevant remuneration, and

(d) such other details or information as may be specified by the Revenue Commissioners in the return.