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Taxes Consolidation Act, 1997 (Number 39 of 1997)

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790B Exemption of cross-border scheme.

(1) In this section—

competent authority”, in relation to the State, means the national authority designated to carry out the duties provided for in the Directive arising from the transposition of the Directive into the law of the State;

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Directive” means Directive 2003/41/EC of the European Council and of the Parliament of 3 June 20031 on the activities and supervision of institutions for occupational retirement provision;

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Directive” means Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 20162 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast);

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European undertaking”, in relation to a scheme, means an undertaking located in a European State which makes or proposes to make contributions to a scheme in respect of European members;

European members” means individuals who are or have been employed or self-employed in a European State and in respect of which employment or self employment the trustees of the scheme have accepted or propose to accept contributions from the European undertaking;

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European State” means a Member State of the European Communities other than the State;

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European State’ means—

(a) a Member State of the European Union, other than the State, or

(b) the United Kingdom;

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scheme” means an occupational pension scheme established in the State under irrevocable trusts which provides, or is capable of providing, retirement benefits (within the meaning of [3]>Article 6(d)<[3][3]>Article 6(4)<[3] of the Directive) in relation to European members;

trustees”, in relation to a scheme, means the trustees of the scheme;

undertaking” means any undertaking or other body, regardless of whether it includes or consists of one or more persons, which acts as an employer or as an association, or other representative body, of self employed persons.

(2) Subsections (3) and (4) shall apply to any scheme in respect of which, arising from the transposition of the Directive into the law of the State, the trustees have received from the competent authority—

(a) an authorisation, and

(b) an approval,

to accept contributions from a European undertaking in respect of European members, which authorisation has not been revoked.

(3) (a) Exemption from income tax shall, on a claim being made in that behalf, be allowed in respect of income derived from investments or deposits of a scheme, if or to such extent as the Revenue Commissioners are satisfied that, it is income from investments or deposits held for the purposes of the scheme.

(b) (i) In this subsection “financial futures” and “traded options” mean respectively financial futures and traded options for the time being dealt in or quoted on any futures exchange or any stock exchange, whether or not that exchange is situated in the State.

(ii) For the purposes of paragraph (a), a contract entered into in the course of dealing in financial futures or traded options shall be regarded as an investment.

(c) Exemption from income tax shall, on a claim being made in that behalf, be allowed in respect of underwriting commissions if, or to such extent as the Revenue Commissioners are satisfied that, the underwriting commissions are applied for the purposes of the scheme, and in respect of which the trustees of the scheme would but for this subsection be chargeable to tax under Case IV of Schedule D.

(4) For the purposes of sections 172A(1), 256(1) and 739B(1), the reference to “an exempt approved scheme within the meaning of section 774” in the definition of “pension scheme” in those sections shall be deemed to include a reference to a scheme referred to in subsection (2).

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Footnotes

1 OJ No. L235, 23.9.2003, p.10

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2OJ No. L354, 23.12.2016, p. 37

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Inserted by FA05 s21(1)(e)(ii). Shall come into operation on such day or days as the Minister for Finance may by order appoint and different days may be appointed for different purposes or different provisions. With effect from 23 September 2005 per SI 570 of 2005.

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Substituted by FA18 sched2(1)(b)(i). Comes into operation on such day as the Minister for Finance may appoint by order.

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Substituted by FA18 sched2(1)(b)(ii). Comes into operation on such day as the Minister for Finance may appoint by order

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Substituted by the Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2020 s48. Comes into operation on 31 December 2020 as per S.I. No. 723 of 2020.