Schedule 12B

[Section 519C]

Certified Contractual Savings Schemes

Application

par 1 The Schedule has effect for the purposes of section 519C.

Specifications by Minister for Finance

par 2 The Minister for Finance may specify the requirements to be imposed in respect of certified contractual savings schemes within the meaning of section 519C(4)(c). The Minister for Finance may determine which classes of persons should enter into savings contracts under a scheme, may specify the level of contribution to be made and may specify the sum to be paid or repaid to individuals.

par 3 The Minister for Finance may withdraw a specification made under section 519C(4)(c) on the operation of a scheme to be effective from a particular date. Where this happens any certification made by the Revenue Commissioners in accordance with the specification is deemed to have been withdrawn on the same date. Contracts entered into or the operation of a scheme prior to the withdrawal of a specification are not affected. Appropriate notification of changes must be issued by the Revenue Commissioners to the qualifying savings institutions.

par 4 The Minister for Finance may vary a specification made under section 519C(4)(c) on the operation of a scheme to be effective from a particular date. Where this happens any certification made by the Revenue Commissioners in accordance with the specification before the variation is deemed to have been withdrawn on the same date. Contracts entered into or the operation of the scheme prior to the variation of the specification are not affected. Appropriate notification of the changes must be issued by the Revenue Commissioners to the qualifying savings institutions. The Revenue Commissioners may certify a scheme as fulfilling the requirements obtaining after the variation of the specification by the Minister for Finance.

Information

par 5 The Revenue Commissioners may by notice in writing require a person to furnish them, within not less than 30 days, such information as they consider necessary to enable them to determine whether to certify or to withdraw certification of a scheme, to determine a participant’s liability to tax under a scheme or to enable them to administer the scheme and any alteration of the terms of a scheme.

par 6 The Revenue Commissioners may nominate officers to perform acts and discharge functions authorised by the Schedule, on their behalf.

Relevant Date: Finance Act 2021