263E Notifications by the Revenue Commissioners relating to deposits of relevant amounts

Summary

This section provides for the form of notification by the Revenue Commissioners to the financial institution regarding deposits of relevant amounts 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.

Notifications

(1) The requirements in relation to a notification referred to under section 256(1C) 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 in relation to the deposit —
  • the name and address of the person,
  • the person’s PPS Number (within the meaning of section 891B),
  • 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 mentioned above. The deposit shall not be a deposit to which this section applies from that time.

Relevant Date: Finance Act 2024