Revenue Note for Guidance

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Revenue Note for Guidance

263F Declarations by a PEPP provider

Summary

This section provides for a form of declaration in respect of deposits made by PEPP providers for assets held in a PEPP. The PEPP provider can make a declaration in writing to a relevant deposit taker with respect to a relevant deposit held for a PEPP. On receipt of this declaration the relevant deposit taker will pay or credit interest on such a deposit without the deduction of DIRT.

Details

(1) The declaration, referred to in paragraph (l) of the definition of “relevant deposit” contained in section 256(1), must be made in writing to the relevant deposit taker and must be -

  • (a) made by a PEPP provider (in this section referred to as the “declarer”) in respect of a deposit which is an asset of a PEPP,
  • (b) signed by the PEPP provider,
  • (c) made in such form as may be prescribed by the Revenue Commissioners

(d) The declarer must declare that, at the time the declaration is being made, that

  • the deposit is an asset of a PEPP, and
  • is managed by the declarer for the PEPP who is beneficially entitled to the deposit and the interest arising on the deposit.

The declaration should contain

  • (e) the name, address and tax reference number of the PEPP,
  • (f) an undertaking by the declarer that if the deposit ceases to be an asset of a PEPP the declarer will notify the financial institution accordingly, and
  • (g) such other information that the Revenue Commissioners may reasonably require.

Retention and examination of declarations

(2) A relevant deposit taker shall keep and retain declarations made under this section for the longer of –

  • (a) 6 years, or
  • until 3 years after the account is closed or becomes a relevant deposit.

(b) An inspector is authorised to require a financial institution to make available within a specified time all declarations made under this section on giving a notice in writing to the relevant deposit taker.

(3) The Revenue Commissioners may examine or take extracts from any declarations provided under this section.

Interpretation

(4)A PEPP has the same meaning as it has in Chapter 2D of Part 30.

A PEPP provider has the same meaning as it has in Chapter 2D of Part 30.

Relevant Date: Finance Act 2024