Revenue Note for Guidance

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Revenue Note for Guidance

787V Interpretation and supplemental

Details

(1) “approved retirement fund” has the same meanings as section 784A.

“contract of employment” means—

  1. a contract of service or apprenticeship, or
  2. any other contract whereby an individual agrees with another person, who is carrying on the business of an employment agency (within the meaning of the Employment Agency Act, 1971) and is acting in the course of that business, to do or perform personally any work or service for a third person (whether or not the third person is party to the contract),

whether the contract is express or implied or if express, whether it is oral or in writing.

“contribution” means a payment made directly or indirectly by or on behalf of a contributor to the relevant PEPP contract of a PEPP provider for investment on the contributor’s behalf in accordance with the terms of a PEPP contract.

“contributor” means an individual who enters into a PEPP contract with a PEPP provider.

“director” in relation to a company includes—

  1. in the case of a company the affairs of which are managed by a board of directors or similar body, a member of that board or body,
  2. in the case of a company the affairs of which are managed by a single director or similar person, that director or person, and
  3. in the case of a company the affairs of which are managed by the members themselves, a member of that company,

and includes a person who is to be or has been a director.

“distribution” has the same meaning as in the Corporation Tax Acts (see section 4).

“earnings limit” shall be construed in accordance with section 790A.

“emoluments” has the same meaning as in Chapter 4 of Part 42.

“employee” —

  1. means a person of any age, who has entered into or works under (or where the employment has ceased, entered into or worked under) a contract of employment and references, in relation to an employer, to an employee shall be construed as references to an employee employed by that employer; and for the purposes of this Chapter, a person holding office under, or in the service of, the State (including a civil servant within the meaning of the Civil Service Regulation Act 1956) shall be deemed to be an employee employed by the State or Government, as the case may be, and an officer or servant of a local authority for the purposes of the Local Government Act 2001, or of a harbour authority, the Health Service Executive or a member of staff of an education and training board shall be deemed to be an employee employed by the authority, the Executive or the board, as the case may be), and
  2. in relation to a company, includes a director or other officer of the company and any other person taking part in the management of the affairs of the company.

“employer” means, in relation to an employee, the person with whom the employee has entered into, or for whom the employee works under (or, where the employment has ceased, entered into or worked under), a contract of employment, subject to the qualification that the person, who under a contract of employment referred to in paragraph (b) of the definition of ‘contract of employment’ is liable to pay the wages of the individual concerned, in respect of the work or service concerned shall be deemed to be the individual’s employer.

“employer limit” in relation to a contribution by an employer to an employee’s PEPP, means an amount not exceeding—

  1. 100 per cent of the employee’s emoluments in the year of assessment from that employer, or
  2. where the employee’s emoluments for the year of assessment from that employer are lower than that employee’s emoluments for the previous year of assessment from that employer by virtue of—
    1. receipt of a Social Welfare benefit to which section 126 applies,
    2. a period of unpaid leave approved by the employer, or
    3. a period of sick leave at a reduced rate of emoluments or in respect of which no emoluments are paid by the employer, 100 per cent of the employee’s emoluments from that employer in the previous year of assessment”.

“market value” is to be construed in accordance with section 548.

“PEPP” has the same meaning as in the PEPP Regulation.

“PEPP assets” means the assets held on behalf of a contributor in a PEPP.

“PEPP beneficiary” has the same meaning as in the PEPP Regulation.

“PEPP contract” has the same meaning as in the PEPP Regulation.

“PEPP provider” has the same meaning as in the PEPP Regulation and includes a person appointed by the PEPP provider in accordance with section 787AA(7)(ii).

“PEPP Regulation” means Regulation (EU) No 2019/1238 of the European Parliament and Council of 20 June 2019.

“PPS Number”, in relation to an individual, means an individual’s Personal Public Service Number within the meaning of section 262 of the Social Welfare Consolidation Act 2005.

“registered PEPP” means a PEPP that for the time being stands registered under Article

7 of the PEPP Regulation.

“relevant payment”, in relation to PEPP, means any payment, including a distribution, made by reason of rights arising as a result of a PEPP contract and includes any annuity payable by reason of such rights.

“retirement annuity contract” means a contract approved by the Revenue Commissioners in accordance with Chapter 2 of Part 30.

“Revenue officer” means an officer of the Revenue Commissioners.

“specified individual”, in relation to a year of assessment, means an individual whose relevant earnings for the year of assessment were derived wholly or mainly from an occupation or profession specified in Schedule 23A.

2 Where any other word or expression used in Chapter 2D is also used in Regulation (EU) No 2019/1238 of the European Parliament and Council of 20 June 2019 it will, except where the context otherwise requires, have the same meaning in the Chapter as it has in that Regulation.

Relevant Date: Finance Act 2024