891C Returns of certain information by investment undertakings

Summary

This section is an enabling provision. It provides for regulations to be made, with the consent of the Minister for Finance, for the automatic annual reporting to Revenue by investment undertakings of the values of the investments of certain unit holders.

Details

Definitions and Construction

(1) While there is a substantial overlap between this section and section 891B in relation to the definition of certain terms, as this section is concerned with the reporting of values rather than payments, there are some important differences.

“Investment Undertaking” takes its meaning from section 739B(1) but excludes a common contractual fund within the meaning of section 739I and an investment limited partnership within the meaning of section 739J.

“Unit” and “Unit holder” take their meaning from section 739B(1).

(2) References in the section to regulations are to be construed as references to regulations made under subsection (3).

(3) Subsection (3) provides for the making of regulations to require investment undertakings to return information to the Revenue Commissioners on certain unit holders from a date not earlier than 1 January 2012, including the tax reference numbers of the unit holders from a date to be specified in the regulations.

(4) This subsection excludes from the requirement to report, any information that is liable to be included in a return under the provisions of the European Savings Directive.

(5)(a) The provisions of section 891B(4) apply in relation to what the regulations may include with some modifications:

• (i) Subparagraph (i) of subsection (5)(a) provides for the notification requirement in section 891B(4) to apply to an “investment undertaking” rather than a “specified person”.
• (ii) Subparagraph (ii) amends the definition in 891B(4)(d) of what is to be specified to be included in a return under regulations so as the definition refers to the values of units.
• (iii) Subparagraph (iii) amends the definition in subsection (4)(e) of section 891B by referring to unitholders or classes of unit holders rather than persons or classes of persons.
• (iv) Subparagraph (iv) provides for the identity and residence of unit holders to be included in a return rather than of persons in receipt of payments as provided for in subsection (4)(f) of section 891B.
• (v) Subparagraph (v) provides for the specification of the details of units to be made in the regulations rather than in relation to payments as in section 891B(4)(h).
• (vi) & (vii) Subparagraphs (vi) and (vii) provide for the provision of tax reference numbers in relation to unit holders from a date to be specified in the regulations. Section 891B(4)(h) references to “specified persons”, “customers” are replaced by “investment undertaking” and “unitholders” respectively.

(5)(b) Subsection (5)(b) applies the provisions of subsections (6) and (7) of section 891B with the modification where the context permits, of references to “person”, “relevant person” or “specified person” being replaced by “investment undertaking”.

(6) Subsection (6) is similar to section 891B(5) and provides that regulations made under this section are to be laid before Dáil Éireann and to be annulled if a resolution to this effect is passed by Dáil Éireann.

Relevant Date: Finance Act 2021