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Taxes Consolidation Act, 1997 (Number 39 of 1997)


261B Taxation of specified interest.

(1) In this section “specified interest” means interest arising to a person in respect of a deposit in relation to which a declaration has been made by the person under [3]>subsection (1A) or (1B) of section 256<[3] [3]>subsection (1A), (1B), or (1C) of section 256<[3] and which is not included in relevant interest for the purposes of paragraph (c)(i)(II) of section 261.


(2) Notwithstanding any other provision of the Income Tax Acts, the amount of taxable income on which a person is charged to income tax at the standard rate for any year of assessment shall be increased by an amount equal to the amount of that person’s specified interest on which income tax for that year falls to be computed.



(2) Notwithstanding section 15, where the taxable income of that person includes specified interest, the part of taxable income, equal to that specified interest, shall be chargeable to tax at the rate at which tax would have been deducted, from that interest, if a declaration under [3]>subsection (1A) or (1B) of section 256<[3] [3]>subsection (1A), (1B), or (1C) of section 256<[3] had not been made.


(3) Section 246(2) does not apply to a payment of specified interest if it would otherwise apply.




Inserted by FA07 s34(1)(c). Applies on and from the date of 2 April 2007


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Substituted by F(No.2)A08 s26(1)(c). Applies for the year of assessment 2009 and subsequent years of assessment.


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Substituted by FA18 s16(2)(b). Comes into operation on 1 January 2019.