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Taxes Consolidation Act, 1997 (Number 39 of 1997)

700 Special computational provisions.

[CTA76 s30(2) to (4); FA78 s19]

(1) Notwithstanding anything in the Tax Acts, [2]>other than Chapter 5 of Part 8,<[2] any share or loan interest paid by a society—

(a) shall be paid without deduction of income tax and shall be charged under Case III of Schedule D, and

(b) shall not be treated as a distribution;

but paragraph (a) shall not apply to any share interest or loan interest payable to a person whose usual place of abode is not in the State.


(1A) For the purposes of subsection (1), “society” shall include a credit union which is—

(a) registered as such under the Credit Union Act, 1997, or

(b) deemed to be so registered by virtue of section 5(3) of that Act.


(2) In computing the corporation tax payable for any accounting period of a society, section 243 shall apply subject to the deletion of “yearly” in subsection (4)(a) of that section.

(3) On or before the [3]>1st day of May<[3][3]>31 January<[3] in each year, every society shall deliver to the inspector a return in such form as the Revenue Commissioners may prescribe specifying—

(a) the name and place of residence of every person to whom share interest or loan interest amounting to the sum of [5]>[4]>£70<[4][4]>£52<[4]<[5][5]>€90<[5] or more has been paid by the society in the year of assessment which ended before that date, and

(b) the amount of such share interest or loan interest paid in that year to each of those persons,

and, if such a return is not fully made as respects any year of assessment, the society shall not be entitled to any deduction under section 97(2)(e), 243 or 699(1) in respect of any payments of share interest or loan interest which it was required to include in the return, [6]>and all such assessments and additional assessments shall be made as may be necessary<[6][6]>and assessments shall, as necessary, be made or amended<[6] to give effect to this subsection.



Inserted by FA00 s32(1). This section shall be deemed to have come into operation as on and from 6 April 1999.



Inserted by FA01 s57(1)(b). With effect from 1 January 2002 as per SI No. 596 of 2001.


[-] [+]

Substituted by FA01 sched2(39)(a). Applies as respects the year of assessment 2001 or any subsequent year of assessment.


[-] [+]

Substituted by FA01 sched2(39)(b). Shall apply only as respects the year of assessment 2001.


[-] [+]

Substituted by FA01 s240 and sched5 part1.


[-] [+]

Substituted by FA12 sched4(part2)(g).