753D Refund of dividend withholding tax.

(1) This section shall apply to a financial transaction where—

(a) a distribution is paid to a stock buyer pursuant to a stock borrowing or the repurchase agreement in respect of a stock transfer,

(b) the corresponding stock return for that stock borrowing or stock transfer has taken place,

(c) the distribution received by the stock buyer pursuant to the stock borrowing or repurchase agreement was subject to dividend withholding tax,

(d) the stock seller would have been entitled—

(i) to a repayment of the dividend withholding tax referred to in paragraph (c), or

(ii) to receive the distribution without deduction of that dividend withholding tax,

had that stock seller not entered into the financial transaction and received that distribution directly,

(e) the stock seller has not been compensated by the stock buyer, or a party connected to that stock buyer, for the dividend withholding tax referred to in paragraph (c), or any part of that dividend withholding tax, and

(f) the stock buyer is not entitled under—

(i) section 831,

(ii) an arrangement having the force of law by virtue of section 826(1),

(iii) Schedule 24, or

(iv) any other provision (including under the law of a territory other than the State),

to a repayment, credit, deduction or other relief for the dividend withholding tax referred to in paragraph (c) or any part of that dividend withholding tax.

(2) Where this section applies, the stock seller may make a claim for a repayment of the dividend withholding tax referred to in subsection (1)(c), subject to providing—

(a) confirmation that the stock buyer received a distribution under a stock borrowing or repurchase agreement, and that dividend withholding tax was withheld from the amount of that distribution,

(b) a signed declaration from the stock buyer that the stock seller is not entitled to any repayment, credit, deduction or similar in respect of that dividend withholding tax,

(c) confirmation that the stock seller—

(i) was the owner of the qualifying securities (including any equivalent stock)—

(I) immediately prior to the financial transaction, and

(II) immediately following the financial transaction,

(ii) would have received the distribution directly had the stock borrowing or repurchase agreement not been entered into, and

(iii) would have been entitled to—

(I) a repayment of that dividend withholding tax, or

(II) to receive the distribution without the deduction of that dividend withholding tax,

had the distribution been received directly by that stock seller,

(d) a statement referred to in section 172I(1) or (1A),

(e) the appropriate declaration made under Schedule 2A, and

(f) any other information or documentation the Revenue Commissioners may consider appropriate to validate the claim.