787G Taxation of payments from a PRSA.
(1) Subject to subsections (2), (3) and (4)—
(a) the amount or value of any assets that a PRSA administrator makes available to, or pays to, a PRSA contributor or to any other person, including any annuity where the whole or part of the consideration for the grant of the annuity consisted of assets which, at the time of application of the said assets for the purchase of the annuity, were PRSA assets,
>shall< be treated as a payment to the PRSA contributor of emoluments to which Schedule E applies and, accordingly, the provisions of Chapter 4 of Part 42 shall apply to any such payment or amount treated as a payment, and
(b) the PRSA administrator shall deduct tax from the assets at the higher rate for the year of assessment in which the assets are made available unless the PRSA administrator has received from the Revenue Commissioners
>a certificate of tax credits and standard rate cut-off point or a tax deduction card< for that year in respect of the PRSA contributor.
(2) A PRSA administrator shall be liable to pay to the Collector-General the income tax which the PRSA administrator is required to deduct from any assets of a PRSA by virtue of this section and the individual beneficially entitled to assets held in a PRSA, including the personal representatives of a deceased individual who was so entitled prior to that individual’s death, shall allow such deduction; but where there are no funds or insufficient funds available out of which the PRSA administrator may satisfy the tax required to be deducted, the amount of such tax for which there are insufficient funds available shall be a debt due to the PRSA administrator from the individual beneficially entitled to the assets in the PRSA or from the estate of the deceased individual, as the case may be.
(3) Subsection (1) shall not apply where the assets made available from a PRSA are—
(a) an amount made available, at the time assets of the PRSA are first made available to the PRSA contributor, by way of lump sum not exceeding 25 per cent of the value of the assets in the PRSA at that time or, in the case of a PRSA to which additional voluntary PRSA contributions were made, an amount not exceeding the amount that may be paid by way of lump sum in accordance with section 772(3)(f) in conjunction with the rules of the scheme,
(b) an amount transferred to an approved retirement fund or to an approved minimum retirement fund in accordance with section 787H,
(c) an amount made available to the personal representatives of the PRSA contributor in accordance with section 787K(1)(c)(iii),
(d) a transfer of assets from a PRSA to another PRSA, an approved scheme or a statutory scheme where—
(i) in relation to that other PRSA, approved scheme or statutory scheme the contributor to the first-mentioned PRSA is either a contributor or a member as the case may be, and
(ii) the first-mentioned PRSA is not a PRSA in respect of which a lump sum to which paragraph (a) applies has been paid
>or made available.<
(4) For the purposes of this Chapter, the circumstances in which a PRSA administrator shall be treated as making assets of a PRSA available to an individual shall include—
(a) the making of a relevant payment by the PRSA administrator,
(b) any circumstances whereby assets cease to be assets of the PRSA, and
(c) any circumstances whereby assets cease to be beneficially owned by the contributor to the PRSA.
(5) At any time when a PRSA administrator or a PRSA provider, as the case may be—
(a) is not resident in the State, or
(b) is not trading in the State through a fixed place of business,
the PRSA provider shall ensure that there is a person resident in the State and appointed by the PRSA provider to be responsible for the discharge of all duties and obligations relating to Personal Retirement Savings Accounts which are imposed on the PRSA administrator or the PRSA provider by virtue of this Chapter and shall notify the Revenue Commissioners of the identity of that person and the fact of that person’s appointment.
(6) Notwithstanding subsection (1),
>where assets of a PRSA are treated under subsection (4)< as having been made available to an individual, the provisions of section 784A(4) shall apply as if assets of that PRSA at the time of death of that individual were assets of an approved retirement fund.