787R Liability to tax and rate of tax on chargeable excess.
(1) Without prejudice to any other provisions of the Tax Acts including, in particular, any other provision of those Acts relating to a charge to tax—
(a) the whole of the amount of a chargeable excess calculated in accordance with section 787Q, without any relief or reduction specified in the Table to section 458 or any other deduction from that amount, shall be chargeable to income tax under Case IV of Schedule D
>at the rate of 42 per cent< ><, and
>sections 187 and 188< shall not apply as regards income tax so charged.
(2) The persons liable for income tax charged under subsection (1) shall be—
(a) where the benefit crystallisation event giving rise to the chargeable excess occurs on or after the specified date but before the date of the passing of the Finance Act 2006, the individual in relation to whom the benefit crystallisation event occurs, and
(b) where the benefit crystallisation event giving rise to the chargeable excess occurs on or after the date of the passing of the Finance Act 2006, the administrator of the relevant pension arrangement under which the benefit crystallisation event arises and the individual in relation to whom the benefit crystallisation event occurs and their liability shall be joint and several.
(3) A person referred to in subsection (2) shall be liable for any income tax charged in accordance with subsection (1) whether or not that person, or any other person who is liable to the charge, is resident or ordinarily resident in the State.
(4) Where a benefit crystallisation event is due to occur (in this subsection referred to as the “future event”) in relation to an individual under a relevant pension arrangement
>on or after the date of the passing of the Finance Act 2006<, the administrator of that arrangement may request the individual to make, before the date of the future event, a declaration in writing to the administrator, in such form as may be prescribed or authorised by the Revenue Commissioners for that purpose, which contains—
(a) the individual’s full name, address and PPS Number,
(b) in respect of each benefit crystallisation event that has occurred in relation to the individual on or after
>the specified date<—
(i) the date on which that event occurred, and
(ii) the amount crystallised by that event,
(c) in respect of a benefit crystallisation event or benefit crystallisation events that is or are due to occur from the date of the declaration made by the individual under this subsection up to and including the date of the future event—
(i) the expected date of each such event, and
(ii) the estimated amount to be crystallised by each such event,
(d) where relevant, the amount of the individual’s personal fund threshold together with a copy of the certificate issued by the Revenue Commissioners under
>section 787P(5), < >and<
(e) such other information as the Revenue Commissioners may reasonably require for the purposes of this Chapter.
(5) Where an individual has been requested to provide a declaration in writing to the administrator of a relevant pension arrangement in accordance with subsection (4) and fails to provide that declaration, the administrator may—
(a) where the benefit crystallisation event is an event of a kind described at subparagraph (a) or (d) of paragraph 2 of Schedule 23B, withhold the payment of any benefit or, as the case may be,
>any increased annual amount of pension, and<
(b) where the benefit crystallisation event is an event of a kind described at subparagraph (b) or (c) of paragraph 2 of Schedule 23B, refuse to transfer an amount to the person, or any of the funds referred to in the said subparagraph (b) or, as the case may be, make a payment or transfer to an overseas arrangement,
until such time as a declaration in writing containing the information specified in
>paragraphs (a) to (e)< of subsection (4) is provided to the administrator, in such form as may be prescribed or authorised by the Revenue Commissioners for the purposes of that subsection.
(6) An administrator of a relevant pension arrangement shall—
(a) keep and retain for a period of 6 years, and
(b) on being so required by notice given to the administrator in writing by an officer of the Revenue Commissioners, make available to the officer within the time specified in the notice,
a declaration, or declarations, of the kind mentioned in
>subsections (4) and (5)<.