Taxes Consolidation Act, 1997 (Number 39 of 1997)
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845C Treatment of Additional Tier 1 instruments.
(1) In this section—
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“Additional Tier 1 instrument” means an instrument which qualifies, or has qualified, as an Additional Tier 1 instrument under Article 52 of the Capital Requirements Regulation;
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“Additional Tier 1 instrument” means an instrument—
(a) which qualifies, or has qualified, as an Additional Tier 1 instrument under Article 52 of the Capital Requirements Regulation, or
(b) which is an instrument that has not been issued by an institution within the meaning of Article 4 of the Capital Requirements Regulation but which satisfies conditions that, with any necessary modification of them by virtue of the fact that the instrument has not been issued by a foregoing institution, are equivalent to the conditions specified in Article 52 of the Capital Requirements Regulation;
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“Capital Requirements Regulation” means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 20131 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/20122;
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“Capital Requirements Regulation” means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 as amended by–
(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 20141 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,
(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 20162 amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,
(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 20173 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,
(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 20174 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,
(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 20175 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms,
(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 20176 correcting certain language versions of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012,
(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 20197 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures,
(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 20198 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012,
(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 20199 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, and
(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 202010 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;
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“coupon” means a distribution, within the meaning of Article 4 of the Capital Requirements Regulation, in respect of an Additional Tier 1 instrument.
(2) For the purposes of the Tax Acts, an Additional Tier 1 instrument shall be regarded as a debt instrument.
(3) For the purposes of the Tax Acts, a coupon in respect of an Additional Tier 1 instrument—
(a) shall be regarded as interest, and
(b) shall not be regarded as a distribution or a charge on income.
(4) Section 64 shall apply, with any necessary modifications, to an Additional Tier 1 instrument as it applies to a quoted Eurobond.
(5) This section shall not apply to an Additional Tier 1 instrument that forms part of any arrangement or scheme the main purpose, or one of the main purposes, of which is avoidance of liability to tax.
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Footnotes
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1OJ No. L176, 27.6.2013, p.1
2OJ No. L201, 27.7.2012, p.1
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1OJ No. L. 11, 17.1.2015, p. 37.
2OJ No. L. 171, 29.6.2016, p. 153.
3OJ No. L. 310, 25.11.2017, p. 1.
4OJ No. L. 345, 27.12.2017, p. 27.
5OJ No. L. 347, 28.12.2017, p. 1.
6OJ No. L. 74, 16.3.2018, p. 3.
7OJ No. L. 111, 25.4.2019, p. 4.
8OJ No. L. 150, 7.6.2019, p. 1.
9OJ No. L. 314, 5.12.2019, p. 1.
10OJ. No. L. 204, 26.6.2020, p. 4.
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