Taxes Consolidation Act, 1997 (Number 39 of 1997)
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898F Obligations of paying agents where contractual relations entered into before 1 January 2004.
(1) This section applies for the purposes of enabling a paying agent to establish the identity and residence of an individual to whom the agent may make an interest payment or for whom the agent may secure an interest payment where the agent entered into contractual relations with the individual before 1 January 2004.
(2) A paying agent shall as respects contractual relations entered into before 1 January 2004 between the paying agent and an individual establish—
(a) the identity of each such individual consisting of his or her name and address in accordance with the procedure set out in subsection (3), and
(b) the residence of each such individual in accordance with the procedure set out in subsection (4).
(3) A paying agent shall establish the name and address of an individual using all relevant information at its disposal, in particular information it acquires by virtue of section 32 of the Criminal Justice Act 1994.
(4) A paying agent shall establish the residence of an individual using all relevant information at its disposal, in particular information it acquires by virtue of section 32 of the Criminal Justice Act 1994.
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(5) A paying agent who establishes the identity and residence of an individual in accordance with this section shall retain or, in a case where the relevant documentation is held by another person, have access to—
(a) a copy of all materials used to identify the individual,
(b) a copy of all materials used to establish the residence of the individual, and
(c) the original documents or copies admissible in legal proceedings relating to the making of any interest payment to or the securing of any interest payment for the individual where the payment is made or secured on or after [2]>1 January 2005<[2] [2]>1 July 2005<[2],
for a period of at least 5 years after the relationship between the paying agent and the individual has ended.
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(5) (a) A paying agent who establishes the identity and residence of an individual in accordance with this section shall retain or, in a case where the relevant documentation is held by another person, have access to—
(i) a copy of all materials used to identify the individual, and
(ii) a copy of all materials used to establish the residence of the individual,
for a period of at least 5 years after the relationship between the paying agent and the individual has ended.
(b) As respects any interest payment made to an individual referred to in paragraph (a) a paying agent shall retain the original documents or copies admissible in legal proceedings relating to the making of any interest payment to or securing of any interest payment for the individual where the payment is made or secured on or after 1 July 2005, for a period of at least 5 years after the interest payment was made or secured.
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(6) (a) Where a paying agent has established the identity and residence of an individual in accordance with the procedures set out in this section, the paying agent shall continue to treat that individual as so identified and so resident until such time as the paying agent is in possession, or aware, of information which can reasonably be taken to indicate that the individual has been incorrectly identified or is not so resident or has changed his or her residence.
(b) Where in accordance with paragraph (a) a paying agent becomes aware or has reason to believe that the individual’s circumstances have changed or have been incorrectly established, the paying agent shall make all reasonable efforts to establish the individual’s correct identity and residence in accordance with the procedures set out in subsection (4) or (5) of section 898G, as appropriate.
(7) Where an individual informs a paying agent that his or her circumstances as established in accordance with the procedure set out in this section have changed, the paying agent shall establish his or her new circumstances in accordance with the procedure set out in subsection (4) or (5) of 898G, as appropriate.
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