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Finance Act 2022

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Finance Act 2022 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.

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  3. s)or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 2022 Finance Act 2022 Finance Act 2022 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Print Full ActPriontáil an tAcht Iomlán Number 44 of 2022 FINANCE ACT 2022 CONTENTS PART 1 Universal Social Charge, Income Tax, Corporation Tax and Capital Gains Tax Chapter 1 Interpretation Section 1. Interpretation (Part 1) Chapter 2 Universal Social Charge 2. Amendment of section 531AN of Principal Act (rate of charge) Chapter 3 Income Tax 3. Exemption in respect of incorrect birth registration payment 4. Exemption in respect of payments under Covid-19 Death in Service Ex-Gratia Scheme for Health Care Workers 5. Payments in respect of redundancy 6. Amendment of section 477C of Principal Act (Help to Buy) 7. Amendment of section 112B of Principal Act (granting of vouchers) 8. Amendment of section 118 of Principal Act (benefits in kind: general charging provision) 9. Returns by employers in relation to reportable benefits 10. Rate of charge and personal tax credits 11. Amendment of section 472BB of Principal Act (sea-going naval personnel credit) 12. Amendment of section 480B of Principal Act (relief arising in special circumstances) 13. Rent tax credit 14. Repeal of section 11 of Finance Act 2019 15. Key Employee Engagement Programme 16. Share based remuneration 17. Amendment of section 823A of Principal Act (deduction for income earned in certain foreign states) 18. Amendment of section 825C of Principal Act (special assignee relief programme) 19. Amendment of Part 7 of Principal Act (lump sums from foreign pension arrangements) 20. Pan-European Personal Pension Product (insertion of new Chapter) 21. Pan-European Personal Pension Product (amendments consequential on insertion of Chapter 2D in Part 30) 22. Removal of benefit-in-kind charge from employer contributions to PRSAs and PEPPs 23. Amendment of Schedule 13 to Principal Act (accountable persons for purposes of Chapter 1 of Part 18) 24. Exemption of certain profits arising from production, maintenance and repair of certain musical instruments Chapter 4 Income Tax, Corporation Tax and Capital Gains Tax 25. Amendment of Chapter 13 of Part 10 of Principal Act (Living City Initiative) 26. Amendment of section 757 of Principal Act (charges on capital sums received for sale of patent rights) 27. Amendment of Chapter 2 of Part 29 of Principal Act (scientific and certain other research) 28. Amendment of section 472D of Principal Act (relief for key employees engaged in research and development activities) 29. Amendment to Chapter 2 of Part 23 of Principal Act (farming: relief for increase in stock values) 30. Farming: accelerated allowances for capital expenditure on slurry storage 31. Amendment of section 97A of Principal Act (pre-letting expenditure in respect of vacant premises) 32. Deduction for retrofitting expenditure 33. Amendment of certain tax exemption provisions of Principal Act 34. Amendment of Part 16 of Principal Act (relief for investment in corporate trades) 35. Amendment of section 835D of Principal Act (principles for construing rules in accordance with OECD Guidelines) 36. Amendment of section 743 of Principal Act (material interest in offshore funds) 37. Reporting by exempt unit trusts, common contractual funds and investment limited partnerships Chapter 5 Corporation Tax 38. Amendment of section 79 of Principal Act (foreign currency: computation of income and chargeable gains) 39. Interest limitation 40. Amendment of Chapter 5 of Part 29 of Principal Act (taxation of companies engaged in knowledge development) 41. Amendment of section 481 of Principal Act (relief for investment in films) 42. Amendment of section 481A of Principal Act (relief for investment in digital games) 43. Amendment of section 835YA of Principal Act (non-cooperative jurisdictions: modified application of sections 835T, 835U and 835V) PART 2 Excise 44. Amendment of Schedule 2 to Finance Act 1999 (rates of mineral oil tax) 45. Amendment of section 98 of Finance Act 1999 (horticultural production) 46. Amendment of Chapter 2 of Part 3 of Finance Act 2010 (natural gas carbon tax) 47. Amendment of Schedule 2 to Finance Act 2005 (rates of tobacco products tax) 48. Amendment of Chapter 1 of Part 2 of Finance Act 2003 (alcohol products tax) 49. Reduction in excise duty on special exemption orders 50. Amendment of section 67 of Finance Act 2002 (betting duty) 51. Amendment of section 126 of Finance Act 2001 (proceedings in relation to offences) PART 3 Value-Added Tax 52. Interpretation (Part 3) 53. Amendment of section 46 of Principal Act (rates of tax) 54. Amendment of section 59 of and Schedule 1 to Principal Act 55. Registration 56. Amendment of section 86 of Principal Act (special provisions for tax invoiced by flat-rate farmers) 57. Amendment of Part 13 of Principal Act (administration and general) 58. Amendment of paragraph 2 of Schedule 1 to Principal Act (medical and related services) 59. Amendment of paragraph 3 of Schedule 1 to Principal Act (certain independent groups, non-profit making organisations and other bodies) 60. Amendment of paragraph 6

(2)of Schedule 1 to Principal Act (financial services - EU funds) 61. Amendment of paragraph 6
(2)of Schedule 1 to Principal Act (financial services - section 110 companies)
  1. Amendment of paragraph 7 of Schedule 1 to Principal Act (agency services)
  2. Amendment of Schedule 2 to Principal Act (zero-rated goods and services)
  3. Amendment of Schedule 2 and Schedule 3 to Principal Act (zero-rated goods and services) PART 4 Stamp Duties
  4. Interpretation (Part 4)
  5. Stamp duty on certain acquisitions of residential property
  6. Amendment of section 83D of Principal Act (repayment of stamp duty where land used for residential development)
  7. Repayment of stamp duty in certain circumstances
  8. Securities transferred by means of electronic systems
  9. Banking levies modernisation
  10. Levy on authorised insurers: modernisation and compliance
  11. Amendment of section 126AA of Principal Act (further levy on certain financial institutions)
  12. Extension of farming reliefs PART 5 Capital Acquisitions Tax
  13. Interpretation (Part 5)
  14. Amendment of Principal Act in relation to section 4B of Succession Act 1965
  15. Amendment of section 48A of Principal Act (information about a deceased person’s property)
  16. Amendment of section 82 of Principal Act (exemption of certain receipts) PART 6 Miscellaneous
  17. Interpretation (Part 6)
  18. Amendment of section 949AP of Principal Act (appealing against determinations)
  19. Amendment of section 949AQ of Principal Act (case stated for High Court)
  20. Amendment of Part 38 of Principal Act (returns of income and gains, other obligations and returns, and Revenue powers)
  21. Return of certain information by Reporting Platform Operators
  22. Implementation of Council Directive (EU) 2021/514 of 22 March 2021 amending Directive 2011/16/EU on administrative cooperation in the field of taxation
  23. Amendment of section 99B of Finance Act 2001 (penalty for deliberately or carelessly making incorrect returns, etc.)
  24. Penalty for deliberately or carelessly making incorrect returns or failing to make certain returns, etc.
  25. Amendment of section 1077F of Principal Act (penalty for deliberately or carelessly making incorrect returns or failing to make certain returns, etc.)
  26. Amendment of section 1086A of Principal Act (publication of names and details of tax defaulters)
  27. Amendment of section 116A of Value-Added Tax Consolidation Act 2010 (penalty for deliberately or carelessly making incorrect returns, etc.)
  28. Amendment of section 134A of Stamp Duties Consolidation Act 1999 (penalties)
  29. Amendment of section 959AA of Principal Act (chargeable persons: time limit on assessment made or amended by Revenue officer)
  30. Amendment of section 959Z of Principal Act (right of Revenue officer to make enquiries)
  31. Amendment of section 1041 of Principal Act (rents payable to non-residents)
  32. Amendment of Part 1 of Schedule 26A to Principal Act (donations to approved bodies, etc.)
  33. Amendment of Schedule 24A to Principal Act (arrangements made by the Government with the government of any territory outside the State in relation to affording relief from double taxation and exchanging information in relation to tax)
  34. Trained farmer qualifications
  35. Vacant homes tax
  36. Amendment of section 604B of Principal Act (relief for farm restructuring)
  37. Residential zoned land tax
  38. Defective concrete products levy
  39. Objectives of section 101, purposes for which its provisions are enacted and certain duty of Minister for Finance respecting those provisions’ operation
  40. Temporary Business Energy Support Scheme
  41. Miscellaneous provisions consequent on section 101
  42. Commencement of sections 100, 101 and 102
  43. Miscellaneous technical amendments in relation to tax
  44. Care and management of taxes and duties
  45. Short title, construction and commencement SCHEDULE Miscellaneous Technical Amendments in relation to Tax Acts Referred to Affordable Housing Act 2021 (No. 25) Bankruptcy Act 1988 (No. 27) Birth Information and Tracing Act 2022 (No. 14) British-Irish Agreement Act 1999 (No. 1) Building Control Act 2007 (No. 21) Capital Acquisitions Tax Consolidation Act 2003 (No. 1) Central Bank Act 1971 (No. 24) Central Bank Act 1997 (No. 8) Child Care Act 1991 (No. 17) Civil Service Regulation Act 1956 (No. 46) Companies Act 2014 (No. 38) Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (No. 6) Data Protection Act 2018 (No. 7) Electricity Regulation Act 1999 (No. 23) Employment Agency Act 1971 (No. 27) Finance (Covid-19 and Miscellaneous Provisions) Act 2022 (No. 9) Finance (Local Property Tax) Act 2012 (No. 52) Finance Act 1980 (No. 14) Finance Act 1983 (No. 15) Finance Act 1999 (No. 2) Finance Act 2001 (No. 7) Finance Act 2002 (No. 5) Finance Act 2003 (No. 3) Finance Act 2005 (No. 5) Finance Act 2010 (No. 5) Finance Act 2021 (No. 45) Gas (Interim) (Regulation) Act 2002 (No. 10) Gas Act 1976 (No. 30) Health Act 2007 (No. 23) Health and Social Care Professionals Act 2005 (No. 27) Higher Education Authority Act 2022 (No. 31) Housing (Miscellaneous Provisions) Act 1992 (No. 18) Housing (Miscellaneous Provisions) Act 2009 (No. 22) Housing (Miscellaneous Provisions) Act 2014 (No. 21) Housing (Regulation of Approved Housing Bodies) Act 2019 (No. 47) Intoxicating Liquor Act 1927 (No. 15) Intoxicating Liquor Act 1962 (No. 21) Local Government (Charges) Act 2009 (No. 30) Local Government (Household Charge) Act 2011 (No. 10) Local Government Act 2001 (No. 37) Medical Practitioners Act 2007 (No. 25) Ministers and Secretaries (Amendment) Act 2011 (No. 10) Nurses and Midwives Act 2011 (No. 41) Patents Act 1992 (No. 1) Pensions Act 1990 (No. 25) Planning and Development Act 2000 (No. 30) Provisional Collection of Taxes Act 1927 (No. 7) Public Service Superannuation (Miscellaneous Provisions) Act 2004 (No. 7) Redundancy Payments Act 1967 (No. 21) Registration of Title Act 1964 (No. 16) Residential Tenancies Act 2004 (No. 27) Social Welfare Consolidation Act 2005 (No. 26) Stamp Duties Consolidation Act 1999 (No. 31) Succession Act 1965 (No. 27) Taxes Consolidation Act 1997 (No. 39) Unit Trusts Act 1990 (No. 37) Value-Added Tax Consolidation Act 2010 (No. 31) Waiver of Certain Tax, Interest and Penalties Act 1993 (No. 24) Number 44 of 2022 FINANCE ACT 2022 An Act to provide for the imposition, repeal, remission, alteration and regulation of taxation, of stamp duties and of duties relating to excise and otherwise to make further provision in connection with finance including the regulation of customs; to make provision for supports to certain sectors of the economy; and to provide for related matters. [15th December, 2022] Be it enacted by the Oireachtas as follows: PART 1 Universal Social Charge, Income Tax, Corporation Tax and Capital Gains Tax Chapter 1 Interpretation Interpretation (Part 1)
  46. In this Part, “Principal Act” means the Taxes Consolidation Act 1997 . Chapter 2 Universal Social Charge Amendment of section 531AN of Principal Act (rate of charge) 2.
(1)Section 531AN of the Principal Act is amended— (a) in subsection
(3), by the substitution of “€22,920” for “€21,295”, (b) in subsection
(4), by the substitution of “2024” for “2023”, and (c) by the substitution of the following for Part 1 of the Table to that section: “Part 1 Part of aggregate income Rate of universal social charge
(1)
(2)The first €12,012 0.5 per cent The next €10,908 2 per cent The next €47,124 4.5 per cent The remainder 8 per cent ”.
(2)Subsection
(1)applies for the year of assessment 2023 and each subsequent year of assessment. Chapter 3 Income Tax Exemption in respect of incorrect birth registration payment 3. Chapter 1 of Part 7 of the Principal Act is amended by the insertion of the following section after section 192K: “192L.
(1)In this section— ‘Minister’ means the Minister for Children, Equality, Disability, Integration and Youth; ‘qualifying individual’ means an individual who is the subject of an incorrect birth registration for the purposes of the Birth Information and Tracing Act 2022 which has been confirmed by the Child and Family Agency; ‘qualifying payment’ means a payment, generally referred to and commonly known as the Ex Gratia Payment in Respect of an Incorrect Birth Registration, which is made by or on behalf of the Minister to a qualifying individual, in furtherance of the decision of the Government of 8 March 2022.
(2)A qualifying payment made to a qualifying individual which is made on or after 1 January 2023 shall be exempt from income tax and shall not be reckoned in computing the total income of the qualifying individual for the purposes of the Income Tax Acts.
(3)A qualifying payment made to a qualifying individual which is made before 1 January 2023 shall be treated as if it was exempt from income tax in the year of assessment in which it was made and shall not be reckoned in computing total income of the qualifying individual for the purposes of the Income Tax Acts.
(4)The exemption provided for in subsections
(2)and
(3)shall apply to a maximum amount of €3,000 for each qualifying individual.”. Exemption in respect of payments under Covid-19 Death in Service Ex-Gratia Scheme for Health Care Workers 4. Chapter 1 of Part 7 of the Principal Act is amended by the insertion of the following section after section 192L (inserted by section 3 ): “Exemption in respect of payments under Covid-19 Death in Service Ex‑Gratia Scheme for Health Care Workers 192M.
(1)In this section, ‘qualifying payment’ means a payment made by or on behalf of the Minister for Health under the Covid-19 Death in Service Ex-Gratia Scheme for Health Care Workers (that is to say the scheme administered under that title by the Minister for Health in furtherance of a decision of the Government of 8 March 2022).
(2)A qualifying payment made on or after 1 January 2023 shall be exempt from income tax and shall not be reckoned in computing total income for the purposes of the Income Tax Acts or in computing amounts chargeable to universal social charge in accordance with Part 18D.
(3)A qualifying payment made before 1 January 2023 shall be treated as if it was exempt from income tax in the year of assessment in which it was made and shall not be reckoned in computing total income for the purposes of the Income Tax Acts or in computing amounts chargeable to universal social charge in accordance with Part 18D.”. Payments in respect of redundancy 5.
(1)The Principal Act is amended by the substitution of the following section for section 203: “203.
(1)In this section, ‘lump sum’ has the same meaning as in the Redundancy Payments Act 1967 .
(2)Any lump sum payment made under section 19 or 32 of the Redundancy Payments Act 1967 shall be exempt from income tax under Schedule E.
(3)Any payment made under section 32A of the Redundancy Payments Act 1967 shall be exempt from income tax under Schedule E.”.
(2)Subsection
(1), in so far as it relates to subsection
(3)of section 203 of the Principal Act, shall be deemed to have come into operation on 19 April
  1. Amendment of section 477C of Principal Act (Help to Buy)
  2. Section 477C of the Principal Act is amended— (a) in subsection
(1)— (
  1. i)by the insertion of the following definition: “‘Act of 2021’ means the Affordable Housing Act 2021 ;”, (
  2. ii)in the definition of “qualifying period”, by the substitution of “2024” for “2022”, and (iii) in the definition of “qualifying residence”— (I) in paragraph (a), by the substitution of “dwelling,” for “dwelling, or”, (II) in paragraph (b), by the insertion of “or” after “converted for as use as a dwelling,”, and (III) by the insertion of the following paragraph after paragraph (b): “(
  3. c)a building which was not at any time used as a dwelling and was purchased by a first-time purchaser in accordance with an affordable dwelling purchase arrangement (within the meaning of section 12 the Act of 2021) and a direct sales agreement (within the meaning of section 7 of the Act of 2021),”, (
  4. b)in subsection (5A), by the substitution of “2024” for “2022”, (
  5. c)in subsection
(8)(b), by the substitution of “2024” for “2022”, (d) in subsection
(16)(a)— (
  1. i)by the substitution in subparagraph (
  2. ii)of “2024” for “2022”, and (
  3. ii)by the substitution in subparagraph (iii) of “2024” for “2022”, and (
  4. e)in subsection
(25), by the substitution of “2024” for “2022”. Amendment of section 112B of Principal Act (granting of vouchers) 7.
(1)Section 112B of the Principal Act is amended, in subsection
(1)— (
  1. a)by the substitution of the following definition for the definition of “qualifying incentive”: “‘qualifying incentive’ means a relevant incentive that is the first or the second relevant incentive given to an employee in a year of assessment where— (
  2. a)in the case of a first relevant incentive, the value does not exceed €1,000, and (
  3. b)in the case of a second relevant incentive, the cumulative value of the first and second relevant incentives does not exceed €1,000;”, (
  4. b)by the insertion of the following definition: “‘relevant incentive’ means either a voucher or a benefit that is given to an employee by his or her employer in a year of assessment where the following conditions are satisfied: (
  5. a)the voucher or the benefit does not form part of a salary sacrifice arrangement; (
  6. b)the voucher can only be used to purchase goods or services and cannot be redeemed, in full or in part, for cash;”, and (
  7. c)in the definition of “salary sacrifice arrangement”, by the substitution of “relevant incentive” for “qualifying incentive”.
(2)Subsection
(1)applies for the year of assessment 2022 and each subsequent year of assessment. Amendment of section 118 of Principal Act (benefits in kind: general charging provision) 8. Section 118 of the Principal Act is amended in subsection (5G)— (
  1. a)in paragraph (b), by the insertion of the following definition: “‘cargo bicycle’ means a bicycle with a special purpose frame which has been designed to carry large or heavy loads, or passengers other than the rider, by means of a bulk storage capacity container or platform integrated into, or affixed to, the frame of the bicycle, in front of or behind the rider;”, and (
  2. b)by the insertion of the following paragraph after paragraph (d): “(
  3. e)Notwithstanding paragraphs (
  4. a)and (d), where the expense or part thereof, as the case may be, is in connection with the provision of a cargo bicycle, the amount referred to in paragraph (
  5. a)shall be €3,000.”. Returns by employers in relation to reportable benefits 9.
(1)Chapter 3 of Part 38 of the Principal Act is amended by the insertion of the following section after section 897B: “897C.
(1)In this section— ‘employee’, ‘employer’ and ‘income tax month’ have the same meaning, respectively, as they have in section 983; ‘remote working daily allowance’ means a payment of not more than €3.20 per day to an employee by his or her employer in relation to the days the employee performs the duties of his or her office or employment from a dwelling or part of a dwelling which is occupied by that employee as his or her residence, where no tax is deducted; ‘reportable benefit’ means— (
  1. a)a small benefit, (
  2. b)a remote working daily allowance, or (
  3. c)a travel and subsistence payment; ‘small benefit’ means a benefit provided to an employee by his or her employer to which section 112B applies; ‘travel and subsistence payment’ means a payment to an employee by his or her employer in respect of expenses of travel or subsistence incurred by the employee, where no tax is deducted.
(2)Where in any income tax month an employer provides a reportable benefit to an employee, the employer shall deliver to the Revenue Commissioners, in an electronic format approved by them, particulars of the reportable benefit as specified in regulations made under section 986.”.
(2)Chapter 4 of Part 42 of the Principal Act is amended— (
  1. a)in section 983, by the insertion of the following definition: “‘reportable benefit’ has the same meaning as it has in section 897C;”, (
  2. b)in section 984, by the insertion of the following subsection after subsection
(1): “(1A) Without prejudice to subsection
(1), sections 984A, 985G
(2)(d), 986 and 987 shall apply to reportable benefits, other than reportable benefits to an employee who is in receipt of emoluments in respect of which a notification has been given under subsection
(1).”, (c) in section 985G
(2), by the substitution of “any emoluments or the provision of any reportable benefit” for “any emoluments”, and (d) in section 986, by the insertion of the following subsection after subsection (1A): “(1B) The Revenue Commissioners shall make regulations in respect of reportable benefits to which this Chapter and section 897C apply requiring any employer who provides a reportable benefit to an employee to provide, within a prescribed period, and on such form as the Revenue Commissioners may approve or prescribe, the particulars of such reportable benefit and such other documents, specified in the regulations, as the Revenue Commissioners deem appropriate.”.
(3)Subsections
(1)and
(2)shall come into operation on such day as the Minister for Finance may appoint by order. Rate of charge and personal tax credits 10. As respects the year of assessment 2023 and subsequent years of assessment, the Principal Act is amended— (a) in section 15— (i) in subsection
(3)(i), by the substitution of “€31,000” for “€27,800”, and (ii) by the substitution of the following Table for the Table to that section: “TABLE PART 1 Part of taxable income Rate of tax Description of rate
(1)
(2)
(3)The first €40,000 20 per cent the standard rate The remainder 40 per cent the higher rate PART 2 Part of taxable income Rate of tax Description of rate
(1)
(2)
(3)The first €44,000 20 per cent the standard rate The remainder 40 per cent the higher rate PART 3 Part of taxable income Rate of tax Description of rate
(1)
(2)
(3)The first €49,000 20 per cent the standard rate The remainder 40 per cent the higher rate ”, (
  1. b)in section 461— (
  2. i)in paragraph (a), by the substitution of “€3,550” for “€3,400”, (
  3. ii)in paragraph (b), by the substitution of “€3,550” for “€3,400”, and (iii) in paragraph (c), by the substitution of “€1,775” for “€1,700”, (
  4. c)in section 466A, in subsection
(2), by the substitution of “€1,700” for “€1,600”, (d) in section 472, in subsection
(4), by the substitution of “€1,775” for “€1,700” in each place where it occurs, and (e) in section 472AB— (i) in subsection
(2), by the substitution of “€1,775” for “€1,700” in each place where it occurs, and (ii) in subsection
(3), by the substitution of “€1,775” for “€1,700” in each place where it occurs. Amendment of section 472BB of Principal Act (sea-going naval personnel credit) 11. Section 472BB of the Principal Act is amended, in subsection
(3), by the substitution of “2021, 2022 or 2023” for “2021 or 2022”. Amendment of section 480B of Principal Act (relief arising in special circumstances) 12.
(1)Section 480B of the Principal Act is amended— (a) in subsection
(3), by the substitution of “472B, 472BA and 472BB” for “472B and 472BA”, (b) by the insertion of the following subsection after subsection
(10): “(10A) Subject to subsection
(11), where section 466A applies, the amount of the threshold specified in subsection
(6)(
  1. a)of that section (in this subsection referred to as the ‘monetary threshold’) shall be increased by— (
  2. a)one fifty-second of the monetary threshold, where the individual concerned is paid weekly and is so paid on the relevant date, or (
  3. b)one twenty-sixth of the monetary threshold, where the individual concerned is paid fortnightly and is so paid on the relevant date, but the amount of any such increase shall not exceed the amount of the emoluments paid to the individual on the relevant date.”, and (
  4. c)in subsection
(11), by the substitution of “subsection
(10)or (10A), in a case in which either of those subsections applies,” for “subsection
(10)”.
(2)Subsection
(1)applies for the year of assessment 2023 and each subsequent year of assessment. Rent tax credit 13. The Principal Act is amended— (
  1. a)in section 458, in Part 2 of the Table, by the insertion of “Section 473B” after “Section 473A”, and (
  2. b)by the insertion of the following section after section 473A: “Rent tax credit 473B.
(1)In this section— ‘appropriate percentage’, in relation to a year of assessment, means a percentage equal to the standard rate of tax for that year; ‘approved course’ has the same meaning as it has in section 473A; ‘child’ means a child of an individual, or a child of the individual’s spouse or civil partner, who has not attained the age of 23 years at the commencement of the year of assessment during which he or she first enters an approved course; ‘claimant’ has the meaning given to it in subsection
(2); ‘landlord’, in relation to a residential property, means the person for the time being entitled to receive (otherwise than as agent for another person) any payment on account of rent paid under a tenancy in respect of the residential property; ‘payment on account of rent’ means a payment made in return for the special possession, use, occupation or enjoyment of a residential property, but does not include— (
  1. a)any portion of such payment which has been, or is to be, reimbursed, or otherwise funded by way of a subsidy provided— (
  2. i)to the claimant, or (
  3. ii)where the claimant is assessed to tax in accordance with section 1017 or 1031C in the year of assessment, to his or her spouse or civil partner, or (
  4. b)any itemised payment relating to— (
  5. i)the cost of maintenance of, or repairs to, the property, (
  6. ii)the provision of goods or services relating to any right or benefit other than the bare right to special possession, use, occupation or enjoyment of the property, or (iii) a security deposit paid on commencement of the tenancy; ‘PPS Number’, in relation to an individual, means the individual’s Personal Public Service Number within the meaning of section 262 of the Social Welfare Consolidation Act 2005 ; ‘principal private residence’ means a residential property occupied by an individual as his or her sole residence; ‘qualifying payment’ means a payment made on account of rent falling due in a year of assessment, where such payment has been made under a tenancy; ‘relative’ means a lineal ascendent, lineal descendent, brother, sister, uncle, aunt, niece or nephew; ‘rent tax credit’ has the meaning given to it in subsection
(2); ‘residential property’ means— (
  1. a)a building or part of a building located in the State which is used or suitable for use as a dwelling, and (
  2. b)adjoining land which the occupier of a building or part of a building has for his or her own occupation and enjoyment with the building or part of a building as its gardens or grounds of an ornamental nature; ‘specified amount’, in relation to a year of assessment, means— (
  3. a)€5,000, in the case of an individual who is assessed to tax in accordance with section 1017 or 1031C in the year of assessment, and (
  4. b)€2,500 in all other cases; ‘specified landlord’ means— (
  5. a)a Minister of the Government, (
  6. b)the Commissioners of Public Works in Ireland, (
  7. c)a housing authority within the meaning of the Housing (Miscellaneous Provisions) Act 1992 , or (
  8. d)an approved housing body within the meaning of the Housing (Regulation of Approved Housing Bodies) Act 2019 ; ‘supported tenant’ means, in relation to a tenancy, an individual who is— (
  9. a)in receipt of— (
  10. i)payment of a supplement towards the amount of rent payable by the individual in respect of his or her residence payable in accordance with regulations made under section 198 of the Social Welfare Consolidation Act 2005 , (
  11. ii)housing assistance, within the meaning of Part 4 of the Housing (Miscellaneous Provisions) Act 2014 , or (iii) social housing support, within the meaning of the Housing (Miscellaneous Provisions) Act 2009 , or (
  12. b)residing in a residential property which has been designated as a cost rental dwelling within the meaning of Part 3 of the Affordable Housing Act 2021 ; ‘tax reference number’ means— (
  13. a)in the case of an individual, his or her PPS Number, and (
  14. b)in the case of a partnership or company, the reference number stated on any return of income, form or notice of assessment issued to the partnership or company, as the case may be, by the Revenue Commissioners; ‘tenancy’ means— (
  15. a)any agreement, contract or lease which has been registered under Part 7 of the Residential Tenancies Act 2004 , or (
  16. b)any licence for the use, as a residence, of a room or rooms in an individual’s principal private residence, where— (
  17. i)there is no obligation under Part 7 of the Residential Tenancies Act 2004 for such licence to be registered, and (
  18. ii)the licence has been commenced with the consent of the landlord, but does not include any tenancy— (I) which, apart from any statutory extension, is a tenancy for a freehold estate or interest or for a definite period of 50 years or more, or (II) in which an agreement or provision exists under which any amount paid may be treated as consideration or part consideration, in whatever form, for the creation of a further or greater estate, tenancy or interest in the property concerned or any other property.
(2)An individual (referred to in this section as the ‘claimant’) who proves that during the year of assessment he or she made a qualifying payment in respect of a residential property used by him or her as his or her principal private residence in the period to which the payment relates and makes a claim in that regard shall be entitled to a tax credit (to be known as the ‘rent tax credit’) equal to the lesser of— (a) an amount equal to the appropriate percentage of the aggregate qualifying payment made in that year of assessment, (b) an amount equal to the appropriate percentage of the specified amount, and (c) the amount which reduces the claimant’s income tax to nil.
(3)(
  1. a)Where a qualifying payment is made in respect of a period which falls partly in one year of assessment and partly in another year of assessment, the amount of the qualifying payment made in respect of that period shall be apportioned to each year of assessment based on the proportion each part of the period bears to the period as a whole. (
  2. b)Where an amount of the qualifying payment made has been apportioned to a year of assessment under paragraph (a), the amount shall be deemed for the purposes of this section to have been made in that year of assessment.
(4)Where a claimant is assessed to tax in accordance with section 1017 or 1031C in a year of assessment, any qualifying payment made by his or her spouse or civil partner in that year of assessment shall, for the purposes of this section, be deemed to have been made by the claimant.
(5)Where— (
  1. a)a claimant, or (
  2. b)in a case where subsection
(4)applies, a claimant's spouse or civil partner, proves that he or she made a qualifying payment in respect of his or her use of a residential property, other than his or her principal private residence, as a residence to facilitate his or her attendance at or participation in his or her trade, profession, employment, office holding or an approved course during the period to which the qualifying payment relates, the claimant shall, upon making a claim in that regard, be entitled to the same rent tax credit as if the qualifying payment was made in respect of a residential property which was used by the claimant as his or her principal private residence.
(6)Notwithstanding subsection
(2), this section shall not apply to a qualifying payment made in respect of a residential property— (
  1. a)in any case where— (
  2. i)the landlord is a specified landlord, or (
  3. ii)the claimant is a supported tenant, or (
  4. b)subject to subsection
(7), where the claimant is a relative of the landlord.
(7)Notwithstanding subsection
(6)(b), in a case where the claimant is a relative of the landlord concerned the relief provided for in this section shall apply where— (
  1. a)the relationship between the claimant and the landlord is other than that of parent and child, or child and parent, (
  2. b)the tenancy is of a type which is required to be registered under Part 7 of the Residential Tenancies Act 2004, and (
  3. c)the tenancy complies with the requirement referred to in paragraph (b).
(8)Where— (
  1. a)a claimant, or (
  2. b)in a case where subsection
(4)applies, a claimant's spouse or civil partner, proves that he or she made a qualifying payment in respect of a residential property used by his or her child as his or her principal private residence the claimant shall, upon making a claim in that regard, be entitled to the same rent tax credit as if the qualifying payment was made in respect of a residential property which was used by the claimant as his or her own principal private residence, where— (
  1. i)neither the individual nor the child is a relative of the landlord, (
  2. ii)the child was undertaking an approved course and using the property to facilitate his or her participation in that course during the period to which the qualifying payment relates, (iii) the tenancy is of a type which is required to be registered under Part 7 of the Residential Tenancies Act 2004 , and (
  3. iv)the tenancy complies with the requirement referred to in subparagraph (iii).
(9)In making a claim under this section, a claimant shall provide to the Revenue Commissioners, through such electronic means as the Revenue Commissioners make available, the following information— (
  1. a)the claimant’s name, address (including the Eircode) and PPS Number, (
  2. b)the amount of any periodic payment made under a tenancy to the landlord concerned, or to a person acting on behalf of the landlord, by the claimant during the year of assessment concerned, (
  3. c)the aggregate amount of any payment referred to in paragraph (b), (
  4. d)the amount of any periodic payment referred to in paragraph (
  5. b)which was a qualifying payment, (
  6. e)the aggregate amount of any payment referred to in paragraph (d), (
  7. f)where subsection
(4)applies— (
  1. i)the name, address (including the Eircode) and PPS Number of the claimant’s spouse or civil partner, (
  2. ii)the amount of any periodic payment made under a tenancy to the landlord concerned, or to a person acting on behalf of the landlord, by the claimant’s spouse or civil partner during the year of assessment concerned, (iii) the aggregate amount of any payment referred to in subparagraph (ii), (
  3. iv)the amount of any periodic payment referred to in subparagraph (
  4. ii)which was a qualifying payment, and (
  5. v)the aggregate amount of any payment referred to in subparagraph (iv), (
  6. g)full particulars of the tenancy under which the qualifying payment was made, including— (
  7. i)the name and address (including the Eircode) of the individual who uses the residential property to which the tenancy relates as his or her principal private residence, if different to the individual referred to in paragraph (
  8. a)or (f)(i), (
  9. ii)the address (including the Eircode) of the residential property concerned, if different to the address referred to in paragraph (a), (iii) where available to the claimant, the unique identification number assigned to the residential property concerned for the purposes of the Finance (Local Property Tax) Act 2012 , (
  10. iv)where available to the claimant, the unique number assigned to the tenancy concerned in accordance with section 135 of the Residential Tenancies Act 2004 , if applicable, (
  11. v)the duration of the tenancy, and (
  12. vi)where the tenancy is a licence, confirmation that the landlord has consented to the commencement of the licence, (
  13. h)the name and address (including the Eircode) of the person to whom the qualifying payment was made, (
  14. i)where available to the claimant, the name and address (including the Eircode) of the landlord concerned, if different to the person referred to in paragraph (h), (
  15. j)where available to the claimant, the tax reference number of the landlord concerned, and (
  16. k)such other information as may reasonably be required by the Revenue Commissioners to determine whether the requirements of this section are met.
(10)(
  1. a)On being so required by an officer of the Revenue Commissioners the claimant shall, within the period of 30 days of being requested to do so by the Revenue Commissioners, make available to the officer a copy of— (
  2. i)the tenancy under which the qualifying payment was made, (
  3. ii)a receipt or statement of any payment made under that tenancy to the landlord concerned, or a person acting on behalf of the landlord, in the year of assessment concerned, and (iii) any other information that may reasonably be required by the Revenue Commissioners to determine whether the requirements of this section are met. (
  4. b)Any receipt or statement required under paragraph (
  5. a)shall be in writing and shall contain— (
  6. i)the name of the individual who made the qualifying payment, (
  7. ii)the amount of any periodic payment made under a tenancy to the landlord concerned, or to a person acting on behalf of the landlord, by that individual during the relevant year of assessment, (iii) the aggregate amount of any payment referred to in subparagraph (ii), (
  8. iv)the amount of any periodic payment referred to in subparagraph (
  9. ii)which was a qualifying payment, (
  10. v)the aggregate amount of any payment referred to in subparagraph (iv), (
  11. vi)the name and address (including the Eircode) of the individual who uses the property as his or her principal private residence, if different to the individual referred to in subparagraph (i), (vii) the address (including the Eircode) of the residential property in respect of which the payment referred to in subparagraph (
  12. ii)was made, (viii) the name and address (including the Eircode) of the person to whom the qualifying payment was made, (
  13. ix)the name and address (including the Eircode) of the landlord, if different to the person referred to in subparagraph (viii), and (
  14. x)the tax reference number of the landlord.
(11)Failure to furnish any of the particulars referred to in subsections
(9)or
(10)shall be grounds for refusal of a claim and, where relief has already been given to a claimant under this section, such relief may be withdrawn by the Revenue Commissioners.
(12)A person in receipt of a qualifying payment shall, on being so required by an officer of the Revenue Commissioners, furnish or make available to the officer, within the period of 30 days of being requested to do so by the Revenue Commissioners, any of the details set out in subsection
(9)or copies of any of the documents referred to in subsection
(10)which the officer considers necessary to determine whether the requirements of this section are met.
(13)Where the claimant is entitled to a rent tax credit under subsection
(2),
(5),
(7)or
(8), as the case may be, the aggregate of such credit shall not exceed €500 or, in the case of an individual who is assessed to tax in accordance with section 1017 or 1031C in the year of assessment, €1,000.
(14)This section shall apply in respect of the years of assessment 2022, 2023, 2024 and 2025.”. Repeal of section 11 of Finance Act 2019
  1. Section 11 of the Finance Act 2019 is repealed. Key Employee Engagement Programme
  2. Section 128F of the Principal Act is amended— (a) in subsection
(1)— (
  1. i)by the insertion of the following definitions: “‘qualifying group’ means, subject to subsection (2A), a group of companies that consists of the following (and no other companies): (
  2. a)a qualifying holding company; (
  3. b)its qualifying subsidiary or subsidiaries; (
  4. c)as the case may be, its relevant subsidiary or subsidiaries; ‘qualifying holding company’ means a company— (
  5. a)which is not controlled either directly or indirectly by another company, (
  6. b)which does not carry on a trade or trades, and (
  7. c)whose business consists wholly or mainly of the holding of shares only in the following (and no other companies), namely, its qualifying subsidiary or subsidiaries and where it has a relevant subsidiary or subsidiaries, in that subsidiary or in each of them; ‘qualifying subsidiary’, in relation to a qualifying holding company, means a company in respect of which more than 50 per cent of its ordinary share capital is owned directly by the qualifying holding company; ‘relevant subsidiary’, in relation to the qualifying holding company, means a company in respect of which more than 50 per cent of its ordinary share capital is owned indirectly by the qualifying holding company, but for the purposes of this section a relevant subsidiary in relation to a qualifying holding company shall not be regarded as a qualifying company.”, (
  8. ii)by the substitution of the following definition for the definition of “qualifying individual”: “‘qualifying individual’, in relation to a qualifying share option, means an individual who throughout the entirety of the relevant period is— (
  9. a)in the case of a qualifying group, an employee or director of a qualifying company within the group, and who is required to work at least 20 hours per week for such a qualifying company or to devote not less than 75 per cent of his or her working time to such a qualifying company, and (
  10. b)in the case of a qualifying company not being a member of a qualifying group, an employee or director of the qualifying company, and who is required to work at least 20 hours per week for the qualifying company or to devote not less than 75 per cent of his or her working time to the qualifying company;”, and (iii) by the substitution of the following definition for the definition of “qualifying share option”: “‘qualifying share option’, means a right granted to an employee or director of a qualifying company to purchase a predetermined number of shares in the qualifying company or, in the case of a qualifying group, in the qualifying holding company of the qualifying group, at a predetermined price, by reason of the individual’s employment or office in the qualifying company, where— (
  11. a)the shares which may be acquired by the exercise of the share option are new ordinary fully paid up shares in the qualifying company or, in the case of a qualifying group, in the qualifying holding company, (
  12. b)the option price at date of grant is not less than the market value of the same class of shares at that time, (
  13. c)there is a written contract or agreement in place specifying— (
  14. i)the number and description of the shares which may be acquired by the exercise of the share option, (
  15. ii)the option price, and (iii) the period during which the share options may be exercised, (
  16. d)the total market value of all shares, in respect of which qualifying share options have been granted in the qualifying company or, in the qualifying holding company, to an employee or director does not exceed— (
  17. i)€100,000 in any year of assessment, (
  18. ii)€300,000 in all years of assessment, or (iii) the amount of annual emoluments of the qualifying individual in the year of assessment in which the qualifying share option is granted, (
  19. e)the share option is exercised by the qualifying individual in the relevant period, (
  20. f)the shares are in a qualifying company or, in the case of a qualifying group, in the qualifying holding company, and (
  21. g)the share option cannot be exercised more than 10 years from the date of grant of that option;”, (
  22. b)in subsection
(2)— (
  1. i)in paragraph (b), by the insertion of “or, in the case of a qualifying group, of the qualifying holding company,” after “qualifying company”, and (
  2. ii)by the substitution of the following paragraph for paragraph (c): “(
  3. c)where a qualifying individual is permitted to exercise a qualifying share option despite having ceased to be an employee or director of a qualifying company, the individual shall be deemed to satisfy the requirements as set out in the definition of ‘qualifying individual’ in subsection
(1)in respect of the period the individual is not employed by a qualifying company, where the individual exercises the option within 90 days of the individual ceasing to hold the employment or office concerned with the qualifying company.”, (c) by the insertion of the following subsection after subsection
(2): “(2A) For the purposes of this section, a group of companies shall be treated as a qualifying group only where— (
  1. a)throughout the entirety of the relevant period— (
  2. i)there is at least one qualifying company in the group which is a qualifying subsidiary, (
  3. ii)the activities of the qualifying group, excluding the qualifying holding company, consist wholly or mainly of the carrying on of a qualifying trade, (iii) each company in the qualifying group is an unquoted company none of whose shares, stock or debentures are listed on the official list of a stock exchange, or quoted on an unlisted securities market of a stock exchange, other than on— (I) the market known as the Euronext Growth market operated by the Irish Stock Exchange plc trading as Euronext Dublin, or (II) any similar or corresponding market of the stock exchange in— (A) a territory, other than the State, with the government of which arrangements having the force of law by virtue of section 826
(1)have been made, or (B) an EEA state other than the State, and (
  1. iv)each company in the qualifying group is not regarded as a company in difficulty for the purposes of the Commission Guidelines on State aid for rescuing and restructuring non-inancial undertakings in difficulty1 , and (
  2. b)at the date of grant of the qualifying share option— (
  3. i)the qualifying group is a micro, small or medium‑sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC of 6 May 20032 concerning the definition of micro, small and medium‑sized enterprises, and (
  4. ii)the total market value of the issued, but unexercised, qualifying share options of the qualifying holding company does not exceed €3,000,000.”, (
  5. d)by the deletion of subsection
(4), (e) in subsection
(5)— (
  1. i)in paragraph (a), by the insertion of “or, in the case of a qualifying group, of the qualifying holding company,” after “qualifying company”, (
  2. ii)in paragraph (b), by the insertion of “or, in the case of a qualifying group, in the qualifying holding company” after “company” in both places where it occurs, and (iii) in paragraph (c)— (I) in subparagraph (ii), by the deletion of “paragraphs (
  3. a)and (
  4. b)of”, and (II) by the substitution of the following subparagraph for subparagraph (iii): “(iii) throughout the relevant period, the company is a qualifying company or, in the case of a qualifying group, the holding company is a qualifying holding company.”, (
  5. f)by the substitution of the following subsection for subsection
(7): “
(7)Where in any year of assessment a qualifying company grants a qualifying share option under this section, allots any shares or transfers any asset in pursuance of such a right, or gives any consideration for the assignment or release in whole or in part of such a right, or receives notice of the assignment of such a right, the qualifying company shall deliver particulars thereof to the Revenue Commissioners, in a format approved by them, not later than 31 March in the year of assessment following that year.”, (g) by the insertion of the following subsection after subsection
(7): “(7A) Where in any year of assessment a company within a qualifying group grants a qualifying share option under this section, allots any shares or transfers any asset in pursuance of such a right, or gives any consideration for the assignment or release in whole or in part of such a right, or receives notice of the assignment of such a right, a qualifying company designated by the qualifying group shall deliver particulars thereof on behalf of the qualifying group to the Revenue Commissioners, in a format approved by them, not later than 31 March in the year of assessment following that year.”, (h) in subsection
(8)— (
  1. i)by the insertion of “, or, as the case may be, qualifying groups” after “qualifying companies”, and (
  2. ii)in paragraph (a), by the insertion of “or, in the case of a qualifying group, of each member of it (and a subsequent reference in this subsection to a ‘company’ shall, as appropriate, in the case of a qualifying group be construed as including a reference to each such member)” after “company”, (
  3. i)by the substitution of the following subsection for subsection
(10): “
(10)A company or group shall not be regarded as a qualifying company or, as the case may be, a qualifying group for the purposes of this section where the company, or in the case of a qualifying group, the company designated for the purposes of subsection (7A), fails to comply with subsection
(7)or (7A), as the case may be.”, and (j) in subsection
(11), by the substitution of “a qualifying company” for “the qualifying company”. Share based remuneration 16.
(1)Section 128F of the Principal Act is amended— (a) in subsection
(1)— (
  1. i)in paragraph (d)(
  2. ii)of the definition of “qualifying company”, by the substitution of “€6,000,000” for “€3,000,000”, and (
  3. ii)in paragraph (
  4. a)of the definition of “qualifying share option”, by the substitution of “ordinary fully paid up shares” for “new ordinary fully paid up shares”, (
  5. b)in paragraph (b)(
  6. ii)of subsection (2A) (inserted by section 15 of the Finance Act 2022), by the substitution of “€6,000,000” for “€3,000,000”, (
  7. c)in subsection
(3), by the substitution of “1 January 2026” for “1 January 2024”, and (d) by the insertion of the following subsection after subsection
(6): “(6A) Where— (
  1. a)shares in a company are acquired on foot of a qualifying share option granted on or after 1 January 2018 and before 1 January 2026, (
  2. b)those shares are subsequently redeemed, repaid or purchased by the company, and (
  3. c)subsection
(1)of section 176 would apply in respect of the payment made by the company on the redemption, repayment or purchase of those shares, but for paragraph (a)(i)(I) of that subsection not being satisfied, subsection
(1)of section 176 shall be deemed to apply in respect of the payment, notwithstanding that paragraph (a)(i)(I) of that subsection is not satisfied.”.
(2)Section 128B of the Principal Act is amended, in paragraph (b) of subsection
(9), by the substitution of “0.0219” for “0.0322”.
(3)Schedule 29 of the Principal Act is amended, in Column 3, by the insertion of “section 128B
(4)” before “section 128C
(15)”.
(4)Subsection
(1)shall come into operation on such day or days as the Minister for Finance shall appoint either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions. Amendment of section 823A of Principal Act (deduction for income earned in certain foreign states) 17. Section 823A of the Principal Act is amended— (a) in subsection
(1), in the definition of “relevant state”, by the substitution of “2025” for “2022” in each place where it occurs, and (b) in subsection
(6), by the substitution of “2015 to 2025” for “2015 to 2022”. Amendment of section 825C of Principal Act (special assignee relief programme) 18. Section 825C of the Principal Act is amended— (
  1. a)by the insertion of the following subsection after subsection (2A): “(2AA) In this section, in the case of an individual who arrives in the State in any of the tax years 2023 to 2025, ‘relevant employee’ means an individual— (
  2. a)who for the whole of the 6 months immediately before his or her arrival in the State was a full time employee of a relevant employer and exercised the duties of his or her employment for that relevant employer outside the State, (
  3. b)who arrives in the State at the request of his or her relevant employer to— (
  4. i)perform in the State duties of his or her employment for that employer, or (
  5. ii)to take up employment in the State with an associated company and to perform duties in the State for that company, (
  6. c)who performs the duties referred to in paragraph (
  7. b)for a minimum period of 12 consecutive months from the date he or she first performs those duties in the State, (
  8. d)to whom a PPS number has been issued, (
  9. e)who was not resident in the State for the 5 tax years immediately preceding the tax year in which he or she first arrives in the State for the purposes of performing the duties referred to in paragraph (b), and (
  10. f)in respect of whom the relevant employer or associated company certifies, in such form as the Revenue Commissioners may require, within 90 days from the employee’s arrival in the State to perform the duties referred to in paragraph (b), that— (
  11. i)the individual complies with the conditions set out in paragraphs (
  12. a)to (d), and (
  13. ii)the relevant employer or associated company has complied with Regulation 17
(2)of the Income Tax (Employments) Regulations 2018 ( S.I. No. 345 of 2018 ).”, (
  1. b)in subsection (2B)(b)— (
  2. i)in subparagraph (i)— (I) by the substitution of “referred to in subsection
(2)(a)(ii), (2A)(b) or (2AA)(b)” for “referred to in subsection
(2)(a)(
  1. ii)or (2A)(
  2. b)”, and (II) in subclause (B), by the substitution of “set out in subsection (2A)(
  3. b)or (2AA)(b)” for “set out in subsection (2A)(b)”, and (
  4. ii)by the substitution of the following subparagraph for subparagraph (ii): “(
  5. ii)‘B’ is €75,000 or, in the case of a relevant employee who arrives in the State in any of the tax years 2023 to 2025, €100,000.”, (
  6. c)in subsection
(3)(a)— (
  1. i)by the substitution of the following subparagraph for subparagraph (ii): “(
  2. ii)performs the duties referred to in subsection
(2)(a)(ii), (2A)(
  1. b)or (2AA)(b), and”, and (
  2. ii)by the substitution of the following subparagraph for subparagraph (iii): “(iii) has relevant income from his or her relevant employer or from the associated company, the annualised equivalent of which is— (I) subject to clause (II) , not less than €75,000, or (II) in the case of a relevant employee who arrives in the State in any of the tax years 2023 to 2025, not less than €100,000,”, and (
  3. d)in subsection
(4)(b)— (
  1. i)by the substitution of “2025” for “2022”, and (
  2. ii)in subparagraph (i), by the substitution of “set out in subsection (2A)(
  3. b)or (2AA)(b)” for “set out in subsection (2A)(
  4. b)”. Amendment of Part 7 of Principal Act (lump sums from foreign pension arrangements) 19. Part 7 of the Principal Act is amended— (
  5. a)by the insertion of the following section after section 200: “Lump sums from foreign pension arrangements 200A.
(1)(
  1. a)In this section— ‘administrator’, in relation to a foreign pension arrangement, means the person or persons having the management of the foreign pension arrangement; ‘domestic lump sum’ means a lump sum referred to in paragraph (
  2. b)of subsection
(1)of section 790AA construed in accordance with paragraph (
  1. c)of that subsection; ‘excess lump sum’ shall be construed in accordance with paragraph (d); ‘foreign pension arrangement’ means a contract, an agreement, a series of agreements, a trust deed or other arrangement, other than a state social security scheme, which— (
  2. a)is established in, or entered into under the law of, a territory other than the State, (
  3. b)is, in good faith, established for the sole purpose of providing benefits of a kind similar to those referred to in Chapter 1, 2, 2A or 2D of Part 30, and (
  4. c)is not a relevant pension arrangement; ‘relevant pension arrangement’ has the same meaning as it has in section 790AA; ‘specified date’ means 1 January 2023; ‘standard chargeable amount’ has the same meaning as it has in section 790AA; ‘standard rate’ means the standard rate of income tax in force at the time the foreign lump sum is paid; ‘tax free amount’ has the same meaning as it has in section 790AA; ‘tax year’ means a year of assessment within the meaning of the Tax Acts. (
  5. b)For the purposes of this section, a reference to a foreign lump sum is a reference to a lump sum that is paid to an individual under the rules of a foreign pension arrangement by means of commutation of part of a pension or of part of an annuity or otherwise. (
  6. c)For the purposes of this section, references to a foreign lump sum that is paid to an individual include references to a foreign lump sum that is obtained by, given to, or made available to, an individual and references to a foreign lump sum which was or had been paid to an individual shall be construed accordingly. (
  7. d)For the purposes of this section, the excess lump sum, if any, in respect of a foreign lump sum that is paid to an individual on or after the specified date (in this paragraph referred to as the ‘current foreign lump sum’) shall be— (
  8. i)where, before the current foreign lump sum was paid, there had not been paid to the individual— (I) a domestic lump sum, or (II) another foreign lump sum on or after the specified date, the amount by which the current foreign lump sum exceeds the tax free amount, and (
  9. ii)where, before the current foreign lump sum was paid, there had been paid to the individual one or more than one— (I) domestic lump sum, or (II) other foreign lump sum on or after the specified date, (in this section referred to as the ‘earlier lump sums’), then— (A) where the amount of the earlier lump sums is less than the tax free amount, the amount by which the aggregate of the amounts of the earlier lump sums and the current foreign lump sum exceeds the tax free amount, and (B) where the amount of the earlier lump sums is equal to or greater than the tax free amount, the amount of the current foreign lump sum.
(2)Where a foreign lump sum is, on or after the specified date, paid to an individual who is resident in the State at the time the lump sum is paid, the excess lump sum in respect of that foreign lump sum shall be regarded as income of the individual for the tax year in which that foreign lump sum is paid and shall be chargeable to income tax and the universal social charge in accordance with subsection
(3).
(3)Subject to subsection
(5)— (a) where the excess lump sum arises in accordance with subsection
(1)(d)(i),
(1)(d)(ii)(A) or
(1)(d)(ii)(B) (in so far as the amount of the earlier lump sums referred to in subsection
(1)(d)(ii)(B) is equal to the tax free amount), then— (
  1. i)so much of the excess lump sum as does not exceed the standard chargeable amount shall be charged to income tax under Case III of Schedule D at the standard rate, and (
  2. ii)so much of the excess lump sum, if any, as exceeds the standard chargeable amount shall be— (I) charged to income tax under Case III of Schedule D at the higher rate for the tax year in which the lump sum is paid, and (II) regarded as relevant income for the purposes of Part 18D, (
  3. b)Where the excess lump sum arises in accordance with subsection
(1)(d)(ii)(B) (in so far as the amount of the earlier lump sums referred to in that subsection is greater than the tax free amount), then where the amount by which the earlier lump sums is greater than the tax free amount (in this paragraph referred to as the ‘first‑mentioned amount’) is less than the standard chargeable amount— (
  1. i)so much of the excess lump sum as does not exceed an amount equivalent to the difference between the standard chargeable amount and the first-mentioned amount shall be charged to income tax under Case III of Schedule D at the standard rate, and (
  2. ii)so much of the excess lump sum, if any, as exceeds an amount equivalent to the difference between the standard chargeable amount and the first-mentioned amount shall be— (I) charged to income tax under Case III of Schedule D at the higher rate for the tax year in which the lump sum is paid, and (II) regarded as relevant income for the purposes of Part 18D.
(4)Where a foreign lump sum is paid to an individual on or after the specified date, the person liable for income tax and universal social charge charged in accordance with subsection
(3)shall be that individual.
(5)In so far as any part of an excess lump sum is to be regarded as income of an individual for a tax year and charged to income tax at the standard rate in accordance with paragraph (a)(i) or (b)(i) of subsection
(3)— (
  1. a)such income— (
  2. i)shall not be reckoned in computing total income for the purposes of the Tax Acts, and (
  3. ii)shall be computed without regard to any amount deductible from, or deductible in computing, income for the purposes of the Tax Acts, (
  4. b)the charging of that income in such manner shall be without any relief or reduction specified in the Table to section 458 or any other deduction from that income, and (
  5. c)section 188 shall not apply as regards income so charged.
(6)The provisions of the Income Tax Acts relating to— (
  1. a)assessments to income tax, and (
  2. b)the collection and recovery of income tax, shall, in so far as they are applicable, apply to the assessment, collection and recovery of income tax and universal social charge under this section.
(7)An individual claiming relief under this section shall obtain from the administrator of the foreign pension arrangement and provide to the Revenue Commissioners in such form and manner as the Revenue Commissioners may specify— (
  1. a)such evidence as the Revenue Commissioners may reasonably require in relation to the foreign pension arrangement, including for the purpose of satisfying themselves that the requirements set out in paragraphs (
  2. a)to (
  3. c)of the definition of ‘foreign pension arrangement’ in subsection
(1)(
  1. a)are met, and (
  2. b)without prejudice to the generality of paragraph (a)— (
  3. i)the name and address of the administrator of the foreign pension arrangement, (
  4. ii)the date on which the individual became a member of the foreign pension arrangement, and (iii) the date or dates on which a foreign lump sum or foreign lump sums under the foreign pension arrangement became or become payable.
(8)A person aggrieved by an assessment made on that person under this section may appeal the assessment to the Appeal Commissioners, in accordance with section 949I, within the period of 30 days after the notice of assessment.
(9)This section shall not apply to a foreign lump sum that is paid to— (
  1. a)a widow or widower, (
  2. b)a surviving civil partner, (
  3. c)children, (
  4. d)dependents, (
  5. e)personal representatives, or (
  6. f)children of the civil partner, of a deceased individual.”, and (
  7. b)in section 790AA
(1), by the insertion of the following paragraph after paragraph (e): “(
  1. f)For the purposes of paragraphs (
  2. d)and (e), references to lump sums shall include foreign lump sums referred to in paragraph (
  3. b)of subsection
(1)of section 200A construed in accordance with paragraph (c) of that subsection that are paid to an individual on or after the specified date referred to in that subsection.”. Pan-European Personal Pension Product (insertion of new Chapter) 20. Part 30 of the Principal Act is amended by the insertion of the following Chapter after Chapter 2C: “Chapter 2D Pan-European Pension Product Interpretation 787V.
(1)In this Chapter, unless the context otherwise requires— ‘approved retirement fund’ has the same meaning as it has in section 784A; ‘contract of employment’ means— (
  1. a)a contract of service or apprenticeship, or (
  2. b)any other contract whereby an individual agrees with another person, who is carrying on the business of an employment agency (within the meaning of the Employment Agency Act 1971 ) and is acting in the course of that business, to do or perform personally any work or service for a third person (whether or not the third person is party to the contract), whether the contract is express or implied or if express, whether it is oral or in writing; ‘contribution’ means a payment made directly or indirectly by or on behalf of a contributor to the relevant PEPP contract of a PEPP provider for investment on the contributor’s behalf in accordance with the terms of the PEPP contract; ‘contributor’ means an individual who enters into a PEPP contract with a PEPP provider; ‘director’, in relation to a company includes— (
  3. a)in the case of a company the affairs of which are managed by a board of directors or similar body, a member of that board or body, (
  4. b)in the case of a company the affairs of which are managed by a single director or similar person, that director or person, and (
  5. c)in the case of a company the affairs of which are managed by the members themselves, a member of that company, and includes a person who is to be or has been a director; ‘distribution’ has the same meaning as in the Corporation Tax Acts; ‘earnings limit’ shall be construed in accordance with section 790A; ‘employee’— (
  6. a)means a person of any age, who has entered into or works under (or where the employment has ceased, entered into or worked under) a contract of employment and references, in relation to an employer, to an employee shall be construed as references to an employee employed by that employer; and for the purposes of this Chapter, a person holding office under, or in the service of, the State (including a civil servant within the meaning of the Civil Service Regulation Act 1956 ) shall be deemed to be an employee employed by the State or Government, as the case may be, and an officer or servant of a local authority for the purposes of the Local Government Act 2001 , or of a harbour authority, the Health Service Executive or a member of staff of an education and training board shall be deemed to be an employee employed by the authority, the Executive or the board, as the case may be, and (
  7. b)in relation to a company, includes a director or other officer of the company and any other person taking part in the management of the affairs of the company; ‘employer’ means, in relation to an employee, the person with whom the employee has entered into, or for whom the employee works under (or, where the employment has ceased, entered into or worked under), a contract of employment, subject to the qualification that the person, who under a contract of employment referred to in paragraph (
  8. b)of the definition of ‘contract of employment’ is liable to pay the wages of the individual concerned, in respect of the work or service concerned shall be deemed to be the individual’s employer; ‘market value’ shall be construed in accordance with section 548; ‘PEPP’ has the same meaning as in the PEPP Regulation; ‘PEPP assets’ means the assets held on behalf of a contributor in a PEPP; ‘PEPP beneficiary’ has the same meaning as in the PEPP Regulation; ‘PEPP contract’ has the same meaning as in the PEPP Regulation; ‘PEPP provider’ has the same meaning as in the PEPP Regulation and includes a person appointed by the PEPP provider in accordance with section 787AA
(7)(ii); ‘PEPP Regulation’ means Regulation (EU) No. 2019/1238 of the European Parliament and Council of 20 June 20193 ; ‘PPS Number’, in relation to an individual, means that individual’s Personal Public Service Number (within the meaning of section 262 of the Social Welfare Consolidation Act 2005 ); ‘registered PEPP’ means a PEPP that for the time being stands registered under Article 7 of the PEPP Regulation; ‘relevant payment’, in relation to a PEPP, means any payment, including a distribution, made by reason of rights arising as a result of a PEPP contract and includes any annuity payable by reason of such rights; ‘retirement annuity contract’ means a contract approved by the Revenue Commissioners in accordance with Chapter 2 of this Part; ‘Revenue officer’ means an officer of the Revenue Commissioners; ‘specified individual’, in relation to a year of assessment, means an individual whose relevant earnings for the year of assessment were derived wholly or mainly from an occupation or profession specified in Schedule 23A.
(2)Subject to subsection
(1), a word or expression that is used in this Chapter and is also used in the PEPP Regulation has, except where the context otherwise requires, the same meaning in this Chapter as it has in the PEPP Regulation. Relevant earnings and net relevant earnings 787W.
(1)For the purposes of this Chapter but subject to subsection
(2), ‘relevant earnings’, in relation to an individual, means any income of the individual chargeable to tax for the year of assessment in question, being any of the following— (
  1. a)income arising in respect of remuneration from an office or employment of profit held by the individual, (
  2. b)income from any property which is attached to or forms part of the emoluments of any such office or employment of profit held by the individual, or (
  3. c)income which is chargeable under Schedule D and is immediately derived by the individual from the carrying on or exercise by the individual of his or her trade or profession either as an individual or, in the case of a partnership, as a partner personally acting in the partnership, but does not include any remuneration from an investment company of which the individual is a proprietary director or a proprietary employee.
(2)For the purposes of this Chapter, the relevant earnings of an individual shall not be treated as the relevant earnings of his or her spouse or civil partner, notwithstanding that the individual’s income chargeable to tax is treated as his or her spouse’s or civil partner’s income.
(3)For the purposes of relief under this Chapter, an individual’s relevant earnings shall be those earnings before giving effect to any deduction to be made from those earnings in respect of a loss or in respect of a capital allowance (within the meaning of section 2), and references to income in this Chapter (other than references to total income) shall be construed similarly.
(4)For the purposes of this Chapter, ‘net relevant earnings’, in relation to an individual and subject to subsections
(5)to
(7), means the amount of the individual’s relevant earnings for the year of assessment in question less the amount of any deductions to be made from the relevant earnings in computing the individual’s total income for that year, being either— (a) deductions in respect of payments made by the individual, or (b) deductions in respect of losses or of such allowances mentioned in subsection
(3), being losses or allowances arising from activities, profits or gains of which would be included in computing relevant earnings of the individual or of the individual’s spouse or civil partner for the year of assessment.
(5)Where in any year of assessment for which an individual claims and is allowed relief under this Chapter there is to be made in computing the total income of the individual or of the individual’s spouse or civil partner a deduction in respect of any such loss or allowance of the individual referred to in subsection
(4)(b), and the deduction or part of it is to be so made from income other than relevant earnings, then, the amount of the deduction made from that other income shall be treated as reducing the individual’s net relevant earnings for subsequent years of assessment and shall be deducted as far as may be from those of the following year, whether or not the individual claims or is entitled to claim relief under this Chapter for that year, and in so far as it cannot be so deducted, then from those of the next year, and so on.
(6)Where an individual’s income for any year of assessment consists partly of relevant earnings and partly of other income, then, as far as may be, any deductions to be made in computing the individual’s total income, and which may be treated in whole or in part either as made from relevant earnings or as made from other income, shall be treated for the purposes of this section as being made from those relevant earnings in so far as they are deductions in respect of any such loss referred to in subsection
(4)(b) and otherwise as being made from that other income.
(7)An individual’s net relevant earnings for any year of assessment shall be computed without regard to any relief to be given for that year under this Chapter either to the individual or to the individual’s spouse or civil partner.
(8)Notwithstanding anything in this section, for the purposes of relief under this Chapter an individual’s net relevant earnings shall not exceed the earnings limit. PEPPs - Method of granting relief for PEPP contributions 787X.
(1)Subject to the provisions of this Chapter, relief from income tax shall be given in respect of contributions to a PEPP by an individual chargeable to tax in respect of relevant earnings from any trade, profession, office or employment carried on or held by that individual.
(2)Where relief is to be given under this Chapter in respect of any contribution made by an individual, the amount of that contribution shall, subject to this section, be deducted from or set off against the individual’s relevant earnings for the year of assessment in which the contribution is paid.
(3)Where in relation to a year of assessment a contribution to a PEPP is made after the end of the year of assessment but on or before the specified return date for the chargeable period (within the meaning of Part 41A) the payment may, if the individual so elects on or before that date, be treated for the purposes of this section as paid in the earlier year (and not in the year in which it is paid); but where— (
  1. a)the amount of that contribution, together with any contributions made by the individual in the year to which the assessment relates (or treated as so paid by virtue of any previous election under this subsection), exceeds the maximum amount of the reduction which may be made under this Chapter in the individual’s relevant earnings for that year, or (
  2. b)the amount of that PEPP contribution itself exceeds the increase in that maximum amount which is due to taking into account the income on which the assessment is made, the election shall have no effect as respects the excess.
(4)Where in any year of assessment a reduction or a greater reduction would be made under this section in the relevant earnings of an individual but for an insufficiency of net relevant earnings, the amount of the reduction which would be made but for that reason, less the amount of any reduction which is made in that year, shall be carried forward to the next year of assessment, and shall be treated for the purposes of relief under this Chapter as the amount of a qualifying contribution paid in that next year of assessment.
(5)If and in so far as an amount once carried forward under subsection
(4)(and treated as the amount of a qualifying payment made in the next year of assessment) is not deducted from or set off against the individual’s net relevant earnings for that year of assessment, it shall be carried forward again to the following year of assessment (and treated as the amount of a qualifying payment made in that year of assessment), and so on for succeeding years.
(6)Where relief under this Chapter for any year of assessment is claimed and allowed (whether or not relief is then to be given for that year), and afterwards there is made any assessment, amendment of an assessment, or other adjustment of the claimant’s liability to tax, there shall be made also such adjustments, if any, as are consequential thereon in the relief allowed or given under this Chapter for that or any subsequent year of assessment.
(7)Where relief under this Chapter is claimed and allowed for any year of assessment in respect of any contribution, relief shall not be given in respect of that contribution under any other provision of the Income Tax Acts for the same or a later year of assessment.
(8)Where approval of a PEPP is withdrawn pursuant to Article 8 of the PEPP Regulation there shall be made such assessments or amendment of assessments as may be appropriate for the purpose of withdrawing any relief given under this Chapter consequent on the grant of the approval. Claims to relief 787Y.
(1)Relief shall not be given under this Chapter in respect of a contribution to a PEPP except on a claim made to and allowed by a Revenue officer.
(2)A person aggrieved by a decision of a Revenue officer in relation to a claim for relief by that person may appeal the decision to the Appeal Commissioners, in accordance with section 949I, within the period of 30 days after the date of the notice of that decision. PEPP - Extent of relief 787Z.
(1)Subject to this section, the amount which may be deducted or set off in any year in respect of contributions made by an individual to one or more PEPP products (in this section referred to as the ‘maximum allowable contribution’) shall not be more than— (
  1. a)in the case of an individual who at any time during the year of assessment was of the age 30 years or over but had not attained the age of 40 years, 20 per cent, (
  2. b)in the case of an individual who at any time during the year of assessment was of the age 40 years or over but had not attained the age of 50 years, 25 per cent, (
  3. c)in the case of an individual who at any time during the year of assessment was of the age of 50 years or over but had not attained the age of 55 years or who for the year of assessment was a specified individual, 30 per cent, (
  4. d)in the case of an individual who at any time during the year of assessment was of the age of 55 years or over but had not attained the age of 60 years, 35 per cent, (
  5. e)in the case of an individual who at any time during the year of assessment was of the age of 60 years or over, 40 per cent, and (
  6. f)in any other case, 15 per cent, of the individual’s net relevant earnings for that year of assessment.
(2)Notwithstanding subsection
(1), where the maximum allowable contribution would but for this subsection be less than €1,525, subsection
(1)shall apply as if the said maximum allowable contribution were €1,525.
(3)Where an individual is entitled to relief for a year of assessment under Chapter 2 in respect of a qualifying premium and in respect of any PRSA contribution (within the meaning of Chapter 2A), the maximum allowable contribution for that year of assessment, shall be reduced by the amount of such relief. Taxation of payments from a PEPP 787AA.
(1)Subject to subsections
(2),
(3)and
(4)— (
  1. a)the amount or value of any assets that a PEPP provider makes available to, or pays to, a PEPP saver or beneficiary 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 PEPP assets, shall, notwithstanding anything in section 18 or 19, be treated as a payment to the PEPP saver 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 (
  2. b)the PEPP provider shall deduct tax from the assets at the higher rate for the year of assessment in which the assets are made available unless the PEPP provider has received from the Revenue Commissioners a revenue payroll notification (within the meaning of section 983) for that year in respect of the PEPP saver.
(2)A PEPP provider shall be liable to pay to the Collector-General the income tax which the PEPP provider is required to deduct from any assets of a PEPP by virtue of this section and the individual beneficially entitled to assets held in a PEPP, 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 PEPP provider 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 PEPP provider from the individual beneficially entitled to the assets in the PEPP 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 PEPP are— (
  1. a)an amount made available, at the time assets of the PEPP are first made available to the PEPP saver, by way of lump sum not exceeding 25 per cent of the value of the assets in the PEPP at that time, (
  2. b)an amount transferred to an approved retirement fund in accordance with section 787AB, (
  3. c)an amount made available to the personal representatives of the PEPP contributor in accordance with section 787AB
(1), (
  1. d)an amount the PEPP provider makes available from the PEPP assets, to such extent as may be necessary, for the purpose of discharging a tax liability in relation to a PEPP saver, under the provisions of Chapter 2C of this Part, in connection with a relevant payment to the PEPP saver, or (
  2. e)an amount made available from a PEPP, where the PEPP is a vested PEPP (within the meaning of section 790D
(1)), for the purpose of— (i) reimbursing, in whole or in part, an administrator (within the meaning of section 787O
(1)) in respect of the payment by that administrator of income tax charged on a chargeable excess in respect of the PEPP contributor, or (ii) payment by the PEPP provider of the amount, or part of the amount, of the appropriate share (within the meaning of section 787R(2A)(b)) of a non-member (within the meaning of section 787O
(1)) (being the PEPP saver) of income tax charged on a chargeable excess, under the provisions of Chapter 2C of this Part.
(4)For the purposes of this Chapter, the circumstances in which a PEPP provider shall be treated as making assets of a PEPP available to an individual shall include— (
  1. a)the making of a relevant payment by the PEPP provider, (
  2. b)any circumstances whereby assets cease to be assets of the PEPP, (
  3. c)any circumstances whereby assets cease to be beneficially owned by the PEPP saver, and (
  4. d)any circumstances in which an annuity paid from the assets in a PEPP is— (
  5. i)an annuity for the life of the PEPP saver or the PEPP beneficiary concerned, (
  6. ii)an annuity for the life of the PEPP saver concerned or the widow, widower or surviving civil partner of the PEPP saver concerned, or (iii) an annuity— (I) for a term certain (not exceeding 10 years) notwithstanding the death of the PEPP saver or the PEPP beneficiary within that term, (II) payment of which may be terminated or suspended on marriage or remarriage or in other circumstances, or (III) which can be assigned by will or by distribution on intestacy.
(5)Without prejudice to the generality of subsection
(4), the circumstances in which a PEPP provider shall, for the purposes of this Chapter, be treated as making assets of a PEPP (including a vested PEPP within the meaning of section 790D
(1)) available to an individual shall include the use of those assets in connection with any transaction which would, if the assets were assets of an approved retirement fund, be regarded under section 784A as giving rise to a distribution for the purposes of that section and the amount to be regarded as made available shall be calculated in accordance with that section.
(6)For the purposes of subsection
(9), the PEPP provider of a vested PEPP of a kind referred to in paragraph (b) of the definition of ‘vested PEPP’ in section 790D
(1)shall be treated as making the assets of the PEPP available to the PEPP contributor on the date the contributor attains the age of 75 years or, where the contributor attained the age of 75 years prior to the date of passing of the Finance Act 2022, on the date of passing of that Act.
(7)At any time when a PEPP provider— (
  1. a)is not resident in the State, or (
  2. b)is not trading in the State through a fixed place of business, the PEPP provider shall, in relation to the discharge of all duties and obligations relating to a PEPP which are imposed on the PEPP provider by virtue of the PEPP Regulation, this Chapter, Chapter 2C and section 125B of the Stamp Duties Consolidation Act 1999 — (
  3. i)enter into a contract with the Revenue Commissioners enforceable in a Member State of the European Communities in relation to the discharge of those duties and obligations and in entering into such a contract the parties to the contract shall acknowledge and agree in writing that— (I) it shall be governed solely by the laws of the State, and (II) that the courts of the State shall have exclusive jurisdiction in determining any dispute arising under it, or (
  4. ii)ensure that there is a person resident in the State, appointed by the PEPP provider, who will be responsible for the discharge of all of those duties and obligations and shall notify the Revenue Commissioners of the appointment of that person and the identity of that person.
(8)The Revenue Commissioners may by notice in writing require a PEPP provider or the person appointed in accordance with subsection
(7)(ii), as the case may be, to provide, within 30 days of the date of such notice, such information and particulars as may be specified in the notice as they may reasonably require for the purposes of this Chapter, and, without prejudice to the generality of the foregoing, such information and particulars may include— (
  1. a)the name, address and PPS Number of the PEPP saver, (
  2. b)the name, address and PPS Number of any person to whom any payments have been made, or to whom any assets have been made available, by the PEPP provider, and (
  3. c)the amount of any payments and the value of any assets referred to in paragraph (b).
(9)Notwithstanding subsection
(1), where assets of a PEPP are treated under subsection
(4)or subsection
(6)as having been made available to an individual, the provisions of section 784A
(4)shall apply as if assets of that PEPP at the time of death of that individual were assets of an approved retirement fund. Approved Retirement Fund option 787AB.
(1)At any time assets of a PEPP are allowed to be made available to a PEPP beneficiary, that individual may opt to have those assets transferred to an approved retirement fund and the PEPP provider shall make that transfer.
(2)The assets that a PEPP provider shall transfer to an approved retirement fund in accordance with subsection
(1)shall be the assets available in the PEPP at the time the election under that subsection is made less any lump sum the PEPP provider is permitted to pay without deduction of tax in accordance with section 787AA
(3)(a).
(3)Where an individual opts in accordance with subsection
(1), sections 784A and 784B shall apply as if that option were an option in accordance with section 784(2A). Exemption of PEPP 787AC.
(1)Exemption from income tax shall, on a claim being made in that behalf, be allowed in respect of income derived from investments or deposits of a PEPP if, or to such extent as the Revenue Commissioners are satisfied that, it is income from investments or deposits held for the purposes of the PEPP.
(2)(
  1. a)In this subsection, ‘financial futures’ and ‘traded options’ mean respectively financial futures and traded options for the time being dealt in or quoted on any futures exchange or any stock exchange, whether or not that exchange is situated in the State. (
  2. b)For the purposes of subsection
(1), a contract entered into in the course of dealing in financial futures or traded options shall be regarded as an investment.
(3)Exemption from income tax shall, on a claim being made in that behalf, be allowed in respect of underwriting commissions if, or to such extent as the Revenue Commissioners are satisfied that, the underwriting commissions are applied for the purposes of the PEPP, and in respect of which the PEPP provider would, but for this subsection, be chargeable to tax under Case IV of Schedule D. Allowance to employer 787AD.
(1)For the purposes of this section— (
  1. a)a reference to a ‘chargeable period’ shall be construed as a reference to a ‘chargeable period or its basis period’ (within the meaning of section 321), and (
  2. b)in relation to an employer whose chargeable period is a year of assessment, ‘basis period’ means the period on the profits or gains of which income tax for that year of assessment is to be finally computed for the purposes of Case I or II of Schedule D in respect of the trade, profession or vocation of the employer.
(2)Subject to subsection
(3), any sum paid by an employer by way of contribution to a PEPP of an employee shall for the purposes of Case I or II of Schedule D and of sections 83 and 707
(4)be allowed to be deducted as an expense, or expense of management, incurred in the chargeable period in which the sum is paid but no other sum shall for those purposes be allowed to be deducted as an expense, or expense of management, in respect of the making, or any provision for the making, of any contributions under the PEPP contract.
(3)The amount of an employer’s contributions which may be deducted under subsection
(2)shall not exceed the amount contributed by that employer to PEPP products in respect of employees in a trade or undertaking in respect of the profits of which the employer is assessable to income tax or corporation tax, as the case may be.”. Pan-European Personal Pension Product (amendments consequential on insertion of Chapter 2D in Part 30) 21.
(1)Section 110(5A)(d)(i)(II) of the Principal Act is amended by the substitution of “a PRSA within the meaning of section 787A, a PEPP within the meaning of Chapter 2D of Part 30,” for “a PRSA within the meaning of section 787A,”.
(2)Section 172A
(1)(a) of the Principal Act is amended by the insertion of the following definitions: “‘PEPP assets’ has the same meaning as in Chapter 2D of Part 30; ‘PEPP provider’ has the same meaning as in Chapter 2D of Part 30;”.
(3)Section 172C of the Principal Act is amended— (a) in subsection
(2), by the insertion of the following paragraph after paragraph (bb): “(
  1. bc)a PEPP provider who is receiving the relevant distribution as income arising in respect of PEPP assets, and has made a declaration to the relevant person in relation to the relevant distribution in accordance with paragraph 12 of Schedule 2A,”, and (
  2. b)in subsection
(3)— (
  1. i)in paragraph (cb), by the substitution of “unit trust,” for “unit trust, and”, (
  2. ii)in paragraph (d), by the substitution of “(within the meaning of that section), and” for “(within the meaning of that section)”, and (iii) by the insertion of the following paragraph after paragraph (d): “(
  3. e)a PEPP provider who receives a relevant distribution as income arising in respect of PEPP assets,”.
(4)Section 256 of the Principal Act is amended, in subsection
(1)— (
  1. a)by the insertion of the following definitions: “‘PEPP’ has the same meaning as in Chapter 2D of Part 30; ‘PEPP provider’ has the same meaning as in Chapter 2D of Part 30;”, and (
  2. b)in the definition of “relevant deposit”— (
  3. i)in paragraph (j), by the substitution of “in subsection (1B),” for “in subsection (1B), or”, (
  4. ii)in paragraph (k), by the substitution of “Revenue Commissioners, or” for “Revenue Commissioners;”, and (iii) by the insertion of the following paragraph after paragraph (k): “(
  5. l)which is made by a PEPP provider, held for the purposes of a PEPP and in respect of which a declaration in accordance with section 263F has been made to the relevant deposit taker;”.
(5)The Principal Act is amended by the insertion of the following section after section 263E: “Declarations relating to deposits made by a PEPP provider held for a PEPP 263F.
(1)The declaration referred to in paragraph (l) of the definition of ‘relevant deposit’ in section 256
(1)is a declaration in writing to a relevant deposit taker which— (
  1. a)is made by a PEPP provider (in this section referred to as ‘the declarer’) in respect of a deposit that is an asset of a PEPP, (
  2. b)is signed by the declarer, (
  3. c)is made in such form as may be prescribed by the Revenue Commissioners, (
  4. d)declares that, at the time when the declaration is made, the deposit in respect of which the declaration is made— (
  5. i)is an asset of a PEPP, and (
  6. ii)is managed by the declarer for the PEPP who is beneficially entitled to the deposit, (
  7. e)contains the name, address and tax reference number of the PEPP referred to in paragraph (d), (
  8. f)contains an undertaking by the declarer that if the deposit ceases to be an asset of the PEPP, including a case where the deposit is transferred to another PEPP, the declarer will notify the relevant deposit taker accordingly, and (
  9. g)contains such other information as the Revenue Commissioners may reasonably require for the purpose of this Chapter.
(2)A relevant deposit taker shall— (
  1. a)keep and retain for the longer of the following periods: (
  2. i)a period of 6 years, and (
  3. ii)a period which, in relation to the deposit in respect of which the declaration is made, ends not earlier than 3 years after the date on which the deposit is repaid or, as the case may be, becomes a relevant deposit, and (
  4. b)on being so required by notice given to it in writing by an inspector, make available to the inspector, within the time specified in the notice, all declarations of the kind mentioned in subsection
(1)which have been made in respect of deposits held by the relevant deposit taker.
(3)The inspector may examine or take extracts from or copies of any declarations made available to him or her under paragraph (a).
(4)In this section— ‘PEPP’ has the same meaning as it has in Chapter 2D of Part 30; ‘PEPP provider’ has the same meaning as it has in Chapter 2D of Part 30.”.
(6)Section 531AM of the Principal Act is amended, in paragraph (
  1. a)of the Table to that section— (
  2. a)in subparagraph (V), by the substitution of “under section 782A
(3),” for “under section 782A
(3), and”, (
  1. b)in subparagraph (VI) , by the substitution of “(within the meaning of Chapter 2A of Part 30), and” for “(within the meaning of Chapter 2A of Part 30).”, and (
  2. c)by the insertion of the following subparagraph after subparagraph (VI): “(VII) emoluments in the nature of a contribution by an employer to a PEPP (within the meaning of Chapter 2D of Part 30).”.
(7)Section 608
(2)of the Principal Act is amended by the substitution of “PRSA assets (within the meaning of section 787A) or PEPP assets (within the meaning of Chapter 2D of Part 30).” for “PRSA assets (within the meaning of section 787A).”.
(8)Section 706
(3)of the Principal Act is amended by the insertion of the following paragraph after paragraph (d): “(
  1. e)(
  2. i)any PEPP contract (within the meaning of Chapter 2D of Part 30), and (
  3. ii)any contract with a PEPP provider (within that meaning) being a contract which was entered into for the purposes only of the PEPP concerned;”.
(9)Section 730D
(2)(
  1. b)of the Principal Act is amended— (
  2. a)in subparagraph (viii), by the substitution of “to which section 784 or 785 applies,” for “to which section 784 or 785 applies, or”, (
  3. b)in subparagraph (ix), by the substitution of “within the meaning of section 784C, or” for “within the meaning of section 784C,”, and (
  4. c)by the insertion of the following subparagraph after subparagraph (ix): “(
  5. x)a PEPP provider (within the meaning of Chapter 2D of Part 30),”.
(10)Section 730E
(3)(
  1. e)of the Principal Act is amended— (
  2. a)in subparagraph (viii), by the substitution of “to which section 784 or 785 applies,” for “to which section 784 or 785 applies, or”, (
  3. b)in subparagraph (ix), by the substitution of “within the meaning of section 784C, or” for “within the meaning of section 784C,”, and (
  4. c)by the insertion of the following subparagraph after subparagraph (ix): “(
  5. x)a PEPP provider (within the meaning of Chapter 2D of Part 30),”.
(11)Section 739D
(6)of the Principal Act is amended— (
  1. a)in paragraph (kc), by the substitution of “to the investment undertaking,” for “to the investment undertaking, or”, (
  2. b)in paragraph (m), by the substitution of “(within the meaning of section 885), or” for “(within the meaning of section 885),” and (
  3. c)by the insertion of the following paragraph after paragraph (m): “(
  4. n)is a person who is entitled to exemption from income tax and capital gains tax by virtue of section 787AC and the units held are assets of a PEPP (within the meaning of Chapter 2D of Part 30) and the PEPP provider (within the meaning of that Chapter 2D) has made a declaration to the investment undertaking in accordance with paragraph 15 of Schedule 2B,”.
(12)Section 739K
(1)of the Principal Act is amended— (
  1. a)by the insertion of the following definition: “‘PEPP’ has the same meaning as in Chapter 2D of Part 30;”, and (
  2. b)in paragraph (
  3. a)of the definition of “specified person”, by the substitution of “(including a vested PRSA within the meaning of section 790D
(1)), a PEPP (including a vested PEPP within the meaning of 790D
(1))” for “(including a vested PRSA within the meaning of section 790D
(1))”.
(13)Section 739KA
(1)of the Principal Act is amended, in the definition of “member”— (a) in paragraph (b), by the substitution of “784C
(2)or 785
(1),” for “784C
(2)or 785
(1), or”, (
  1. b)in paragraph (c), by the substitution of “PRSA, or” for “PRSA;”, and (
  2. c)by the insertion of the following paragraph after paragraph (c): “(
  3. d)a contributor, within the meaning of Chapter 2D of Part 30, in respect of a PEPP;”.
(14)Section 783
(2)(c) of the Principal Act is amended by the substitution of “of any PRSA contribution (within the meaning of Chapter 2A of this Part) or of any PEPP contribution (within the meaning of Chapter 2D of this Part) this Chapter, Chapter 2A and Chapter 2D” for “of any PRSA contribution (within the meaning of Chapter 2A of this Part) this Chapter and Chapter 2A”.
(15)Section 787E of the Principal Act is amended by the substitution of the following subsection for subsection
(5)— “
(5)Where an individual is entitled to relief for a year of assessment under— (
  1. a)Chapter 2 of this Part in respect of a qualifying premium, or (
  2. b)Chapter 2D of this Part in respect of a PEPP contribution, the maximum allowable contribution for that year of assessment, other than additional voluntary PRSA contributions, shall be reduced by the amount of such relief.”.
(16)Section 787M
(1)of the Principal Act is amended— (
  1. a)in the definition of “qualifying overseas pension plan”, by the substitution of the following paragraph for paragraph (a): “(
  2. a)which is in good faith established for the sole purpose of providing benefits of a kind similar to those referred to in Chapters 1, 2, 2A or 2D of this Part,”, and (
  3. b)in the definition of “relevant migrant member”, by the substitution of the following paragraph for paragraph (c): “(
  4. c)was, immediately before the beginning of that period, resident outside of the State for a continuous period of 3 years (but this paragraph shall not apply where the contributions are to a sub-account, within the meaning of Article 2
(23)of Regulation (EU) No. 2019/1238 of the European Parliament and Council of 20 June 20194 ), and”.
(17)Section 787N
(1)of the Principal Act is amended— (
  1. a)by the substitution of “or sections 787C, 787E, 787F or 787J of Chapter 2A (which relates to personal retirement savings accounts) or sections 787X, 787Z or 787AD of Chapter 2D (which relates to Pan-European Personal Pension Products) and” for “or sections 787C, 787E, 787F or 787J of Chapter 2A (which relates to personal retirement savings accounts),”, (
  2. b)in paragraph (i), by the substitution of “of the Pensions Act 1990 , or a PEPP in accordance with Chapter 2D for the purposes of Regulation (EU) No. 2019/1238 of the European Parliament and of the Council of 20 June 20195 , and” for “of the Pensions Act 1990 , and”, and (
  3. c)in paragraph (ii)— (
  4. i)in subparagraph (II) , by the substitution of “of Chapter 2,” for “of Chapter 2, or”, (
  5. ii)in subparagraph (III) , by the substitution of “in Chapter 2A, or” for “in Chapter 2A.”, and (iii) by the insertion of the following subparagraph after subparagraph (III): “(IV) an individual referred to in Chapter 2D.”.
(18)Section 787O
(1)of the Principal Act is amended— (
  1. a)in the definition of “administrator”— (
  2. i)in paragraph (c), by the substitution of “787A
(1),” for “787A
(1), and”, (
  1. ii)in paragraph (d), by the substitution of “787U, and” for “787U;”, and (iii) by the insertion of the following paragraph after paragraph (d): “(
  2. e)a PEPP provider within the meaning of Chapter 2D;”, (
  3. b)in the definition of “date of the current event”— (
  4. i)in paragraph (b), by the substitution of “section 772(3A), 784(2A), 787H
(1)or, as the case may be section 787AB,” for “section 772(3A), 784(2A) or, as the case may be section 787H
(1)”, and (
  1. ii)by the insertion of the following paragraph after paragraph (ba): “(
  2. bb)the annuity would otherwise become payable under a PEPP of a kind referred to in paragraph (
  3. g)of the definition of ‘relevant pension arrangement’ where an individual does not elect to exercise an option in accordance with section 787AB
(1)and instead retains the assets available in the PEPP at that date, in that PEPP or any other PEPP,”, (c) in the definition of “Fund Administrator”, by the substitution of “(within the meaning of section 790D
(1)) or vested PEPP provider (within the meaning of Chapter 2D),” for “(within the meaning of section 790D
(1)),”, (
  1. d)in the definition of “member”, by the substitution of “a PRSA contributor within the meaning of Chapter 2A, a contributor within the meaning of Chapter 2D” for “a PRSA contributor within the meaning of Chapter 2A”, (
  2. e)by the insertion of the following definitions: “‘PEPP assets’ has the same meaning as in Chapter 2D; ‘PEPP provider’ has the same meaning as in Chapter 2D;”, (
  3. f)in the definition of “relevant option”, by the substitution of “section 772(3A), 784(2A), 787H
(1)or 787AB
(1),” for “section 772(3A), 784(2A) or 787H
(1),”, and (
  1. g)in the definition of “relevant pension arrangement”— (
  2. i)in paragraph (e), by the substitution of “Public Service Superannuation (Miscellaneous Provisions) Act 2004,” for “Public Service Superannuation (Miscellaneous Provisions) Act 2004, or”, (
  3. ii)in paragraph (f), by the substitution of “referred to in paragraph (e), or” for “referred to in paragraph (
  4. e);”, and (iii) by the insertion of the following paragraph after paragraph (f): “(
  5. g)a PEPP contract, within the meaning of Chapter 2D, in respect of a PEPP, within the meaning of that Chapter;”.
(19)Section 787Q(5A)(
  1. b)of the Principal Act is amended, by the substitution of the following subparagraph for subparagraph (ii): “(
  2. ii)the approved retirement fund, approved minimum retirement fund (or where the non-member has an approved retirement fund and an approved minimum retirement fund, of both funds), a vested PRSA (or vested PRSAs, where the non-member has more than one vested PRSA) or a vested PEPP (or vested PEPPs, where the non-member has more than one vested PEPP), as the case may be, (in this subsection referred to as the ‘fund’),”.
(20)Section 787R of the Principal Act is amended— (a) in subsection
(5)— (
  1. i)in paragraph (a), by the substitution of “any increased annual amount of pension,” for “any increased annual amount of pension, and”, (
  2. ii)in paragraph (b), by the substitution of “in the said subparagraph (c), and” for “in the said subparagraph (c),”, (iii) by the insertion of the following paragraph after paragraph (b): “(
  3. c)where the benefit crystallisation event is an event of a kind described at subparagraph (
  4. bd)or (
  5. be)of paragraph 2 of Schedule 23B, refuse to transfer an amount to the individual or refuse to make assets of the PEPP referred to in the said subparagraph (
  6. bd)available to the PEPP contributor,”, and (
  7. b)in subsection (5A), in paragraph (a)— (
  8. i)in the definition of “relevant administrator”— (I) in subparagraph (i), by the substitution of “the administrator of that vested PRSA,” for “the administrator of that vested PRSA, and”, (II) in subparagraph (ii), by the substitution of “made the annuity contract, and” for “made the annuity contract;”, and (III) by the insertion of the following subparagraph after subparagraph (ii): “(iii) in the case of a vested PEPP of a kind referred to in paragraph (
  9. v)of the definition of ‘vested PEPP’ in section 790D
(1), the PEPP provider of that vested PEPP;”, and (
  1. ii)in the definition of “relevant person”— (I) in subparagraph (i), by the substitution of “referred to in that paragraph,” for “referred to in that paragraph, and”, (II) in subparagraph (ii), by the substitution of “in that section, and” for “in that section;”, and (III) by the insertion of the following subparagraph after subparagraph (ii): “(iii) in the case of a vested PEPP of a kind referred to in paragraph (
  2. x)of the definition of ‘vested PEPP’ in section 790D
(1), a PEPP contributor of a kind referred to in that paragraph;”.
(21)Section 788
(2)of the Principal Act is amended— (
  1. a)in paragraph (f), by the substitution of “section 784C,” for “section 784C, or”, (
  2. b)in paragraph (g), by the substitution of “of this Part, or” for “of this Part.”, and (
  3. c)by the insertion of the following paragraph after paragraph (g): “(
  4. h)any annuity where the whole or part of the consideration for the grant of the annuity consisted of assets which, at the time of the application of the said assets for the purchase of the annuity, were PEPP assets, within the meaning of Chapter 2D.”.
(22)Section 790A of the Principal Act is amended— (a) in subsection
(1)— (
  1. i)in paragraph (c), by the substitution of “contribution,” for “contribution, and”, (
  2. ii)in paragraph (d), by the substitution of “pension plan, and” for “pension plan,”, and (iii) by the insertion of the following paragraph after paragraph (d): “(
  3. e)Chapter 2D in respect of a PEPP contribution,”, and (
  4. b)in subsection
(5), by the substitution of “787
(7), 787C
(3)or 787X
(3),” for “787
(7)or 787C
(3),”.
(23)Section 790AA of the Principal Act is amended— (a) in subsection
(1), in paragraph (a)— (i) in the definition of “administrator”— (I) in subparagraph (ii), by the substitution of “mentioned in section 784(4A)(ii),” for “mentioned in section 784(4A)(ii), and”, (II) in subparagraph (iii), by the substitution of “the meaning of section 787A
(1), and” for “the meaning of section 787A
(1);”, and (III) by the insertion of the following subparagraph after subparagraph (iii): “(
  1. iv)a PEPP provider within the meaning of Chapter 2D;”, and (
  2. ii)in the definition of “relevant pension arrangement”— (I) in subparagraph (vi), by the substitution of “the meaning of section 787A
(1),” for “the meaning of section 787A
(1);”, and (II) by the insertion of the following subparagraph after subparagraph (vi): “(vii) a PEPP contract, within the meaning of Chapter 2D, in respect of a PEPP, within the meaning of that Chapter;”, and (b) by the insertion of the following subsection after subsection
(19): “
(20)Subsection
(2)of section 787AA shall apply in respect of any income tax deducted from an excess lump sum by virtue of subsection
(3)of this section, by an administrator of a relevant pension arrangement of a kind described in paragraph (vii) of the definition of ‘relevant pension arrangement’ in subsection
(1)(a) of this section, as it applies to income tax referred to in subsection
(2)of section 787AA.”.
(24)Section 790D of the Principal Act is amended— (a) in subsection
(1)— (
  1. i)in the definition of “excluded distributions”, by the insertion of the following paragraphs after paragraph (g): “(
  2. h)a specified amount regarded as a distribution or the making available of PEPP assets under subsection
(4); (i) assets being made available from a PEPP, being assets of a kind referred to in section 787AA
(3); (j) the circumstances set out in section 787AA
(4)(
  1. a)in which a PEPP provider is treated as making assets of a PEPP available to an individual;”, (
  2. ii)in the definition of “other manager”— (I) in paragraph (b), by the deletion of “or” after “administrator,”, (II) in paragraph (c), by the substitution of “administrator, or” for “administrator,”, (III) by the insertion of the following paragraph after paragraph (c): “(
  3. d)a PEPP provider,”, (IV) in paragraph (ii), by the deletion of “or” after “PRSA,”, (V) in paragraph (iii), by the substitution of “PRSA, or” for “PRSA,”, and (VI) by the insertion of the following paragraph after paragraph (iii): “(
  4. iv)one or more than one vested PEPP,”, (iii) in the definition of “relevant distributions” by the insertion of the following paragraph after paragraph (b): “and (
  5. c)the assets, if any, that a PEPP provider makes available to, or pays to, the individual or to any other person during the tax year from one or more than one vested PEPP that is beneficially owned by that individual and administered by that PEPP provider,”, (
  6. iv)in the definition of “relevant fund”— (I) in paragraph (a), by the deletion of “and” after “ARFs,”, (II) in paragraph (b), by the substitution of “PRSAs, and” for “PRSAs,”, and (III) by the insertion of the following paragraph after paragraph (b): “(
  7. c)vested PEPPs,”, and (
  8. v)by the insertion of the following definitions: “ ‘PEPP’ has the same meaning as in Chapter 2D; ‘PEPP assets’ has the same meaning as in Chapter 2D; ‘PEPP contract’ has the same meaning as in Chapter 2D; ‘PEPP provider’ has the same meaning as in Chapter 2D; ‘vested PEPP’ means— (
  9. a)a PEPP in respect of which assets of the PEPP have been made available to, or paid to, the PEPP contributor or to any other person, by the PEPP provider, other than assets of a kind referred to in paragraphs (b), (
  10. c)and (
  11. d)of section 787AA
(3), and for the purposes of this definition the provisions of subsections
(4)and
(5)of section 787AA shall apply, or (
  1. b)a PEPP in respect of which the PEPP contributor has attained the age of 75 years where, up to and including the date on which the PEPP contributor attained that age, no assets of the PEPP have been made available to, or paid to, the PEPP contributor or to any other person, other than a transfer of part of the assets to another PEPP to which the contributor to the first mentioned PEPP is the contributor;”, (
  2. b)in subsection
(4)— (i) by the substitution of “subsections
(1)and
(2)of 787G, or in subsections
(1)and
(2)of section 787AA” for “subsections
(1)and
(2)of 787G”, (
  1. ii)by the insertion of the following paragraph after paragraph (b): “(
  2. ba)where the relevant fund comprises of one or more than one vested PEPP, the making available to, or paying to, the PEPP contributor of assets of that amount or value from a PEPP,”, and (iii) in paragraph (c)— (I) by the substitution of “, one or more than one vested PEPP, and one or more than one vested PRSA” for “and one or more than one vested PRSA”, (II) by the substitution of the following subparagraph for subparagraph (i): “(
  3. i)the qualifying fund manager, the PEPP provider and PRSA administrator of each ARF, of each PEPP and of each PRSA concerned are the same person, a distribution of that amount from an ARF,”, (III) in subparagraph (iii), by the substitution of “or value from a PRSA,” for “or value from a PRSA, or”, and (IV) by the insertion of the following subparagraph after subparagraph (iv): “(
  4. v)the nominee appointed in accordance with subsection
(5)is a qualifying fund manager, a PEPP provider and PRSA administrator, a distribution of that amount from an ARF,”, (c) in subsection
(5)(a)— (
  1. i)in subparagraph (ii)— (I) by the substitution of the following clause for clause (III): “(III) more than one vested PEPP, or”, and (II) by the insertion of the following clause after clause (III): “(IV) one or more than one ARF, one or more than one vested PEPP, and one or more than one vested PRSA, and”, and (
  2. ii)by the substitution of the following subparagraph for subparagraph (iii): “(iii) in relation to each such relevant fund the qualifying fund manager of each ARF concerned, the PEPP provider of each vested PEPP concerned and the PRSA administrator of each vested PRSA concerned are not the same person,”, (
  3. d)in subsection
(7)(a)— (
  1. i)by the substitution of the following subparagraph for subparagraph (iii): “(iii) the vested PEPP or vested PEPPs, or”, and (
  2. ii)by the insertion of the following subparagraph after subparagraph (iii): “(
  3. iv)the ARF or ARFs, and the vested PEPP or vested PEPPs and the vested PRSA or vested PRSAs”, (
  4. e)in subsection
(8), by the substitution of “relevant distributions from an ARF, a vested PEPP or a vested PRSA” for “relevant distributions from an ARF or a vested PRSA”, (f) in subsection
(9)— (
  1. i)in subparagraph (B), by the substitution of “vested PRSAs,” for “vested PRSAs, or”, (
  2. ii)by the substitution of the following for subparagraph (C): “(C) the vested PEPP or vested PEPPs, or”, and (iii) by the insertion of the following subparagraph after subparagraph (C): “(D) the ARF or ARFs, the vested PEPP or PEPPs and the vested PRSA or vested PRSAs,”, and (
  3. g)by the substitution of the following subsection for subsection
(11): “
(11)Where an individual has a relevant fund of a kind referred to in subsection
(5)(
  1. a)and the individual opts not to appoint a nominee as provided for in that subsection, then each person who on the specified date is— (
  2. a)a qualifying fund manager, (
  3. b)a PRSA administrator, (
  4. c)a PEPP provider, or (
  5. d)a qualifying fund manager, and a PRSA administrator and a PEPP provider, of, as the case may be— (
  6. i)one or more than one ARF, (
  7. ii)one or more than one vested PRSA, (iii) one or more than one vested PEPP, or (
  8. iv)one or more than one ARF and one or more than one vested PRSA and one or more than one vested PEPP, comprised in that relevant fund shall determine the specified amount in accordance with this section as if the relevant fund was comprised solely, as the case may be, of— (I) the ARF or ARFs, (II) the vested PRSA or vested PRSAs, (III) the vested PEPP or vested PEPPs, or (IV) the ARF or ARFs and the vested PRSA or vested PRSAs and the vested PEPP or vested PEPPs, managed or administered by each such person.”.
(25)Section 897A of the Principal Act is amended— (a) in subsection
(1)— (i) in the definition of “employee”— (I) in paragraph (a), by the substitution of “Chapter 1 of Part 30,” for “Chapter 1 of Part 30, and”, (II) in paragraph (b), by the substitution of “subsection
(1)of section 787A, and” for “subsection
(1)of section 787A;”, and (III) by the insertion of the following paragraph after paragraph (b): “(
  1. c)in relation to a PEPP contribution, has the same meaning as it has in Chapter 2D of Part 30;”, (
  2. ii)in the definition of “employer”— (I) in paragraph (a), by the substitution of “Chapter 1 of Part 30,” for “Chapter 1 of Part 30, and”, (II) in paragraph (b), by the substitution of “as in section 787A
(1), and” for “as in section 787A
(1);”, and (III) by the insertion of the following paragraph after paragraph (b): “(c) in relation to an employee PEPP contribution and an employer PEPP contribution, shall be construed for the purposes of this section in the same way as it is construed for the purposes of Chapter 2D of Part 30;”, and (iii) by insertion of the following definitions: “‘PEPP’ has the same meaning as it has in Chapter 2D of Part 30; ‘PEPP contribution’ has the same meaning as it has in Chapter 2D of Part 30; ‘PEPP employer contribution’, in relation to a year of assessment, means any PEPP contribution referred to in section 787AD
(2)made by an employer to a PEPP in the year of assessment;”, and (b) in subsection
(2)— (
  1. i)in paragraph (e), by the substitution of “an employer pension contribution,” for “an employer pension contribution, and”, (
  2. ii)in paragraph (f), by the substitution of “PRSA employer contribution,” for “PRSA employer contribution.”, and (iii) by the insertion of the following paragraphs after paragraph (f): “(
  3. g)where a PEPP contribution deduction is made from the emoluments paid to an employee, the amount of the PEPP contribution, and (
  4. h)the amount of a PEPP employer contribution.”.
(26)Section 986
(1)(g)(ii) of the Principal Act is amended by the substitution of “Chapter 2, Chapter 2A or Chapter 2D of Part 30” for “Chapter 2 or Chapter 2A of Part 30”.
(27)Schedule 2A to the Principal Act is amended by the insertion of the following paragraph after paragraph 11: “Declaration to be made by a PEPP provider 12. The declaration referred to in section 172C
(2)(
  1. bc)shall be a declaration in writing to the relevant person in relation to the relevant distributions which— (
  2. a)is made by the person (in this paragraph referred to as the ‘declarer’) beneficially entitled to the relevant distributions in respect of which the declaration is made, (
  3. b)is signed by the declarer, (
  4. c)is made in such form as may be prescribed or authorised by the Revenue Commissioners, (
  5. d)declares that, at the time when the declaration is made, the person beneficially entitled to the relevant distributions is a person referred to in section 172C
(2)(bc), (
  1. e)contains the name and tax reference number of the person, (
  2. f)contains a statement that, at the time when the declaration is made, the relevant distributions in respect of which the declaration is made will be applied as income of a PEPP, (
  3. g)contains an undertaking by the declarer that, if the person mentioned in subparagraph (
  4. d)ceases to be an excluded person, the declarer will, by notice in writing, advise the relevant person in relation to the relevant distributions accordingly, and (
  5. h)contains such other information as the Revenue Commissioners may reasonably require for the purposes of Chapter 8A of Part 6.”.
(28)Schedule 2B to the Principal Act is amended by the insertion of the following paragraph after paragraph 14: “Declaration of PEPP provider 15. The declaration referred to in section 739D
(6)(
  1. n)is a declaration in writing to the investment undertaking which— (
  2. a)is made by a PEPP provider (in this paragraph referred to as t

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