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6 1967

INCOME TAX ACT, 1967

PART III

Schedule C and Principal Provisions Relating Thereto

Schedule C.

47. —The Schedule referred to in this Act as Schedule C is as follows—

Schedule C

1. Tax under this Schedule shall be charged in respect of all profits arising from public revenue dividends payable in the State in any year of assessment.

2. Where a banker or any other person in the State, by means of coupons received from another person or otherwise on his behalf, obtains payment of any foreign public revenue dividends, tax under this Schedule shall be charged in respect of the dividends.

3. Where a banker in the State sells or otherwise realises coupons for any foreign public revenue dividends and pays over the proceeds of such realisation to or carries such proceeds to the account of any person, tax under this Schedule shall be charged in respect of the proceeds of the realisation.

4. Where a dealer in coupons in the State purchases coupons for any foreign public revenue dividends otherwise than from a banker or another dealer in coupons, tax under this Schedule shall be charged in respect of the price paid on the purchase.

5. Nothing in paragraph 1 shall apply to any annuities which are not of a public nature.

6. The tax under this Schedule shall be charged for every twenty shillings of the annual amount of the profits, dividends, proceeds of realisation or price paid on purchase charged.

Charge and payment.

48. —(1) Tax under Schedule C shall be charged by the commissioners designated for that purpose by this Act, and shall be paid on behalf of the persons entitled to the profits, dividends, proceeds of realisation or price paid on purchase which are the subject of the tax—

(a) in the case of tax charged under paragraph 1 of that Schedule, by the persons and bodies of persons respectively entrusted with payment;

(b) in the case of tax charged under paragraph 2, 3 or 4 of that Schedule, by the banker or other person or by the banker or by the dealer in coupons, as the case may be.

(2) The provisions of Schedule 1 shall have effect in relation to the assessment, charge and payment of tax under Schedule C.

Stocks of State and of foreign diplomats.

49. —(1) No tax shall be chargeable in respect of the stock, dividends or interest transferred to accounts in the books of the Bank of Ireland in the name of the Minister for Finance in pursuance of any statute, but the Bank of Ireland shall transmit to the Special Commissioners an account of the total amount thereof.

(2) No tax shall be chargeable in respect of the stock, dividends or interest belonging to the State in whatever name they may stand in the books of the Bank of Ireland.

(3) No tax shall be chargeable in respect of the stock, dividends or interest of an accredited diplomatic representative of any foreign State resident in the State:

Provided that if the same stand in the name of a trustee, the property therein of any such representative shall be proved by the trustee to the Special Commissioners.

Securities of foreign territories.

50. —(1) No tax shall be chargeable in respect of the dividends on any securities of any territory outside the State which are payable in the State, where it is proved to the satisfaction of the Revenue Commissioners that the person owning the securities and entitled to the dividends is not resident in the State; but, save as provided by this Act, no allowance shall be given or repayment be made in respect of the tax on the dividends on the securities of any such territory which are payable in the State:

Provided that where the securities of any such territory are held under any trust, and the person who is the beneficiary in possession under the trust is the sole beneficiary in possession and can, by means either of the revocation of the trust or of the exercise of any powers under the trust, call upon the trustees at any time to transfer the securities to him absolutely free from any trust, that person shall, for the purposes of this section, be deemed to be the person owning the securities.

(2) Relief under this section may be given by the Revenue Commissioners either by way of allowance or repayment on a claim being made to them for the purpose.

(3) Any person who is aggrieved by the decision of the Revenue Commissioners on any question as to residence arising under this section may, by notice in writing to that effect given to the Revenue Commissioners within two months from the date on which notice of the decision is given to him, make an application to have his claim for relief heard and determined by the Special Commissioners.

(4) Where an application is made under subsection (3), the Special Commissioners shall hear and determine the claim in like manner as an appeal made to them against an assessment and all the provisions of this Act relating to such an appeal (including the provisions relating to the rehearing of an appeal and to the statement of a case for the opinion of the High Court on a point of law) shall apply accordingly with any necessary modifications.

Definitions.

51. —In this Part—

dividends”, except in the phrase “stock, dividends or interest”, means any interest, annuities, dividends or shares of annuities;

public revenue”, except where the context otherwise requires, includes the public revenue of any Government whatsoever and the revenue of any public authority or institution in any country outside the State;

public revenue dividends” means dividends payable out of any public revenue;

foreign public revenue dividends” means dividends payable elsewhere than in the State (whether they are or are not also payable in the State) out of any public revenue other than the public revenue of the State;

banker”includes a person acting as a banker;

coupons” and “coupons for any foreign public revenue dividends” include warrants for or bills of exchange purporting to be drawn or made in payment of any foreign public revenue dividends.