Section 17 Schedule C

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(1) The Schedule referred to 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 that other person's 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 [one euro]¹ of the annual amount of the profits, dividends, proceeds of realisation or price paid on purchase charged.

Amendments

1 Substituted by Finance Act 2001 section 240(2) and Schedule 5 for 2002 and later tax years.

When do I deduct Schedule C tax?

(1) If you are a bank or paying agents (responsible for paying dividends and interest payable from the public revenue of any government or foreign public authority) you are liable under Schedule C to deduct standard rate tax from the amount payable i...

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(2) Section 32 shall apply for the interpretation of Schedule C.

(3) Subsection (1) shall not apply to a banker by virtue only of the clearing of a cheque, or the arranging for the clearing of a cheque, by the banker.

Amendments

Subs (3) inserted by Finance Act 2005 section 46(1)(a) as respects payments on or after 25 March 2005.

When am I not caught for Schedule C tax?

(2)-(3) As a banker, you are not caught for Schedule C tax on the clearing of a cheque, or arranging for a cheque to be cleared.