Section 263C Notifications by the Revenue Commissioners relating to deposits of certain persons
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Amendments
Section 263C inserted by Finance Act 2007 section 34(1)(d) from 2 April 2007.
(1) The notification referred to in section 256(1B) is a notification-
(a) in writing by the Revenue Commissioners to a relevant deposit taker confirming that the account identified in the notification is to be treated as not being a relevant deposit unless and until the notification is cancelled in accordance with subsection (2),
(b) which contains as respects the person beneficially entitled to, or the person (being one or more than one trustee) referred to in section 189A(2) entitled to, the interest in relation to the deposit mentioned in paragraph (a)-
(i) the name and address of the person,
(ii) the person’s PPS Number (within the meaning of section 891B) or, where the person is not an individual, the person’s tax reference number (within the meaning of paragraphs (b) and (c) of the definition of "tax reference number" in section 885), and
(iii) the account number of the deposit,
and
(c) which contains such other information as the Revenue Commissioners may reasonably decide for the purposes of this Chapter.
Do Revenue have to notify a bank that a person is permanently incapacitated in order for the interest to be exempt from DIRT?
(1) This section relates to interest payable in respect of a deposit held by a permanently incapacitated individual, or the trustee of such an individual (section 256(1)). In such cases, Revenue must notify the financial institution that the deposit ...
(2) The Revenue Commissioners may at any time cancel the notification and give notice in writing to that effect to both the relevant deposit taker and the person or persons mentioned in subsection (1)(b). Where at any time the Revenue Commissioners have so notified the deposit taker, the deposit shall not be a deposit to which this section applies from that time.
Can Revenue cancel a notification that an account is exempt from DIRT?
(2) Yes. Revenue may at any time cancel the notification in (1) by written notice to the financial institution and the person beneficially entitled to the interest. Once Revenue do so, DIRT must be deducted from interest applied to the deposit.
