Taxes Consolidation Act 1997 Schedule 2C, paragraph 10

Declaration of PRSA administrators regarding PRSAs and vested PRSAs

Paragraph 10 of Schedule 2C sets out the declaration that a PRSA administrator must provide to an Irish Real Estate Fund (IREF) in order for PRSA or vested PRSA units to be exempt from IREF withholding tax.

• A PRSA administrator must make a written declaration to the IREF confirming that the units are PRSA assets and identifying the beneficial owner, before the IREF can pay without deducting withholding tax.
• The declaration must be in a Revenue-prescribed form, signed by the administrator, and must include the name, address and tax identification number of the person beneficially entitled to the units.
• The administrator must undertake to notify the IREF if the units cease to be PRSA assets or if the PRSA or vested PRSA becomes a specified person within the meaning of the IREF rules.
• Where the PRSA or vested PRSA qualifies as a specified person under the equivalence provision, supporting documentation evidencing that equivalence must accompany the declaration.