Taxes Consolidation Act 1997 Schedule 2B, paragraph 13

Declaration of intermediary

Paragraph 13 of Schedule 2B sets out the requirements for a declaration by an intermediary to an investment undertaking, which allows the undertaking to pay gains without deducting exit tax.

• An intermediary may make a written declaration to an investment undertaking so that exit tax is not deducted from gains on units held on behalf of non-resident beneficial owners.
• The declaration must confirm that each beneficial owner of the units is not resident in the State (and, for individuals, not ordinarily resident either).
• The declaration covers future acquisitions of units in the same or an associated investment undertaking, unless the intermediary notifies the undertaking otherwise.
• The intermediary must undertake to notify the investment undertaking in writing if the declaration ceases to be correct.