Taxes Consolidation Act 1997 Schedule 2B, paragraph 14

Certain resident entities: declaration of intermediary

Paragraph 14 of Schedule 2B sets out the requirements for a declaration that an intermediary must make to an investment undertaking when acting on behalf of a resident entity that is exempt from exit tax.

• An intermediary acting for an exempt resident body (such as an approved charity or pension fund) must provide a written declaration to the investment undertaking to prevent the deduction of exit tax from gains.
• The declaration must confirm that the beneficial owner of the units is an exempt person within the categories listed in section 739D(6)(a) to (k), and that future unit acquisitions will also be on behalf of such a person.
• The intermediary must undertake to notify the investment undertaking in writing if the beneficial owner loses its exempt status or if the declaration is no longer correct.
• The declaration must be in a form prescribed or authorised by the Revenue Commissioners and must include any additional information they may reasonably require.