Taxes Consolidation Act 1997 Schedule 12B paragraph 3

Ministerial power to withdraw a specification

Paragraph 3 sets out the procedure by which the Minister for Finance may withdraw a specification of a qualifying savings institution under section 519C(4)(c), and the safeguards that apply to existing schemes and contracts.

• The Minister for Finance may withdraw a specification made under section 519C(4)(c) with effect from a stipulated date.
• Any certification made by the Revenue Commissioners by reference to that specification is deemed to have been withdrawn on the same date.
• The withdrawal does not affect the operation of a certified contractual savings scheme, nor any contract entered into under such a scheme, before the stipulated date.
• The withdrawal is only effective where the Revenue Commissioners post a notice to each qualifying savings institution not less than 28 days before the stipulated date.