Taxes Consolidation Act 1997 Schedule 12B paragraph 4

Power of the Minister to vary a specification

Paragraph 4 sets out the Minister for Finance's power to vary a specification governing qualifying savings schemes and the consequences of such a variation for Revenue certifications and qualifying savings institutions.

• The Minister for Finance may vary a specification from a stipulated date, at which point relief under the old specification is withdrawn.
• A variation does not operate retrospectively and does not disturb tax relief already given before the stipulated date.
• A variation only takes effect if Revenue notifies each qualifying savings institution by post within 28 days of the stipulated date.
• Revenue may certify a scheme as meeting the requirements of the specification as varied.