Taxes Consolidation Act 1997 section 111AAC

Chargeable entities

Section 111AAC identifies which entities are chargeable to domestic top-up tax, sets out the joint and several liability of owners of flow-through entities, and provides special rules for securitisation entities within MNE groups or large-scale domestic groups.

• Qualifying entities falling within paragraphs (a) and (b) of section 111AAB(1) are chargeable to domestic top-up tax for a fiscal year, while those falling within paragraph (c) are chargeable for an accounting period.
• Where a flow-through entity that is not a body corporate is chargeable, all persons holding an ownership interest in it during the relevant fiscal year or accounting period are jointly and severally liable to pay the domestic top-up tax.
• A securitisation entity that is a member of an MNE group or large-scale domestic group is not itself charged domestic top-up tax; instead, any top-up tax attributable to it is allocated to the other non-securitisation qualifying entities in the group located in Ireland in proportion to their qualifying income.
• The securitisation entity exemption does not apply where the only entities of the group located in Ireland are securitisation entities; and where the securitisation entity is a minority-owned constituent entity, its top-up tax is calculated separately and then allocated to the other qualifying entities using the standard formula.

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