Taxes Consolidation Act 1997 section 17

Schedule C

Section 17 sets out Schedule C, which provides for the deduction of income tax at source from certain interest, annuities, dividends or shares of annuities payable in the State out of public revenue.

• Schedule C tax is charged on profits arising from public revenue dividends payable in the State, including interest on foreign government stocks such as UK or US treasury bonds.
• Where a banker or other person in the State obtains payment of foreign public revenue dividends on behalf of another person (whether by coupons or otherwise), Schedule C tax applies to those dividends, the proceeds of any coupon realisation, or the purchase price paid by a coupon dealer.
• The charge does not extend to annuities which are not of a public nature, and the obligation to withhold tax does not apply to a banker merely by virtue of clearing a cheque.
• The tax is charged on every full euro of the annual amount of the profits, dividends, proceeds or purchase price in question, and the definitions used in Schedule C (such as "banker", "coupons" and "public revenue dividends") are set out in section 32.