Taxes Consolidation Act 1997 section 263C

Notifications by the Revenue Commissioners relating to deposits of certain persons

Section 263C sets out the form and content of the notification that Revenue must issue to a financial institution to confirm that a deposit held by or on behalf of a permanently incapacitated individual is exempt from deposit interest retention tax (DIRT).

• Revenue must issue a written notification to the financial institution confirming that the identified account is not a relevant deposit for DIRT purposes, and this exemption remains in place unless and until Revenue cancel the notification.
• The notification must include the name, address, and PPS Number (or tax reference number in the case of a trustee) of the person beneficially entitled to the interest on the deposit, together with the account number.
• Revenue may also include any additional information they reasonably consider necessary for the purposes of the DIRT regime.
• Revenue may cancel the notification at any time by giving written notice to both the financial institution and the account holder or trustee, and from that point DIRT must be deducted from interest on the deposit.