Taxes Consolidation Act 1997 section 267D

Conditions and declarations relating to special term share accounts

Section 267D sets out the conditions that must be met for a credit union account to qualify as a special term share account, and the declaration that the account holder must make in relation to such an account.

• The account must be designated by the credit union as either a medium term or long term share account, denominated in euro, unconnected to any other account, and with all shares subject to the same terms.
• The account holder must be at least 16 years old, be the beneficial owner of the dividends, and generally cannot hold more than one special term share account at a time (with an exception for married couples or civil partners who may hold two joint accounts).
• Monthly subscriptions are capped at €635, with a one-off allowance to transfer existing savings on opening and to add shares up to €7,620 once during the account's life; withdrawals are restricted for 3 years (medium term) or 5 years (long term).
• The account holder must sign a written declaration on a Revenue-approved form confirming eligibility, providing personal details, and undertaking to notify the credit union if conditions cease to be met.