Taxes Consolidation Act 1997 section 35

Securities of foreign territories

Section 35 provides an exemption from Irish tax on dividends from foreign securities payable in the State where the owner of those securities is not resident in Ireland, and sets out the rules for determining ownership where foreign securities are held in trust.

• Dividends on foreign securities payable in the State are exempt from tax where the person owning the securities and entitled to the dividends is not resident in Ireland; however, no general allowance or repayment of tax on such dividends is available except as specifically provided for.
• Where foreign securities are held in trust, the sole beneficiary in possession who has the power to call on the trustees to transfer the securities to them absolutely free from trust is treated as the owner for the purposes of this exemption.
• Relief under this section may be claimed from the Revenue Commissioners, who may grant it either by way of allowance or repayment.
• A person who disagrees with a Revenue decision on their residence status under this section may appeal to the Appeal Commissioners within two months of receiving the decision notice.