Taxes Consolidation Act 1997 section 36

Government securities

Section 36 provides that the Minister for Finance may direct that interest on certain government securities be paid without deduction of tax, while ensuring that such interest remains chargeable to income tax under Schedule D Case III, and requires persons involved in paying or handling such interest to furnish information to the Revenue Commissioners on request.

• The Minister for Finance may direct that interest on securities issued under the Minister's authority be paid without any deduction of tax at source.
• Despite being paid gross (i.e. without tax deducted), the interest remains chargeable to income tax under Case III of Schedule D in the hands of the recipient.
• Where funds controlled by a court or public department are invested in such securities, the person in whose name the securities are registered is the person chargeable to tax on the interest.
• Anyone who pays such interest, receives it on behalf of others, or acts as an intermediary in purchasing the securities must, if required by the Revenue Commissioners, provide details of the persons involved and the amounts of interest paid or securities purchased.