Taxes Consolidation Act 1997 section 47

Certain securities of ACC Bank plc

Section 47 provides that interest on debentures, debenture stock and certificates of charge issued by ACC Bank plc is exempt from tax where the beneficial owner is neither domiciled nor ordinarily resident in the State.

• Debentures, debenture stock and certificates of charge issued by ACC Bank plc are not liable to tax provided the beneficial owner is neither domiciled nor ordinarily resident in the State.
• The exemption applies only where it can be shown, in the manner prescribed by the Minister for Finance, that the ownership condition is met.
• The exemption is limited to non-resident, non-domiciled beneficial owners — Irish-domiciled or ordinarily resident holders do not qualify.
• This section was repealed by the ACC Bank Act 2001 in respect of securities issued on or after 28 February 2002.