Taxes Consolidation Act 1997 section 50

Securities of Irish local authorities issued abroad

Section 50 provides a tax exemption for income from securities issued outside the State by Irish local authorities, while setting out the circumstances in which this exemption does not apply.

• Securities issued outside the State by a local authority, under the authority of the Minister for Finance, are exempt from tax on interest and other income arising from them.
• The exemption does not apply where the securities are held by persons who are domiciled or ordinarily resident in the State.
• The exemption also does not apply to securities acquired after 15 May 1992 by a company where they are held by or for an Irish branch or agency through which the company carries on a financial trade or business in the State.
• A "local authority" for the purposes of this section includes any public body recognised as a local authority by the Minister for the Environment and Local Government.