Taxes Consolidation Act 1997 section 783

Interpretation and general (Chapter 2)

Section 783 defines key terms used in the retirement annuity relief provisions and sets out the meaning of relevant earnings, pensionable employment, and related concepts.

• Defines terms including proprietary director, proprietary employee, sponsored superannuation scheme, and investment company for the purposes of the retirement annuity chapter.
• A pensionable employment is one where service counts under a sponsored superannuation scheme; relevant earnings arise only from non-pensionable employments, associated property, or a trade or profession.
• Relevant earnings of one spouse or civil partner are not treated as the relevant earnings of the other, even where income is jointly assessed.
• Revenue may make regulations on claims procedure, time limits, and information requirements, and a penalty of €3,000 applies for false statements made to obtain relief.