Taxes Consolidation Act 1997 section 787M

Interpretation and general

Section 787M defines the terms used in the provisions granting tax relief to migrant workers who wish to continue contributing to an overseas pension plan established in another EU Member State or the United Kingdom.

• Under EU law, Ireland was required to extend pension tax relief to EU and UK citizens working here who continued contributing to a pre-existing pension scheme in their home state; this Chapter provides the statutory framework for that relief.
• Relief is available to a "relevant migrant member" — an individual who is Irish tax resident, was a member of the plan before coming to Ireland, was entitled to tax relief on contributions in the EU Member State or the United Kingdom where the plan was established, and (with one exception) was resident outside Ireland for a continuous three-year period before arriving.
• A "qualifying overseas pension plan" must be established in good faith solely to provide retirement benefits similar to those relieved in Ireland, must qualify for tax relief on contributions in the state where it is established, and the migrant member must comply with the verification and information requirements in subsection (2).
• The migrant member must provide Revenue with evidence of the plan's bona fides, specified particulars of the plan and its administrator, and must irrevocably instruct the administrator to supply Revenue with information on any payments made under the plan.