Taxes Consolidation Act 1997 section 787V

Interpretation

Section 787V provides definitions of key terms used throughout Chapter 2D, which governs the tax treatment of pan-European personal pension products (PEPPs).

• Defines core PEPP terms including contributor, contribution, PEPP provider, PEPP contract, PEPP assets, registered PEPP, and relevant payment.
• Employee and employer definitions mirror standard employment law concepts, with employees including public sector office holders and company directors, and employers including deemed employers under employment agency arrangements.
• The employer limit caps tax-relievable employer contributions at 100 per cent of the employee's emoluments, with a previous-year alternative where current-year emoluments are reduced due to social welfare payments, unpaid leave, or sick leave.
• Any term used in the chapter that also appears in the EU PEPP Regulation carries the same meaning as in that Regulation unless the context otherwise requires.