Taxes Consolidation Act 1997 section 848E

Payment of tax credit

Section 848E set out the tax credit mechanism for special savings incentive accounts (SSIAs) and confirmed the tax-exempt status of qualifying assets held in such accounts.

• The Revenue Commissioners paid tax credits to the qualifying savings manager in respect of compliant subscriptions to an SSIA.
• Tax credits were beneficially owned by the individual and, on receipt, were immediately subscribed by the savings manager to the SSIA.
• Income and capital gains arising on qualifying assets held in an SSIA were exempt from income tax and capital gains tax.
• An individual who commenced an SSIA was required to include a statement to that effect in the tax return for the relevant year of assessment.