Taxes Consolidation Act 1997 section 898D

Paying agent and residual entity

Section 898D defines the terms "paying agent" and "residual entity" for the purposes of the EU Savings Directive reporting requirements.

• A paying agent is any person who, in the course of business in the State, makes or secures an interest payment for the immediate benefit of a beneficial owner, and includes residual entities (for deemed interest payments), Government Ministers, and statutory bodies.
• A residual entity is a person or undertaking established in a relevant territory that receives an interest payment on behalf of a beneficial owner, unless it can demonstrate that it falls within one of the excluded categories (legal persons other than individuals, entities within the charge to corporation tax, or UCITS).
• A residual entity may elect to be treated as a UCITS for the purposes of the Chapter, in which case it becomes a full paying agent subject to normal reporting obligations on interest payments it makes or secures for beneficial owners.
• Revenue is empowered to make regulations governing the election process for Irish-resident residual entities, including the form of election, the issue and content of certificates, and the information to be provided about the entity's constitution, ownership, investments, income, and customers.