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6 1967

INCOME TAX ACT, 1967

SCHEDULE 1

Machinery for Assessment, Charge and Payment of Tax Under Schedule C, and, in Certain Cases, Schedule D

Sections 48 , 460 , 461 .

PART I

Public revenue dividends, etc., payable to the Bank of Ireland, or entrusted for payment to the Bank of Ireland

1. The Bank of Ireland as respects the dividends and the profits attached thereto payable to them out of the public revenue of the State, or payable out of any public revenue and entrusted to them for payment and distribution, shall, when any payment becomes due, deliver to the commissioners appointed to assess and charge the tax thereon true accounts in books provided for the purpose, of—

(a) the amounts of the dividends and profits attached thereto payable to the Bank;

(b) all dividends entrusted to the Bank for payment to the persons entitled thereto; and

(c) the amount of tax chargeable thereon at the rate in force at the time of payment without any other deduction than is allowed by this Act.

2. The said accounts shall distinguish the separate account of each person.

3. The commissioners shall assess the tax chargeable on the accounts delivered to the best of their judgment and belief, and deliver the assessment books, signed by them, to the Special Commissioners.

4. The Special Commissioners shall cause to be made out two certificates showing the total amount of tax, the total amounts of the dividends and profits attached thereto charged with tax, and the description of the persons or bodies of persons to whom the same are payable, or who have the distribution or are entrusted with the payment thereof.

5. One certificate shall be transmitted to the commissioners whose duty it is to make the assessment and the other to the Revenue Commissioners.

6.—(1) In the case of dividends and profits attached thereto, payable to the Bank of Ireland out of the public revenue of the State, the Bank of Ireland shall set apart the tax in respect of the amount payable to them.

(2) In the case of dividends and profits attached thereto entrusted to the Bank of Ireland for payment and distribution—

(a) the Bank of Ireland shall, before any payment is made by them, retain the amount of the tax for the purposes of this Act; and

(b) the retaining of the amount shall be deemed to be a payment of the tax by the persons entitled to the dividends and shall be allowed by them on the receipt of the residue thereof; and

(c) the Bank of Ireland shall be acquitted and discharged of a sum equal to the amount retained as though that sum had been actually paid.

7. Money set apart or retained under paragraph 6 shall be paid into the general account of the Revenue Commissioners at the Bank of Ireland, and every such payment shall be accompanied by a certificate, under the hands of two or more of the commissioners who made the assessment, of the amount of the assessment under which the payment is made.

8. Where the Bank of Ireland does all such things as are necessary to enable the tax to be assessed and paid in respect of British Government Stocks and India Stocks inscribed in its books in Dublin, the Bank shall receive as remuneration an allowance, to be calculated by reference to the amount of dividends paid in respect of such Stocks from which tax is deducted, and to be fixed by the Minister for Finance.

9. Except as otherwise provided in any other enactments in force at the commencement of this Act, no assessment, charge or deduction of tax under this Part of this Schedule shall be made where any half-yearly payment in respect of any dividends does not exceed fifty shillings, but such dividends shall be assessed and charged under Case III of Schedule D.

PART II

Provisions as to dividends, etc., payable out of the public revenue of Ireland through the National City Bank, Ltd.

1. The National City Bank, Limited, as respects any dividends payable out of the public revenue of the State and entrusted to it for payment or distribution, shall, when any payment becomes due, deliver to the Special Commissioners true accounts in books provided for the purpose of—

(a) all dividends entrusted to it for payment to the persons entitled thereto;

(b) the amount of tax chargeable thereon at the rate in force at the time of payment without any other deduction than is allowed by this Act.

2. The said accounts shall distinguish the separate account of each person.

3. The Special Commissioners shall have all necessary powers in relation to the examining, auditing, checking and clearing the books and accounts aforesaid, and shall assess and charge the dividends at the rate of tax in force at the time of payment but reduced by the amount of the exemptions (if any) allowed by them, and shall give notice of the amount so assessed and charged to the National City Bank, Limited.

4. The National City Bank, Limited, shall, before any payment is made by it, retain the amount of the tax for the purpose of this Act.

5. The retaining of the amount shall be deemed a payment of the tax by the persons entitled to the dividends and shall be allowed by them on receipt of the residue thereof, and the National City Bank, Limited, shall be acquitted and discharged of a sum equal to the amount retained as though that sum had been actually paid.

6. Money so set apart and retained shall be paid to the Accountant-General of Revenue.

PART III

Public revenue dividends payable by public offices and departments

1. Public revenue dividends payable by any public office or Department of State shall be charged under Schedule C by the Special Commissioners.

2. The Special Commissioners shall exercise the like powers and duties as are possessed by commissioners empowered to charge dividends payable out of the public revenue in other cases.

3. When any such payments are made as aforesaid, the tax thereon shall be computed and certified to the proper officer for payment, who shall retain the tax and pay the same into the general account of the Revenue Commissioners at the Bank of Ireland.

PART IV

Other public revenue dividends, dividends to which Part XXXI applies, proceeds of coupons and price paid on purchase of coupons

1.—(1) Every such person as is hereinafter mentioned, that is to say—

(a) every person (other than the Bank of Ireland) who is entrusted with the payment of any dividends which are payable to any persons in the State out of any public revenue other than that of the State; and

(b) every person in the State who is entrusted with the payment of any dividends to which Part XXXI applies; and

(c) every banker or other person in the State who obtains payment of any dividends in such circumstances that the dividends are chargeable to tax under Schedule C, or in the case of dividends to which Part XXXI applies, under Schedule D; and

(d) every banker in the State who sells or otherwise realises coupons in such manner that the proceeds of the sale or realisation are chargeable to tax under Schedule C, or in the case of dividends to which Part XXXI applies, under Schedule D; and

(e) every dealer in coupons in the State who purchases coupons in such manner that the price paid on the purchase is chargeable to tax under Schedule C, or in the case of dividends to which Part XXXI applies, under Schedule D,

shall within one month after being so required by notice published in Iris Oifigiúil, deliver to the Revenue Commissioners an account in writing, giving his name and residence, and a description of the said dividends, proceeds or price paid on purchase, and shall also, on demand by the inspector authorised for that purpose by the Revenue Commissioners, deliver to him, for the use of the Special Commissioners, true and perfect accounts of the amount of all such dividends, proceeds or price paid on purchase.

(2) The aforesaid accounts shall distinguish the separate accounts of each of the persons entitled to receive such dividends, proceeds or price paid on purchase, and state the name and address of each of such persons, and give particulars of the amounts payable and in the case of amounts payable out of any public revenue other than that of the State, of the public revenue out of which each separate amount is payable.

2. The persons mentioned in subparagraphs (1) (a), (1) (b), (1) (c), (1) (d) and (1) (e) of paragraph 1 are hereafter in this Part referred to as “chargeable persons”.

3. The Special Commissioners shall have all necessary powers in relation to the examining, auditing, checking and clearing the books and accounts of dividends, proceeds or price paid on purchase delivered under paragraph 1, and shall assess and charge the dividends, proceeds or price paid on purchase at the rate of tax in force at the time of payment, but reduced by the amount of the exemptions (if any) allowed by them, and shall give notice of the amount so assessed and charged to the chargeable person.

4. The chargeable person shall out of the moneys in his hands pay the tax on the dividends, proceeds or price paid on purchase on behalf of the persons entitled thereto, and shall be acquitted in respect of all such payments, and the provisions of this Act shall apply as in the case of dividends payable out of the public revenue of the State and entrusted to the Bank of Ireland for payment and distribution.

5. The chargeable person shall pay the tax into the general account of the Revenue Commissioners at the Bank of Ireland, and in default of payment it shall be recovered from him in the same manner as other income tax assessed and charged upon him may be recovered.

6. A chargeable person who does all such things as are necessary to enable the tax to be assessed and paid shall receive as remuneration an allowance, to be calculated by reference to the amount of the dividends, proceeds or price paid on purchase paid from which tax has been deducted, and to be fixed by the Minister for Finance at a rate not being less than 13s. 6d. for every £1,000 of that amount.

7. Notwithstanding anything to the contrary contained in this Act, where the Bank of Ireland (hereafter in this paragraph referred to as “the Bank”) is entrusted with the payment of any dividends which are payable to any persons in the State out of any public revenue other than that of the State, the provisions of this Part shall apply to the Bank, and where the Bank does all things required by those provisions to be done by a person entrusted with the payment of such dividends, remuneration shall be payable to the Bank in accordance with the provisions of paragraph 6.

8. Nothing in this Part shall impose on any banker the obligation to disclose any particulars relating to the affairs of any person on whose behalf he may be acting.

9. Where tax in respect of the proceeds of the sale or realisation of any coupon or in respect of the price paid on the purchase of any coupon has been accounted for under this Part by any banker or any dealer in coupons and the Special Commissioners are satisfied that the dividends payable on the coupons in relation to which such proceeds or such price arises have been subsequently paid in such manner that tax has been deducted from such dividends under any of the provisions of this Schedule, the tax so deducted shall be repaid.

PART V

Relief from obligation to pay tax on certain interest, dividends and other annual payments in the case of persons entrusted with payment

1. When any interest, dividends, or other annual payments payable out of any public revenue other than that of the State, or in respect of the stocks, funds, shares or securities of any body of persons not resident in the State are entrusted to any person in the State for payment to any person in the State, the Revenue Commissioners shall have power to relieve the person so entrusted with payment from the obligation to pay the tax thereon imposed on him by Part III of this Act, or Part XXXI and this Schedule.

2. When granting the relief aforesaid the Revenue Commissioners shall have power to prescribe any conditions which may appear to them to be necessary to ensure the assessment and payment of any tax assessable and payable in respect of such interest, dividends or other annual payments, under the provisions of this Act.

3. A letter signed by a secretary or an assistant secretary of the Revenue Commissioners, or the publication of a notice to that effect in Iris Oifigiúil, stating that the Revenue Commissioners have exercised all or any of the powers hereby conferred on them, shall be sufficient evidence that they have done so.

4. When, under the powers conferred on the Revenue Commissioners by this Part, the person entrusted with the payment of the interest, dividends, or other annual payments, is relieved from payment of the tax thereon, the said tax shall be assessable and chargeable under the appropriate case of Schedule D, on, and shall be payable by the person entitled to receive such interest, dividends, or other annual payments.

5. Where the person entrusted with the payment of the interest, dividends, or other annual payments complies with the conditions prescribed by the Revenue Commissioners under paragraph 2, such person shall be entitled to receive as remuneration an allowance to be calculated by reference to the amount of the dividends, interest, or other annual payments in respect of which such conditions have been complied with and to be fixed by the Minister for Finance at a rate or rates not being in any case less than 13s. 6d. for every £1,000 of that amount.

PART VI

Interpretation of Parts I, II, III and IV

Section 51 (which defines, amongst other expressions, “dividends”, “public revenue”, “public revenue dividends”, “banker” and “coupons”) shall apply for the interpretation of Parts I to IV of this Schedule as it applies for the interpretation of Part III of this Act:

Provided that in Part IV of this Schedule “dividends” shall include all such interest, annuities or payments as are, within the meaning of section 459, dividends to which Part XXXI applies.