Financial Institution Levies

STAMP DUTIES CONSOLIDATION ACT 1999

Part 9 Levies (ss. 123-126C)
123.

Cash cards.

Repealed from 1 January 2022
(1)In this section –

“accounting period” has the same meaning as it has for the purposes of section 27 of the Taxes Consolidation Act 1997, but where such accounting period commences after 31 December 2004 and ends after 31 December 2005, it shall be deemed, for the purposes of this section, to be an accounting period ending on 31 December 2005;

“bank” includes –
(a)a person who holds a licence granted under section 9 of the Central Bank Act 1971, and
(b)a credit institution (within the meaning of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395 of 1992)) and a financial institution within that meaning;

“building society” means a building society which stands incorporated, or deemed by section 124(2) of the Building Societies Act, 1989, to be incorporated, under that Act and includes a company registered under section 106 of that Act;

“card account” means an account maintained by a promoter to which amounts of cash obtained by a person by means of a cash card are charged or to which amounts in respect of goods, services or cash obtained by a person by means of a combined card are charged;

“cash card” means a card, not being a combined card, issued by a promoter to a person having an address in the State by means of which cash may be obtained by the person from an automated teller machine;

“combined card” means a cash card which also contains the functions of a debit card within the meaning assigned to it by section 123A;

“due date”, in relation to an accounting period, means –
(a)in the case of any year prior to the year 2005, the date of the end of the accounting period ending in that year, and
(b)in the case of the year 2005, the date of the end of the accounting period or each of them, if there is more than one, ending in that year;

“promoter” means a bank or a building society.

(2)A promoter shall, in each year, within one month of the due date, in relation to each accounting period, deliver to the Commissioners a statement in writing showing the number of cash cards and combined cards issued at any time by the promoter and which are valid at any time during the accounting period.

(3)Notwithstanding subsection (2) –

(a)if the cash card or combined card is not used at any time during any accounting period referred to in subsection (2),

(b)if the cash card or combined card is issued in respect of a card account –

(i)which is a deposit account, and

(ii)the average of the daily positive balances in the account does not exceed €12.70 in any accounting period referred to in subsection (2), or

(c)if the cash card is a replacement for a cash card, or a combined card is a replacement for a combined card, which is already included in the relevant statement.

(4)Subject to subsection (4A), there shall be charged on every statement delivered in pursuance of subsection (2) –

(a)a stamp duty at the rate of €10 or, where the statement is in respect of an accounting period deemed under this section to end on 31 December 2005, a rate calculated by multiplying one-twelfth of €10 by the number of months in the accounting period, in respect of each cash card, and

(b)a stamp duty at the rate of €20 or, where the statement is in respect of an accounting period deemed under this section to end on 31 December 2005, a rate calculated by multiplying one-twelfth of €20 by the number of months in the accounting period, in respect of each combined card,

included in the number of cash cards and combined cards shown in the statement.

(4A)Notwithstanding subsection (4) –

(a)in a case to which subsection (4) (a) applies, the rate calculated by multiplying one-twelfth of €10 by the number of months in an accounting period shall be –

(i)€2.50, where there are 3 months in the accounting period, and

(ii)€7.50, where there are 9 months in the accounting period,

and

(b)in a case to which subsection (4) (b) applies, the rate calculated by multiplying one-twelfth of €20 by the number of months in an accounting period shall be –

(i)€5, where there are 3 months in the accounting period, and

(ii)€15, where there are 9 months in the accounting period.

(5)The duty charged by subsection (4) on a statement delivered by a promoter pursuant to subsection (2) shall be paid by the promoter on delivery of the statement.

(6)There shall be furnished to the Commissioners by a promoter such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by the promoter.

(7)In the case of failure by a promoter to deliver any statement required by subsection (2) within the time provided for in that subsection or of failure to pay the duty chargeable on any such statement on the delivery of the statement, the promoter shall be liable to pay, in addition to the duty, interest on the duty, calculated in accordance with section 159D, from the date to which the statement relates (in this subsection referred to as the “due date”) to the date on which the duty is paid and also, by means of penalty, a sum of €380 for each day the duty remains unpaid after the expiration of one month from the due date.

(8)The delivery of any statement required by subsection (2) may be enforced by the Commissioners under section 47 of the Succession Duty Act, 1853, in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.

(9)A promoter shall be entitled to charge to the card account the amount of stamp duty payable in respect of the cash card or combined card by virtue of this section and may apply the terms and conditions governing that account to interest on that amount.

(10)An account, charge card, company charge card or supplementary card within the meaning, in each case, assigned to it by section 124 and which attracts the payment of the stamp duty payable by virtue of that section shall not attract the payment of the stamp duty payable by virtue of this section.

(11)Where a promoter changes its accounting period and, as a result, stamp duty under this section would not be chargeable or payable in a year (in this section referred to as “the relevant year”), then the following provisions shall apply:

(a)duty shall be chargeable and payable in the relevant year as if the accounting period had not been changed,

(b)duty shall also be chargeable and payable within one month of the date of the end of the accounting period ending in the relevant year, and

(c)the duty chargeable and payable by virtue of paragraph (b) shall, subject to subsection (3), be chargeable and payable in respect of cash cards and combined cards issued at any time by the promoter and which are valid at any time during the period from the due date as determined by paragraph (a) to the due date as determined by paragraph (b).

(12)This section does not apply to any statement that falls to be delivered by a promoter in respect of a due date falling after 31 December 2005.

123A.

Debit cards.

Repealed from 1 January 2022
(1)In this section –

“building society” means a building society which stands incorporated, or deemed by section 124(2) of the Building Societies Act 1989, to be incorporated, under that Act and includes a company registered under section 106 of that Act;

“card account” means an account maintained by a promoter to which, amongst other possible amounts, amounts in respect of goods, services or cash obtained by a person by means of a debit card, within the meaning of this section, are charged;

“debit card” means a card, not being a combined card within the meaning assigned to it by section 123, issued by a promoter to a person having an address in the State by means of which goods, services or cash may be obtained by the person and amounts in respect of the goods, services or cash may be charged to the card account;

“due date”, in relation to an accounting period, means –
(a)in the case of the year 2002, the date of the end of the accounting period ending in that year, where that date is on or after 5 December 2002,
(b)in the case of the year 2003 and 2004, the date of the end of the accounting period ending in that year, and
(c)in the case of the year 2005, the date of the end of the accounting period, or each of them if there is more than one, ending in that year;

“promoter” means a bank or a building society.

(2)A promoter shall, within 2 months of the due date, in relation to each accounting period falling in the year 2002 and, within one month of the due date falling in each of the years 2003, 2004 and 2005, deliver to the Commissioners a statement in writing showing the number of debit cards issued at any time by the promoter and which are valid –

(a)in the case of the year 2002, at any time during the period from 5 December 2002 to the due date,

(b)in the case of the year 2003, at any time during the accounting period ending in that year but not before 5 December 2002 where that date falls within the accounting period, and

(c)in the case of the year 2004 and 2005, at any time during the accounting period.

(3)Notwithstanding subsection (2) –

(a)if the debit card is not used at any time during any period referred to in paragraph (a), (b) or (c) of subsection (2),

(b)if the debit card is issued in respect of a card account –

(i)which is a deposit account, and

(ii)the average of the daily positive balances in the account does not exceed €12.70 in any of the periods referred to in paragraph (a), (b) or (c) of subsection (2),

(c)if the debit card is a replacement for a debit card which is already included in the relevant statement,

then it shall not be included in the statement relating to such period.

(4)Subject to subsection (4A), there shall be charged on every statement delivered in pursuance of subsection (2) a stamp duty at the rate of €10 or, where the statement is in respect of an accounting period deemed under this section to end on 31 December 2005, a rate calculated by multiplying one-twelfth of €10 by the number of months in the accounting period, in respect of each debit card included in the number of cards shown in the statement.

(4A)Notwithstanding subsection (4), the rate calculated by multiplying one-twelfth of €10 by the number of months in an accounting period shall be –

(a)€2.50, where there are 3 months in the accounting period, and

(b)€7.50, where there are 9 months in the accounting period.

(5)The duty charged by subsection (4) on a statement delivered by a promoter pursuant to subsection (2) shall be paid by the promoter on delivery of the statement.

(8)The delivery of any statement required by subsection (2) may be enforced by the Commissioners under section 47 of the Succession Duty Act 1853 in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.

(9)A promoter shall be entitled to charge to the card account the amount of stamp duty payable in respect of the debit card by virtue of this section and may apply the terms and conditions governing that account to interest on that amount.

(11)Where a promoter changes its accounting period and, as a result, stamp duty under this section would not be chargeable or payable in a year (in this section referred to as the “relevant year”), then the following provisions shall apply:

(a)duty shall be chargeable and payable in the relevant year as if the accounting period had not been changed,

(b)duty shall also be chargeable and payable within one month of the date of the end of the accounting period ending in the relevant year, and

(c)the duty chargeable and payable by virtue of paragraph (b) shall, subject to subsection (3), be chargeable and payable in respect of debit cards issued at any time by the promoter and which are valid at any time during the period from the due date as determined by paragraph (a) to the due date as determined by paragraph (b).

(12)This section does not apply to any statement that falls to be delivered by a promoter in respect of a due date falling after 31 December 2005.

123B.

Cash, combined and debit cards.

(1)In this section –

“account holder” in relation to a basic payment account, means the person in whose name the account is held;

“basic payment account” means a card account –
(a)which is issued only to an account holder who in the period of financial exclusion –
(i)did not hold a card account, or
(ii)held a card account but no account holder-initiated transactions occurred on that account in the period of financial exclusion,
(b)where, in respect of every 2 consecutive quarters, all amounts paid into the card account, other than amounts paid to the account holder by electronic funds transfer under the Social Welfare Acts, do not exceed €4,500 (in this section referred to as the “threshold amount”) in each quarter, and
(c)which is a standard bank account with one of the following:
(i)Allied Irish Banks plc;
(ii)the Governor and Company of the Bank of Ireland;
(iii)permanent tsb plc;

“Capital Requirements Regulation” means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 [OJ No. L. 176, 27.06.2013. p. 1.] on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012, as amended by –
(a)Commission Delegated Regulation (EU) 2015/62 of 10 October 2014 [OJ No. L. 11, 17.1.2015, p. 37.] amending Regulation (EU) No. 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,
(b)Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 2016 [OJ No. L. 171, 29.6.2016, p. 153.] amending Regulation (EU) No. 575/2013 as regards exemptions for commodity dealers,
(c)Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017 [OJ No. L. 310, 25.11.2017, p. 1.] amending Regulation (EU) No. 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,
(d)Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 2017 [OJ No. L. 345, 27.12.2017, p. 27.] amending Regulation (EU) No. 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,
(e)Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017 [OJ No. L. 347, 28.12.2017, p. 1.] amending Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms,
(f)Commission Delegated Regulation (EU) 2018/405 of 21 November 2017 [OJ No. L. 74, 16.3.2018, p. 3.] correcting certain language versions of Regulation (EU) No. 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012,
(g)Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 2019 [OJ No. L. 111, 25.4.2019, p. 4.] amending Regulation (EU) No. 575/2013 as regards minimum loss coverage for non-performing exposures,
(h)Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019 [OJ No. L. 150, 7.6.2019, p. 1.] amending Regulation (EU) No. 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No. 648/2012,
(i)Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 [OJ No. L. 314, 5.12.2019, p. 1.] on the prudential requirements of investment firms and amending Regulations (EU) No. 1093/2010, (EU) No. 575/2013, (EU) No. 600/2014 and (EU) No. 806/2014, and
(j)Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 2020 [OJ No. L. 204, 26.6.2020, p. 4.] amending Regulations (EU) No. 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;

“card account” means an account maintained by a promoter to which –
(a)amounts of cash obtained by a person by means of a cash card are charged, or
(b)amounts in respect of goods, services or cash obtained by a person by means of a combined card or debit card are charged;

“cash card” means a card, not being a combined card, issued by a promoter to a person having an address in the State, by means of which cash may be obtained by the person from an automated teller machine;

“cash transaction” means a transaction by means of which a person obtains cash from an automated teller machine situated in the State by means of a cash card or a combined card;

“credit institution” means an undertaking which satisfies point (a) of the definition of ‘credit institution’ in Article 4(1) of the Capital Requirements Regulation;

“credit union” has the same meaning as it has in the Credit Union Acts 1997 to 2012;

“electronic means” has the same meaning as it has in section 917EA of the Taxes Consolidation Act 1997;

“financial institution” has the same meaning as it has in the Capital Requirements Regulation;

“chargeable period” means the year 2008 and each subsequent year;

“combined card” means a card, issued by a promoter to a person having an address in the State, which contains 2 functions being the function of a cash card and the function of a debit card;

“debit card” means a card, not being a combined card, issued by a promoter to a person having an address in the State, by means of which goods, services or cash may be obtained by the person and amounts in respect of the goods, services or cash may be charged to the card account;

“period of financial exclusion” means the period of 3 years immediately preceding the date of an application to open a basic payment account;

“promoter” means a credit institution or a financial institution other than a credit union or An Post and any of its subsidiaries;

“quarter” means a period of 3 consecutive months or any commensurate period by reference to which a promoter in the course of its business calculates all amounts paid into a card account;

(1B)Where the promoter has served notice of the termination of the basic payment account, the account shall not cease to be a basic payment account until the expiry of 2 months from the date of service of the notice.

(2)A promoter shall, within one month of the end of each year, commencing with the year 2016, deliver to the Commissioners a statement showing –

(a)the number of cash cards and combined cards issued at any time by the promoter that are valid on 31 December in the year,

(b)the number of cash transactions completed in the year using a card valid on 31 December in the year in respect of each type of card,

(c)the number of cash cards to which the monetary cap referred to in subsection (4) has been applied,

(d)the number of combined cards, both functions of which were used in the year, to which the monetary cap referred to in subsection (4) has been applied, and

(e)the number of combined cards, only the cash card function of which was used in the year, to which the monetary cap referred to in subsection (4) has been applied.

(2A)For the purposes of subsection (2), a cash card or a combined card shall be valid on 31 December of a particular year where –

(a)the card has not expired or been cancelled before that date, and

(b)on that date, the address of the person to whom the card was issued is in the State.

(2B)A promoter shall, within one month of the end of each year, commencing with the year 2016, deliver to the Commissioners a statement showing the number of each type of card to which the monetary cap referred to in subsection (4) has not been applied, together with the number of cash transactions in the year in respect of those cards.

(2C)Where a cash card or combined card issued by a promoter in respect of a card account and valid on 31 December in a particular year (in this subsection referred to as the ‘final card’) has been issued following the cancellation or expiry in that year of another card of the same type issued by the promoter in respect of the card account (in this subsection referred to as a ‘previous card’), each such previous card shall be taken to be the final card for the purposes of this section.

(3)Notwithstanding subsection (2) –

(a)if the cash card or combined card is not used at any time during a year,

(b)if the cash card or combined card is issued in respect of a card account –

(i)which is a deposit account, and

(ii)the average of the daily positive balances in the account does not exceed €12.70 during that year,

(c)if the cash card or combined card is issued in respect of a basic payment account,

then it shall not be included in the statement relating to that year.

(4)Stamp duty shall be charged on every statement delivered in pursuance of subsection (2) at the rate of €0.12 for each cash transaction included in the statement, but the amount charged in respect of –

(a)any individual combined card, both functions of which were used in the year, shall not exceed €5,

(b)any individual combined card, only the cash card function of which was used in the year, shall not exceed €2.50, and

(c)any individual cash card, shall not exceed €2.50.

(5)The duty charged by subsection (4) on a statement delivered by a promoter pursuant to subsection (2), less any preliminary duty charged on a statement required to be delivered in accordance with section 123C in respect of the same chargeable period, shall be paid by the promoter on delivery of the statement.

(7)In the case of failure by a promoter to pay any duty required to be paid in accordance with this section, the promoter shall be liable to pay, in addition to the duty, interest on that duty, calculated in accordance with section 159D, for the period commencing on the date the duty was so required to be paid and ending on the date the duty was paid.

(8)[deleted]

(9)A promoter shall be entitled to charge to the card account the amount of stamp duty payable in respect of a cash card or combined card by virtue of this section and may apply the terms and conditions governing that account to interest on that amount.

(11)The Minister, following a review of this section, for the purposes of ensuring that the conditions governing the opening of a basic payment account are such that the section achieves its intended purpose may by order vary –

(a)the duration of the period of financial exclusion, and

(b)the threshold amount, subject to a maximum variation of 20 per cent.

(12)Every order made by the Minister under subsection (11) shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the order is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done under the order.

(13)Any statement required to be delivered to the Commissioners pursuant to subsection (2) or (2B), as the case may be, shall be delivered by electronic means and the relevant provisions of Chapter 6 of Part 38 of the Taxes Consolidation Act 1997 shall apply.

123C.

Preliminary duty: cash, combined and debit cards.

Repealed from 1 January 2023
(1)In this section –

‘accountable person’ means a bank or building society within the meaning of section 123B;

‘base period’, in relation to a due date, means the year ending immediately before the due date in respect of which a statement is required to be delivered to the Commissioners under section 123B;

‘chargeable period’, in relation to a due date, means the year ending immediately after the due date in respect of which a statement is required to be delivered to the Commissioners under section 123B;

‘due date’ means –

(a)in respect of the year 2008, 15 December in that year, and

(b)in respect of any year subsequent to the year 2008, 15 December in that year;

‘preliminary duty’, in relation to a chargeable period ending immediately after a due date, means an amount determined by the formula –

A x B

where –

A is an amount equal to the stamp duty charged on a specified statement in respect of the base period ending immediately prior to the due date, and

B is –

(a)40 per cent where the base period is 2007, or

(b)80 per cent where the base period is a subsequent year;

‘specified statement’ means a statement within the meaning of section 123B.

(2)This section applies to an accountable person who is required to deliver to the Commissioners a specified statement in respect of a base period.

(3)An accountable person shall in the year 2008 and each subsequent year, not later than the due date in respect of that year, deliver to the Commissioners a statement in writing showing the stamp duty charged on the specified statement for that person in respect of the base period.

(4)Where at any time in a period commencing after the expiration of a base period and ending immediately before the due date relating to the base period –

(a)an accountable person ceased to carry on a business in the course of which the person was required to deliver a specified statement for the base period, and

(b)another person (in this subsection referred to as the ‘successor person’) acquires the whole, or substantially the whole, of the business,

then the successor person shall deliver a statement on the due date in accordance with subsection (3) as if the successor person was the accountable person.

(5)There shall be charged on any statement delivered in accordance with subsection (3) a stamp duty equal to the amount of the preliminary duty.

(6)The stamp duty charged by subsection (5) on a statement delivered by an accountable person pursuant to subsection (3) shall be paid by the person upon delivery of the statement.

(7)There shall be furnished to the Commissioners by an accountable person such particulars as the Commissioners may require in relation to any statement required by this section to be delivered by the person.

(8)In the case of failure by an accountable person –

(a)to deliver any statement required to be delivered by that person under subsection (3), or

(b)to pay the duty charged on any such statement,

on or before the due date in respect of the year concerned, the person shall, from the due date concerned until the day on which the stamp duty is paid, be liable to pay, in addition to the stamp duty, interest on the stamp duty, calculated in accordance with section 159D and also from 15 December of the year in which the statement is to be delivered in accordance with subsection (3), by way of a penalty, a sum of €380 for each day the duty remains unpaid.

(9)The delivery of any statement required by subsection (3) may be enforced by the Commissioners under section 47 of the Succession Duty Act 1853 in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.

(10)Where –

(a)the preliminary duty charged on a statement has been paid in whole or in part by an accountable person in respect of a due date, and

(b)the duty charged on a specified statement in respect of the chargeable period ending immediately after the due date is an amount which is less than the preliminary duty charged in respect of the due date,

then the preliminary duty paid, to the extent that it exceeds the duty charged on the specified statement concerned, shall be repaid.

(11)Where at any time in a period commencing after a due date and ending before the expiration of the chargeable period ending immediately after the due date –

(a)the person (in this subsection referred to as the ‘predecessor person’) ceased to carry on a business in the course of which the person was required to deliver to the Commissioners a statement under this section in respect of the due date,

(b)the person delivered the statement and paid the stamp duty charged on such statement, and

(c)another person (in this subsection referred to as the ‘successor person’) acquires the whole, or substantially the whole, of the business,

then the successor person shall be entitled to deduct the stamp duty charged on the statement delivered by the predecessor person in respect of that due date from the duty charged on the specified statement in respect of the chargeable period ending immediately after the due date which the successor person is required to deliver in respect of the business acquired.

(12)The stamp duty and any interest or penalty payable under this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty payable by the accountable person which is under the care and management of the Commissioners.

123D.

Bills of Exchange.

(1)In this section –

‘Capital Requirements Regulation’ means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012, as amended by –

(a)Commission Delegated Regulation (EU) 2015/62 of 10 October 2014 amending Regulation (EU) No. 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b)Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 2016 amending Regulation (EU) No. 575/2013 as regards exemptions for commodity dealers,

(c)Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017 amending Regulation (EU) No. 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,

(d)Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 2017 amending Regulation (EU) No. 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,

(e)Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017 amending Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms,

(f)Commission Delegated Regulation (EU) 2018/405 of 21 November 2017 correcting certain language versions of Regulation (EU) No. 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012,

(g)Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 2019 amending Regulation (EU) No. 575/2013 as regards minimum loss coverage for non-performing exposures,

(h)Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No. 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No. 648/2012,

(i)Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No. 1093/2010, (EU) No. 575/2013, (EU) No. 600/2014 and (EU) No. 806/2014, and

(j)Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 2020 amending Regulations (EU) No. 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;

‘credit institution’ means an undertaking which satisfies point (a) of the definition of ‘credit institution’ in Article 4(1) of the Capital Requirements Regulation;

‘financial institution’ has the same meaning as it has in the Capital Requirements Regulation;

‘electronic means’ has the same meaning as it has in section 917EA of the Taxes Consolidation Act 1997;

‘processed’, in relation to an instrument that is a bill of exchange, means a bill of exchange that has been presented for payment and has been paid;

‘promoter’ means a credit institution or a financial institution;

‘relevant bill of exchange’ means a bill of exchange drawn on an account in the State maintained by a promoter but does not include the following:

(a)a draft or order drawn by any promoter in the State on any other promoter in the State, not payable to bearer or to order, and used solely for the purpose of settling or clearing any account between such promoters;

(b)a letter written by a promoter in the State to any other promoter in the State, directing the payment of any sum of money, the same not being payable to bearer or to order, and such letter not being sent or delivered to the person to whom payment is to be made or to any person on such person’s behalf;

(c)a draft or order drawn by the Accountant of the Courts of Justice;

(d)a coupon or warrant for interest attached to and issued with any security, or with an agreement or memorandum for the renewal or extension of time for payment of a security;

(e)a coupon for interest on a marketable security being one of a set of coupons whether issued with the security or subsequently issued in a sheet;

(f)direct debits and standing orders;

(g)a bill drawn on or on behalf of the Minister by which payment in respect of prize bonds is effected.

(2)A promoter shall, within one month of the end of each year, commencing with the year 2023, deliver to the Commissioners a statement showing the number of relevant bills of exchange processed in the year.

(3)On the first occasion of a promoter delivering a statement to the Commissioners under subsection (2), the promoter may elect that the first statement and all subsequent statements shall show the number of relevant bills of exchange issued in the year rather than the number of relevant bills of exchange processed in the year.

(4)Where an election is made by a promoter under subsection (3), each statement delivered by the promoter under subsection (2) shall –

(a)indicate that the election has been made, and

(b)show the number of relevant bills of exchange issued in the year rather than the number of relevant bills of exchange processed in the year.

(5)Stamp duty shall be charged on every statement delivered by a promoter under subsection (2) at the rate of €0.50 for each relevant bill of exchange shown on the statement.

(6)The duty charged by subsection (5) on a statement delivered by a promoter under subsection (2) shall be paid by the promoter on delivery of the statement.

(7)There shall be furnished to the Commissioners by a promoter such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by the promoter.

(8)In the case of failure by a promoter to pay any duty required to be paid in accordance with this section, the promoter shall be liable to pay, in addition to the duty, interest on the duty, calculated in accordance with section 159D, for the period commencing on the date it was required to be paid and ending on the date on which the duty was paid.

(9)A statement required to be delivered to the Commissioners under subsection (2) shall be delivered by electronic means and the relevant provisions of Chapter 6 of Part 38 of the Taxes Consolidation Act 1997 shall apply.

124.

Credit cards and charge cards.

(1)

(a)In this subsection –

“account” means an account maintained by a bank to which amounts in respect of goods, services or cash obtained by an individual by means of a credit card are charged;

“account holder” means the person in whose name an account is maintained by a bank;

“bank” means a credit institution or a financial institution other than a credit union or An Post and any of its subsidiaries;

(a)Commission Delegated Regulation (EU) 2015/62 of 10 October 2014 amending Regulation (EU) No. 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b)Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 2016 amending Regulation (EU) No. 575/2013 as regards exemptions for commodity dealers,

(g)Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 2019 amending Regulation (EU) No. 575/2013 as regards minimum loss coverage for non-performing exposures,

“chargeable period” means –

(i)the 12 month period ending on 1 April 2006 and each subsequent 12 month period ending with the period ending on 1 April 2023,

(ii)the period commencing on 2 April 2023 and ending on 31 December 2023, and

(iii)each subsequent 12 month period beginning with the period ending on 31 December 2024;

“credit card” means a card issued by a bank to an individual having an address in the State by means of which goods, services and cash may be obtained by the individual and amounts in respect of the goods, services and cash may be charged to the account;

“credit institution” means an undertaking which satisfies point (a) of the definition of ‘credit institution’ in Article 4(1) of the Capital Requirements Regulation;

“credit union” has the same meaning as it has in the Credit Union Acts 1997 to 2012;

“financial institution” has the same meaning as it has in the Capital Requirements Regulation;

“letter of closure”, in relation to an account, means a letter, in such form as the Commissioners may specify, issued during a chargeable period by a bank to an account holder in respect of an account which has been closed during the chargeable period confirming that the account holder has, during the chargeable period, accounted for the amount of stamp duty –

(i)which the bank is required to pay in respect of the account for the chargeable period, or

(ii)which another bank (not being a branch of the same bank) is required to pay for the chargeable period in respect of another account which has been closed during the chargeable period;

“replacement account” means an account that is opened and maintained by a bank in the name of an account holder during a chargeable period –

(i)where an account in the name of the account holder was, during the chargeable period, previously closed by the bank, or

(ii)where the account holder has furnished to the bank during the chargeable period a letter of closure issued by another bank (not being a branch of the same bank) in relation to an account in the name of the account holder which was closed during the chargeable period.

(b)A bank shall, within 3 months of the end of a chargeable period referred to in subparagraph (i) of the definition of ‘chargeable period’ in paragraph (a) and within one month of the end of a chargeable period referred to in subparagraph (ii) or (iii) of that definition, deliver to the Commissioners a statement showing in respect of accounts maintained by the bank at any time during the chargeable period –

(i)the number of accounts that are replacement accounts, and

(ii)the number of accounts that are not replacement accounts.

(c)There shall be charged on every statement delivered in pursuance of paragraph (b) a stamp duty at the rate of €22.50 for the chargeable period referred to in subparagraph (ii) of the definition of ‘chargeable period’ in paragraph (a) and at the rate of €30 for a chargeable period referred to in subparagraph (i) or (iii) of that definition in respect of each account included in the number of accounts shown in the statement.

(d)Notwithstanding paragraph (c), where a bank maintains a replacement account at any time during a chargeable period, the bank shall be exempt from stamp duty on that replacement account.

(e)A bank shall not issue a letter of closure during a chargeable period in respect of an account that has been closed during the chargeable period where –

(i)the account holder has not accounted for the amount of stamp duty which the bank is required to pay in respect of the account for the chargeable period, or

(ii)the bank is not in possession of a letter of closure, in respect of another account closed during the chargeable period, received from the account holder during the chargeable period.

(f)Where a bank treats an account as a replacement account by virtue of the account holder furnishing a letter of closure, the bank shall not, by virtue of that letter, treat any other account as a replacement account.

(g)A bank shall not issue more than one original letter of closure in respect of an account and may only issue a duplicate letter of closure to an account holder to whom an original letter of closure issued where the bank is satisfied that the original letter of closure has been lost or destroyed and where such letter states that it is a duplicate of an original letter of closure.

(2)

(a)In this subsection –

“account” means an account maintained by a promoter to which amounts in respect of goods, services or cash obtained by an individual by means of a charge card are charged;

“account holder” means the person in whose name an account is maintained by a promoter;

“chargeable period” means –

(i)the 12 month period ending on 1 April 2006 and each subsequent 12 month period ending with the period ending on 1 April 2023,

(ii)the period commencing on 2 April 2023 and ending on 31 December 2023, and

(iii)each subsequent 12 month period beginning with the period ending on 31 December 2024;

“charge card” means a card (other than a card known as “an in-house card”) issued by a person (in this section referred to as “a promoter”) to an individual having an address in the State by means of which goods, services or cash may be obtained by the individual and amounts in respect of the goods, services or cash may be charged to the account;

“charge card”, in relation to an account, means a charge card used to obtain goods, services or cash, amounts in respect of which are charged to the account;

“company charge card” means –

(i)a charge card issued by a promoter to a person (other than an individual) having an address in the State which, if it were issued to an individual, would be regarded as a charge card, or

(ii)a charge card issued by a promoter to an employee, nominee or agent of such a person in such person”s capacity as such employee, nominee or agent;

“letter of closure”, in relation to an account, means a letter, in such form as the Commissioners may specify, issued during a chargeable period by a promoter to an account holder in respect of an account which has been closed during the chargeable period –

(i)confirming that the account holder has, during the chargeable period, accounted for the amount of stamp duty which the promoter is required to pay in respect of charge cards, in relation to the account, for the chargeable period and stating the number of cards in respect of which the promoter is so liable to pay, and

(ii)confirming, where it is the case, that the account holder has, during the chargeable period, accounted for the amount of stamp duty which another promoter (not being a branch of the same promoter) is required to pay for the chargeable period in respect of charge cards in relation to another account which has been closed during the chargeable period and stating the number of cards in respect of which that other promoter is so liable to pay;

“replacement account” means an account that is opened and maintained by a promoter in the name of an account holder during a chargeable period –

(i)where an account (in this section referred to as an “original account”) in the name of the account holder was, in the chargeable period, previously closed by the promoter, or

(ii)where the account holder has furnished, during the chargeable period, a letter of closure issued by another promoter (not being a branch of the same promoter) in relation to an account in the name of the account holder which was closed during the chargeable period;

“replacement card” means a charge card in relation to a replacement account;

“supplementary card” means a company charge card which is issued by a promoter to a person (other than an individual) and is additional to another company charge card issued by the promoter to that person.

(b)A promoter shall, within 3 months of the end of a chargeable period referred to in subparagraph (i) of the definition of ‘chargeable period’ in paragraph (a) and within one month of the end of a chargeable period referred to in subparagraph (ii) or (iii) of that definition, deliver to the Commissioners a statement showing in respect of the charge cards issued or renewed by the promoter and expressed to be valid at any time during the chargeable period –

(i)the number of cards that are replacement cards, and

(ii)the number of cards that are not replacement cards.

(c)There shall be charged on every statement delivered in accordance with paragraph (b) a stamp duty rate of €22.50 for the chargeable period referred to in subparagraph (ii) of the definition of ‘chargeable period’ in paragraph (a) and at the rate of €30 for a chargeable period referred to in subparagraph (i) or (iii) of that definition in respect of each charge card, company charge card and supplementary card included in the number of cards shown in the statement.

(d)Notwithstanding paragraph (c), stamp duty shall only be chargeable on replacement cards in relation to a replacement account maintained by a promoter at any time during a chargeable period –

(i)where the replacement account replaces an account maintained by the same promoter, to the extent that the number of such charge cards, in relation to the account, exceeds the number of charge cards in relation to the original account, or

(ii)where the replacement account replaces an account maintained by another promoter, to the extent that the number of such charge cards, in relation to the account, exceeds the aggregate number of charge cards stated in the letter of closure in relation to that other account.

(e)A promoter shall not issue a letter of closure during a chargeable period in respect of an account that has been closed during the chargeable period where the account holder has not accounted for the amount of stamp duty which the promoter is required to pay in respect of the charge cards to which the account relates, for the chargeable period.

(f)Where a promoter treats an account as a replacement account by virtue of the account holder furnishing a letter of closure, the promoter shall not, by virtue of that letter, treat any other account as a replacement account.

(g)A promoter shall not issue more than one original letter of closure in respect of an account and may only issue a duplicate letter of closure to an account holder to whom the original letter of closure issued where the promoter is satisfied that the original letter of closure has been lost or destroyed and where such duplicate letter states that it is a duplicate of an original letter of closure.

(3)There shall be furnished to the Commissioners by a bank or a promoter, as the case may be, such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by the bank or promoter.

(4)

(a)The duty charged by subsection (1) (c) on a statement delivered by a bank pursuant to subsection (1) (b), less any preliminary duty charged on a statement required to be delivered in accordance with section 124A in respect of the same chargeable period, shall be paid by the bank on delivery of the statement.

(b)The duty charged by subsection (2) (c) on a statement delivered by a promoter pursuant to subsection (2) (b), less any preliminary duty charged on a statement required to be delivered in accordance with section 124A in respect of the same chargeable period, shall be paid by the promoter on delivery of the statement.

(5)

(a)In this subsection “due date” means –

(i)in relation to a statement required to be delivered pursuant to subsection (1)(b), the date on which the chargeable period to which the statement relates ends, and

(ii)in relation to a statement required to be delivered pursuant to subsection (2)(b), the date on which the chargeable period to which the statement relates ends.

(b)In the case of failure by a bank or promoter, as the case may be, to deliver any statement required by subsection (1) or (2) within the time specified in those subsections or of failure to pay the duty required to be paid in accordance with this section, the bank or promoter, as the case may be, shall be liable to pay, in addition to the duty, interest on the duty, calculated in accordance with section 159D, from the due date until the day on which the duty is paid.

(5A)A bank or a promoter is required to retain any original letter of closure or any duplicate of such letter received from an account holder for a period of 4 years from the date of receipt of such letter.

(5B)A letter of closure, in relation to an account, shall only be issued to one person in whose name the account is maintained notwithstanding that there is more than one such person.

(6)[deleted]

(7)A bank or a promoter, as the case may be, shall be entitled to charge to the relevant account the amount of the stamp duty payable under this section by reference to that account or by reference to the charge card, company charge card or supplementary card to which the account relates at the end of the chargeable period or at the time when the account maintained by the bank or promoter in the name of the account holder is closed where that occurs during the chargeable period and may apply the terms and conditions governing that account to interest on that amount.

(8)

(a)In this subsection, ‘electronic means’ has the same meaning as it has in section 917EA of the Taxes Consolidation Act 1997.

(b)Any statement required to be delivered to the Commissioners pursuant to subsection (1)(b) or (2)(b), as the case may be, shall be delivered by electronic means and the relevant provisions of Chapter 6 of Part 38 of the Taxes Consolidation Act 1997 shall apply.

Preliminary duty: credit and charge cards.

Repealed from 1 January 2023
(1)In this section –

“accountable person” means a bank or promoter within the meaning of section 124;

“base period”, in relation to a due date, means the 12 month period ending on 1 April immediately before the due date in respect of which a statement is required to be delivered to the Commissioners under section 124;

“chargeable period”, in relation to a due date, means the 12 month period ending on 1 April immediately after the due date commencing with the 12 month period ending on 1 April 2009 and each subsequent 12 month period in respect of which a statement is required to be delivered to the Commissioners under section 124;

“due date” means –

(a)in respect of the 12 month period ending on 1 April 2009, 15 December 2008, and

(b)in respect of each subsequent 12 month period, 15 December in the preceding year;

“preliminary duty”, in relation to a chargeable period ending immediately after a due date, means an amount determined by the formula –

A x B

where –

A is an amount equal to the stamp duty charged on a specified statement in respect of the base period ending immediately prior to the due date, and

B is 80 per cent;

“specified statement” means a statement within the meaning of subsection (1) or, as the case may be, subsection (2) of section 124.

(2)This section applies to an accountable person who is required to deliver to the Commissioners a specified statement in respect of a base period.

(4)Where at any time in a period commencing after the expiration of a base period and ending immediately before the due date relating to the base period –

(a)an accountable person ceased to carry on a business in the course of which the person was required to deliver a specified statement for the base period, and

(b)another person (in this subsection referred to as the “successor person”) acquires the whole, or substantially the whole, of the business,

then the successor person shall deliver a statement on the due date in accordance with subsection (3) as if the successor person was the accountable person.

(5)There shall be charged on any statement delivered in accordance with subsection (3) a stamp duty equal to the amount of the preliminary duty.

(6)The stamp duty charged by subsection (5) on a statement delivered by an accountable person pursuant to subsection (3) shall be paid by the person upon delivery of the statement.

(8)In the case of failure by an accountable person –

(a)to deliver any statement required to be delivered by that person under subsection (3), or

(b)to pay the duty charged on any such statement,

(10)Where –

(a)the preliminary duty charged on a statement has been paid in whole or in part by an accountable person in respect of a due date, and

then the preliminary duty paid, to the extent that it exceeds the duty charged on the specified statement concerned, shall be repaid.

(11)Where at any time in a period commencing after a due date and ending before the expiration of the chargeable period ending immediately after the due date –

(a)the person (in this subsection referred to as the “predecessor person”) ceased to carry on a business in the course of which the person was required to deliver to the Commissioners a statement under this section in respect of the due date,

(b)the person delivered the statement and paid the stamp duty charged on such statement, and

(c)another person (in this subsection referred to as the “successor person”) acquires the whole, or substantially the whole, of the business,

124B.

Certain premiums of life assurance.

(1)In this section –

‘assessable amount’, in relation to a quarter, means the gross amount received by an insurer by means of premiums in that quarter for policies of life insurance referred to in classes I, II, III, IV, V and VI of Annex I to the Directive to the extent that the risks to which those policies of life insurance relate are located in the State (being risks deemed to be located in the State by virtue of section 61) but excluding amounts received in respect of pension business which shall be construed in accordance with subsections (2) and (3) of section 706 of the Taxes Consolidation Act 1997 and excluding amounts received in the course of or by means of reinsurance;

‘Directive’ means Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance;

‘due date’ means, in respect of the quarter ending on –

(a)31 March in any year, 25 April in the same year,

(b)30 June in any year, 25 July in the same year,

(d)31 December in any year, 25 January in the following year;

‘electronic means’ has the same meaning as it has in section 917EA of the Taxes Consolidation Act 1997;

‘insurer’ means –

(a)a person who is the holder of an assurance licence under the Insurance Act 1936,

(b)the holder of an authorisation to carry on insurance of a class listed in Schedule 2 to the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015),

(c)the holder of an official authorisation to undertake insurance in Iceland, Liechtenstein or Norway, pursuant to the EEA Agreement, within the meaning of the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by all subsequent agreements to that Agreement, who is carrying on business of life assurance in the State,

(d)a person who is the holder of an authorisation to undertake insurance granted by the authority in the United Kingdom charged by law with the duty of supervising such persons, or

(e)a person who is the holder of an authorisation to undertake insurance granted by the authority in Gibraltar charged by law with the duty of supervising such persons;

‘life assurance’ means insurance of a class referred to in Annex I to the Directive;

‘premium’ has the same meaning as in the Insurance Act 1936;

‘quarter’, in relation to a year, means a period of 3 months ending on 31 March, 30 June, 30 September or 31 December.

(2)An insurer shall, in each year, not later than the due date for each quarter, commencing with the quarter ending on 30 September 2009, deliver to the Commissioners a statement showing the assessable amount for the insurer in respect of that quarter.

(3)There shall be charged on every statement delivered pursuant to subsection (2) a stamp duty of an amount equal to 1 per cent of the assessable amount shown in the statement.

(4)The duty charged by subsection (3) on a statement delivered by an insurer pursuant to subsection (2) shall be paid by the insurer to the Commissioners on delivery of the statement.

(5)There shall be furnished to the Commissioners by an insurer such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by the insurer.

(6)In the case of failure by an insurer to deliver not later than the due date any statement required to be delivered by the insurer pursuant to subsection (2), or to pay the stamp duty chargeable on any such statement on delivery of the statement, the insurer shall, from that due date until the day on which the stamp duty is paid, be liable to pay, in addition to the stamp duty, interest on the stamp duty calculated in accordance with section 159D.

(7)Where during any quarter but before the due date –

(a)an insurer ceases to carry on a business in the course of which the insurer is required to deliver a statement (in this subsection referred to as the ‘first-mentioned statement’) pursuant to subsection (2) (including any case where the insurer is so required by virtue of the prior operation of this subsection) but has not done so before that cesser, and

(b)another person (in this subsection referred to as the ‘successor’) acquires the whole, or substantially the whole, of the business,

then –

(i)the insurer is not required to deliver the first-mentioned statement, and

(ii)the successor shall –

(I)where the successor is, apart from this subsection, required to deliver a statement (in this subsection referred to as the ‘second-mentioned statement’) pursuant to subsection (2) (including any case where the successor is so required by virtue of the prior operation of this subsection) in respect of the same quarter but has not done so before that acquisition, include in that second-mentioned statement the assessable amount that would have been required to have been shown in the first-mentioned statement had the insurer not ceased to carry on the business concerned,

(II)where subparagraph (I) does not apply, deliver the first-mentioned statement as if the successor were the insurer.

(8)[deleted]

(9)Any statement required to be delivered to the Commissioners pursuant to subsection (2) shall be delivered by electronic means and the relevant provisions of Chapter 6 of Part 38 of the Taxes Consolidation Act 1997 shall apply.

125.

Certain premiums of insurance.

(1)In this section –

“assessable amount”, in relation to a quarter, means the gross amount received by an insurer by means of premiums (including, in the case of an insurer who is a leading insurer (as that term is used in the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015)), the amount received by means of overall premiums (within the above meaning)) in that quarter in respect of policies of insurance to the extent that the risks to which those policies relate are located in the State (being risks deemed to be located in the State by virtue of section 61), but without having regard to an excluded amount;

“electronic means” has the same meaning as it has in section 917EA of the Taxes Consolidation Act 1997;

“excluded amount” means –
(a)an amount received in the course or by means of reinsurance;
(b)a premium received in respect of business in the following classes of the Annex to First Council Directive 73/239/EEC of 24 July 1973 (OJ No. L228, 16/8/1973), namely, 4, 5, 6, 7, 11 and 12, in classes 1 and 10 in so far as they relate to the insurance of passengers in marine and aviation vehicles and carriers liability insurance, respectively, and in class 14 in so far as it relates to export credit;
(c)a premium received in respect of business in classes I, II, III, IV, V, VI, VII, VIII and IX of the Annex to First Council Directive 79/267/EEC of 5 March 1979 (OJ No. L63, 13/3/1979);
(d)a premium received in respect of health insurance business (being health insurance business within the meaning of section 2 of the Health Insurance Act, 1994);
(e)a premium received in respect of a contract of insurance, the sole purpose of which is to provide for the making of payments for the reimbursement or discharge in whole or in part of fees or charges in respect of the provision of dental services, other than those involving surgical procedures carried out in a hospital by way of hospital in-patient services within the meaning of section 2 (1) of the Health Insurance Act 1994;

“insurer” means a person who is the holder of an assurance licence under the Insurance Act, 1936, or is the holder of an authorisation to carry on insurance of a class listed in Schedule 1 to the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), or who carries on the business of insurance in compliance with the Assurance Companies Act, 1909, or who holds an authorisation to carry on insurance of a class listed in Schedule 1 to the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015) granted by the authority in the United Kingdom charged by law with the duty of supervising such persons, or who is the holder of an authorisation to carry on insurance of a class listed in Schedule 1 to the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015) granted by the authority in Gibraltar charged by law with the duty of supervising such persons;

“premium” has the same meaning as in the Insurance Act, 1936;

“quarter” means a period of 3 months ending on the 31st day of March, the 30th day of June, the 30th day of September or the 31st day of December.

(2)An insurer shall, in each year, within 25 days from the end of each quarter, deliver to the Commissioners a statement showing the assessable amount for that insurer in respect of that quarter.

(3)There shall be charged on every statement delivered in pursuance of subsection (2) a stamp duty of an amount equal to 3 per cent of the assessable amount shown in the statement.

(4)The duty charged by subsection (3) on a statement delivered by an insurer pursuant to subsection (2) shall be paid by the insurer on delivery of the statement.

(6)In the case of failure by an insurer to deliver any statement required by subsection (2) within the time specified in that subsection or of failure by an insurer to pay any duty chargeable on any such statement on the delivery of that statement, the insurer shall be liable to pay, in addition to the duty, interest on the duty, calculated in accordance with section 159D, from the expiration of the quarter to which the statement relates until the day on which the duty is paid.

(7)[deleted]

(8)Any statement required to be delivered to the Commissioners pursuant to subsection (2) shall be delivered by electronic means and the relevant provisions of Chapter 6 of Part 38 of the Taxes Consolidation Act 1997 shall apply.

125A.

Levy on authorised insurers.

(1)In this section –

“accounting period” means a period of 3 consecutive months beginning on 1 January, 1 April, 1 July or 1 October;

“‘advanced cover” and “non-advanced cover”, in relation to a relevant contract, have the same meanings respectively as in section 6A of the Health Insurance Act 1994;

“authorised insurer” means any undertaking (not being a restricted membership undertaking) entered in The Register of Health Benefits Undertakings, lawfully carrying on such business of medical insurance referred to in the definition of “relevant contract” but, in relation to an individual, also means any undertaking (not being a restricted membership undertaking) authorised pursuant to Council Directive No. 73/239/EEC of 24 July 1973 , Council Directive No. 88/357/EEC of 22 June 1988 , and Council Directive No. 92/49/EEC of 18 June 1992 , where such a contract was effected with the individual when the individual was not resident in the State but was resident in another Member State of the European Communities;

“due date”, in relation to an accounting period, means the 21st day of the second next month following the end of that accounting period;

“electronic means” has the same meaning as it has in section 917EA of the Taxes Consolidation Act 1997;

“excluded contract of insurance” means –

(a)a contract of insurance which comes within the meaning of paragraph (d) of the definition of “health insurance contract” in section 2 (1) of the Health Insurance Act 1994, or

(b)a contract of insurance relating solely to charges for public hospital in-patient services made under the Health (In-Patient Charges) Regulations 1987 (S.I. No. 116 of 1987);

“in-patient indemnity payment” has the same meaning as in section 2 (1) of the Health Insurance Act 1994;

“insured person”, in relation to a relevant contract, means an individual, the spouse or civil partner of the individual, or the children or other dependents of the individual or of the spouse or civil partner of the individual, in respect of whom the relevant contract provides specifically, whether in conjunction with other benefits or not, for the reimbursement or discharge, in whole or in part, of actual health expenses (within the meaning of section 469 of the Taxes Consolidation Act 1997);

“relevant contract” means a contract of insurance (not being an excluded contract of insurance) which provides for the making of in-patient indemnity payments under the contract and which, in relation to an individual, the spouse or civil partner of the individual, or the children or other dependents of the individual or of the spouse or civil partner of the individual, provides specifically, whether in conjunction with other benefits or not, for the reimbursement or discharge, in whole or in part, of actual health expenses (within the meaning of section 469 of the Taxes Consolidation Act 1997), being a contract of medical insurance;

“restricted membership undertaking” has the same meaning as in section 2 (1) of the Health Insurance Act 1994;

“specified rate” means –

(a)in respect of relevant contracts renewed or entered into on or after 1 January 2024 and on or before 31 March 2024 –

(i)€36 in respect of an insured person aged less than 18 years insured under a relevant contract which provides for non-advanced cover,

(ii)€146 in respect of an insured person aged less than 18 years insured under a relevant contract which provides for advanced cover,

(iii)€109 in respect of an insured person aged 18 years or over insured under a relevant contract which provides for non-advanced cover, and

(iv)€438 in respect of an insured person aged 18 years or over insured under a relevant contract which provides for advanced cover,

and

(b)in respect of relevant contracts renewed or entered into on or after 1 April 2024 –

(i)€35 in respect of an insured person aged less than 18 years insured under a relevant contract which provides for non-advanced cover,

(ii)€140 in respect of an insured person aged less than 18 years insured under a relevant contract which provides for advanced cover,

(iii)€105 in respect of an insured person aged 18 years or over insured under a relevant contract which provides for non-advanced cover, and

(iv)€420 in respect of an insured person aged 18 years or over insured under a relevant contract which provides for advanced cover.

(2)Subject to subsections (7), (10) and (11), an authorised insurer shall, in respect of each accounting period and not later than the due date, deliver to the Commissioners a statement showing the number of insured persons –

(a)aged less than 18 years on the first day of the accounting period insured under a relevant contract which provides for non-advanced cover,

(b)aged less than 18 years on the first day of the accounting period insured under a relevant contract which provides for advanced cover,

(c)aged 18 years or over on the first day of the accounting period insured under a relevant contract which provides for non-advanced cover, and

(d)aged 18 years or over on the first day of the accounting period insured under a relevant contract which provides for advanced cover,

in respect of whom a relevant contract between the authorised insurer and the insured person, being the individual referred to in the definition of ‘insured person’ in subsection (1), is renewed, or entered into, during the accounting period concerned.

(2A)[deleted]

(3)There shall be charged on every statement delivered by an authorised insurer pursuant to subsection (2) a stamp duty in respect of each insured person at the specified rate.

(4)The duty charged by subsection (3) on a statement delivered by an authorised insurer pursuant to subsection (2) shall be paid by the authorised insurer on delivery of the statement.

(5)There shall be furnished to the Commissioners by an authorised insurer such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by the authorised insurer.

(6)In the case of failure by an authorised insurer in respect of an accounting period –

(a)to deliver not later than the due date any statement required by subsection (2) to be delivered by the authorised insurer, or

(b)to pay the stamp duty chargeable on any such statement on the delivery of the statement,

the authorised insurer shall from that due date until the day on which the stamp duty is paid, be liable to pay, in addition to the duty, interest on the stamp duty calculated in accordance with section 159D.

(7)Where during any accounting period but before the due date –

(a)an authorised insurer ceases to carry on a business in the course of which the insurer is required to deliver a statement (in this subsection referred to as the “first-mentioned statement”) pursuant to subsection (2) (including any case where the authorised insurer is so required by virtue of the prior operation of this subsection) but has not done so before that cesser, and

(b)another person (in this subsection referred to as the “successor”) acquires the whole, or substantially the whole, of the business,

then –

(i)the authorised insurer is not required to deliver the first-mentioned statement, and

(ii)the successor shall –

(I)if the successor is, apart from this subsection, required to deliver a statement (in this subsection referred to as the “second-mentioned statement”) pursuant to subsection (2) (including any case where the successor is so required by virtue of the prior operation of this subsection) in respect of the same accounting period but has not done so before that acquisition, include in that second-mentioned statement the number of insured persons that would have been required to have been shown in the first-mentioned statement had the authorised insurer not ceased to carry on the business concerned,

(II)if subparagraph (I) is not applicable, deliver the first-mentioned statement as if the successor were the authorised insurer.

(8)[deleted]

(9)The stamp duty, interest and any penalty payable under this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty payable by the authorised insurer which is under the care and management of the Commissioners.

(10)Where an insured person, being the individual referred to in the definition of “insured person”, shows to the satisfaction of an authorised insurer (in this subsection referred to as the “second authorised insurer”) that another authorised insurer (in this subsection referred to as the “first authorised insurer”) with whom that individual renewed, or entered into, a relevant contract during an accounting period, was required to include that insured person in a statement to be delivered pursuant to subsection (2) to the Commissioners in respect of the same accounting period, then the second authorised insurer, with whom the individual entered into a later relevant contract during the same accounting period, may exclude such insured person from the statement to be delivered pursuant to subsection (2) to the Commissioners by the second authorised insurer in respect of the same accounting period.

(11)Where an insured person, being an insured person under a relevant contract who is not the individual referred to in the definition of “insured person” in relation to the relevant contract concerned, shows to the satisfaction of an authorised insurer (in this subsection referred to as the “second authorised insurer”) that another authorised insurer (in this subsection referred to as the “first authorised insurer”) with whom that person was an insured person named on a relevant contract renewed, or entered into, by an individual referred to in the definition of “insured person” during an accounting period, was required to include that insured person in a statement to be delivered pursuant to subsection (2) to the Commissioners for the same accounting period, then the second authorised insurer, with whom the insured person entered into a relevant contract during the same accounting period, may exclude such insured person from the statement to be delivered pursuant to subsection (2) to the Commissioners by the second authorised insurer in respect of the same accounting period.

(12)Where –

(a)a relevant contract is renewed or entered into by an individual referred to in the definition of “insured person” during an accounting period (in this subsection referred to as the “initial accounting period”), and

(b)the relevant contract is for a period of more than 12 months,

then, without prejudice to the treatment to be accorded to the relevant contract and the initial accounting period by subsection (2), the relevant contract shall be deemed, for the purposes of this section, to be renewed during –

(i)the accounting period in which the second 12 months, or lesser period, of the relevant contract commences, and

(ii)each further accounting period in which any subsequent 12 months, or lesser period, of the relevant contract commences.

(13)Any statement required to be delivered to the Commissioners pursuant to subsection (2) shall be delivered by electronic means and the relevant provisions of Chapter 6 of Part 38 of the Taxes Consolidation Act 1997 shall apply.

125B.

Levy on pension schemes.

(1)In this section –

‘Act of 1997’ means the Taxes Consolidation Act 1997;

‘administrator’, in relation to a scheme, means the trustees or other persons having the management of the assets of the scheme, and in particular, but without prejudice to the generality of the foregoing, references to the administrator of a scheme include –

(a)an administrator, within the meaning of section 770(1) of the Act of 1997,

(b)a person mentioned in section 784 or 785 of the Act of 1997, lawfully carrying on the business of granting annuities on human life, including the person mentioned in section 784(4A)(ii) of that Act,

(c)a PRSA administrator, within the meaning of section 787A(1) of the Act of 1997, and

(d)a PEPP provider, within the meaning of Chapter 2D of Part 30 of the Act of 1997;

‘assets’ means all property, including investments, deposits, debts and contracts of assurance, held for the purposes of a scheme, other than excluded assets;

‘chargeable amount’, in relation to a chargeable person and any assets, means the aggregate market value of the assets (other than an asset that is land, in which case the market value of the land shall be taken as not including the amount of any outstanding borrowings used to acquire the land) –

(a)on 30 June for the year 2011, 2012, 2013, 2014 or 2015, as the case may be, or

(b)where the assets are not contracts of assurance and are held for the purposes of a scheme of a kind described in paragraph (a) of the definition of ‘scheme’ that is a defined benefit scheme or a one member scheme and the chargeable person so decides, and where accounts are prepared to an appropriate accounting standard, on the last day of the accounting period of the scheme ended in the period of 12 months immediately preceding 30 June of the year 2011, 2012, 2013, 2014 or 2015, as the case may be,

and in respect of which the chargeable person is the administrator or insurer on the date concerned;

‘chargeable person’, in relation to the assets of a scheme, means –

(a)where the assets are not contracts of assurance, the administrator in relation to the scheme, and

(b)where the assets are contracts of assurance, the insurer in relation to such a contract,

and, where the context admits, includes a successor within the meaning of subsection (9);

‘contract of assurance’ means –

(a)any contract of a type described in section 706(3) of the Act of 1997, and

(b)any other policy or contract of assurance made by an insurer with a person or persons having the management of a scheme of a kind described in paragraph (a) of the definition of ‘scheme’, other than a one member scheme;

‘defined benefit scheme’ has the meaning assigned to it in section 2(1) of the Pensions Act 1990;

‘due date’ means 25 September of the year 2011, 2012, 2013, 2014 or 2015, as the case may be;

‘excluded assets’, in relation to a scheme of a kind described in paragraph (a) of the definition of ‘scheme’, means assets representing the liabilities of the scheme which are attributable to the provision of relevant benefits (within the meaning of section 770 of the Act of 1997) in respect of any member of such a scheme –

(a)whose employment in relation to the scheme at the date the chargeable amount for the year concerned is determined –

(i)is and always was, or

(ii)where the employment has ceased before that date, whose employment always had been,

exercised wholly outside the State and who, at that date, was not in receipt of such benefits, and

(b)whose employment in relation to the scheme was wholly exercised outside the State and who at the date the chargeable amount for the year concerned is determined was in receipt of such benefits;

‘insurer’ means the holder of an authorisation to carry on insurance of a class listed in Schedule 2 to the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015) ;

‘market value’ shall be construed in accordance with section 548 of the Act of 1997;

‘member’, in relation to a scheme of a kind described in paragraph (a) of the definition of ‘scheme’, means any person admitted to membership under the rules of the scheme;

‘one member scheme’ means a scheme of a kind described in paragraph (a) of the definition of ‘scheme’ in respect of which approval of the scheme by the Commissioners requires the person or persons having the management of the scheme to deliver annual scheme accounts to the Commissioners;

‘pension fund’, in relation to an insurer, shall be construed in accordance with subsection (2) of section 706 of the Act of 1997 and as if the business referred to in paragraph (a) of that subsection includes policies of assurance referred to in paragraph (b) of the definition of ‘contract of assurance’;

‘scheme’ means –

(a)a retirement benefits scheme, within the meaning of section 771 of the Act of 1997 –

(i)approved by the Commissioners for the purposes of Chapter 1 of Part 30 of that Act, or

(ii)approved by the Commissioners under any other enactment (including an enactment that is repealed) and in respect of which the provisions of Chapter 1 of Part 30 of the Act of 1997 were applied,

other than a scheme where –

(I)the trustees have passed a resolution to wind up the scheme, and

(II)the employer is insolvent for the purposes of the Protection of Employees (Employers’ Insolvency) Act 1984,

(b)an annuity contract or a trust scheme or part of a trust scheme approved by the Commissioners under section 784 or 785 of the Act of 1997 or, as the case may be, under both of those sections of that Act, other than an annuity contract or trust scheme or part of a trust scheme so approved in respect of which a lump sum, to which paragraph (b) of section 784(2) of the Act of 1997 applies, has been paid to the individual entitled to an annuity under the contract, trust scheme or part of a trust scheme, as the case may be,

(c)a PRSA contract, within the meaning of section 787A of the Act of 1997, in respect of a PRSA product, within the meaning of that section, other than a PRSA contract in respect of which a lump sum, to which paragraph (a) of section 787G(3) of the Act of 1997 applies, has been paid or made available to the PRSA contributor, or

(d)a PEPP contract, within the meaning of Chapter 2D of Part 30 of the Act of 1997, in respect of a PEPP, within the meaning of that Chapter, other than a PEPP contract in respect of which a lump sum, to which paragraph (a) of section 787AA(3) of the Act of 1997 applies, has been paid or made available to the PEPP contributor;

‘valuation date’ means the appropriate date as determined for the purposes of paragraph (a) or (b) of the definition of ‘chargeable amount’.

(2)A chargeable person shall in respect of the due date in each of the years 2011, 2012, 2013, 2014 and 2015, and not later than the due date concerned, deliver to the Commissioners a statement, in such electronic format as the Commissioners may specify, showing the chargeable amount for that year in respect of the chargeable person.

(3)A stamp duty of an amount equal to –

(a)0.6 per cent of the chargeable amount for each of the years 2011, 2012 and 2013,

(b)0.75 per cent of the chargeable amount for the year 2014, and

shall be charged on every statement delivered by a chargeable person pursuant to subsection (2).

(4)The duty charged under subsection (3) on a statement delivered by a chargeable person pursuant to subsection (2) shall be paid, by such electronic means as the Commissioners may specify, by the chargeable person on delivery of the statement.

(5)

(a)A chargeable person who, in relation to the assets of a scheme, being a scheme approved by the Commissioners, is liable to pay the duty charged under subsection (3) on a statement delivered by the chargeable person pursuant to subsection (2) shall, for the purposes of payment of the duty, be entitled to dispose of or appropriate such assets of the scheme as are required to meet the amount of the duty so payable and the scheme shall not cease to be a scheme approved by the Commissioners as a consequence of any such disposal or appropriation by the chargeable person.

(b)Where in pursuance of this section a chargeable person who, in relation to the assets of a scheme, being a scheme approved by the Commissioners, is not a trustee of the scheme, pays the duty charged under subsection (3) by the disposal or appropriation of such assets of the scheme as are required to meet the amount of duty so payable, then the trustees shall allow such disposal or appropriation and the chargeable person shall be acquitted and discharged of any such disposal or appropriation as if the amount of duty had not been so paid, and the scheme shall not cease to be a scheme approved by the Commissioners as a consequence of any such disposal or appropriation by the chargeable person.

(6)Where in pursuance of this section a chargeable person disposes of or appropriates an asset of a scheme in accordance with subsection (5) (a), then no action shall lie against the chargeable person in any court by reason of such disposal or appropriation.

(7)

(a)Where, in relation to the assets of a scheme, being a scheme approved by the Commissioners, the chargeable person is not a trustee of the scheme, then the chargeable person and the trustees of the scheme shall each be liable for the payment of the duty charged under subsection (3) on a statement delivered to the Commissioners by the chargeable person pursuant to subsection (2) and their liability shall be joint and several.

(b)Where, in relation to the assets of a scheme, being a scheme approved by the Commissioners, that is a one member scheme, the chargeable person is a trustee of that scheme but is not a member of that scheme, then the chargeable person and a trustee who is a member of that scheme shall each be liable for the payment of the duty charged under subsection (3) on a statement delivered to the Commissioners by the chargeable person pursuant to subsection (2) and their liability shall be joint and several.

(8)In the case of failure by a chargeable person –

(a)to deliver not later than the due date any statement required to be delivered by the chargeable person pursuant to subsection (2), or

(b)to pay the duty chargeable on any such statement on delivery of the statement,

the chargeable person shall –

(i)from that due date until the day on which the duty is paid, be liable to pay, in addition to the duty, interest on the duty calculated in accordance with section 159D, and

(ii)from that due date, be liable to pay a penalty of €380 for each day the duty remains unpaid.

(9)Where before a due date –

(a)a chargeable person ceases to carry on a business in the course of which the chargeable person is required to deliver a statement (in this subsection referred to as the ‘first-mentioned statement’) pursuant to subsection (2) (including any case where the chargeable person is so required by virtue of the prior operation of this subsection) but has not done so before that cesser, and

(b)another person (in this subsection referred to as the ‘successor’) acquires the whole, or substantially the whole, of the business,

then –

(i)the chargeable person is not required to deliver the first-mentioned statement, and

(ii)the successor shall –

(I)where the successor is, apart from this subsection, required to deliver a statement (in this subsection referred to as the ‘second-mentioned statement’) pursuant to subsection (2) (including any case where the successor is so required by virtue of the prior operation of this subsection) in respect of the same due date but has not done so before that acquisition, include in that second-mentioned statement the chargeable amount for the year concerned that would have been required to have been shown in the first-mentioned statement had the chargeable person not ceased to carry on the business concerned,

(II)where subparagraph (I) does not apply, deliver the first-mentioned statement as if the successor were the chargeable person.

(10)The delivery of any statement required by subsection (2) may be enforced by the Commissioners under section 47 of the Succession Duty Act 1853 in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.

(11)The duty charged by this section shall not be allowed as a deduction or as a credit for the purpose of the computation or charge of any tax or duty under the care and management of the Commissioners.

(12)Notwithstanding any provision of any enactment (including this Act), or any rule of law, or anything contained in the rules of a scheme, being a scheme approved by the Commissioners, or the terms and conditions of any contract, being a contract approved by the Commissioners, if under this section –

(a)a chargeable person who is an insurer pays an amount to the Commissioners in respect of the duty in relation to a contract of assurance, the amount shall be deemed to be a necessary disbursement from the pension fund of the insurer and the insurer may adjust accordingly any current or prospective benefits or guarantees under the contract, and any such adjustment of benefits or guarantees by the insurer shall not result in the contract ceasing to be a contract approved by the Commissioners, and

(b)a chargeable person who is an administrator pays an amount to the Commissioners in respect of the duty in relation to the assets of a scheme, or where an amount in respect of the duty in relation to the assets of a scheme has been paid to the Commissioners by any other chargeable person, the aggregate of the amount of duty paid by the administrator and the other chargeable person shall be deemed to be a necessary disbursement from those assets, and the benefits payable currently or prospectively to any member under the scheme may accordingly be adjusted by the trustees, but the diminution in value of those benefits shall not exceed the amount disbursed from the assets attributable at the valuation date to the scheme’s liabilities in respect of that member, and any such adjustment of benefits by the trustees shall not result in the scheme ceasing to be a scheme approved by the Commissioners.

(13)For the purposes of subsections (5) and (12), the Commissioners may, where they consider it appropriate, review any such disposal or appropriation of an asset as is referred to in subsection (5), or any such adjustment of benefits as is referred to in subsection (12), to ensure that any such disposal, appropriation or adjustment, as the case may be, is in keeping with the requirements of this section, and for the purposes of subsection (12) the Commissioners may consult with such other persons as, in their opinion, may be of assistance to them.

125C.

Policies of insurance other than life insurance.

(1)In this section –

‘electronic means’ has the same meaning as it has in section 917EA of the Taxes Consolidation Act 1997;

‘insurer’, ‘premium’ and ‘quarter’ have the same meanings respectively as they have in section 125;

‘relevant policy’ means a policy of insurance other than life insurance where the risk to which the policy relates is located in the State and –

(a)there is one premium only and the amount of that premium equals or exceeds €20, or

(b)there is more than one premium and the total amount payable in respect of that premium in any period of 12 months equals or exceeds €20.

(2)An insurer shall, in each year, within 25 days from the end of each quarter, deliver to the Commissioners a statement showing the number of relevant policies issued by the insurer in the quarter.

(3)There shall be charged on every statement delivered under subsection (2) a stamp duty at the rate of €1 in respect of each relevant policy shown in the statement.

(4)The duty charged by subsection (3) on a statement delivered by an insurer under subsection (2) shall be paid by the insurer on delivery of the statement.

(5)There shall be furnished to the Commissioners by an insurer such particulars as the Commissioners may deem necessary in relation toany statement required by this section to be delivered by the insurer.

(6)In the case of failure by an insurer to pay any duty chargeable on any such statement on the delivery of the statement, the insurer shall be liable to pay, in addition to the duty, interest on the duty, calculated in accordance with section 159D, for the period commencing on the date on which the statement was due to be delivered and ending on the date on which the duty is paid.

(7)A statement required to be delivered to the Commissioners pursuant to subsection (2) shall be delivered by electronic means and the relevant provisions of Chapter 6 of Part 38 of the Taxes Consolidation Act 1997 shall apply.

126.

Certain statements of interest.

(1)

(a)In this section –

“corporation tax” means the corporation tax charged by the Taxes Consolidation Act, 1997;

“Corporation Tax Acts” has the same meaning as in section 1 of the Taxes Consolidation Act, 1997;

“relevant interest” means any interest or other distribution which –
(i)is received by a company (in this section referred to as “the lender”) which is within the charge to corporation tax,
(ii)is payable out of the assets of another company (in this subsection referred to as “the borrower”) which is resident in the State for the purposes of corporation tax, in respect of a security of the borrower which is a security falling within subparagraph (ii), (iii)(I) or (v) of section 130(2)(d) of the Taxes Consolidation Act, 1997, and
(iii)is a distribution for the purposes of the Corporation Tax Acts;

“relevant period” means any period of 6 months ending on the 31st day of January or the 31st day of July.

(b)For the purposes of this section, any amount which, in a relevant period, is debited to a borrower’s account with a lender in respect of relevant interest shall be treated as an amount received by the lender in that relevant period.

(2)A lender shall, within 30 days from the end of each relevant period, deliver to the Commissioners a statement in writing showing the amount of the relevant interest for that lender in respect of that relevant period.

(3)There shall be charged on every statement delivered in pursuance of subsection (2) a stamp duty of an amount equal to 12 per cent of the amount of the relevant interest shown in the statement.

(4)Notwithstanding subsection (3), in a case where the amount of the relevant interest received by a lender in respect of a security referred to in subsection (1) is an amount which is less than what would have been received by that lender had the security yielded simple interest at the rate of 6 per cent per annum throughout the period for which the relevant interest was payable, the stamp duty charged on the statement on the amount of the relevant interest for that security shall be an amount equal to 8 per cent of the amount received.

(5)The duty charged by subsection (3) on a statement delivered by a lender pursuant to subsection (2) shall be paid by the lender on delivery of the statement.

(6)There shall be furnished to the Commissioners by a lender such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by a lender.

(7)In the case of failure by a lender to deliver any statement required by subsection (2) within the time specified in that subsection or of failure by a lender to pay any duty chargeable on any such statement on the delivery of such statement, the lender shall be liable to pay, in addition to the duty, interest on the duty at the rate of 2.5 per cent for each month or part of a month from the expiration of the relevant period to which the statement relates until the date on which the duty is paid.

(9)The stamp duty charged by this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty under the care and management of the Commissioners payable by the lender.

126A.

Levy on certain financial institutions.

(1)

(a)In this section –

“appropriate tax” has the meaning assigned to it by section 256 of the Taxes Consolidation Act 1997;

“assessable amount”, in relation to a relevant person, means the relevant retention tax in relation to the person;

“average relevant deposits”, in relation to a company, means an amount specified in a notice given by the Central Bank to a company for the purposes of this section, being an amount equal to the average of the endmonth amounts of non-Government deposits of Irish residents for each of the calendar months in the year 2001;

“company” has the same meaning as in section 4 of the Taxes Consolidation Act 1997;

“non-Government deposits of Irish residents”, in relation to a company, means the amount specified as non-Government deposits of Irish residents in a return made by the company before 4 December 2002 to the Central Bank of Ireland in accordance with section 18 of the Central Bank Act 1971 (as amended by section 37 of the Central Bank Act 1989 and section 8 of the Central Bank Act 1998);

“due date” means –
(i)in respect of the year 2003, 20 October 2003,
(ii)in respect of the year 2004, 20 October 2004, and
(iii)in respect of the year 2005, 20 October 2005;

“group assessable amount”, in relation to a year, means the aggregate of the assessable amounts in relation to companies which, at the due date for the year, are members of the group;

“group relevant deposits” for any year in relation to a group of companies, means the aggregate of the amounts of average relevant deposits in relation to companies which, on the due date for the year, are members of the group;

“group stamp duty”, in relation to a group of companies, means the aggregate of the amounts of stamp duty which would, if subsection (7) were deleted, be payable under subsection (6) by companies which, on the due date for the year, are members of the group;

“relevant person” means a person who was obliged to pay –
(i)appropriate tax under section 258(3), or
(ii)an amount on account of appropriate tax under section 258(4) or 259(4),
of the Taxes Consolidation Act 1997 in the year 2001;

“relevant retention tax”, in relation to a relevant person, means an amount determined by the formula – A + B – C where –
Ais an amount equal to the aggregate of –
(i)appropriate tax paid by the person in the year 2001 under section 258(3) of the Taxes Consolidation Act 1997 , and
(ii)the amount paid by the person in the year 2001 on account of appropriate tax under section 258(4) or 259(4) of that Act,
Bis the aggregate of any amounts of appropriate tax, or any amounts on account of appropriate tax, paid by the person after the year 2001 which, in accordance with section 258 or 259 of that Act, should have been paid by the person in the year 2001, and
Cis the aggregate of any amounts of appropriate tax paid by the person in the year 2001 which –
(i)are included in A, and
(ii)were agreed by the person and an officer of the Commissioners at or before the time of payment as being tax which, in accordance with the said section 258, should have been paid before the year 2001;

“year 2001” means the period of 12 months ending on 31 December 2001.

(b)For the purposes of this section –

(i)2 companies shall be deemed to be members of a group if one company is a 51 per cent subsidiary (within the meaning of section 9 of the Taxes Consolidation Act 1997) of the other company or both companies are 51 per cent subsidiaries of a third company, and

(ii)a company and all its 51 per cent subsidiaries shall form a group and, where that company is a member of a group as being itself a 51 per cent subsidiary, that group shall comprise all its 51 per cent subsidiaries and the first-mentioned group shall be deemed not to be a group; but a company which is not a member of a group shall be treated as if it were a member of a group which consists of that company, and accordingly references to group assessable amount, group relevant deposits and group stamp duty shall be construed as if they were respectively references to assessable amount, relevant deposits and stamp duty of that company.

(2)A relevant person shall for each of the years 2003, 2004 and 2005, not later than the due date in respect of that year, deliver to the Commissioners a statement in writing showing –

(a)the assessable amount for that person, and

(b)any amount which has been apportioned to the person in accordance with subsection (7).

(3)Where at any time in a period commencing on 1 January 2001 and ending immediately before a due date –

(a)a relevant person ceased to carry on a business in the course of which the person was obliged to pay any amount under section 258 or 259 of the Taxes Consolidation Act 1997, and

(b)another person (in this section referred to as the “successor person”) acquired the whole, or substantially the whole, of the business,

the relevant person shall not be required to deliver a statement on the due date in accordance with subsection (2) but the successor person shall –

(i)where the successor person is, apart from this subsection, required to deliver a statement on the due date in accordance with subsection (2), increase the assessable amount in that statement by the assessable amount in relation to the relevant person, and

(ii)in any other case, deliver a statement on the due date in accordance with subsection (2) as if the successor person were the relevant person.

(4)Where at any time in a period commencing at the time at which a successor person acquired the whole, or substantially the whole, of a business from the relevant person referred to in subsection (3) such that that subsection applies to the successor person and ending immediately before a due date –

(a)the successor person ceased to carry on the business so acquired, and

(b)another person (in this section referred to as the “next successor person”) acquired the whole, or substantially the whole, of the business.

the successor person shall not be required to deliver a statement on the due date in accordance with subsection (3) but the next successor person shall –

(i)where the next successor person is, apart from this subsection, required to deliver a statement on the due date in accordance with subsection (2), increase the assessable amount in that statement by the assessable amount in relation to the relevant person, and

(ii)in any other case, deliver a statement on the due date in accordance with subsection (2) as if the next successor person were the relevant person.

(5)Where at any time in a period commencing at the time at which a next successor person acquired the whole, or substantially the whole, of a business such that that person was required –

(a)to increase an assessable amount by an assessable amount in relation to a relevant person, or

(b)to deliver a statement as if the next successor person were a relevant person,

and ending immediately before a due date –

(i)the next successor person ceased to carry on the business so acquired, and

(ii)another person (in this section referred to as the “further successor person”) acquired the whole, or substantially the whole, of the business,

the next successor person shall not be required to deliver a statement on the due date in accordance with subsection (4) but the further successor person shall –

(I)where the further successor person is, apart from this subsection, required to deliver a statement on the due date in accordance with subsection (2), increase the assessable amount in that statement by the assessable amount in relation to the relevant person, and

(II)in any other case, deliver a statement on the due date in accordance with subsection (2) as if the further successor person were the relevant person,

and so on for further successions.

(6)Subject to subsection (7), there shall be charged on any statement delivered in accordance with subsection (2) a stamp duty of an amount equal to 50 per cent of the assessable amount.

(7)

(a)Where, as respects a group of companies, the group stamp duty for a year exceeds an amount equal to 0.15 per cent of the group relevant deposits for the year, so much of the excess as bears to that amount the same proportion as the assessable amount for the year in relation to a company which is a member of the group bears to the group assessable amount for that year shall be apportioned to the company; but the companies which are members of the group may, by giving notice in writing to the Commissioners by the due date for that year, elect to have the excess apportioned in such manner as is specified in the notice.

(b)Where an amount (in this paragraph referred to as the “apportioned amount”) has been apportioned to a company under paragraph (a), the amount to be charged under subsection (6) shall be reduced by the apportioned amount.

(8)The stamp duty charged by subsection (6) upon a statement delivered by a relevant person in accordance with subsection (2) shall be paid by that person upon delivery of the statement.

(9)There shall be furnished to the Commissioners by a relevant person such particulars as the Commissioners may require in relation to any statement required by this section to be delivered by the person.

(10)In the case of failure by a relevant person –

(a)to deliver any statement required to be delivered by that person under subsection (2), or

(b)to pay the stamp duty chargeable on any such statement,

on or before the due date in respect of the year concerned, the person shall, from the due date concerned until the day on which the stamp duty is paid, be liable to pay, by way of penalty, in addition to the stamp duty, interest on the stamp duty, calculated in accordance with section 159D and also from 20 October of the year in which the statement is to be delivered in accordance with subsection (2), by way of penalty, a sum equal to 1 per cent of the stamp duty for each day the stamp duty remains unpaid and each penalty shall be recoverable in the same manner as if the penalty were part of the stamp duty.

(11)The delivery of any statement required by subsection (2) may be enforced by the Commissioners under section 47 of the Succession Duty Act 1853, in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.

(12)The stamp duty and any penalty due under subsection (10) charged by this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty payable by the relevant person which is under the care and management of the Commissioners.

126AA.

Further levy on certain financial institutions.

(1)

In this section –

‘Act of 1997’ means the Taxes Consolidation Act 1997 (No. 39 of 1997);

‘appropriate tax’ has the meaning given to it by section 256 of the Act of 1997;

‘assessable amount’, in relation to a relevant person, means the relevant retention tax in relation to the person;

‘base year’ means the year –

(a)2011, in respect of the years 2014, 2015 and 2016,

(b)2015, in respect of the years 2017 and 2018,

(d)2019, in respect of the years 2021, 2022 and 2023;

‘due date’ means, in relation to a year, 20 October in the year concerned;

‘relevant business’ means the business of a relevant person of taking and holding relevant deposits (within the meaning of section 256 of the Act of 1997) in respect of which the person was obliged to pay any amount under section 258 or 259 of that Act;

‘relevant person’ means a person who, in a base year, comes within the meaning of paragraph (a) or (b) of the definition of ‘relevant deposit taker’ in section 256(1) of the Act of 1997 and who –

(a)is obliged in the base year to pay –

(i)appropriate tax under section 258(3) of the Act of 1997, or

(ii)an amount on account of appropriate tax under section 258(4) or 259(4) of that Act,

and

(b)is carrying on a trade or business in the State (whether including a relevant business or not) at the due date,

but a person shall not be regarded as a relevant person where the relevant retention tax in relation to the person in the base year does not exceed €100,000;

‘relevant retention tax’, in relation to a relevant person and a base year, means an amount determined by the formula –

A + B – C

where –

A is an amount equal to the aggregate of –

(a)appropriate tax paid by the person in the base year under section 258(3) of the Act of 1997, and

(b)the amount paid by the person in the base year on account of appropriate tax under section 258(4) or 259(4) of that Act,

B is the aggregate of any amounts of appropriate tax, or any amounts on account of appropriate tax, paid by the person after the base year which, in accordance with section 258 or 259 of the Act of 1997, should have been paid by the person in that base year, and

C is the aggregate of any amounts of appropriate tax paid by the person in the base year which –

(a)are included in A, and

(b)were agreed by the person and an officer of the Commissioners at or before the time of payment as being tax which, in accordance with the said section 258, should have been paid before the base year.

(2)

(a)Subject to paragraph (b), a relevant person shall, for each of the years 2014 to 2023, not later than the due date in respect of that year, deliver to the Commissioners a statement in writing showing the assessable amount for that person.

(b)In the case of each of the years 2022 and 2023, the following persons shall not be regarded as relevant persons for the purposes of paragraph (a):

(i)KBC Bank Ireland plc;

(ii)Ulster Bank Ireland DAC.

(3)Subject to subsection (3A), where at any time in a period commencing on 1 January in a base year and ending immediately before a due date –

(a)a relevant person ceased to carry on a relevant business, and

(b)another person (in this section referred to as the ‘successor person’) acquired the whole, or substantially the whole, of the relevant business,

the relevant person shall not be required to deliver a statement on the due date in accordance with subsection (2) but the successor person shall –

(ii)in any other case, deliver a statement on the due date in accordance with subsection (2) as if the successor person were the relevant person.

(3A)Where the due date falls within the year 2022 or 2023, the following persons shall not be regarded as relevant persons for the purposes of subsection (3):

(a)KBC Bank Ireland plc;

(b)Ulster Bank Ireland DAC.

(4)Where at any time in a period commencing at the time at which a successor person acquired the whole, or substantially the whole, of a relevant business from the relevant person referred to in subsection (3) such that that subsection applies to the successor person and ending immediately before a due date –

(a)the successor person ceased to carry on the relevant business so acquired, and

(b)another person (in this section referred to as the ‘next successor person’) acquired the whole, or substantially the whole, of the relevant business,

the successor person shall not be required to deliver a statement on the due date in accordance with subsection (3) but the next successor person shall –

(ii)in any other case, deliver a statement on the due date in accordance with subsection (2) as if the next successor person were the relevant person.

(5)Where at any time in a period commencing at the time at which a next successor person acquired the whole, or substantially the whole, of a relevant business such that that person was required –

(a)to increase an assessable amount by an assessable amount in relation to a relevant person, or

(b)to deliver a statement as if the next successor person were a relevant person,

and ending immediately before a due date –

(i)the next successor person ceased to carry on the relevant business so acquired, and

(ii)another person (in this section referred to as the ‘further successor person’) acquired the whole, or substantially the whole, of the relevant business,

the next successor person shall not be required to deliver a statement on the due date in accordance with subsection (4) but the further successor person shall –

(II)in any other case, deliver a statement on the due date in accordance with subsection (2) as if the further successor person were the relevant person,

and so on for further successions.

(6)There shall be charged on any statement delivered in accordance with subsection (2) a stamp duty of an amount equal to 308 per cent of the assessable amount.

(7)The stamp duty charged by subsection (6) upon a statement delivered by a relevant person in accordance with subsection (2) shall be paid by that person upon delivery of the statement.

(8)There shall be furnished to the Commissioners by a relevant person such particulars as the Commissioners may require in relation to any statement required by this section to be delivered by the person.

(9)In the case of failure by a relevant person –

(a)to deliver any statement required to be delivered by that person under subsection (2), or

(b)to pay the stamp duty chargeable on any such statement,

on or before the due date in respect of the year concerned, the person shall, from the due date concerned until the day on which the stamp duty is paid, be liable to pay, in addition to the stamp duty, interest on the stamp duty, calculated in accordance with section 159D and also from 20 October of the year in which the statement is to be delivered in accordance with subsection (2), by way of penalty, a sum of €380 for each day the stamp duty remains unpaid.

(10)[deleted]

(11)The stamp duty, interest on the stamp duty and any penalty due under subsection (9) charged by this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty payable by the relevant person which is under the care and management of the Commissioners.

126AB.

Further levy on certain financial institutions

(1)In this section –

‘assessable amount’ means an amount equal to the total value of relevant deposits held by a relevant person on 31 December in the base 15 year;

‘base year’, in respect of the year 2024, means the year 2022;

‘deposit’ and ‘eligible deposit’ have the same meaning, respectively, as they have in the European Union (Deposit Guarantee Schemes) Regulations 2015 (S. I. No. 516 of 2015);

‘due date’, in relation to a year, means 20 October in that year;

‘relevant deposit’ means a deposit which –

(a)is held by a relevant person, and

(b)is an eligible deposit;

‘relevant person’ means –

(a)Allied Irish Banks plc;

(b)EBS DAC;

(c)permanent tsb plc;

(d)The Governor and Company of the Bank of Ireland.

(2)A relevant person shall, for the year 2024, not later than the due date, deliver to the Commissioners a statement showing the assessable amount.

(3)There shall be charged on every statement delivered under subsection (2) a stamp duty of an amount equal to 0.112 per cent of the assessable amount shown in the statement.

(4)The stamp duty charged by subsection (3) on a statement delivered by a relevant person under subsection (2) shall be paid by the person on delivery of the statement.

(5)In the case of failure by a relevant person –

(a)to deliver any statement required to be delivered by the person under subsection (2) by the due date, or

(b)to pay any duty chargeable on a statement referred to in paragraph (a) on the delivery of the statement,

the relevant person shall be liable to pay, in addition to the duty, interest on the duty, calculated in accordance with section 159D, for the period commencing on the due date and ending on the date on which the duty was paid.

(6)Any statement required to be delivered to the Commissioners under subsection (2) shall be delivered in such form and manner as may be specified by the Commissioners.

(7)There shall be provided to the Commissioners by a relevant person such particulars as the Commissioners may require in relation to any statement required by this section to be delivered by the person.

(8)Any duty or interest charged under this section, or any penalty applied under section 134A in relation to a statement required to be delivered under this section, shall not be allowed as a deduction for the purposes of the computation of any tax or duty under the care and management of the Commissioners that is payable by the relevant person.

126B. Assessment of duty charged on statements.
(1)In this section, ‘relevant person’ means a person that is required to deliver a statement to the Commissioners under a provision of this Part.

(2)Where, at any time, it appears to the Commissioners, that a relevant person –

(a)has failed to deliver a statement, or

(b)has not delivered a full and proper statement,

required to be delivered under a provision of this Part, the Commissioners may make an assessment on the relevant person of the amount which, to the best of their judgment, is the amount of stamp duty which would have been charged on the statement if it had been delivered and if it were full and proper.

(3)The Commissioners may serve notice in writing of the assessment of stamp duty on any relevant person.

(4)Subject to subsection (5), where an assessment is made on a relevant person under subsection (2), the relevant person shall be liable –

(a)where the relevant person has failed to deliver a statement, for the payment of the stamp duty assessed, and any interest and penalty in relation to the duty as if the duty was charged on the statement, unless on delivery of the statement to them, the Commissioners make another assessment to be substituted for such assessment, or

(b)where the relevant person has not delivered a full and proper statement, for payment of the stamp duty assessed, and any interest and penalty relating to the duty as if the duty was charged on the statement.

(5)

(a)Subject to paragraph (b), a relevant person aggrieved by an assessment made on that person under subsection (2) may appeal the assessment to the Appeal Commissioners, in accordance with section 949I of the Taxes Consolidation Act 1997, within the period of 30 days after the date of the notice of assessment.

(b)No appeal lies against an assessment until such time as the relevant person –

(i)pays or has paid the duty in conformity with the assessment, and

(ii)where the assessment was made in default of the delivery of the statement referred to in subsection (2), delivers the statement.

(6)[deleted]

(7)If at any time it appears that for any reason an assessment is incorrect the Commissioners shall make such other assessment as they consider appropriate, which assessment shall be substituted for the first-mentioned assessment.

(8)If at any time it appears that for any reason the assessment was an underassessment the Commissioners shall make such additional assessment as they consider appropriate.

(9)In default of an appeal, in accordance with section 949I of the Taxes Consolidation Act 1997, being made by a relevant person to whom a notice of assessment has been given, the assessment made on the person shall be final and conclusive and subsection (4) shall apply accordingly.

(10)[deleted]

(11)An assessment of duty under this section shall include any surcharge within the meaning of section 126C(3).

126C.

Surcharge for late filing of return

(1)In this section –

‘due date’ means the date on which a statement is required to be delivered to the Commissioners under a provision of this Part;

‘relevant person’ means a person that is required to deliver a statement to the Commissioners under a provision of this Part.

(2)For the purposes of this section –

(a)where a relevant person deliberately or carelessly causes the delivery of an incorrect statement on or before the due date, that person shall be deemed to have failed to have delivered the statement on or before that date unless the error in the statement is remedied by the delivery of a correct statement on or before that date,

(b)where a relevant person causes the delivery of an incorrect statement on or before the due date, but does so neither deliberately nor carelessly and it comes to that person’s notice that it is incorrect, the person shall be deemed to have failed to have delivered the statement on or before the due date unless the error in the statement is remedied by the delivery of a correct statement without unreasonable delay, and

(c)where a relevant person causes the delivery of a statement on or before the due date, but the Commissioners, by reason of being dissatisfied with any information contained in the statement, require that person, by notice in writing served on him or her, to deliver a statement or evidence, or further statement or evidence, as may be required by them, the person shall be deemed not to have delivered the statement on or before the due date unless the person delivers the statement or evidence, or further statement or evidence, within the time specified in any notice.

(3)Where a relevant person fails to cause the delivery of a statement on or before the due date, any amount of stamp duty which would have been payable had a correct statement been delivered shall be increased by an amount (in this subsection referred to as a ‘surcharge’) equal to –

(a)5 per cent of that amount of duty, subject to a maximum surcharge of €12,695, where the statement is delivered before the expiry of 2 months from the due date, and

(b)10 per cent of that amount of duty, subject to a maximum surcharge of €63,485, where the statement is not delivered before the expiry of 2 months from the due date.

Financial Institution Levies

STAMP DUTIES CONSOLIDATION ACT 1999

Cash cards.

Debit cards.

Cash, combined and debit cards.

Preliminary duty: cash, combined and debit cards.

Bills of Exchange.

Credit cards and charge cards.

Preliminary duty: credit and charge cards.

Certain premiums of life assurance.

Certain premiums of insurance.

Levy on authorised insurers.

Levy on pension schemes.

Policies of insurance other than life insurance.

Certain statements of interest.

Levy on certain financial institutions.

Further levy on certain financial institutions.

Further levy on certain financial institutions

Surcharge for late filing of return

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Various Exemptions

Reorganisations