"Excess bank remuneration charge" is defined by subsection (7). A "relevant employee" is an employee of a "specified institution" (as ordered under section 6(1) of the Credit Institutions (Financial Support) Act 2008 and which received support under that Act or the National Pensions Reserve Fund Act 2000) who is resident in the State for a tax year or whose duties are performed wholly or partly in the State. "Relevant remuneration" comprises emoluments that are not regular salary, wages, benefits or perquisites; "regular" denotes amounts that do not vary by business performance, individual contribution or duty performance. The section does not apply where relevant remuneration awarded in a tax year is not more than €20,000. Relevant remuneration is treated as awarded when a contractual obligation to pay arises or it is paid without such an obligation; its amount is the money amount when awarded or, if greater, market value, and any restriction reducing market value is ignored.

Subsection (7) charges relevant remuneration to universal social charge as an "excess bank remuneration charge" at 45% for the tax year instead of the rates in section 531AN. Employers must deduct the 45% charge for awards in the period beginning on the date of passing of the Finance Act 2011 to 31 December 2011 and in each subsequent tax year. Employers must file returns to the Revenue Commissioners: for awards from 1 January 2011 to the date of passing of the Finance Act 2011, on or before 30 June 2011; and for awards from the date of passing to 31 December 2011 and thereafter, within 14 days from the end of the tax year. Returns must include each relevant employee's name, address and Personal Public Service Number, the amount of relevant remuneration awarded, the amount of USC or excess bank remuneration charge deducted and any other details specified by the Revenue Commissioners.