AI Summary of 256. Interpretation (Chapter 4).
This Chapter defines key terms related to applicable tax rates and the nature of relevant deposits, particularly in the context of interest payments. For the years 2017 to 2020, the income tax rates for relevant interest are outlined, progressively decreasing from 39% to 33%. Additionally, various types of deposit accounts, including long-term and medium-term accounts, are specified to reinforce compliance standards.
Regulatory entities, such as building societies and relevant deposit takers, are also delineated, alongside conditions that determine the classification of deposits, including exemptions based on age and income thresholds. This framework aims to enhance clarity and ensure effective governance in financial transactions.
256. Interpretation (Chapter 4).
"amount on account of appropriate tax" shall be construed in accordance with section 258 (4);
"appropriate tax", in relation to a payment of relevant interest, means - (a) as respects the year of assessment 2017, a sum representing income tax on the amount of the payment at the rate of 39 per cent, (b) as respects the year of assessment 2018, a sum representing income tax on the amount of the payment at the rate of 37 per cent, (c) as respects the year of assessment 2019, a sum representing income tax on the amount of the payment at the rate of 35 per cent, and (d) as respects the year of assessment 2020 and each subsequent year of assessment, a sum representing income tax on the amount of the payment at the rate of 33 per cent;
"building society" means a building society within the meaning of the Building Societies Act, 1989, or a society established in accordance with the law of any other Member State of the European Communities which corresponds to that Act;