Financial Services

Finance Act 2000 introduced the "gross roll-up tax regime" in respect of both investments made in Investment Undertakings and in Life Assurance policies. Essentially, the investments are allowed to grow tax-free until such time as a chargeable event occurs. Exit tax is charged on any gain accruing between the date of acquisition and the date of the chargeable event. Some entities and individuals are exempted from the exit tax by completing the declaration form appropriate to their particular circumstances. The Revenue-approved format for such Declaration Forms may be found only in the Appendix to the Guidelines referred to below.

General Guidelines for calculating tax due and for completing declaration forms for both the Investment Undertakings regime and the Life Assurance regime are available via the links below.

Forms specific to Investment Undertakings are also available via the links below.

EU Savings Directive (EUSD)

pdfGuidance Notes for Paying Agents on the Irish legislation implementing the Savings Tax Directive (PDF, 241KB)

Specified Financial Transactions

Finance Act 2010 introduced a regime to tax certain Islamic financial transactions in the same way as conventional financial transactions.

Guidance notes on the tax treatment of Islamic Financial Transactions are available via the blink below.

Forms specific to Islamic Financial Transactions are available via the links below.

Recognised Clearing Systems

"Recognised Clearing Systems" for the purposes of Section 64, Section 246A and Section 739B of the Taxes Consolidation Act 1997.

Section 110 Taxes Consolidation Act 1997

Section 110 TCA 1997 provides for a special tax regime for certain special purpose companies. In order to be taxed under the provisions of section 110 TCA 1997 a company must, among other conditions, notify an "authorised officer" of the Revenue Commissioners that it is or intends to be a "qualifying company" to which paragraphs (a) to (e) of the definition of a "qualifying company" in Section 110(1) TCA 1997 apply.

Form S.110 - Notification of "Qualifying Company" Section 110 Taxes Consolidation Act, 1997

  • The Section 110 Notification must be returned to the "authorised officer" within 8 weeks of the date the conditions of paragraph (e) being met by the "qualifying company."

This Section 110 Notification is to be printed and completed manually or, completed on screen, then printed (with a copy retained for your records) and returned to Revenue at the address shown on the Notification

Form S.110W - Withdrawal that a company is a "qualifying company" for the purposes of Section 110 Taxes Consolidation Act, 1997

A company that

  • no longer satisfies the criteria of a "qualifying company", or
  • wishes to withdraw the original "qualifying company" notification

should submit Form S.110W [Form S.110W [Withdrawal that a company is a "qualifying company" for the purposes of Section 110 Taxes Consolidation Act, 1997]. Where the form is a withdrawal of notification, it must be returned to an “authorised officer” within 8 weeks of the date the company first ceases to be a "qualifying company" for the purposes of Section 110 TCA 1997.

(Adobe Acrobat Reader PDFExternal link)

February 2017

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