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FINANCE ACT, 1924
Rules to be added to the
Rules applicable to Schedule C.
Rules as to interest, &c., payable out of the public Revenue of Saorstát Eireann through the National Land Bank.
1. The National Land Bank as respects any interest, annuities, dividends, or shares of annuities payable out of the Public Revenue of Saorstát Eireann and entrusted to it for payment or distribution, shall, when any payment becomes due, deliver to the special commissioners true accounts in books provided for the purpose of—
(a) all interest, annuities, dividends, or shares of annuities entrusted to it for payment to the persons entitled thereto;
(b) the amount of tax chargeable thereon at the rate in force at the time of payment without any other deduction than is allowed by the Income Tax Acts.
2. The aforesaid accounts shall distinguish the separate account of each person.
3. The special commissioners shall have all necessary powers in relation to the examining, auditing, checking and clearing the books and accounts aforesaid, and shall assess and charge the interest, annuities, dividends or shares of annuities at the rate of tax in force at the time of payment but reduced by the amount of the exemptions (if any) allowed by them, and shall give notice of the amount so assessed and charged to the National Land Bank.
4. The National Land Bank shall, before any payment is made by it, retain the amount of the tax for the purpose of the Income Tax Acts.
5. The retaining of the amount shall be deemed a payment of the tax by the persons entitled to the interest, annuities, dividends, or shares of annuities, and shall be allowed by them on receipt of the residue thereof, and the National Land Bank shall be acquitted and discharged of a sum equal to the amount retained as though that sum had been actually paid.
6. Money so set apart and retained shall be paid to the Accountant-General of Revenue.