Value-Added Tax Consolidation Act 2010

• (ii) was entitled to deduct tax, in accordance with section 12 of the repealed enactment, on that person’s acquisition or development of those goods, and

• (iii) makes a letting of those immovable goods to which paragraph 11 of Schedule 1 applies,

then that person (in this subsection referred as the “landlord”) shall calculate an amount (in this subsection referred to as a “deductibility adjustment”) in accordance with the formula set out in paragraph (b) and that amount shall be payable as if it were tax due by that person in accordance with Chapter 3 of Part 9 for the taxable period in which that letting takes place.

• (b) The deductibility adjustment shall be calculated in accordance with the formula—

TD × (Y — N)

Y

where—

TD is the amount of the tax referred to in paragraph (a)(ii) that the landlord was entitled to deduct,

Y is 20 or, if the interest when it was acquired by the landlord was for a period of less than 20 years, the number of full years in that interest, and

N is the number of full years since the landlord acquired the interest in the immovable goods referred to in paragraph (a) or, if the goods were developed since that interest was acquired, the number of full years since the most recent development,

but if that N is greater than that Y, the deductibility adjustment shall be deemed to be nil.

• F278[(c) Where the letting referred to in paragraph (a)(iii) is a supply to which section 28(4) applies, the receiver or person exercising the power shall calculate the deductibility adjustment in accordance with the formula set out in paragraph (b) and that amount shall be payable F279[by the receiver or person exercising the power] as if it were tax due for the taxable period in which that letting takes place. ]

• (5) An assignment or surrender of an interest in immovable goods to which subsection (1)(b) applies is deemed to be a supply of immovable goods for the purposes of this Act for a period of 20 years from the creation of the interest or the most recent assignment of that interest before 1 July 2008, whichever is the later.

• (6) Where—

• (a) a person makes a supply of immovable goods to which this section applies,

• (b) tax is chargeable on that supply, and

• (c) that person was not entitled to deduct all the tax charged to that person on the acquisition or development of those immovable goods,

then that person shall be entitled to make the appropriate adjustment that would apply under section 64(6)(a) as if the capital goods scheme applied to that transaction.

• F280[(6A) Where—

• (a) a public body makes a supply of immovable goods referred to in subsection (1)(c),

• (b) tax is chargeable on that supply, and

• (c) that public body was not entitled to deduct all the tax charged to that public body on the acquisition or development of those immovable goods,

then that public body shall be entitled to make the appropriate adjustment that would apply under section 64(6)(a) as if the capital goods scheme applied to that transaction, but that adjustment shall not exceed the value-added tax chargeable on that supply of those goods.]

• (7) In the case of an assignment or surrender of an interest in immovable goods referred to in subsection (5)—

• (a) tax shall be chargeable where the person who makes the assignment or surrender was entitled to deduct in accordance with Chapter 1 of Part 8 any of the tax chargeable on the acquisition of that interest, or the development of those immovable goods, and

• (b) tax shall not be chargeable where the person who makes the assignment or surrender had no right to deduction under Chapter 1 of Part 8 on the acquisition of that interest or the development of those immovable goods, but a joint option for taxation of that assignment or surrender may be exercised.

(8)(a) Notwithstanding Chapter 1 of Part 5, the amount on which tax is chargeable on a taxable assignment or surrender to which subsection (7) applies shall be the amount calculated in accordance with the formula set out in paragraph (b) divided by the rate as specified in F281[paragraph (c) or (ca), as appropriate, of section 46(1)] expressed in decimal form.

• (b) The amount of tax due and payable in respect of a taxable assignment or surrender to which subsection (7) applies is an amount calculated in accordance with the formula—

T × N

Y

where—

T is the total tax incurred referred to in subsection (12)(d) except for the amount of tax charged in respect of any development by the person who makes the assignment or surrender following the acquisition of the interest,

N is the number of full intervals plus one that remain in the adjustment period referred to in subsection (12)(c) at the time of the assignment or surrender,

Y is the total number of intervals in that adjustment period for the person making the assignment or surrender,

and paragraphs (c) to (e) shall apply to that tax.

• (c) Where tax is chargeable in relation to a supply of immovable goods which is a surrender of an interest in immovable goods or an assignment of an interest in immovable goods to—

• (i) an accountable person,

• (ii) a Department of State or a local authority, or

• (iii) a person who supplies immovable goods of a kind referred to in paragraph (a) of the definition of “exempted activity” in section 2(1), or services of a kind referred to in paragraphs 1, 5(4), 6, 7, 8, 11 and 14(3) of Schedule 1, in the course or furtherance of business,

then—

• (I) the person to whom those goods are supplied shall be accountable for and liable to pay the tax chargeable on that supply,

• (II) such tax shall be payable as if it were tax due by that person in accordance with Chapter 3 of Part 9 for the taxable period within which the supply to the person took place, and

• (III) for the purposes of subparagraphs (I) and (II), the person to whom the goods are supplied shall be an accountable person and the person who made the surrender or assignment shall not be accountable for or liable to pay such tax.

• (d) Where the supply referred to in paragraph (c) is to a Department of State or a local authority, then, notwithstanding anything to the contrary effect in section 14(2), the Department of State or local authority shall be accountable for and liable to pay the tax referred to in that paragraph.

• (e) (i) A surrender or assignment of immovable goods referred to in paragraph (c) shall be treated as a supply of goods made by the person to whom the goods are supplied.

• (ii) Subject to subparagraph (iii), on the surrender or assignment of immovable goods referred to in subparagraph (i), the person who makes the surrender or assignment shall issue a document to the person to whom the surrender or assignment is made indicating—

• (I) the value of the interest being surrendered or assigned, and

• (II) the amount of tax chargeable on that surrender or assignment.

• (iii) Subparagraph (ii) shall not apply where the person who makes the surrender or assignment is obliged to issue a document in accordance with subsection (9)(a) to the person to whom that surrender or assignment is made.

• (iv) For the purposes of Chapter 1 of Part 8, that Chapter shall apply as if this paragraph had not been enacted.

(9)(a) Where an interest in immovable goods referred to in subsection (7) is assigned or surrendered to a taxable person during the adjustment period and tax is payable in respect of that assignment or surrender, then the person who makes the assignment or surrender shall issue a document to the person to whom the interest is being assigned or surrendered containing the following information:

• (i) the amount of tax due and payable on that assignment or surrender; and

• (ii) the number of intervals remaining in the adjustment period as determined in accordance with subsection (12)(c)(iv).

• (b) Where paragraph (a) applies, the person to whom the interest is assigned or surrendered shall be a capital goods owner for the purpose of Chapter 2 of Part 8 in respect of the capital good being assigned or surrendered, and shall be subject to that Chapter and for this purpose—

• (i) the adjustment period shall be the period referred to in subsection (12)(c) as correctly specified on the document referred to in paragraph (a),

• (ii) the total tax incurred shall be the amount of tax referred to in subsection (12)(d) as correctly specified in the document referred to in paragraph (a), and

• (iii) the initial interval shall be a period of 12 months beginning on the date on which the assignment or surrender occurs.

• (10) Where a person cancels an election to be an accountable person in accordance with section 8(2), then, in respect of the immovable goods which were used in supplying the services for which that person made that election, Chapter 2 of Part 8 does not apply if those immovable goods are held by that person on 1 July 2008 and are not further developed after that date.

• (11) In the application of Chapter 2 of Part 8 to immovable goods and interests in immovable goods to which this section applies, section 64(2) to (5) shall be disregarded in respect of the person who, on 1 July 2008, owns those immovable goods or holds an interest in those immovable goods, but—

• (a) if that person develops those immovable goods and that development is a refurbishment (within the meaning of Chapter 2 of Part 8) that is completed on or after 1 July 2008, section 64(2) to (5) shall not be disregarded in respect of that refurbishment,

• (b) if, on or after 23 February 2010, that person—

• (i) first uses those immovable goods (in this subsection referred to as the “first use”), or

• (ii) changes the use of those immovable goods (in this subsection referred to as the “changed use”),

and the first use, or the changed use, as the case may be, is a use of those immovable goods for a purpose other than the provision of a letting of the type referred to in paragraph 11(1) of Schedule 1, then section 64(4)(a) to (d) shall not be disregarded for the remainder of the adjustment period applicable to those immovable goods.

• (12) For the purposes of applying Chapter 2 of Part 8 to immovable goods or interests in immovable goods to which this section applies—

• (a) any interest in immovable goods to which this section applies shall be treated as a capital good,

• (b) any person who has an interest in immovable goods to which this section applies shall be treated as a capital goods owner, but shall not be so treated to the extent that the person has a reversionary interest in those immovable goods if those goods were not developed by, on behalf of, or to the benefit of, that person,

• (c) the period to be treated as the adjustment period in respect of immovable goods or interests in immovable goods to which this section applies is—

• (i) in the case of the acquisition of the freehold interest or freehold equivalent interest in those immovable goods, 20 years from the date of that acquisition,

• (ii) in the case of the creation of an interest in those immovable goods, 20 years or, if the interest when it was created was for a period of less than 20 years, the number of full years in that interest when created, whichever is the shorter,

• (iii) in the case of the assignment or surrender of an interest in immovable goods prior to 1 July 2008, the period remaining in that interest at the time of the assignment or surrender of that interest or 20 years, whichever is the shorter, or

• (iv) in the case of—

• (I) the surrender or first assignment of an interest in immovable goods on or after 1 July 2008, the number of full years remaining in the adjustment period as determined in accordance with subparagraphs (ii) and (iii), plus one, or

• (II) the second or subsequent assignment of an interest in immovable goods after 1 July 2008, the number of full intervals remaining in the adjustment period as determined in accordance with clause (I), plus one,

and this number shall thereafter be the number of intervals remaining in the adjustment period,

but where the immovable goods have been developed since the acquisition of those immovable goods or the creation of that interest, 20 years from the date of the most recent development of those goods F282[(other than a development which is a refurbishment within the meaning of section 63(1))],

• (d) the amount of tax charged, or the amount of tax that would have been chargeable but for the application of section 20(2)(c) or 56, to the person treated as the capital goods owner on the acquisition of, or development of, the capital goods shall be treated as the total tax incurred,

• (e) the total tax incurred divided by the number of intervals in the adjustment period referred to in paragraph (c) shall be treated as the base tax amount,

• (f) each year in the adjustment period referred to in paragraph (c) shall be treated as an interval,

• (g) the first 12 months of the adjustment period referred to in paragraph (c) shall be treated as the initial interval,

• (h) the second year of the adjustment period referred to in paragraph (c) shall be treated as the second interval but, in the case of an interest which is assigned or surrendered on or after 1 July 2008, the second interval of the adjustment period shall have the meaning assigned to it by Chapter 2 of Part 8,

• (i) each year following the second year in the adjustment period referred to in paragraph (c) shall be treated as a subsequent interval,

• (j) the amount which shall be treated as the total reviewed deductible amount shall be the amount of the total tax incurred as provided for in paragraph (d) less—

• (i) any amount of the total tax incurred which was charged to the person treated as the capital goods owner but which that owner was not entitled to deduct in accordance with Chapter 1 of Part 8,

• (ii) any amount accounted for in accordance with section 12D(4) of the repealed enactment by the person treated as the capital goods owner in respect of a transfer of the goods to that owner prior to 1 July 2008,

• (iii) any tax payable in respect of those capital goods in accordance with section 19(1)(f), or section 4(3)(a) of the repealed enactment, by the person treated as the capital goods owner, and

• (iv) where an adjustment of deductibility has been made in respect of the capital good in accordance with subsection (4)(a) or section 4(3)(ab) of the repealed enactment, the amount “TD” in the formula set out in subsection (4)(b),

• (k) the amount referred to in paragraph (d) less the amount referred to in paragraph (j) shall be treated as the non-deductible amount,

and for the purposes of applying paragraphs (f), (h) and (i) “year” means each 12 month period in the adjustment period, the first of which begins on the first day of the initial interval referred to in paragraph (g).

(13)(a) Subject to paragraph (b), where a taxable person acquires immovable goods on or after 1 July 2007, then, notwithstanding subsection (11), section 64(2) shall apply and, notwithstanding subsection (12)(j), the total reviewed deductible amount shall have the meaning assigned to it by Chapter 2 of Part 8.

• (b) Paragraph (a) does not apply where a taxable person has made an adjustment in accordance with section 61(7) in respect of those goods.

96. Waiver of exemption under old rules. [VATA s. 7(2) (in part), s. 7(3), (4) and (6), s. 7B(1) to (5), s. 7B(6) (in part) and s. 7B(9) and (10)]

96.—(1) In this section “waiver” means a waiver of exemption from tax under section 7(1) of the repealed enactment.

• (2) A waiver shall cease to have effect F283[on the date specified in subsection (7A)].

• (3) F284[…]

• (4) F284[…]

• (5) Where a person cancelled his or her waiver before 1 July 2008, then, for the purposes of applying Chapter 2 of Part 8, the adjustment period (within the meaning of section 63(1) or, as the context may require, the period to be treated as the adjustment period in accordance with section 95(12)) in relation to any capital good the tax chargeable on that person’s acquisition or development of which that person was obliged to take into account when that person made that cancellation, shall be treated as if it ended on the date on which that cancellation had effect.

• (6) F283[Subsections (6) and (7)] apply to an accountable person (in those subsections referred to as a “landlord”)—

• (a) F283[who had a waiver which was cancelled before the date of the passing of the Finance Act 2025], and

• (b) who had not cancelled the waiver before 1 July 2008.

• (7) For the purposes of applying Chapter 2 of Part 8, the adjustment period (within the meaning of section 63(1) or, as the context may require, the period to be treated as the adjustment period in accordance with section 95(12)) in relation to a capital good the tax chargeable on the landlord’s acquisition or development of which that landlord was obliged to take into account when that landlord cancelled his or her waiver, shall end on the date on which that cancellation had effect.

• F285[(7A) A waiver which has not been cancelled before the date of the passing of the Finance Act 2025 shall be cancelled on the date of the passing of that Act.

• (7B)
• (a) This subsection applies to a waiver cancelled by virtue of subsection (7A).

• (b) For the purposes of applying Chapter 2 of Part 8, the adjustment period (within the meaning of section 63(1) or, as the context may require, the period to be treated as the adjustment period in accordance with section 95(12)) in relation to the tax chargeable on the landlord’s acquisition or development of a capital good, where that landlord used that capital good in relation to the supply of services to which a waiver applied, shall end on the date specified in subsection (7A).]

• (8) F284[…]

• (9) F284[…]

• (10) F284[…]

• (11) F284[…]

• (12) F284[…]

97. Option to tax letting of immovable goods. [VATA s. 7A]

97.—(1)(a)(i) Tax shall be chargeable in accordance with this Act on the supply of a service to which paragraph 11 of Schedule 1 relates (in this section referred to as a “letting”) where, subject to subsections (2) and (4), the supplier (in this section referred to as a “landlord”) opts to make that letting so chargeable.

• (ii) A landlord who exercises such option (in this Act referred to as a “landlord’s option to tax”) shall, notwithstanding section 6(1) and (2), be an accountable person and liable to account for the tax on that letting in accordance with this Act, and that letting shall not be a supply to which section 52 applies.

• (b) Where a taxable person is entitled to deduct tax on the acquisition or development of immovable goods on the basis that the goods will be used for the purpose of a letting or lettings in respect of which a landlord’s option to tax will apply, then—

• (i) the person shall be treated as having exercised the landlord’s option to tax in respect of any lettings of those immovable goods, and

• (ii) that option shall be deemed to continue in place until that person makes a letting in respect of which neither of the conditions of paragraph (c) is fulfilled.

• (c) A landlord’s option to tax in respect of a letting is exercised by—

• (i) a provision in writing in a letting agreement between the landlord and the person to whom the letting is made (in this section referred to as a “tenant”) that tax is chargeable on the rent, or

• (ii) the issuing by the landlord of a document to the tenant giving notification that tax is chargeable on the letting.

• (d) A landlord’s option to tax in respect of a letting is terminated—

• (i) in the case of an option exercised in accordance with paragraph (b), by making a letting of the immovable goods referred to in that paragraph in respect of which neither of the conditions of paragraph (c) is fulfilled,

• (ii) in the case of an option exercised in accordance with paragraph (c), by—

• (I) an agreement in writing between the landlord and tenant that the option is terminated and specifying the date of termination which shall not be earlier than the date of that agreement, or

• (II) the delivery to the tenant of a document giving notification that the option has been terminated and specifying the date of termination which shall not be earlier than the date that notification is received by the tenant,

• (iii) where the landlord and tenant become connected persons,

• (iv) where the landlord or a person connected with the landlord occupies the immovable goods that are subject to that letting whether that person occupies those goods by way of letting or otherwise, or

• (v) where the immovable goods that are subject to that letting are used or to be used for residential purposes within the meaning of subsection (4).

(2)(a) Subject to paragraphs (b) and (c), a landlord may not opt to tax a letting—

• (i) where the landlord and the tenant in respect of that letting are connected persons, or

• (ii) where the landlord, whether or not connected to the tenant, or a person connected to the landlord, occupies the immovable goods that are subject to that letting whether that landlord or that person occupies those goods by way of letting or otherwise.

(b)(i) Subject to subparagraph (ii), paragraph (a)(i) and subsection (1)(d)(iii) shall not apply where the immovable goods which are the subject of the letting are used for the purposes of supplies or activities which entitle the tenant to deduct at least 90 per cent of the tax chargeable on the letting in accordance with Chapter 1 of Part 8.

• (ii) Where a landlord has exercised a landlord’s option to tax in respect of a letting to which paragraph (a)(i) would have applied but for subparagraph (i), paragraph (a)(i) shall apply from the end of the first accounting year in which the goods are used for the purposes of supplies or activities which entitle the tenant to deduct less than 90 per cent of the said tax chargeable.

(c)(i) Subject to subparagraph (ii), paragraph (a)(ii) and subsection (1)(d)(iv) shall not apply where the occupant (being any person including the landlord referred to in that paragraph or that subsection) uses the immovable goods which are the subject of the letting for the purpose of making supplies which entitle that occupant to deduct, in accordance with Chapter 1 of Part 8, at least 90 per cent of all tax chargeable in respect of goods or services used by that occupant for the purpose of making those supplies.

• (ii) Where a landlord has exercised a landlord’s option to tax in respect of a letting to which paragraph (a)(ii) would have applied but for subparagraph (i), paragraph (a)(ii) shall apply from the end of the first accounting year in which the immovable goods are used for the purpose of making supplies which entitle that occupant to deduct less than 90 per cent of the said tax chargeable.

(3)(a) In this subsection—

“control”, in the case of a body corporate or in the case of a partnership, has the meaning assigned to it by section 4(2);

“relative” means a brother, sister, ancestor or lineal descendant.

• (b) For the purposes of this section, any question of whether a person is connected with another person shall be determined in accordance with the following:

• (i) a person is connected with an individual if that person is the individual’s F286[…] F287[spouse or civil partner], or is a relative, or the F286[…] F287[spouse or civil partner] of a relative, of the individual or of the individual’s F286[…] F287[spouse or civil partner];

• (ii) a person is connected with any person with whom he or she is in partnership, and with the F286[…] F287[spouse or civil partner] or a relative of any individual with whom he or she is in partnership;

• (iii) subject to clauses (IV) and (V) of subparagraph (v), a person is connected with another person if he or she has control over that other person, or if the other person has control over the first-mentioned person, or if both persons are controlled by another person or persons;

• (iv) a body of persons is connected with another person if that person, or persons connected with him or her, have control of that body of persons, or the person and persons connected with him or her together have control of it;

• (v) a body of persons is connected with another body of persons—

• (I) if the same person has control of both or a person has control of one and persons connected with that person or that person and persons connected with that person have control of the other,

• (II) if a group of 2 or more persons has control of each body of persons and the groups either consist of the same persons or could be regarded as consisting of the same persons by treating (in one or more cases) a member of either group as replaced by a person with whom he or she is connected,

• (III) if both bodies of persons act in pursuit of a common purpose,

• (IV) if any person or any group of persons or groups of persons having a reasonable commonality of identity have or had the means or power, either directly or indirectly, to determine the activities carried on or to be carried on by both bodies of persons, or

• (V) if both bodies of persons are under the control of any person or group of persons or groups of persons having a reasonable commonality of identity;

• (vi) a person in the capacity as trustee of a settlement is connected with—

• (I) any person who in relation to the settlement is a settlor, or

• (II) any person who is a beneficiary under the settlement.

• (4) A landlord’s option to tax may not be exercised in respect of all or part of a house or apartment or other similar establishment to the extent that those immovable goods are used or to be used for residential purposes, including any such letting—

• (a) governed by the Residential Tenancies Act 2004,

• (b) governed by the Housing (Rent Books) Regulations 1993 (S.I. No. 146 of 1993),

• (c) governed by section 10 of the Housing Act 1988,

• (d) of a dwelling to which Part II of the Housing (Private Rented Dwellings) Act 1982 applies, or

• (e) of accommodation which is provided as a temporary dwelling for emergency residential purposes.

• (5) A landlord’s option to tax, once exercised, shall immediately cease to have effect to the extent that the immovable goods which are the subject of the letting to which the option applies come to be used for residential purposes which fall within subsection (4).

98. Valuation of an interest in immovable goods. [VATA s. 10(9) (in part) and (10) (in part)]

98.—(1) In this section—

“interest”, in relation to immovable goods, shall be construed in accordance with section 93(1);

“open market value” has the meaning assigned to it by section 36.

(2)(a) Where the Revenue Commissioners wish to ascertain the open market value of an interest in immovable goods, they may authorise a person to inspect the immovable goods and to report to them the open market value of that interest for the purposes of this Act, and a person having custody or possession of those goods shall permit the person so authorised to inspect the goods at such reasonable times as the Commissioners consider necessary.

• (b) Where the Revenue Commissioners require a valuation to be made by a person named by them, the costs of that valuation shall be defrayed by the Commissioners.

PART 12 Refunds and Repayments of Tax

99. General provisions on refund of tax. [VATA s. 20(1) to (1B), (4), (6) and (7)]

99.—(1) Subject to subsections (2) and (3), where in relation to a return lodged under Chapter 3 of Part 9 or a claim made in accordance with regulations, it is shown to the satisfaction of the Revenue Commissioners that, as respects any taxable period, the amount of tax (if any) actually paid to the Collector-General in accordance with Chapter 3 of Part 9 together with the amount of tax (if any) which qualified for deduction under Chapter 1 of Part 8 exceeds the tax (if any) which would properly be payable if no deduction were made under Chapter 1 of Part 8, the Commissioners shall refund the amount of the excess less any sums previously refunded under this subsection or repaid under Chapter 1 of Part 8 and may include in the amount refunded any interest which has been paid under section 114.

• (2) Where the Revenue Commissioners apply section 15 to a number of persons, the Commissioners may defer repayment of all or part of any tax refundable under subsection (1) to any one or more of those persons prior to the application of that section if any one or more of those persons have not furnished all returns and remitted all amounts of tax referred to in section 76 or 77, as may be appropriate, at the time of such application.

(3)(a) Subject to paragraph (b), the Revenue Commissioners may, where it appears requisite to them to do so for the protection of the revenue, require as a condition for making a refund in accordance with subsection (1) the giving of security of such amount and in such manner and form as they may determine.

• (b) The amount of security referred to in paragraph (a) shall not, in any particular case, exceed the amount to be refunded.

• (4) A claim for a refund under this Act may be made only within 4 years after the end of the taxable period to which it relates.

• (5) Where the Revenue Commissioners refund any amount due under subsection (1) or section 100, they may, if they so determine, refund any such amount directly into an account, specified by the person to whom the amount is due, in a financial institution.

• (6) The Revenue Commissioners shall not refund any amount of tax except as provided for in this Act or any order or regulations made under this Act.

100. Unjust enrichment. [VATA s. 20(5)]

100.—(1) Where, due to a mistaken assumption in the operation of the tax, whether that mistaken assumption was made by an accountable person, any other person or the Revenue Commissioners, a person—

• (a) accounted, in a return furnished to the Revenue Commissioners, for an amount of tax for which that person was not properly accountable,

• (b) did not, because that person’s supplies of goods and services were treated as exempted activities, furnish a return to the Revenue Commissioners and, therefore, did not receive a refund of an amount of tax in accordance with section 99(1), or

• (c) did not deduct an amount of tax in respect of qualifying activities, within the meaning of section 59(1), which that person was entitled to deduct,

then, in respect of the total amount of tax referred to in paragraph (a), (b) or (c) (in this section referred to as the “overpaid amount”), that person may claim a refund of the overpaid amount and the Revenue Commissioners shall, subject to this section, refund to the claimant the overpaid amount unless they determine that the refund of that overpaid amount or part thereof would result in the unjust enrichment of the claimant.

• (2) A person who claims a refund of an overpaid amount under this section shall—

• (a) make that claim in writing setting out full details of the circumstances of the case and identifying the overpaid amount in respect of each taxable period to which the claim relates, and

• (b) furnish such relevant documentation to support the claim as the Revenue Commissioners may request.

(3)(a) For the purposes of determining whether a refund of an overpaid amount or part thereof would result in the unjust enrichment of a claimant, the Revenue Commissioners shall have regard to—

• (i) the extent to which the cost of the overpaid amount was, for practical purposes, passed on by that claimant to other persons in the price charged by the claimant for goods or services supplied by the claimant,

• (ii) any net loss of profits which they have reason to believe, based on their own analysis and on any information that may be provided to them by that claimant, was borne by the claimant due to the mistaken assumption made in the operation of the tax, and

• (iii) any other factors that that claimant brings to their attention in this context.

• (b) The Revenue Commissioners may request from the claimant all reasonable information relating to the circumstances giving rise to the claim as may assist them in reaching a determination for the purposes of paragraph (a).

• (4) Where, in accordance with subsection (3), the Revenue Commissioners determine that a refund of an overpaid amount or part thereof would result in the unjust enrichment of a claimant, they shall refund only so much of the overpaid amount as would not result in the unjust enrichment of that claimant.

• (5) Where, in relation to any claim under subsection (1), the Revenue Commissioners have withheld an amount of the overpaid amount claimed under subsection (1) as it would result in the unjust enrichment of the claimant, the Commissioners shall, notwithstanding subsection (1), refund to the claimant that part of the withheld amount together with any interest payable in accordance with section 105 which the claimant has undertaken to repay to the persons to whom the cost of the overpaid amount was passed on if they are satisfied that the claimant has adequate arrangements in place to identify and repay those persons.

• (6) Where a claimant receives a refund in accordance with subsection (5) and fails to repay the persons concerned at the latest by the 30th day next following the payment by the Revenue Commissioners of that refund, then any amount not so repaid shall, for the purposes of this Act, be treated as if it were tax due by the claimant for the taxable period within which that day falls.

101. Intra-Community refunds of tax. [VATA Sch. 6]

101.—(1) For the purposes of this section—

“applicant” means a taxable person who—

• (a) not being established in the Member State of refund, but being established in another Member State, and

• (b) having entered into transactions that give rise to a right of deduction in that other Member State,

makes a refund application;

“deductible transactions” means transactions that give rise to a right of deduction in the Member State concerned;

“Member State of refund”, in relation to an applicant, means the Member State in which value-added tax (as referred to in the VAT Directive) was charged to the applicant in respect of—

• (a) goods or services supplied to the applicant by other taxable persons in that Member State, or

• (b) the importation of goods into that Member State;

“non-deductible transactions” means transactions that do not give rise to a right of deduction in the Member State concerned;

“refund application” means an electronic application submitted for a refund of tax charged in the Member State of refund to an applicant in respect of goods or services supplied to the applicant by taxable persons in that Member State or in respect of the importation of goods into that Member State.

• (2) The Revenue Commissioners shall, in accordance with this section and regulations (if any), make a refund to an applicant of tax charged to the applicant by accountable persons in the State or tax charged to that applicant on the importation of goods into the State, in cases where a full and correct refund application has been received by them from the Member State in which the applicant is established.

(3)(a) Subject to paragraph (b), where the State is the Member State of refund, the amount of tax that is refundable in accordance with subsection (2) is the amount of tax charged to an applicant by an accountable person in respect of supplies of goods or services in the State, or on the importation of goods by the applicant into the State, if those goods or services are used by the applicant for the purpose of the applicant’s business, but only to the extent that the applicant would be able to deduct that amount under Chapter 1 of Part 8 if the applicant were an accountable person in the State.

• (b) Where an applicant undertakes in the applicant’s Member State of establishment both deductible transactions and non-deductible transactions, the amount to be refunded by the Member State of refund is the proportion of tax attributable to the deductible transactions as determined in accordance with the law of the applicant’s Member State of establishment.

• (4) An applicant who wishes to claim a refund of tax may apply for the refund only through the electronic portal set up for the purpose by the applicant’s Member State of establishment.

(5)(a) Where an applicant who carries out transactions of the kind referred to in subsection (3)(b) makes a refund application and the proportion of tax referred to in that subsection is subsequently adjusted, the applicant shall make a correction to the original amount that was applied for or has already been refunded.

• (b) The applicant shall make the correction in a refund application during the calendar year following the period for which the relevant refund application was made or, if the applicant makes no refund applications during that calendar year, by lodging a separate declaration via the electronic portal established by the Member State of establishment of the applicant.

(6)(a)(i) Where the State is the Member State of refund, the applicant shall ensure that the refund application covers tax charged in respect of supplies of goods or services invoiced to the applicant and importations by the applicant during a refund period, being a period of not more than one calendar year and, subject to subparagraph (ii), not less than 3 calendar months.

• (ii) A refund period may be less than 3 calendar months if the application in respect of the period relates to the last quarter of a calendar year.

• (b) A refund application may be lodged only on or before 30 September in the calendar year following the refund period.

• F288[(ba) F289[…]]

• (c) A refund application may cover tax charged in respect of transactions omitted from the applicant’s previous refund applications, but only if those transactions were completed during the relevant calendar year.

(7)(a) An applicant is not entitled to make a refund application under this section for an amount less than €400 if the claim is for a period of less than one calendar year but at least 3 months.

• (b) An applicant is not entitled to make a refund application under this section for an amount less than €50 if the claim is for a period that represents a full calendar year or the last quarter of a calendar year.

• (8) As soon as is practicable after deciding not to forward to another Member State a refund application made by an applicant established in the State on the grounds that the applicant is not entitled to a refund, the Revenue Commissioners shall notify the decision to the applicant by electronic means.

(9)(a) This subsection applies to a refund application in respect of which the State is the Member State of refund.

• (b) As soon as is practicable after receiving from an applicant a refund application to which this subsection applies, the Revenue Commissioners shall notify the applicant by electronic means of the date on which they received the application.

• (c) Within 4 months after the date on which they received a refund application from an applicant, the Revenue Commissioners shall, except as otherwise provided by this subsection—

• (i) decide whether or not to approve the application (whether wholly or partly), and

• (ii) notify their decision to the applicant by electronic means.

(d)(i) At any time within 4 months after the date on which they received a refund application from an applicant established in another Member State, the Revenue Commissioners may request additional information in support of the details provided in the application.

• (ii) A request referred to in subparagraph (i) may be made to the applicant, the competent authority of the Member State where the applicant is established or any other person whom the Revenue Commissioners reasonably believe to be capable of providing relevant information.

• (e) Where the Revenue Commissioners request additional information in accordance with paragraph (d), they shall, except when paragraph (g) applies—

• (i) decide whether or not to approve the application (whether wholly or partly), and

• (ii) notify their decision to the applicant by electronic means,

within 2 months after the relevant date.

• (f) For the purpose of this subsection, the relevant date is—

• (i) where the Revenue Commissioners receive the requested information within one month after the date on which the request was notified to the recipient, the date on which the Commissioners received the additional information,

• (ii) where the Revenue Commissioners do not receive the requested information within one month after the date on which the request was made to the recipient, the date on which that period ends,

• (iii) where the Revenue Commissioners receive the requested information within one month referred to in subparagraph (i), or that period expires without the Commissioners having received that information, the date that is 6 months after the date on which the refund application was made.

• (g) Where the Revenue Commissioners consider it necessary to do so, they may, at any time before they make a decision with respect to a refund application, request any of the persons referred to in paragraph (d) to provide further additional information concerning the application or the applicant.

• (h) Where the Revenue Commissioners request further additional information with respect to a refund application or the applicant as provided by paragraph (g), they shall—

• (i) decide whether or not to approve the application (whether wholly or partly), and

• (ii) notify their decision to the applicant by electronic means,

within 8 months after the date on which they received the refund application.

• (i) Where the Revenue Commissioners have reasonable doubts about the validity or accuracy of a refund application, they may request the original or a copy of the relevant invoice or importation document to be produced for inspection.

• (j) Without limiting the grounds on which the Revenue Commissioners may refuse a refund application, they may refuse to approve such an application on the ground that a request made by them under this subsection has been refused or has not been complied with within a reasonable time.

• (k) Where the Revenue Commissioners notify an applicant of their decision to approve a refund application either wholly or partly, they shall refund the amount due not later than 10 working days after the notification of the decision to the applicant.

• (l) Where the Revenue Commissioners decide to refuse to approve a refund application either wholly or partly, they shall include in their decision the grounds for the refusal.

• (10) Where the State is the Member State of refund, and the applicant requests payment of the refund to be made in another Member State, the Revenue Commissioners shall deduct from the refund amount any bank charges in respect of the payment.

(11)(a) An applicant who has obtained a refund from the Revenue Commissioners based on an incorrect refund application containing an erroneous claim or declaration (whether or not the error was made intentionally, recklessly or carelessly) shall—

• (i) repay to the Commissioners the amount incorrectly obtained as a refund, and

• (ii) pay an amount of interest to the Commissioners.

• (b) Any such interest is to be calculated at the rate provided for in section 114(2) from the date on which the refund was made to the day on which the applicant repays to the Revenue Commissioners the amount incorrectly obtained as a refund.

• (c) The liability imposed on an applicant by this subsection is in addition to the liability imposed by [F290section 116 or 116A, as appropriate].

• (12) While an applicant to whom subsection (11) applies continues to fail to pay the Revenue Commissioners an amount payable under that subsection, the Commissioners shall withhold any further refund to that applicant up to the amount that is due from the applicant under that subsection.

(13)(a) Subject to paragraph (b), where the Revenue Commissioners refund an amount due to an applicant but not within the time limits prescribed by subsection (9), they shall pay an amount of interest to the applicant calculated at the rate provided for in section 105(4) from the day following the last day of the period within which payment of the amount due is required to be made to the day on which the amount due is paid to the applicant.

• (b) Paragraph (a) does not apply if the applicant—

• (i) provides additional information in accordance with a request made by the Revenue Commissioners but not within one month after the date on which the request was notified to the applicant, or

• (ii) fails to provide all of the additional information requested within that period.

• (14) This section does not apply to F291[an applicant who supplies]—

• F292[(a) goods or services in respect of which the place of supply is the Member State of refund, other than—

• (i) goods or services for which the person who receives them is liable, F293[…]

• (ii) services, the supply of which is taxable in accordance with section 34(kc), to which the Union scheme (within the meaning of section 91A) applies,] F294[or]

• F294[(iii) goods, the supply of which is taxable in accordance with section 30, to which the import scheme (within the meaning of section 91A) applies, or]

• (b) a transport service, or a service ancillary to such a service, that is exempted in the Member State of supply in accordance with Article 144, 146, 148, 149, 151, 153, 159 or 160 of the VAT Directive.

102. Refunds to taxable persons established outside the Community. [VATA s. 13(3)]

102.—(1) In this section “deductible tax”, in relation to a person to whom this section applies—

• (a) subject to paragraph (b), means tax chargeable (including any flat-rate addition) in respect of goods or services used by the person for the purposes of any business carried on by him or her to the extent that such tax would be deductible by that person under Chapter 1 of Part 8 if the business were carried on by that person within the State,

• (b) does not include tax chargeable in respect of goods for supply within the State.

• (2) In accordance with regulations, the Revenue Commissioners shall repay, to a person to whom this section applies, deductible tax chargeable in respect of supplies of goods or services to that person or in respect of goods imported by him or her.

• (3) This section applies to a person who satisfies the Revenue Commissioners that the person—

• (a) carries on a business outside the Community, and

• F295[(b) supplies no goods or services in the State other than—

• (i) services for which, in accordance with section 10, 12, 16(3)(b) or 17(1), the person to whom they are supplied is solely liable for the tax that is F296[chargeable,]

• (ii) services, the supply of which is taxable in accordance with section 34(kc), to which the non-Union scheme (within the meaning of section 91A) F296[applies, or]]

• F297[(iii) goods, the supply of which is taxable in accordance with section 30, to which the import scheme (within the meaning of section 91A) applies.]

103. Ministerial refund orders. [VATA s. 20(3)]

103.—(1) F298[Subject to subsection (2A), the Minister] may by order provide that a person who fulfils to the satisfaction of the Revenue Commissioners such conditions as may be specified in the order shall be entitled to be repaid so much, as is specified in the order, of any tax borne or paid by the person as does not qualify for deduction under Chapter 1 of Part 8.

• (2) F298[Subject to subsection (2A), the Minister] may by order amend or revoke an order under this section, including an order under this subsection.

• F299[(2A) Where the Minister makes an order under this section, the Minister, in making the order, shall have regard to one or both of the following:

• (a) the nature or purpose, including any social purpose, of the goods or services to which the refund the subject of the order relates;

• (b) the nature or purpose of the person referred to in subsection (1) in relation to the goods or services to which the refund the subject of the order relates.

• F300[(2AA) Where a person referred to in subsection (1) has received a refund of tax, which is the subject of an order made under this section, and where, at any time after the refund of tax has been made, the Revenue Commissioners have reasonable grounds to believe that details of the claim giving rise to the refund were incorrect and that the person was therefore not entitled to all or part of that refund, it shall be considered that the conditions as specified in the order were not fulfilled by that person and accordingly that person shall be required to repay all or part of the refund, as appropriate, to the Revenue Commissioners.]

• (2B) Where the Minister makes an order under this section, the Minister may specify requirements in the order, to be complied with by the person referred to in subsection (1) after the refund the subject of the order has been paid to him or her, relating to—

• (a) the carrying out of a review—

• (i) at such time, or

• (ii) upon the occurrence of such event,

as may be specified in the requirement concerned, to ascertain whether the conditions specified in the order continue to be fulfilled in relation to that person, or in relation to the goods or services to which such refund relates, or both, and

• (b) the repayment to the Revenue Commissioners of all or part of such refund, as specified in the requirement concerned, if, following such review, it is ascertained that one or more of those conditions—

• (i) is no longer fulfilled, or

• (ii) has, at any stage after such refund has been paid to that person, temporarily ceased to be fulfilled.]

• (3) An order under this section may, if so expressed, have retrospective effect.

• (4) An order under this section 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 it.

104. Repayments in specific circumstances. [VATA ss. 5(6A), 13(1)(b) and (c), (2)(b) and (c) and (3A) and 20(2)]

104.—(1)(a) In accordance with regulations, the Revenue Commissioners shall repay, to a person to whom this subsection applies, the residual tax included in the consideration for supply of a new means of transport where such new means of transport is subsequently dispatched or transported to another Member State.

• (b) This subsection applies to a person who is not entitled to a deduction under Chapter 1 of Part 8 of the tax borne or paid by the person on the purchase, intra-Community acquisition or importation of the new means of transport in question.

(2)(a) F301[…]

• (b) F301[…]

• (c) F301[…]

• (d) Where a telephone card is used to access a telecommunications service, the value of the telephone card so used shall, for the purposes of section 37(3), be disregarded.

• (3) Notwithstanding anything in this Act, a refund of the tax paid in respect of radio broadcasting reception apparatus and parts thereof belonging to an institution or society may be made to the institution or society but only if—

• (a) in the opinion of the Revenue Commissioners, it has for its primary object the amelioration of the lot of blind persons, and

• (b) it shows, to the satisfaction of the Revenue Commissioners, that the goods in question are intended for the use of blind persons.

• (4) Regulations may make provision for remitting or repaying, subject to such conditions (if any) as may be specified in the regulations or as the Revenue Commissioners may impose, the tax chargeable in respect of the supply of goods, or of such goods as may be specified in the regulations, in cases where the Commissioners are satisfied that—

• (a) the goods have been shipped on board an aircraft or ship proceeding to a place outside the State,

• (b) the goods are, or are to be used in, a fishing vessel used or to be used for the purposes of commercial sea fishing.

• (5) Regulations may make provision for remitting or repaying, subject to such conditions (if any) as may be specified in the regulations or as the Revenue Commissioners may impose, the tax chargeable in respect of the supply of both or any one (as may be specified in the regulations) of the following services:

• (a) the repair, maintenance and hiring of plant or equipment used in a vessel or an aircraft specified in paragraph 4(2) of Schedule 2,

• (b) the repair, maintenance and hiring of a vessel used, or of plant or equipment used in a vessel used, for the purposes of commercial sea fishing.

105. Interest on refunds of tax. [VATA s. 21A]

105.—(1) For the purposes of this section—

“claimant” means a person who submits a valid claim for a refundable amount;

“overpaid amount” means an amount which is a refundable amount as a result of a claimant having made a payment of tax;

“refundable amount” means an amount which a person is entitled to receive from the Revenue Commissioners in accordance with this Act or any order or regulations made under this Act and which is claimed within the period provided for in section 99(4), but such amount does not include interest payable under this section;

“valid claim” means a return or a claim, furnished in accordance with this Act or any order or regulations made under this Act, and which includes all information required by the Revenue Commissioners to establish the refundable amount.

• (2) Where a mistaken assumption in the operation of the tax is made by the Revenue Commissioners and, as a result, a refundable amount is payable to a claimant, interest at the rate set out in subsection (4) or prescribed by order under subsection (7) shall, subject to F302[section 960H(4)] of the Taxes Consolidation Act 1997, be payable by the Revenue Commissioners on that amount from—

• (a) in the case of an overpaid amount, the day that overpaid amount was received by the Revenue Commissioners,

(b)(i) subject to subparagraph (ii), in the case of any other refundable amount, the 19th day of the month following the taxable period in respect of which a claimant would have been entitled to receive a refundable amount but for the mistaken assumption in the operation of the tax by the Revenue Commissioners,

• (ii) where a return was due in accordance with Chapter 3 of Part 9 from the claimant referred to in subparagraph (i) in respect of the taxable period referred to in that subparagraph, the day such return was received,

to the day on which the refundable amount is paid by the Revenue Commissioners to the claimant.

• (3) Where, for any reason other than a mistaken assumption in the operation of the tax made by the Revenue Commissioners, a refundable amount is payable to a claimant but is not paid until after the expiry of 93 days from the day the Revenue Commissioners receive a valid claim for that amount, interest at the rate specified in subsection (4) or prescribed by order under subsection (7) shall, subject to F302[section 960H(4)] of the Taxes Consolidation Act 1997, be payable by the Revenue Commissioners on that amount from the day on which that 93 days expires to the day on which the refundable amount is paid by the Revenue Commissioners to the claimant.

• (4) Interest payable in accordance with this section shall be simple interest payable at the rate of 0.011 per cent per day or part of a day, or such other rate as may be prescribed by the Minister by order under subsection (7).

• (5) Interest shall not be payable if it amounts to less than €10.

(6)(a) The Revenue Commissioners shall not pay interest in respect of any amount under this Act except as provided for by this section.

• (b) This section shall not apply in relation to any refund of tax in respect of which interest is payable under or by virtue of [F303section 941 of the Taxes Consolidation Act 1997 as it applies for the purposes of value-added tax].

(7)(a) The Minister may, from time to time, make an order prescribing a rate for the purposes of subsection (4).

• (b) Every order made by the Minister under paragraph (a) 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 it.

• (8) The Revenue Commissioners may make regulations as necessary governing the operation of this section.

PART 13 Administration and General

Chapter 1 Administration

106. Care and management of tax. [VATA s. 43]

106.— Tax is hereby placed under the care and management of the Revenue Commissioners.

107. Officer responsible in case of body of persons. [VATA s. 33]

107.—(1) In this section “provisions relating to tax” means—

• (a) the provisions of this Act and regulations, and

• (b) the provisions relating to tax of any subsequent Act.

• (2) The secretary or other officer acting as secretary for the time being of any body of persons shall be answerable in addition to the body for doing all such acts as are required to be done by the body under any of the provisions relating to tax.

• (3) Every officer referred to in subsection (2) may from time to time retain out of any money coming into that officer’s hands, on behalf of the body, so much thereof as is sufficient to pay the tax due by the body and shall be indemnified for all such payments made in pursuance of this section.

• (4) Any notice required to be given to a body of persons under any of the provisions relating to tax may be given to the secretary or other officer acting as secretary for the time being of that body.

108. Inspection and removal of records. [VATA s. 18]

108.—(1) In this section—

“authorised officer” means an officer of the Revenue Commissioners authorised by them in writing for the purposes of this section;

“records” means any document, or any other written or printed material in any form, including any information stored, maintained or preserved by means of any mechanical or electronic device, whether or not stored, maintained or preserved in a legible form, which a person is required to keep, retain, issue or produce for inspection or which may be inspected under any provision relating to tax.

• (2) For the purposes of this Act and regulations, an authorised officer may at all reasonable times enter any premises or place where he or she has reason to believe that business is carried on or anything is done in connection with business and—

• (a) may require the person carrying on the business, or any person on those premises or in that place who is employed by the person carrying on the business or who is associated with that person in the carrying on of the business, to produce any books, records, accounts or other documents relating to the business or to any other business which the authorised officer has reason to believe may be, or have been, connected with such business or have, or have had, trading relations with such business,

• (b) may, if the authorised officer has reason to believe that any of the books, records, accounts or other documents which he or she has required to be produced to him or her under this subsection have not been so produced, search in those premises or that place for those books, records, accounts or other documents,

• (c) may, if the authorised officer has reason to believe that a person is carrying or has in that person’s possession any records which may be required as evidence in criminal proceedings in accordance with section 1078 of the Taxes Consolidation Act 1997 in relation to the tax, request the person to produce any such records, and if that person should fail to do so, the authorised officer or a member of the Garda Síochána may search that person, provided that—

• (i) the officer or the member of the Garda Síochána conducting the search ensures, as far as practicable, that the person understands the reason for the search,

• (ii) the search is conducted with due regard to the privacy of that person,

• (iii) the person being searched is not searched by an officer or member of the Garda Síochána of the opposite sex, and

• (iv) the person being searched is not requested to remove any clothing other than headgear or a coat, jacket, glove or a similar article of clothing,

• (d) may, in the case of any such books, records, accounts or other documents produced to or found by the authorised officer, take copies of or extracts from them and remove and retain them for such period as may be reasonable for their further examination or for the purposes of any proceedings in relation to tax,

• (e) may, if the authorised officer has reason to believe that goods connected with taxable supplies, intra-Community acquisitions or importations are held on those premises or in that place and that particulars of such goods have not been kept and retained, as required by this Act or by regulations, in the books, records, accounts or other documents of the business or of any other business similarly required to keep and retain particulars of those goods, search those premises or that place for those goods and, on their discovery, examine and take particulars of them,

• (f) may require the person carrying on the business, or any person on those premises or in that place who is employed by the person carrying on the business or who is associated with that person in the carrying on of the business, to give the authorised officer all reasonable assistance, including providing information and explanations and furnishing documents in connection with the business, as required by the authorised officer.

• (3) Nothing in subsection (2) shall be construed as requiring any person carrying on a profession, or any person employed by any person carrying on a profession, to produce to an authorised officer any documents relating to a client, other than such documents as are material to the tax affairs of the person carrying on the profession and, in particular, any such person shall not be required to disclose any information or professional advice of a confidential nature given to a client.

• (4) An accountable person shall, on request from an authorised officer, furnish to that officer, in respect of a specified period, the following information:

• (a) the name and address of each of his or her customers;

• (b) the total consideration payable in respect of supplies of goods and services made by him or her to each such customer and the tax thereon;

• (c) the value and description of any gifts or promotional items given by him or her to any person in connection with such supplies or any other payments made by him or her to any person in connection with such supplies;

• (d) the name, address and registration number of each of his or her suppliers;

• (e) the total consideration payable in respect of goods and services supplied to him or her from each supplier and the tax thereon.

• (5) A person shall not wilfully obstruct or delay an authorised officer in the exercise of his or her powers under this section.

• (6) Where, in pursuance of this section, an authorised officer enters any premises, carries out any search or requests production of any documents, he or she shall, on request, show his or her authorisation for the purpose of this section to the person concerned.

• F304[(7) The cases in which there is exercisable the powers conferred on an authorised officer by this section shall include the case specified in F305[subsection (8)] and this section shall be construed and have effect accordingly.

• F305[(8)
• (a) In this subsection—

“EEA Agreement” means the Agreement on the European Economic Area signed at Oporto on 2 May 1992 as adjusted by all subsequent amendments to that Agreement;

“EEA state” means a state which is a contracting party to the EEA Agreement;

“EU value-added tax” means value-added tax referred to in the VAT Directive and includes tax within the meaning of section 2;

“financial institution” means—

• (i) a person who holds or has held a licence under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971 , or a person who holds or has held a licence or other similar authorisation under the law of an EEA state, other than the State, which corresponds to a licence granted under the said section 9,

• (ii) a person referred to in section 7(4) of the Central Bank Act 1971 , or