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Remittance Notes

BCL Law Notes > Revenue Law Notes

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Schedule D Case III charges are governed by s.18(2) TCA 1997 and in summary concerns
"charges [to] untaxed interest and income from foreign property" (Taxworld) basically,
income from investing abroad which is not subject to tax at the source. S.18(2)(a)-(f),
provides indication as to the types of incomes which are subject to a Case III charge. It is important to, take time to evaluate some of the six categories due to the fact that each contain a certain distinguishing factor from the others. To begin with s.18(2)(a), the first chargable income is on "any interest of money, any annuity or other annual payment", this is one of the more common of the six and thus is important. The term interest of money has been defined in the case of Re Euro Hotel (Belgravia) Ltd. [1975] to contain two key requirements to classify something as interest these are, "a reference amount and sums due"(Bowler Smith p.158). An annuity is also taxable under this case however, not as popular, the term annuity is defined in Foley v. Fletcher, which states that "an annuity represents the liquidation of a capital sum in return to a right to a future interest". Such as something like a pension where you pay a sum into it and they give back an annuity sum at the end. An annual payment occurs then If you cannot tie an income to the previous too, this form of income is more general and can apply to things such as income distribution from a trust or in a more general term pure income profit (Re. Hanbury).
Annuities and annual payments take special tax treatments founded in s.237 & 238 of the

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