Revenue: The Finance Bill clears the way for the Revenue to obtain information on individuals who are in line for windfalls from demutualising building societies and life assurance companies.
The bill provides for the Revenue to get certain information on Irish members who are entitled to cash payments when these companies convert from their mutual status. The legislation will affect qualifying policyholders who are customers of Standard Life which is scheduled to demutualise this year.
The Irish Nationwide building society is awaiting the adoption of further new legislation that would clear the way for its demutualisation and a cash payment to its qualifying account-holders.
The EBS is also a mutually owned and this provision would apply to its members if it were to demutualise.
The Government states that the reason for this provision of information is to enable these individuals to discharge their capital gains tax liabilities in a "speedy fashion". Capital gains tax would apply on the cash payment that is awarded to members when these companies change their status.
The Bill also allows a change in stamp duty restructuring relief that will apply in the case of certain life assurance company demutualisations. This change will provide for an exemption from stamp duty that would apply to members from the change in status to a limited company.
