(1) THAT Chapter 2C of Part 30 of the Taxes Consolidation Act 1997 (No. 39 of 1997) be amended -

(a) in section 787O—

(i) in subsection (1) —

(I) in the definition of "maximum tax-relieved pension fund" by substituting "7 December 2005" for "the specified date",

(II) in the definition of "personal fund threshold"—

(A) by substituting the following for paragraph (a):

"(a) (i) where the individual is an individual to whom the Revenue Commissioners have, before the specified date, issued a certificate in accordance with subsection (5), the amount stated in that certificate as being the individual's personal fund threshold, and

(ii) in any other case, for the year of assessment 2010, as on and from the specified date, and for the year of assessment 2011, the lower of—

(I) €5,418,085, and

(II) (A) where no benefit crystallisation event in relation to the individual has occurred on or after 7 December 2005 and the individual has uncrystallised pension rights on the specified date, the amount of the uncrystallised pension rights on the specified date in relation to the individual, where the amount of those rights on that date exceed the standard fund threshold, or

(B) where one or more than one benefit crystallisation event in relation to the individual has occurred on or after 7 December 2005 and the individual has uncrystallised pension rights on the specified date, the aggregate of the amounts crystallised by those benefit crystallisation events and the amount of the uncrystallised pension rights on the specified date in relation to the individual, where the aggregate amount of those crystallised and uncrystallised rights exceed the standard fund threshold, and",

and

(B) in paragraph (b) by substituting the "year of assessment 2011" for "year of assessment 2006",

(III) by substituting the following for the definition of "specified date":

" 'specified date' means 7 December 2010;",

and

(IV) in the definition of "standard fund threshold"—

(A) by substituting the following for paragraph (a):

"(a) for the year of assessment 2010, as on and from the specified date, and for the year of assessment 2011, €2,300,000, and",

and

(B) in paragraph (b) by substituting the "year of assessment 2011" for "year of assessment 2006",

and

(ii) by substituting the following for subsection (2)(b):

"(b) Where the administrator of a relevant pension arrangement has, before the specified date, used a valuation factor (in this subsection referred to as the 'first-mentioned factor') other than the relevant valuation factor referred to in paragraph (a), then, in such a case, the first-mentioned factor is the relevant valuation factor for the purposes of this Chapter and Schedule 23B.",

(b) in section 787P—

(i) by substituting the following for subsection (1):

"(1) An individual's maximum tax-relieved pension fund shall not exceed—

(a) the standard fund threshold, or

(b) the personal fund threshold, where—

(i) the condition set out in subsection (2) is met and the Revenue Commissioners have issued a certificate in accordance with subsection (5) or a revised certificate in accordance with subsection (6), or

(ii) the Revenue Commissioners have, before the specified date, issued a certificate in accordance with subsection (5).",

and

(ii) in subsection (5)—

(I) by substituting "Subject to subsection (6), the Revenue Commissioners" for "The Revenue Commissioners",

(II) by substituting the following for all of the words from "shall, on being satisfied" to the end of the provision:

"shall, within 30 days of receipt of the notification or, as the case may be, the late notification, or such longer time as they may require for the purposes of this subsection, issue a certificate to the individual stating the amount of the personal fund threshold.",

and

(III) by inserting the following after subsection (5):

"(6) Notwithstanding subsection (5), the Revenue Commissioners may at any time withdraw a certificate issued in accordance with that subsection (in this subsection referred to as the 'first-mentioned certificate') and issue a revised certificate if, following the issue of the first-mentioned certificate, the Commissioners are not satisfied that the calculation of the personal fund threshold contained in the notification referred to in subsection (2) or, as the case may be, the late notification referred to in subsection (4) was correct.",

(c) in section 787Q(1) by substituting "7 December 2005" for "the specified date",

(d) in section 787R—

(i) by substituting the following for subsection (2):

"(2) The persons liable for income tax charged under subsection (1) shall be the administrator of the relevant pension arrangement under which the benefit crystallisation event arises and the individual in relation to whom the benefit crystallisation event occurs and their liability shall be joint and several.",

and

(ii) in subsection (4)—

(I) by deleting "on or after the date of passing of the Finance Act 2006",

(II) in paragraph (b) by substituting "7 December 2005" for " the specified date", and

(III) in paragraph (d) by inserting "whether issued before or after the specified date," after "under section 787P(5),",

and

(e) in section 787S—

(i) by substituting the following for subsection (1):

"(1) The administrator of a relevant pension arrangement shall, within 3 months of the end of the month in which the benefit crystallisation event giving rise to the chargeable excess occurs, make a return to the Collector-General which shall contain—

(a) the name and address of the administrator,

(b) the name, address and PPS Number of the individual in relation to whom the benefit crystallisation event has occurred,

(c) details of the relevant pension arrangement under which the benefit crystallisation event giving rise to the chargeable excess has occurred,

(d) the amount of, and the basis of calculation of, the chargeable excess arising in respect of the benefit crystallisation event, and

(e) details of the tax which the administrator is required to account for in relation to the chargeable excess.",

(ii) by deleting subsection (2), and

(iii) in subsection (7)(b) by substituting "0.0219 per cent" for "0.0273 per cent".

(2) THAT Schedule 23B to the Taxes Consolidation Act 1997 (No. 39 of 1997) be amended—

(a) in paragraph 2(d) by substituting "7 December 2005" for "the specified date",

(b) in paragraph 4 by substituting "7 December 2005" for "the specified date" in each place, and

(c) in paragraph 5 by substituting the following for subparagraph (2):

"(2) The adjustment referred to in subparagraph (1) is the amount crystallised by the previous benefit crystallisation event multiplied by the higher of 1 and the number determined by the formula—

A

B

where—

A is the standard fund threshold or, as the case may be, the personal fund threshold at the date of the current event, and

B is the standard fund threshold or, as the case may be, the personal fund threshold at the date of the previous benefit crystallisation event,

and where an individual did not have a personal fund threshold at the date of the previous benefit crystallisation event, the standard fund threshold at that date shall be used for B in the formula.".

(3) THAT this Resolution shall have effect as on and from 7 December 2010.

(4) IT is hereby declared that it is expedient in the public interest that this resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act 1927 (No. 7 of 1927).