National Asset Management Agency Act 2009

213.

NAMA, etc., not to make payments in certain circumstances.

213.— (1) In this section—

“the Acts” has the meaning given by section 1095 of the Taxes Consolidation Act 1997;

“Collector-General” has the meaning given by section 2(1) of the Taxes Consolidation Act 1997;

“outstanding tax”, in relation to a relevant person, means any obligation on the relevant person arising under the Acts in relation to the payment or remittance of any taxes, interest or penalties required to be paid or remitted under the Acts;

“relevant person” means a debtor, associated debtor, guarantor, surety or chargor and includes a connected person (within the meaning given by section 10 of the Taxes Consolidation Act 1997) in relation to a debtor, associated debtor, guarantor, surety or chargor.

(2) This section applies where in the exercise of any of its functions under this Act, NAMA or a NAMA group entity is obliged to pay an amount of money to a relevant person.

(3) Where this section applies, NAMA or the NAMA group entity concerned shall not make any payment to a relevant person until—

( a) the relevant person delivers to NAMA, or to a person authorised by NAMA, a valid tax clearance certificate issued to the relevant person by the Collector-General, or

( b) the Collector-General has confirmed to NAMA, following a request from NAMA, that it has no objection to the making of a payment to the relevant person.

(4) Where a relevant person is unable to produce a valid tax clearance certificate to NAMA because of any outstanding tax and NAMA or a NAMA group entity is obliged to pay an amount of money to the relevant person, the relevant person may issue a notice in writing to NAMA or the NAMA group entity directing it to forward to the Collector-General—

( a) where the amount of money is greater than the outstanding tax, an amount of money equal to the amount of the outstanding tax, or

( b) where the amount of money is equal to or less than the outstanding tax, that amount of money.

(5) On receipt by the Collector-General of an amount of money paid by NAMA or a NAMA group entity pursuant to subsection (4) , the Collector-General shall notify the relevant person.