49Z.(1) In this section—

"the Acts" has the meaning given to it by section 1095 of the Taxes Consolidation Act 1997;

"Collector-General" has the meaning given to it 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;

"tax clearance certificate" has the meaning given to it by whichever of section 1094 or 1095 of the Taxes Consolidation Act 1997 applies in the particular case.

(2) This section applies where, in the performance of any of its functions under this Part, the Agency or a subsidiary of the Agency, as the case may be, is obliged to pay an amount of money to a relevant person.

(3) Where this section applies, the Agency or the subsidiary of the Agency, as the case may be, shall not make any payment to a relevant person until—

(a) the relevant person delivers to the Agency or the subsidiary of the Agency, as the case may be, or to a person authorised by the Agency or the subsidiary of the Agency, a valid tax clearance certificate issued to the relevant person by the Collector-General, or

(b) the Collector-General has confirmed to the Agency or the subsidiary of the Agency, as the case may be, following a request from the Agency or the subsidiary 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 the Agency or a subsidiary of the Agency, as the case may be, because of any outstanding tax and the Agency or the subsidiary of the Agency is obliged to pay an amount of money to the relevant person, the relevant person may issue a notice in writing to the Agency or the subsidiary of the Agency 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 the Agency or the subsidiary of the Agency, as the case may be, pursuant to subsection (4), the Collector-General shall notify the relevant person.]