(1) Subject to subsections (2), (3) and (4) -
(a) the amount or value of any assets that a PRSA administrator makes available to, or pays to, a PRSA contributor or to any other person, including any annuity where the whole or part of the consideration for the grant of the annuity consisted of assets which, at the time of application of the said assets for the purchase of the annuity, were PRSA assets, shall, notwithstanding anything in section 18 or 19, be treated as a payment to the PRSA contributor of emoluments to which Schedule E applies and, accordingly, the provisions of Chapter 4 of Part 42 shall apply to any such payment or amount treated as a payment, and
(b) the PRSA administrator shall deduct tax from the assets at the higher rate for the year of assessment in which the assets are made available unless the PRSA administrator has received from the Revenue Commissioners a revenue payroll notification (within the meaning of section 983) for that year in respect of the PRSA cont
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