The reporting deadline of 1 September 2009 is fast approaching for professional advisers, financial institutions and persons who, in the course of a trade / profession, have been concerned with the making of settlements / trust arrangements, involving non-resident trustees, in the period between 24 December 2003 and 30 April 2009.
Persons who come within the terms of the reporting requirement as outlined above have until 1 September to make a return Form 8-S to Revenue giving the names and addresses of the Irish resident / ordinarily resident settlors, non-resident trustees and the dates of the settlements. Readers of eNews will be aware of the efforts the ICAI and CCAB-I have made in seeking clarity on what structures and persons come within the terms of this reporting requirement as introduced by F(No2)A 2008.
1 September is also a key date for taxpayers with undeclared tax liabilities in relation to trusts / structures either on the underlying funds and assets, or the profits and gains arising within, or disbursements made out of the trusts / structures. Taxpayers have until 1 September 2009 to deliver a Notice of Intention to make a qualifying disclosure in respect of such irregularities to Revenue. The deadline for making the follow-up Disclosure and Payment is 31 October 2009.
Full details of the Trust and Offshore Structure enquiry and the reporting deadlines for professional advisors is available here