S508E Reporting of relief by qualifying companies

(1) A qualifying company shall include details of the qualifying investment in a return required under Part 41A for the accounting period in which the eligible shares were issued, and the company shall, notwithstanding anything contrary in Part 41A or section 1084 be deemed to be a chargeable person for that accounting period.

(2) No more than 4 months after the end of the year of assessment in which the shares were issued for a qualifying investment a qualifying company must give to the Revenue Commissioners through the electronic means Revenue makes available, any information they may require for the purposes of annual reports required under Article 11 of the General Block Exemption Regulation and as necessary for the administration of the relief.

(2)(a)(b) This will include, the name and address of the company, the CRO number of the company. It will include, the amount of finance raised and the date of share issue and type of relief availed of, as well as the name, address and PPS Number of each investor and the amount of relevant investment made by each investor.

(3) Notwithstanding section 851A, the Revenue Commissioners may provide any information obtained as set out under subsection (2)(a) to the person submitting such annual report and it will publish the following information regarding all qualifying companies:

• the name of the company
• the address of the company
• the CRO number of the company
• the amount of finance raised
• the date of the share issue and type of relief

(4) Where a company does not comply with the requirements to provide information under this section, the company will be liable to a penalty of €2,000. If they have still not provided that information after the date the return must be filed under section 41A, or 30 days, whichever is appropriate, an additional penalty of €50 for each day that failure continues.

Relevant Date: Finance Act 2021