817HB Duties of Revenue Commissioners

Summary

This section deals with the duties of Revenue in relation to disclosures. Revenue must, within 90 days, determine whether or not the transaction is a disclosable transaction. If the transaction is disclosable, Revenue must assign a unique transaction number to the transaction to the person who disclosed the transaction.

Details

(1) Within 90 days of receipt of a disclosure, Revenue will either determine that the transaction was not a disclosable transaction or assign a unique transaction number to that transaction. Revenue must notify the person who made the disclosure of either the determination or the unique number.

(2) If Revenue request supplemental information in relation to the disclosure, then the 90 day period within which the duties in subsection (1) must be complied with starts on the day all of that supplemental information is received.

(3) A person who obtains, or seeks to obtain, a tax advantage from a disclosable transaction must include the transaction number on the Form 11 or Form CT1 (as appropriate) that that person is required to file under Part 41A, for each year in which that person enters into a transaction that is part of the disclosable transaction and for each year that they obtain, or seek to obtain, a tax advantage.

(4) A person who was not provided with a transaction number, either because the transaction was not assigned a number or because the transaction was not disclosed, will be deemed to have complied with the obligation to include the transaction number under subsection (3) if they instead provide Revenue with the specified information in relation to the transaction.

Relevant Date: Finance Act 2021