960R Power of Collector-General to require certain persons to provide return of property

This section enables the Collector-General or a nominated Revenue officer to require a statement of affairs to be delivered within 30 days of the date of the notice from persons who are not engaging with the Collector-General’s Office in relation to their tax affairs. A statement of affairs is a statement of the assets and liabilities of a person.

A statement of affairs can be sought from the spouse or civil partner of an individual where that individual and his or her spouse or civil partner are jointly assessed to income tax under section 1017 or section 1031C.

The statement of affairs must contain details relating to the market value of all assets (including details of any charges or encumbrances on those assets) and liabilities of the persons concerned on the specified date and their income and outgoings and must contain in respect of each liability and each item of income or outgoings such information as the Collector-General may specify in the prescribed form. The property of minor children and minor children of a civil partner must be included in the statement of affairs where those assets have previously been disposed of by that person, whether to the minor child or not, or where the assets were acquired for the minor child with funds provided directly or indirectly by the individual concerned. Guidelines for calculating the cost of acquisition of an asset are included.

Trustees may be asked to provide a statement of affairs in respect of the assets and liabilities of a trust.

The person completing the statement of affairs must also sign it and include a statutory declaration that the statement is correct to the best of that person’s knowledge and belief.

Relevant Date: Finance Act 2021