960S Security for certain taxes

Summary

The Revenue Commissioners may, where it appears requisite to them to do so for the protection of the revenue, require a person in business to give a security or a further security in relation to fiduciary taxes. It shall be on offence for a person, who is required to provide a security, to engage in business without providing the security. A person who is dissatisfied with a requirement to provide a security has a right of appeal to the Appeal Commissioners against such requirement.

Details

(1) Definitions of “business” and “tax” are provided for this section. The taxes concerned are fiduciary taxes are tax deducted by employers under the PAYE System, Relevant Contracts Tax (sub-contractors, etc.), universal social charge, Value Added Tax and local property tax.

(2) The Revenue Commissioners may require a security where it is considered necessary to protect fiduciary taxes due to the Exchequer. This will only apply where there is a perceived risk that the fiduciary taxes may not be remitted.

(3) A written notice must issue to a person where a decision to require a security has been made.

(4) It is an offence for person, who has been served with a written notice under subsection (2) requiring a security, to engage in business until the required security is in place.

(5) A right of appeal is available to a person against a decision to require that person to provide a security.

(6) Where a decision to require a security has been appealed, the prohibition on engaging in business under subsection (4) will not apply until the matter is determined by the Appeal Commissioners.

Relevant Date: Finance Act 2021