Taxes Consolidation Act, 1997 (Number 39 of 1997)
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508A Reporting of relief.
(1) A person (being a qualifying company or the managers of a designated fund) shall, when required to do so by notice in writing by the Revenue Commissioners, furnish the Revenue Commissioners within such time as may be specified in the notice (not being less than 30 days) with such information, in relation to the relief provided for in this Part, as the Revenue Commissioners may reasonably require from that person for the purpose of the annual reports required in accordance with section 7.1 of the Community Guidelines on State Aid to Promote Risk Capital Investments in Small and Medium-Sized Enterprises 2.
(2) Notwithstanding any obligation as to secrecy imposed on them by the Tax Acts or the Official Secrets Act 1963, the Revenue Commissioners may furnish the information obtained in accordance with subsection (1) to the person submitting the annual reports referred to in that subsection.
(3) The Revenue Commissioners may nominate any of their officers to discharge any function authorised by this section to be discharged by the Revenue Commissioners.
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(3A) No obligation as to secrecy imposed by statute or otherwise shall preclude the Revenue Commissioners from publishing information obtained by them in accordance with subsection (1).
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(4) Where any person fails to comply with a requirement to furnish the information in accordance with subsection (1), that person shall be liable to a penalty of €2,000 and, if that failure continues after the period of 30 days referred to in that subsection, a further penalty of €50 for each day on which the failure so continues.
Footnotes
2OJ No. C194 of 18 August 2006, p.20.
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508A. Statement of qualification by qualifying company
(1) A qualifying company shall issue to a qualifying investor, or managers of a designated fund [5]>or qualifying investment fund,<[5] as the case may be, a statement of qualification in respect of a qualifying investment.
(2) For the purposes of this Part, a ‘‘statement of qualification’’ is a statement by the company to the effect that——
(a) the company is a qualifying company, and
(b) the investment is a qualifying investment within the meaning of section 496.
(3) The statement of qualification shall also——
(a) contain——
(i) in respect of the company, the company’’s name, address and tax reference number,
(ii) in respect of the share issue, the date of the share issue, the class of share issued, the amount subscribed and the number of shares issued,
(iii) where the investment is made by an individual, the individual’s name, address and PPS Number,
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(iv) where the investment is made through a designated fund, the designated fund’s name, address and tax reference number,
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(iv) where the investment is made through a designated fund or qualifying investment fund, the name, address and tax reference number of the designated fund or the qualifying investment fund, as the case may be,
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(v) the date on which 30 per cent of the amount raised has been expended on a qualifying purpose,
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(vi) the amount of the investment which qualifies for relief under [9]>section 502(2)(a)<[9][9]>subsection (2)(a) or (2A) of section 502, as the case may be<[9], after any reduction required by section 497 or section 508R, and
(vii) such other information as the Revenue Commissioners may reasonably require,
(b) be in such form as the Revenue Commissioners may direct, and
(c) contain a declaration that it is a ‘‘statement of qualification’’ made under this section.
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(4) A qualifying company may not issue a statement of qualification in respect of a qualifying investment——
(a) until it has spent 30 per cent of the amount raised on a qualifying purpose, or
(b) more than two years after the end of the year of assessment in which the shares were issued.
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(4) A qualifying company may not issue a statement of qualification in respect of a qualifying investment more than 4 months after the end of the year of assessment in which the shares were issued.
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Repealed by FA11 s33(1)(a). Has effect in respect of shares issued on or after 25 November 2011. Note: FA 12 s26 (2) amends FA 11 s33 and provides: (b) This section does not have effect in respect of shares issued before 25 November 2011 and, for all the purposes of Part 16 in connection with those shares, the Principal Act has effect as if this section had not been enacted. (c) This section does not have effect in respect of shares issued on or after 25 November 2011 and on or before 31 December 2011 where— (i) the company issuing the shares, or (ii) where the shares are acquired by an investment fund, the fund acquiring the shares, elects by notice in writing to the Revenue Commissioners on or before 31 December 2011 that, for all the purposes of Part 16 in connection with those shares, the Principal Act has effect as if this section had not been enacted.
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Substituted by FA18 s25(1). Has effect as respects shares issued on or after 1 January 2019.
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Deleted by FA21 s26(1)(e)(ii)(II). Has effect as respects shares issued on or after 1 January 2022.
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Substituted by FA21 s26(1)(e)(iii). Has effect as respects shares issued on or after 1 January 2022.