784E Returns, and payment of tax, by qualifying fund managers.
(1) A qualifying fund manager shall, within 14 days of the end of the month in which a distribution is made out of the residue of an approved retirement fund, make a return to the Collector-General which shall contain details of—
(a) the name and address of the person in whose name the approved retirement fund is or was held,
(b) the tax reference number of that person,
(c) the name and address of the person to whom the distribution was made,
(d) the amount of the distribution, and
(e) the tax which the qualifying fund manager is required to account for in relation to that distribution (hereafter in this section referred to as “the appropriate tax”).
(2) The appropriate tax in relation to a distribution which is required to be included in a return shall be due at the time by which the return is to be made and shall be paid by the qualifying fund manager to the Collector-General, and the appropriate tax so due shall be payable by the qualifying fund manager without the making of an assessment; but appropriate tax which has become so due may be assessed on the qualifying fund manager (whether or not it has been paid when the assessment is made) if that tax or any part of it is not paid on or before the due date.
(3) Where it appears to the inspector that there is any amount of appropriate tax in relation to a distribution which ought to have been but has not been included in a return, or where the inspector is dissatisfied with any return, the inspector may make an assessment on the qualifying fund manager to the best of his or her judgement, and any amount of appropriate tax in relation to a distribution due under an assessment made by virtue of this subsection shall be treated for the purposes of interest on unpaid tax as having been payable at the time when it would have been payable if a correct return had been made.
(4) Where any item has been incorrectly included in a return as a distribution, the inspector may make such assessments, adjustments or set-offs as may in his or her judgement be required for securing that the resulting liabilities to tax, including interest on unpaid tax, whether of the qualifying fund manager or any other person, are in so far as possible the same as they would have been if the item had not been so included.
(5) (a) Any appropriate tax assessed on a qualifying fund manager under this Chapter shall be due within one month after the issue of the notice of assessment (unless that tax is due earlier under subsection (1)) subject to any appeal against the assessment, but no such appeal shall affect the date when any amount is due under subsection (1).
(b) On the determination of an appeal against an assessment under this section, any appropriate tax over-paid shall be repaid.
>(a) The provisions of the Income Tax Acts relating to—<
(i) assessments to income tax,
(ii) appeals against such assessments (including the rehearing of appeals and the statement of a case for the opinion of the High Court), and
(iii) the collection and recovery of income tax,
shall, in so far as they are applicable, apply to the assessment, collection and recovery of appropriate tax.
(b) Any amount of appropriate tax payable in accordance with this Chapter without the making of an assessment shall carry interest at the rate of
>1 per cent for each month or part of a month< from the date when the amount becomes due and payable until payment.
>Subsections (2) and (4)< > of section 1080< shall apply in relation to interest payable under paragraph (b) as they apply in relation to interest payable under section 1080.
(d) In its application to any appropriate tax charged by any assessment made in accordance with this section, section 1080 shall apply as if
>subsection (1)(b)< of that section were deleted.
(7) Every return shall be in a form prescribed or authorised by the Revenue Commissioners and shall include a declaration to the effect that the return is correct and complete.
(8) (a) A qualifying fund manager shall, on or before the specified return date for the chargeable period, within the meaning of section 950, prepare and deliver to the appropriate inspector, within the meaning of that section, a return in relation to each approved retirement fund held by that fund holder at any time during the year of assessment.
(b) The return under paragraph (a) shall, in relation to each approved retirement fund, contain—
(i) the name, address and tax reference number of the individual beneficially entitled to the assets in the fund,
(ii) details of any income, profits and gains, and any chargeable gains derived from assets held in the fund and of any tax deducted from income, profits or gains received,
(iii) details of any distributions made out of the assets held in the approved retirement fund, and
(iv) such further details as the Revenue Commissioners may reasonably require for the purposes of this section.