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Taxes Consolidation Act, 1997 (Number 39 of 1997)

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906A Information to be furnished by financial institutions.

(1) In this section and in [6]>sections 907 and 908<[6][6]>sections 907, 907A and 908<[6]

the Acts” has the meaning assigned to it by section 1078(1);

authorised officer” means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section, or, as the case may be, [7]>section 907 or 908<[7][7]>section 907, 907A or 908<[7];

“books, records or other documents” includes—

(a) any records used in the business of a financial institution, or used in the transfer department of a financial institution acting as registrar of securities, whether—

(i) comprised in bound volume, loose-leaf binders or other loose-leaf filing system, loose-leaf ledger sheets, pages, folios or cards, or

(ii) kept on microfilm, magnetic tape or in any non-legible form (by the use of electronics or otherwise) which is capable of being reproduced in a legible form,

(b) every electronic or other automatic means, if any, by which any such thing in non-legible form is so capable of being reproduced,

(c) documents in manuscript, documents which are typed, printed, stencilled or created by any other mechanical or partly mechanical process in use from time to time and documents which are produced by any photographic or photostatic process, and

(d) correspondence and records of other communications between a financial institution and its customers;

connected person” has the same meaning as in section 10; but an individual (other than in the capacity as a trustee of a settlement) shall be connected with another individual only if that other individual is [8]>the spouse of or a minor child of the first-mentioned individual<[8][8]>the spouse or civil partner of, or a minor child or minor child of the civil partner of, the first-mentioned individual<[8];

deposit” and “interest” have, respectively, the meaning assigned to them by section 256(1);

[13]>

EEA Agreement” means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by all subsequent amendments to that Agreement;

EEA state” means a state which is a contracting party to the EEA Agreement;

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financial institution” means

(a) a person who holds or has held a licence under section 9 of the Central Bank Act, 1971, and

(b) a person referred to in section 7(4) of that Act;

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[2]>

financial institution” means—

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(a) a person who holds or has held a licence under section 9 of the Central Bank Act, 1971,

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(a) a person who holds or has held a licence under section 9 of the Central Bank Act 1971, or a 20 person who holds or has held a licence or other similar authorisation under the law of any other Member State of the European Communities which corresponds to a licence granted under that section,

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(a) a person who holds or has held a licence under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971, or a person who holds or has held a licence or other similar authorisation under the law of an EEA state, other than the State, which corresponds to a licence granted under the said section 9,

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(b) a person referred to in section 7(4) of the Central Bank Act, 1971, or

(c) a credit institution (within the meaning of the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 (S.I. No. 395 of 1992)) which has been authorised by the Central Bank of Ireland to carry on business of a credit institution in accordance with the provisions of the supervisory enactments (within the meaning of those Regulations);

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liability” in relation to a person means any liability in relation to tax to which the person is or may be, or may have been, subject, or the amount of such liability;

tax” means any tax, duty, levy or charge under the care and management of the [9]>Revenue Commissioners.<[9][9]>Revenue Commissioners;<[9]

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taxpayer” includes any person whose identity is not known to the authorised officer and includes a group or class of persons whose individual identities are not so known to the authorised officer.

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(2) Notwithstanding any obligation as to secrecy or other restriction upon disclosure of information imposed by or under statute or otherwise, and subject to this section, an authorised officer may, for the purpose of enquiring into a liability in relation to a person (in this section referred to as the “taxpayer”), serve on a financial institution a notice in writing requiring the financial institution, within such period as may be specified in the notice, not being less than 30 days from the date of the service of the notice, to do either or both of the following, namely—

(a) to make available for inspection by the authorised officer such books, records or other documents as are in the financial institution’s power, possession or procurement and as contain, or may (in the authorised officer’s opinion formed on reasonable grounds) contain, information relevant to a liability in relation to the taxpayer,

(b) to furnish to the authorised officer, in writing or otherwise, such information, explanations and particulars as the authorised officer may reasonably require, being information, explanations and particulars that are relevant to any such liability,

and which are specified in the notice.

(3) Where, in compliance with the requirements of a notice under subsection (2), a financial institution makes available for inspection by an authorised officer, books, records or other documents, it shall afford the authorised officer reasonable assistance, including information, explanations and particulars, in relation to the use of all the electronic or other automatic means, if any, by which the books, records or other documents, in so far as they are in a non-legible form, are capable of being reproduced in a legible form and any data equipment or any associated apparatus or material.

(4) An authorised officer shall not serve a notice on a financial institution under subsection (2) without the consent in writing of a Revenue Commissioner and without having reasonable grounds to believe that the financial institution is likely to have information relevant to a liability in relation to the taxpayer.

(5) Without prejudice to the generality of subsection (2), the books, records or other documents which a financial institution may be required by notice under that subsection to deliver or to make available and the information, explanations and particulars which it may likewise be required to furnish, may include books, records or other documents and information, explanations and particulars relating to a person who is connected with the taxpayer.

(6) The persons who may be treated as a taxpayer for the purposes of this section include a company which has been dissolved and an individual who has died.

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(7) A notice served under subsection (2) shall name the taxpayer[11]>, where known,<[11] in relation to whose liability the authorised officer is enquiring.

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(8) Where an authorised officer serves a notice under subsection (2), [16]>a copy of such notice shall be given by the authorised officer to [12]>the taxpayer concerned.<[12][12]>the taxpayer concerned<[12][16]>the taxpayer concerned shall be notified in writing by the authorised officer of the service of the notice and of the name of the person upon whom it was served<[16]<[16]

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(a)in a case where the identity of the taxpayer is known to the authorised officer at the time the notice is served under subsection (2), at that time or as soon as is practicable thereafter, and

(b)in any other case, as soon as is practicable after the time the identity of the taxpayer becomes known to the authorised officer.

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(9) Where, in compliance with a notice served under subsection (2), a financial institution makes books, records or other documents available for inspection by an authorised officer, the authorised officer may make extracts from or copies of all or any part of the books, records or other documents.

(10) A financial institution which fails or refuses to comply with a notice issued under subsection (2) or which fails or refuses to afford reasonable assistance to an authorised officer as required under subsection (3), shall be liable to a penalty of [3]>£15,000<[3] [3]>€19,045<[3] and, if the failure or refusal to comply with such notice continues after the expiry of the period specified in the notice served under subsection (2), a further penalty of [4]>£2,000<[4] [4]>€2,535<[4] for each day on which the failure or refusal continues.

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[1]

[+]

Inserted by FA99 s207(g).

[2]

[-] [+]

Substituted by FA00 s68(c).

[3]

[-] [+]

Substituted by FA01 sched5.

[4]

[-] [+]

Substituted by FA01 sched5.

[5]

[-] [+]

Substituted by F(No.2)A08 s92(g).

[6]

[-] [+]

Substituted by FA10 s153(a)(i). Has effect as on and from 3 April 2010.

[7]

[-] [+]

Substituted by FA10 s153(a)(ii). Has effect as on and from 3 April 2010.

[8]

[-] [+]

Substituted by F(No.3)A11 sched1(239). Shall have effect from 27 July 2011.

[9]

[-] [+]

Substituted by FA15 s75(c)(i)(I).

[10]

[+]

Inserted by FA15 s75(c)(i)(II).

[11]

[+]

Inserted by FA15 s75(c)(ii).

[12]

[-] [+] [+]

Substituted by FA15 s75(c)(iii).

[13]

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Inserted by FA15 sched(18). Comes into operation on 21 December 2015.

[14]

[-] [+]

Substituted by FA15 sched(19). Comes into operation on 21 December 2015.

[15]

[-]

Deleted by FA17 s78(3)(a).

[16]

[-] [+]

substituted by FA17 s78(3)(b).