Revenue Note for Guidance

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Revenue Note for Guidance

264B Returns of special term accounts by relevant deposit takers


This section provides that returns of special term accounts must be made by relevant deposit takers.


(1) The return must be made by the relevant deposit taker by 31 March in each year of assessment to the “appropriate inspector”. This is the inspector who gives notice in writing to the relevant deposit taker that he or she is the inspector to whom the return is to be delivered or, where there is no such inspector, the inspector of returns (as defined in section 2).

(2) The return must specify:

  • the name and address of the holders of each special term account opened in the previous year of assessment,
  • whether the account is a medium term or long term account, and
  • the date the account was opened.

(3) The section applies the provisions of sections 1052 and 1054 to the failure to deliver a return under the section as they apply to a failure to deliver a return referred to in section 1052.

As no new Special Term Accounts can be opened after the 16th October 2013, by virtue of Section 23, Finance (No.2) Act 2013, the final return under section 264B will be due by the 31st March 2014.

Relevant Date: Finance Act 2021