Revenue Note for Guidance

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Revenue Note for Guidance

Chapter 7

Miscellaneous

Summary

This Chapter specifies the records to be kept by a liable person under this Part, confirms the treatment of residential zoned land tax for the purpose of calculating other taxes, confirms that residential zoned land tax is under the care and management of the Revenue Commissioners, provides for situations where the no owner is registered in respect of a relevant site and specifies the allocation of functions to be carried out under Part 22A by Limerick City and County Council following the enactment of the Local Government (Mayor of Limerick) and Miscellaneous Provisions Act 2024.

653AJ Obligation to keep certain records

Summary

The books and records to be kept by a liable person for the purposes of this Part are set out in this section.

Details

(1) A liable person must keep, or have kept on their behalf, records that are required to enable a full and true return to be made for the purpose of Part 22A.

(2) Records to be retained include, but are not limited to, books, accounts, documents and (2) any other data maintained manually or by electronic, photographic or other processes, relating to -

  • a commencement notice, certificate of compliance on completion, planning application and planning permission as they relate to a relevant site,
  • the valuation of a relevant site, or part of a relevant site, on the valuation date or other specified date, as obtained by the liable person,
  • any claim to an exemption, abatement or deferral of tax under this Part,
  • the purchase or sale of a relevant site by the liable person, and
  • the liable person’s evidence of title to a site.

(3) The records are to be kept in written form, in either Irish or English or, may, subject to section 887(2), be kept electronically.

(4) The records must be kept for a period of 6 years from the end of each year in which a return is filed.

(5) The liquidator is responsible for keeping records in the case of a winding up of a company by a liquidator, and the directors are responsible for keeping records in the case of a company being dissolved, where no liquidator is appointed. The liquidator or directors, as the case may be, must retain records to which this section applies for 5 years from the date on which the company is wound up or dissolved.

(6) When a liable person dies, the executor or administrator of the estate will retain the records to which this section applies for 5 years from the date of death.

(7) Failure to comply with the provisions of this section may result in a penalty of €3,000.

Relevant Date: Finance Act 2024