653BA Retention of records

Summary

This section places an obligation on a chargeable person to keep records in order that a full and complete return for the purposes of vacant homes tax can be made.

Details

(1) A chargeable person must keep, or have kept on their behalf, such records as are required to enable a full and true return for the purposes of vacant homes tax to be made.

(2) The records may include books, accounts, documents and other data relating to:

• the use of a residential property in a chargeable period,
• whether the residential property is outside the scope of vacant homes tax by virtue of paragraphs (a) i.e. not liable to LPT, (b) i.e. let for more than 30 days and (c) i.e. recently sold, of section 653AO(1), and
• any claim made for an exemption under section 653BC.

(3) Records may be kept in English or in Irish and in written, electronic, photographic or other form in accordance with section 887(2).

(4) Records must be maintained for the longer of the following periods:

• until the completion of any enquiries made by Revenue, where such enquiries are made, and
• 6 years from the end of the year in which the chargeable period ends.

(5) Where the chargeable person is a company which is:

• wound up, the liquidator or
• dissolved without the appointment of a liquidator, the last directors (including any person occupying the position of director by whatever name called) must retain the records to which this section applies for 5 years from the date the company is wound up or dissolved.

(6) Where the chargeable person dies, the executor or administrator of their estate must retain the records to which this section applies for 5 years from the date of death.

(7) A person who fails to comply with this section shall be liable to a penalty of €3,000.

Relevant Date: Finance Act 2024