705M Annual statement to Revenue

Summary

This section provides for the timing and manner of the making of an annual return.

Details

(1) Each REIT or principal company on behalf of a group REIT is required to make an annual statement to Revenue by 28 February in the year following the year in which the accounting period ends. The statement must confirm that the conditions in section 705D have been met throughout the accounting period to which the return relates.

(2) Where a REIT or principal company on behalf of a group REIT cannot make the statement referred to in subsection (1), it must notify the authorised officer of the Revenue Commissioners accordingly and provide the following information – the date(s) on which the condition(s) first ceased to be met and the date(s) on which the condition(s) was or were met again; a description regarding how the condition(s) was or were breached; and the steps taken to prevent the breach(es) occurring again.

(3) Where a REIT or principal company on behalf of a group REIT fails, within a reasonable time to be determined by the authorised officer, to ensure that a condition in subsection (2) is met, or fails to make the statement as required under subsection (1), then the Revenue Commissioners may treat the REIT or group REIT as having ceased to be a REIT or group REIT from the end of the accounting period immediately before the accounting period in which the breach of condition(s) or failure to make the statement began and may apply the provisions of section 705O.

(4) If a REIT or principal company on behalf of a group REIT fails to make a statement or makes an incorrect or incomplete statement under subsection (1), the REIT or principal company on behalf of a group REIT will be liable to a penalty of €3,000.

Relevant Date: Finance Act 2021