Annual returns

Summary

This section requires qualifying savings managers to make an annual return to the Revenue Commissioners. The return must contain a number of biographical and financial details in respect of all the SSIAs under the management of the qualifying savings manager and must contain a declaration by the manager that to the best of his/her knowledge these details are correct and that the conditions for each individual’s SSIA are being met.

Details

Qualifying savings managers are obliged to make an annual return to the Revenue Commissioners. Such returns (including any nil returns), in respect of each year of assessment, must be made on or before 28 February in the following year.

Specifications

The return is required to specify in respect of each SSIA managed by the savings manager —

• the name of the individual concerned;
• the address of that individual’s permanent residence;
• the individual’s PPS Number;
• the date the SSIA was commenced;
• the total amount of subscriptions made to the SSIA;
• the total of corresponding tax credits subscribed to the account; and
• for each gain accruing on the SSIA, the corresponding tax liability to which the savings manager has become liable and the reason for the gain (maturity or cessation of the SSIA or withdrawal of funds from the account).

Declaration

The return also requires a declaration (in a form authorised by the Revenue Commissioners), which states that to the best of the manager’s knowledge and belief the conditions of each individual’s SSIA are being complied with and that the information given in the return is correct.

Relevant Date: Finance Act 2021