Revenue Note for Guidance
The power granted by this section, which permits access to information in financial institutions, parallels the general third party power of section 902.
(1) Definitions, for the purposes of this section and sections 907, 907A and 908, are given for “the Acts”; “authorised officer”; “books, records or other documents”; “connected person”; “deposit”; “interest”; “financial institution”; “liability” in relation to a person; and “tax”.
(2) For the purposes of enquiring into the liability of a named person, or any person (including a group or class of persons) whose identity is not known to the officer, but who is identifiable by other means., an authorised officer may serve a notice on a financial institution, requiring it, within a period of not less than 30 days, to make available for inspection the books, records or other documents, and/or to furnish the information, relevant to the person’s liability, and which are specified in the notice.
(3) Where the financial institution is required to make books, etc available it is also required to afford reasonable assistance to the authorised officer in carrying out his or her inspection.
(4) Before a notice can be issued under the section the authorised officer must have reasonable grounds to believe that the financial institution concerned is likely to have information relevant to the tax liability of the person concerned and the officer must also obtain the written consent of a Revenue Commissioner.
(5) & (6) The information sought by a notice under the section can relate to a person connected with the person under enquiry. Persons under enquiry can include a company which has been dissolved and an individual who has died.
(8) In the case where the identity of the person is known to the authorised officer that person must be notified in writing of the service of the notice and upon whom it is served at the time of service or as soon as practicable thereafter.. In other cases where the identity of the person is not known to the officer, to the person must be given the written notification as soon as is practicable after their identity becomes known to the officer.
(9) The authorised officer is entitled to make extracts from or copies of books, records or other documents made available by virtue of the service of a notice under this section.
(10) Failure or refusal to comply with a notice served under this section, or to provide reasonable assistance to the authorised officer, can render the financial institution concerned liable to a penalty.
Relevant Date: Finance Act 2021