1075 Penalties for failure to furnish certain information and for incorrect information

(1) Where any person fails to comply with a notice issued under or for the purposes of any of the following provisions —

• change in ownership of company: disallowance of trading losses (section 401),
• group relief: information as to arrangements for transferring relief, etc (section 427), and
• close companies (Part 13),

requiring the furnishing of information or particulars, that person is liable to a penalty of €3,000. Should the failure continue after judgment has been obtained, a further penalty of €10 arises for each day that the failure continues.

(3) Where the person in subsection (1) is a company, the penalty is €4,000 with a further penalty of €60 for each day that the failure continues after judgment has been obtained. In addition, the company secretary is liable to a separate penalty of €3,000.

(2) A person who furnishes any incorrect information or particulars of the type referred to in any of the following provisions —

• income tax on payments by resident companies (section 239),
• change in ownership of company: disallowance of trading losses (section 401),
• group relief: information as to arrangements for transferring relief, etc. (section 427), and
• close companies (Part 13),

is liable to a penalty of €3,000.

(4) Where the person in subsection (2) is a company, the penalty is €4,000, and the company secretary is liable to a separate penalty of €3,000.

(5) The furnishing of the required information or particulars referred to in this section is deemed to have been negligently made (section 1053(3)) or deliberately or carelessly made (section 1077E(9)), or submitted by a person where the person becomes aware of an error in such information or particulars and the error is not rectified by that person within a reasonable period.

Relevant Date: Finance Act 2021