917A Return of property transfers to non-resident trustees.
(1) In this section and in sections 917B and sections 917C “appropriate inspector” shall be construed in accordance with section 950.
(2) This section applies where—
(a) on or after the 11th day of February, 1999, a person (in this section referred to as the “transferor”) transfers property to the trustees of a settlement otherwise than under a transaction entered into at arm’s length,
(b) the trustees of the settlement are neither resident nor ordinarily resident in the State at the time the property is transferred, and
(c) the transferor knows or has reason to believe, that the trustees are not so resident and ordinarily resident.
(3) Where this section applies, the transferor shall, before the expiry of 3 months beginning with the day on which the transfer is made, deliver to the appropriate inspector a statement which—
(a) identifies the settlement, and
(b) specifies the property transferred, the day on which the transfer was made, and the consideration (if any) for the transfer.
(4) Where a transferor fails—
(a) to make a statement required to be made by the transferor in accordance with subsection (3), or
(b) to include in such a statement the details referred to in subsection (3),
the transferor shall in respect of each such failure be liable to a penalty of
(5) Penalties under subsection (4) may, without prejudice to any other method of recovery, be proceeded for and recovered summarily in like manner as in summary proceedings for the recovery of any fine or penalty under any act relating to the excise.