Revenue Tax Briefing

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Revenue Tax Briefing Issue 62, December 2005

Third Party Returns - Form 46G

Section 889 TCA 1997 requires that traders, professionals and other persons carrying on a business must make a return of all payment(s) for services rendered in connection with the trade, profession, business, etc. Statement of Practice SP - IT/1/92, paragraph 4.2(d) listed a number of exceptions to the list of payments that must be returned; included in the list were:

“Payments for services, etc. made to any person in the period covered by the return ... which do not total more than £3,000 [€3,810] in aggregate, subject to the proviso in paragraph 1.2 of this Statement of Practice. ... The figure of £3,000 [€3,810] will be subject to review in the light of experience.”

The purpose of this note is to advise practitioners that this administrative reporting limit is being increased from €3,810 to €6,000. This new limit will take effect for third party returns due in the year 2006. Some forms 46G (Company) due in 2006 will show the old limit of €3,810 but you should note that the new limit will apply to these cases as well.