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9 1992

Finance Act, 1992

PART VII

Anti-avoidance and Anti-evasion

Returns of certain information.

226. —(1) In this section—

appropriate inspector” means, in relation to a person to whom this section applies—

(a) the inspector who has last given notice in writing to that person that he is the inspector to whom the person is required to deliver the return specified in subsection (3),

(b) where there is no such inspector as is referred to in paragraph (a), the inspector to whom it is customary for the person to deliver a return or statement of income or profits, or

(c) where there is no such inspector as is referred to in paragraphs (a) and (b), the inspector of returns specified in section 9 of the Finance Act, 1988 ;

chargeable period” has the same meaning as it has in paragraph 1 of the First Schedule to the Corporation Tax Act, 1976 ;

relevant chargeable period” means—

(a) where the chargeable period is a year of assessment, the year 1992-93 and any subsequent year of assessment, or

(b) where the chargeable period is an accounting period of a company, an accounting period ending on or after the 6th day of April, 1993;

relevant person” has the meaning assigned to it by subsection (2);

specified provisions” means—

(a) sections 94 (d) (as amended by section 227 ), 173 (as so amended), 175 and 176 (as so amended) of the Income Tax Act, 1967 ,

(b) section 21 of the Finance Act, 1983 , and

(c) section 19 of the Finance Act, 1989 ;

specified return date for the chargeable period”, in relation to a relevant chargeable period, means—

(a) where the chargeable period is a year of assessment, the 31st day of January in the year of assessment following that year, and

(b) where the chargeable period is an accounting period of a company, the last day of the period of 9 months commencing on the day immediately following the end of the accounting period.

(2) (a) Subject to the other provisions of this subsection, in this section “relevant person” means any person who—

(i) has information of a kind,

(ii) makes a payment of a kind,

(iii) pays or credits interest of a kind, or

(iv) is in receipt of money or value or of profits or gains of a kind,

referred to in a specified provision.

(b) Subject to the provisions of paragraph (e), any person who would be excluded from making a return under a specified provision for a relevant chargeable period shall not be a relevant person.

(c) A person with information of the kind referred to in section 21 of the Finance Act, 1983 , shall, subject to the provisions of paragraph (e), be a relevant person only where he is not the beneficial owner of the securities referred to in the said section 21.

(d) A person with information of the kind referred to in section 19 of the Finance Act, 1989 , shall, subject to the provisions of paragraph (e), be a relevant person only where he is an intermediary for the purposes of the said section 19.

(e) A person who is not a relevant person by virtue of any of the provisions of paragraphs (b) to (d) is not excluded from being a relevant person by virtue of any other provision of this subsection.

(3) Every relevant person shall, as respects a relevant chargeable period, prepare and deliver to the appropriate inspector, on or before the specified return date for the chargeable period, a return of all such matters and particulars as would be required to be contained in a return delivered pursuant to a notice given to the relevant person by the appropriate inspector, under any of the specified provisions, for the relevant chargeable period.

(4) An inspector may exclude any person from the provisions of this section by giving him a notice in writing that he is excluded from those provisions and the notice shall have effect for such chargeable period or periods or until such chargeable period or the happening of such event as shall be specified in the notice.

(5) Where it appears appropriate to an inspector, he may notify any relevant person that a return to be made under the provisions of this section may be confined to a particular type or category of information, payment or receipt and, where the relevant person has been so notified, a return made on that basis shall satisfy the provisions of this section.

(6) This section shall not affect the giving of a notice under any of the specified provisions and shall not remove from any person any obligation or requirement imposed on a person by such a notice and the giving of a notice under any of the specified provisions to a person shall not remove from that person any obligation to prepare and deliver a return under the provisions of this section.

(7) Sections 500 and 503 of the Income Tax Act, 1967 , shall apply to a failure by a relevant person to deliver a return required by subsection (3), and to each and every such failure, as they apply to a failure to deliver a return referred to in the said section 500 and Schedule 15 to that Act is hereby amended by the insertion in Column 2 of “Finance Act, 1992, section 226 (3).”.

Supplemental provisions to section 226 .

227. —The Income Tax Act, 1967 , is hereby amended—

(a) in section 94 by the substitution of the following paragraph for paragraph (d):

“(d) any person who as an agent manages premises or is in receipt of rent or other payments arising from premises to prepare and deliver to the inspector a return containing—

(i) the full address of all such premises,

(ii) the name and address of every person to whom such premises belong,

(iii) a statement of all rents and other such payments arising from such premises, and

(iv) such other particulars relating to all such premises as may be specified in the notice.”,

(b) in section 173—

(i) by the insertion, in subsection (2), of “(which, for the purposes of this section, shall be deemed to include a Minister of the Government and any body established by or under statute)” after the term “body of persons”, where it first occurs, and the said subsection (2), other than paragraphs (a) and (b), as so amended, is set out in the Table to this section,

(ii) by the insertion, in subsection (4), of “and tax reference number” after the word “name” where it first occurs, and the said subsection (4), as so amended, is set out in the Table to this section,

(iii) by the insertion of the following subsection after subsection

(4):“(4A) A return under this section shall include payments made by the person or body of persons in the course of the said trade, business or activity on behalf of any other person.”,

(iv) by the substitution, in paragraph (b) of subsection (5), of “£500” for “£15”, and the said paragraph (b), as so amended, is set out in the Table to this section,

and

(v) by the substitution of the following subsection for subsection (10):

“(10) (a) In this section—

(i) references to payments for services include references to payments in the nature of commission of any kind and references to payments in respect of expenses incurred in connection with rendering of services, and

(ii) references to the making of payment include references to the giving of any valuable consideration, and the requirement imposed by subsection (4) to state the amount of a payment shall, in relation to any consideration given otherwise than in the form of money, be construed as a requirement to give particulars of the consideration.

(b) In this section ‘tax reference number’, in relation to a person, has the same meaning as is assigned to it in section 22 of the Finance Act, 1983 , in relation to a specified person within the meaning of that section.”,

and

(c) in section 176, by the addition of the following subsection after subsection (1):

“(1A) No person shall be required under this section to include in a return particulars of receipts (to which subsection (1) applies) of or belonging to any one person where the total of the receipts relating to that person which would otherwise fall to be included in the return does not exceed £500.”.

TABLE

(2) Every body of persons (which, for the purposes of this section, shall be deemed to include a Minister of the Government and any body established by or under statute) carrying on any activity which does not constitute a trade or business shall, if required to do so by a notice from an inspector, make and deliver to the inspector a return of all payments of a kind specified in the notice made during a period so specified, being—

(4) A return under this section shall give the name and tax reference number (as defined in section 22 of the Finance Act, 1983 ) of the person to whom each payment was made, the amount of the payment and such other particulars (including particulars as to the services or rights in respect of which the payment was made, the period over which any services were rendered and any business name or home address of the person to whom the payment was made) as may be specified in the notice.

(b) particulars of payments made to any one person where the total of the payments to that person which would otherwise fall to be included in the return does not exceed £500, or

Inspector's right to make enquiries.

228. —(1) In this section—

specified provisions” means—

(a) sections 94 (d), 173 and 176 (as amended respectively by section 227 ) of the Income Tax Act, 1967 ,

(b) section 21 of the Finance Act, 1983 ,

(c) section 19 (as amended by section 229 ) of the Finance Act, 1989 , and

(d) section 226.

(2) An inspector may make such enquiries or take such action, within his powers, as he considers necessary to satisfy himself as to the accuracy or otherwise of any return, list, statement or particulars prepared and delivered under a specified provision.

(3) Subsection (2) shall not apply in respect of a return made under section 226 of such matters and particulars as would be required to be contained in a return delivered pursuant to a notice given to a relevant person by the appropriate inspector under section 175 of the Income Tax Act, 1967 , for the relevant chargeable period.

Amendment of section 19 (returns by certain intermediaries in relation to UCITS) of Finance Act, 1989.

229. —As respects relevant facilities provided by an intermediary on or after the 1st day of June, 1992, section 19 of the Finance Act, 1989 , is hereby amended—

(a) by the insertion, in subsection (1), of the following definition after the definition of “relevant UCITS”:

“‘tax reference number’, in relation to a person, has the same meaning as is assigned to it in section 22 of the Finance Act, 1983 , in relation to a specified person within the meaning of that section;”,

(b) by the insertion, in paragraph (a) of subsection (2), after “addresses” of “and tax reference numbers”, and

(c) by the substitution of the following subsections for subsection (3):

“(3) Where a person who is resident in the State avails of relevant facilities provided by an intermediary in relation to relevant UCITS he shall furnish to the intermediary details which the intermediary is required to include in a return to the inspector in accordance with subsection (2), or would be required to include in such a return if a notice under the subsection were served on the intermediary, and the intermediary shall take all reasonable care (including, where necessary, the requesting of documentary evidence) to confirm that the details furnished are true and correct.

(4) Schedule 15 to the Income Tax Act, 1967 , is hereby amended by the insertion—

(a) in column 2 of ‘ Finance Act, 1989 , section 19 (2)’, and

(b) in column 3 of ‘ Finance Act, 1989 , section 19 (3)’.”,

and the said paragraph (a) (apart from subparagraphs (i), (ii) and (iii) thereof), as so amended, is set out in the Table to this section.

TABLE

(a) the names and addresses and tax reference numbers of all persons resident in the State in respect of whom the intermediary has in the course of providing relevant facilities in relation to a relevant UCITS during such period as shall be specified in the notice—

Returns in relation to foreign accounts.

230. —(1) In this section—

“appropriate inspector”, in relation to an intermediary or, as may be appropriate, a resident, means—

(a) the inspector who has last given notice in writing to the intermediary or, as the case may be, the resident that he is the inspector to whom the intermediary or, as the case may be, the resident is required to deliver a return or statement of income or profits,

(b) where there is no such inspector as is referred to in paragraph (a), the inspector to whom it is customary for the intermediary or, as the case may be, the resident to deliver such return or statement, or

(c) where there is no such inspector as is referred to in paragraphs (a) and (b), the inspector of returns specified in section 9 of the Finance Act, 1988 ;

chargeable period” has the same meaning as in paragraph 1 of the First Schedule to the Corporation Tax Act, 1976 ;

deposit” means a sum of money paid to a person on terms under which it will be repaid with or without interest and either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person to whom it is made;

foreign account” means an account in which a deposit is held at a location outside the State;

intermediary” means any person carrying on in the State a trade or business in the ordinary course of the operations of which he provides a relevant service;

relevant chargeable period” means—

(a) where the chargeable period is a year of assessment, the year 1992-93 and any subsequent year of assessment, or

(b) where the chargeable period is an accounting period of a company, an accounting period ending on or after the 1st day of June, 1992;

relevant person” means a person who in the normal course of his trade or business receives or holds deposits;

relevant service” means the acting in the State as an intermediary in or in connection with the opening of foreign accounts with relevant persons by or on behalf of residents;

resident” means a person resident in the State;

specified return date for the chargeable period”, in relation to a relevant chargeable period, means—

(a) where the chargeable period is a year of assessment, the 31st day of January in the year of assessment following that year, and

(b) where the chargeable period is an accounting period of a company, the last day of the period of 9 months commencing on the day immediately following the end of the accounting period;

tax reference number”, in relation to a resident, has the same meaning as is assigned to it in section 22 of the Finance Act, 1983 , in relation to a specified person within the meaning of that section.

(2) Every intermediary shall, as respects a relevant chargeable period, prepare and deliver to the appropriate inspector, on or before the specified return date for the said chargeable period, a return specifying, in respect of every resident in respect of whom he has acted in the chargeable period as an intermediary in the opening of a foreign account—

(a) the full name and permanent address of the resident,

(b) the resident's tax reference number,

(c) the full name and address of the relevant person with whom the foreign account was opened,

(d) the date on which the foreign account was opened, and

(e) the amount of the deposit made in opening the foreign account.

(3) Where a resident requests an intermediary to provide him with a relevant service he shall furnish to the intermediary the details which the intermediary is required to include in the return to the appropriate inspector in accordance with subsection (2) and the intermediary shall take all reasonable care (including, where necessary, the requesting of documentary evidence) to confirm that the details furnished are true and correct.

(4) (a) Where an intermediary fails—

(i) for any relevant chargeable period, to make a return required to be made by him in accordance with subsection (2),

(ii) to include in such a return for a relevant chargeable period details of any resident to whom he provided a relevant service in that chargeable period, or

(iii) to take reasonable care to confirm the details of the kind referred to in subsection (2) furnished to him by a resident to whom he has provided a relevant service in a relevant chargeable period,

he shall, in respect of each such failure, be liable to a penalty of £2,000.

(b) Where a resident fails—

(i) to furnish details of the kind referred to in subsection (2) to an intermediary who has provided him with a relevant service, or

(ii) knowingly or wilfully furnishes that intermediary with incorrect details of the said kind,

he shall be liable to a penalty of £2,000.

(5) All penalties under subsection (4) may, without prejudice to any other method of recovery, be proceeded for and recovered summarily in the same manner as in summary proceedings for recovery of any fine or penalty under any Act relating to the excise.

(6) Where, in a relevant chargeable period, a resident opens, either directly or indirectly, a foreign account, or causes to be opened a foreign account in relation to which he is the beneficial owner of the deposit held in that account, he shall, notwithstanding anything to the contrary in section 48 of the Finance Act, 1986 , or section 9 of the Finance Act, 1988 , be deemed, for that relevant chargeable period, to be a chargeable person for the purposes of section 48 of the Finance Act, 1986 , and section 10 of the Finance Act, 1988 , and the return of income (within the meaning of the said section 48) to be delivered by him for that chargeable period shall include the following particulars in relation to the account, that is to say—

(a) the name and address of the relevant person with whom the account was opened,

(b) the date on which the account was opened,

(c) the amount of the deposit made in opening the account, and

(d) the name and address of the intermediary, if any, who provided a relevant service in relation to the opening of the account.

(7) This section shall apply and have effect as respects foreign accounts opened on or after the 1st day of June, 1992.

Obligation to keep certain records.

231. —Part I of the Finance Act, 1968, is hereby amended by the substitution of the following section for section 6:

“6.—(1) In this section—

linking documents’ means documents that are drawn up in the making up of accounts and which show details of the calculations linking the records to the accounts;

records’ includes accounts, books of account, documents and any other data maintained manually or by any electronic, photographic or other process, relating to—

(a) all sums of money received and expended in the course of the carrying on or exercising of a trade, profession or other activity and the matters in respect of which the receipt and expenditure take place,

(b) all sales and purchases of goods and services where the carrying on or exercising of a trade, profession or other activity involves the purchase or sale of goods or services,

(c) the assets and liabilities of the trade, profession or other activity referred to in paragraph (a) or (b), and

(d) all transactions which constitute an acquisition or disposal of an asset for capital gains tax purposes.

(2) (a) Every person who, on his own behalf or on behalf of any other person, carries on or exercises any trade, profession or other activity the profits or gains of which are chargeable under Schedule D, or who is chargeable to tax under Schedule D or Schedule F in respect of any other source of income, or who is chargeable to capital gains tax in respect of chargeable gains, shall keep, or cause to be kept on his behalf, such records as will enable true returns to be made, for the purposes of income tax and capital gains tax, of such profits or gains or chargeable gains.

(b) The records shall be kept on a continuous and consistent basis, that is to say the entries therein shall be made in a timely manner and be consistent from one year to the next.

(c) Where accounts are made up to show the profits or gains from any such trade, profession or activity or in relation to a source of income, of any person, that person shall retain, or cause to be retained on his behalf, linking documents.

(d) Where any such trade, profession or other activity is carried on in partnership, the precedent partner, within the meaning of section 69 of the Income Tax Act, 1967 , shall, for the purposes of this section, be deemed to be the person carrying on that trade, profession or other activity.

(3) Records required to be kept or retained by virtue of this section, shall be kept—

(a) in written form in an official language of the State, or

(b) subject to section 113 (2) of the Finance Act, 1986 , by means of any electronic, photographic or other process.

(4) Linking documents and records kept pursuant to the preceding provisions of this section shall be retained by the person required to keep the records for a period of 6 years after the completion of the transactions, acts or operations to which they relate or, in the case of a person who fails to comply with section 10 (1) of the Finance Act, 1988 , requiring the preparation and delivery of a return on or before the specified return date for a year of assessment, until the expiry of a period of 6 years from the end of the year of assessment in which a return has been delivered showing the profits or gains or chargeable gains derived from the said transactions, acts or operations:

Provided that, this subsection shall not—

(a) require the retention of linking documents and records in respect of which the inspector notifies in writing the person who is required to retain them that retention is not required, or

(b) apply to the books and papers of a company which have been disposed of in accordance with section 305 (1) of the Companies Act, 1963 .

(5) Any person who fails to comply with the provisions of subsection (2), (3) or (4) in respect of any records or linking documents in relation to a return for any year of assessment shall be liable to a penalty of £1,200:

Provided that a penalty shall not be imposed under this subsection if it is proved that no person is chargeable to tax in respect of the profits or gains for that year of assessment.”.

Inspection of documents and records.

232. —Chapter VI of Part I of the Finance Act, 1976 , is hereby amended by the substitution of the following section for section 34:

“34.—(1) In this section—

authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section;

property’ means any asset relating to a tax liability;

records’ means any document, or any other written or printed material in any form including any information stored, maintained or preserved by means of any mechanical or electronic device, whether or not stored, maintained or preserved in a legible form, which a person is obliged by any provision relating to tax to keep, to retain, to issue, to produce for inspection or which may be inspected under any provision relating to tax;

tax’ means any tax, duty, levy or charge under the care and management of the Revenue Commissioners;

tax liability’ means any existing liability to tax or further liability to tax which may be established by an authorised officer following the exercise or performance of his powers or duties under this section.

(2) (a) An authorised officer may at all reasonable times enter any premises or place where he has reason to believe that—

(i) any trade or profession or other activity, the profits or gains of which are chargeable to tax, is or has been carried on,

(ii) anything is or has been done in connection with any trade, profession or other activity the profits or gains of which are chargeable to tax,

(iii) any records relating to—

(I) any trade, profession, other source of profits or gains or chargeable gains,

(II) any tax liability, or

(III) any repayments of tax in regard to any person

are or may be kept,

or

(iv) any property is or has been located,

and may

(A) require any person who is on those premises or in that place, other than a person who is there to purchase goods or to receive a service, to produce any records or property,

(B) if he has reason to believe that any of the records or property which he has required to be produced to him under the provisions of this subsection have not been produced, search on those premises or in that place for those records or property,

(C) examine any records or property and take copies of or extracts from any records,

(D) remove any records and retain them for a reasonable time for the purposes of their further examination or for the purposes of any legal proceedings instituted by an officer of the Revenue Commissioners, or for the purposes of any criminal proceedings, and

(E) examine property listed in any records.

(b) An authorised officer, may in the exercise or performance of his powers or duties under this section, require any person, whom he has reason to believe—

(i) is or was carrying on any trade, profession or other activity the profits or gains of which are chargeable to tax,

(ii) is or was liable to any tax, or

(iii) has information relating to any tax liability,

to give the authorised officer all reasonable assistance including providing information and explanations or furnishing documents and making available for inspection property as required by the authorised officer in relation to any tax liability or any repayment of tax in regard to any person.

(c) Nothing in this subsection shall be construed as requiring any person carrying on a profession, or any person employed by any person carrying on a profession, to produce to an authorised officer any documents relating to a client, other than such documents—

(i) as pertain to the payment of fees to the person carrying on the profession or to other financial transactions of the person carrying on the profession,

(ii) as are otherwise material to the tax liability of the person carrying on the profession, or

(iii) as are already required to be provided following a request issued under the provisions of section 16 (inserted by section 101 of the Finance Act, 1991 ) of the Stamp Act, 1891,

and, in particular, he shall not be required to disclose any information or professional advice of a confidential nature given to a client.

(d) This subsection shall not apply to any premises or place where a banking business, within the meaning of the Central Bank Act, 1971 , is carried on or to any person, or an employee of any person, carrying on such a business.

(e) (i) An authorised officer shall not, without the consent of the occupier, enter any premises, or that portion of any premises, which is occupied wholly and exclusively as a private residence, except on production by such officer of a warrant issued by a Judge of the District Court expressly authorising the authorised officer to so enter.

(ii) A Judge of the District Court may issue a warrant under subparagraph (i), if satisfied by information on oath that it is proper for him to do so for the purposes of this section.

(3) A person who does not comply with any requirement of an authorised officer in the exercise or performance of his powers or duties under this section shall be liable to a penalty of £1,000.

(4) An authorised officer, when exercising or performing his powers or duties under this section, shall on request show his authorisation for the purposes of this section.”.

Powers of inspection: PAYE.

233. —Chapter IV of Part V of the Income Tax Act, 1967 , is hereby amended by the insertion after section 127 of the following section:

“127A.—(1) In this section—

authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section;

records’ means any personnel records relating to the payment of emoluments or the provision of benefits-in-kind or perquisites, payroll files, wages sheets, certificates of tax-free allowances, tax deduction cards, certificates issued in accordance with Regulation 22 of the Income Tax (Employment) Regulations, 1960 (S.I. No. 28 of 1960), including any data (within the meaning of section 237 of the Finance Act, 1992) stored by any means approved under section 113 of the Finance Act, 1986 , or by any other means or any other information or documents which the authorised officer may reasonably require.

(2) An authorised officer may at all reasonable times enter any premises or place where he has reason to believe that an employer is or has been carrying on any activity, as an employer, or that any person is or was either paying emoluments or providing benefits-in-kind, or perquisites or that any person is or was in receipt of emoluments, benefits-in-kind or perquisites or that records are or may be kept, and

(a) may require any employer or any other person who is on those premises or in that place, other than a person who is there to purchase goods or to receive a service, to produce any records which he requires for the purposes of his enquiry,

(b) may, if he has reason to believe that any of the records he has required to be produced to him under the provisions of paragraph (a) have not been so produced, search on those premises or in that place for those records, and

(c) may examine, make copies of, take extracts from, remove and retain any records for further examination or for the purposes of any legal proceedings instituted by an officer of the Revenue Commissioners or for the purposes of any criminal proceedings.

(3) An authorised officer may require any person, other than a person purchasing goods or receiving a service from an employer, to give the authorised officer all reasonable assistance including providing information and explanations and furnishing documents required by the authorised officer.

(4) An authorised officer, when exercising or performing his powers or duties under this section, shall on request produce his authorisation for the purposes of this section.

(5) A person who does not comply with the requirements of an authorised officer in the exercise or performance of his powers or duties under this section shall be liable to a penalty of £1,000.

(6) The records referred to in this section shall be retained by the employer for a period of 6 years after the end of the year to which they refer or for such shorter period as the Revenue Commissioners may authorise in writing to the employer.”.

Amendment of section 128 (penalties) of Income Tax Act, 1967.

234. Section 128 of the Income Tax Act, 1967 , is hereby amended in subsection (1)—

(a) by the deletion of “or to produce any wages sheet or records or documents,”, and

(b) by the substitution of “£1,200” for “£800”,

and the said subsection (1) as so amended is set out in the Table to this section.

TABLE

(a) If any person does not comply with any provision of regulations made under this Chapter requiring him to send any return, statement, notification or certificate or to remit tax to the collector or fails to make any deduction or repayment in accordance with any regulation made pursuant to section 127.(1) (ee), he shall be liable to a penalty of £1,200,

Powers of inspection: tax deductions from payments to certain sub-contractors.

235. —Chapter I of Part I of the Finance Act, 1970 , is hereby amended by the insertion after section 17 of the following section:

“17A.—(1) In this section—

authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section;

principal’, ‘relevant contract’, ‘relevant operations’ and ‘subcontractor’ have the same meanings as they have in section 17 (as amended by section 28 of the Finance Act, 1992);

records’ means those records required to be kept under section 6 (as amended by section 231 of the Finance Act, 1992) of the Finance Act, 1968, section 17 (as so amended) and the regulations made under the said section 17.

(2) An authorised officer may at all reasonable times enter any premises or place where he has reason to believe that—

(a) any relevant operations are or have been carried on,

(b) any person is making or has made payments to a subcontractor in connection with the performance by the sub-contractor of a relevant contract in relation to which that person is the principal,

(c) any person is or has been in receipt of such payments,

or

(d) records are or may be kept on those premises,

and the authorised officer may—

(i) require any principal or sub-contractor, or any employee of, or any other person providing bookkeeping, clerical or other administrative services to, any principal or sub-contractor, who is on that premises or in that place to produce any records which he requires for the purpose of his enquiry,

(ii) if he has reason to believe that any of the records he has required to be produced to him under the provisions of this subsection have not been so produced, search on those premises or in that place for those records, and

(iii) examine, make copies of, take extracts from, remove and retain any records for a reasonable period for their further examination or for the purpose of any legal proceedings instituted by an officer of the Revenue Commissioners or for the purposes of any criminal proceedings.

(3) An authorised officer may require any principal or subcontractor, or any employee of, or any other person providing bookkeeping, clerical or other administrative services to, any principal or subcontractor, to give the authorised officer all reasonable assistance including providing information and explanations and furnishing documents required by the authorised officer.

(4) An authorised officer, when exercising or performing his powers or duties under this section, shall on request produce his authorisation for the purposes of this section.

(5) A person who does not comply with the requirements of an authorised officer in the exercise or performance of his powers or duties under this section shall be liable to a penalty of £1,000.

(6) The records referred to in this section shall be retained for a period of 6 years after the end of the year to which they refer or for such shorter period as the Revenue Commissioners may authorise in writing.”.

Authorised officers and Garda Síochána.

236. —Where an authorised officer (within the meaning of section 127A (inserted by this Act) of the Income Tax Act, 1967 , section 17A (as so inserted) of the Finance Act, 1970 , or section 34 (as so inserted) of the Finance Act, 1976 , as the case may be) in accordance with the said section 127A, 17A or 34 enters any premises or place, he may be accompanied by a member or members of the Garda Síochána and any such member may arrest without warrant any person who obstructs or interferes with the authorised officer in the exercise or performance of his powers or duties under any of the said sections.

Inspection of computer documents and records.

237. —(1) In this section—

the Acts” means—

(a) the Customs Acts,

(b) the statutes relating to the duties of excise and to the management of those duties,

(c) the Tax Acts,

(d) the Capital Gains Tax Acts,

(e) the Value-Added Tax Act, 1972 , and the enactments amending or extending that Act,

(f) the Capital Acquisitions Tax Act, 1976 , and the enactments amending or extending that Act, and

(g) Part VI of the Finance Act, 1983 ,

and any instruments made thereunder;

data” means information in a form in which it can be processed;

data equipment” means any electronic, photographic, magnetic, optical or other equipment for processing data;

processing” means performing automatically logical or arithmetical operations on data, or the storing, maintenance, transmission, reproduction or communication of data;

records” means documents which a person is obliged by any provision of the Acts to keep, to issue or to produce for inspection, and any other written or printed material;

software” means any sequence of instructions used in conjunction with data equipment for the purpose of processing data or controlling the operation of the data equipment.

(2) Any provision under the Acts which—

(a) requires a person to keep, retain, issue or produce any records or cause any records to be kept, retained, issued or produced, or

(b) permits an officer of the Revenue Commissioners—

(i) to inspect any records,

(ii) to enter premises and search for any records, or

(iii) to take extracts from or copies of or remove any records,

shall, where the records are processed by data equipment, apply to the data equipment together with any associated software, data, apparatus or material as it applies to the records.

(3) An officer of the Revenue Commissioners may, in the exercise or performance of his powers or duties, require—

(a) the person by or on whose behalf the data equipment is or has been used, or

(b) any person having charge of, or otherwise concerned with the operation of, the data equipment or any associated apparatus or material,

to afford him all reasonable assistance in relation thereto.

Amendment of section 31 (power to obtain from certain persons particulars of transactions with and documents concerning tax liability of taxpayers) of Finance Act, 1979.

238. Section 31 of the Finance Act, 1979 , is hereby amended—

(a) in paragraph (a) of subsection (1)—

(i) by the substitution of the following definition for the definition of “an authorised officer”:

“‘an authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section;”,

(ii) by the substitution of the following definition for the definition of “documents”:

“‘documents’ means those records required to be kept or retained under the provisions of section 6 (as amended by section 231 of the Finance Act, 1992) of the Finance Act, 1968;”,

and

(iii) by the addition of the following definition after the definition of “tax”:

“Tax Acts' has the meaning assigned to it by section 155 (2) of the Corporation Tax Act, 1976 .”,

(b) by the substitution for subsection (2) of the following subsection:

“(2) Where a person (in this section referred to as ‘the taxpayer’)—

(a) delivers to an inspector a return or statement of the income, profits or gains arising to him from—

(i) any business (past or present) carried on by him or his spouse, or

(ii) any business (past or present) with whose management either of them was concerned at a material time,

and the inspector is not satisfied with the return or statement,

or

(b) fails to deliver a return or statement as aforesaid which he is required to deliver under any provision of the Tax Acts,

the inspector may serve on the taxpayer a notice in writing stating—

(I) that he is not satisfied with the return or statement delivered to him, or that such return or statement has not been delivered to him, as the case may be, and

(II) that he has requested an authorised officer to serve notice under this section on persons who, in relation to the taxpayer, are subject to this section.”,

and

(c) by the substitution of the following subsection for subsection (9):

“(9) An authorised officer may examine any documents furnished or made available for inspection under this section and may take copies of, or extracts from, them or retain them for the purposes of any legal proceedings instituted by an officer of the Revenue Commissioners or for the purposes of any criminal proceedings.”.

Amendment of section 20 (return of property) of Finance Act, 1983.

239. Section 20 of the Finance Act, 1983 , is hereby amended—

(a) by the substitution in subsection (1) (a) of “income tax and capital gains tax” for “income tax”, and

(b) by the substitution for subsections (2), (3) and (4) of the following subsections:

“(2) Where for the purposes of tax, a person is required under any provision of the Tax Acts or the Capital Gains Tax Acts to deliver a tax return to an inspector of taxes or to the inspector of returns (as defined in section 10 (11) of the Finance Act, 1988 ), as the case may be, then the inspector may require—

(a) that person, by notice in writing given to him, and

(b) where that person and his spouse are, for the year of assessment to which the tax return relates, treated as living together for the purpose of section 192 of the Income Tax Act, 1967 , his spouse, by notice in writing given to the spouse,

to deliver to the inspector, within the time specified in the notice, or within such further period as the inspector may allow, a statement of affairs in the prescribed form as at the date specified in the notice, and that person or his spouse shall, if required by further notice or notices in writing by the inspector, deliver to the inspector within such time, not being less than 30 days, as may be specified in such further notice or notices, a statement verifying such statement of affairs together with such evidence, statement or documents required by the inspector in respect of any asset or liability shown on the statement of affairs, or in respect of any asset or liability which the inspector has reason to believe has been omitted from the statement of affairs.

(3) (a) In this section ‘statement of affairs’, in relation to a notice under subsection (2), means where the person to whom notice is given is—

(i) an individual who is a chargeable person and the tax return concerned relates to income or capital gains in respect of which he is chargeable to tax otherwise than in a representative capacity or as a trustee, a statement of all the assets wherever situated to which he is beneficially entitled on the specified date and all the liabilities for which he is liable on the specified date,

(ii) the spouse of an individual referred to in subparagraph (i), a statement of all the assets, wherever situated, to which the said spouse is beneficially entitled on the specified date and all the liabilities for which the said spouse is liable on the specified date,

(iii) a chargeable person in a representative capacity and the tax return concerned relates to income or capital gains of a person in respect of which he is so chargeable, a statement of all the assets wherever situated to which that person is beneficially entitled and which give rise to income or capital gains in respect of which the chargeable person is chargeable to tax in a representative capacity and all the liabilities for which the said person is liable, or are assets or liabilities in relation to which the chargeable person performs functions or duties in such a capacity on the specified date, or

(iv) a chargeable person as a trustee of a trust and the tax return concerned relates to income or capital gains of a trust, all the assets and liabilities comprised in the trust on the specified date.

(b) Any assets to which a minor child of an individual referred to in subparagraph (i) or (ii) of paragraph (a) is beneficially entitled shall be included in that individual's statement of affairs under this section where—

(i) such assets at any time prior to their acquisition by the minor child were disposed of by that individual whether to the minor child or not, or

(ii) the consideration for the acquisition of such assets by the minor child was provided directly or indirectly by that individual.

(4) (a) A statement of affairs delivered under this section shall contain in relation to each asset included thereon—

(i) a full description,

(ii) its location on the specified date,

(iii) the cost of acquisition to the person beneficially entitled thereto, and

(iv) the date of acquisition and, if it was acquired otherwise than through a bargain at arms length, the name and address of the person from whom it was acquired and the consideration, if any, given to that person in respect of its acquisition.

(b) A statement of affairs delivered under this section shall, in the case of an asset which is an interest which is not an absolute interest, contain particulars of the title under which the beneficial entitlement arises.

(c) A statement of affairs delivered under this section shall be signed by the person by whom it is delivered and shall include a declaration by that person that it is to the best of his knowledge, information and belief, correct and complete.

(d) The Revenue Commissioners may require the declaration mentioned in paragraph (c) to be made on oath.”.

Amendment of section 23 (publication of names of defaulters) of Finance Act, 1983.

240. —As respects the year 1992 and subsequent years, section 23 of the Finance Act, 1983 , is hereby amended—

(a) in subsection (2), by the insertion of “or any part of a year as they see fit” after “as respects each year”, and

(b) in subsection (3), by the insertion in paragraph (a) of “or lists” after “the list”,

and the said subsection (2) and the said paragraph (a), as so amended, are set out in the Table to this section.

TABLE

(2) The Revenue Commissioners shall, as respects each year or any part of a year as they see fit (being the year 1984 or a subsequent year), compile a list of names and addresses and the occupations or descriptions of every person—

(a) upon whom a fine or other penalty was imposed by a court under any of the Acts during that year,

(b) upon whom a fine or other penalty was otherwise imposed by a court during that year in respect of an act or omission by the person in relation to tax, or

(c) in whose case the Revenue Commissioners, pursuant to an agreement made with the person in that year, refrained from initiating proceedings for recovery of any fine or penalty of the kind mentioned in paragraphs (a) and (b) and, in lieu of initiating such proceedings, accepted, or undertook to accept, a specified sum of money in settlement of any claim by the Revenue Commissioners in respect of any specified liability of the person under any of the Acts for—

(i) payment of any tax,

(ii) payment of interest thereon, and

(iii) a fine or other monetary penalty in respect thereof.

(a) the Revenue Commissioners shall include in their annual report to the Minister for Finance, commencing with the report for the year 1984, the list or lists referred to in subsection (2) for the year in respect of which the report is made, and

Amendment of section 73 (deduction from payments due to defaulters of amounts due in relation to tax) of Finance Act, 1988.

241. Section 73 of the Finance Act, 1988 , is hereby amended—

(a) in subsection (1) (b)—

(i) by the substitution of the following definition for the definition of “the Acts”:

“‘the Acts’ means—

(i) the Customs Acts,

(ii) the statutes relating to the duties of excise and to the management of those duties,

(iii) the Tax Acts,

(iv) the Capital Gains Tax Acts,

(v) the Value-Added Tax Act, 1972 , and the enactments amending or extending that Act,

(vi) the Capital Acquisitions Tax Act, 1976 , and the enactments amending or extending that Act, and

(vii) the Stamp Act, 1891, and the enactments amending or extending that Act,

and any instrument made thereunder;”,

(ii) by the substitution of the following subparagraph for subparagraph (i) of the proviso to the definition of “debt”:

“(i) where a relevant person is a financial institution, any amount or aggregate amount of money, including interest thereon, which at that time is a deposit held by the relevant person—

(I) to the credit of the taxpayer for his sole benefit, or

(II) to the credit of the taxpayer and any other person or persons for their joint benefit,

shall be regarded as a debt due by the relevant person to the taxpayer at that time,”,

(iii) by the insertion of the following additional proviso after the proviso to the definition of “debt”:

“Provided also that, in the case of paragraph (i) of the preceding proviso, a deposit held by a relevant person which is a financial institution to the credit of the taxpayer and any other person or persons (hereafter referred to in this proviso as ‘the other party or parties’) for their joint benefit shall be deemed (unless evidence to the contrary is produced to the satisfaction of the relevant person within 10 days of the giving of the notices specified in paragraph (c) of subsection (2)) to be held to the benefit of the taxpayer and the other party or parties to the deposit equally and, accordingly, only the portion thereof so deemed shall be regarded as a debt due by the relevant person to the taxpayer at that time and where such evidence is produced within the specified time only so much of the deposit as is shown to be held to the benefit of the taxpayer shall be regarded as a debt due by the relevant person to the taxpayer at that time;”,

and

(iv) by the substitution of the following definition for the definition of “interest on unpaid tax”:

“‘interest on unpaid tax’, in relation to a specified amount specified in a notice of attachment, means interest, that has accrued to the date on which the notice of attachment is given, under any provision of the Acts providing for the charging of interest in respect of the unpaid tax, including interest on an undercharge of tax which is attributable to fraud or neglect, specified in the notice of attachment;”,

(b) in subsection (2)—

(i) by the substitution of the following subparagraph for subparagraph (ii) of paragraph (a):

“(ii) (I) the amount or aggregate amount, or

(II) in a case where more than one notice of attachment is given to a relevant person or relevant persons in respect of a taxpayer, a portion of the amount or aggregate amount,

of the taxes, interest on unpaid taxes and penalties in respect of which the taxpayer is in default at the time of the giving of the notice or notices of attachment (the said amount, aggregate amount, or portion of the amount or aggregate amount, as the case may be, being referred to in this section as ‘the specified amount’),”,

(ii) by the insertion of the following additional proviso after the proviso to subparagraph (iii) (I) of paragraph (a):

“Provided also that where the relevant person is a financial institution and the debt due by the relevant person to the taxpayer is part of a deposit held to the credit of the taxpayer and any other person or persons to their joint benefit the said return shall be made within a period of 10 days from—

(A) the expiry of the period specified in the notices to be given under paragraph (c), or

(B) the production of the evidence referred to in paragraph (c) (II).”,

and

(iii) by the insertion of the following paragraph after paragraph (b):

“(c) Where a relevant person which is a financial institution is given a notice of attachment and the debt due by the relevant person to the taxpayer is part of a deposit held by the relevant person to the credit of the taxpayer and any other person or persons (hereafter in this paragraph referred to as ‘the other party or parties’) for their joint benefit, the relevant person shall, on receipt of the notice of attachment, give to the taxpayer and the other party or parties to the deposit a notice in writing in which is entered—

(i) the taxpayer's name and address,

(ii) the name and address of the person to whom a notice under this paragraph is given,

(iii) the name and address of the relevant person, and

(iv) the specified amount, and which states that—

(I) a notice of attachment under this section has been received in respect of the taxpayer,

(II) under this section, a deposit is deemed (unless evidence to the contrary is produced to the satisfaction of the relevant person within 10 days of the giving of the notice under this paragraph) to be held to the benefit of the taxpayer and the other party or parties to the deposit equally, and

(III) unless such evidence is produced within the period specified in the notice given under this paragraph, a sum equal to the amount of the deposit so deemed to be held to the benefit of the taxpayer, and, accordingly, regarded as a debt due to the taxpayer by the relevant person, shall be paid to the Revenue Commissioners where that amount is equal to or less than the specified amount and where that amount is greater than the specified amount an amount equal to the specified amount shall be paid to the Revenue Commissioners.”,

(c) in subsection (3), by the substitution of the following paragraph for paragraph (b):

“(b) the Revenue Commissioners have given the taxpayer a notice in writing (whether or not the document containing the notice also contains other information being communicated by the Revenue Commissioners to the taxpayer), not later than 7 days before the date of the receipt by the relevant person or relevant persons concerned of a notice of attachment, stating that, if the amount is not paid, it may be specified in a notice or notices of attachment and recovered under this section from a relevant person or relevant persons in relation to the taxpayer.”,

(d) in subsection (10), by the substitution in paragraph (b) of “amount or aggregate amount of the taxes, interest on unpaid taxes and penalties in respect of which the taxpayer is in default at the time of the giving of the notice or notices of attachment” for “specified amount”, and the said paragraph (b), as so amended, is set out in the Table to this section,

and

(e) by the deletion of subsection (17).

TABLE

(b) Where, in pursuance of this section, a relevant person pays any amount to the Revenue Commissioners out of a debt due by him to the taxpayer and, at the time of the receipt by the Revenue Commissioners of the said amount, the taxpayer has paid the amount or aggregate amount of the taxes, interest on unpaid taxes and penalties in respect of which the taxpayer is in default at the time of the giving of the notice or notices of attachment to the Revenue Commissioners, the first-mentioned amount shall be refunded by the Revenue Commissioners forthwith to the taxpayer.

Tax clearance in relation to certain licences.

242. —(1) In this section—

the Act of 1968” means the Finance (Miscellaneous Provisions) Act, 1968 ;

the Acts” means—

(a) the Tax Acts,

(b) the Capital Gains Tax Acts,

(c) the Value-Added Tax Act, 1972 , and the enactments amending or extending that Act,

and any instruments made thereunder;

beneficial holder of a licence” means the person named on the licence or, where that person is a nominee, the person on whose behalf the nominee holds the licence;

licence” means a licence of the kind referred to in the proviso (inserted by section 156 of the Finance Act, 1992) to section 49 (1) of the Finance (1909-10) Act, 1910;

specified date” means the date of commencement of a licence sought to be granted under section 49 (1) of the Finance (1909-10) Act, 1910, as specified for the purposes of a tax clearance certificate under subsection (2);

tax clearance certificate” shall be construed in accordance with subsection (2).

(2) Subject to the provisions of subsection (3), the Collector-General shall, on an application to him by the person who will be the beneficial holder of a licence due to commence on a specified date, issue a certificate (in this section referred to as a “tax clearance certificate”) for the purposes of the grant of a licence, if—

(a) that person, and any partnership of which he is or was a partner in respect of the period of his membership,

(b) in a case where that person is a partnership, each partner,

(c) in a case where that person is a company, each person who is either the beneficial owner of, or able, directly or indirectly to control more than 50 per cent. of the ordinary share capital of the company,

has or have complied with all the obligations imposed on him or them by the Acts, in relation to—

(i) the payment or remittance of the taxes, interest and penalties required to be paid or remitted under the Acts, and

(ii) the delivery of returns.

(3) Where a person (hereafter in this section referred to as the “first-mentioned person”) will be the beneficial holder of a licence due to commence on a specified date and another person (hereafter in this section referred to as the “second-mentioned person”) was the beneficial holder of the licence at any time during the year preceding the said date, and—

(a) the second-mentioned person is a company connected within the meaning of section 16 (3) of the Act of 1968 with the first-mentioned person or would have been such a company but for the fact that the company has been wound up or dissolved without being wound up,

(b) the second-mentioned person is a company and the first-mentioned person is a partnership in which—

(i) a partner is or was able, or

(ii) where more than one partner is a shareholder, those partners together are or were able,

directly or indirectly either on his or their own, or with a connected person or connected persons within the meaning of section 16 (3) of the Act of 1968, to control more than 50 per cent. of the ordinary share capital of the company, or

(c) the second-mentioned person is a partnership and the first-mentioned person is a company in which—

(i) a partner is or was able, or

(ii) where more than one partner is a shareholder, those partners together are or were able,

directly or indirectly either on his or their own, or with a connected person or connected persons within the meaning of section 16 (3) of the Act of 1968, to control more than 50 per cent. of the ordinary share capital of the company,

a tax clearance certificate shall not be issued by the Collector-General under subsection (2) unless, in relation to the activities conducted under the licence, the second-mentioned person has complied with his obligations under the Acts as specified in the said subsection:

Provided that this subsection shall not apply to a transfer of a licence effected before the 24th day of April, 1992, or apply to such transfer effected after that date where a contract for the sale or lease of the premises to which the licence relates was signed before that date.

(4) An application for a tax clearance certificate under this section shall be made to the Collector-General in a form prescribed by the Revenue Commissioners and shall specify the commencement date of the licence to which the application relates.

(5) If an application for a tax clearance certificate under this section is refused by the Collector-General, he shall, as soon as is practicable, communicate in writing such refusal and the grounds therefor to the person concerned.

(6) (a) Where an application under this section to the Collector-General for a tax clearance certificate is refused the person aggrieved by such refusal may, by notice in writing given to the Collector-General within 30 days of such refusal, apply to have his application heard and determined by the Appeal Commissioners:

Provided that no right of appeal shall exist by virtue of this section in relation to any amount of tax or interest due under the Acts.

(b) A notice under paragraph (a) shall be valid only if—

(i) it specifies—

(I) the matter or matters with which the person is aggrieved, and

(II) the grounds, in detail, of his appeal as respects each such matter,

and

(ii) any amount under the Acts which is due to be remitted or paid, and which is not in dispute, is duly remitted or paid.

(c) The Appeal Commissioners shall hear and determine an appeal made to them under this subsection as if it were an appeal against an assessment to income tax and, subject to paragraph (d), all the provisions of the Income Tax Acts relating to such an appeal (including the provisions relating to the rehearing of an appeal and to the statement of a case for the opinion of the High Court on a point of law) shall apply accordingly with any necessary modifications.

(d) On the hearing of an appeal made under this subsection, the Appeal Commissioners shall have regard to all matters to which the Collector-General is required to have regard under the provisions of this section.

Amendment of section 94 (revenue offences) of Finance Act, 1983.

243. Section 94 of the Finance Act, 1983 , is hereby amended—

(a) in subsection (1)—

(i) by the insertion of the following definition after the definition of “the Acts”:

“‘an authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise any of the powers conferred by the Acts;”,

and

(ii) by the insertion of the following paragraph after paragraph (e):

“(ee) knowingly or wilfully, and within the time limits specified for their retention, destroys, defaces, or conceals from an authorised officer—

(i) any documents, or

(ii) any other written or printed material in any form, including any information stored, maintained or preserved by means of any mechanical or electronic device, whether or not stored, maintained or preserved in a legible form, which a person is obliged by any provision of the Acts to keep, to issue or to produce for inspection.”,

and

(b) in subsection (3), by the substitution of the following paragraph for paragraph (a):

“(a) on summary conviction to a fine of £1,000 which may be mitigated to not less than one fourth part thereof or, at the discretion of the court, to imprisonment for a term not exceeding 12 months or to both the fine and the imprisonment, or”.

Amendment of section 9 (interpretation (Chapter II)) of Finance Act, 1988.

244. —As respects the year 1992-93 and subsequent years of assessment, section 9 (as amended by section 45 of the Finance Act, 1991 ) of the Finance Act, 1988 , is hereby amended in subsection (1) by the insertion in the definition of “chargeable person” of the following proviso to paragraph (a):

“Provided that this paragraph shall not apply to a person who is a director or, in the case of a person to whom the provisions of section 194 of the Income Tax Act, 1967 , apply, whose spouse is a director, within the meaning of section 119 of that Act, of a body corporate other than a body corporate which during a period of three years ending on the 5th day of April in the chargeable period—

(i) was not entitled to any assets other than cash on hands, or a sum of money on deposit within the meaning of section 230 of the Finance Act, 1992, not exceeding £100, and

(ii) did not carry on a trade, business or other activity including the making of investments, and

(iii) did not pay charges on income within the meaning of section 10 of the Corporation Tax Act, 1976 .”.

Amendment of section 48 (surcharge for late submission of returns) of Finance Act, 1986.

245. —As respects the year 1992-93 and subsequent years of assessment, section 48 of the Finance Act, 1986 , is hereby amended by the addition of the following subsection after subsection (2)—

“(3) In the case of a person—

(a) who is a director within the meaning of section 119 of the Income Tax Act, 1967 , or

(b) to whom the provisions of section 194 of the Income Tax Act, 1967 , apply, and whose spouse is a director within the meaning of the said section 119,

paragraph (a) of the proviso to subsection (2) shall not apply, inrespect of any tax deducted under Chapter IV of Part V of the Income Tax Act, 1967 , in determining the amount of a surcharge under this section.”.

Amendment of Schedule 4 (administration) to Capital Gains Tax Act, 1975.

246. —Paragraph 3 of Schedule 4 to the Capital Gains Tax Act, 1975 , is hereby amended by the insertion after subparagraph (4) of the following subparagraph:

“(4A) (a) An event which, apart from paragraph 2(2) of Schedule 2, as applied by paragraph 4 or 5 of that Schedule, would constitute the disposal of an asset shall, for the purposes of this paragraph, constitute such a disposal.

(b) An event which, apart from paragraph 2(2) of Schedule 2, as applied by paragraph 4 or 5 of that Schedule, would constitute the acquisition of an asset shall, for the purposes of this paragraph, constitute such an acquisition.”.

Amendment of section 143 (return of profits) or Corporation Tax Act, 1976.

247. Section 143 (as amended by section 54 of the Finance Act, 1990 ) of the Corporation Tax Act, 1976 , is hereby amended, as respects any accounting period ending on or after the 1st day of April, 1992—

(a) by the insertion of the following paragraph after paragraph (b) of subsection (1):

“(bb) all amounts of tax credits which are recoverable from the company under the provisions of sections 25 (5) and 26 (4),”,

(b) by the insertion after subsection (1) of the following subsection:

“(1A) An event which, apart from paragraph 2 (2) of Schedule 2 to the Capital Gains Tax Act, 1975 , as applied by paragraph 4 or 5 of that Schedule, would constitute the disposal of an asset giving rise to a chargeable gain or an allowable loss under the provisions of the Capital Gains Tax Acts and this Act shall, for the purposes of this section, constitute such a disposal.”,

and

(c) by the substitution in subsection (6) of “Subparagraphs (3) and (4), and subparagraph (4A) (b) (inserted by the Finance Act, 1992), of paragraph 3 of Schedule 4 to the Capital Gains Tax Act, 1975 ” for “Paragraphs 3 (3) and (4) of Schedule 4 to the Capital Gains Tax Act, 1975 ”,

and the said subsection (6), as so amended, is set out in the Table to this section.

TABLE

(6) Subparagraphs (3) and (4), and subparagraph (4A) (b) (inserted by the Finance Act, 1992), of paragraph 3 of Schedule 4 to the Capital Gains Tax Act, 1975 (power to demand information about the acquisition of assets), shall apply in relation to a notice under this section as they apply in relation to a notice under any of the provisions of the Income Tax Acts, as applied in relation to capital gains tax by the said paragraph 3.

Amendment of certain provisions of Tax Acts, etc., relating to penalties.

248. —Where, after the passing of this Act (but with respect to any year of assessment, or, as the case may be, accounting period, whether ending before or ending after such passing), an act or omission occurs in respect of which a person would, but for this section, have incurred the penalty or penalties provided for in any provision of the Tax Acts or Part VI of the Finance Act, 1983 , specified in column (2) of the Table to this section at any reference number, the person shall, in lieu of the penalty or penalties so provided for be liable to a penalty specified in column (3) of the said Table at that reference number and that provision shall be construed and have effect accordingly.

TABLE

Reference Number

Provision of the Tax Acts, etc.

Penalty.

(1)

(2)

(3)

£

1.

Section 128 (1A) of the Income Tax Act, 1967

750

2.

Section 173 (6) of the Income Tax Act, 1967

1,200

3.

Section 426 (3) of the Income Tax Act, 1967

750

4.

Section 500 (1) of the Income Tax Act, 1967

750

5.

Section 500 (2) of the Income Tax Act, 1967

1,200

6.

Section 31 (5) of the Finance Act, 1979

1,000

7.

Section 45 (8) of the Finance Act, 1980

1,200

8.

Section 112 (1) (a) of the Finance Act, 1983

1,200

9.

Section 112 (3) of the Finance Act, 1983

2,500