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39 1997

TAXES CONSOLIDATION ACT, 1997

CHAPTER 5

Capital gains tax: returns, information, etc.

Application of income tax provisions relating to returns, etc.

[CGTA75 s51(1) and Sch4 par3(1), (2) (part of) and (3) to (5), par10(1) and par19; FA92 s246]

913. —(1) The provisions of the Income Tax Acts relating to the making or delivery of any return, statement, declaration, list or other document, the furnishing of any particulars, the production of any document, the making of anything available for inspection, the delivery of any account or the making of any representation, shall, subject to any necessary modifications, apply in relation to capital gains tax as they apply in relation to income tax.

(2) In particular and without prejudice to subsection (1), sections 876 to 880 , sections 888 and 900 and paragraph 1 of Schedule 1 shall, subject to any necessary modifications, apply in relation to capital gains tax.

(3) A notice under any provision of the Income Tax Acts as applied by this section may require particulars of any assets acquired by the person on whom the notice was served (or, if the notice relates to income or chargeable gains of some other person for whom the person who receives the notice is required to make a return under section 878 , as so applied by this section, of any assets acquired by that other person) in the period specified in the notice, being a period beginning not earlier than the 6th day of April, 1974, but excluding—

(a) any assets exempted by section 607 or 613 , or

(b) any assets acquired as trading stock.

(4) The particulars required under this section may include particulars of the person from whom the asset was acquired and of the consideration for the acquisition.

(5) (a) An event which, apart from section 584 (3) as applied by section 586 or 587 , would constitute the disposal of an asset shall for the purposes of this section constitute such a disposal.

(b) An event which, apart from section 584 (3) as applied by section 586 or 587 , would constitute the acquisition of an asset shall for the purposes of this section constitute such an acquisition.

(6) Section 888 as applied by this section shall apply to property or leases of property other than premises as it applies to premises or leases of premises.

(7) A return of income of a partnership under section 880 shall include—

(a) with respect to any disposal of partnership assets during a period to which any part of the return relates, the like particulars as if the partnership were liable to tax on any chargeable gain accruing on the disposal, and

(b) with respect to any acquisition of partnership assets, the particulars required by subsection (3).

(8) A return under section 879 as applied by this section in relation to chargeable gains accruing to a married woman in a year of assessment, or part of a year of assessment, during which she is a married woman and living with her husband may be required either from her or, if her husband is liable under section 1028 (1), from him.

Returns by issuing houses, stockbrokers, auctioneers, etc.

[CGTA75 s51(1) and Sch4 par4; FA94 s63; FA95 s70]

914. —(1) For the purpose of obtaining particulars of chargeable gains, an inspector may by notice in writing require a return under any provision of this section.

(2) (a) In this subsection, “shares” includes units in a unit trust.

(b) An issuing house or other person carrying on a business of effecting public issues of shares or securities in any company, or placings of shares or securities in any company, either on behalf of the company or on behalf of holders of blocks of shares or securities which have not previously been the subject of a public issue or placing, may be required to make a return of all such public issues or placings effected by that person in the course of the business in the period specified in the notice requiring the return, giving particulars of the persons to or with whom the shares or securities are issued, allotted or placed, and the number or amount of the shares or securities so obtained by them respectively.

(3) A person not carrying on such a business may be required to make a return as regards any such issue or placing effected by that person and specified in the notice, giving particulars of the persons to or with whom the shares or securities are issued, allotted or placed and the number or amount of the shares or securities so obtained by them respectively.

(4) A member of a stock exchange in the State may be required to make a return giving particulars of any transactions effected by that member in the course of that member's business in the period specified in the notice requiring the return and giving particulars of—

(a) the parties to the transactions,

(b) the number or amount of the shares or securities dealt with in the respective transactions, and

(c) the amount or value of the consideration.

(5) A person (other than a member of a stock exchange in the State) who acts as an agent in the State in transactions in shares or securities may be required to make a return giving particulars of—

(a) any such transactions effected by that person in the period specified in the notice,

(b) the parties to the transactions,

(c) the number or amount of the shares or securities dealt with in the respective transactions, and

(d) the amount or value of the consideration.

(6) An auctioneer and any person carrying on a trade of dealing in any description of tangible movable property, or of acting as an agent or intermediary in dealings in any description of tangible movable property, may be required to make a return giving particulars of any transactions effected by or through that auctioneer or that person, as the case may be, in which any asset which is tangible movable property is disposed of for a consideration the amount or value of which, in the hands of the recipient, exceeds—

(a) as respects transactions effected on or after the 6th day of April, 1994, but before the 6th day of April, 1995, £5,000, and

(b) as respects transactions effected on or after the 6th day of April, 1995, £15,000.

(7) No person shall be required under this section to include in a return particulars of any transaction effected more than 3 years before the service of the notice requiring that person to make the return.

Returns by nominee shareholders.

[CGTA75 s51(1) and Sch4 par5]

915. —(1) In this section, references to shares include references to securities and loan capital.

(2) Where, for the purpose of obtaining particulars of chargeable gains, any person in whose name any shares of a company are registered is so required by notice in writing by the Revenue Commissioners or by an inspector, that person shall state whether or not that person is the beneficial owner of those shares and, if that person is not the beneficial owner of those shares or any of them, shall furnish the name and address of the person or persons on whose behalf the shares are registered in that person's name.

Returns by party to a settlement.

[CGTA75 s51(1) and Sch4 par6]

916. —The Revenue Commissioners may by notice in writing require any person, being a party to a settlement, to furnish them within such time as they may direct (not being less than 28 days) with such particulars relating to the settlement as they think necessary for the purposes of the Capital Gains Tax Acts.

Returns relating to non-resident companies and trusts.

[CGTA75 s51(1) and Sch4 par7]

917. —A person who—

(a) holds shares or securities in a company not resident or ordinarily resident in the State, or

(b) is beneficially interested or acts as agent for or on behalf of a person who is beneficially interested in settled property under a settlement the trustees of which are not resident or ordinarily resident in the State,

may be required by a notice by the Revenue Commissioners to give such particulars as the Revenue Commissioners may consider are required to determine whether the company or trust is within section 579 or 590 , and whether any chargeable gains have accrued to that company, or to the trustees of that settlement, in respect of which the person to whom the notice is given is liable to capital gains tax under section 579 or 590 .