Section 485FB Requirement to provide estimates and information
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Amendments
Section 485FB inserted by Finance Act 2007 section 18(1)(d) for 2007 and later tax years.
(1) In this section-
"chargeable person" and "specified return date for the chargeable period" have the same meanings as in Part 41;
"prescribed form" means a form prescribed by the Revenue Commissioners or a form used under the authority of the Revenue Commissioners, and includes a form which involves the delivery of a statement by any electronic, photographic or other process approved of by the Revenue Commissioners.
What requirements do Revenue put on me if I am subject to restrictions on reliefs on my income?
(1) Under section 485C, you are restricted, as regards 2007 and later tax years, in the extent to which you can use specified reliefs to reduce your taxable income. For 2007 and later years, you may only use such reliefs to reduce half of your adjust...
(2) Where this Chapter applies to an individual for a tax year that individual shall, if not otherwise a chargeable person, be deemed to be a chargeable person for such year for the purposes of Part 41.
If my income is subject to restrictions on reliefs, can I be subject to self-assessment even if I am a PAYE employee?
(2) Where you are subject to the specified relief restrictions, you are deemed to be a chargeable person for self-assessment purposes. This rule applies even if you would not otherwise be subject to self-assessment, for example, a PAYE employee. ...
(3) Where this Chapter applies to an individual for a tax year that individual shall, in addition to the return required to be delivered under section 951, prepare and deliver to the Collector-General at the same time as, and together with, the return required under section 951 on or before the specified return date for the chargeable period a full and true statement in a prescribed form of the details required by the form in respect of-
(a) the amounts constituting the aggregate of the specified reliefs,
(b) the determination of those amounts, and
(c) the estimates required by subsection (4),
and of such further particulars in relation to this Chapter as may be required by the prescribed form.
(4) The estimates required by this subsection are estimates of-
(a) the individual’s taxable income for the year determined as if this Chapter, other than section 485F, did not apply to the individual for that year,
(b) the individual’s taxable income determined in accordance with section 485E, and
(c) the amount of tax that should be assessed on the individual as a consequence of the application of this Chapter,
which estimates shall be made to the best of the individual’s knowledge and belief.
(5) Where this Chapter applies to both a husband and a wife, not being persons to whom section 1016 applies, then separate statements under this section shall be required from both the husband and the wife and both statements shall be made on the same prescribed form (in this subsection referred to as a "combined statement") and references in this section, other than in this subsection, to a statement required to be delivered under this section shall include references to a combined statement.
What information must a married couple provide to Revenue in relation to the high earner restriction?
(5) This rule applies where both a husband and wife (who are not singly assessed) are subject to the specified relief restrictions. Such a couple must prepare a combined statement on the same prescribed form.
(6)(a) For the purposes of determining-
(i) the accuracy or otherwise of any details, particulars or estimates contained in the statement referred to in subsection (3), or
(ii) whether or not an individual who has not provided a statement under this section is an individual to whom this Chapter applies,
a Revenue officer may make such enquiries or take such actions within his or her powers as he or she considers necessary for the purposes of determining the matters set out in subparagraph (i) or (ii), including, in the case of subparagraph (ii), requiring by notice in writing the individual to furnish in writing to the officer within such time, not being less than 14 days, as may be provided by the notice, details of each provision in respect of which the individual is claiming tax relief for a tax year together with the amount of each separate claim and the particulars of each separate claim under that provision.
(b) Subparagraph (ii) of paragraph (a) shall only apply to an individual who has made a return under section 951 for a tax year and whose income, including income exempt from tax, from all sources and disregarding all deductions, allowances and other tax reliefs is equal to or greater than [the income threshold amount]1.
Amendments
1 Substituted by Finance Act 2010 section 23(1)(e) for 2010 and later tax years.
(7) Subsections (9) and (10) of section 951 shall apply to a statement required to be delivered under this section in the same way as they apply to a return required to be delivered under that section, and for this purpose a reference in those subsections to a return, other than a reference to the specified return date for the chargeable period, shall be construed as a reference to a statement under this section.
(8) Section 1052 shall apply to a failure by an individual to deliver a statement under this section or the details, amounts and particulars referred to in subsection (6) as it applies to a failure to deliver a return referred to in section 1052.
