Section 508A Reporting of relief
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Amendments
Section 508A inserted by Finance Act 2007 section 19(1)(g) from 1 January 2007 (appointed by the Minister of Finance under Finance Act 2007 (Commencement of Section 19(1)) Order 2007 (SI 614/2007).
(1) A person (being a qualifying company or the managers of a designated fund) shall, when required to do so by notice in writing by the Revenue Commissioners, furnish the Revenue Commissioners within such time as may be specified in the notice (not being less than 30 days) with such information, in relation to the relief provided for in this Part, as the Revenue Commissioners may reasonably require from that person for the purpose of the annual reports required in accordance with section 7.1 of the Community Guidelines on State Aid to Promote Risk Capital Investments in Small and Medium-Sized Enterprises (OJ No. C194 of 18 August 2006, p. 20).
What details of a BES fund need to be reported to Revenue?
(1) As a BES company, or the manager of a BES fund, you must, on receipt of a written request, provide Revenue (within the time limit specified in the notice) with information they may reasonably require to enable Revenue to compile its report to the...
(2) Notwithstanding any obligation as to secrecy imposed on them by the Acts or the Official Secrets Act 1963, the Revenue Commissioners may furnish the information obtained in accordance with subsection (1) to the person submitting the annual reports referred to in that subsection.
(3) The Revenue Commissioners may nominate any of their officers to discharge any function authorised by this section to be discharged by the Revenue Commissioners.
(3A) No obligation as to secrecy imposed by statute or otherwise shall preclude the Revenue Commissioners from publishing information obtained by them in accordance with subsection (1).
Amendments
Subs (3A) inserted by Finance Act 2008 section 24(1)(d) on and from 1 January 2007.
(4) Where any person fails to comply with a requirement to furnish the information in accordance with subsection (1), that person shall be liable to a penalty of €2,000 and, if that failure continues after the period of 30 days referred to in that subsection, a further penalty of €50 for each day on which the failure so continues.
Is there a penalty on a BES company or fund if Revenue request information and it is not provided?
(4) A penalty of €2,000 applies to you as a BES company or a designated fund manager where you do not provide the information mentioned in (1). If the information is not provided within 30 days of the date of the notice, a further penalty of €50 ...
(5) No obligation as to secrecy imposed by statute or otherwise shall preclude the Revenue Commissioners from publishing information obtained by them in accordance with subsection (1).
Amendments
Subs (5) inserted by European Communities (Income Tax Relief for Investment in Corporate Trades — Business Expansion Scheme and Seed Capital Scheme) Regulations 2007 (SI 613/2007) para 2(a)(ii).
