(1) In this section "a taxpayer" means any person including―

(a) a person whose identity is not known to the authorised officer, and a group or class of persons whose individual identities are not so known, and

(b) a person by or in respect of whom a declaration has been made under section 263(1) declaring that the person is beneficially entitled to all or part of the interest in relation to a deposit.

(2) An authorised officer may, subject to this section, make an application to the Appeal Commissioners for their consent, under subsection (5), to the service by him or her of a notice on a financial institution, requiring the financial institution to do either or both of the following, namely―

(a) to make available for inspection by the authorised officer, such books, records or other documents as are in the financial institution's power, possession or procurement as contain, or may (in the authorised officer's opinion formed on reasonable grounds) contain, information relevant to a liability in relation to a taxpayer,

(b) to furnish to the authorised officer such information, explanations and particulars as the authorised officer may reasonably require, being information, explanations and particulars that are relevant to any such liability,

and which are specified in the application.

(3) An authorised officer shall not make an application under subsection (2) without the consent in writing of a Revenue Commissioner, and without being satisfied―

(a) that there are reasonable grounds for suspecting that the taxpayer, or where the taxpayer is a group or class or persons, all or any one of those persons, may have failed or may fail to comply with any provision of the Acts,

(b) that any such failure is likely to have led or to lead to serious prejudice to the proper assessment or collection of tax (having regard to the amount of a liability in relation to the taxpayer, or where the taxpayer is a group or class of persons, the amount of a liability in relation to all or any one of those persons, that arises or might arise from such failure), and

(c) that the information―

(i) which is likely to be contained in the books, records or other documents to which the application relates, or

(ii) which is likely to arise from the information, explanations and particulars to which the application relates,

is relevant to the proper assessment or collection of tax.

(4) Without prejudice to the generality of subsection (2), the authorised officer may make an application under that subsection to the Appeal Commissioners for their consent, under subsection (5), to the service by him or her of a notice on a financial institution in respect of the matters referred to in paragraphs (a) and (b) of subsection (2) in so far as they relate to a person who is connected with the taxpayer.

(5) Where the Appeal Commissioners determine that in all the circumstances there are reasonable grounds for the application being made, they may give their consent to the service by the authorised officer concerned of a notice on the financial institution, requiring the financial institution―

(a) to make available for inspection by the authorised officer, such books, records or other documents, and

(b) to furnish to the authorised officer such information, explanations and particulars,

of the kind referred to in subsection (2) as may, with the Appeal Commissioners' consent, be specified in the notice.

(6) The persons who may be treated as a taxpayer for the purposes of this section include a company which has been dissolved and an individual who has died.

(7) Where the Appeal Commissioners have given their consent in accordance with this section, the authorised officer shall, as soon as practicable, but not later than 14 days from the time that such consent was given, serve a notice on the financial institution concerned and stating that―

(a) such consent has been given, and

(b) the financial institution should, within a period of 30 days from the date of the service of the notice, comply with the requirements specified in the notice.

(7A) Where in compliance with the requirements of a notice served under subsection (7), a financial institution makes available for inspection by an authorised officer, books, records or other documents, the financial institution shall afford the authorised officer reasonable assistance, including information, explanations and particulars, in relation to the use of all the electronic or other automatic means, if any, by which the books, records or other documents, in so far as they are in a non-legible form, are capable of being reproduced in a legible form, and any data equipment or any associated apparatus or material.

(7B) Where in compliance with the requirements of a notice served under subsection (7), a financial institution makes books, records or other documents available for inspection by the authorised officer, the authorised officer may make extracts from or copies of all or any part of the books, records or other documents.

(8)(a) Subject to paragraph (b), an application by an authorised officer under subsection (2) shall, with any necessary modifications, be heard by the Appeal Commissioners as if it were an appeal against an assessment to income tax.

(b) Notwithstanding section 933(4), a determination by the Appeal Commissioners under this section shall be final and conclusive.

(9) A financial institution which fails to comply with a notice served on the financial institution by an authorised officer in accordance with this section shall be liable to a penalty of [€19,045]¹ and, if the failure continues after the expiry of the period specified in subsection (7)(b), a further penalty of [€2,535]¹ for each day on which the failure so continues.