Capital Acquisitions Tax Consolidation Act 2003 section 49

Assessment of tax

Section 49 deals with the power of the Revenue Commissioners to make, correct, and add to assessments of capital acquisitions tax, and sets out the rules on service of notice, time limits, and the information sources on which assessments may be based.

• Revenue may raise an assessment where no return has been filed, and may issue a correcting assessment or additional assessment where an original assessment was incorrect or insufficient.
• Notice of assessment may be served on the accountable person, their agent, or personal representative; where the person's address is unknown, notice may be published in Iris Oifigiúil.
• Assessments may be based on any return filed under section 46, any other information in Revenue's possession (including information from the Garda Síochána), or a combination of these sources.
• Revenue may not make or amend an assessment more than 4 years after receipt of the relevant return (measured from 31 December in the year of receipt, or from the actual date of receipt for discretionary trust tax returns), unless fraud or neglect is involved or a relevant event occurs after the return was filed.