Taxes Consolidation Act 1997 Schedule 19 paragraph 17

Assessment: effect of non-certification

Paragraph 17 of Schedule 19 provides that an assessment to tax under the offshore fund rules cannot be appealed on the basis that the fund should have been certified as a distributing fund.

• Assessments to tax under the offshore fund legislation are made on Irish investors.
• An assessment may arise where no application for distributing fund certification has been made, or where an application has been made and refused.
• A taxpayer may not appeal the assessment on the grounds that the fund ought to have been certified as a distributing fund for the relevant account period.
• The restriction removes the assessment process as a route for challenging certification decisions or the absence of a certification application.