Taxes Consolidation Act 1997 Schedule 19 paragraph 18

Investor's right to require Revenue action

Paragraph 18 of Schedule 19 allows an investor who is liable to tax on an offshore income gain to require Revenue to take action to determine whether an offshore fund should be certified as a distributing fund, where the fund itself has not applied for certification.

• An investor liable to tax on an offshore gain may, by written notice, require Revenue to determine whether the fund should be certified as a distributing fund for the relevant account period.
• Revenue must then invite the fund to apply for certification; if the fund fails to apply within the later of six months after the account period or 90 days after the invitation, Revenue may determine the certification question as if the fund had applied.
• Revenue must have regard to all accounts and information furnished by any investor who triggered the process, and those materials are treated as if they had been submitted with a formal application by the fund itself.
• Where Revenue have already determined that a fund should not be certified, an investor may trigger a fresh review by furnishing accounts or information not previously available, and Revenue may then reverse their earlier decision and certify the fund.