Taxes Consolidation Act 1997 section 485FB

equirement to provide estimates and information

Section 485FB requires individuals subject to the high earner restriction to file a self-assessment return and deliver a detailed statement of specified reliefs to Revenue.

• An individual subject to the restriction is treated as a chargeable person for self-assessment purposes, even if not otherwise required to self-assess, and must file a return and pay preliminary tax on time.
• The individual must deliver a statement on a prescribed form (form RR1) by the return filing date, setting out the specified reliefs claimed, how they were calculated, and estimates of taxable income both with and without the restriction and the resulting tax liability.
• A Revenue officer may make enquiries to verify the accuracy of a statement or to determine whether an individual who has not submitted a statement should have done so, and may require the individual to furnish details of each relief claimed within at least 14 days.
• The penalties for failure to deliver a tax return under section 1052 also apply to a failure to deliver the statement of specified reliefs or the details requested by a Revenue officer.