Taxes Consolidation Act 1997 section 705M

Annual statement to Revenue

Section 705M requires a REIT, or the principal company of a group REIT, to file an annual compliance statement with Revenue and sets out the consequences of failing to do so.

• A REIT or the principal company of a group REIT must file an annual statement (Form REIT 3) with Revenue by 28 February following the end of its accounting period, confirming that all REIT conditions were met throughout that period.
• Where the statement cannot be made, the REIT must notify Revenue of the dates on which any condition ceased to be met, describe the nature of the breach, and outline the steps taken to prevent a recurrence.
• If the REIT fails to rectify a breach within a reasonable time set by Revenue, or fails to file the required statement, Revenue may treat the REIT or group REIT as having ceased to be a REIT from the end of the accounting period immediately before the period in which the failure began, and may apply the cessation provisions of section 705O.
• A REIT that makes an incorrect or incomplete statement, or that fails without reasonable excuse to file the statement, is liable to a penalty of €3,000.