Taxes Consolidation Act 1997 section 817I

Pre-disclosure enquiry

Section 817I empowers the Revenue Commissioners to issue a "pre-disclosure enquiry" notice to a person they believe may be a promoter of, or participant in, a potentially disclosable transaction.

• Revenue may issue a written pre-disclosure enquiry notice where they have reasonable grounds for believing a person is a promoter of a potentially disclosable transaction or has entered into a transaction that may form part of one.
• The notice requires the recipient to state whether, in their opinion, the transaction is disclosable and, if not, to provide a reasoned explanation by reference to the legislation and regulations.
• It is not sufficient for the recipient to rely on a professional opinion from a barrister, solicitor, accountant, or tax adviser to the effect that the transaction is not disclosable.
• The recipient must comply within the time limit specified in the notice, which must be at least 21 days from its date, or such longer period as Revenue may agree.