Taxes Consolidation Act 1997 section 848U

Disclosure of information

Section 848U required qualifying savings managers to disclose information to the Revenue Commissioners where they suspected that the terms of a special savings incentive account were not being complied with.

• Qualifying savings managers were required to inform the Revenue Commissioners if they had reasonable grounds to suspect non-compliance with the terms of an SSIA.
• This obligation overrode any duty of secrecy or other restriction on disclosure, whether imposed by statute or otherwise.
• The terms in question were those under which the SSIA was commenced, as provided for under section 848C.
• The provision ensured that Revenue could be made aware of potential breaches of SSIA rules despite the normal confidentiality obligations owed by financial institutions to their customers.