Taxes Consolidation Act 1997 section 877

Returns by persons chargeable

Section 877 requires a person chargeable to income tax, when requested by an inspector, to prepare and deliver a signed statement of profits or gains within a specified time limit.

• An inspector may require any person chargeable to income tax to file a signed statement of profits or gains from all sources, for a specified period and within a specified time limit.
• The statement must include a declaration confirming that all amounts are correctly estimated, only legitimate deductions have been claimed, and all income sources have been properly described.
• The statement must exclude any interest or annual payments that are chargeable to tax in the hands of another person.
• Where a notice requires a statement of income under Schedule D or E, the person must file in the requested format regardless of whether they are actually chargeable, with a reduced maximum penalty of €5 for non-compliance where the person proves they were not chargeable.