Taxes Consolidation Act 1997 section 884

Returns of profits

Section 884 sets out the power of Revenue to require a company to deliver a return of its profits, the information that must be included in such a return, and the enforcement measures available where a return is not delivered or is unsatisfactory.

• An inspector or other Revenue officer may serve a notice on a company requiring it to deliver a return of its profits, covering income from each source, disposals, charges on income, distributions received, and annual payments
• The return must include a declaration that it is correct and complete, and must be accompanied by accounts and supporting information sufficient to enable the company's chargeable profits to be determined
• Share-for-share exchanges arising on company amalgamations or reconstructions must be reported as disposals, even though they would not normally give rise to a chargeable gain or allowable loss
• Where a company fails to deliver a return or delivers an unsatisfactory one, an authorised officer may require delivery of audited accounts and inspect the company's books, records and documents