Taxes Consolidation Act 1997 section 891C

Returns of certain information by investment undertakings

Section 891C empowers the Revenue Commissioners, with the consent of the Minister for Finance, to make regulations requiring investment undertakings to make automatic annual returns to Revenue of the values of investments held by certain unit holders.

• Revenue may require investment undertakings (excluding common contractual funds and investment limited partnerships) to return information on units and unit holders from a date no earlier than 1 January 2012, including tax reference numbers from a date specified in the regulations.
• Information already reported or liable to be reported under the European Savings Directive (Chapter 3A) is excluded from the reporting requirement, avoiding duplication.
• The regulations may specify reporting details such as the classes of unit holders to be included, the identity and residence of unit holders, the value of units, the format and deadlines for returns, and obligations on investment undertakings to obtain and verify tax reference numbers from unit holders.
• Any regulations made under this section must be laid before Dáil Éireann and will be annulled if a resolution to that effect is passed within 21 sitting days, though anything done under the regulations before annulment remains valid.