Taxes Consolidation Act 1997 section 896

Returns in relation to certain offshore products

Section 896 sets out the reporting obligations of intermediaries and individuals in relation to offshore products, including material interests in offshore funds and foreign life policies.

• Intermediaries who market, sell or facilitate payments for offshore products in Ireland must file annual returns with Revenue, detailing each customer's name, address, tax reference number, the offshore products involved and all related payments.
• An intermediary who fails to file a return, omits customer details or does not take reasonable care to verify customer information is liable to a penalty of €4,000 for each failure.
• Customers who fail to provide the required details to an intermediary, or who provide incorrect details, are also liable to a penalty of €4,000.
• Any Irish resident who acquires an offshore product is automatically treated as a chargeable person and must include full details of the acquisition in their annual tax return.