Taxes Consolidation Act 1997 section 904H

Power of inspection: qualifying savings managers

Section 904H empowers authorised Revenue officers to enter the premises of financial institutions managing special savings incentive accounts and audit their compliance with the scheme rules.

• An authorised officer may enter the premises of a qualifying savings manager at any reasonable time to audit compliance with the special savings incentive account scheme
• The audit may cover monthly and annual returns, internal procedures, a sample of individual accounts, and any declarations relating to account transfers
• The officer may require records, information, explanations and reasonable assistance from the savings manager, any appointed person, or their employees
• Penalties for non-compliance are €1,265 for an employee, €19,045 for the savings manager or appointed person, plus €2,535 per day for ongoing failure