Finance Act, 1983

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Information to be furnished by financial institutions.

18.—(1) In this section—

“authorised officer” means an inspector or other officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section;

“books” means—

(a) bankers' books, within the meaning of the Bankers' Books Evidence Acts, 1879 and 1959, and

(b) records and documents of persons referred to in section 7 (4) of the Central Bank Act, 1971 ;

“financial institution” means—

(a) a person who holds or has held a licence under section 9 of the Central Bank Act, 1971 ,

and

(b) a person referred to in section 7 (4) of that Act;

“judge” means a judge of the High Court;

“person” (other than in the definition of “financial institution”) means an individual who is ordinarily resident in the State.

(2) Where—

(a) a person who, for the purposes of tax, has been duly required by an inspector to deliver a statement of the profits or gains arising to him from any trade or profession or to deliver to the inspector a return of income, fails to deliver that statement or that return to the inspector,

or

(b) the inspector is not satisfied with such a statement or return so delivered,

an authorised officer may, if he is of opinion that that person maintains or maintained an account or accounts, the existence of which has not been disclosed to the Revenue Commissioners, with a financial institution or that there is likely to be information in the books of that institution indicating that the said statement of profits or gains or the said return of income is false to a material extent, apply to a judge for an order requiring that financial institution to furnish the authorised officer—

(i) with full particulars of all accounts maintained by that person, either solely or jointly with any other person or persons, in that institution during a period not exceeding ten years immediately preceding the date of the application, and

(ii) with such information as may be specified in the order relating to the financial transactions of that person, being information recorded in the books of that institution which would be material in determining the correctness of the statement of profits or gains or the return of income delivered by that person or, in the event of failure to deliver such statement or return, would be material in determining the liability of that person to tax.

(3) Where the judge to whom an application is made under subsection (2) is satisfied that there are reasonable grounds for making the application, he may, subject to such conditions as he may consider proper and specify in the order, make an order requiring the financial institution to furnish the authorised officer with such particulars and information as may be specified in the order.

(4) Where a judge makes an order under this section, he may also, upon the application of the authorised officer concerned, make a further order prohibiting for such period as the judge may consider proper and specify in the order, any transfer of, or any dealing with, without the consent of the judge, any assets or moneys of the person to whom the order relates that are in the custody of the financial institution at the time the order is made.

(5) Every hearing of an application for an order under this section and of any appeal in connection therewith shall be held in camera.