Finance Act, 1992

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Amendment of section 20 (return of property) of Finance Act, 1983.

239.— Section 20 of the Finance Act, 1983 , is hereby amended—

(a) by the substitution in subsection (1) (a) of “income tax and capital gains tax” for “income tax”, and

(b) by the substitution for subsections (2), (3) and (4) of the following subsections:

“(2) Where for the purposes of tax, a person is required under any provision of the Tax Acts or the Capital Gains Tax Acts to deliver a tax return to an inspector of taxes or to the inspector of returns (as defined in section 10 (11) of the Finance Act, 1988 ), as the case may be, then the inspector may require—

(a) that person, by notice in writing given to him, and

(b) where that person and his spouse are, for the year of assessment to which the tax return relates, treated as living together for the purpose of section 192 of the Income Tax Act, 1967 , his spouse, by notice in writing given to the spouse,

to deliver to the inspector, within the time specified in the notice, or within such further period as the inspector may allow, a statement of affairs in the prescribed form as at the date specified in the notice, and that person or his spouse shall, if required by further notice or notices in writing by the inspector, deliver to the inspector within such time, not being less than 30 days, as may be specified in such further notice or notices, a statement verifying such statement of affairs together with such evidence, statement or documents required by the inspector in respect of any asset or liability shown on the statement of affairs, or in respect of any asset or liability which the inspector has reason to believe has been omitted from the statement of affairs.

(3) (a) In this section ‘statement of affairs’, in relation to a notice under subsection (2), means where the person to whom notice is given is—

(i) an individual who is a chargeable person and the tax return concerned relates to income or capital gains in respect of which he is chargeable to tax otherwise than in a representative capacity or as a trustee, a statement of all the assets wherever situated to which he is beneficially entitled on the specified date and all the liabilities for which he is liable on the specified date,

(ii) the spouse of an individual referred to in subparagraph (i), a statement of all the assets, wherever situated, to which the said spouse is beneficially entitled on the specified date and all the liabilities for which the said spouse is liable on the specified date,

(iii) a chargeable person in a representative capacity and the tax return concerned relates to income or capital gains of a person in respect of which he is so chargeable, a statement of all the assets wherever situated to which that person is beneficially entitled and which give rise to income or capital gains in respect of which the chargeable person is chargeable to tax in a representative capacity and all the liabilities for which the said person is liable, or are assets or liabilities in relation to which the chargeable person performs functions or duties in such a capacity on the specified date, or

(iv) a chargeable person as a trustee of a trust and the tax return concerned relates to income or capital gains of a trust, all the assets and liabilities comprised in the trust on the specified date.

(b) Any assets to which a minor child of an individual referred to in subparagraph (i) or (ii) of paragraph (a) is beneficially entitled shall be included in that individual's statement of affairs under this section where—

(i) such assets at any time prior to their acquisition by the minor child were disposed of by that individual whether to the minor child or not, or

(ii) the consideration for the acquisition of such assets by the minor child was provided directly or indirectly by that individual.

(4) (a) A statement of affairs delivered under this section shall contain in relation to each asset included thereon—

(i) a full description,

(ii) its location on the specified date,

(iii) the cost of acquisition to the person beneficially entitled thereto, and

(iv) the date of acquisition and, if it was acquired otherwise than through a bargain at arms length, the name and address of the person from whom it was acquired and the consideration, if any, given to that person in respect of its acquisition.

(b) A statement of affairs delivered under this section shall, in the case of an asset which is an interest which is not an absolute interest, contain particulars of the title under which the beneficial entitlement arises.

(c) A statement of affairs delivered under this section shall be signed by the person by whom it is delivered and shall include a declaration by that person that it is to the best of his knowledge, information and belief, correct and complete.

(d) The Revenue Commissioners may require the declaration mentioned in paragraph (c) to be made on oath.”.