Finance Act 2021

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Banking and insurance levies compliance

63. (1) The Principal Act is amended—

(a) in section 123B—

(i) in subsection (7), by the deletion of “and also, by means of a penalty, a sum of €380 for each day in that period”, and

(ii) by the deletion of subsection (8),

(b) in section 124—

(i) in subsection (5)(b), by the deletion of “and also, by means of further penalty, a sum of €380 for each day the duty remains unpaid after the expiration of 3 months from the due date”, and

(ii) by the deletion of subsection (6),

(c) in section 124B—

(i) by the substitution of the following subsection for subsection (6):

“(6) In the case of failure by an insurer to deliver not later than the due date any statement required to be delivered by the insurer pursuant to subsection (2), or to pay the stamp duty chargeable on any such statement on delivery of the statement, the insurer shall, from that due date until the day on which the stamp duty is paid, be liable to pay, in addition to the stamp duty, interest on the stamp duty calculated in accordance with section 159D.”,

and

(ii) by the deletion of subsection (8),

(d) in section 125, by the deletion of subsection (7),

(e) in section 126B—

(i) in subsection (1)—

(I) by the substitution of the following definition for the definition of “relevant person”:

“ ‘relevant person’ means a person that is required to deliver a statement to the Commissioners under a specified section;”,

and

(II) by the substitution of the following definition for the definition of “specified section”:

“ ‘specified section’ means section 123B, 123C, 123D, 124, 124A, 124B, 125, 125A, 125B, 125C or 126AA.”,

and

(ii) by the insertion of the following subsection after subsection (10):

“(11) An assessment of duty under this section shall include any surcharge within the meaning of section 126C(3).”,

(f) by the insertion of the following section after section 126B:

“Surcharge for late filing of return

126C. (1) In this section—

‘due date’ means the date on which a statement is required to be delivered to the Commissioners under a specified section;

‘relevant person’ means a person that is required to deliver a statement to the Commissioners under a specified section;

‘specified section’ means section 123B, 123C, 123D, 124, 124A, 124B, 125 or 125C.

(2) For the purposes of this section—

(a) where a relevant person deliberately or carelessly causes the delivery of an incorrect statement on or before the due date, that person shall be deemed to have failed to have delivered the statement on or before that date unless the error in the statement is remedied by the delivery of a correct statement on or before that date,

(b) where a relevant person causes the delivery of an incorrect statement on or before the due date, but does so neither deliberately nor carelessly and it comes to that person’s notice that it is incorrect, the person shall be deemed to have failed to have delivered the statement on or before the due date unless the error in the statement is remedied by the delivery of a correct statement without unreasonable delay, and

(c) where a relevant person causes the delivery of a statement on or before the due date, but the Commissioners, by reason of being dissatisfied with any information contained in the statement, require that person, by notice in writing served on him or her, to deliver a statement or evidence, or further statement or evidence, as may be required by them, the person shall be deemed not to have delivered the statement on or before the due date unless the person delivers the statement or evidence, or further statement or evidence, within the time specified in any notice.

(3) Where a relevant person fails to cause the delivery of a statement on or before the due date, any amount of stamp duty which would have been payable had a correct statement been delivered shall be increased by an amount (in this subsection referred to as a ‘surcharge’) equal to—

(a) 5 per cent of that amount of duty, subject to a maximum surcharge of €12,695, where the statement is delivered before the expiry of 2 months from the due date, and

(b) 10 per cent of that amount of duty, subject to a maximum surcharge of €63,485, where the statement is not delivered before the expiry of 2 months from the due date.”,

(g) in section 128A—

(i) in subsection (1), by the insertion of the following definitions:

“ ‘relevant person’ means—

(a) an accountable person, or

(b) a person that is required to deliver a statement to the Commissioners under Part 9;

‘return’ means—

(a) an electronic return,

(b) a paper return, or

(c) any statement that is required to be delivered to the Commissioners under Part 9.”,

(ii) in subsection (2)—

(I) by the substitution of “relevant person” for “accountable person”, and

(II) in paragraph (a), by the deletion of “or statement”,

and

(iii) in subsection (4)(a), by the substitution of “a return” for “an electronic return or a paper return”,

(h) in section 128B(1)—

(i) by the substitution of the following definition for the definition of “relevant person”:

“ ‘relevant person’ means—

(a) an accountable person, or

(b) a person that is required to deliver a statement to the Commissioners under Part 9,

and, where records are retained on behalf of a person referred to in paragraph (a) or (b), as the case may be, a person who retains the records;”,

and

(ii) by the substitution of the following definition for the definition of “return”:

“ ‘return’ means—

(a) an electronic return,

(b) a paper return, or

(c) any statement that is required to be delivered to the Commissioners under Part 9.”,

and

(i) in section 134A—

(i) in subsection (1)—

(I) in the definition of “person”, by the substitution of “an accountable person or a relevant person, as the case may be, where a return” for “an accountable person where an electronic return or a paper return” in each place where it occurs, and

(II) by the insertion of the following definitions:

“ ‘relevant person’ means a person that is required to deliver a relevant statement;

‘relevant statement’ means a statement that is required to be delivered to the Commissioners under section 123B, 123C, 123D, 124, 124A, 124B, 125 or 125C;

‘return’ means—

(a) an electronic return,

(b) a paper return, or

(c) a relevant statement;”,

(ii) in subsection (2)—

(I) by the substitution of the following paragraph for paragraph (c):

“(c) causes an incorrect return to be delivered, or delivers an incorrect return, to the Commissioners which does not reflect all the facts and circumstances affecting the liability of such instrument or relevant statement, as the case may be, to duty or the amount of the duty with which such instrument or relevant statement is chargeable that are required by the Commissioners to be disclosed on such return, or”,

and

(II) in paragraph (d), by the substitution of “a return” for “an electronic return or a paper return”,

(iii) in subsection (4)—

(I) by the substitution of the following paragraph for paragraph (c):

“(c) causes an incorrect return to be delivered, or delivers an incorrect return, to the Commissioners which does not reflect all the facts and circumstances affecting the liability of such instrument or relevant statement, as the case may be, to duty or the amount of the duty with which such instrument or relevant statement is chargeable that are required by the Commissioners to be disclosed on such return, or”,

and

(II) in paragraph (d), by substituting “a return” for “an electronic return or a paper return”,

(iv) in subsection (6)—

(I) by the substitution of the following paragraph for paragraph (c):

“(c) causes to be delivered or delivers a return and it comes to that person’s notice that the return does not reflect all the facts and circumstances that are required by the Commissioners to be disclosed on such return, or”,

and

(II) in paragraph (d), by the substitution of “a return” for “an electronic return or a paper return”,

and

(v) in subsection (9)—

(I) in paragraph (a), by the substitution of “instrument or relevant statement, as the case may be” for “instrument”, and

(II) by the substitution of the following paragraph for paragraph (b):

“(b) the amount of duty that would have been the amount so payable if all the facts and circumstances affecting the liability of such instrument or relevant statement, as the case may be, to duty or the amount of the duty with which such instrument or relevant statement is chargeable, that are required to be disclosed on such return by the Commissioners, had been disclosed to them.”.

(2) Sections 123 and 123A of the Principal Act are repealed.

(3) Subsections (1) and (2) shall come into operation on 1 January 2022.