Finance Act, 1999

Amendment of section 882 (particulars to be supplied by new companies) of Principal Act.

83.—(1) The Principal Act is hereby amended in Chapter 2 of Part 38 by the substitution for section 882 of the following section:

“882.—(1) (a) In this section—

‘secretary’ includes persons mentioned in section 1044(2) and, in the case of a company not resident in the State, the agent, manager, factor or other representative of the company;

‘settlor’ and ‘settlement’ have the same meanings as in section 10;

‘tax’, in relation to a territory other than the State, means any tax imposed in that territory which corresponds to income tax or corporation tax;

‘ultimate beneficial owners’, in relation to a company, means—

(i) the individual or individuals who have control of the company, or

(ii) where a person, whether alone or together with other persons, who controls the company controls it in the capacity as the trustee of a settlement, any person who in relation to the settlement—

(I) is a settlor, or

(II) is, or can under any scheme or arrangement reasonably expect to become, a beneficiary under the settlement, or

(III) where such settlor or beneficiary, as the case may be, is a company, the ultimate beneficial owners of that company.

(b) For the purposes of this section, control shall be construed in accordance with section 432.

(2) Every company which is incorporated in the State or which commences to carry on a trade, profession or business in the State shall, in every case within 30 days of—

(a) the date on which it commences to carry on a trade, profession or business, wherever carried on,

(b) the date at which there is a material change in information previously delivered by the company under this section, and

(c) the giving of a notice to the company by an inspector requiring a statement under this section,

deliver to the Revenue Commissioners a statement in writing containing particulars of—

(i) in the case of every company—

(I) the name of the company,

(II) the address of the company's registered office,

(III) the address of its principal place of business,

(IV) the name and address of the secretary of the company,

(V) the date of commencement of the trade, profession or business,

(VI) the nature of the trade, profession or business,

(VII) the date up to which accounts relating to such trade, profession or business will be made up, and

(VIII) such other information as the Revenue Commissioners consider necessary for the purposes of the Tax Acts;

(ii) in the case of a company which is incorporated, but not resident, in the State—

(I) the name of the territory in which the company is, by virtue of the law of that territory, resident for tax purposes,

(II) where subsection (2) of section 23A does not apply by virtue of subsection (3) of that section the name and address of the company referred to in that latter subsection which carries on a trade in the State, and

(III) where the company is treated as not resident in the State by virtue only of subsection (4) of section 23A—

(A) if the company is controlled by another company the principal class of the shares of which is substantially and regularly trade on one or more than one recognised stock exchange in a relevant territory (within the meaning of section 23A) or territories, the name of the other company and the address of its registered office, and

(B) in any other case, the name and address of the individuals who are the ultimate beneficial owners of the company,

and

(iii) in the case of a company which is neither incorporated in the State nor resident in the State but which carries on a trade, profession or business in the State—

(I) the address of the company's principal place of business in the State,

(II) the name and address of the agent, manager, factor or other representative of the company, and

(III) the date of commencement of the company's trade, profession or business in the State.

(3) Where a company fails to deliver a statement which it is required to deliver under this section then, notwithstanding any obligations as to secrecy or other restriction upon disclosure of information imposed by or under any statute or otherwise, the Revenue Commissioners may give a notice in writing to the registrar of companies (within the meaning of the Companies Act, 1963 ) stating that the company has so failed to deliver a statement under this section.”.

(2) This section shall apply—

(a) in the case of companies which are incorporated on or after the 11th day of February, 1999, as on and from that day, and

(b) in the case of companies which were incorporated before the 11th day of February, 1999, as on and from the 1st day of October, 1999.