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Finance Act 2004
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Information in respect of certain tax expenditures.

86.—(1) Chapter 3 of Part 38 of the Principal Act is amended by inserting the following after section 897:

“Returns by employers in relation to pension products.

897A.— (1) In this section—

‘Consolidated Regulations’ means the Income Tax (Employments) (Consolidated) Regulations 2001 ( S.I. No. 559 of 2001 );

‘emoluments’ means emoluments to which Chapter 4 of Part 42 applies;

‘employee’—

(a) in relation to an employee pension contribution, has the same meaning as it has for the purposes of Chapter 1 of Part 30, and

(b) in relation to a PRSA contribution, has the same meaning as in subsection (1) of section 787A;

‘employee pension contribution’, in relation to a year of assessment and a scheme referred to in either section 774 or 776, means an allowable contribution within the meaning of paragraph (b) of Regulation 41 (inserted by the Income Tax (Employments) Regulations 2002 ( S.I. No. 511 of 2002 )) of the Consolidated Regulations;

‘employer’—

(a) in relation to an employee pension contribution and an employer pension contribution, shall be construed for the purposes of this section in the same way as it is construed for the purposes of Chapter 1 of Part 30, and

(b) in relation to a PRSA employee contribution and a PRSA employer contribution, has the same meaning as in section 787A(1);

‘employer pension contribution’, in relation to a year of assessment and an exempt approved scheme (within the meaning of section 774), means any sum paid by an employer in the year of assessment by means of a contribution under the scheme in respect of employees in a trade or undertaking in respect of the profits of which the employer is assessable to tax;

‘PRSA’ shall be construed in accordance with section 787A(1);

‘PRSA contribution’ has the meaning assigned to it by section 787A(1);

‘PRSA employee contribution’, in relation to a year of assessment, means any PRSA contribution made by an employee in the year of assessment which is an allowable contribution within the meaning of paragraph (c) of Regulation 41 (inserted by the Income Tax (Employments) Regulations 2002) of the Consolidated Regulations;

‘PRSA employer contribution’, in relation to a year of assessment, means any PRSA contribution referred to in section 787E(2) made by an employer to a PRSA in the year of assessment;

‘RAC premium’, in relation to a year of assessment, means any qualifying premium (within the meaning of section 784) paid by an individual in the year of assessment which is an allowable contribution within the meaning of paragraph (d) (inserted by the Income Tax (Employments) Regulations 2003 ( S.I. No. 613 of 2003 )) of Regulation 41 of the Consolidated Regulations.

(2) Any person who, in relation to a year of assessment, is required by Regulation 31 of the Consolidated Regulations to send prescribed or approved forms to the Collector-General shall include, in one of those forms, details of the following matters in the manner specified in that form—

(a) the respective numbers of employees in respect of whom that person deducted—

(i) an employee pension contribution,

(ii) a PRSA contribution,

(iii) a RAC premium,

from emoluments due to the employee in the year of assessment in relation to which the return is being made,

(b) the respective numbers of employees in respect of whom that person made—

(i) an employer pension contribution,

(ii) a PRSA employer contribution,

in that year,

(c) the respective total amounts of—

(i) employee pension contributions,

(ii) PRSA contributions,

(iii) RAC premiums,

deducted by the person from emoluments due to the employees of that person in that year,

(d) the respective total amounts of—

(i) employer pension contributions,

(ii) PRSA employer contributions,

made by that person in respect of the employees of that person in that year.

(3) Sections 1052 and 1054 shall apply to a failure by a person to make the return required by subsection (2) as they apply to a failure to deliver a return referred to in section 1052.”.

(2) Section 1052(1) of the Principal Act is amended—

(a) by substituting “precept,” for “precept, or” in paragraph (a), and

(b) by inserting the following after paragraph (a):

“(aa) has delivered a return in the prescribed form for the purposes of any of the provisions specified in column 1 or 2 of Schedule 29 and has failed to include on the prescribed form the details required by that form in relation to any exemption, allowance, deduction, credit or other relief the person is claiming (in this paragraph referred to as the ‘specified details’) where the specified details are stated on the form to be details to which this paragraph refers; but this paragraph shall not apply unless, after the return has been delivered, it had come to the person's notice or had been brought to the person's attention that specified details had not been included on the form and the person failed to remedy matters without unreasonable delay, or”.

(3) Section 1084 of the Principal Act is amended—

(a) in subsection (1)(b) by inserting the following after subparagraph (ia):

“(ib) where a person delivers a return of income for a chargeable period (within the meaning of section 321(2)) and fails to include on the prescribed form the details required by the form in relation to any exemption, allowance, deduction, credit or other relief the person is claiming (in this subparagraph referred to as the ‘specified details’) and the specified details are stated on the form to be details to which this subparagraph refers, then, without prejudice to any other basis on which a person may be liable to the surcharge referred to in subsection (2), the person shall be deemed to have failed to deliver the return of income on or before the specified return date for the chargeable period and to have delivered the return of income before the expiry of 2 months from that specified return date; but this subparagraph shall not apply unless, after the return has been delivered, it had come to the person's notice or had been brought to the person's attention that specified details had not been included on the form and the person failed to remedy matters without unreasonable delay,”,

and

(b) in subsection (2)(a) by substituting “and, except where the surcharge arises by virtue of subparagraph (ib) of subsection (1)(b), if the tax contained in the assessment is not the amount of tax as so increased,” for “and, if the tax contained in the assessment is not the amount of tax as so increased,”.

(4) Section 1085 of the Principal Act is amended in subsection (1)(b) by substituting “(ia), (ib),” for “(ia),”.

(5) (a) Subsection (1) applies as respects the year of assessment 2005 and subsequent years of assessment.

(b) Subsections (2) to (4) apply as respects any chargeable period (within the meaning of section 321(2) of the Principal Act) commencing on or after 1 January 2004.