Finance Act 2011

Amendment of section 115 (penalties generally) of Principal Act.

58.— Section 115 of the Principal Act is amended—

(a) in subsection (1) by substituting “section 64(10)(c)(i), 64(12), 65(3), 86(1), 95(9)(a) or 124(7)(a) or Chapter 2, 3, 6 or 7 of Part 9” for “section 65(3), 82, 86(1) or 124(7)(a) or Chapter 2, 3 or 7 of Part 9”, and

(b) by inserting the following after subsection (7):

“(7A) A person who does not comply with section 56(3)(c) shall be liable to a penalty of €4,000 in respect of the taxable period during which he or she ceased to be a qualifying person (within the meaning of section 56) and to a further penalty of €4,000 for each subsequent taxable period during which he or she is not such a person and has failed to advise the Revenue Commissioners accordingly.”.