The Gazette 1973

IMMEDIATE ASSESSMENT ON PROVISIONAL BASIS AGREEMENT WITH THE ESTATE DUTY OFFICE

The Revenue Commissioners have agreed with the Council of the Incorporated Law Society of Ireland to the introduction of a new procedure for immediate assessment of estate duties on a strictly provisional basis and subject to the conditions set out hereunder. This new procedure will become operational as and from Monday 13 August 1973. Terms of Agreement 1. The Commissioners retain the right to withdraw the provisional pre-grant assessment concession at any time. 2. The Commissioners retain the right to withdraw the concession from any solicitor who fails to reply with- in what is in their opinion in the circumstances of each case, a reasonable time, to official requisitions after the grant has issued. 3. Solicitors accept responsibility for the prompt reply to official requisitions where they have referred these requisitions to a third party, such as an accountant or valuer, for observations. 4. That the ILSI will do whatever is in its power to assist the Commissioners in cases where there are delays in transferring Government Stock in payment duty. 5. That the ILSI accept manuscript queries without copies in the course of the present examination since such queries are designed solely to repair errors or omissions in the preparation of the Inland Revenue Affidavit. 6. The ILSI acknowledges that its members are aware of the penalty provisions contained in Section 42 Finance Act 1971. 7. The ILSI offers no objection to the Commissioners making any provisional alterations in the figures sub- mitted in an Inland Revenue Affidavit when the Commissioners think that such alterations will ex- pedite the issue of the provisional assessment. 8. The ILSI undertakes on behalf of its members that Inland Revenue Affidavits will, in the first instance, be completed in accordance with all the information available at the time of preparation in accordance with paragraph 5 on page 2 of the Inland Revenue Affidavit. 9. The ILSI acknowledges that the Commissioners must raise queries on the pre-grant examination in the event of their not being satisfied on, inter alia, any of the following points (page numbers refer to Form A(X), 4th edn.). Page 1—to be fully completed—domicile to be agreed before assessment, and in testate cases a copy of the will must be furnished.

Page 2—Paragraphs 2 and 3 either deleted or com- pleted as appropriate. Pages 3 and 4—All questions to be answered fully in accordance with the instructions in Form U l . Page 5— Stock Exchange Securities Complete information (including size of holding, nominal value and price per unit) to enable the value of the securities to be checked. Share in Private Companies To be so marked and the following supplied : 1. Forms 05 and 06 completed. 2. Balance Sheets and Accounts for the last three complete years available prior to the date of valuation with an explanation if the accounts are in arrear. 3. A valuation by a competent valuer. Securities in respect of which relief is claimed under Section 21 Finance Act 1965. Form D3 complete in all respects. Page 7—If the assets include a business, Form D8 (which may be obtained on application to the Estate Duty Branch) completed. Pages 12 and 13—Property passing under separate titles must be shown separately. The total value only of the property passing under each separate title to be returned in column headed "Principal Value". Itimised values to be returned in the statements listed in the column headed "Title Statement No." —or, if brief, in the "Particulars of Property" column. Estimated Values to be so marked. Page 13— All aggregable property must be accounted for on page 13 and at least an estimate of the values given. Double Taxation Relief. Evidence of the payment of the Taxation duty if available, otherwise an estimate of the foreign duty payable. 10. The Commissioners retain the right to fully ex- amine any case where it is in their opinion desir- able in the interests of the Revenue to do so. 11. The ILSI will inform its members of the terms of the granting of the concession that it has accepted these terms on behalf of the members. 12. The concession will not be given to cases already in process of examination but will be applied to cases which are awaiting examination. Solicitors are advised to take careful note of the above provisions which impose upon them certain duties in return for a prompt provisional assessment by the Revenue Commissioners. 13 August 1973

S T ANDA RD REQUI S ITION O N TITLE Members should note that the 1970 edition of the Standard Requisitions on Title had a serious defect namely the omission of a requisition now appearing at No. 18 in the 1973 edition. This is the requisition relat- ing to the service of notices under various Acts of

Parliament including Conveyancing Acts, Local Govern- ment, Planning Acts, Public Health Acts, Housing Acts, etc., etc. Members using the 1970 edition of the Stan- dard Requisitions should take care to insert this impor- tant requisition when raising requisition title. 195