The Gazette 1989

NOVEMBER 1989

GAZETTE

Completion of this application will ensure the immediate issue of a certificate of dis- charge if the return and pay- ment are accepted w i t hout audit. If the application is not completed and the assess- ment is accepted as final, a note to that effect will issue. Audits Effective auditing is a necessary part of self assessment. If provides an essential protection both for the tax yield and for complying tax- payers and their advisers. Experi- ence in the United States and other self assessing tax jurisdictions has shown that the additional tax yield from auditing selected tax returns is considerable. The auditing of capital acquisit- ions tax returns will take a number of different forms: (a ) it may simply be a question of obtaining a second opinion on the value of an asset. Valua- tions of immovable property may be referred to the Valua- tion Office in the same manner as before, or shares in a private company may be referred to the Valuation Section of the Capital Taxes Branch, again in the same manner as before; ( b ) written requests may isssue for detailed information relat- ing to all or particular circum- stances surrounding a gift or inheritance or relating to the assets comprised in a gift or inheritance; or ( c ) field audits: members of the staff of the Capital Taxes Branch may in the course of a field audit interview taxpayers and their agents and advisers. They also have authority to inspect any property compris- ed in a gift or inheritance, or any books, records, accounts or other documents relating to any property as may in the opinion of the Revenue Com- missioners be relevant to the assessment of tax in respect of a gift or inheritance.

obsolete. There is a legal require- ment to submit self assessed returns and to pay any tax due. Failure to meet this requirement will result in penalty proceedings. Advisory service for taxpayers and solicitors The introduction of self assess- ment for capital acquisitions tax has been accompanied by an un- p r e c eden t ed e d u c a t i o n al pro- g r amme, i n c l u d i ng t r a i n i ng seminars. A further programme of more advanced seminars is now underway and has already been attended by over 3 00 solicitors. Ad d i t i o n al ses s i ons of t h is advanced seminar for Bar Associa- tions or other groups of solicitors will be organised on request. Advice is also available directly from the Capital Taxes Branch. During each working day, an ex- perienced Revenue official will be assigned to offer advice on specific or general difficulties (telephone (01) - 792777; extension 2244/ 2247). Solicitors are also invited to make appointments to bring cases into the Capital Taxes Branch in Dublin where help will be provided. This facility is obviously more con- venient for Dublin solicitors than for practitioners in the rest of the country. However, officers in the

Capital Taxes Branch w i ll be available to travel outside Dublin to give assistance on form completion if there is sufficient demand. Arrangements for such visits can be made through the secretaries of the local Bar Associations. Solicitors should also find the new self assessment form (I.T.38) helpful in completing assessments. The form was specifically designed to lead the person completing it step-by-step t h r ough t he self a s s e s sment c omp u t a t i o n. An accompanying instruction booklet (I.T.39) has also been issued. The design and content of the self assessment form and booklet took on board contributions and com- ments made by several solicitors and any further commen ts or criticisms will be welcomed. The voluntary scheme showed that self assessment yielded consider- able benefits. Delays and uncertain- ty were reduced and the adminis- tration of estates was speeded up considerably. There is every reason to believe that, w i th the continued co-operation of solicitors, t he change to mandatory self assess- ment will be smooth and efficient. • A better end more efficient system

COMPANY NAMES AT RISK

A new policy introduced by the Companies Office on 12th January 1989, means that it is very easy for unrelated parties to register companies with similar names. The onus for detecting that a name has been reg- istered, which is similar to your company's name rests with you. The incorporation date, rather than the date trading commences is critical in determining whether an objection to a name will be considered. Over 15,000 new names will be registered in 1989 and it is essential that all companies arrange to monitor these new names. Name Watch Ireland ensures effective protection of company names. For more information, please contact Jamas Daly.

COMP L I ANCE Wha t will happen if self assessed returns are not submitted?

NAME WATCH I R E L A N D L I M I T E D Dollard House, Wellington Quay, Dublin 2. Telephone: 791384. Facsimile: 796470.

The Capital Taxes Branch is no longer accepting returns on the old direct assessment return forms (I.T.3 and G.T.1) wh i ch are now