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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.
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
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
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.
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