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GAZETTE
NOVEMBER 1989
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.
COMP L I ANCE
Wha t will happen if self
assessed returns are not
submitted?
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
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.
A better end more efficient
system
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.
•
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.
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.