Martin Mansergh (Tipperary South, Fianna Fail)

Section 68 amends section 817M of the Taxes Consolidation Act 1997, which is concerned with the provision by promoters to the Revenue Commissioners of details of clients to whom certain disclosable transactions were made available for implementation. This provision forms part of the legislation governing the mandatory disclosure of certain transactions regime, which was introduced in the Finance Act 2010 and was followed by regulations on 17 January 2011.

During a consultation process on the proposed regulations last summer, concerns were raised regarding taxpayers being identified to the Revenue Commissioners in circumstances where those taxpayers may not have undertaken the transactions concerned. This section modifies the original provision to remove the disclosure obligation on promoters where they are satisfied the client did not undertake the transaction at the time in question. If the transaction is undertaken at a later time, the client's details must be disclosed in a normal way. The regulations will be amended in due course to take account of this change.

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