At a recent TALC Collection meeting, Revenue confirmed that where a PAYE customer becomes a chargeable person for one of the following reasons, it is not necessary to complete form TR1:

• PAYE income recipient only, but opened a foreign bank account/offshore fund etc. during the year (which must be declared on a Form 11),
• Level of non-PAYE income of PAYE taxpayer (i.e. investment income; rental income, etc) brings the individual within the self-assessment net,
• PAYE income recipient but share options exercised during the year,
• No longer in receipt of PAYE income but has investment income only.

Employees/directors who become proprietary directors are also not required to complete form TR1.