267E Returns of special term share accounts by credit unions

Summary

This section provides that each credit union had to make a return to the “appropriate inspector” by 31 March each year giving details of new special term share accounts opened in the previous year of assessment. The section also applies the provisions of sections 1052 and 1054, relating to penalties for failure to make certain returns, to the failure to deliver a return under the section.

Details

Definition

(1) “appropriate inspector” is defined as the inspector who gives notice in writing to the credit union that he or she is the inspector to whom the return is to be delivered or alternatively, where there is no such inspector, the inspector of returns. This is the inspector nominated by the Revenue Commissioners whose name is published annually in Iris Oifigiúil.

Returns of special term share accounts by Credit Unions

(2) A return of special term share accounts must be made by each credit union, by 31 March in each year of assessment, to the “appropriate inspector”. The return must be in a form prescribed or authorised by the Revenue Commissioners and must specify:

• the name and address of the holder or holders of each special term share account opened in the previous year of assessment,
• whether the account is a medium term or long term share account, and
• the date the account was opened.

(3) The section applies the provisions of sections 1052 and 1054 dealing with penalties to the failure to deliver a return under the section as they apply to a failure to deliver a return referred to in section 1052.

Relevant Date: Finance Act 2019