817L Duty of marketer to disclose

Summary

This section allows the Revenue Commissioners, where they have reason to believe that a person is a “marketer” (i.e. a person who is not a promoter in their own right but who has acted to bring clients/users and a promoter together) to require the marketer to provide the Revenue Commissioners with the name, address and, where known, the tax reference number of each person who has provided the marketer with information in relation to the transaction. This section also creates an obligation on the marketer to provide certain information to Revenue if the marketer is marketing what it would be reasonable to consider, from the information available, was a disclosable transaction for which the marketer has not been provided with a transaction number.

Details

(1) Where the Revenue Commissioners have reason to believe that a person is a “marketer” in relation to a transaction they may, by notice in writing, require that person to provide Revenue with the name, address and, where known, the tax reference number of each person who has provided the marketer with information in relation to the transaction. This is designed to require a marketer, in such circumstances, to divulge who the promoter is as the promoter will have given the marketer information on the scheme. It also covers the situation where the marketer has received information on the scheme from, say, another marketer.

(2) Any notice issued by Revenue under this section shall specify the transaction to which it relates.

(3) Any notice issued under this section has to be complied with within the period specified in the notice, which shall not be less than 21 days or such longer period as may be agreed by Revenue.

(4) If a marketer is marking a transaction which it would be reasonable to consider was a disclosable transaction but for which the marketer has not been provided with a transaction number, then within 30 days of first marketing that transaction, the marketer must provide Revenue with the name and address of the promoter, details of the transaction and any other materials used in marketing the transaction. The marketer is not required to provide the specified information as marketers may not have the level of detailed knowledge of the transaction required to provide the specified information. Any disclosure by a marketer under this section is wholly without prejudice as to whether or not a transaction is a disclosable transaction.

Relevant Date: Finance Act 2019