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705MAnnual statement to Revenue.

(1) Every REIT, or principal company in respect of a group REIT, shall, in respect of each accounting period, by 28 February in the year following the year in which the accounting period ends, make a statement to the Revenue Commissioners in electronic format approved by them, confirming that the conditions in section 705D have been met in relation to the REIT or group REIT, as the case may be, throughout the accounting period specified in the statement.

(2) Where a REIT or principal company in respect of a group REIT, as the case may be, cannot make the statement referred to in subsection (1), it shall notify the authorised officer of the Revenue Commissioners and that notification shall—

(a) state the date or dates on which the condition or conditions first ceased to be met and the date or dates (if any) on which the condition or conditions was or were met again,

(b) give a description of the respects in which the condition or conditions was or were not met, and

(c) give details of the steps (if any) taken to prevent a recurrence of the condition or conditions not being met.

(3) Where a REIT, or principal company in respect of a group REIT—

(a) within a reasonable time determined by the authorised officer, fails to secure that a condition referred to in subsection (2) is met, or

(b) fails to make a statement required under subsection (1),

then, the Revenue Commissioners may treat the REIT or group REIT, as the case may be, as having ceased to be a REIT or group REIT at the end of the accounting period immediately prior to the accounting period in which the failure to meet the condition, or make the statement required, began and may apply the provisions of section 705O.

(4) Where a REIT, or principal company in respect of a group REIT—

(a) makes an incorrect or incomplete statement under subsection (1), or

(b) fails, without reasonable excuse, to make a statement under that subsection,

then, the REIT, or principal company in respect of a group REIT, as the case may be, shall be liable to a penalty of €3,000. For the purposes of the recovery of a penalty under this subsection, section 1061 shall apply in the same manner as it applies for the purposes of the recovery of a penalty under any of the sections referred to in that section.

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