817IPre-disclosure enquiry.

(1) Where the Revenue Commissioners have reasonable grounds for believing that—

(a) a person is the promoter of a transaction that may be a disclosable transaction, or

(b) a person has entered into a transaction that may form part of a disclosable transaction, which if it were such a transaction would require the person to comply with section 817G,

the Commissioners may by written notice (in this Chapter referred to as a “pre-disclosure enquiry”) require the person to state—

(i) whether, in that person’s opinion, the transaction is a disclosable transaction, and

(ii) if in that person’s opinion the transaction is not considered to be a disclosable transaction, the reasons for that opinion.

(2) A notice under subsection (1) shall specify the transaction to which it relates.

(3) The reasons referred to in subsection (1)(ii) (in this Chapter referred to as a “statement of reasons”) shall demonstrate, by reference to this Chapter and regulations made under it, why the person holds the opinion that the transaction is not a disclosable transaction and, in particular, if the person asserts that the transaction does not fall within any specified description, the reasons shall provide sufficient information to enable the Revenue Commissioners to affirm the assertion.

(4) For the purposes of this section, it is not sufficient for the person to state that they have received an opinion given by a barrister or solicitor or a person referred to in subparagraph (i) or (ii) of section 817P(5)(a) to the effect that the transaction is not a disclosable transaction.

(5) A person to whom the Revenue Commissioners have issued a notice under subsection (1) shall comply with the notice within the period of time specified in the notice, not being less than 21 days from the date of the notice, or such longer period as the Commissioners may agree.