904HPower of inspection: qualifying savings managers.

(1) In this section—

“authorised officer” means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section;

“qualifying savings manager” has the same meaning as in section 848B (inserted by the Finance Act, 2001);

“special savings incentive account” has the same meaning as in section 848B (inserted by the Finance Act, 2001).

(2) An authorised officer may at all reasonable times enter any premises or place of business of a qualifying savings manager, or a person (in this section referred to as an “appointed person”) appointed by a qualifying savings manager in accordance with section 848R (inserted by the Finance Act, 2001), for the purposes of auditing compliance with the provisions of Part 36A (inserted by the Finance Act, 2001) and without prejudice to the generality of the foregoing the authorised officer may—

(a) audit the returns made in accordance with sections 848P and 848Q (inserted by the Finance Act, 2001),

(b) examine the procedures put in place by the qualifying savings manager, or as the case may be, the appointed person, so as to ensure compliance with the obligations imposed by Part 36A (inserted by the Finance Act, 2001),

(c) examine all, or a sample of, special savings incentive accounts to determine—

(i) whether those procedures have been observed in practice,

(ii) whether the terms under which each such account was commenced and continues, are in accordance with the terms referred to in section 848C (inserted by the Finance Act, 2001), and

(iii) whether the qualifying savings manager, in respect of each such account, is, where appropriate, in possession of a declaration referred to in sections 848F, 848I, and 848O (inserted by the Finance Act, 2001), and is not in possession of any information which would reasonably suggest that any such declaration is incorrect,

and

(d) examine any notice and declaration referred to in section 848N(3) (inserted by the Finance Act, 2001).

(3) An authorised officer may require a qualifying savings manager, or (as the case may be) the appointed person, or an employee of either such person, to produce all or any of the records relating to the management by him or her of special savings incentive accounts and furnish information, explanations and particulars and to give all assistance, which the authorised officer reasonably requires for the purposes of his or her audit and examination under subsection (2).

(4) An employee of a qualifying savings manager or of an appointed person who fails to comply with the requirements of the authorised officer in the exercise or performance of the authorised officer’s powers or duties under this section shall be liable to a penalty of ^[2]>£1,000^{<[2] [2]>}€1,265^<[2].

(5) A qualifying savings manager or an appointed person who fails to comply with the requirements of the authorised officer in the exercise or performance of the authorised officer’s powers or duties under this section shall be liable to a penalty of ^[3]>£15,000 ^{<[3] [3]>}€19,045^<[3] and, if that failure continues, a further penalty of ^[4]>£2,000^{<[4] [4]>}€2,535^<[4] for each day on which the failure continues.