Section 126B Assessment of duty charged on statements

Summary

This section allows the Revenue Commissioners to make assessments in relation to the duty due on ATM, debit, combined cards, on charge cards and credit card accounts, on the insurance levy, the bank levy and on the pensions levy should the need arise.

Details

(1) Section 126B contains definitions most of which are self-explanatory.

“relevant person” means—

(a) a bank or building society within the meaning of section 123, 123A or 123B of the Stamp Duties Consolidation Act 1999 (duty on ATM, debit and combined cards),

(b) an accountable person within the meaning of section 123C or 124A of the Stamp Duties Consolidation Act 1999 (these sections were inserted into the stamp duty code by section 123 of the Finance Act 2008) (preliminary duty on ATM, debit, combined and charge cards and credit card accounts),

(c) a bank or promoter within the meaning of section 124 of the Stamp Duties Consolidation Act 1999, (duty on credit card accounts and charge cards),

(d) an insurer within the meaning of section 124B of the Stamp Duties Consolidation Act 1999 (levy on life insurance premiums),

(e) an insurer within the meaning of section 125 of the Stamp Duties Consolidation Act 1999 (levy on non-life insurance premiums),

(f) an insurer within the meaning of section 125A of the Stamp Duties Consolidation Act 1999 (levy on authorised health insurers),

(g) a chargeable person within the meaning of section 125B of the Stamp Duties Consolidation Act 1999 (levy on pension schemes), or

(h) a relevant person within the meaning of section 126AA of the Stamp Duties Consolidation Act 1999 (levy on certain financial institutions/bank levy).

(2) & (3) The Revenue Commissioners have the power to make a written assessment where a statement that is required to be delivered by a relevant person is not delivered or is delivered but is not correct.

(4) Subject to an assessment being appealed, the duty assessed and any interest and penalty in relation to the duty is payable to the Revenue Commissioners. In addition, where the required statement is submitted after an assessment has been raised, the Revenue Commissioners can substitute a revised assessment.

(5) A relevant person, who is dissatisfied with an assessment, may appeal the assessment to the Appeal Commissioners. An appeal may only be lodged following payment of the stamp duty in conformity with the assessment. A person intending to appeal must give notice in writing to the Revenue Commissioners of their intention to appeal within 30 days of the date of the assessment.

(6) Subject to the provisions of the section, the appeal provisions in Chapter 1 of Part 40 of the Taxes Consolidation Act 1997 apply to an appeal taken under this section.

(7) The Revenue Commissioners may make a correcting assessment where an assessment already made is incorrect or incomplete.

(8) The Revenue Commissioners may make an assessment of additional duty payable in circumstances where it comes to notice that the duty already paid on an assessment is insufficient.

(9) Where an assessment is appealed and becomes final and conclusive the date on which the duty should have been originally paid is the date from which any interest and penalties are payable.

(10) The duty charged (and any interest and penalty) on any statement delivered by a relevant person to the Revenue Commissioners is recoverable by them. See Chapters 1A, 1B and 1C of Part 42 of the Taxes Consolidation Act 1997 in relation to recovery of duty (including interest and penalties on the duty) that becomes due and payable on or after 1 March 2009.

Relevant Date: Finance Act 2014