Revenue has issued the Code of Practice for Revenue Audits and other Compliance Interventions. This Code is effective from 14 August 2014 and replaces the Code of Practice for Revenue Audit 2010.

The updated Code has been the subject of intense discussions between CCAB-I, Revenue and other representative bodies at TALC Audit over the last 18 months. Features of the updated Code include:

• The application of the Code to more taxes such as Local Property Tax.
• An acknowledgment that “no loss of revenue” may apply in exceptional circumstances to taxes other than VAT and RCT but the responsibility for proving “no loss of revenue” rests with the taxpayer or agent.
• Clarification on the application of a surcharge in the case of Income Tax, Corporation Tax and CGT returns which are the subject of an audit
• How a surcharge will apply where LPT obligations are not fulfilled.

In cases where a notice of a compliance intervention has issued but a settlement was not reached before 14 August 2014, the taxpayer can choose whether the settlement is made under the terms of this Code of Practice for Revenue Audit and other Compliance Interventions or the Code of Practice for Revenue Audit 2010.

CCAB-I will continue its discussions with Revenue over the coming months on the updated Code. We will report any developments in tax.point.

The Code of Practice for Revenue Audits and other Compliance Interventions is published on the Revenue website.