As we reported earlier this year, a taxpayer can make a “qualifying avoidance disclosure” to Revenue and avail of reduced sanctions if any arrangement fell foul of the General Anti Avoidance Rule. Disclosures can be made using a new Form QAD1 before 30 June.

The qualifying avoidance disclosure form, Form QAD1 is available on the Revenue website together with the continuation Form QAD2. The QAD1, and QAD2 if required, should be submitted to the Revenue’s Qualifying Avoidance Disclosure Unit together with;

• payment of any tax due and payable in respect of any matter contained in the disclosure; and
• payment of interest due on the late payment of that tax subject to a 20 per cent deduction, i.e. 80 per cent of interest otherwise due must be paid.

Further details are set out in Revenue eBrief No. 16/15.