e-Brief 35/2006
“Non-Completion of Property-Based Incentive Panel in Form 11 / Form CT1
An article on page 8 of Tax Briefing 64 dealt with the issue of the completion of this panel in the Form 11/Form CT1. This article stated that returns would be sent back where this panel was not completed and it was obvious from the return that the panel should have been completed.
Practitioners have sought clarification on the following issues:
(1) How the new procedures relate to ROS filers:
The ROS return requires a customer to indicate if a claim to relief on an investment in a property based incentive scheme is made on the return. Where this is indicated on the return (by means of a tick box), the ROS validation ensures that the return cannot be uploaded until the property based incentive panel is completed (there must be atleast one entry in this panel). A message is also displayed in the offline form when users try to save a file that has the tick box checked but no entry is present in the incentives panel (the file can be saved but a warning message is displayed about upload).
(2) How early filers, i.e. those who filed prior to the date of issue of the Tax Briefing article, are affected by the procedures:
Returns filed prior to the date of issue of the Tax Briefing article, which were accepted and processed on the basis of the information returned, will not be sent back to the customer for completion. However, this does not preclude a Revenue official seeking further information in relation to any claim made in the return, including details of a property based incentive scheme, in the course of an assurance check or audit.
(3) How the surcharge for late submission of return will apply to customers when the Form 11/Form CT1 is returned because of omission of the required information:
No surcharge will be imposed on a timely return where the omission is corrected within fourteen days or by the return filing date, whichever is the later. This period of fourteen days will be mentioned in the letter to the customer/agent that accompanies the incomplete return.”