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Annual returns by qualifying fund managers
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14. (1) Part 30 of the Principal Act is amended by the insertion of the following section after section 784B:
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“784BA. (1) In this section—
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‘electronic means’ has the same meaning as it has in section 917EA;
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‘fund holder’ means the individual beneficially entitled to the assets in the approved retirement fund;
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‘qualifying fund manager’ has the same meaning as it has in section 784A;
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‘tax reference number’ has the same meaning as it has in section 784A.
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(2) A qualifying fund manager shall, within 3 months of the end of the year of assessment, make a return to the Revenue Commissioners, by electronic means, in respect of all approved retirement funds which the qualifying fund manager administered in that year of assessment.
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(3) For the purposes of a return under this section, the qualifying fund manager shall provide to the Revenue Commissioners the following information in respect of each approved retirement fund that the qualifying fund manager administers:
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(a) the name and address of the fund holder;
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(b) the tax reference number of the fund holder;
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(c) the date on which the approved retirement fund was first held by the fund holder;
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(d) the country of residence of the fund holder;
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(e) the number of approved retirement funds administered by the qualifying fund manager on behalf of each fund holder;
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(f) details and value of the assets held in the approved retirement fund, including:
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(i) asset type and location;
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(ii) details of any income, profits or chargeable gains derived from those assets during the year of assessment concerned;
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(iii) details of any assets acquired and or disposed of during the year of assessment concerned;
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(iv) details of any distributions made in the year of assessment to which the return relates;
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(g) in respect of a transaction deemed to be a distribution for the purposes of this Chapter:
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(i) the name and address of the person to whom the distribution was made;
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(ii) the amount of the distribution;
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(iii) the tax which the qualifying fund manager is required to account for in relation to that distribution;
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(h) such other information in relation to assets held in, and distributions made from, the approved retirement fund as the Revenue Commissioners may require for the purposes of this section.
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(4) A return under this section shall be in a form prescribed or authorised by the Revenue Commissioners and shall include a declaration to the effect that the return is correct and complete.
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(5) A person who is required to make a return under this section and who—
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(a) fails to comply with any of the requirements of subsections (2) or (3), as the case may be, or
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(b) makes an incorrect or incomplete return under this section,
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shall, for each such failure, be liable to a penalty of €3,000.”.
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(2) Subsection (1) applies for the year of assessment 2026 and each subsequent year of assessment.
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