I am advised by the Revenue Commissioners that the provisions of section 895 Taxes Consolidation Act, 1997, introduced by section 230 of the Finance Act, 1992, requires an annual return, to be made on a self assessment basis, by an intermediary who acts in connection with the opening of a foreign bank account on behalf of a resident. These provisions apply to accounts opened on or after 1 June 1992. The information to be reported includes the name and address of the resident, the resident's tax reference number, the name and address of the foreign bank, the date the account was opened and the amount of the first deposit.
Although the self-assessment provisions apply, in practice the special enquiry branch of the Revenue Commissioners issues a form – form 8BB – to a range of persons who are likely to act as intermediaries, including financial institutions. The information provided in these returns is one of the items used to evaluate the tax returns of account holders and the returns are monitored by Revenue auditors.
The number of account holders shown on returns received for all years from commencement is estimated to be as follows:
