Amendments 142 and 143 on the green list of amendments dated 11 May 1992 relate to section 209 to the Bill and not to section 207 as indicated on the list of amendments.
SECTION 209.
Chairman
I move amendment No. 142:
In page 210, subsection (2), lines 33 to 35, to delete paragraphs (c) and (d) and substitute the following:
"(c) the full name and address of the relevant person with whom the foreign account was opened,
(d) the date on which the foreign account was opened, and
(e) the amount of the deposit made in opening the foreign account.".
The amendment proposes to bring the reporting arrangements for an intermediary who acts in the opening of a foreign banking account by residents into line with the reporting arrangements for the residents themselves. Subsection (2) of section 209 requires an intermediary to furnish the following details to the Revenue Commissioners: the name and address of the resident, the resident's tax reference number, the name and address of the person with whom the account was opened and the date on which the account was opened. The amendment requires that, in the case of the resident, the intermediary will also indicate the amount of the deposit made when opening the account.
Amendment No. 142 agreed to.
I move amendment No. 143:
In page 211, lines 21 to 42, to delete subsection (6) and substitute the following:
"(6) Where, in a relevant chargeable period, a resident opens, either directly or indirectly, a foreign account, or causes to be opened a foreign account in relation to which he is the beneficial owner of the deposit held in that account, he shall, not-withstanding anything to the contrary in section 48 of the Finance Act, 1986, or section 9 of the Finance Act, 1988, be deemed, for that relevant chargeable period, to be a chargeable person for the purposes of section 48 of the Finance Act, 1986, and section 10 of the Finance Act, 1988, and the return of income (within the meaning of the said section 48) to be delivered by him for that chargeable period shall include the following particulars in relation to the account, that is to say—
(a) the name and address of the relevant person with whom the account was opened,
(b) the date on which the account was opened.
(c) the amount of the deposit made in opening the account, and
(d) the name and address of the intermediary, if any, who provided a relevant service in relation to the opening of the account.
(7) This section shall apply and have effect as respects foreign accounts opened on or after the 1st day of June, 1992.".
Amendment agreed to.
Section 209, as amended, agreed to.