In December 2023, Revenue released an eBrief (No.258/23) updating Tax and Duty Manual, Review of Opinions or Confirmations, Part 37-00-41.
The update states that a taxpayer who wishes to continue to rely on an opinion or confirmation issued by Revenue in the period of 1 January 2018 to 31 December 2018, is required to make an application for its renewal or extension on or before 29 March 2024.
Revenue note that many opinions or confirmations provided by them relate to once-off transactions and thus the question of their continuing validity does not arise. However, where the opinion or confirmation is capable of being relied on by a taxpayer for a period of time, Revenue notes that it is their policy that the maximum period for which it may remain valid without being reviewed is 5 years or, where applicable, the equivalent length of time in accounting periods of the taxpayer concerned. (Though in some cases, a shorter period of validity may be specified by Revenue.)
It is timely to bring to your attention now that a taxpayer who wishes to continue to rely on any opinion or confirmation issued by Revenue in the period 1 January 2018 – 31 December 2018 (and which has not already ceased to have effect before 1 January 2024), after 1 January 2024, is required by 29 March 2024 to:
- Supply evidence of the opinion/confirmation, being a copy of a written communication, which originated from Revenue, and
- Lodge a full application for the renewal or extension of the opinion/confirmation with the Revenue Branch dealing with the taxpayer's affairs.
If you require assistance or further information, please contact a member of our Tax team.
Contributed by Jack Dunne
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
