Taxes Consolidation Act, 1997. - Houses of the Oireachtas

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Pt.47 S.1084[No. 39.] Taxes Consolidation Act, 1997. [1997.](i) any tax deducted by virtue of any of the provisions ofthe Tax Acts or the Capital Gains Tax Acts from anyincome, profits or chargeable gains charged in theassessment to tax in so far as that tax has not beenrepaid or is not repayable to the chargeable personand in so far as the tax so deducted may be set offagainst the tax contained in the assessment to tax,(ii) the amount of any tax credit to which the chargeableperson is entitled in respect of any income, profits orchargeable gains charged in the assessment to tax,and(iii) any other amounts which are set off in the assessmentto tax against the tax contained in that assessment.(3) In the case of a person—(a) who is a director within the meaning of section 116, or(b) to whom section 1017 applies and whose spouse is a directorwithin the meaning of section 116,subsection (2)(b)(i) shall not apply in respect of any tax deductedunder Chapter 4 of Part 42 in determining the amount of a surchargeunder this section.(4) (a) Notwithstanding subsections (1) to (3), the specifiedreturn date for the chargeable period, being a year ofassessment (in paragraph (b) referred to as ‘‘the firstmentionedyear of assessment’’) to which section 66(1)applies, shall be the date which is the specified returndate for the year of assessment following that year.(b) Paragraph (a) shall only apply if throughout the first-mentionedyear of assessment the chargeable person or thatperson’s spouse, not being a spouse in relation to whomsection 1016 applies for that year of assessment, was notcarrying on a trade or profession set up and commencedin a previous year of assessment.(5) This section shall apply in relation to an amount of preliminarytax (within the meaning of Part 41) whether paid under section 952or specified in a notice under section 953 as it applies to an amountof tax specified in an assessment.Corporation tax —late returns:restriction of certainclaims for relief.[FA92 s55(1) and(2); FA95 s66(1)and (2)]1085.—(1) (a) In this section—‘‘chargeable period’’ means an accounting periodof a company;‘‘group relief’’ has the meaning assigned to it bysection 411;‘‘return of income’’ means a return which a companyis required to deliver under section 951;‘‘specified return date for the chargeable period’’has the same meaning as in section 950.(b) Subparagraphs (i), (ii) and (iii) of paragraph (b) ofsubsection (1) of section 1084 shall apply for the1360
[1997.] Taxes Consolidation Act, 1997. [No. 39.]purposes of this section as they apply for the purposesof that section.(2) Notwithstanding any other provision of the Tax Acts, where inrelation to a chargeable period a company fails to deliver a return ofincome for the chargeable period on or before the specified returndate for the chargeable period, then, subject to subsections (3) and(4), the following provisions shall apply:(a) any claim in respect of the chargeable period under section308(4), 396(2) or 399(2) shall be so restricted that theamount by which the company’s profits of that or anyother chargeable period are to be reduced by virtue ofthe claim shall be 50 per cent of the amount it wouldhave been if this section had not been enacted,(b) the total amount of group relief which the company mayclaim in respect of the chargeable period shall not exceed50 per cent of the company’s profits of the chargeableperiod as reduced by any other relief from tax other thangroup relief,(c) the total amount of the loss referred to in subsection (1) ofsection 420 for the chargeable period and the totalamount of the excess referred to in subsection (2), (3) or(6) of that section for that period shall each be treatedfor the purposes of Chapter 5 of Part 12 as reduced by 50per cent,(d) any claim in respect of the chargeable period under section160(3) shall be so restricted that the amount of advancecorporation tax which is treated as if it were advance corporationtax paid in respect of distributions made by thecompany in any preceding chargeable period shall be 50per cent of the amount which would have been so treatedif this section had not been enacted, and(e) the company may not surrender under section 166(1) morethan 50 per cent of the excess of the total amount ofadvance corporation tax it has paid (and which has notbeen repaid) in respect of a dividend or dividends paidby it in the chargeable period over the amount of suchadvance corporation tax which under section 160(2) is setagainst its liability to corporation tax for the chargeableperiod.(3) Subject to subsection (4), any restriction or reduction imposedby paragraph (a), (b), (c), (d) or (e) of subsection (2) in respect of achargeable period in the case of a company which fails to deliver areturn of income on or before the specified return date for thechargeable period shall apply subject to—(a) in the case of the restrictions or reductions imposed by paragraph(a), (b) or (c) of subsection (2), a maximum restrictionor reduction, as the case may be, of £125,000 in eachcase for the chargeable period, and(b) in the case of the restrictions imposed by paragraph (d) or(e) of subsection (2), a maximum restriction of £50,000 ineach case for the chargeable period.(4) Where in relation to a chargeable period a company, havingfailed to deliver a return of income on or before the specified return1361Pt.47 S.1085
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