Taxes Consolidation Act, 1997. - Houses of the Oireachtas

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Pt.47[No. 39.] Taxes Consolidation Act, 1997. [1997.]CHAPTER 5Interest on overdue taxInterest on overdueincome tax andcorporation tax.[ITA67 s550(1), (3),(4) and (5); FA71s17(2); FA74 s86and Sch2 PtI;CTA76 s145(3);FA78 s46; FA85s12; FA97 s146(1)and Sch9 PtIpar10(7)]1080.—(1) (a) Subject to this section and section 1081, any taxcharged by any assessment to income tax or corporationtax shall carry interest at the rate of 1.25per cent for each month or part of a month fromthe date when the tax becomes due and payableuntil payment.(b) Any tax charged by any assessment to income taxshall, notwithstanding any appeal against suchassessment, carry interest at the rate of 1.25 percent for each month or part of a month from thedate when, if there were no appeal against theassessment, the tax would become due and payableunder section 960 until payment.(2) Interest shall not be payable under this section on the taxcharged by any assessment unless the total amount of the interest isnot less than £1.(3) The interest payable under this section—(a) shall be payable without any deduction of income tax andshall not be allowed as a deduction in computing anyincome, profits or losses for any of the purposes of theTax Acts, and(b) shall be deemed to be a debt due to the Minister for Financefor the benefit of the Central Fund and shall be payableto the Revenue Commissioners,and, subject to subsection (4)—(i) every enactment relating to the recovery of any tax chargedby an assessment,(ii) every rule of court so relating,(iii) section 81 of the Bankruptcy Act, 1988, and(iv) sections 98 and 285 of the Companies Act, 1963,shall apply to the recovery of any amount of interest payable on thattax as if that amount of interest were a part of that tax.(4) In proceedings instituted by virtue of subsection (3)—(a) a certificate by the Collector-General certifying that a statedamount of interest is due and payable by the personagainst whom the proceedings were instituted shall beevidence until the contrary is proved that that amount isso due and payable, and(b) a certificate so certifying and purporting to be signed by theCollector-General may be tendered in evidence withoutproof and shall be deemed until the contrary is proved tohave been signed by the Collector-General.1356
[1997.] Taxes Consolidation Act, 1997. [No. 39.]1081.—(1) Subject, in the case of income tax, to subsection (2)—(a) where relief from income tax or corporation tax charged byany assessment referred to in section 1080(1) is given toany person by a discharge of any of that tax, such adjustmentshall be made of the amount payable under thatsection in relation to the assessment, and such repaymentshall be made of any amounts previously paid under thatsection in relation to the assessment, as are necessary tosecure that the total sum, if any, paid or payable underthat section in relation to the assessment is the same asit would have been if the tax discharged had never beencharged, and(b) where relief from income tax paid for any year of assessment,or corporation tax paid for any accounting period,is given to any person by repayment, that person shall beentitled to require that the amount repaid shall be treatedfor the purposes of this subsection to the extent possibleas if it were a discharge of the tax charged on that person(whether alone or together with other persons) by anyassessment for the same year or, as the case may be, thesame accounting period; but the relief shall not beapplied to any assessment made after the relief was givenand shall not be applied to more than one assessmentso as to reduce without extinguishing the amount of taxcharged thereby.(2) No relief, whether by means of discharge or repayment, shallbe treated as affecting tax charged by an assessment to income taxunless it is a relief from income tax.Pt.47Effect on interest ofreliefs given bydischarge orrepayment.[ITA67 s551(1) and(2)(a); CTA76s147(1) and (2)]1082.—(1) In this section, ‘‘neglect’’, in the case of corporation tax,has the same meaning as in section 919(5)(a) and, in the case ofincome tax, has the same meaning as in section 924(2)(a).(2) Where for any year of assessment or accounting period anassessment is made for the purpose of recovering an undercharge toincome tax or corporation tax, as the case may be, attributable tothe fraud or neglect of any person, the amount of the tax underchargedshall carry interest at the rate of 2 per cent for each monthor part of a month from the date or dates on which the tax underchargedfor that year or accounting period, as the case may be, wouldhave been payable if it had been included in an assessment made—(a) in the case of income tax, before the 1st day of October inthat year, and(b) in the case of corporation tax, on the expiration of 6 monthsfrom the end of that accounting period,to the date of payment of the tax undercharged.(3) Subject to subsection (5), section 1080(1) shall not apply to taxcarrying interest under this section.(4) Subsections (2) to (4) of section 1080 and, in the case of incometax, section 1081 shall apply to interest chargeable under this sectionas they apply to interest chargeable under section 1080.(5) Where an assessment of the kind referred to in subsection (2)is made—1357Interest on overdueincome tax andcorporation tax incases of fraud orneglect.[FA71 s20(1) to (4)and (6); FA74 s86and Sch2 PtI;CTA76 s145(4);FA80 s14(2); FA82s59]
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Taxes Consolidation Act, 1997. - Houses of the Oireachtas

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