Revenue have issued a reminder that a general 4 year time limit is imposed on claims for repayment of tax; and that claims for repayment for the year ended 31 December 2003 must be received by Revenue no later than 31 December 2007.

TCA97 s865 imposes this general time limit. However, there are exceptions to this general deadline under specific provisions of the TCA97 and the VAT Act 1972 (as amended) which provide for shorter time limits for making claims for repayment of tax.

A copy of the Revenue eBrief No. 59/2007 is reproduced at Section 2.08.

Interest on this overpaid tax is only paid where the tax has not been repaid within three months of the date the repayment was due. Where a taxpayer underpays tax, the interest to be paid commences on the date the tax was due. This gap in the timeframe is inequitable. ICAI, in its Pre Budget Submission to the Minister for Finance, has called for an end to this inequitable position.