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Revenue eBrief No. 41/11-ROS Release – Form 11 2010 and Form CT1 2011

New versions of the Form 11 2010 and Form CT1 2011 were released over the weekend of 9/10 July.

Form 11 2010

2011 Preliminary Tax

As advised in eBrief 26/11, dated 14 April 2011, Section 531AS(5) Taxes Consolidation Act 1997 (introduced by S 3 FA 2011) made changes to the 2011 preliminary tax 100% rule.

For 2011, where an individual wishes to pay preliminary tax on the basis of 100% of 2010's liability, his or her preliminary tax payment is to be based on the final liability for the year 2010 as if the Universal Social Contribution (USC) had been payable and as if the income and health levies had not been payable for that year.

The 2010 assessing programme has now been amended to show the 2010 liability as adjusted for 2011 preliminary tax purposes.

This will appear after the 2010 payable amount in the calculate screen in ITP and ROS, and in the Notice of Assessment as follows:

Amount for 2011 Preliminary Tax €12345.67

This is the figure that will be used to determine whether adequate preliminary tax was paid for 2011 when that year is being finalised.

Note: In calculating the notional amount of USC due, PAYE income was ignored, as that income would have had USC deducted at source.

Retirement Annuity Contracts Relief

The RAC mini-calc in ROS has been amended to take account of the reduction to the earning limit for contributions paid between 1 January 2011 and 31/10/2011. The earnings limit for these contributions has been reduced to €115,000. Where a value in excess of €115,000 and relevant percentage is input in the field ‘Amount paid between 01/01/2011 and 31/10/2011’ (for which relief is being claimed in year of assessment 2010), It it will not be possible to save or submit the Form 11.

Form CT1 2011

A small change to the input validation rules for unused Trading Losses Forward from an earlier accounting period has been made to the Form CT1, correcting an error which didn't allow the input of the correct amounts where there was more than one trade in the company.

Source: Revenue Website www.revenue.ie.Copyright Acknowledged