Taxes Consolidation Act, 1997 (Number 39 of 1997)
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503 Claims.
[FA84 s22; FA93s25(h); FA95 s17(1)(h)(i)]
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(1) A claim for the relief in respect of eligible shares issued by a company in any year of assessment shall be made—
(a) not earlier than—
(i) in the case of a relevant investment, the date on which the company commences to carry on the relevant trading operations, and
(ii) in any other case, the end of the period of 4 months mentioned in section 489(7)(a)(i)(II),
and
(b) not later than 2 years after the end of that year of assessment or, if that period of 4 months ended after the end of that year, not later than 2 years after the end of that period.
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(1) A claim for the relief in respect of eligible shares issued by a company in any year of assessment shall be made—
(a) not earlier than—
(i) in the case of a relevant investment, the date on which the company commences to carry on the relevant trading operations, and
(ii) in any other case, the end of the period of 4 months mentioned in section 489(7)(a)(i)(II),
and
(b) not later than—
(i) 2 years after the end of that year of assessment or, if that period of 4 months mentioned in section 489(7)(a)(i)(II) ended after the end of that year, 2 years after the end of that 4 month period, whichever last occurs, or
(ii) 3 months after the date the statement referred to in subsection (3) is furnished, where such statement is furnished within the 3 months prior to the expiry of the time specified in subparagraph (i).
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(2) A claim for relief in respect of eligible shares in a company shall not be allowed unless it is accompanied by a certificate issued by the company in such form as the Revenue Commissioners may direct and certifying that the conditions for the relief, in so far as they apply to the company and the trade, are satisfied in relation to those shares.
(3) Before issuing a certificate under subsection (2), a company shall furnish the inspector with a statement to the effect that it satisfies the conditions for the relief, in so far as they apply in relation to the company and the trade, and has done so at all times since the beginning of the relevant period.
(4) No such certificate shall be issued without the authority of the inspector or where the company or a person connected with the company has given notice to the inspector under section 505(2).
(5) Any statement under subsection (3) shall—
(a) contain such information as the Revenue Commissioners may reasonably require,
(b) be in such form as the Revenue Commissioners may direct, and
(c) contain a declaration that it is correct to the best of the company’s knowledge and belief.
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(6) Where a company has issued a certificate under subsection (2) or furnished a statement under subsection (3), and—
(a) the certificate or statement is made fraudulently or negligently, or
(b) the certificate was issued in contravention of subsection (4),
the company shall be liable to a penalty not exceeding [1]>£500<[1][1]>€630<[1] or, in the case of fraud, [2]>£1,000<[2][2]>€1,265<[2], and such penalty may, without prejudice to any other method of recovery, be proceeded for and recovered summarily in the like manner as in summary proceedings for the recovery of any fine or penalty under any Act relating to the excise.
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(6) Where a company has issued a certificate under subsection (2) or furnished a statement under subsection (3), and—
(a) the certificate or statement is false or misleading, or
(b) the certificate was issued in contravention of subsection (4), then the company shall be liable to a penalty of €4,000.
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(7) For the purpose of regulations made under section 986, no regard shall be had to the relief unless a claim for it has been duly made and admitted.
(8) For the purposes of section 1080, [3]>income tax charged by an assessment<[3][3]>income tax<[3]—
(a) shall be regarded as due and payable notwithstanding that relief from the tax (whether by discharge or repayment) is subsequently given on a claim for the relief, but
(b) shall, unless paid earlier or due and payable later, be regarded as paid, to the extent that relief from tax is due under this Part, on the date of the making of the claim on which the relief is given,
and section 1081 shall not apply in consequence of any discharge or repayment for giving effect to the relief.
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503 Information.
(1) Where an event occurs by reason of which any relief given to an individual is to be withdrawn by virtue of section 492, 496 or 497, the individual shall within 60 days of coming to know of the event give a notice in writing to the inspector containing particulars of the event.
(2) Where an event occurs by reason of which any relief in respect of any shares in a company is to be withdrawn by virtue of section 494, 495, 497, 498, 499 or 500—
(a) the company, and
(b) any person connected with the company who has knowledge of that matter,
shall within 60 days of the event or, in the case of a person within paragraph (b), of that person coming to know of it, give a notice in writing to the inspector containing particulars of the event.
(3) Where the inspector has reason to believe that a person has not given a notice which the person is required to give under subsection (1) or (2) in respect of any event, the inspector may by notice in writing require that person to furnish him or her within such time (not being less than 60 days) as may be specified in the notice with such information relating to the event as the inspector may reasonably require for the purposes of this Part.
(4) Where relief is claimed in respect of shares in a company and the inspector has reason to believe that it may not be due by reason of any arrangement or scheme mentioned in section 492(11), 494(9) or 500, the inspector may by notice in writing require any person concerned to furnish him or her within such time (not being less than 60 days) as may be specified in the notice with—
(a) a declaration in writing stating whether or not, according to the information which that person has or can reasonably obtain, any such arrangement or scheme exists or has existed, and
(b) such other information as the inspector may reasonably require for the purposes of the provision in question and as that person has or can reasonably obtain.
(5) References in subsection (4) to the person concerned are, in relation to sections 492(11) and 500, references to the claimant and, in relation to sections 494(9) and 500, references to the company and any person controlling the company.
(6) Where relief has been given in respect of shares in a company—
(a) any person who receives from the company any payment or asset which may constitute value received (by that person or another) for the purposes of section 497 or 499(5), and
(b) any person on whose behalf such a payment or asset is received,
shall, if so required by the inspector, state whether the payment or asset received by that person or on that person’s behalf is received on behalf of any person other than that person and, if so, the name and address of that other person.
(7) Where relief has been claimed in respect of shares in a company, any person who holds or has held shares in the company and any person on whose behalf any such shares are or were held shall, if so required by the inspector, state whether the shares which are or were held by that person or on that person’s behalf are or were held on behalf of any person other than that person and, if so, the name and address of that other person.
(8) No obligation as to secrecy imposed by statute or otherwise shall preclude the inspector from disclosing to a company that relief has been given or claimed in respect of a particular number or proportion of its shares.
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503. The relief: start-up capital incentive
(1) Section 500(5) shall not apply in respect of associates of an investor if the company and the investment comply with this section.
(2) At the time the shares concerned were issued——
(a) the qualifying company shall——
(i) be a micro-enterprise, within the meaning of Annex 1 of the General Block Exemption Regulation, and
(ii) exist solely for the purpose of carrying on a qualifying new venture,
(b) the qualifying company shall not——
(i) have commenced carrying on, or made preparations for the carrying on of, any trade or business more than 7 years prior to the share issue date, or
(ii) have any partner business or linked business.
(3) The maximum amount which a qualifying company may raise, in respect of which relief is only available pursuant to this section, is €€500,000 in total in respect of the issue of eligible shares on or after 6 April 1984 (including relief granted under this Part as it stood enacted at any time before the commencement of section 23 of the Finance Act 2018 or, as the case may be, the commencement of section 33(1)(a) of the Finance Act 2011) and section 497 shall apply with any necessary modifications.
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Substituted by FA05 sched5. Applies to any unpaid income tax, corporation tax or capital gains tax, as the case may be, that has not been paid before 1 April 2005 regardless of when that tax becomes due and payable and notwithstanding anything to the contrary in any other enactment other than section 1082 of TCA97. Does not apply to the part, if any, before 1 January 1963 of any period of delay within the meaning of section 1080 of TCA97.
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Substituted by F(No.2)A08 sched5(part2)(1)(e). The enactments specified in Schedule 5 are amended or repealed to the extent and manner specified in that Schedule and, unless the contrary is stated, shall come into effect after 24 December 2008.
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Substituted by FA11 s33(1)(a). Has effect in respect of shares issued on or after 25 November 2011. Note: FA 12 s26 (2) amends FA 11 s33 and provides: (b) This section does not have effect in respect of shares issued before 25 November 2011 and, for all the purposes of Part 16 in connection with those shares, the Principal Act has effect as if this section had not been enacted. (c) This section does not have effect in respect of shares issued on or after 25 November 2011 and on or before 31 December 2011 where— (i) the company issuing the shares, or (ii) where the shares are acquired by an investment fund, the fund acquiring the shares, elects by notice in writing to the Revenue Commissioners on or before 31 December 2011 that, for all the purposes of Part 16 in connection with those shares, the Principal Act has effect as if this section had not been enacted.