508W. Assessments for withdrawing relief under Chapter 5

(1) This section applies where any relief claimed under Chapter 5—

(a) is subsequently found not to have been due because—

(i) the company was not a qualifying company,

(ii) the investment was not a relevant investment, or

(iii) the individual was not a specified person,

or

(b) is no longer due because—

(i) the relief is to be withdrawn by virtue of section 495,

(ii) the investment ceases to be a qualifying investment by virtue of section 499,

(iii) the amount of relief is subject to a reduction under Chapter 10,

(iv) the relief is withdrawn because of section 508L,

(v) a specified individual failed or ceased to hold a relevant employment, or

(vi) an individual ceased to be a specified individual.

(2) Where any relief is to be withdrawn under this section that relief shall be withdrawn by the making of an assessment on the investor to income tax under Case IV of Schedule D for the year of assessment for which the relief was given.

(3) In its application to an assessment made by virtue of this section, section 1080 applies as if the date on which the income tax charged by the assessment becomes due and payable were—

(a) in the case of relief withdrawn in accordance with subsection (1) (a), the date on which the relief was claimed,

(b) in the case of relief withdrawn in accordance with subsection (1)(b) (i), the date the agreements, arrangements or understandings were entered into,

(c) in the case of relief withdrawn in accordance with subsection (1)(b) (ii), the date of the event the happening of which causes the relief to be withdrawn,

(d) in the case of relief withdrawn in accordance with subsection (1)(b) (iii), the date of disposal, or the date on which the value was received, as the case may be,

(e) in the case of relief withdrawn in accordance with subsection (1)(b) (iv)—

(i) in so far as effect has been given to the relief in accordance with regulations made under section 986, the 31st day of December in the year of assessment in which effect was so given, and

(ii) in so far as effect has not been so given, the date on which the relief was claimed,

or

(f) in the case of relief withdrawn in accordance with subparagraph (v) or (vi) of subsection (1)(b), the date of the failure or the cessation, as the case may be.

(4) For the purposes of subsection (3), the date on which the relief is claimed is the date on which a repayment of tax for giving effect to the relief was made or, if there was no such repayment, the date on which the claim was made to the Revenue Commissioners.