Taxes Consolidation Act, 1997 (Number 39 of 1997)
This section has been deleted.
Deleted by FA12 s129(2). Have effect on and from 1 January 2013.
[57]>
958Date for payment of tax.
[FA88 s18; FA90 s24(d)(iii), (iv) and (v); FA91 s52(a); FA92 s32; FA93 s40; FA94 s13; FA95 s31]
[16]>
(1) In this section—
“pre-preceding chargeable period”, in relation to a chargeable period, means the chargeable period next before the preceding chargeable period;
[9]>
“specified due date” in relation to a year of assessment, means the 30th day of April in the year of assessment next after the year of assessment following that year of assessment.
<[9]
<[16]
[16]>
(1) (a) In this section—
“corresponding corporation tax for the preceding chargeable period”, in relation to a chargeable period which is an accounting period of a company, means an amount determined by the formula—
T |
× |
C |
|
P |
where—
T is the corporation tax payable by the chargeable person for the preceding chargeable period,
C is the [23]>number of months<[23][23]>number of days<[23] in the chargeable period, and
P is the [23]>number of months<[23][23]>number of days<[23] in the preceding chargeable period;
[38]>
“corresponding income tax for the preceding chargeable period”, in relation to a chargeable period which is an accounting period of a company, means an amount determined by the formula—
I |
× |
C |
|
P |
where—
I is the income tax payable under section 239 or 241 by the chargeable person for the preceding chargeable period,
C is the number of days in the chargeable period, and
P is the number of days in the preceding chargeable period;
<[38]
[24]>
[39]>
“tax payable for the initial period”, in relation to a chargeable period which is a year of assessment for capital gains tax (being the year of assessment 2003 or any subsequent year of assessment), means the tax which would be payable by the chargeable person if the year of assessment ended on 30 September in that year instead of 31 December in that year;
<[39]
[39]>
“tax payable for the initial period”, in relation to a chargeable period which is—
(I) a year of assessment for capital gains tax (being the years of assessment 2003 to 2008 inclusive), means the tax which would be payable by the chargeable person if the year of assessment ended on 30 September in that year instead of 31 December in that year, or
(II) a year of assessment for capital gains tax (being the year of assessment 2009 or any subsequent year of assessment), means the tax which would be payable by the chargeable person if the year of assessment ended on 30 November in that year instead of 31 December in that year;
<[39]
“tax payable for the later period”, in relation to a chargeable period which is a year of assessment for capital gains tax (being the year of assessment 2003 or any subsequent year of assessment), means the tax payable for the year of assessment less the tax payable for the initial period in relation to that year of assessment;
<[24]
“pre-preceding chargeable period”, in relation to a chargeable period, means the chargeable period next before the preceding chargeable period;
[40]>
“relevant accounting period” shall be construed in accordance with paragraph (c)
<[40]
[33]>
“relevant accounting standards” has the same meaning as in Schedule 17A;
“relevant company” means a company in respect of which profits or gains for the purposes of Case I or II of Schedule D are computed in accordance with relevant accounting standards, which are, or include, relevant accounting standards in relation to profits or gains or losses on financial assets or liabilities;
<[33]
“relevant limit”, in relation to a chargeable period which is an accounting period of a company, means [28]>€50,000<[28][34]>[28]>€150,000<[28]<[34][34]>€200,000<[34]; but where the length of a chargeable period is less than 12 months the relevant limit in relation to the chargeable period shall be proportionately reduced.
(b) For the purposes of this section, a chargeable person being a company shall be a small company in relation to a chargeable period if the corresponding corporation tax for the preceding chargeable period payable by the chargeable person does not exceed the relevant limit in relation to the accounting period.
<[16]
[41]>
(c) (i) Subject to subparagraph (ii), a relevant accounting period shall mean an accounting period of a company, other than a small company, which commences on or after 14 October 2008.
(ii) An accounting period shall not be a relevant accounting period where, but for this subparagraph, the final instalment of preliminary tax would, by reason of the dates on which the accounting period commences and ends, be due and payable in accordance with subsection (2BA)(c) on or before the date on which the initial instalment would be due and payable in accordance with subsection (2BA)(b).
<[41]
[10]>
[11]>
[12]>
(2) Preliminary tax appropriate to a chargeable period shall be due and payable—
[1]>
[2]>
(a) where the chargeable period is a year of assessment for income tax and subject to subsection (10), on or before the 1st day of November in the year of assessment,
(b) where the chargeable period is a year of assessment for capital gains tax, on or before the 1st day of November following the year of assessment, or
<[1]
<[2]
[1]>
[2]>
(a) where the chargeable period is a year of assessment for income tax and subject to subsection (10), on or before the 1st day of November in the year of assessment; but as respects—
(i) such year of assessment (not being earlier than the year 1999-2000) as the Minister for Finance shall by order appoint, and
(ii) each year of assessment following the year to which subparagraph (i) relates,
the 30th day of November in the year of assessment,
(b) where the chargeable period is a year of assessment for capital gains tax, on or before the 1st day of November following the year of assessment; but as respects—
(i) such year of assessment (not being earlier than the year 1998-1999) as the Minister for Finance shall by order appoint, and
(ii) each year of assessment following the year to which subparagraph (i) relates,
the 30th day of November following the year of assessment, or
<[1]
<[2]
(c) where the chargeable period is an accounting period of a company—
(i) within the period of 6 months from the end of the accounting period, or
(ii) where apart from this subparagraph the last day of the period within which the preliminary tax would be due and payable would be a day after the 28th day of the month in which that period of 6 months ends, not later than the 28th day of that month,
and accordingly references in this Part to the due date for the payment of an amount of preliminary tax shall be construed as references to [3]>the 1st day of November in the year of assessment, the 1st day of November following the year of assessment<[3][3]>the 1st day of November in the year of assessment, the 30th day of November in the year of assessment, the 1st day of November following the year of assessment, the 30th day of November following the year of assessment<[3], the last day of that period of 6 months or the 28th day of the month in which that period of 6 months ends, as the case may be.
(3) Subject to subsection (4), tax specified in an assessment made on a chargeable person for a chargeable period shall be due and payable—
(a) where the assessment is made before the due date for the payment of an amount of preliminary tax for the chargeable period, on or before that date, or
(b) where the assessment is made on or after that date—
(i) if the chargeable period is a year of assessment for income tax, on or before the specified due date for the year of assessment,
[4]>
(ii) if the chargeable period is a year of assessment for capital gains tax, on or before the specified return date for the chargeable period or, if later, not later than one month from the date on which the assessment is made, and
<[4]
[4]>
(ii) if the chargeable period is a year of assessment for capital gains tax, on or before the specified return date for the chargeable period or, if later, not later than one month from the date on which the assessment is made; but as respects—
(I) such year of assessment (not being earlier than the year 1998–1999) as the Minister for Finance shall by order appoint, and
(II) each year of assessment following the year to which clause (I) relates,
on or before the specified return date for the chargeable period, and
<[4]
(iii) if the chargeable period is an accounting period of a company, not later than one month from the date on which the assessment is made.
(4) Where but for this subsection tax specified in an assessment made on a chargeable person for a chargeable period would be due and payable in accordance with subsection (3)(b) and—
(a) the chargeable person has defaulted in the payment of preliminary tax for the chargeable period,
(b) the preliminary tax paid by the chargeable person for the chargeable period is less than, or less than the least of, as the case may be—
[5]>
(i) 90 per cent of the tax payable by the chargeable person for the chargeable period,
<[5]
[5]>
(i)(I) 90 per cent of the tax payable by the chargeable person for the chargeable period, or
(II) in the case of an assessment to capital gains tax made on a chargeable person for the chargeable period, being the year 1998-99 or any subsequent year of assessment, the tax payable by the chargeable person for the chargeable period,
<[5]
(ii) in the case of an assessment to income tax made on a chargeable person for the chargeable period (being a year of assessment), the income tax payable for the preceding chargeable period, or
(iii) in the case of an assessment to income tax for the chargeable period (being a year of assessment) made on a chargeable person to whom subsection (10) applies, other than a chargeable person in relation to whom the amount of income tax payable or, taken in accordance with subsection (5)(a) to be payable, for the pre-preceding chargeable period was nil, 105 per cent of the income tax payable for the pre-preceding chargeable period,
or
(c) the preliminary tax payable by the chargeable person for the chargeable period was not paid by the date on which it was due and payable,
the tax specified in the assessment shall be deemed to have been due and payable on the due date for the payment of an amount of preliminary tax for the chargeable period.
<[10]
<[11]
<[12]
[10]>
[11]>
[12]>
[17]>
(2) Preliminary tax appropriate to a chargeable period shall be due and payable—
(a) where the chargeable period is a year of assessment for income tax and subject to subsection (10), on or before 31 October in the year of assessment, or
(b) where the chargeable period is an accounting period of a company, within the period of 6 months from the end of the accounting period; but in any case not later than—
(i) day 28 of the month in which that period of 6 months ends, or
(ii) such earlier day in that month as may be specified by order made by the Minister for Finance,
and accordingly references in this Part to the due date for the payment of an amount of preliminary tax shall be construed as references to 31 October in the year of assessment, the last day of that period of 6 months, or day 28 (or such earlier day as may be specified by order made by the Minister for Finance) of the month in which that period of 6 months ends, as the case may be.
<[17]
[17]>
(2) Subject to subsection (10), preliminary tax appropriate to a chargeable period which is a year of assessment for income tax shall be due and payable on or before 31 October in the year of assessment and, accordingly, references in this Part to the due date for the payment of an amount of preliminary tax shall, in the case where that tax is due for a chargeable period which is a year of assessment, be construed as a reference to 31 October in the year of assessment.
(2A) (a) Preliminary tax appropriate to a chargeable period which is an accounting period of a company ending in the period from 1 January 2002 to 31 December 2005 shall be due and payable in 2 instalments.
[25]>
(b) The first of the 2 instalments referred to in paragraph (a) (in this section referred to as the “first instalment”) shall be due and payable not later than the day which is 31 days before the day on which the accounting period ends; but where that day is later than day 28 of the month in which the first-mentioned day occurs, the first instalment shall be due and payable not later than day 28 of that month or such earlier day in that month as may be specified by order made by the Minister for Finance.
(c) Notwithstanding paragraph (b), in the case where an accounting period of a company is less than one month and one day in length, the first instalment shall be due and payable not later than the last day of the accounting period; but where that day is later than day 28 of the month in which that day occurs, the first instalment shall be due and payable not later than day 28 of that month or such earlier day in that month as may be specified by order made by the Minister for Finance.
(d) Notwithstanding paragraphs (b) and (c), in the case of an accounting period of a company ending in the year 2002, the first instalment shall not be due and payable earlier than 28 June 2002.
(e) The second of the 2 instalments referred to in paragraph (a) (in this section referred to as the “second instalment”) shall be due and payable within the period of 6 months from the end of the accounting period, but in any event not later than day 28 of the month in which that period of 6 months ends, or such earlier day in that month as may be specified by order made by the Minister for Finance.
<[25]
[25]>
(b) The first of the 2 instalments referred to in paragraph (a) (in this section referred to as the “first instalment”) shall be due and payable not later than the day which is 31 days before the day on which the accounting period ends, but where that day is later than day 21 of the month in which the first-mentioned day occurs, the first instalment shall be due and payable not later than day 21 of that month.
(c) Notwithstanding paragraph (b), in a case where an accounting period of a company is less than one month and one day in length, the first instalment shall be due and payable not later than the last day of the accounting period, but where that day is later than day 21 of the month in which that day occurs, the first instalment shall be due and payable not later than day 21 of that month.
(d) The second of the 2 instalments referred to in paragraph (a) (in this section referred to as the “second instalment”) shall be due and payable within the period of 6 months from the end of the accounting period, but in any event the second instalment shall be due and payable not later than day 21 of the month in which that period of 6 months ends.
<[25]
[26]>
(2B) (a) Preliminary tax appropriate to a chargeable period which is an accounting period of a company ending on or after 1 January 2006 shall be due and payable not later than the day which is 31 days before the day on which the accounting period ends; but where that day is later than day 28 of the month in which the first-mentioned day occurs, that tax shall be due and payable not later than day 28 of that month or such earlier day in that month as may be specified by order made by the Minister for Finance.
(b) Notwithstanding paragraph (a), in the case where an accounting period of a company ending on or after 1 January 2006 is less than one month and one day in length, preliminary tax shall be due and payable not later than the last day of the accounting period; but where that day is later than day 28 of the month in which that day occurs, preliminary tax shall be due and payable not later than day 28 of that month or such earlier day in that month as may be specified by order made by the Minister for Finance.
<[26]
[26]>
(2B) (a) [42]>Preliminary tax<[42][42]>Subject to subsection (2BA), preliminary tax<[42] appropriate to a chargeable period which is an accounting period of a company ending on or after 1 January 2006 shall be due and payable not later than the day which is 31 days before the day on which the accounting period ends, but where that day is later than day 21 of the month in which the first-mentioned day occurs, that tax shall be due and payable not later than day 21 of that month.
(b) Notwithstanding paragraph (a), in a case where an accounting period of a company ending on or after 1 January 2006 is less than one month and one day in length, preliminary tax shall be due and payable not later than the last day of the accounting period, but where that day is later than day 21 of the month in which that day occurs, that tax shall be due and payable not later than day 21 of that month.
<[26]
[29]>
(c) Where in relation to a chargeable period which is an accounting period of a company—
(i) the tax payable by a chargeable person (being a company) for the chargeable period does not exceed the relevant limit, and
(ii) the chargeable period commenced on the company coming within the charge to corporation tax,
then the preliminary tax appropriate to the chargeable period shall be taken to be nil and [43]>subsections (4C) and (4E)<[43][43]>subsections (4C) and (4CA)<[43] shall not apply.
<[29]
[44]>
(2BA) (a) Preliminary tax appropriate to a chargeable period which is a relevant accounting period shall be due and payable in 2 instalments.
(b) The first of the 2 instalments referred to in paragraph (a) (in this section referred to as the “initial instalment”) shall be due and payable within a period of 6 months from the commencement of the accounting period, but in any event the initial instalment shall be due and payable not later than day 21 of the month in which that period of 6 months ends.
(c) The second of the 2 instalments referred to in paragraph (a) (in this section referred to as the “final instalment”) shall be due and payable not later than the day which is 31 days before the day on which the accounting period ends, but where that day is later than day 21 of the month in which the first-mentioned day occurs, the final instalment shall be due and payable not later than day 21 of that month.
<[44]
[37]>
(2BB) Where a payment of preliminary tax due and payable in accordance with subsection (2B) or (2BA) is made by such electronic means (within the meaning of section 917EA) as are required by the Revenue Commissioners, then paragraphs (a) and (b) of subsection (2B) and paragraphs (b) and (c) of subsection (2BA) shall apply and have effect as if “day 23 of the month” were substituted for “day 21 of the month” and “day 23 of that month” were substituted for “day 21 of that month” in each place where it occurs; but where that payment is made after the day provided for in this subsection the Tax Acts shall apply and have effect without regard to the provisions of this subsection.
<[37]
(2C) (a) References in this Part to the due date for the payment of the first instalment, or the second instalment, of preliminary tax shall be construed in accordance with subsection (2A).
(b) [45]>References<[45][45]>Subject to paragraph (c), references<[45] in this Part to the due date for the payment of an amount of preliminary tax shall, in the case where that tax is due for a chargeable period which is an accounting period of a company ending on or after 1 January 2006, be construed in accordance with subsection (2B).
<[17]
[46]>
(c) References in this Part to the due date for the payment of the initial instalment, or the final instalment, of preliminary tax shall, in the case where that tax is due for a chargeable period which is a relevant accounting period, be construed in accordance with subsection (2BA).
<[46]
[21]>
(3) (a) Subject to [18]>subsections (3A) and (4)<[18][18]>subsections (3A), (4), (4B), (4C), (4D) and (4E)<[18], tax payable by a chargeable person for a chargeable period shall be due and payable—
(i) where an assessment is made on the chargeable person for the chargeable period before the due date for the payment of an amount of preliminary tax for the chargeable period, on or before that date,
(ii) where an assessment is made on the chargeable person for the chargeable period before the specified return date for the chargeable period and the chargeable period is a year of assessment for income tax or capital gains tax, on or before that date,
(iii) where an assessment has not been made on the chargeable person for the chargeable period, being a year of assessment for income tax or capital gains tax, on or before the specified return date for the chargeable period, or
(iv) where the chargeable period is an accounting period of a company, not later than one month from the date on which an assessment is made on the chargeable person for the chargeable period.
(b) Where in relation to a chargeable period, being a year of assessment for income tax or capital gains tax, tax payable by a chargeable person for the year of assessment is due and payable in accordance with paragraph (a)(iii), then, tax specified in any subsequent assessment made on the chargeable person for that year shall be deemed to have been due and payable on or before the specified return date for the chargeable period.
<[21]
[21]>
(3) (a) [47]>Subject to subsections (3A), (4), (4B), (4C), (4D) and (4E)<[47][47]>Subject to subsections (3A), (4), (4B), (4C), (4CA), (4D), (4E), (4F) and (4G)<[47], tax payable by a chargeable person for a chargeable period shall be due and payable—
(i) subject to subparagraphs (ii) and (iii), where an assessment is made on the chargeable person for the chargeable period before the due date for the payment of an amount of preliminary tax for the chargeable period, on or before that date,
(ii) where an assessment is made on the chargeable person for the chargeable period (being a year of assessment for income tax) before the specified return date for the chargeable period, on or before that date,
(iii) where an assessment has not been made on the chargeable person for the chargeable period (being a year of assessment for income tax) on or before the specified return date for the chargeable period,
(iv) where an assessment has not been made on the chargeable person for the chargeable period (being the year of assessment 2002 for capital gains tax), on or before the specified return date for the chargeable period,
(v) where the chargeable period is a year of assessment for capital gains tax (being the year of assessment 2003 for capital gains tax or any subsequent year of assessment for capital gains tax) and an assessment has not been made on the chargeable person for the year of assessment—
[48]>
(I) as respects tax payable for the initial period, on or before 31 October in the year of assessment, and
<[48]
[48]>
(I) as respects tax payable for the initial period—
(A) where the initial period falls in the years of assessment 2003 to 2008 inclusive, on or before 31 October in the year of assessment, and
(B) where the initial period falls in the year of assessment 2009 or any subsequent year of assessment, on or before 15 December in that year of assessment, and
<[48]
(II) as respects tax payable for the later period, on or before 31 January in the next following year of assessment, or
(vi) where the chargeable period is an accounting period of a company, on or before the specified return date for the chargeable period.
(b) Where in relation to a chargeable period (being a year of assessment for income tax) the tax payable by a chargeable person for a year of assessment is due and payable in accordance with paragraph (a)(iii), then, the tax specified in any subsequent assessment made on the chargeable person for that year shall be deemed to have been due and payable on or before the specified return date for the chargeable period.
(c) (i) Where in relation to a chargeable period (being the year of assessment 2002 for capital gains tax) the tax payable by a chargeable person for the year of assessment is due and payable in accordance with paragraph (a)(iv), then, the tax specified in any subsequent assessment made on the chargeable person for that year shall be deemed to have been due and payable on or before the specified return date for the chargeable period.
(ii) Where in relation to a chargeable period (being the year of assessment for capital gains tax 2003 or any subsequent year of assessment for capital gains tax) the tax payable by a chargeable person for a year of assessment is due and payable in accordance with paragraph (a)(v), then, the tax specified in any subsequent assessment made on the chargeable person for that year shall be deemed to have been due and payable—
[55]>
(I) on or before 31 October in the year of assessment as respects tax payable for the initial period, and
<[55]
[55]>
(I) on or before—
(A) 31 October, as respects tax payable in the initial period, where that period falls in the years of assessment 2003 to 2008 inclusive,
(B) 15 December, as respects tax payable in the initial period, where that period falls in the year of assessment 2009 or any subsequent year of assessment,
and
<[55]
(II) on or before 31 January in the next following year of assessment as respects tax payable for the later period.
(d) Where in relation to a chargeable period (being an accounting period of a company) the tax payable by a chargeable person for an accounting period is due and payable in accordance with paragraph (a)(vi), then, the tax specified in any subsequent assessment made on the chargeable person for that accounting period shall be deemed to have been due and payable on or before the specified return date for the chargeable period.
<[21]
[22]>
(3A) Subject to subsection (3), where—
(a) an assessment to tax has not been made on a chargeable person on or before the specified return date for a chargeable period (being a year of assessment for income tax or capital gains tax), and
(b) the chargeable person has—
(i) delivered a return for the year of assessment by the specified return date for the chargeable period,
(ii) made in the return a full and true disclosure of all material facts necessary for the making of a correct assessment for the year of assessment, and
(iii) paid an amount of tax for the year of assessment on or before the specified return date, being an amount which is less than the tax payable by the chargeable person for the year of assessment by not more than the greater of—
(I) 5 per cent of the tax payable by that person for that year or [15]>£2,500<[15][15]>€3,175<[15], whichever is the lesser, and
(II) [15]>£500<[15][15]>€635<[15],
then, subject to subsection (8), any additional tax payable by the chargeable person for that year shall be due and payable on or before 31 December in the following year of assessment.
<[22]
[22]>
(3A) (a) In this paragraph the “specified amount”, in relation to a year of assessment for income tax and the year of assessment 2002 for capital gains tax, means the greater of—
(i) 5 per cent of the tax payable by that person for that year or €3,175, whichever is the lesser, and
(ii) €635.
(b) Subject to subsection (3), where—
(i) an assessment to tax has not been made on a chargeable person on or before the specified return date for the chargeable period (being a year of assessment for income tax and the year of assessment 2002 for capital gains tax), and
(ii) the chargeable person has—
(I) delivered a return for the year of assessment by the specified return date for the chargeable period,
(II) made in the return a full and true disclosure of all material facts necessary for the making of a correct assessment for the year of assessment, and
(III) paid an amount of tax for the year of assessment on or before the specified return date, being an amount which is less than the tax payable by the chargeable person for that year of assessment by not more than the specified amount,
then, subject to subsection (8), any additional tax payable by that person for that year shall be due and payable on or before 31 December in the next following year of assessment.
<[22]
(4) Where but for this subsection tax payable by a chargeable person for a chargeable period [19]>which is a year of assessment<[19] would be due and payable in accordance with subsection (3), other than paragraph (a)(i) of that subsection, and—
(a) the chargeable person has defaulted in the payment of preliminary tax for the chargeable period,
(b) the preliminary tax paid by the chargeable person for the chargeable period is less than, or less than the least of, as the case may be—
(i) 90 per cent of the tax payable by the chargeable person for the chargeable period,
(ii) (I) where the chargeable period is a year of assessment other than the year of assessment 2001 or 2002, the income tax payable by the chargeable person for the preceding chargeable period,
(II) where the chargeable period is the year of assessment 2002, 135 per cent of the income tax payable by the chargeable person for the preceding chargeable period,
(III) where the chargeable period is the year of assessment 2001, 74 per cent of the income tax payable by the chargeable person for the preceding chargeable period,
(iii) in the case of a chargeable person to whom subsection (10) applies (other than a chargeable person in relation to whom the amount of income tax payable, or taken in accordance with subsection (5)(a) to be payable, for the pre-preceding chargeable period was nil)—
(I) where the chargeable period is a year of assessment other than the year of assessment 2001 or 2003, 105 per cent of the income tax payable by the chargeable person for the pre-preceding chargeable period,
(II) where the chargeable period is the year of assessment 2003, 142 per cent of the income tax payable by the chargeable person for the pre-preceding chargeable period,
(III) where the chargeable period is the year of assessment 2001, 78 per cent of the income tax payable by the chargeable person for the pre-preceding chargeable period,
or
(c) the preliminary tax payable by the chargeable person for the chargeable period was not paid by the date on which it was due and payable,
the tax payable by the chargeable person shall be deemed to have been due and payable on the due date for the payment of an amount of preliminary tax for the chargeable period.
(4A) Where—
(a) after the due date for the payment of an amount of preliminary tax for a chargeable period (being a year of assessment for income tax), an amount of additional income tax to which subsection (3A) applies is paid for the preceding chargeable period, and
(b) an additional amount of preliminary tax (which is not more than the additional amount of income tax so paid) is paid on or before 31 December in the year of assessment such that the total amount of preliminary tax paid by the chargeable person for the chargeable period is not less than the amount specified in subsection (4)(b)(ii),
then, the additional amount of preliminary tax so paid shall be deemed for the purposes of subsection (4)(b)(ii) to have been paid on the due date for the payment of an amount of preliminary tax for the chargeable period.
<[10]
<[11]
<[12]
[20]>
(4B) (a) Subject to subsection (4D), where but for this subsection tax payable by a chargeable person for a chargeable period which is an accounting period of a company ending in the period from 1 January 2002 to 31 December 2005 would be due and payable in accordance with subsection (3), and—
(i) the chargeable person has defaulted in the payment of the first instalment or the second instalment of preliminary tax for the chargeable period,
(ii) where the chargeable person is a small company in relation to the accounting period, the first instalment of the preliminary tax paid by the chargeable person for the chargeable period is less than, or less than the lower of—
(I) where the chargeable period is an accounting period of the company ending in the year 2002, 18 per cent of the tax payable by the chargeable person for the chargeable period or 20 per cent of the corresponding corporation tax for the preceding chargeable period,
(II) where the chargeable period is an accounting period of the company ending in the year 2003, 36 per cent of the tax payable by the chargeable person for the chargeable period or 40 per cent of the corresponding corporation tax for the preceding chargeable period,
(III) where the chargeable period is an accounting period of the company ending in the year 2004, 54 per cent of the tax payable by the chargeable person for the chargeable period or 60 per cent of the corresponding corporation tax for the preceding chargeable period, or
(IV) where the chargeable period is an accounting period of the company ending in the year 2005, 72 per cent of the tax payable by the chargeable person for the chargeable period or 80 per cent of the corresponding corporation tax for the preceding chargeable period,
(iii) where the chargeable person is not a small company in relation to the accounting period, the first instalment of the preliminary tax paid by the chargeable person for the chargeable period is less than—
(I) where the chargeable period is an accounting period of the company ending in the year 2002, 18 per cent,
(II) where the chargeable period is an accounting period of the company ending in the year 2003, 36 per cent,
(III) where the chargeable period is an accounting period of the company ending in the year 2004, 54 per cent, or
(IV) where the chargeable period is an accounting period of the company ending in the year 2005, 72 per cent,
of the tax payable by the chargeable person for the chargeable period,
(iv) the aggregate of the first instalment and the second instalment of the preliminary tax paid by the chargeable person for the chargeable period is less than 90 per cent of the tax payable by the chargeable person for the chargeable period, or
(v) the first instalment or the second instalment of the preliminary tax payable by the chargeable person for the chargeable period was not paid by the date on which it was due and payable,
then the tax payable by the chargeable person for the chargeable period shall be deemed to have been due and payable in accordance with paragraph (b).
(b) (i) Tax due and payable in accordance with this paragraph by a chargeable person for a chargeable period which is an accounting period of a company shall be due and payable in 2 instalments.
(ii) The first of the 2 instalments referred to in subparagraph (i) (in this paragraph and in paragraphs (c) and (d) referred to as the “first relevant instalment”) shall be due and payable not later than the day on which the first instalment of preliminary tax is due and payable in accordance with subsection (2A).
(iii) The second of the 2 instalments referred to in subparagraph (i) (in this paragraph and in paragraphs (c) and (d) referred to as the “second relevant instalment”) shall be due and payable not later than the day on which the second instalment of preliminary tax is due and payable in accordance with subsection (2A).
(c) The amount of the first relevant instalment shall be—
(i) where the chargeable period is an accounting period of the company ending in the year 2002, 20 per cent,
(ii) where the chargeable period is an accounting period of the company ending in the year 2003, 40 per cent,
(iii) where the chargeable period is an accounting period of the company ending in the year 2004, 60 per cent, and
(iv) where the chargeable period is an accounting period of the company ending in the year 2005, 80 per cent,
of the tax payable by the chargeable person for the chargeable period.
(d) The amount of the second relevant instalment shall be an amount equal to the excess of the tax payable by the chargeable person for the chargeable period over the amount of the first relevant instalment.
(4C) [30]>Subject to subsection (4E)<[30][49]>[30]>Subject to subsections (2B)(c), (4E) and (11)<[30]<[49][49]>Subject to subsections (2B)(c), (4CA), (4E), (4F), (4G) and (11)<[49], where but for this subsection tax payable by a chargeable person for a chargeable period which is an accounting period of a company ending on or after 1 January 2006 would be due and payable in accordance with subsection (3), and—
(a) the chargeable person has defaulted in the payment of preliminary tax for the chargeable period,
(b) the preliminary tax paid by the chargeable person for the chargeable period is—
(i) where the chargeable person is a small company in relation to the accounting period, less than, or less than the lower of—
(I) 90 per cent of the tax payable by the chargeable person for the chargeable period, or
[50]>
(II) the corresponding corporation tax for the preceding chargeable period,
<[50]
[50]>
(II) the sum of the corresponding corporation tax for the preceding chargeable period and the corresponding income tax for the preceding chargeable period,
<[50]
and
(ii) where the chargeable person is not a small company in relation to the accounting period, [31]>or is not a company with a preliminary tax liability of nil by virtue of subsection (2B)(c),<[31] less than 90 per cent of the tax payable by the chargeable person for the chargeable period,
or
(c) the preliminary tax payable by the chargeable person for the chargeable period was not paid by the date on which it was due and payable,
then the tax payable by the chargeable person for the chargeable period shall be deemed to have been due and payable on the due date for the payment of an amount of preliminary tax for the chargeable period.
[51]>
(4CA) (a) Subject to subsections (2B)(c), (4E), (4F), (4G) and (11), where but for this subsection tax payable by a chargeable person for a chargeable period which is a relevant accounting period would be due and payable in accordance with subsection (3), and—
(i) the chargeable person has defaulted in the payment of the initial instalment or final instalment of preliminary tax for the chargeable period,
(ii) the initial instalment of preliminary tax paid by the chargeable person for the chargeable period is less than, or less than the lower of—
(I) 45 per cent of the tax payable by the chargeable person for the chargeable period, or
(II) 50 per cent of the sum of the corresponding corporation tax for the preceding chargeable period and the corresponding income tax for the preceding chargeable period,
(iii) where the chargeable period commenced on the company coming within the charge to corporation tax, the initial instalment of preliminary tax paid by the chargeable person for the chargeable period is less than 45 per cent of the tax payable by the chargeable person for the chargeable period,
(iv) the aggregate of the initial instalment and the final instalment of preliminary tax paid by the chargeable person for the chargeable period is less than 90 per cent of the tax payable by the chargeable person for the chargeable period, or
(v) the initial instalment or the final instalment of preliminary tax payable by the chargeable person for the chargeable period was not paid by the date on which it was due and payable,
then the tax payable by the chargeable person for the chargeable period shall be deemed to have been due and payable in accordance with paragraph (b).
(b) (i) Tax due and payable in accordance with this paragraph by a chargeable person for a chargeable period which is a relevant accounting period shall be due and payable in 2 instalments.
(ii) The first of the 2 instalments referred to in subparagraph (i) (in this paragraph and in paragraphs (c) and (d) referred to as the “initial relevant instalment”) shall be due and payable not later than the day on which the initial instalment of preliminary tax is due and payable in accordance with subsection (2BA).
(iii) The second of the 2 instalments referred to in subparagraph (i) (in this paragraph and in paragraph (d) referred to as the “final relevant instalment”) shall be due and payable not later than the day on which the final instalment of preliminary tax is due and payable in accordance with subsection (2BA).
(c) The amount of the initial relevant instalment shall be 45 per cent of the tax payable by the chargeable person for the chargeable period.
(d) The amount of the final relevant instalment shall be an amount equal to the excess of the tax payable by the chargeable person for the chargeable period over the amount of the initial relevant instalment.
<[51]
(4D) Where as respects a chargeable period which is an accounting period of a company ending in the period 1 January 2002 to 31 December 2005—
(a) the first instalment of preliminary tax paid by the chargeable person for the chargeable period in accordance with subsection (2A) is less than—
(i) where the chargeable period is an accounting period ending in 2002, 18 per cent,
(ii) where the chargeable period is an accounting period ending in 2003, 36 per cent,
(iii) where the chargeable period is an accounting period ending in 2004, 54 per cent, or
(iv) where the chargeable period is an accounting period ending in 2005, 72 per cent,
of the tax payable by the chargeable person for the chargeable period,
(b) the preliminary tax so paid by the chargeable person for the chargeable period is not less than—
(i) where the chargeable period is an accounting period ending in 2002, 18 per cent,
(ii) where the chargeable period is an accounting period ending in 2003, 36 per cent,
(iii) where the chargeable period is an accounting period ending in 2004, 54 per cent, or
(iv) where the chargeable period is an accounting period ending in 2005, 72 per cent,
of the amount which would be payable by the chargeable person for the chargeable period if [35]>no amount were included in the chargeable person’s profits for the chargeable period in respect of chargeable gains on the disposal by the person of assets in the part of the chargeable period which is after the date by which the first instalment for the chargeable period is payable in accordance with subsection (2A),<[35][35]>no amount were included in the chargeable person’s profits for the chargeable period—<[35]
[35]>
(i) in respect of chargeable gains on the disposal by the person of assets in the part of the chargeable period which is after the date by which, or
(ii) in the case of a relevant company, in respect of profits or gains or losses accruing, and not realised, in the chargeable period on financial assets or financial liabilities as are attributable to changes in value of those assets or liabilities in the part of the chargeable period which is after the end of the month immediately preceding the month in which,
the first instalment for the chargeable period is payable in accordance with subsection (2A),
<[35]
(c) the chargeable person makes a further payment of preliminary tax for the chargeable period within one month after the end of the chargeable period and the aggregate of that payment and the first instalment paid by the chargeable person for the chargeable period in accordance with subsection (2A) is not less than the percentage specified in paragraph (a) in relation to the chargeable period of the tax payable by the chargeable person for the chargeable period, and
(d) the aggregate of those payments and the second instalment paid by the chargeable person for the chargeable period in accordance with [27]>subsection (2)<[27][27]>subsection (2A)<[27] is not less than 90 per cent of the tax payable by the chargeable person for the chargeable period,
then the preliminary tax paid by the chargeable person for the chargeable period shall be treated for the purposes of subsection (4B) as having been paid by the date by which it is due and payable.
(4E) [52]>Where<[52][52]>Subject to subsections (4F) and (4G), where<[52] as respects a chargeable period which is an accounting period of a company ending on or after 1 January 2006—
(a) the preliminary tax paid by the chargeable person for the chargeable period in accordance with subsection (2B) is less than 90 per cent of the tax payable by the chargeable person for the chargeable period,
[36]>
(b) the preliminary tax so paid by the chargeable person for the chargeable period is not less than 90 per cent of the amount which would be payable by the chargeable person for the chargeable period if no amount were included in the chargeable person’s profits for the chargeable period in respect of chargeable gains on the disposal by the person of assets in the part of the chargeable period which is after the date by which preliminary tax for the chargeable period is payable in accordance with subsection (2B), and
<[36]
[36]>
(b) the preliminary tax so paid by the chargeable person for the chargeable period is not less than 90 per cent of the amount which would be payable by the chargeable person for the chargeable period if no amount were included in the chargeable person’s profits for the chargeable period—
(i) in respect of chargeable gains on the disposal by the person of assets in the part of the chargeable period which is after the date by which, or
(ii) in the case of a relevant company, in respect of profits or gains or losses accruing, and not realised, in the chargeable period on financial assets or financial liabilities as are attributable to changes in value of those assets or liabilities in the part of the chargeable period which is after the end of the month immediately preceding the month in which,
preliminary tax for the chargeable period is payable in accordance with subsection (2B), and
<[36]
(c) the chargeable person makes a further payment of preliminary tax for the chargeable period within one month after the end of the chargeable period and the aggregate of that payment and the preliminary tax paid by the chargeable person for the chargeable period in accordance with subsection (2B) is not less than 90 per cent of the tax payable by the chargeable person for the chargeable period,
then the preliminary tax paid by the chargeable person for the chargeable period shall be treated for the purposes of subsection (4C) as having been paid by the date by which it is due and payable.
<[20]
[53]>
(4F) Where as respects a chargeable period which is a relevant accounting period—
(a) the initial instalment of preliminary tax paid by the chargeable person for the chargeable period in accordance with subsection (2BA) is less than 45 per cent of the tax payable by the chargeable person for the chargeable period,
(b) the initial instalment of preliminary tax so paid by the chargeable person for the chargeable period is not less than 45 per cent of the amount which would be payable by the chargeable person for the chargeable period if no amount were included in the chargeable person’s profits for the chargeable period—
(i) in respect of chargeable gains on the disposal by the person of assets in the part of the chargeable period which is after the date by which the initial instalment of preliminary tax for the chargeable period is payable in accordance with subsection (2BA), or
(ii) in the case of a relevant company, in respect of profits or gains or losses accruing, and not realised, in the chargeable period on financial assets or financial liabilities as are attributable to changes in value of those assets or liabilities in the part of the chargeable period which is after the end of the month immediately preceding the month in which the initial instalment of preliminary tax for the chargeable period is payable in accordance with subsection (2BA),
and
(c) the aggregate of the initial instalment and the final instalment of preliminary tax paid by the chargeable person for the chargeable period in accordance with subsection (2BA) is not less than 90 per cent of that amount of tax which would be payable by the chargeable person for the chargeable period if computed in accordance with subsection (4G)(b),
then the initial instalment of preliminary tax paid by the chargeable person for the chargeable period shall be treated for the purposes of subsection (4CA) as having been paid by the date on which it is due and payable.
(4G) Where as respects a chargeable period which is a relevant accounting period—
(a) the aggregate of the initial instalment and the final instalment of preliminary tax paid by the chargeable person for the chargeable period in accordance with subsection (2BA) is less than 90 per cent of the tax payable by the chargeable person for the chargeable period,
(b) the aggregate of the initial instalment and the final instalment of preliminary tax so paid by the chargeable person for the chargeable period is not less than 90 per cent of the amount which would be payable by the chargeable person for the chargeable period if no amount were included in the chargeable person’s profits for the chargeable period—
(i) in respect of chargeable gains on the disposal by the person of assets in the part of the chargeable period which is after the date by which, or
(ii) in the case of a relevant company, in respect of profits or gains or losses accruing, and not realised, in the chargeable period on financial assets or financial liabilities as are attributable to changes in value of those assets or liabilities in the part of the chargeable period which is after the end of the month immediately preceding the month in which,
the final instalment of preliminary tax for the chargeable period is payable in accordance with subsection (2BA), and
(c) the chargeable person makes a further payment of preliminary tax for the chargeable period within one month after the end of the chargeable period and the aggregate of that payment and the initial instalment and final instalment of preliminary tax paid by the chargeable person for the chargeable period in accordance with subsection (2BA) is not less than 90 per cent of the tax payable by the chargeable person for the chargeable period,
then the final instalment of preliminary tax paid by the chargeable person for the chargeable period shall be treated for the purposes of subsection (4CA) as having been paid by the date on which it is due and payable.
<[53]
(5) For the purposes of subparagraphs (ii) and (iii) of subsection (4)(b)—
(a) subject to subsection (7), where the chargeable person was not a chargeable person for the preceding chargeable period or for the pre-preceding chargeable period, the income tax payable for the preceding chargeable period or the pre-preceding chargeable period, as the case may be, shall be taken to be nil, and
(b) where, after the due date for the payment of an amount of preliminary tax for a chargeable period which is a year of assessment, an amount of additional income tax for the preceding chargeable period or, in the case of a chargeable person to whom subsection (10) applies, the pre-preceding chargeable period becomes payable, that additional income tax shall not be taken into account only if it became due and payable one month following the amendment to the assessment or the determination of the appeal, as the case may be, by virtue of subsection (8)(b) or (9)(b).
(6) For the purpose of subparagraphs (ii) and (iii) of subsection (4)(b), where the chargeable person is chargeable to income tax for a chargeable period—
(a) the tax payable for the preceding chargeable period or, in the case of a chargeable person to whom subsection (10) applies, the pre-preceding chargeable period shall be determined without regard to any relief to which the chargeable person is or may become entitled for the preceding chargeable period or the pre-preceding chargeable period, as the case may be, under Part 16, and
(b) the tax payable for the preceding chargeable period or, in the case of a chargeable person to whom subsection (10) applies, the pre-preceding chargeable period shall be determined without regard to any relief to which the chargeable person is or may become entitled for the preceding chargeable period or the pre-preceding chargeable period, as the case may be, under section 481.
[56]>
(7) Where for a chargeable period, being a year of assessment for income tax, a chargeable person is assessed to tax in accordance with section 1017, and that person was not so assessed for the preceding chargeable period or for the pre-preceding chargeable period or for both of those periods either—
(a) because the person’s spouse was so assessed for either or both of those periods, or
(b) because the person and the person’s spouse were assessed to tax in accordance with section 1016 or 1023 for either or both of those periods,
subparagraphs (ii) and (iii) of subsection (4)(b) and subsection (5)(a) shall apply as if the person and the person’s spouse had elected in accordance with section 1018 or 1019, as the case may be, for the person to be assessed to tax in accordance with section 1017 for any of those periods for which the person or the person’s spouse were entitled to so elect or would have been so entitled if section 1019 had applied.
<[56]
[56]>
(7) Where for a chargeable period, being a year of assessment for income tax, a chargeable person is assessed to tax in accordance with section 1017 or 1031C, and that person was not so assessed for the preceding chargeable period or for the pre-preceding chargeable period or for both of those periods either—
(a) because the person’s spouse or civil partner was so assessed for either or both of those periods, or
(b) because the person and the person’s spouse or civil partner were assessed to tax in accordance with section 1016 or 1023, or section 1031B or 1031H, as the case may be, for either or both of those periods,
subparagraphs (ii) and (iii) of subsection (4)(b) and subsection (5)(a) shall apply as if the person and the person’s spouse or civil partner had elected in accordance with section 1018, 1019 or 1031D, as the case may be, for the person to be assessed to tax in accordance with section 1017 or 1031C for any of those periods for which the person or the person’s spouse or civil partner were entitled to so elect or, in the case of married persons, would have been so entitled if section 1019 had applied.
<[56]
(8)(a) Subject to paragraph (b) and subsection (9), any additional tax due by reason of the amendment of an assessment for a chargeable period shall be deemed to be due and payable on the same day as the tax charged by the assessment before its amendment was due and payable.
(b) Where—
(i) the assessment was made after the chargeable person had delivered a return containing a full and true disclosure of all material facts necessary for the making of the assessment, or
(ii) the assessment had previously been amended following the delivery of the return containing such disclosure,
any additional tax due by reason of the amendment of the assessment shall be deemed to have been due and payable not later than one month from the date of the amendment.
[13]>
(8A) (a) Where, in relation to a chargeable period being a year of assessment for income tax, the profits or gains of a corresponding period relating to the preceding year of assessment are taken to be the profits or gains of that preceding year of assessment in accordance with section 65(3), then, notwithstanding that the assessment for that preceding year of assessment has not been amended, any tax payable for that preceding year of assessment which exceeds the tax due and payable for that year without regard to the operation of section 65(3) shall be due and payable on or before the specified return date for the chargeable period.
(b) An amount of income tax to which paragraph (a) applies shall not be taken into account for the purposes of subsection (4).
(c) Notwithstanding subsection (8), where, in relation to a chargeable period being a year of assessment for income tax, any additional tax for the preceding year of assessment is due and payable by virtue of an amendment of the assessment for that year made in accordance with section 65(3), then, such additional tax as specified in the amendment to the assessment for that year shall be deemed to have been due and payable on or before the specified return date for the chargeable period.
<[13]
(9)(a) The amount by which the tax, found to be payable for a chargeable period on the determination of an appeal against an assessment made on a chargeable person for the chargeable period, is in excess of the amount of the tax for the chargeable period referred to in section 957(2)(a)(II) which the chargeable person had paid before the making of the appeal shall be deemed to be due and payable on the same date as the tax charged by the assessment is due and payable.
(b) Notwithstanding paragraph (a), where—
(i) the tax which the chargeable person had paid before the making of the appeal is not less than 90 per cent of the tax found to be payable on the determination of the appeal, and
(ii) the tax charged by the assessment was due and payable in accordance with subsection (3),
the excess referred to in that paragraph shall be deemed to be due and payable not later than one month from the date of the determination of the appeal.
[14]>
(10)(a) This subsection shall apply to a chargeable person who authorises the Collector-General to collect preliminary tax by the debiting of the bank account of that person in accordance with paragraph (b) and complies with such conditions as the Collector-General may reasonably impose to ensure that an amount of preliminary tax payable by a chargeable person for a chargeable period will be paid by the chargeable person in accordance with this subsection [6]>on or before the 9th day of December in the year of assessment to which the preliminary tax relates by virtue of subsection (2)(a).<[6][6]>on or before—<[6]
[6]>
(i) in the case of the years 1997-98 and 1998-99, the 9th day of December, and
(ii) in the case of the year 1999-2000 and any subsequent year of assessment, the 9th day of March,
in the year of assessment to which the preliminary tax relates by virtue of subsection (2)(a).
<[6]
(b) Preliminary tax appropriate to a chargeable period where the chargeable period is a year of assessment for income tax shall be due and payable in the case of a chargeable person to whom this subsection applies in equal monthly instalments [7]>throughout the calendar year or a part of that year in which the due date for the payment of that preliminary tax in accordance with subsection (2)(a) falls, and the Collector-General shall debit the bank account of that chargeable person with such instalments on the 9th day of each month in that year or part of that year, as the case may be.<[7][7]>throughout—<[7]
[7]>
(i) in the case of the years 1997-98 and 1998-99, the calendar year or a part of that year in which the due date for the payment of that preliminary tax in accordance with subsection (2)(a) falls, and
(ii) in the case of the year 1999-2000 or any subsequent year of assessment, that year,
and the Collector-General shall debit the bank account of that person with such instalments on the 9th day of each month in that calendar year or a part of that calendar year or, as the case may be, in that year.
<[7]
[8]>
(c) Notwithstanding paragraph (b), the Collector-General may at any time agree to alter the amount of preliminary tax to be debited to the bank account of the chargeable person in accordance with this subsection.
<[8]
[8]>
(c) (i) In the case of the years 1997-98 and 1998-99, the Collector-General may at any time, notwithstanding paragraph (b), agree to alter the amount of preliminary tax to be debited to the bank account of the chargeable person in accordance with this subsection.
(ii) In the case of the year 1999-2000 or any subsequent year of assessment, the Collector-General may, in any particular case, in order to facilitate the payment of preliminary tax in accordance with this subsection, agree to vary the number of equal monthly instalments to be collected in a year or, after one or more monthly instalments have been paid in that year, agree to an increase or decrease in the amount to be collected in subsequent instalments in that year; but, a chargeable person shall not be treated as having paid an amount of preliminary tax in accordance with this subsection unless—
(I) the number of monthly instalments paid by that person in the year of assessment is not less than 10, and
(II) not less than 70 per cent of the amount of the preliminary tax payable by that person for that year is paid by instalments on or before the 31st day of December, in that year.
<[8]
(d) For the purposes of this section, a chargeable person who pays an amount of preliminary tax appropriate to a chargeable period in accordance with this subsection shall be deemed to have paid that amount of preliminary tax on the due date for the payment of an amount of preliminary tax for the chargeable period.
<[14]
[14]>
(10) (a) This subsection shall apply to a chargeable person who authorises the Collector-General to collect preliminary tax by the debiting of the bank account of that person in accordance with paragraph (b) and complies with such conditions as the Collector-General may reasonably impose to ensure that an amount of preliminary tax payable by a chargeable person for a chargeable period will be paid by the chargeable person in accordance with this subsection.
(b) Preliminary tax appropriate to a chargeable period where the chargeable period is a year of assessment for income tax shall be due and payable in the case of a chargeable person to whom this subsection applies—
(i) as respects the first year of assessment for which the Collector-General is authorised in accordance with paragraph (a) to debit that person’s bank account, by way of a minimum of 3 equal monthly instalments in that year, and
(ii) as respects any subsequent year of assessment in which the Collector-General is so authorised, by way of a minimum of 8 equal monthly instalments in that year,
and the Collector-General shall debit the bank account of that person with such instalments on day 9 of each month for which the Collector-General is so authorised.
(c) The Collector-General may, in any particular case, in order to facilitate the payment of preliminary tax in accordance with this subsection, agree at the Collector-General’s discretion to vary the number of equal monthly instalments to be collected in a year or agree at the Collector-General’s discretion to an increase or decrease in the amount to be collected in any subsequent instalment to be made in that year.
(d) A chargeable person shall not be treated as having paid an amount of preliminary tax in accordance with this subsection unless that person pays in the year of assessment the monthly instalments due in accordance with paragraph (b) or (c), as appropriate.
(e) For the purposes of this section, a chargeable person who pays an amount of preliminary tax appropriate to a chargeable period in accordance with this subsection shall be deemed to have paid that amount of preliminary tax on the due date for the payment of an amount of preliminary tax for the chargeable period.
<[14]
[54]>
[32]>
(11) (a) In this subsection—
“balance” means the amount represented by the formula A − B, where—
A is the amount of preliminary tax paid in accordance with subsection (2B) by the surrendering company for the relevant period, and
B is 90 per cent of the tax payable by the surrendering company for that relevant period;
“relevant balance” means that part of a balance that is specified in a notice given in accordance with paragraph (c).
(b) This subsection applies where—
(i) a chargeable person being a company (in this subsection referred to as the “surrendering company”) which is a member of a group pays an amount of preliminary tax for a chargeable period (in this subsection referred to as the “relevant period”) in accordance with subsection (2B), being an amount which exceeds 90 per cent of the tax payable by that surrendering company for the relevant period,
(ii) another chargeable person being a company (in this subsection referred to as the “claimant company”) which is a member of the group pays an amount of preliminary tax for a chargeable period in accordance with subsection (2B), being an amount which is less than 90 per cent of the tax payable by that claimant company for the chargeable period,
(iii) the chargeable period referred to in subparagraph (ii) coincides with the relevant period, and
(iv) the claimant company is not a small company in relation to the relevant period.
(c) Where this subsection applies the 2 companies may, at any time on or before the specified return date for the chargeable period of the surrendering company, jointly give notice to the Collector-General in such form as the Revenue Commissioners may require that paragraph (d) is to have effect in relation to the relevant balance specified in the notice.
(d) Where this paragraph has effect in relation to any relevant balance—
(i) an additional amount of preliminary tax equal to the relevant balance shall be deemed for the purposes of subsection (4C)(b)(ii) to have been paid by the claimant company on the due date for the payment of preliminary tax of that company for the relevant period if 100 per cent of the tax payable by the claimant company for the relevant period, disregarding this subparagraph, is paid on or before the specified return date for the relevant period, and
(ii) the surrendering company shall for the purposes of this subsection be treated as having surrendered the relevant balance to the claimant company and that relevant balance shall not be available for use by any other company under this subsection.
(e) A payment for a relevant balance shall not—
(i) be taken into account in computing profits or losses of either company for corporation tax purposes, and
(ii) be regarded as a distribution or a charge on income for any of the purposes of the Corporation Tax Acts,
and, in this paragraph, “payment for a relevant balance” means a payment made by the claimant company to the surrendering company in pursuance of an agreement between them as respects an amount surrendered in accordance with this subsection, being a payment not exceeding that amount.
(f) (i) This subsection shall not affect the liability to pay corporation tax of any company to which the subsection relates.
(ii) Where this subsection applies, the amount on which, but for this subsection, the claimant company is liable to pay interest in accordance with section 1080 shall be reduced by any relevant balance deemed to have been paid by that company in accordance with paragraph (d)(i).
(g) For the purposes of this subsection, 2 companies are members of the same group if and only if they would be such members for the purposes of section 411.
<[32]
<[54]
[54]>
(11) (a) In this subsection—
“initial balance” means the amount represented by the formula—
A − B
where—
A is the amount of the initial instalment of preliminary tax paid by the surrendering company for the relevant period in accordance with subsection (2BA), and
B is—
(i) where the relevant period commenced on the surrendering company coming within the charge to corporation tax—
(I) 45 per cent of the tax payable by the surrendering company for the relevant period, or
(II) where subsection (2B)(c) applies in relation to that period, a nil amount.
or,
(ii) in any other case, the lower of—
(I) 45 per cent of the tax payable by the surrendering company for the relevant period, or
(II) 50 per cent of the sum of the corresponding corporation tax for the preceding chargeable period and the corresponding income tax for the preceding chargeable period, which is payable by the surrendering company;
“final balance” means the amount represented by the formula—
C − D
where—
C is the amount of preliminary tax paid by the surrendering company for the relevant period in accordance with subsection (2B) or subsection (2BA), as the case may be, and
D is 90 per cent of the tax payable by the surrendering company for the relevant period, or, where subsection (2B)(c) applies in relation to that period, a nil amount;
“relevant initial balance” means that part of an initial balance that is specified in a notice given in accordance with paragraph (c);
“relevant final balance” means that part of a final balance that is specified in a notice given in accordance with paragraph (c).
(b) This subsection applies where—
(i) a chargeable person being a company (in this subsection referred to as the “surrendering company”) which is a member of a group pays—
(I) an initial instalment of preliminary tax for a chargeable period (in this subsection referred to as the “relevant period”) in accordance with subsection (2BA), being an amount which exceeds, or exceeds the lower of—
(A) 45 per cent of the tax payable by that surrendering company for the relevant period, or
(B) 50 per cent of the sum of the corresponding corporation tax for the preceding chargeable period and the corresponding income tax for the preceding chargeable period, which is payable by the surrendering company,
(II) an initial instalment of preliminary tax for a relevant period which commenced on the surrendering company coming within the charge to corporation tax, being an amount which exceeds 45 per cent of the tax payable by that company for the relevant period,
(III) an amount of preliminary tax for a relevant period in accordance with subsection (2B) or subsection (2BA) as the case may be, being an amount which exceeds 90 per cent of the tax payable by the surrendering company for the relevant period, or
(IV) any amount of preliminary tax for a relevant period in respect of which subsection (2B)(c) applies,
(ii) another chargeable person being a company (in this subsection referred to as the “claimant company”) which is a member of the group pays—
(I) an initial instalment of preliminary tax for a chargeable period in accordance with subsection (2BA), being an amount which is less than, or less than the lower of—
(A) 45 per cent of the tax payable by the claimant company for the chargeable period, or
(B) 50 per cent of the sum of the corresponding corporation tax for the preceding chargeable period and the corresponding income tax for the preceding chargeable period, which is payable by the claimant company,
(II) an initial instalment of preliminary tax for a chargeable period which commenced on the claimant company coming within the charge to corporation tax, being an amount which is less than 45 per cent of the tax payable by that company for the relevant period, or
(III) an amount of preliminary tax for a chargeable period in accordance with subsection (2BA), being an amount which is less than 90 per cent of the tax payable by the claimant company for the chargeable period,
(iii) the chargeable period in subparagraph (ii) coincides with the relevant period, and
(iv) the claimant company is not a small company in relation to the relevant period.
(c) Where this subsection applies the 2 companies may, at any time on or before the specified return date for the chargeable period of the surrendering company, jointly give notice to the Collector-General, in such form as the Revenue Commissioners may require, that—
(i) paragraph (d)(i) is to have effect in relation to the relevant initial balance, or,
(ii) paragraph (d)(ii) is to have effect in relation to the relevant final balance,
which is specified in the notice.
(d) (i) Where this paragraph has effect in relation to any relevant initial balance—
(I) an additional amount of preliminary tax equal to the relevant initial balance shall be deemed for the purposes of subsection (4CA)(a)(ii) to have been paid by the claimant company on the due date for the payment of the initial instalment of preliminary tax of that company for the relevant period if 100 per cent of the tax payable by the claimant company for the relevant period, disregarding this clause, is paid on or before the specified return date for the relevant period, and
(II) the surrendering company shall for the purposes of this subsection be treated as having surrendered the relevant initial balance to the claimant company and that relevant initial balance shall not be available for use by any other company under this subsection.
(ii) Where this paragraph has effect in relation to any relevant final balance—
(I) an additional amount of preliminary tax equal to the relevant final balance shall be deemed for the purposes of subsection (4CA)(a)(iv) to have been paid by the claimant company on the due date for the payment of the final instalment of preliminary tax of that company for the relevant period if 100 per cent of the tax payable by the claimant company for the relevant period, disregarding this clause, is paid on or before the specified return date for the relevant period, and
(II) the surrendering company shall for the purposes of this subsection be treated as having surrendered the relevant final balance to the claimant company and that relevant final balance shall not be available for use by any other company under this subsection.
(e) A payment for a relevant initial balance or for a relevant final balance—
(i) shall not be taken into account in computing profits or losses of either company for corporation tax purposes, and
(ii) shall not be regarded as a distribution or a charge on income for any of the purposes of the Corporation Tax Acts,
and, in this paragraph, “payment for a relevant initial balance or for a relevant final balance” means a payment made by the claimant company to the surrendering company in pursuance of an agreement between them as respects an amount surrendered in accordance with this subsection, being a payment not exceeding that amount.
(f) (i) This subsection shall not affect the liability to pay corporation tax of any company to which the subsection relates.
(ii) Where this subsection applies, the amount on which, but for this subsection, the claimant company is liable to pay interest in accordance with section 1080 shall be reduced by—
(I) any relevant initial balance deemed to have been paid by that company in accordance with paragraph (d)(i)(I), or
(II) any relevant final balance deemed to have been paid by that company in accordance with paragraph (d)(ii)(I).
(g) For the purposes of this subsection, 2 companies are members of the same group if and only if they would be such members for the purposes of section 411.
<[54]
<[57]
[1]
Substituted by FA98 s45(1)(b)(i)(I). Every order made by the Minister for Finance under this section shall be laid before Dáil Éireann as soon as may be after it is made.
[2]
Substituted by FA98 s45(1)(b)(i)(I). Every order made by the Minister for Finance under this section shall be laid before Dáil Éireann as soon as may be after it is made.
[3]
Substituted by FA98 s45(1)(b)(i)(II). Every order made by the Minister for Finance under this section shall be laid before Dáil Éireann as soon as may be after it is made.
[4]
Substituted by FA98 s45(1)(b)(ii). Every order made by the Minister for Finance under this section shall be laid before Dáil Éireann as soon as may be after it is made.
[5]
Substituted by FA98 s45(1)(b)(iii). Every order made by the Minister for Finance under this section shall be laid before Dáil Éireann as soon as may be after it is made.
[6]
Substituted by FA98 s45(1)(b)(iv)(I). Every order made by the Minister for Finance under this section shall be laid before Dáil Éireann as soon as may be after it is made.
[7]
Substituted by FA98 s45(1)(b)(iv)(II). Every order made by the Minister for Finance under this section shall be laid before Dáil Éireann as soon as may be after it is made.
[8]
Substituted by FA98 s45(1)(b)(iv)(III). Every order made by the Minister for Finance under this section shall be laid before Dáil Éireann as soon as may be after it is made.
[9]
Deleted by FA01 s78(1)(f)(i). Applies as respects the year of assessment 2001 and subsequent years and as respects accounting periods of companies ending on or after 1 April 2001.
[10]
Substituted by FA01 s78(1)(f)(ii). Applies as respects the year of assessment 2001 and subsequent years and as respects accounting periods of companies ending on or after 1 April 2001.
[11]
Substituted by FA01 s78(1)(f)(ii). Applies as respects the year of assessment 2001 and subsequent years and as respects accounting periods of companies ending on or after 1 April 2001.
[12]
Substituted by FA01 s78(1)(f)(ii). Applies as respects the year of assessment 2001 and subsequent years and as respects accounting periods of companies ending on or after 1 April 2001.
[13]
Inserted by FA01 s78(1)(f)(iii). Applies as respects the year of assessment 2001 and subsequent years and as respects accounting periods of companies ending on or after 1 April 2001.
[14]
Substituted by FA01 s78(1)(f)(iv). Applies as respects the year of assessment 2001 and subsequent years and as respects accounting periods of companies ending on or after 1 April 2001.
[15]
Substituted by FA01 s78(3). Applies as respects the year of assessment 2002 and subsequent years.
[21]
Substituted by FA03 s42(1)(c)(iv). This section is deemed to have come into operation in relation to income tax and capital gains tax, as on and from 1 January 2003.
[22]
Substituted by FA03 s42(1)(c)(v). This section is deemed to have come into operation in relation to income tax and capital gains tax, as on and from 1 January 2003.
[23]
Substituted by FA03 s42(1)(c)(i)(I). This section is deemed to have come into operation in relation to income tax and capital gains tax, as on and from 1 January 2003.
[24]
Inserted by FA03 s42(1)(c)(i)(II). This section is deemed to have come into operation in relation to income tax and capital gains tax, as on and from 1 January 2003.
[25]
Substituted by FA03 s42(1)(c)(ii). This section applies in relation to corporation tax in the case of the amendment made to paragraphs (b) and (c) of subsection (2A) of section 958 by subsection (1)(c)(ii), as respects accounting periods of companies ending on or after 2 July 2003.
[26]
Substituted by FA03 s42(1)(c)(iii). This section is deemed to have come into operation in relation to income tax and capital gains tax, as on and from 1 January 2003.
[27]
Substituted by FA04 sched3(1)(ac). This section is deemed to have come into force and have taken effect as and from 1 January 2002.
[28]
Substituted by FA07 s47(1)(a). Has effect as respects accounting periods in respect of which preliminary tax is payable after 6 December 2006.
[29]
Inserted by FA07 s47(1)(b). Has effect as respects accounting periods in respect of which preliminary tax is payable after 6 December 2006.
[30]
Substituted by FA07 s47(1)(c)(i). Has effect as respects accounting periods in respect of which preliminary tax is payable after 6 December 2006.
[31]
Inserted by FA07 s47(1)(c)(ii). Has effect as respects accounting periods in respect of which preliminary tax is payable after 6 December 2006.
[32]
Inserted by FA07 s47(1)(d). Has effect for accounting periods ending on or after 1 February 2007.
[33]
Inserted by FA08 s47(1)(a)(i)(I). This section has effect for any period of account beginning on or after 1 January 2005.
[34]
Substituted by FA08 s47(1)(a)(i)(II). Has effect as respects accounting periods in respect of which preliminary tax is payable after 5 December 2007.
[38]
Inserted by F(No.2)A08 s38(1)(a)(i)(I). Has effect for accounting periods commencing on or after 14 October 2008.
[39]
Substituted by F(No.2)A08 s38(1)(a)(i)(II). Applies to disposals made in the year of assessment 2009 and subsequent years of assessment.
[40]
Inserted by F(No.2)A08 s38(1)(a)(i)(III). Has effect for accounting periods commencing on or after 14 October 2008.
[41]
Inserted by F(No.2)A08 s38(1)(a)(ii). Has effect for accounting periods commencing on or after 14 October 2008.
[42]
Substituted by F(No.2)A08 s38(1)(b)(i). Has effect for accounting periods commencing on or after 14 October 2008.
[43]
Substituted by F(No.2)A08 s38(1)(b)(ii). Has effect for accounting periods commencing on or after 14 October 2008.
[44]
Inserted by F(No.2)A08 s38(1)(c). Has effect for accounting periods commencing on or after 14 October 2008.
[45]
Inserted by F(No.2)A08 s38(1)(d)(i). Has effect for accounting periods commencing on or after 14 October 2008.
[46]
Inserted by F(No.2)A08 s38(1)(d)(ii). Has effect for accounting periods commencing on or after 14 October 2008.
[47]
Substituted by F(No.2)A08 s38(1)(e)(i). Has effect for accounting periods commencing on or after 14 October 2008.
[48]
Substituted by F(No.2)A08 s38(1)(e)(ii). Applies to disposals made in the year of assessment 2009 and subsequent years of assessment.
[49]
Substituted by F(No.2)A08 s38(1)(f)(i). Has effect for accounting periods commencing on or after 14 October 2008.
[50]
Substituted by F(No.2)A08 s38(1)(f)(ii). Has effect for accounting periods commencing on or after 14 October 2008.
[51]
Inserted by F(No.2)A08 s38(1)(g). Has effect for accounting periods commencing on or after 14 October 2008.
[52]
Substituted by F(No.2)A08 s38(1)(h). Has effect for accounting periods commencing on or after 14 October 2008.
[53]
Inserted by F(No.2)A08 s38(1)(i). Has effect for accounting periods commencing on or after 14 October 2008.
[54]
Substituted by F(No.2)A08 s38(1)(j). Has effect for accounting periods commencing on or after 14 October 2008.
[55]
Substituted by FA10 s62(1). This section applies to disposals made on or after 4 February 2010.
[56]
Substituted by F(No.3)A11 sched1(249). Shall have effect from the passing of this Act 27 July 2011.