59 Postponement, remission and compounding of tax

Summary

This section provides for—

• payment of tax to be postponed in cases of excessive hardship,
• remission of interest and of tax after certain specified periods, and
• compounding of tax in certain circumstances.

Details

(1) Where the Revenue Commissioners are satisfied that tax leviable in respect of a gift or inheritance cannot without excessive hardship be raised at once, they can allow payment to be postponed for such period, to such extent and on such terms (including the waiver of interest) as they may think fit.

(2) Where the interest accrued on tax exceeds the amount of the tax, the Revenue Commissioners can remit the amount by which the interest exceeds the tax.

(3) The Revenue Commissioners are empowered to remit tax and interest which remains unpaid after 20 years from the date on which it has become due and payable.

(4) The Revenue Commissioners are empowered to compound tax where, for example, owing to the number of deaths or dispositions involved or the complicated nature of the interest involved, it would be difficult to ascertain the exact amount of tax payable.

Relevant Date: Finance Act 2015