53ASurcharge for late returns.

(1) In this section “specified return date” means—

(a) in relation to a valuation date occurring in the period 1 January to 31 August in any year, ^[2]>31 October^<[2][3]>[2]>30 September^<[2]<[3][3]>31 October^<[3] in that year, and

(b) in relation to a valuation date occurring in the period 1 September to 31 December in any year, ^[2]>31 October^<[2][3]>[2]>30 September^<[2]<[3][3]>31 October^<[3] in the following ^[4]>year.^<[4][4]>year,^<[4]

(2) For the purposes of this section—

(a) where a person fraudulently or negligently delivers an incorrect return on or before the specified return date, that person shall be deemed to have failed to have delivered the return on or before that date unless the error in the return is remedied on or before that date,

(b) where a person delivers an incorrect return on or before the specified return date, but does so neither fraudulently nor negligently and it comes to that person’s notice (or, if he or she has died, to the notice of his or her personal representative) that it is incorrect, the person shall be deemed to have failed to have delivered the return on or before the specified return date unless the error in the return is remedied without unreasonable delay, and

(c) where a person delivers a return on or before the specified return date, but the Commissioners, by reason of being dissatisfied with any information contained in the return, require that person, by notice in writing served on him or her under section 46(7), to deliver such statement or evidence as may be required by them, the person shall be deemed not to have delivered the return on or before the specified return date unless the person delivers the statement or evidence within the time specified in the notice.

(3) Where a person fails to deliver a return on or before the specified return date, any amount of tax which would have been payable if such a return had been delivered shall be increased by an amount (in this section referred to as “the surcharge”) equal to—

(a) 5 per cent of the amount of tax, subject to a maximum increased amount of €12,695, where the return is delivered before the expiry of 2 months from the specified return date, and

(b) 10 per cent of the amount of tax, subject to a maximum increased amount of €63,485, where the return is not delivered before the expiry of 2 months from the specified return date.

(4) If the assessment to tax made on a return is not the amount of tax as increased in accordance with subsection (3), then, the provisions of this Act and Part 42 of the Taxes Consolidation Act 1997 shall apply as if the tax contained in the assessment were the amount of tax as so increased.