1. Extended Opening Hours – Pay & File
2. ROS extension
3. Date for Payment of Capital Gains Tax
4. Preliminary Tax for Companies

Extended Opening Hours – Pay & File

The office of the Collector-General, Sarsfield House, Limerick will remain open until midnight on Wednesday 31 October 2007 to facilitate taxpayers and practitioners wishing to deliver Returns of Income and/or payments. Staff will be in attendance to acknowledge receipt of deliveries.

In keeping with arrangements for previous years, Returns of Income that have a post mark date of 31 October 2007 will be regarded as having met the filing deadline.

ROS extension

Taxpayers and practitioners are reminded that the extended filing date of Thursday 15 November only applies to those who both file and pay through the Revenue on-line System.

Date for Payment of Capital Gains Tax

Taxpayers and practitioners are also reminded that any Capital Gains Tax arising from disposals made between 1 January and 30 September 2007 are due on 31st October or, if availing of extension arising from the use of ROS, 15th November.

Preliminary Tax for Companies

Section 47 of the Finance Act, 2007 introduced inter alia, a new measure to minimize in certain cases the interest charge that would otherwise arise for large companies – those with a tax liability above €150,000 if their Preliminary Tax falls short of 90%. The section allows a group company that has exceeded its 90% Preliminary Tax obligation to “surrender” the excess to another member of the group (a “claimant” company) that has not met its 90% obligation. In this way the “claimant” company can reduce its exposure to interest. There is no actual transfer of monies; the measure provides for the notional allocations of preliminary tax payments between members of the same group of companies. The measure applies to accounting periods arising on or after 1 February 2007. Note – it is possible for a “surrender” company to use its excess in the case of more than one company in a group where the value of the excess allows. Equally it is possible for a “claimant” company to benefit from the excess Preliminary Tax payment of more than one “surrender” company where the value of the excess allows. To avail of the terms of Section 47 the following requirements must be met:

• The companies have to be members of the same group
• The “claimant” company must be a large company^[1]

[1]. Large company equals a company with a tax liability in excess of 150,000 in the previous year.

• Both companies must give joint notice to the Collector General
• The “claimant” company must have paid 100% of its tax liability on or before the tax return due date
• Both companies must have the same accounting year end date

Notice of this notional allocation must be made by the CT1 return date for the surrendering company. The notice, in the form set out on Revenue ie, should be posted or faxed to:

Debt Management Task Force

Collector General's Office

Sarsfield House

Francis Street

Limerick

Fax number (061) 401012

• or filed with the CT1 for the surrender company.