How to warehouse income tax debt

Nov 09, 2020

Revenue provided information for taxpayers seeking to access the debt warehousing scheme for their 2019 tax liability balance and preliminary tax for 2020 through its COVID-19 hub this morning. Revenue’s update provides information on the scheme in the context of taxpayers who have not yet filed their 2019 Form 11 and in the context of taxpayers who have already filed their 2019 Form 11.

The Revenue website provides:

  • Where the Form 11 for 2019 has not yet been filed, taxpayers must declare in the Statement of Net Liabilities (SNL) section of the form that there has been a minimum 25 percent reduction in income in 2020 when compared to 2019 due to COVID-19 related restrictions and that all other eligibility criteria have been met.
  • Where the Form 11 has already been filed, taxpayers should contact the Collector-General’s Division through MyEnquiries or telephone 01-7383663 to make the necessary application to have the liabilities warehoused.

Where there is an underpayment of preliminary tax for 2019, then the balance for that year cannot be warehoused but may be included in a 3 percent reduced interest phased payment arrangement if this is agreed with Revenue no later than 10 December 2020.  These taxpayers can still avail of the debt warehousing scheme for their 2020 preliminary tax.