Revenue Note for Guidance

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Revenue Note for Guidance

739F Returns and collection of appropriate tax

Summary

This section makes provision for returns and payment of tax by investment undertakings. In the case of investment by the Courts Service in an investment undertaking, it is the Courts Service itself which is required to account for tax and to make the return.

Details

Investment undertakings are required to make two returns of appropriate tax each financial year in a form prescribed by the Revenue Commissioners. The first one is to be within 30 days after 30th June and must include details of appropriate tax deducted in the year up to that date. The second return is required to be made within 30 days of 31st December and should include details of appropriate tax deducted in the 6 months to that date. Amounts of tax credited under the provisions of section 739E(1A) are included in the returns. The payment of appropriate tax is required to be paid within the same period in which the returns are required, without the making of an assessment. However, an assessment can be made if the tax is not paid on time or the inspector is dissatisfied with the return.

Revenue has the power to make any required adjustments where any item has been incorrectly included in a return. Revenue is also empowered to repay to the investment undertaking an amount of appropriate tax paid which was correctly included in a return but which, within one year, has been proved by the investment undertaking as just and reasonable that such tax should now be repaid.

The normal income tax provisions apply to the assessment (including appeals against assessments) and collection of appropriate tax. Interest may be charged on overdue tax at the rate of 0.0322 per cent for each day or part of a day from the due date up to 30 June 2009 and at the rate of 0.0274 per cent for any day or part of a day on or after 1 July 2009.

Relevant Date: Finance Act 2020