Taxes Consolidation Act, 1997 (Number 39 of 1997)
526 Credit for appropriate tax borne.
[FA87 s18]
(1) Where in relation to an accounting period a specified person is within the charge to corporation tax and has borne appropriate tax referable to that accounting period, the specified person may, subject to section 529, claim to have the amount of appropriate tax specified in subsection (4) set against corporation tax chargeable for that accounting period and, where such appropriate tax exceeds such corporation tax, to have the excess refunded to the specified person.
(2) Where in relation to a year of assessment a specified person is within the charge to income tax and has borne appropriate tax referable to the basis period for that year of assessment, the specified person may, subject to section 529, claim to have the amount of appropriate tax specified in subsection (4) set against the income tax chargeable for the year of assessment and, where such appropriate tax exceeds such income tax, to have the excess refunded to the specified person.
[1]>
(3) The specified person shall, in respect of each claim under subsection (1) or (2), furnish, in respect of each amount of appropriate tax included in the claim, the form given to the specified person by an accountable person in accordance with section 524(2).
<[1]
[4]>
[1]>
(3) The specified person shall, where requested by the appropriate inspector, furnish the following in respect of each amount of appropriate tax included in a claim under subsection (1) or (2)—
(a) the form given to the specified person by an accountable person in accordance with section 524(2), or
(b) in the case of a specified person who is a partner in relation to a partnership trade or profession, the documentation referred to in section 529A(3).
<[1]
<[4]
[4]>
(3) The specified person shall, where requested by the Revenue Commissioners, furnish the following in respect of each amount of appropriate tax included in a claim under subsection (1) or (2)—
(a) the payment notification reference number in respect of the payment notification made in accordance with section 524(4), and
(b) in the case of a specified person who is a partner in relation to a partnership trade or profession, the documentation referred to in section 529A(3).
<[4]
(4) The amount of the appropriate tax to be set against corporation tax for an accounting period or against income tax for a year of assessment in accordance with subsection (1) or (2) shall be the total of the appropriate tax referable to the accounting period or to the basis period for the year of assessment, as the case may be, [2]>which is included in the forms furnished in accordance with subsection (3)<[2] [2]>which is included in relation to the specified person in the [5]>forms<[5][5]>payment notifications<[5] or, as the case may be, the documentation referred to in subsection (3)<[2] and not repaid under this Chapter.
[3]>
(5) References in this section to corporation tax chargeable and to income tax chargeable shall be construed in accordance with the definition of ‘amount of tax chargeable’ in section 959A.
<[3]
[4]
Substituted by FA20 s13(1)(d)(i). Comes into operation on such day as the Minister for Finance may appoint by order.