Taxes Consolidation Act, 1997 (Number 39 of 1997)
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530P Credit for deducted tax.
(1) Where a principal deducts tax from a subcontractor in accordance with section 530F, the subcontractor shall be treated as having paid to the Revenue Commissioners, on the date of the deduction, an amount of income tax or corporation tax equal to the amount of the deduction.
(2) For the purposes of this Chapter, tax treated in accordance with subsection (1) shall be known as deducted tax.
(3) The Revenue Commissioners shall notify each subcontractor concerned of the amount of deducted tax, if any, which the subcontractor shall be treated as having paid under subsection (1).
(4) Subject to subsection (5), deducted tax shall be treated as a payment on account of income tax or corporation tax, as the case may be, for the chargeable period in which tax was deducted under section 530F.
(5) Notwithstanding subsection (4), deducted tax which is not required to cover an amount of preliminary tax (as defined in section 950) appropriate to a chargeable period, which is declared by the subcontractor to be due in respect of that period, shall be available for offset under section 960H, as if it were an overpayment for the purposes of that section.
(6) Where a Revenue officer makes an assessment to income tax or corporation tax on a subcontractor for a chargeable period or section 954(4) applies, deducted tax related to that period reduced by any amount offset or which is required to be offset under section 960H may, subject to section 865, be repaid to the subcontractor.
(7) No repayment of deducted tax shall be made, except in accordance with subsection (6).
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530P Treatment of deducted tax.
(1) Where a principal deducts tax from a payment to a subcontractor in accordance with section 530F, such tax shall be treated as a payment on account by the subcontractor—
(a) of income tax for that tax year, where the tax was deducted in the basis period for a tax year, or
(b) of corporation tax for that accounting period, where the tax was deducted in an accounting period of a company.
(2) For the purposes of this Chapter, tax treated in accordance with subsection (1) shall be known as deducted tax.
(3) (a) Deducted tax shall be available for offset by the Revenue Commissioners against other tax liabilities of a subcontractor and in this subsection ‘tax’ has the same meaning as in section 960A.
(b) The Revenue Commissioners shall notify a subcontractor of the amount of deducted tax, if any, which is offset against other tax liabilities of the subcontractor.
(4) Where an assessment to income tax or, as the case may be, corporation tax has been made in relation to a subcontractor for a chargeable period, then deducted tax related to that period less any amount which is either—
(a) required to meet the income tax or, as the case may be, corporation tax liability of the subcontractor, or
(b) offset against other tax liabilities of the subcontractor under subsection (3),
may, subject to section 865, be repaid to the subcontractor.
(5) No repayment of deducted tax shall be made, except in accordance with subsection (4).
(6) No amount of deducted tax shall be treated as a payment on account, set off or refunded more than once and no amount of deducted tax set off under subsection (3) or refunded under subsection (4) shall be treated as a payment on account.
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