959AM Interpretation and miscellaneous (Chapter 7)

Summary

This section contains definitions and interpretation for the purposes of Chapter 7.

Details

(1) This subsection contains definitions of some of the key terms in relation to chargeable persons’ tax payment obligations under this Chapter.

(2) Where a company’s accounting period is short, and the final preliminary tax payment would be due on or before the date of the initial preliminary tax payment, then that accounting period is not a ‘relevant accounting period’ for the purposes of this Chapter.

(3) Where an accounting period is less than 12 months, the relevant limit for that accounting period shall be proportionately reduced.

(3A) Subsection (3A) ensures that there is no difference in the calculation of preliminary corporation tax where either the current year or the previous year is a leap year. Where an accounting period which lasts 12 months contains 29 February, the figure for that period to be used in the calculation of the “corresponding corporation tax” or “corresponding income tax for the preceding accounting period” will be 365 rather than 366.

(4) A company will be a ‘small company’ for the purposes of this Chapter if the corporation tax for the preceding period is less than the relevant limit (€200,000 in 12 months).

(5) Companies other than with relevant accounting periods preliminary tax is due and payable as stated in section 959AR(1) TCA.

(6) Companies with a relevant accounting periods whose preliminary tax is due and payable in two instalments (an initial instalment and final instalment) as stated in section 959AS(2) TCA.

(7) This Chapter only applies to chargeable persons.

(8) The provisions of this Chapter are subject to section 579(4)(b) (in relation to non-residents) and section 981 (in relation to payments by instalments).

Relevant Date: Finance Act 2025