730G Returns and collection of appropriate tax.
(1) Notwithstanding any other provision of the Tax Acts, this section shall apply for the purposes of regulating the time and manner in which appropriate tax in connection with a chargeable event in relation to a life policy shall be accounted for and paid.
(2) An assurance company shall for each financial year make to the Collector-General—
(a) a return of the appropriate tax in connection with chargeable events happening on or prior to 30 June, within 30 days of that date, and
(b) a return of appropriate tax in connection with chargeable events happening between 1 July and 31 December, within 30 days of that later date, and
where it is the case, the return shall specify that there is no appropriate tax for the period in question.
(3) The appropriate tax in connection with a chargeable event which is required to be included in a return shall be due at the time by which the return is to be made and shall be paid by the assurance company to the Collector-General, and the appropriate tax so due shall be payable by the assurance company without the making of an assessment; but appropriate tax which has become so due may be assessed on the assurance company (whether or not it has been paid when the assessment is made) if that tax or any part of it is not paid on or before the due date.
(4) Where it appears to the inspector that there is an amount of appropriate tax in relation to a chargeable event which ought to have been but has not been included in a return, or where the inspector is dissatisfied with any return, the inspector may make an assessment on the assurance company to the best of his or her judgement, and any amount of appropriate tax in connection with a chargeable event due under an assessment made by virtue of this subsection shall be treated for the purposes of interest on unpaid tax as having been payable at the time when it would have been payable if a correct return had been made.
(5) Where any item has been incorrectly included in a return as appropriate tax, the inspector may make such assessments, adjustments or set-offs as may in his or her judgement be required for securing that the resulting liabilities to tax, including interest on unpaid tax, whether of the assurance company making the return or of any other person, are in so far as possible the same as they would have been if the item had not been included.
(6) (a) Any appropriate tax assessed on an assurance company shall be due within one month after the issue of the notice of assessment (unless that tax is due earlier under subsection (3)) subject to any appeal against the assessment, but no appeal shall affect the date when any amount is due under subsection (3).
(b) On determination of the appeal against an assessment under this Chapter, any appropriate tax overpaid shall be repaid.
(7) (a) The provisions of the Income Tax Acts relating to—
(i) assessments to income tax,
(ii) appeals against such assessments (including the rehearing of appeals and the statement of a case for the opinion of the High Court), and
(iii) the collection and recovery of income tax,
shall, in so far as they are applicable, apply to the assessment, collection and recovery of appropriate tax.
(b) Any amount of appropriate tax shall carry interest at the rate of
>1 per cent for each month or part of a month< from the date when the amount becomes due and payable until payment.
>Subsections (2) and (4)< > of section 1080< shall apply in relation to interest payable under paragraph (b) as they apply in relation to interest payable under section 1080.
(d) In its application to any appropriate tax charged by any assessment made in accordance with this Chapter, section 1080 shall apply as if
>subsection (1)(b)< of that section were deleted.
(8) Every return shall be in a form prescribed by the Revenue Commissioners and shall include a declaration to the effect that the return is correct and complete.