959AS Date for payment of corporation tax: companies with relevant accounting periods.

(1) ^[5]>Preliminary tax appropriate to a relevant accounting period^<[5][5]>Subject to subsection (1A), ^[8]>preliminary tax appropriate to an accounting period^<[8][8]>preliminary tax appropriate to a relevant accounting period^<[8]<[5] is due and payable in 2 instalments, the first of which is referred to in this section as the ‘initial instalment’ and the second of which is referred to in this section as the ‘final instalment’.

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(1A) Where a company, that comes within the charge to corporation tax under Case V of Schedule D pursuant to section 25(2A) on or after 1 January 2022, has an accounting period ending on or before 30 June 2022, preliminary tax appropriate to that accounting period is due and payable—

(a) not later than 21 June 2022, or

(b) where payment of preliminary tax is made by such electronic means as are required by the Revenue Commissioners, not later than 23 June 2022.

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(2) (a) The initial instalment is due and payable within a period of 6 months from the start of the accounting period, but where the last day of that period of 6 months is later than day 21 of the month in which it occurs, the initial instalment is due and payable not later than—

(i) day 21 of the month in which that last day occurs, or

(ii) where payment of the initial instalment is made by day 23 of the month in which that last day occurs by such electronic means as are required by the Revenue Commissioners, day 23 of the month in which that last day occurs.

(b) The final instalment is due and payable not later than the day (in this paragraph referred to as the ‘first-mentioned day’) which is 31 days before the day on which the accounting period ends, but where the first-mentioned day is later than day 21 of the month in which it occurs, the final instalment is due and payable not later than—

(i) day 21 of the month in which that first-mentioned day occurs, or

(ii) where payment of the final instalment is made by day 23 of the month in which that first-mentioned day occurs by such electronic means as are required by the Revenue Commissioners, day 23 of the month in which that first-mentioned day occurs.

(3) (a) Subject to subsections (4) to (7), tax payable by a chargeable person for a relevant accounting period is due and payable on or before the specified return date for the accounting period.

(b) Where the tax payable by a chargeable person for a relevant accounting period is due and payable in accordance with paragraph (a), then ^[2]>the tax specified^<[2][2]>the amount of tax payable that is specified^<[2] in any subsequent assessment made on or by the chargeable person for that accounting period shall be deemed to have been due and payable on or before the specified return date for the accounting period.

(4) Subject to subsections (6) and (7) and section 959AT, the tax payable by a chargeable person for a relevant accounting period shall be deemed to have been due and payable in accordance with subsection (5) where—

(a) the chargeable person has defaulted in the payment of the initial instalment or final instalment of preliminary tax for the accounting period,

(b) the initial instalment of preliminary tax paid by the chargeable person for the accounting period is less than, or less than the lower of—

(i) 45 per cent of the tax payable by the chargeable person for the accounting period, and

(ii) 50 per cent of the sum of the corresponding corporation tax for the preceding accounting period and the corresponding income tax for the preceding accounting period,

(c) in a case where the accounting period commenced on the company coming within the charge to corporation tax, the initial instalment of preliminary tax paid by the chargeable person for the accounting period is less than 45 per cent of the tax payable by the chargeable person for the accounting period,

(d) the aggregate of the initial instalment and the final instalment of preliminary tax paid by the chargeable person for the accounting period is less than 90 per cent of the tax payable by the chargeable person for the accounting period, or

(e) the initial instalment or the final instalment of preliminary tax payable by the chargeable person for the accounting period was not paid by the date on which it was due and payable.

(5) (a) Tax due and payable in accordance with this subsection by a chargeable person for a relevant accounting period is due and payable in 2 instalments, the first of which is referred to in this subsection as the ‘initial relevant instalment’ and the second of which is referred to in this subsection as the ‘final relevant instalment’.

(b) The amount of the initial relevant instalment is 45 per cent of the tax payable by the chargeable person for the accounting period and the initial relevant instalment is due and payable not later than the day on which the initial instalment of preliminary tax is due and payable in accordance with subsection (2).

(c) The amount of the final relevant instalment is an amount equal to the excess of the tax payable by the chargeable person for the accounting period over the amount of the initial relevant instalment and the final relevant instalment is due and payable not later than the day on which the final instalment of preliminary tax is due and payable in accordance with subsection (2).

(6) Where as respects a relevant accounting period—

(a) the initial instalment of preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (2) is less than 45 per cent of the tax payable by the chargeable person for the accounting period,

(b) the initial instalment of preliminary tax so paid by the chargeable person for the accounting period is not less than 45 per cent of ^[3]>the amount which^<[3][3]>the amount of tax which^<[3] would be payable by the chargeable person for the accounting period if no amount were included in the company’s profits for the accounting period—

(i) in respect of chargeable gains on the disposal of assets in the part of the accounting period which is after the date by which the initial instalment of preliminary tax for the accounting period is payable in accordance with subsection (2), or

(ii) in the case of a relevant company, in respect of profits or gains or losses accruing, and not realised, in the accounting period on financial assets or financial liabilities as are attributable to changes in value of those assets or liabilities in the part of the accounting period which is after the end of the month immediately preceding the month in which the initial instalment of preliminary tax for the accounting period is payable in accordance with subsection (2),

(c) the aggregate of the initial instalment and the final instalment of preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (2) is not less than 90 per cent of the amount of tax which would be payable by the chargeable person for the accounting period if computed in accordance with subsection (7)(b),

then the initial instalment of preliminary tax paid by the chargeable person for the accounting period shall be treated for the purposes of subsection (4) as having been paid by the date on which it is due and payable.

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(7) Where as respects a relevant accounting period—

(a) the aggregate of the initial instalment and the final instalment of preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (2) is less than 90 per cent of the tax payable by the chargeable person for the accounting period,

(b) the aggregate of the initial instalment and the final instalment of preliminary tax so paid by the chargeable person for the accounting period is not less than 90 per cent of ^[4]>the amount which^<[4][4]>the amount of tax which^<[4] would be payable by the chargeable person for the accounting period if no amount were included in the company’s profits for the accounting period—

(i) in respect of chargeable gains on the disposal of assets in the part of the accounting period which is after the date by which the final instalment of preliminary tax for the accounting period is payable in accordance with subsection (2), or

(ii) in the case of a relevant company, in respect of profits or gains or losses accruing, and not realised, in the accounting period on financial assets or financial liabilities as are attributable to changes in value of those assets or liabilities in the part of the accounting period which is after the end of the month immediately preceding the month in which the final instalment of preliminary tax for the accounting period is payable in accordance with subsection (2),

(c) the chargeable person makes a further payment of preliminary tax for the accounting period within one month after the end of the accounting period and the aggregate of that payment and the initial instalment and final instalment of preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (2) is not less than 90 per cent of the tax payable by the chargeable person for the accounting period,

then the final instalment of preliminary tax paid by the chargeable person for the accounting period shall be treated for the purposes of subsection (4) as having been paid by the date on which it is due and payable.

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(7) Where, as respects a relevant accounting period, either—

(a) for accounting periods other than those referred to in paragraph (b)—

(i) the aggregate of the initial instalment and the final instalment of preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (2) is less than 90 per cent of the tax payable by the chargeable person for the accounting period,

(ii) the aggregate of the initial instalment and the final instalment of preliminary tax so paid by the chargeable person for the accounting period is not less than 90 per cent of the amount of tax which would be payable by the chargeable person for the accounting period if no amount were included in the company’s profits for the accounting period—

(I) in respect of chargeable gains on the disposal of assets in the part of the accounting period which is after the date by which the final instalment of preliminary tax for the accounting period is payable in accordance with subsection (2), or

(II) in the case of a relevant company, in respect of profits or gains or losses accruing, and not realised, in the accounting period on financial assets or financial liabilities as are attributable to changes in value of those assets or liabilities in the part of the accounting period which is after the end of the month immediately preceding the month in which the final instalment of preliminary tax for the accounting period is payable in accordance with subsection (2),

and

(iii) the chargeable person makes a further payment of preliminary tax for the accounting period within one month after the end of the accounting period and the aggregate of that payment and the initial instalment and final instalment of preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (2) is not less than 90 per cent of the tax payable by the chargeable person for the accounting period,

or

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(b) for accounting periods commencing on or after 1 January 2022 and ending on or before 31 December 2027—

(i) the aggregate of the initial instalment and the final instalment of preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (2) is less than 90 per cent of the tax payable by the chargeable person for the accounting period,

(ii) the aggregate of the initial instalment and the final instalment of preliminary tax so paid by the chargeable person for the accounting period is not less than 90 per cent of the amount of tax which would be payable by the chargeable person for the accounting period if no amount were included in the company’s profits for the accounting period, in respect of a disallowable amount (within the meaning of Part 35D),

(iii) the chargeable person makes a further payment of preliminary tax for the accounting period within a period of 6 months after the end of the accounting period, but where the last day of that period of 6 months is later than day 21 of the month in which it occurs, the further payment of preliminary tax for the accounting period is paid no later than—

(I) day 21 of the month in which that last day occurs, or

(II) where payment is made by such electronic means as are required by the Revenue Commissioners, day 23 of the month in which that last day occurs,

and

(iv) the aggregate of the payment referred to in subparagraph (iii) and the initial instalment and final instalment of preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (2) is not less than 90 per cent of the tax payable by the chargeable person for the accounting period,

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(b) for accounting periods commencing on or after 1 January 2022 and ending on or before 31 December 2027—

(i) the aggregate of the initial instalment and the final instalment of preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (2) is less than 90 per cent of the tax payable by the chargeable person for the accounting period,

(ii) the aggregate of the initial instalment and the final instalment of preliminary tax so paid by the chargeable person for the accounting period is not less than 90 per cent of the amount of tax which would be payable by the chargeable person for the accounting period if no amount were included in the company’s profits for the accounting period—

(I) in respect of chargeable gains on the disposal of assets in the part of the accounting period which is after the date by which preliminary tax for the accounting period is payable in accordance with subsection (1),

(II) in the case of a relevant company, in respect of profits or gains or losses accruing, and not realised, in the accounting period on financial assets or financial liabilities as are attributable to changes in value of those assets or liabilities in the part of the accounting period which is after the end of the month immediately preceding the month in which preliminary tax for the accounting period is payable in accordance with subsection (1), or

(III) in respect of a disallowable amount (within the meaning of Part 35D),

(iii) the chargeable person makes a further payment of preliminary tax, if required, for the accounting period within one month after the end of the accounting period and the aggregate of that payment and the initial instalment and final instalment of preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (2) is not less than 90 per cent of the tax payable by the chargeable person for the accounting period if no amount were included in the company’s profits for the accounting period in respect of a disallowable amount (within the meaning of Part 35D),

(iv) the chargeable person makes a further payment of preliminary tax, if required, for the accounting period within a period of 6 months after the end of the accounting period, but where the last day of that period of 6 months is later than day 21 of the month in which it occurs, the further payment of preliminary tax for the accounting period is paid no later than—

(I) day 21 of the month in which that last day occurs, or

(II) where payment is made by such electronic means as are required by the Revenue Commissioners, day 23 of the month in which that last day occurs,

and

(v) following the making of any payment referred to in subparagraph (iii) or (iv), the aggregate of those payments and the initial instalment and final instalment of preliminary tax paid by the chargeable person for the accounting period in accordance with subsection (2) is not less than 90 per cent of the tax payable by the chargeable person for the accounting period,

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the final instalment of preliminary tax paid by the chargeable person for the accounting period shall be treated for the purposes of subsection (4) as having been paid by the date on which it is due and payable.

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