Revenue confirmed that the Debt Warehousing Scheme remains available to businesses experiencing cashflow or trading difficulties as a result of COVID-19 restrictions, including those more recently announced. The Information Booklet on the Tax Debt Warehousing Scheme has also been updated, providing details for businesses that are closed again due to the re-imposition of restrictions.

In a press release, Revenue confirmed the availability of the scheme for those most recently affected by public health restrictions. It is noted that the terms of the scheme remain unchanged in the sense that access is automatic for SMEs and all relevant tax returns for the restricted trading period must be filed.

The new paragraph 4.10 ‘What if a business has re-opened but has had to close again due to the re-imposition of restrictions?’ in the Information Booklet provides:

“In these circumstances the trade is deemed to be still subject to the restrictions provided for in the regulations under sections 5 and 31A Health Act 1947 until it has re-opened again. This means that VAT and PAYE (Employer) debts for such businesses can continue to be warehoused in respect of the extended restricted period(s)”.

Additional examples have also been included in the booklet.