Finance Act, 1990

Amendment of section 151 (income tax on payments) of Corporation Tax Act, 1976 .

49.Section 151 of the Corporation Tax Act, 1976 , is hereby amended, as respects accounting periods ending on or after the 1st day of April, 1990—

(a) by the substitution, in subsection (3), of “inspector” for “Collector-General”,

(b) by the substitution, in subsection (4), of “nine months” for “six months”,

(c) in subsection (5)—

(i) by the substitution of “by which preliminary tax (if there were any) for the accounting period for which the return is required to be made under subsection (3) is due and payable” for “by which the return is to be made”, and

(ii) by the deletion of “if that tax, or any part of it, is not paid on or before the due date”,

(d) by the substitution of the following subsections for subsections (10), (11) and (12):

“(10) (a) Where a company makes a relevant payment on a date which does not fall within an accounting period the company shall make a return of that payment within six months from that date, and the income tax for which the company is accountable in respect of that payment shall be due at the time by which the return is to be made.

(b) Any assessment in respect of tax payable under this subsection shall be treated as relating to the year of assessment in which the payment is made.

(c) Subsection (11) shall not apply to an assessment under this subsection.

(11) (a) Subject to subsection (10) (b), income tax payable (after income tax borne by the company by deduction has been set, by virtue of any claim under subsection (7), against income tax which it is liable to pay under subsection (5)) in respect of relevant payments in an accounting period shall, for the purposes of the charge, assessment, collection and recovery from the company making the payments of that tax and of any interest or penalties thereon, be treated and described as corporation tax payable by that company for that accounting period, notwithstanding that for all other purposes of the Tax Acts it is income tax:

Provided that the tax paid by a company which is treated as corporation tax by virtue of this subsection shall be repaid to the company if it would have been so repaid under subsection (7) had it been treated as income tax paid by the company.

(b) Any tax assessable under one or more of the provisions of this section may be included in one assessment if the tax so included is all due on the same date.

(12) Nothing in the foregoing provisions of this section shall be taken to prejudice any powers conferred by the Tax Acts for the recovery of tax by means of an assessment or otherwise.”,

and

(e) by the substitution, in paragraph (a) of subsection (13), of “tax charged by this section modify any provision of the Tax Acts” for “income tax charged by this section modify any provision of the Income Tax Acts”,

and the said subsections (3), (4) and (5) and the said paragraph (a) of subsection (13), as so amended, are set out in the Table to this section.

TABLE

(3) A company shall for each of its accounting periods make, in accordance with this section, a return to the inspector of the relevant payments made by it in that period and of the income tax for which the company is accountable in respect of those payments.

(4) A return for any period for which a return is required to be made under this section shall be made within nine months from the end of that period.

(5) Income tax in respect of any payment required to be included in a return under this section shall be due at the time by which preliminary tax (if there were any) for the accounting period for which the return is required to be made under subsection (3) is due and payable, and income tax so due shall be payable by the company without the making of any assessment; but income tax which has become due as aforesaid may be assessed on the company (whether or not it has been paid when the assessment is made).

(a) The Revenue Commissioners may, by regulations made for the purposes mentioned in subsection (2), modify, supplement or replace any of the provisions of this section; and references in this Act and in any other enactment to this section shall be construed as including references to any such regulations; and without prejudice to the generality of the foregoing, the regulations may in relation to tax charged by this section modify any provision of the Tax Acts relating to returns, assessments, claims or appeals or may apply any such provision with or without modification.