Finance Act, 1971
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Amendment of section 14 of Finance Act, 1962. |
47.—(1) In relation to interest chargeable for any month commencing on or after the date of the passing of this Act, or part of such a month on corporation profits tax due and payable whether before, on or after such date, section 14 (1) of the Finance Act, 1962 , is hereby amended by the substitution of “.75 per cent.” for “one-half per cent.”. | |
(2) (a) Section 14 of the Finance Act, 1962 , is hereby further amended— | ||
(i) by the addition to subsection (1) of the following proviso: | ||
“Provided that corporation profits tax charged by any assessment shall, notwithstanding any appeal against such assessment, carry interest at the rate of .75 per cent. for each month or part of a month from the date when, if there were no appeal against the assessment, the tax would become due and payable under section 56 (1) of the Finance Act, 1920 , until payment.”; | ||
(ii) by the substitution in subsection (3) of “two months” for “three months”; and | ||
(iii) by the insertion after subsection (3) of the following subsection: | ||
“(3A) (a) Where notice of appeal has been given against an assessment to corporation profits tax and an agreement as to the amount of tax which should be paid notwithstanding the appeal has been reached between the appellant and the inspector or other officer of the Revenue Commissioners concerned under section 31 of the Finance Act, 1964 , and the amount so agreed has been paid within the period referred to in subsection (3), subsection (1) shall not apply to any balance of tax chargeable in accordance with the determination of the appeal if such balance is paid within two months from the determination of the appeal. | ||
(b) Where notice of appeal has been given against an assessment to corporation profits tax and, in the absence of such an agreement as is referred to in paragraph (a), an appellant pays within the period referred to in subsection (3) a sum on account of the tax charged by the assessment under appeal and such sum proves to be not less than 80 per cent. of the amount of tax found to be chargeable by the assessment on the determination of the appeal, subsection (1) shall not apply to any balance of tax chargeable in accordance with the determination if such balance is paid within two months from the date of the determination of the appeal. | ||
(c) In this subsection ‘determination of the appeal’ means a determination by the Appeal Commissioners under section 416 (4) of the Income Tax Act, 1967 (as applied to corporation profits tax by Regulation 6 of the Corporation Profits Tax Regulations, 1967), and includes— | ||
(i) an agreement under section 416 (3) of the Income Tax Act, 1967 (as applied as aforesaid), and | ||
(ii) an assessment becoming final and conclusive by virtue of section 416 (6) of that Act (as applied as aforesaid).”. | ||
(b) Paragraph (a) of this subsection shall not have effect in relation to corporation profits tax charged by any assessment made before the date of the passing of this Act. | ||
(3) Section 65 of the Finance Act, 1965 , shall not apply in relation to assessments to corporation profits tax made on or after the date of the passing of this Act. |