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Rep. of Ireland and N. Ireland Tax Deadlines

By David Fennell, FCA

General

1st February 2007

With effect from 1st February 2007, the tax life (but not the write off period or the annual rate of write off) of certain tax incentivised properties, such as childcare facilities and nursing homes, is being increased from 7 years to 15 years.  Also increased to 15 years in the 10 year holding period within which a claw back of allowances can apply if the building is sold.

For private hospitals first used (or first used after refurbishment) on or after 1st February 2007, the period during which the Health Service Executive is required to provide annual certification is extended from 7 to 15 years.  For buildings that are used before 1st February 2007, the annual certification period is extended from 7 to 10 years.

 15th February 2007

Last date for filing form P35

PAYE/PRSI payment for the last quarter of 2006 must be submitted along with P35 for companies who qualify for Revenue’s new quarterly filing arrangement.

 15th February 2007

Last date for principal contractors to file form RCT35.

28th February 2007

A common contractual fund is required on or before 28th February 2007 to make a statement to the Revenue Commissioners containing certain information such as the total amount of relevant profits arising to the fund and the name and address of each person who is a unit holder of the fund for the 2006 year of assessment.
 

1st March 2007

Interested parties who would like to make submissions to the Minister for Finance regarding the proposed revision of the current VRT system must do so by 1st March 2007.  Submissions to the Minister for the Environment, Heritage and Local Government on changes to motor tax should also be made by 1st March 2007.
 

1st March 2007

As announced by the Minister for Finance in Budget 2007, the small business VAT registration thresholds will increase from 1st March 2007 from €55,000 to €70,000 for goods and from €27,500 to €35,000 for services.

The Minister also increased the annual VAT cash accounting threshold.  From 1st March 2007, the threshold will increase from €635,000 to €1 million.

 24th March 2007

Tax relief in respect of expenditure on certain tax incentivised properties incurred in the period 1st January 2007 to 31st December 2007 is restricted to 75% of qualifying expenditure.  However, in the case of qualifying residential units at nursing homes, expenditure incurred on or before 24th March 2007 (the original termination date) can qualify in full.  Expenditure incurred in the period 25th March 2007 to 31st December 2007 will be subject to the 75% cap.

30th March 2007

Property projects seeking to avail of the extended 31st July 2008 deadline for certain property incentive schemes must have carried out work to the value of at least 15% of the actual construction costs on or before 31st December 2006.

In some instances the relevant local authority must issue a certificate to confirm compliance with this requirement by 30th March 2007.

 31st March 2007

An EU Savings Directive return in respect of the period 1st January 2006 to 31st December 2006 is due on or before 31st March 2007.  The return will require the payment agent t specify the name and address, residence country, tax identification number or date and place of birth, interest payment type and amount and account numbers of beneficial owners or residual entities.

31st March 2007

Return of information in relation to share options or rights granted in the year ended 31st December 2006.
 

31st March 2007

Financial institutions who are relevant deposit makers must make a return by 31st March 2007 specifying the name and address of the holders of special term accounts opened in the previous year of assessment, the dates the accounts were opened and whether or not the accounts were medium or long term accounts.

 
Relevant Dates for Companies:
 

14th February 2007

Dividend withholding tax return filing and payment date (for distributions made in January 2007)

 

21st February 2007

Due date for payment of preliminary tax for companies with a financial year ended 31st March 2007.

 21st February 2007

Last date for filing corporation tax return CT1 for companies with a financial year ending on 31st May 2006 with the Collector General’s Office.
 

Due date for balancing payments for the same period.

 

28th February 2007

Last date for filing third party payments return 46G for companies with a financial year ending on 31st May 2006.

 

28th February 2007

Latest date for payment of dividends for the period ended 31st August 2005 to avoid Sections 440 and 441 TCA97 surcharges on investment/rental/professional services income arising in that period (close companies only).

 14th March 2007

Dividend withholding tax return filing and payment date (for distributions made in February 2007).

 

21st March 2007

Due date for payment of preliminary tax for companies with a financial year ended 30th April 2007.

 

21st March 2007

Last date for filing corporation tax return Ct1 for companies with a financial year ending on 30th June 2006.  Due date for any balancing payment in respect of the same accounting period.

 

31st March 2007

Last date for filing third party payments return 46G for companies with a financial year ending on 30th June 2006.

 

31st March 2007

Latest date for payment of dividends for the period ended 30th September 2005 to avoid Sections 440 and 441 TCA97 surcharges on investment/rental/professional services income arising in that period (close companies only).
 

Relevant dates for individuals:

31st March 2007

Deadline for claiming separate assessment and nominating assessable spouse for 2007.

 

31st March 2007

An employer is required to pay PAYE/PRSI due on taxable benefits at the same time as he discharges his monthly payroll liabilities.  An employer must discharge the full PAYE/PRSI liability by the due date even if the employee has insufficient after tax weekly/monthly income to cover the PAYE/PRSI.  If an employer has not collected from the employee the total PAYE/PRSI in respect of the benefit provided in 2006 by 31st March 2007, the employee will on 1st April 2007 be treated as receiving an additional benefit equal to the reimbursed PAYE liability.
 

Note: the above deadlines may be affected by provisions contained in the 2007 Finance Bill, which is due for publication in early February 2007 and is expected to be enacted in March 2007.  New provisions may take effect from the date of publication of the bill.

NORTHERN IRELAND TAX UPDATE

By Philip McMaw, FCA

2006 Pre-Budget Report

Gordon Brown delivered his 10th and most likely final, pre-budget report (PBR) to the House of Commons on 6th December, which contained the following main points on taxation:

 General

  • Disclosure of Tax Avoidance Schemes: consultation to be published later on a new power for HMRC to investigate schemes where there are reasonable grounds for believing that promoters have failed to comply with their statutory disclosure obligations.
  • Legislation to be introduced to ensure that the limitation period for the recovery of direct tax paid by mistake of law is 6 years from the date of payment;
  • Further consultation on the introduction of a planning gain supplement (PGS) on the uplift in the value of land when planning permission is granted; any such PGS will not be introduced until 2009 at the earliest

Business Taxation
Legislation to be introduced to block six corporation tax avoidance schemes (broadly all changes effective from 6th December) including:

  • Arrangements involving lease and leaseback of plant and machinery where the company claims tax relief on paying rents that are substantively a loan but is not taxable on what is substantively the repayment; and
  • Arrangements where companies seek to move profits offshore and return them to the UK without incurring a tax charge.
  • Changes to the UK controlled foreign company (CFC) regime companies to be able to apply to HMRC to disregard profits of CFCs arising from genuine economic activity in other EU and certain EEA countries;
  • Measures to render ineffective a number of schemes to avoid Stamp Duty Land Tax involving the use of leases, partnerships and sub-sales;
  • Further work towards the provision of a single online filing facility for company accounts and corporate tax returns by 2010
  • The period during which an enquiry into a corporation tax return can be made to be linked to the actual date the return was filed 2008 and not a fixed filing date as at present.

 
Personal Taxation and Pensions

  • Targeted anti-avoidance rule to be introduced in relation to capital losses arising on disposals on or after 6th December 2006 by individuals, trustees and personal representatives to counter schemes for the creation and use of artificial capital losses to avoid tax.
  • Individual Savings Accounts (ISAs) to be made permanently available and other reforms to the ISA system
  • The rules on alternatively secured pensions will be tightened with effect on and after 6th April 2007 to ensure that pension’s tax relief is used to produce an income in retirement.

 

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