Finance (Local Property Tax) Act 2012 section 50

Displacement of Revenue estimate by self-assessment

Section 50 deals with what happens when a liable person files a self-assessment return after Revenue has already issued an estimate of the local property tax due.

• Where a liable person delivers a return containing a self-assessment and a chosen payment method after a Revenue estimate has already become due and payable, the Revenue estimate is discharged and replaced by the self-assessment.
• Any payments already made against the Revenue estimate are automatically treated as payments against the local property tax liability shown in the self-assessment.
• If the payments already made exceed the self-assessed amount, the overpayment is refunded to the liable person, subject to the normal Revenue offset rules.
• Revenue retains the right to make a formal Revenue assessment under section 55, which can override the self-assessment if necessary.