Taxes Consolidation Act 1997 Schedule 18 paragraph 1

Payment of withholding tax deducted by collective investment undertakings

Schedule 18 sets out the rules for the collection and payment of withholding tax deducted by collective investment undertakings from payments made to Irish resident unitholders under section 734(5), applying to income and gains accruing between 6 April 1990 and 5 April 1994.

• A collective investment undertaking must file an annual retention tax return with the Collector-General within 15 days of 5 April, showing amounts paid to unitholders and the withholding tax deducted at the standard rate of income tax.
• The withholding tax is self-assessed: it is due and payable by the return filing date without the need for a formal assessment, but inspectors may raise assessments where tax is unpaid, returns are missing, or returns are incorrect.
• Assessed tax is due within one month of the notice of assessment, but this cannot displace any earlier due date; interest at 1.25 per cent per month or part of a month runs from the original due date on any late payment.
• A collective investment undertaking may appeal an assessment to the Appeal Commissioners within 30 days, but no appeal may be made until the undertaking has filed the required return and paid the tax shown on it.

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