Taxes Consolidation Act 1997 Schedule 2, paragraph 15

Annual returns of encashment tax

Paragraph 15 of Schedule 2 requires chargeable persons (paying and collecting agents) to file annual returns of encashment tax deducted from specified dividend income and to pay that tax to the Collector-General.

• A chargeable person must file a return of specified dividend income and related income tax with the Collector-General within 46 days of the end of each year of assessment.
• The encashment tax is due and payable on a self-assessment basis at the time the return is due, without the need for a formal assessment.
• Revenue may raise an assessment if the tax, or any part of it, remains unpaid by the due date.
• The return must be made on a Revenue-prescribed form and include details of each payment, the tax deducted, and a declaration that the return is correct and complete.