Taxes Consolidation Act 1997 Schedule 1 paragraph 2

Collection

Schedule 1 paragraph 2 allows Revenue to recover unpaid tax from the holder of a petroleum licence where a non-resident person assessed to tax on offshore exploration or exploitation profits fails to pay.

• Where tax assessed on a non-resident in respect of profits from licensed petroleum or mineral exploration/exploitation activities remains unpaid more than 30 days after it becomes due, Revenue may serve a notice on the licence holder requiring payment.
• The notice must specify the assessment details, the amount of unpaid tax, the date it became payable, and require the licence holder to pay that amount plus any interest within 30 days.
• Revenue may recover the tax from the licence holder as though it were a tax debt owed directly by that holder.
• The licence holder has a statutory right to recover any amount so paid from the original non-resident taxpayer as a simple contract debt through the courts.