Taxes Consolidation Act 1997 Schedule 1, paragraph 5

Exemption certificate

Paragraph 5 of Schedule 1 allows Revenue to issue a certificate exempting a licence holder from liability for an exploration company's unpaid tax, where the company demonstrates it will meet its tax obligations.

• An exploration company that will or might become liable to tax recoverable from a licence holder under paragraph 2 may apply to Revenue for a compliance certificate.
• If Revenue are satisfied the applicant will comply with all obligations under the Tax Acts, they may issue a certificate to the licence holder.
• The certificate exempts the licence holder from paragraph 2 collection procedures in respect of the applicant's tax liabilities.
• The exemption applies only to tax that becomes due while the certificate remains in force.