Taxes Consolidation Act 1997 section 1091

Annexation of statements to interest warrants, etc.

Section 1091 requires companies paying interest (from which they are entitled to deduct income tax) to include a written statement with the payment instrument showing the gross amount, the tax deducted, and the net amount paid, and imposes penalties for non-compliance.

• Every warrant, cheque, or other payment order for interest from which the company may deduct income tax must be accompanied by a statement showing the gross amount, the rate and amount of tax, and the net amount paid.
• The requirement applies only to interest that is not a distribution within the meaning of the Corporation Tax Acts.
• A company that fails to comply incurs a penalty of €200 for each failure.
• The total penalties for all failures connected with any single distribution of dividends or interest are capped at €2,000.