Taxes Consolidation Act 1997 section 111AAAD

Elections

Section 111AAAD sets out the rules governing how elections and withdrawals of elections under the top-up tax provisions of Part 4A are made, their duration, and the conditions under which they may be withdrawn or challenged.

• Elections and withdrawals must be submitted on the top-up tax information return by the specified return date for the relevant fiscal year.
• Five-year elections automatically renew unless withdrawn at the end of a period, and once withdrawn, a new election of the same type cannot be made for four years after the withdrawal year.
• Annual elections remain in effect indefinitely once made, unless the filing entity explicitly withdraws them in a subsequent fiscal year.
• Certain safe harbour and transitional elections may be denied where the entity is located in the State and could be subject to top-up tax, unless it can demonstrate within six months of a Revenue notice that the relevant facts did not materially affect its eligibility.