Taxes Consolidation Act 1997 section 14

Fractions of a euro and yearly assessments

Section 14 provides that all assessments and charges related to income tax must be made for a specific tax year, and sets out the minimum denomination on which tax is charged.

• Income tax is charged on every fractional part of one euro.
• No income tax is charged on any amount lower than one cent.
• Every assessment and charge to income tax must be made for a year of assessment.
• A "year of assessment" is defined in section 2 of the Act.