Taxes Consolidation Act 1997 section 182

Returns

Section 182 requires a company that buys back its own shares (or acquires shares in its holding company) to file a return with Revenue where the company considers the payment is exempt from treatment as a distribution.

• A company that treats a share buyback or acquisition as exempt from distribution treatment under section 176(1) or (2) must file a return in a prescribed form with the appropriate inspector.
• The return must include the amount of the payment, the circumstances relied on for the exemption, and any further particulars required by the form.
• The return must be filed within nine months of the end of the accounting period in which the payment is made, but an inspector may request an earlier return, giving at least 30 days' notice.
• Penalties for failure to file this return are the same as those applying to failure to file a corporation tax return under section 884.