Taxes Consolidation Act 1997 section 485

Covid Restrictions Support Scheme

Section 485 sets out the Covid Restrictions Support Scheme (CRSS), which provided an advance credit for trading expenses to businesses required to close or significantly restrict public access due to Covid-19 restrictions during the period from 13 October 2020 to 31 January 2022.

• Businesses whose turnover fell to 40 per cent or less of their average weekly turnover due to Covid restrictions could claim an advance credit for trading expenses, calculated as 10 per cent of the first €20,000 of average weekly turnover plus 5 per cent of any excess, subject to a maximum of €5,000 per week.
• Claimants had to register on ROS, demonstrate eligibility to Revenue's satisfaction, hold tax clearance throughout the claim period, be compliant with VAT obligations, and intend to resume trading once restrictions were lifted.
• A qualifying person who resumed trading after at least three continuous weeks of restrictions could elect to treat an additional restart week (or in certain periods, two or three weeks at enhanced rates) as a Covid restrictions extension period.
• Ineligible claims attracted penalties of four times the unauthorised amount for companies (taxed under Case IV) or five times for individuals (taxed at the standard income tax rate), with interest applying from the date of payment by Revenue.