Taxes Consolidation Act 1997 section 485A

Business Resumption Support Scheme - BRSS

Section 485A introduces the Business Resumption Support Scheme (BRSS), providing an advance credit for trading expenses to businesses whose turnover was severely reduced during the Covid-19 pandemic.

• A qualifying person must demonstrate that turnover during the specified period (1 September 2020 to 31 August 2021) was no more than 25 per cent of the reference turnover amount, and must register and apply through ROS during the application period of 1 September 2021 to 30 November 2021.
• The advance credit for trading expenses is calculated by reference to average weekly turnover and is capped at €15,000; the credit reduces the amount of deductible trading expenses in the chargeable period in which the claim is made.
• Where the relevant business activity is carried on in partnership, the precedent partner makes the claim on behalf of all partners, and each partner is allocated a portion of the credit based on their profit-sharing percentage on 1 September 2021.
• Invalid claims or overclaims must be notified to Revenue and repaid without delay; penalties apply under Schedule D Case IV, with a multiplier of four times the unauthorised amount for companies and five times for individuals, and interest is charged on overpayments.