Taxes Consolidation Act 1997 section 526

Credit for appropriate tax borne

Section 526 allows a specified person who has had professional services withholding tax (PSWT) deducted to claim a credit for that tax against their income tax or corporation tax liability.

• A company that has borne PSWT referable to an accounting period may set the tax off against its corporation tax liability for that period, with any excess refunded.
• An individual who has borne PSWT referable to the basis period for a year of assessment may set the tax off against income tax for that year, with any excess refunded.
• When requested by Revenue, the claimant must provide the payment notification reference number for each amount of PSWT claimed, or, in the case of a partner, the required partnership documentation.
• The total credit available is limited to the aggregate of PSWT amounts shown on the relevant payment notifications that have not already been repaid under the PSWT provisions.