Taxes Consolidation Act 1997 section 600P

Failure to comply with requirements of this Chapter

Section 600P sets out the clawback provisions and penalties that apply where a company fails to comply with the conditions for angel investor relief certificates of qualification.

• A company that no longer meets the conditions in section 600F must return its certificates of qualification to Revenue and may not provide copies to investors or partnerships.
• Where a company improperly provides certificates to an investor or partnership, it is liable to a corporation tax charge under Case IV of Schedule D calculated as (I × 2 × 17%) × 4, where I is the relevant investment.
• Companies must notify Revenue within 30 days of any material change affecting their qualification status, with penalties of €4,000 for the company and €3,000 for its secretary (or €3,000 for an individual officer or agent) for failure to do so.
• Revenue may withdraw certificates following a formal process that includes consultation with Enterprise Ireland, written notice to the company, and a 30-day right of appeal to the Appeal Commissioners.