Taxes Consolidation Act 1997 section 958

Date for payment of tax

Section 958 sets out the due dates for the payment of preliminary tax and the balance of tax for income tax, capital gains tax, and corporation tax, and provides rules for what happens when preliminary tax is unpaid, late, or insufficient. This section was deleted by Finance Act 2012 section 129(2).

• Preliminary income tax is due on or before 31 October in the tax year, with the balance payable by 31 October in the following year; capital gains tax is payable in two instalments aligned to disposal periods within the year
• Small companies pay preliminary corporation tax in a single instalment 31 days before the end of the accounting period, while large companies (preceding-year liability exceeding €200,000) pay in two instalments — an initial instalment in month 6 and a final instalment in month 11
• Where preliminary tax is not paid, is paid late, or falls short of the required minimum, the due date for the balance of tax is backdated for interest purposes to the date on which the preliminary tax was originally payable
• Special provisions allow top-up payments for late-arising capital gains and unrealised gains on financial instruments, and permit notional offsetting of preliminary tax overpayments and underpayments between group companies