Taxes Consolidation Act 1997 section 959AM

Interpretation and miscellaneous (Chapter 7)

Section 959AM defines terms and interpretation rules used throughout the chapter dealing with preliminary tax obligations for companies and other chargeable persons.

• A company is a "small company" if its corporation tax for the preceding accounting period was below the relevant limit of €200,000 (proportionately reduced for periods shorter than 12 months)
• Where an accounting period is so short that the final instalment of preliminary tax would fall due on or before the initial instalment date, the period is not treated as a relevant accounting period
• Leap years are disregarded when calculating the corresponding corporation tax or income tax for the preceding accounting period — the number of days is always taken as 365
• The chapter applies only to chargeable persons, and payment dates are subject to the rules in sections 579(4)(b) (non-resident trusts) and 981 (payment by instalments where consideration is due after disposal)