Taxes Consolidation Act, 1997 (Number 39 of 1997)
[1]>
669O Exemption in respect of the catch sum
(1) Subject to subsection (2), where a licence holder is chargeable to tax under Schedule D in respect of the portion of the Brexit compensation sum which relates to the catch sum, the profits or gains chargeable in the period concerned shall be reduced by an amount equal to 50 per cent of the catch sum and shall be treated as so reduced for the purpose of computing total income for the purposes of the Tax Acts.
(2) Where a temporary tie up payment is included in the portion of the Brexit compensation sum which relates to the catch sum a licence holder may elect by notice in writing to a Revenue officer to have a deduction equal to 50 per cent of that amount of the temporary tie up payment or a portion of that payment taken into account in determining the profits or gains charged to tax under Schedule D in the [2]>preceding chargeable period<[2][2]>relevant chargeable period<[2], and such deduction shall be taken into account for the purpose of computing total income for the Tax Acts.
(3) The total amount of the reduction claimed under subsection (1) and the deduction claimed under subsection (2) shall not in aggregate exceed an amount equal to 50 per cent of the catch sum.
[3]>
(4) Notwithstanding any limitation—
(a) in section 865(4) on the period within which a claim for a repayment of tax is required to be made, or
(b) in section 959V(6) on the period within which a chargeable person may amend a return and self assessment,
section 865(6) shall not prevent the Revenue Commissioners from repaying an amount of tax as a consequence of an election made under subsection (2), where a licence holder gives notice of such an election and amends the return and self assessment solely in respect of such election, in accordance with section 959V, for the relevant chargeable period within a period of 4 years after the end of the chargeable period in which the Brexit compensation sum is received and has made a valid claim in relation to a repayment of tax within the meaning of section 865.
(5) In this section—
“relevant chargeable period” means the chargeable period in which the temporary tie up payment referred to in subsection (2) was taken into account in determining profits or gains chargeable to tax under Schedule D;
“return” has the same meaning as in section 959A.
<[3]
<[1]
[1]
Inserted by FPCovid22 s15(1)(a). Comes into operation on such day or days as the Minister may appoint by order or orders either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions.