Financial Provisions (Covid-19) (No. 2) Act 2020

(4) (a) Where, subsequent to making an interim claim under subsection (2), it comes to the company’s notice that 50 per cent of the amount of its estimated non-relevant trading loss or 50 per cent of the amount of its estimated relevant trading loss, as the case may be, is greater than the amount in respect of which the interim claim has been made, the company may, subject to this section, increase the amount in respect of which an interim claim is made under subsection (2).

(b) Where it comes to the company’s notice that 50 per cent of the amount of its estimated non-relevant trading loss or 50 per cent of the amount of its estimated relevant trading loss, as the case may be, is less than the amount in respect of which an interim claim has been made under subsection (2)—

(i) the difference between—

(I) the amount in respect of which an interim claim has been made under subsection (2), and

(II) 50 per cent of the amount of the estimated non-relevant trading loss or 50 per cent of the amount of the estimated relevant trading loss, as the case may be,

is, for the purposes of subparagraph (ii), referred to as the ‘excess amount’, and

(ii) the company shall, without unreasonable delay, amend the amount in respect of which the interim claim has been made under subsection (2) so as to reduce the amount claimed by the excess amount.

(5) (a) Where a company makes an interim claim under this section in respect of 50 per cent of an estimated non-relevant trading loss or 50 per cent of an estimated relevant trading loss, as the case may be, the company shall—

(i) maintain and have available such records as may reasonably be required for the purposes of determining whether such losses have been computed in a reasonable manner and to the best of the company’s knowledge and belief, and

(ii) not later than the specified return date for the accounting period in which the estimated non-relevant trading loss or the estimated relevant trading loss, as the case may be, is incurred, make such amendment to the amount of relief claimed by the company as is necessary to ensure that the amount of the claim does not exceed the amount of the non-relevant trading loss or the relevant trading loss, as the case may be, incurred by the company in the specified accounting period which is, under section 396, 396A or 396B, as the case may be, available in respect of the preceding accounting period.

(b) The requirement in paragraph (a)(ii) to make an amendment shall apply notwithstanding section 396(9), 396A(5) or 396B(6), as the case may be, but shall not prevent a company from making a notice of amendment under section 959V.

(6) Subsection (2) shall not apply unless the company which makes an interim claim under this section—

(a) makes a declaration that the company has incurred or may reasonably expect to incur an estimated non-relevant trading loss or an estimated relevant trading loss, as the case may be, in the specified accounting period, and

(b) is a tax compliant company.

(7) Where a company makes an interim claim under this section which gives rise to an excess claim—

(a) then, subject to paragraph (b), tax repaid to the company in respect of the excess claim shall carry interest as determined in accordance with section 1080(2)(c) as if a reference to the date when the tax became due and payable were a reference to the date the tax was repaid by the Revenue Commissioners or offset in accordance with section 960H, as the case may be,

(b) where the interim claim was made neither deliberately nor carelessly (within the meaning of section 1077E) and the company, without unreasonable delay upon it coming to the company’s notice that the claim is overstated, reduces the claim by such amount as is necessary to ensure that it is no longer overstated, tax repaid in respect of the excess claim shall carry interest as determined in accordance with section 1080(2)(c) as if a reference to the date when the tax became due and payable were a reference to the date the claim was reduced.

(8) A claim under this section shall be made in such form and contain such particulars as the Revenue Commissioners may prescribe.”.

12. Amendment of section 46 of Act of 2010

12. Section 46 of the Act of 2010 is amended—

(a) in paragraph (a) of subsection (1), by inserting “subject to subsection (1A),” before “23 per cent”, and

(b) by inserting the following subsection after subsection (1):

“(1A) During the period from 1 September 2020 to 28 February 2021, paragraph (a) of subsection (1) shall have effect as if there were substituted ‘21 per cent’ for ‘23 per cent’.”.

13. Short title

13. This Act may be cited as the Financial Provisions (Covid-19) (No. 2) Act 2020.