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Non-resident landlords
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18. The Principal Act is amended—
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(a) in section 25—
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(i) in subsection (1), by the substitution of “Subject to subsection (2A), a company not resident” for “A company not resident”, and
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(ii) by the insertion of the following subsection after subsection (2):
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“(2A) (a) Where a company not resident in the State is chargeable to tax under Case V of Schedule D in respect of any profits or gains, that company shall be chargeable to corporation tax on those profits or gains.
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(b) Where a company not resident in the State disposes of an asset in respect of which the company was chargeable to tax under Case V of Schedule D on any profits or gains therefrom, or would have been but for an insufficiency of such profits or gains, the company shall, subject to section 649, not be chargeable to capital gains tax in respect of gains accruing to it on the disposal so that it is chargeable in respect of them to corporation tax.
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(c) This subsection shall apply to profits and gains accruing on or after 1 January 2022.”,
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(b) in section 308, by the insertion of the following subsections after subsection (2):
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“(2A) Where a company not resident in the State—
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(a) pursuant to section 25(2A), comes within the charge to corporation tax under Case V of Schedule D on 1 January 2022, and
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(b) was entitled, immediately prior to that date, under section 305(1)(a), to carry forward an amount of an allowance to a year of assessment subsequent to the year of assessment for which the allowance was made,
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then—
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(i) subsection (3) shall apply to the amount of the allowance referred to in paragraph (b) as if it were an amount of allowance unallowed from an accounting period ending on 31 December 2021, and
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(ii) section 305(1)(a) shall not apply to the amount of allowance to which subsection (3) shall apply in accordance with paragraph (i).
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(2B) Where—
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(a) a company not resident in the State comes within the charge to corporation tax under Case V of Schedule D pursuant to section 25(2A) on 1 January 2022, and
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(b) a balancing allowance or balancing charge is made to or on, as the case may be, the company in respect of an allowance made to the company in a chargeable period ending on or before 31 December 2021,
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the amount of the balancing allowance or balancing charge, as the case may be, shall be adjusted as follows:
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Badj = (B x 0. 2) / R
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where—
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Badj is the adjusted amount of the balancing allowance or balancing charge, as the case may be,
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B is the balancing allowance or balancing charge, as the case may be, and
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R is the rate specified in section 21A(3)(a).”,
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(c) in section 399, by the insertion of the following subsection after subsection (2):
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“(2A) Where a company not resident in the State—
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(a) pursuant to section 25(2A), comes within the charge to corporation tax under Case V of Schedule D on 1 January 2022,
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(b) was entitled, prior to that date, under section 384(2), to carry forward an excess to a year of assessment subsequent to the year of assessment in which the excess arose, and
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(c) an amount of that excess has not, on 1 January 2022, been deducted or set off under section 384(2),
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then—
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(i) subsection (2) shall apply to the amount of excess referred to in paragraph (c) as if it were a portion of excess for which relief had not been given under that subsection for a previous accounting period ending on 31 December 2021, and
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(ii) section 384(2) shall not apply to the amount of excess to which subsection (2) shall apply in accordance with paragraph (i).”,
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and
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(d) in section 959AS—
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(i) in subsection (1), by the substitution of “Subject to subsection (1A), preliminary tax appropriate to an accounting period” for “Preliminary tax appropriate to an accounting period”, and
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(ii) by the insertion of the following subsection after subsection (1):
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“(1A) Where a company, that comes within the charge to corporation tax under Case V of Schedule D pursuant to section 25(2A) on or after 1 January 2022, has an accounting period ending on or before 30 June 2022, preliminary tax appropriate to that accounting period is due and payable—
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(a) not later than 21 June 2022, or
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(b) where payment of preliminary tax is made by such electronic means as are required by the Revenue Commissioners, not later than 23 June 2022.”.
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