Finance Act, 1994
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Amendment of section 104 (assessment and payment of tax) of Act of 1983. |
121.—Section 104 of the Act of 1983 is hereby amended by the insertion after subsection (1) of the following subsections: | |
“(1A) (a) Notwithstanding the provisions of subsection (1) and subject to such regulations as the Commissioners may make in accordance with section 115 (1A), tax which is due and payable in accordance with this section may, at the option of the person delivering the return, be discharged by making an initial payment of 25 per cent. of the tax due on the 1st day of October immediately following the valuation date to which the return relates and the balance of the tax due, together with an amount equal to 5 per cent. of that balance, shall be paid in ten equal monthly instalments, the first of which shall be due on the 15th day of November immediately following such valuation date and the remaining instalments shall be due on the 15th day of each subsequent month. | ||
(b) In the event that a person exercising the option under subsection (1A) (a) fails to make an initial payment by the due date or any subsequent instalment payment in accordance with such regulations as the Commissioners may make under section 115 (1A), the provisions of section 110 of the Finance Act, 1983 , as to the recovery of tax shall apply to the outstanding balance of the tax liability as if the said person had not exercised the said option. | ||
(c) This subsection shall not have effect in respect of any tax or additional tax due under an assessment of tax or an amended assessment of tax made by the Commissioners under subsections (2) or (3). | ||
(1B) Where the Commissioners are satisfied that tax payable in respect of any relevant residential property cannot without excessive hardship be paid in accordance with subsection (1) or (1A), as the case may be, they may allow payment to be postponed for such period, to such extent and on such terms as they think fit. | ||
(1C) Where, in the opinion of the Commissioners, the complication of circumstances affecting any relevant residential property are such as to justify them in doing so, they may compound the tax payable on the relevant residential property upon such terms as they shall think fit.”. |