Section 27 of the Bill amends section 669O, which is in Chapter
5 of
Part 23 TCA 1997. This Chapter outlines the specific income tax and
corporation
tax treatment in relation to payments received under the Brexit
Voluntary
Permanent Cessation Scheme. The amendments relate to the elections
made for a
deduction of certain amounts of temporary tie up payments. … ...Section 27 of the Bill clarifies that the deductions
can be made against payments in 2021 and 2022. In addition, once a
licence
holder has given notice of their election in writing, has amended
their return
within 4 years after the end of the chargeable period in which the
Brexit
compensation sum is received and has made a valid claim, Revenue
will not be
prevented from making a repayment.
...