½Û×ÓÊÓƵ

Period of assessment

Under TCA 1997, s 27, a new period of assessment starts at the commencement of the winding up (that is, the decision to wind up triggers the end of a period of assessment and the start of the next one). Thereafter, the periods will end every 12 months or, if earlier, the completion of the winding up.ÌýTCA 1997, s 27(7)(b)Ìýclarifies that the commencement of the winding up is on:

1. Ìý

   •ÌýÌýÌýÌý the company passing a resolution to wind up, or

2. Ìý

   •ÌýÌýÌýÌý the presentation of a winding up petition, or equivalent under company law

A company in liquidation has ceased to be the owner of its own assets or liabilities. TCA 1997, s 26(2) provides that a company in liquidation remains chargeable to corporation tax on its profits.

Tax filing and payment dates

Where a company is in a winding up situation the definition of a specified return date for the chargeable period, as per TCA 1997, s 959A, is amended. Where a company