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It was announced in Budget 2021 that self-assessed individuals can now avail of the Tax Debt Warehousing Scheme in relation to the balance of their Income Tax bill for 2019 and their Preliminary Tax payment for 2020.

Previously, businesses could only use the Tax Debt Warehousing Scheme for VAT and PAYE tax bills.

Under the expanded scheme, if you qualify you can defer Income Tax for 2019 and your Preliminary Tax payment for 2020 for 12 months without being charged interest. A reduced interest rate of 3% will apply after this initial 12-month period.

The warehousing of Income Tax applies to any self-assessed taxpayer who expects their income for 2020 will be at least 25% lower than their income for 2019.

Revenue have confirmed, however, that where Preliminary Tax for 2019 was underpaid last year, then the balance for the year cannot be warehoused but can be concessionally included in a 3% reduced interest phased payment arrangement if the taxpayer agrees this with Revenue no later than 10 December 2020.



Date published 20 Oct 2020

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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