Temporary measures in relation to the close company surcharge
The close company surcharges apply to income of close companies that is not distributed within 18 months from the end of the accounting period in which the income arose.
In cases where a distribution is not made within that time in response to Covid-19 circumstances affecting the company, Revenue will, on application, extend the 18-month period for distributions by a further 9 months.
For example with a year end say of 31st December 2019, a close company may have until 31st March 2022 to decide if it wishes to do a dividend to avoid a close company surcharge arising
Subject to prior application with Revenue
Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie