SVM24061 - Share Valuation Manual: Self Assessment

Corporation Tax Self Assessment (CTSA)

What is CTSA?

CTSA applies to all accounting periods ending on or after 1 July 1999.

With the advent of CTSA, responsibility for assessing a company’s tax liability passed from the Revenue to the company itself. The company must make its own assessment. A legal charge to tax is created when the CTSA return form (CT600) is filed. If a company fails to make a return, the Revenue can make a Determination.

The Revenue have 9 months from the date the return is filed to correct any obvious errors in the return.

The Revenue have a fixed period in which to decide whether to enquire into the return. For returns filed on time, this period begins with the receipt of the return and ends 12 months after the filing date. The period is extended if the return is submitted late.