50.— (1) Subject to section 55, where a return which includes—

(a) a self-assessment, and

(b) an election, as mentioned in section 41(1)(a), for a specified method of payment,

is delivered after a Revenue estimate has become due and payable in accordance with section 49, the Revenue estimate shall be discharged and section 53 shall apply accordingly.

(2) Where subsection (1) applies—

(a) any payment that has been made against the Revenue estimate shall be treated as made against the local property tax payable on foot of the self-assessment, and

(b) subject to section 960H of the Act of 1997 (as applied by section 120), where any payment made against the Revenue estimate exceeds the amount of the self-assessment, the amount of the excess shall be repaid.